NO.PZ202401310100000505
问题如下：
The subject company’s management has provided guidance for the next fiscal year, which includes an effective tax rate that is substantially below its statutory tax rate, largely due to tax windfalls from share-based compensation. Using this effective tax rate for all future years in the model would likely:
选项：
A.overstate income tax expense.
overstate free cash flow to the firm.
understate estimated enterprise value.
解释：
B is correct. A lower effective tax would increase free cash flow to the firm (After-tax EBIT + D&A – Capex +/- Change in working capital). Tax windfalls or excess tax benefits decrease the effective tax rate versus the statutory rate because they are deductible for tax purposes, but not expensed on the income statement.
本题是执行日股价高于授予日股价，股票价值高，相应是利润减少多，少缴税。对应Free cash flow 和公司估值如何考虑，少缴税对应公司的自由现金流应该是增加的，为何是夸大了自由现金流
