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Carolyne · 2024年03月28日

解析

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NO.PZ202401310100000505

问题如下:

The subject company’s management has provided guidance for the next fiscal year, which includes an effective tax rate that is substantially below its statutory tax rate, largely due to tax windfalls from share-based compensation. Using this effective tax rate for all future years in the model would likely:

选项:

A.

overstate income tax expense.

B.

overstate free cash flow to the firm.

C.

understate estimated enterprise value.

解释:

B is correct. A lower effective tax would increase free cash flow to the firm (After-tax EBIT + D&A – Capex +/- Change in working capital). Tax windfalls or excess tax benefits decrease the effective tax rate versus the statutory rate because they are deductible for tax purposes, but not expensed on the income statement.

解析里说 not expensed on I/S.但是tax windfalls 在美国准则下 会decrease in income tax expenses 呀。另外这道题如果说 overestimate firm value C选项对了吗

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王园圆_品职助教 · 2024年03月28日

同学你好,解析的意思是,tax windfall并不会单独计入一项expense或gain里面,而是直接抵扣当年应交税费(也就是属于tax expense内部的一部分而已),解析这么说是没有问题的

你问的“另外这道题如果说 overestimate firm value C选项对了吗”——是的

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