问题
单项选择题
Which of the following would be assessed first in a top-down valuation approach（）
A．Fiscal policy.
B．Industry return on equity (ROE).
C．Company return on equity (ROE).
答案
参考答案：A
解析：
In the top-down valuation approach, the investor should analyze macroeconomic influences first, then industry influences, and then company influences. Fiscal policy, as part of the macroeconomic landscape, should be analyzed first.