单选题 An analyst does research about the dividend discount model (DDM). All else being equal, the earnings multiplier for a stock decreases with an increase in the:
A. expected dividend growth rate.
B. expected dividend payout ratio.
C. estimated required rate of return on equity.

【正确答案】 C

【答案解析】[解析] P/E：payout ratio/(k-g)，所以当预期的股利增长率或者预期的股利发放比率增加时，P/E比率都会上升，而如果估计的必要回报率增加的话，P/E比率则会下降。