问题
单项选择题
An analyst does research about price multiples and gathers the following information about three companies in the same industry:
| Earnings Retention Ratio | Required Rate of Return | |
| Company 1 | 30% | 8% |
| Company 2 | 40% | 9% |
| Company 3 | 50% | 10% |
A. Company 1.
B. Company 2.
C. Company 3.
答案
参考答案：A
解析：
P/E=payout ratio/(k-g)=(1-earnings retention ratio)/(k-g)，所以P/E与收益留存比率(earnings retention ratio)成反比，与必要回报率成反比，如果要使P/E比例最大，则需要找到最小的收益留存比率(earnings retention ratio)和必要回报率(required rate of return)。