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Cherry · 2021年10月28日

为什么不选reason 2?

* 问题详情,请 查看题干

NO.PZ201512300100001104

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.

为什么不选reason 2?

1 个答案

王园圆_品职助教 · 2021年10月28日

嗨,努力学习的PZer你好:


同学你好,因为earning是公司最喜欢做文章的地方,从sales到earnings要经历非常多的步骤,为了调高或者调低利润,中间的每一步公司都可以做手脚。由于普通投资者最关注净利润指标,所以公司也最有动力在earnings上做美化。

但是sales相对来说是很直接的,要想做手脚,公司的可操作空间没有那么大,所以reason2是错误的哦~~

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