问题
单项选择题
All of the following variables affect the price-to-cash flow ratio EXCEPT:（）
A. dividend rate.
B. depreciation rate.
C. growth rate.
答案
参考答案：A
解析：
Including dividends and capital expenditures would be free cash flow. Normally cash flow from operations is used in price-to-cash flow ratios. Dividends do not affect the calculation.