NO.PZ2015122802000174
问题如下：
An analyst makes the following statement: "Use of P/E and other multiples for analysis is not effective because the multiples are based on historical data and because not all companies have positive accounting earnings." The analyst’s statement is most likely:
选项：
A.inaccurate with respect to both historical data and earnings.
B.accurate with respect to historical data and inaccurate with respect to earnings.
C.inaccurate with respect to historical data and accurate with respect to earnings.
解释：
A is correct.
The statement is inaccurate in both respects. Although multiples can be calculated from historical data, forecasted values can be used as well. For companies without accounting earnings, several other multiples can be used. These multiples are often specific to a company’s industry or sector and include price-to-sales and price-to cash flow.
考试：Price Multiple Approach
题干说的是使用乘数效果不好是因为它只能用历史数据计算得到。这显然是错的，乘数可以基于历史数据也可以用未来财务数据计算得到。此外，题干说的是PE和其他乘数，当earning为负的时候都不可以用，这也不对，PE不能用，但不代表其他乘数不能用。
讲义里面说common criticism of all mutiples是do not consider the future. 为什么题干里面说的只用了historical data是错的。
