直接和间接的区别

问题如下：

Which of the following is least likely to directly affect a company's book value?

选项：

A.Changes in the company's net income

B.Purchases by the company of its own shares

C.Investor estimates of the company's future cash flows

解释：

1. Incorrect because management actions can directly affect the book value of the company (by increasing net income or by selling or purchasing its own shares), they can only indirectly affect the market value of its equity.

2. Incorrect because management actions can directly affect the book value of the company (by increasing net income or by selling or purchasing its own shares), they can only indirectly affect the market value of its equity.

3. Correct because a company's book value is not directly affected by investor estimates. Market value of the company's equity, however, reflects the collective and differing expectations of investors concerning the amount, timing, and uncertainty of the company's future cash flows.

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