1.1.股票期权：执行时的CFO会增加为什么exercise of employee stock options会导致减税从而增加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.
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. 给应付账款融资，CFF会增加（借钱），CFO会减少（因为支付了应付账款）。
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.
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