老师，请问A选项不对吗

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NO.PZ201512300100001104

问题如下：

4. Cannan’s preference to use the P/E ratio over the P/S ratio is best supported by:

选项：

Reason 1

Reason 2

Reason 3

解释：

C is correct.

The price to sales (P/S) ratio fails to consider differences in cost structures. Also, while share price reflects the effect of debt financing on profitability and risk, sales is a pre-financing income measure and does not incorporate the impact of debt in the firm’s capital structure. Earnings reflect operating and financial leverage, and thus the price-to-earnings (P/E) ratio incorporates the impact of debt in the firm’s capital structure.

如题

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1 个答案

王园圆_品职助教 · 2023年09月15日

同学你好，A不对哦

现实世界中，sales是指公司的销售额，一般来说一个公司的销售额最多受到市场需求大小的影响，所以整体变动会更平稳

而Net Income是从sales减去一系列的生产成本，运营费用，利息支出，税费等项目后的净额，不仅会受sales的变动的影响，还会被上述一系列费用的变化所扰动，所以NI的变动会更剧烈更不稳定

所以reason 1说NI比sales更稳定，就是错误的

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NO.PZ201512300100001104 为什么不选reason 2?

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老师好，想问下解析里为什么说share prireflects the effeof financing on profitability anrisk。股价是如何反应债券融资对利润和风险的影响的呢，公司借债越多，应该是风险越大，但是利润和股价是怎么变化？

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请问这道题Reason 3要怎么理解呢？

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老师，请问A选项不对吗

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