CFA協(xié)會的原題多為CFA協(xié)會真實出題的方向， 請各位務必重視這些題目。我們推薦做完原版書后的所有習題， 如時間緊張， 至少完成我們劃的重點CFA題目。

1.1.股票期權：執(zhí)行時的CFO會增加為什么exercise of employee stock options會導致減稅從而增加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. 給應付賬款融資，CFF會增加（借錢），CFO會減少（因為支付了應付賬款）。

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，如股價為10，執(zhí)行價為6，則相當于花費了4元費用，稅法認可此費用，可少交稅（在執(zhí)行時）。

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