单选题 An analyst does research about price multiples. Which of the following statements is least accurate to explain using the price-to-sales ratio in equity valuation is better than the price-to-earnings ratio?
A. Sales are more stable than earnings.
B. Earnings are sometimes negative.
C. Sales are the main driver of equity value.

【正确答案】 C
【答案解析】[解析] 销售收入比盈利更加难以操纵,所以也相对比较稳定。同时,销售收入不可能为负值,而盈利有时会为负,使市盈率没有意义。销售收入不是股票价格的主要决定因素,相比之下盈利显得更为重要。