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gloria611 · 2020年07月12日

问一道题:NO.PZ201512300100001104

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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:

A.

Reason 1

B.

Reason 2

C.

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.

老师好,想问下解析里为什么说:share price reflects the effect of debt financing on profitability and risk。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?

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年07月13日

同学你好,如果企业的债务融资会直接影响利润,如果企业leverage过高,利息费用过大,则利润甚至有机会为0或者为负,此时企业风险过高,对股价也有负面影响。所以,股价可利润都可以反映企业的capital structure,Reason 3的说法是正确的。