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阿远酱 · 2024年06月30日

这道题是什么意思

* 问题详情,请 查看题干

NO.PZ202401310100000504

问题如下:

As an alternative to expensing stock-based compensation in free cash flow in the discounted cash flow valuation model, your colleague could account for the expected dilution by:

选项:

A.

increasing shares outstanding.

B.

reducing operating expenses because the company could compensate its employees in cash rather than shares.

C.

increasing net cash because share-based compensation expense is a non-cash expense.

解释:

A is correct. Dilution from share-based compensation can be accounted for by

expensing share-based compensation in free cash flow or by increasing the share

count for expected dilution.

B and C are incorrect as they would be accretive, not dilutive, to valuation.

求解释题目和答案的意思

1 个答案

王园圆_品职助教 · 2024年06月30日

同学你好,请看以下讲义截图,本题就是对应的这里黄色部分的内容

本题的意思问如果在FCFF模型对公司进行估值的时候,需要考虑未来的股权激励带来的股东稀释的影响的花,另一个做法是什么?

A选项就是答案——即直接在现有的股票数上增加一个额外的数量来估计未来发行股权激励带来的股票增加导致的股权稀释

B和C都是瞎说,根本没有对应的这种说法

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