单选题 An analyst does research about price multiples. With respect to the computation of the price to book value ratio for a company's common stock, an appropriate estimate of tangible book value for the company could most likely exclude the value of:
A. patents.
B. off-balance-sheet assets.
C. preferred stock issued by that company.

【正确答案】 C

【答案解析】[解析] 有形净资产是从普通股权益中减去无形资产和优先股。由于专利是独立于其他资产，而且也可以单独出售，所以不应该单独减去，如果是商誉就应该减去。表外的资产和负债应该根据实际情况调整到资产负债表中，所以也需要考虑。