单选题 An analyst does research about ratio impact according to the dividend discount model. With respect to the inputs used in the dividend discount model, an increase in a company's growth rate is least likely to be associated with an increase in that company's:
A. return on assets.
B. financial leverage.
C. dividend payout ratio.

【正确答案】 C

【答案解析】[解析] growth rate=ROE×RR=ROA×financial leverage×(1-dividend payout ratio)，所以当股利发放比率增加时，会减少股利增长率，它们之间成反比，而资产回报率和财务杠杆都与股利增长率成正比。