开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

Captain America · 2022年09月09日

请解释一下题目

NO.PZ2019120301000298

问题如下:

Question When analyzing a company that prepares its financial statements according to US GAAP, calculating the ratio of price to tangible book value instead of the ratio of price to book value is most appropriate if the company:

选项:

A.grows primarily through acquisitions.

B.develops its patents and processes internally.

C.invests a substantial amount in new capital assets.

解释:

Solution

A is correct. A company that grows primarily through acquisitions will have more goodwill and other intangible assets on its balance sheet than a company with fewer acquisitions or that has grown internally. To provide for comparisons with companies that do not follow such a growth strategy, an analyst would remove all intangibles and focus on tangible book value.

B is incorrect. If the company has grown internally, it will not have many intangible assets, so book value and tangible book value would be very similar. Therefore, the adjusted ratio is not necessary.

C is incorrect. The investment in new capital assets would increase both the book value and the tangible book value—the adjustment would not make any difference.

A答案出现更多无形资产不是不适合算吗?


1 个答案

王园圆_品职助教 · 2022年09月09日

嗨,努力学习的PZer你好:


同学你好,题目说的是用Price/有形资产计算的ratio比price/账面价值(P/B)计算的ratio更合适的公司是哪一类公司?

  • A选项是说一些靠收购来增长的公司更适合用Price/有形资产计算的ratio——因为一但公司收购很多其他公司,账面就会有很多的商誉(商誉属于无形资产)此时如果用P/B来计算,那分母就会变得更大,从而使P/B变小,更容易让人觉得这个公司被低估;而如果用Price/有形资产,由于分母剔除了无形资产(商誉)的影响,所以分母变小,整个ratio变大,更容易让人法相公司被高估——所以这种公司确实用Price/有形资产更能体现真实价值且不误导投资者,所以A对

----------------------------------------------
虽然现在很辛苦,但努力过的感觉真的很好,加油!

  • 1

    回答
  • 0

    关注
  • 310

    浏览
相关问题