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不忘初心 · 2023年09月08日

股价与风险的关系没理解

  1. ESG
  2. Social factors

NO.PZ2022120702000037

问题如下：

Lemon is a Japanese telecommunications company which recently acquired a local company, TTN, that manufactures smart phones, in an effort to integrate vertically and provide clients with a better offer. A significant part of Lemon’s clientele acquisition strategy is a focus on older individuals, and it wants to provide them with phones thatBetter address their needs.

TTN, unlike most of its peers, owns the manufacturing plants which supply parts for its phones. 80% of TTN’s manufacturing personnel are contractors, while the industry average is 40%. Two years ago, TTN was subject to a non-governmental organisation (NGO) campaign requesting that it offered contractors working conditions and pay similar to that of employees. TTN agreed to most of the NGO’s requests.

How might a portfolio manager interpret the financial implications of TTN agreeing to offer contractors the same working conditions as employees?

选项：

A.Cost increases in the short and long-term, and lower share price volatility due to reduced risk of labour disruption B.Potential financial implications cannot be estimated without the company disclosing the change to contractors’ salaries. C.Only employees’ salary and working conditions impact the company, hence costs and risks remain the same. D.The cost of capital is increased in the financial model as a result of providing greater labour rights to contractors.

解释：

TTN收到NGO运动的影响给合同工提供与正式员工一样的工作条件和薪酬，这个做法虽然会增加企业成本，但是它保护了合同工的健康和安全，对股价将会由正面影响。股价波动的下降说明其风险的降低。

请问如何理解股价波动的下降说明其风险的降低。

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1 个答案

Tina_品职助教 · 2023年09月08日

嗨，努力学习的PZer你好：


“股价波动的下降说明其风险的降低”是基于资本市场理论的基本观念。在这个语境中，波动性通常被视为风险的代表。当一个资产（例如股票）的价格波动较大，意味着该资产的风险较高；相反，如果资产的价格波动较小，则被认为风险较低。

考虑TTN的情境，给合同工提供与正式员工一样的工作条件和薪酬可能有以下效果：

  1. 成本增加：短期内，公司可能会面临更高的劳动成本，因为合同工现在获得了与正式员工相同的待遇。
  2. 劳动关系改善：提高合同工的待遇可以增强他们的工作满意度和忠诚度，降低罢工、劳资冲突或其他劳动问题的风险。
  3. 股价波动性下降：如果市场认为TTN通过改善合同工待遇降低了潜在的劳动风险，那么可能会认为该公司的风险减少了。减少的风险通常会导致股价的波动性降低，因为投资者更有信心在公司未来的稳定性。

总之，股价的波动性是投资者对未来不确定性的反映。当公司采取措施降低某种形式的风险时，它可能会导致投资者对公司的看法更加乐观，从而导致股价波动性降低。在TTN的案例中，通过提高合同工的待遇，可能降低了劳动风险，从而降低了股价波动性。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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