提问～

问题如下：

Which of the following statements is most correct?

选项：

A.

A firm has high dividend payout ratio identify its stocks with high earnings growth rates.

B.

A firm has low price to cash flow per share ratio identify its stocks with high earnings growth rates.

C.

A firm's book value to market value ratio is low that identify its stocks with high earnings growth rates.

解释：

C is correct.

A high growth rate firm's equity will tend to have higher market values than book value.

option A: High dividend payout ratios means companys are mature and do not have a lot of opportunities for growth.

option B: Low price to cash flow ratios ususally indicate value stocks rather than growth stocks.

考点：财务比率的内涵

选项 A错误，因为高股利支付率的公司把赚到的钱大部分都分给股东了，自己留下的很少，说明公司好的投资机会不多，一般这种公司的增长潜力都不大了，所以盈利增长率会较低。

选项 B错误，因为低P/CF比率说明CF高、P低，一般成熟型的公司会表现出这个特征，现金流会很充足，所以低P/CF比率通常表明是价值股而不是成长股。

选项C正确：高增长率公司的股权的市场价值往往比账面价值更高。所以BV/MV会较小。