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Cherry · 2021年10月28日

为什么不选reason 2?

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001104

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.

为什么不选reason 2?

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1 个答案

王园圆_品职助教 · 2021年10月28日

嗨，努力学习的PZer你好：


同学你好，因为earning是公司最喜欢做文章的地方，从sales到earnings要经历非常多的步骤，为了调高或者调低利润，中间的每一步公司都可以做手脚。由于普通投资者最关注净利润指标，所以公司也最有动力在earnings上做美化。

但是sales相对来说是很直接的，要想做手脚，公司的可操作空间没有那么大，所以reason２是错误的哦～～

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