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砖尼 · 2020年02月26日

问一道题：NO.PZ201512300100001104

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

4. Cannan’s preference to use the P/E ratio over the P/S ratio is best supported by:

选项：

A.

Reason 1

B.

Reason 2

C.

Reason 3

解释：

C is correct.

The price to sales (P/S) ratio fails to consider differences in cost structures. Also, while share price reflects the effect of debt financing on profitability and risk, sales is a pre-financing income measure and does not incorporate the impact of debt in the firm’s capital structure. Earnings reflect operating and financial leverage, and thus the price-to-earnings (P/E) ratio incorporates the impact of debt in the firm’s capital structure.

请问这道题Reason 3要怎么理解呢？

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maggie_品职助教 · 2020年02月27日

嗨，爱思考的PZer你好：


公司借债会产生利息利息费用，而利息费用只影响NI，不影响企业的销售收入。


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砖尼 · 2020年02月27日

所以是因为影响了NI，而NI的一部分作为RE进入Equity，就影响了Equity吗？

maggie_品职助教 · 2020年02月28日

注意P/E的分母earning是NI，不是equity的意思。

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