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南极耳语 · 2023年05月15日

请问分别是啥意思呢

NO.PZ2022090802000011

问题如下:

Which of the following is an example of significant execution risk?

选项:

A.A manufacturer replaces aging factory machinery with similar but more efficient equipment. B.A marketer of high-fashion pet accessories tests the market to see if there is demand for glamourous dog harnesses made with faux fur. C.A company with consistent operating margins of about 5% with stable market share of 5% for swimming pool chemicals plans to double its margins and triple its market share over the next five years.

解释:

Solution

C is correct. A company with consistent operating margins and a stable market share in a highly specialized business embarks on a significant and ambitious strategic change. Its success will depend entirely on how well management succeeds in delivering on its objective by improving margins (either by increasing prices or reducing costs) and taking market share from its competitors. Considering the relatively small size of the business, it may be difficult. Considering that many manufacturing businesses in the same industry typically operate around similar margins, any margin improvement may be difficult. That a manufacturer replaces aging factory machinery with similar but more efficient equipment is not an example of execution risk; it is part of regular improvement and capital investment. That a marketer of high-fashion pet accessories tests the market to see if there is demand for glamourous dog harnesses made with faux fur is a standard and common expansion of an existing product line with limited risk.

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1 个答案

王琛_品职助教 · 2023年05月16日

嗨,爱思考的PZer你好:


1

题目问下列哪项,涉及执行风险,考查概念的识别

执行风险,即管理层可能无法采取必要的措施,来实现预期的结果

所以同学可以假设,如果自己是高管,现在要实现三个选项的结果,哪一项更难,不确定性更大

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选项 A,一家制造商,用相似但更高效的设备,替换了老化的工厂机器

该项并不涉及执行风险,其实是一项资本投资

比如咱们在第四章资本投资中学过,资本项目的常见类型,有一类是 Going concern projects,就涉及资产替换

请参考基础班讲义墨迹版 P167

3

选项 B,涉及新产品的市场调研和测试

因为并没有脱离公司传统的生产线,所以并不涉及多元化,属于 Expansion projects,风险要比选项 A 更大

请参考基础班讲义墨迹版 P168

4

选项 C,一家经营利润率和市场份额都稳定在 5% 左右的公司,计划在未来五年内将其利润率提高一倍,市场份额提高两倍

三个选项相比,明显这个目标实现起来最难,风险最大,所以涉及执行风险,因为管理层可能无法采取必要的措施,来实现预期的结果

毕竟利润和市场份额都很稳定,但是突然提出这么激进的目标,实现不了的概率是三个选项中最大的

好比中国男足,这么多年,成绩一直很稳定,忽然现在给教练组提出,五年内要冲进世界杯 16 强

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