问题
单项选择题
Which of the following is NOT a determinant of the expected price/earnings (P/E) ratio（）
A. Expected dividend payout ratio (D/E).
B. Expected growth rate in dividends (g).
C. Average debt to capital ratio (D/C).
答案
参考答案：C
解析：
The P/E ratio is determined by payout ratio D/E, required return Ke, and expected growth g.