NO.PZ2023020602000079
问题如下：
Two firms are identical except that the first pays higher interest charges and lower dividends, while the second pays higher dividends and lower interest charges. Both prepare their financial statements under U.S. GAAP. Compared to the first, the second will have cash flow from financing (CFF) and earnings per share (EPS) that are:
选项：
CFF
EPS
The same
Higher
Lower
Higher
Lower
The same
解释：
Interest paid is an operating cash flow, and dividends paid are a financing cash flow, so the firm that pays higher dividends will have lower CFF. The firm with lower interest expense will have higher EPS.The firm with lower interest expense will have higher EPS.为什么呢？
