问一道题：NO.PZ201512300100001104 第4小题 [ CFA II ]

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问题如下：

4. Cannan’s preference to use the P/E ratio over the P/S ratio is best supported by:

选项：

Reason 1

Reason 2

Reason 3

解释：

C is correct.

The price to sales (P/S) ratio fails to consider differences in cost structures. Also, while share price reflects the effect of debt financing on profitability and risk, sales is a pre-financing income measure and does not incorporate the impact of debt in the firm’s capital structure. Earnings reflect operating and financial leverage, and thus the price-to-earnings (P/E) ratio incorporates the impact of debt in the firm’s capital structure.

我们在讨论FCFF和FCFE的比较时，有说FCFF 不考虑leverage 为什么这道题，考虑了leverage会更优？什么时候考虑leverage更优什么时候不考虑leverage更好？

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1 个答案

maggie_品职助教 · 2020年03月08日

嗨，爱思考的PZer你好：

1、这里和FCFF和FCFE无关啊，这里比较的是盈利和销售收入。

2、公司借债会产生利息利息费用，而利息费用只影响NI，不影响企业的销售收入。

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NO.PZ201512300100001104 问题如下 4. Cannan’s preferento use the P/E ratio over the P/S ratio is best supporteby: A.Reason 1 B.Reason 2 C.Reason 3 C is correct.The prito sales (P/S) ratio fails to consir fferences in cost structures. Also, while share prireflects the effeof financing on profitability anrisk, sales is a pre-financing income measure anes not incorporate the impaof in the firm’s capitstructure. Earnings refleoperating anfinancileverage, anthus the price-to-earnings (P/E) ratio incorporates the impaof in the firm’s capitstructure. 如题

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NO.PZ201512300100001104 为什么不选reason 2?

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老师好，想问下解析里为什么说share prireflects the effeof financing on profitability anrisk。股价是如何反应债券融资对利润和风险的影响的呢，公司借债越多，应该是风险越大，但是利润和股价是怎么变化？

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请问这道题Reason 3要怎么理解呢？

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问一道题：NO.PZ201512300100001104 第4小题 [ CFA II ]

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