B为什么不对

问题如下：

A justified forward PE ratio that is derived from the Gordon growth model is inversely related to the:

选项：

A.

growth rate.

B.

dividend payout ratio.

C.

required rate of return.

解释：

C is correct.

The justified forward P/E is calculated as follows:

$\frac{P_0}{E_1}=\frac{\frac{D_1}{E_1}}{r-g}$

P/E is inversely related to the required rate of return, r, and directly related to the growth rate, g, and the dividend payout ratio, D/E.

考点：GGM

这道题问的是根据GGM模型的公式来看，justified P/E和哪一项成反比? V/E1=(D1/E1)/r-g, V/E1与r成反比。