问题
单项选择题
An analyst does research about price multiples. Which of the following statements is least accurate to explain using the price-to-sales ratio in equity valuation is better than the price-to-earnings ratio（）
A. Sales are more stable than earnings.
B. Earnings are sometimes negative.
C. Sales are the main driver of equity value.
答案
参考答案：C
解析：
销售收入比盈利更加难以操纵，所以也相对比较稳定。同时，销售收入不可能为负值，而盈利有时会为负，使市盈率没有意义。销售收入不是股票价格的主要决定因素，相比之下盈利显得更为重要。