CFA協(xié)會(huì)的原題多為CFA協(xié)會(huì)真實(shí)出題的方向， 請(qǐng)各位務(wù)必重視這些題目。我們推薦做完原版書后的所有習(xí)題， 如時(shí)間緊張， 至少完成我們劃的重點(diǎn)CFA題目。

1.1.股票期權(quán)：執(zhí)行時(shí)的CFO會(huì)增加為什么exercise of employee stock options會(huì)導(dǎo)致減稅從而增加CFO,一直理解不了Which of the following transactions is least likely to increase reported operating cash flow for the period?

A.Financing of payables.

B.Securitization of receivables.

C.Exercise of employee stock options.

Solution：A

lFinancing payables actually reduces operating cash flow as payables are reclassified as short-term debt. Companies may decrease operating cash flows reported under the indirect method by using this strategy. 給應(yīng)付賬款融資，CFF會(huì)增加（借錢），CFO會(huì)減少（因?yàn)橹Ц读藨?yīng)付賬款）。

lSecuritization of receivables increases operating cash flows as the funds received are treated as an operating cash inflow.

lExercise of employee stock options increases operating cash flows due to tax benefits associated with exercise.

員工執(zhí)行期權(quán)，如股價(jià)為10，執(zhí)行價(jià)為6，則相當(dāng)于花費(fèi)了4元費(fèi)用，稅法認(rèn)可此費(fèi)用，可少交稅（在執(zhí)行時(shí)）。

2015-2016年CFA全套資料如需領(lǐng)取，請(qǐng)點(diǎn)擊//www.h8045.cn/cfa/getuserinfo.html，填寫資料后，小編會(huì)在24小時(shí)內(nèi)發(fā)送到您的資料郵箱哦~

CFA微信號(hào) CFA-gfedu 金融CFA考試資料、交流QQ群： 103027161

相關(guān)內(nèi)容推薦： CFA notes CFA考試科目 特許金融分析師 CFA考試