单选题 Which of the following is NOT a determinant of the expected price/earnings (P/E) ratio?
A. Expected dividend payout ratio (D/E).
B. Expected growth rate in dividends (g).
C. Average debt to capital ratio (D/C).

【正确答案】 C

【答案解析】The P/E ratio is determined by payout ratio D/E, required return K_e, and expected growth g.