为什么C不对呢

* 问题详情，请查看题干

NO.PZ202401310100000504

问题如下：

As an alternative to expensing stock-based compensation in free cash flow in the discounted cash flow valuation model, your colleague could account for the expected dilution by:

选项：

increasing shares outstanding.

reducing operating expenses because the company could compensate its employees in cash rather than shares.

increasing net cash because share-based compensation expense is a non-cash expense.

解释：

A is correct. Dilution from share-based compensation can be accounted for by

expensing share-based compensation in free cash flow or by increasing the share

count for expected dilution.

B and C are incorrect as they would be accretive, not dilutive, to valuation.

为什么C不对呢

确实是non cash expense .

添加评论

1 个答案

王园圆_品职助教 · 2024年07月03日

同学你好，请看以下讲义截图，本题就是对应的这里黄色部分的内容

本题的意思问如果在FCFF模型对公司进行估值的时候，需要考虑未来的股权激励带来的股东稀释的影响的花，另一个做法是什么？

A选项就是答案——即直接在现有的股票数上增加一个额外的数量来估计未来发行股权激励带来的股票增加导致的股权稀释

B和C都是瞎说，根本没有对应的这种说法

其次，你看这里对应知识点的意思，是说未来的stock-based compensation其实是会导致股东的权益减少的。虽然stock-based compensation确实是非现金的支出，确实实际现金流可能不会减少，但是由于未来给了员工更多的股份数，那必然会造成股权的稀释，那对于现有股东就是有潜在不利影响的——如果选C，根本没有体现出这个知识点的意思，并且还让人觉得stock-based compensation的存在对股东起码是没有坏处的，这不就和整个知识点的含义相违背了吗？

添加评论

1
回答
0
关注
114
浏览

我要回答关注问题

相关问题

NO.PZ202401310100000504问题如下 alternative to expensing stock-basecompensation in free cash flow in the scountecash flow valuation mol, your colleague coulaccount for the expectelution by: A.increasing shares outstanng.B.recing operating expenses because the company coulcompensate its employees in cash rather thshares.C.increasing net cash because share-basecompensation expense is a non-cash expense. A is correct. lution from share-basecompensation caccountefor byexpensing share-basecompensation in free cash flow or increasing the sharecount for expectelution.B anC are incorrethey woulaccretive, not lutive, to valuation. 求题目和答案的意思

2024-06-30 11:19 1 · 回答

NO.PZ202401310100000504 问题如下 alternative to expensing stock-basecompensation in free cash flow in the scountecash flow valuation mol, your colleague coulaccount for the expectelution by: A.increasing shares outstanng. B.recing operating expenses because the company coulcompensate its employees in cash rather thshares. C.increasing net cash because share-basecompensation expense is a non-cash expense. A is correct. lution from share-basecompensation caccountefor byexpensing share-basecompensation in free cash flow or increasing the sharecount for expectelution.B anC are incorrethey woulaccretive, not lutive, to valuation. 请问这道题考的是M2哪个知识点？看了基础班讲义还是不能找到具体这道题的章节。

2024-04-16 11:14 1 · 回答

为什么C不对呢

1 个答案

1

0

114

相关问题