单选题 All of the following variables affect the price-to-cash flow ratio EXCEPT:

A、 dividend rate.
B、 depreciation rate.
C、 growth rate.

【正确答案】 A

【答案解析】Including dividends and capital expenditures would be free cash flow. Normally cash flow from operations is used in price-to-cash flow ratios. Dividends do not affect the calculation.