问题
单项选择题
Which of the following is the least accurate rationale to justify the use of price-to-book value (P/BV) ratio as a measure of relative valuation of companies or common stocks（）
A. P/BV is a useful measure of value for firms that are not expected to continue as a going concern.
B. Compared to P/E, the P/BV ratio is not influenced by such accounting effects as expensing a capital investment as opposed to capitalizing it.
C. P/BV is particularly appropriate to value companies primarily composed of liquid assets, for example, those in the financial services industry.
答案
参考答案：B
解析：
[分析]： 会计处理方式上的差别将使分析师很难确定公司股东的实际投资金额，从而导致不同公司和国家的P/BV比率缺乏可比性。例如，在美国，研发成本被作为费用加以处理，从而将使投资总额被低估，同时使企业收入被高估。 [考点] 价格一账面价值比率(P/BV)的优势与缺点