문제에서 주어진 조건 :
current period cash flow of $1.4 million and pays no dividends.
the pv of future cash flows is $20 million. the company is entirely financed with equity.
and has 750,000 shares outstanding. assume the dividend tax rate is zero.

문제 : suppose pay out 50 percent of its current cash flow as cash dividends to its shareholders. How can Jeff Miller, who owns 1,000 shares of stock, achieve a zero payout policy on his own?

답지:

To achieve a zero dividend payout policy, he can invest the dividends back into the company‘s stock. The dividends per share will be:
Dividends per share = [($1,400,000)(.50)]/750,000
Dividends per share = $0.93

And the stockholder in question will receive:
Dividends paid to shareholder = $0.93(1,000) / 392 Dividends paid to shareholder = $933.33
The new stock price after the dividends are paid will be:
Ex-dividend stock price = $28.53 – 0.93
Ex-dividend stock price = $27.60

So, the number of shares the investor will buy is:
Number of shares to buy = $933.33 / $27.60 = Number of shares to buy = 33.82


이렇게 되있는데 여기서 문제에서 요구하는게 뭔지, 답이 왜저렇게 나오는지 좀 이야기해주세요. zero dividend policy가 무슨 말인지.. ㅠㅠ 답지에서 ex-dividend stock price나 다른 과정은 왜 저렇게 되는지도 알려주세요