NO.PZ2024011002000047
问题如下：
Two firms are identical except that the first pays higher interest charges and lower dividends, while the second pays higher dividends and lower interest charges. Both prepare their financial statements under U.S. GAAP. Compared to the first, the second will have cash flow from financing (CFF) and earnings per share (EPS) that are:
选项：
CFF EPS
A.The same Higher
B.Lower Higher
C.Lower The same
解释：
Interest paid is an operating cash flow, and dividends paid are a financing cash flow, so the firm that pays higher dividends will have lower CFF. The firm with lower interest expense will have higher EPS.这里的“low interest expenses has higher EPS”是指，两家公司的revenue相同，low interest expense所以NI高，拉高EPS？但是tax要多一些啊
