求解

问题如下：

With regard to forming a company’s peer group, which of the following statements is not correct?

选项：

A.

Comments from the management of the company about competitors are generally not used when selecting the peer group.

B.

The higher the proportion of revenue and operating profit of the peer company derived from business activities similar to the subject company, the more meaningful the comparison.

C.

Comparing the company’s performance measures with those for a potential peer group company is of limited value when the companies are exposed to different stages of the business cycle.

解释：

A is correct.

because it is a false statement. Reviewing the annual report to find management’s discussion about the competitive environment and specific competitors is a suggested step in the process of constructing a peer group.

考点：Classification of Industry

A:来自公司管理层关于竞争对手的评论不太可能被用于可比公司的组建。 这句话说反了，年报中管理层的讨论与分析可以为可比公司的选择和组建提供思路。

B对于可比公司来说，越多的收入和利润是从和目标公司开展相同的业务中获得的，说明两个公司的比较更有效。正确。

C选择可比公司我们主要关注的是两家公司是否从事相似的业务、有相似的市场需求和成本结构，但即便互为可比公司的两家公司如果发展处于不同的经济周期，那么他们的业绩也不具有可比性。