单选题 An analyst does research about the dividend discount model (DDM) and gathers the following information to evaluate the effective dividends and leverage on future growth:

	Scenario 1	Scenario 2
Dividend payout ratio	65%	45%
Financial leverage	3.5	2.3

If return on asset is the same for each scenario, the expected dividend growth rate is:
A. higher under Scenario 1.
B. higher under Scenario 2.
C. the same under both under Scenario land Scenario 2.

【正确答案】 B

【答案解析】[解析] g=ROE×RR=ROA×Financial leverage×(1-Dividend payout ratio)，据题意可知两种情况下的ROA相同。
第1种情况：3.5×(1-65%)=1.225；第2种情况：2.3×(1-45%)=1.265，所以第1种情况下的预期股利增长率小于第2种情况下的。