答案和详解如下： 1.One disadvantage of using the price/sales (P/S) multiple for stock valuation is that: A) profit margins are not stable over time. B) profit margins are not consistent across firms within an industry. C) P/S multiple does not provide a framework to evaluate the effects of corporate policy decisions and price changes. D) sales are relatively stable and might not change even though earnings and value might change significantly. The correct answer was D) The stability of sales (relative to earnings and book value) can be a disadvantage. For example, revenues may remain stable but earnings and book values can drop significantly due to a sharp increase in expenses. 2.Which of the following is a disadvantage of using the price-to-book value (PBV) ratio? A) Firms with negative earnings cannot be evaluated with the PBV ratios. B) Book value may not mean much for manufacturing firms with significant fixed costs. C) Book values are extremely volatile, depending on the state of the economy. D) Book values are affected by accounting standards, which may vary across firms and countries. The correct answer was D) The disadvantages of using PBV ratios are: 1. Book values are affected by accounting standards, which may vary across firms and countries. 2. Book value may not mean much for service firms without significant fixed costs. 3. Book value of equity can be made negative by a series of negative earnings, which limits the usefulness of the variable. 3.Which of the following is NOT an advantage of using price-to-book value (PBV) multiples in stock valuation? A) Book value provides a relatively stable, intuitive measure of value. B) PBV ratios can be compared across similar firms if accounting standards are consistent. C) Book value is often positive, even when earnings are negative. D) Book values are very meaningful for firms in service industries. The correct answer was D) Book values are not very meaningful for firms in service industries. 4.Which of the following is a disadvantage of using price-to-sales (P/S) multiples in stock valuations? A) P/S multiples are more volatile than P/E multiples. B) P/S multiples are not available for all firms, unlike the P/E ratio. C) It is difficult to capture the effects of changes in pricing policies using P/S ratios. D) The use of P/S multiples can miss problems associated with cost control. The correct answer was D) Due to the stability of using sales relative to earnings in the price-to-sales (P/S) multiple, an analyst may miss problems of troubled firms concerning its cost control. P/S multiples are actually less volatile than P/E ratios, which is an advantage in using the PS multiple. Another advantage is that P/S ratios are available for all firms, including distressed firms, which is not necessarily the case for P/E multiples. Finally, P/S ratios provide a useful framework for evaluating effects of pricing changes on firm value. 5.An argument against using the price-to-sales (P/S) valuation approach is that: A) sales figures are not as easy to manipulate or distort as earnings per share (EPS) and book value. B) research shows that P/S differences are significantly related to long-run average stock returns. C) P/S ratios do not express differences in cost structures across companies. D) P/S ratios are not as volatile as price-to-earnings (P/E) multiples. The correct answer was C) P/S ratios do not express differences in cost structures across companies. The other responses are advantages of the P/S ratios, not disadvantages. | 
发表于 2008-5-20 17:50
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