答案和详解如下： 1.A control perspective is most consistent with which of the following valuation approaches? A) Free cash flow. B) Dividends. C) Price to enterprise value (P/Enterprise). D) Price to book value (P/B). The correct answer was A) Dividend policy can be changed by the buyer of a firm. Thus, the free cash flow perspective looks to the source of dividends in a position of control rather than directly at dividends. The P/Enterprise value and P/B approaches do not focus on cash flows. 2.The ownership perspective implicit in the free cash flow to equity valuation approach is of: A) a minority position. B) control. C) a debt holder. D) a preferred stockholder. The correct answer was B) Dividend policy can be changed by the buyer of a firm. Thus, the free cash flow perspective looks to the source of dividends in a position of control rather than directly at dividends. 3.The ownership perspective implicit in the dividend valuation approach is of: A) control. B) a common stockholder. C) a debt holder. D) a preferred stockholder. The correct answer was B) Dividends are most relevant to the stockholders who receive them and who have little control over their amount. | 
发表于 2008-5-20 11:42
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