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小明Sally · 2024年10月16日

为什么C选项不对?

NO.PZ2024010507000010

问题如下:

An analyst assesses that a company’s new human resources policies will lead to less hiring and lower costs to train new employees. Based on this assessment, the analyst is most likely to adjust the discounted cash flow valuation model by:

选项:

A.increasing the cost of capital.

B.increasing the expected operating margins.

C.reducing future capital expenditures in balance sheet forecasts.

解释:

B is correct. Reduction in hiring and training costs due to improved policies leads to cost savings, and the analyst would most likely increase the expected operating margins.

为什么C选项不对?

1 个答案

王岑 · 2024年10月17日

嗨,努力学习的PZer你好:


同学你好,

C选项不对的原因是,虽然减少招聘和培训新员工的成本确实会带来成本节约,但这类成本节约通常反映在运营成本上,而不是资本支出(CapEx)。

资本支出指的是公司用于购买、维护或升级固定资产(如设备、建筑物等)的支出。通常涉及长期资产的投资,例如工厂、设备或技术基础设施的建设。招聘和培训员工的成本一般不会被列入资本支出,而是作为**运营支出(Operating Expenses)的一部分。运营支出反映在损益表中,影响公司的利润率,而资本支出则反映在资产负债表中,主要用于长期资产投资。

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

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