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BESSIEWANG · 2024年08月01日

为什么increase shares outstanding有用?哪里说了这个知识点??

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NO.PZ202304050100017103

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:

A.

increasing shares outstanding.

B.

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

C.

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.

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:


A

increasing shares outstanding.

B

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

C

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

1 个答案

王园圆_品职助教 · 2024年08月01日

同学你好,请看以下讲义截图黄色部分,就是在说这道题对应的知识点哦

因为估值的时候,每股价格 = 总的估值金额/在外发行的股份数量

所以无论是调分子还是分母,都可以达到使每股价格变低的作用从而反映未来的员工股权激励的发放会对公司每股价值的稀释作用。

由于未来的员工股权激励本身就很难估计计算,所以就可以大约估计一个可能的新发股份数从而干脆增大分母也就是把股份数量变得更多,就可以达到使每股价格下降的目的了

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