单选题 According to the earnings multiplier model, a stock's P/E ratio (P₀/E¹) is affected by all of the following EXCEPT the:

A、

A. expected dividend payout ratio.
B、

B. expected stock price in one year.
C、

C. required return on equity.

【正确答案】 B

【答案解析】
According to the earnings multiplier model, the P/E ratio is equal to P₀/E₁=(D₁/E₁)/(k_e-g).
Thus, the P/E ratio is determined by: The expected dividend payout ratio (D₁/E₁); The required rate of return on the stock (k_e) ;The expected growth rate of dividends (g).