NO.PZ2023090506000003
问题如下：
The annual report of company XYZ contains the following disclosures:
- Disclosure 1: “XYZ’s management compensation is based on exceeding a target EPS growth rate.”
- Disclosure 2: “XYZ’s management does not change the required rate of return when evaluating capital projects based on whether they are financed by internal or external sources.”
- Disclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections based on inflation-adjusted cash flows and discounts them using real rates.”
选项：
A.Disclosure 1
Disclosure 2
Disclosure 3
解释：
A is correct. Positive-NPV investment projects can reduce, rather than increase, EPS in the near term, even though they increase shareholder value. Management compensation should incorporate a longer-term perspective and a measure that better considers required rates of return, such as ROIC.
B is incorrect because internally generated capital, such as cash flow from operations, is equity financing and it could be returned to equity investors as a dividend. Regardless of the financing source, management should use appropriate risk-adjusted required rates of return to evaluate capital investments.
C is incorrect because companies may perform analysis in either nominal or real terms, but the approach to cash flows and the discount rate should be consistent. That is, nominal cash flows should be discounted at a nominal discount rate, and real (inflation-adjusted) cash flows should be discounted at a real rate.
ROIC也是会计指标呀，用的都是会计报表上的数据算出来的，也很容易被management操纵呀，而且用的也就是2年财报的数据（基于当年财报时间点给management发奖金只往回看了1年而已，management只需要操纵当年财报利润即可）并不长期，为什么最好基于ROIC去给management compensation呢？跟EPS也没多大区别呀~~
