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sipingboy · 2023年11月13日

202311mockA下午第21题

Alexandra Haugg is an analyst covering the financial sector. She has been asked to carry out a peer comparison amongst leading international banks. Haugg notes that these banks report under different accounting standards and considers which multiple would be most appropriate for her peer comparison.



Which of the following multiples would be most appropriate for Haugg's peer comparison of international banks?

A P/E

B EV/EBITDA

C price to cash flow from operations (P/CFO)



A Incorrect because P/E will generally be more affected by different accounting standards than P/CFO (and is also more prone to manipulation). Using price to cash flow rather than P/E addresses the issue of differences in accounting conservatism between companies (differences in the quality of earnings). Additionally, there are many ways in which earnings can be manipulated (discretionary accounting decisions about expenses, aggressive accounting decisions, inflating revenues, etc.). Thus cross-border comparison is more appropriate with P/CFO than with P/E.


B Incorrect because EV/EBITDA is generally more affected by different accounting standards than P/CFO. Multiples based on such concepts as EBITDA, which start from accounting earnings, will generally be the most affected (by accounting standards or accounting decisions).


C Correct because Haugg's valuation comparison is done from a cross-border perspective and P/CFO is least impacted by various accounting standards. From the perspective of international differences of accounting standards: P/CFO and P/FCFE will generally be least affected by accounting differences. P/B, P/E, and multiples based on such concepts as EBITDA, which start from accounting earnings, will generally be the most affected. 


总觉得答案很牵强呢,难道CFO不受会计准则的影响了?


sipingboy · 2023年11月13日

补充问一下第23题,为什么说股票回购会影响P/B? one of the possible drawbacks of P/Bs in practice is that share repurchases or issuances may distort historical comparisons.

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王园圆_品职助教 · 2023年11月14日

同学你好,其实P/E和EV/EBITDA 的缺点都是分母是NI或者起点是NI

而C选项最大的有点是它是跟现金相关的

这么理解,凡是I/S表相关的项目,都是根据“权责发生制”来确定的——那不同的会计准则对于能不能确认为收入,费用,确认为什么项目,时间的确认等的不同就会造成I/S表的各项项目的不同,最终造成由NI为起点计算的multiple的分母有很大不同

而现金流量表最大的特点是,它是基于收付实现制来确认的,不管怎么样,一定是真的现金流入了,流出了才能计入现金流量表的某个科目的,那起码不同会计准则在某个项目的时间确认上就是一致的。再说投资项目,经营项目,融资项目这三个项目本身概念区分也比较明显,那分类错误的事情在不同会计准则之间可能也相对更少,所以最后用CFO做分母的multiple相对差异就更小

sipingboy · 2023年11月14日

记得课上有讲到P/B更适合金融类机构,如果答案有P/B,和C F O哪个更适合呢

王园圆_品职助教 · 2023年11月14日

同学你好,助教觉得还是要选CFO的这个哦,因为题目设置的考点应该就是会计记账方式不同会导致I/S表和B/S表的确认有问题的这个点

不过具体还是要看真题的题目背景,给的条件是什么再决定哦

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