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EmilyZhou · 2024年08月10日

老师,资本结构不同是指什么意思?

NO.PZ2022061307000086

问题如下:

Question Which of the following multiples is most useful when comparing companies with significant differences in capital structure?

选项:

A.EV/EBITDA

B.Price-to-book ratio

C.Price-to-cash flow ratio

解释:

Solution

A is correct. The EV/EBITDA (enterprise value/earnings before interest, taxes, depreciation, and amortization) approach is most useful when comparing companies with significant differences in capital structure. EBITDA is computed prior to payment to any of the company’s financial stakeholders and is not affected by the amount of debt leverage.

B is incorrect. The EV/EBITDA approach is most useful when comparing companies with significant differences in capital structure.

C is incorrect. The EV/EBITDA approach is most useful when comparing companies with significant differences in capital structure.

资本结构是bond or equity的比率吗?

1 个答案

王园圆_品职助教 · 2024年08月10日

同学你好,是的,你的理解是正确的

因为EBITDA是扣利息前的收益,不受debt 多少的影响;EV是公司整体价值,已经把Equity和Debt都计算在内作为一个整体了,所以也不受debt多少的影响,所以EV/EBITDA是不受资本结构影响的