问题 单项选择题

An analyst does research about price-to-eamings ratio. With respect to price multipliers based on fundamentals, and all else being equal, an increase in which of the following inputs most likely will cause the price-to-earnings ratio to increase()

A. Retention ratio.

B. Required rate of return.

C. Growth rate of eamings.

答案

参考答案:C

解析:

以基本面为基础得到的市盈率公式为:P0/E1=(D1/E1)/(k-g)。其中:D1/E1代表股利发放比率,也等于1减去股利留存比率;k代表必要收益率;g代表盈利增长率。因此,当股利留存比率变大时,股利发放比率变小,会使得P/E比率降低;必要收益率增加也会使得P/E比率降低;盈利增长率增大时,k-g会变小,P/E会增加。

单项选择题 A1型题
单项选择题