问题
单项选择题
Assuming all other factors remain unchanged, which of the following would most likely lead to a decrease in the market P/E ratio（）
A. A rise in the stock risk premium.
B. A decline in the risk-free rate.
C. An increase in the dividend payout ratio.
答案
参考答案：A
解析：
P/E=(1-RR)/(k-g) To lower P/E: RR increases, g decreases and or k increases. Both a decline in the RF rate and a decline in the rate of inflation will reduce k. An increase in the stock’s risk premium will increase k.