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skyyyysun · 2024年05月16日

老师好,这题感觉没有很理解

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NO.PZ202304050100017102

问题如下:

The subject company reported a net loss on its income statement in the most recent fiscal period but reported positive free cash flow. Your colleague should add anti-dilutive securities to diluted shares outstanding in their discounted cash flow valuation model to account for:

选项:

A.

forfeited share-based awards.

B.

unvested share-based awards.

C.

RSUs that settled in the most recent fiscal period.

解释:

B is correct. All unvested share-based awards, regardless of the spread between their grant-date fair value and current market price, are anti-dilutive for a company that reported a net loss.

如题

1 个答案

王园圆_品职助教 · 2024年05月16日

同学你好,请看以下讲义截图,本题对应的就是第一个点点的内容

这里的add xxxxxx to diluted shares count其实是在说,对未来的估值要考虑这些反稀释作用的shares,而不是现在立刻考虑

以第一个点点的说明为例,当NI为负数,由于一般的有稀释作用的unvested shares(也就是B选项的unvested share-based awards.)反而会使计算出来的diluted EPS变大,那公司计算dilutive EPS的时候其实就已经把这些反稀释作用的shares删除了,最后公司报表里披露的dilutive shares的数字可能特别小——但是未来,公司一旦盈利了,那原来由于NI为负数导致的那些有稀释作用但被剔除的shares就应该被加回来,从而才能算出未来真实的dilutive shares

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