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emma爱地球 · 2024年07月25日

EPS分子比较

NO.PZ2024011002000047

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

A.The same Higher B.Lower Higher C.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.

eps=NI-DIV/# 虽然NI变高,但是这一题不是div也更大吗?那分子怎么能判断相减后是HIGHER呢?

1 个答案

lynn_品职助教 · 2024年07月28日

嗨,从没放弃的小努力你好:


 basic EPS 的时候,分子上是NI-DIV(优先股),这里的div是普通股的哈


EPS=earning/shares,


interest expense低,NI就高,


分子高那么EPS肯定是higher。


Net income = (EBIT - interest )*(1-t)=EBIT(1-t) - interest(1-t)


1-T是一个正数,因此interest减少,NI是更高的。

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