单选题 An analyst does research about price-to-eamings ratio. With respect to price multipliers based on fundamentals, and all else being equal, an increase in which of the following inputs most likely will cause the price-to-earnings ratio to increase?
A. Retention ratio.
B. Required rate of return.
C. Growth rate of eamings.

【正确答案】 C

【答案解析】[解析] 以基本面为基础得到的市盈率公式为：P₀/E₁=(D₁/E₁)/(k-g)。其中：D₁/E₁代表股利发放比率，也等于1减去股利留存比率；k代表必要收益率；g代表盈利增长率。因此，当股利留存比率变大时，股利发放比率变小，会使得P/E比率降低；必要收益率增加也会使得P/E比率降低；盈利增长率增大时，k-g会变小，P/E会增加。