问题如下：
Jacques is conducting an analysis of H&M, a publicly traded European retail distributor of products for home decoration. The home decoration is cyclical. In the valuation of the shares, Jacques’s prefer to use the P/E ratio over the P/S ratio because?
选项：
A. Earnings are more stable than sales.
B. Earnings are less easily manipulated than sales.
C. The P/E ratio reflects financial leverage whereas
the P/S ratio does not.
解释：
C is correct.
考点：PE
解析：C是正确的。市销率没有考虑成本结构的差异，虽然股价反映了债务融资对盈利能力和风险的影响，但slaes是融资前的收入衡量指标，不计入债务对公司资本结构的影响。而净利润反映了经营和财务杠杆，因此市盈率(P/E)包含了公司资本结构中债务的影响。
强化班讲义不是写p/s适合周期性行业么？