答案和详解如下： 1.Earnings before interest, taxes, depreciation, and amortization (EBITDA) is best suited as a measure of: A) equity value. B) the potential to obtain corporate control. C) total company value. D) debt capacity. The correct answer was C) EBITDA is a pre-tax, pre-interest measure, which represents a flow to both equity and debt. Thus, it is better suited as an indicator of total company value than just equity value. 2.If cash flow from operations (CFO) embeds financing-related flows, it should be adjusted by: A) subtracting (net interest outflow) × (1 - tax rate). B) adding non-cash charges. C) adding (net interest outflow) × (1 - tax rate). D) subtracting capital expenditures. The correct answer was C) Cash flow from operations CFO should be adjusted to CFO + (net cash interest outflow) × (1 – tax rate), if CFO embeds financing-related flows. 3.Which of the following measures of cash flow is most closely linked with valuation theory? A) Cash flow from operations (CFO). B) Free cash flow to equity (FCFE). C) Earnings before interest, taxes, depreciation, and amortization (EBITDA). D) Net income. The correct answer was B) FCFE is most strongly linked to valuation theory. All of the other proxies are in need of significant adjustment to accurately measure cash flow in valuation. | 
发表于 2008-5-20 18:30
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