我记录一道题，这题在CFA官网课后题遇到的，我觉得蛮经典的。过两天复习时再看看，谢谢！

Q. If a company capitalizes an expenditure related to capital assets instead of expensing it, ignoring taxes, the company will most likely report:

1. a lower cash flow per share in that period.
2. the same free cash flow to the firm (FCFF) in that period.
3. a higher earnings per share in future periods.

Solution

B is correct. The FCFF [Cash flow from operations (CFO) + Interest × (1 − t) − Capital expenditures] would be the same. CFO and capital expenditures would both increase by the same amount (ignoring taxes). Therefore, the net effect on FCFF would be zero.