单选题 The earnings multiplier model, derived from the dividend discount model, expresses a stock"s P/E ratio (P ₀ /E ₁ ) as the:

A、 expected dividend in one year divided by the difference between the required return on equity and the expected dividend growth rate.
B、 expected dividend payout ratio divided by the sum of the expected dividend growth rate and the required return on equity.
C、 expected dividend payout ratio divided by the difference between the required return on equity and the expected dividend growth rate.

【正确答案】 C

【答案解析】Starting with the dividend discount model P ₀ =D ₁ /(k _e -g), and dividing both sides by E ₁
yields: P ₀ /E ₁ =(D ₁ /E ₁ )/(k _e -g)
Thus, the P/E ratio is determined by:
The expected dividend payout ratio (D ₁ /E ₁ ).
The required rate of return on the stock (k _e ).
The expected growth rate of dividends (g).