单选题 Which of the following statements least accurately describes the advantages and disadvantages of valuation with the P/E multiple?

A. Advantage: P/E differences are significantly related to long-run average stock returns. Disadvantage: The volatile, transitory portion of earnings makes the interpretation of P/Es difficult for analysts.
B. Advantage: Earnings power is the primary determinant of investment value. Disadvantage: Management discretion within allowed accounting practices can distort reported earnings.
C. Advantage: P/E valuation can accommodate negative earnings. Disadvantage: P/E valuation is difficult to use for firms with relatively few fixed assets.

【正确答案】 C

【答案解析】[解析] 通过每股盈余(EPS)加以衡量的上市公司盈利能力是判断股票投资价值的主要标准。P/E乘数是投资界的常用分析指标。实证研究表明，上市公司股票市盈率(P/E)的差异与股票长期平均回报率的差异存在明显的联系。 P/E乘数的缺陷主要体现在以下三个方面： (1)由于股票盈余有可能为负值，从而使P/E乘数失去分析价值； (2)股票盈余的短期波动会使对P/F乘数的分析难度增加； (3)上市公司的管理者有可能通过各种财务处理方法歪曲财务报表的盈余情况，从而导致各上市公司的P/E乘数数值缺乏可比性。如果盈余为负，则P/E乘数的分析没有价值。对于固定资产较少的厂商(如服务业厂商)来说，P/E定价方式是一种非常有效的定价方式。