问题如下：
Chloe wants to use the dividend discount model and the CAPM to value stocks. Which of the following is most likely to decrease the estimated value of a stock if all other factors keep constant?
选项：
A.An increase in the expected growth rate of dividends.
B.An increase in the expected dividend.
C.An increase in the stock's systematic risk.
解释：
C is correct.
Other things equal, using the CAPM, an increase in the stock's systematic risk would increase the required return on equity and decrease the present value of the value of the stock. Value of stock = D1/ (r - g).
请问为什么A不对？
