问题如下:
Other things equal, equilibrium price-to-earnings (P/E) ratios will most likely decrease if:
选项:
A.real interest rates decrease.
B.inflation is expected to increase.
C.there is less uncertainty about future inflation.
解释:
B is correct.
Other things being equal, an increase in inflation expectations would result in lower equity prices relative to current earnings. This would result in lower equilibrium P/E ratios.
考点:equity risk premium
解析:
A, 影响P/E中的P。P可以通过未来现金流折现求和计算, real interest rates 的减小使得分母折现率减小,因此P变大,P/E变大。
B,与A同理,影响分母折现率,因此P变小,P/E变小。
C,影响分母折现率,因此P变大,P/E变大。
C和 expected inflation这部分不确定的补偿是一个意思吗?