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momo · 2023年10月03日

required rate

NO.PZ2023090506000003

问题如下:

The annual report of company XYZ contains the following disclosures:

  • Disclosure 1: “XYZ’s management compensation is based on exceeding a target EPS growth rate.”
  • Disclosure 2: “XYZ’s management does not change the required rate of return when evaluating capital projects based on whether they are financed by internal or external sources.”
  • Disclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections based on inflation-adjusted cash flows and discounts them using real rates.”
Which of the disclosed policies does not conform to best practices regarding capital allocation?

选项:

A.

Disclosure 1

B.

Disclosure 2

C.

Disclosure 3

解释:

A is correct. Positive-NPV investment projects can reduce, rather than increase, EPS in the near term, even though they increase shareholder value. Management compensation should incorporate a longer-term perspective and a measure that better considers required rates of return, such as ROIC.

B is incorrect because internally generated capital, such as cash flow from operations, is equity financing and it could be returned to equity investors as a dividend. Regardless of the financing source, management should use appropriate risk-adjusted required rates of return to evaluate capital investments.

C is incorrect because companies may perform analysis in either nominal or real terms, but the approach to cash flows and the discount rate should be consistent. That is, nominal cash flows should be discounted at a nominal discount rate, and real (inflation-adjusted) cash flows should be discounted at a real rate.

disclosure 2不太明白。。。

1 个答案

王琛_品职助教 · 2023年10月08日

嗨,爱思考的PZer你好:


1

Disclosure 2 的表述为:XYZ 的管理层在评估资本项目时,不会根据这些项目是由内部还是外部融资来源,而改变所需的要求回报率

这种做法是符合资本分配原则 Capital Allocation Principles,或者说,并不涉及资本分配的常见错误或陷阱 Capital Allocation Pitfalls

2

管理层在评估项目时,如果使用 NPV 的方法,就涉及评估项目的期间现金流和折现率

关于折现率,也就是要求回报率,要反映项目的风险,不能使用无风险利率,也不能考虑融资的部分

也请参考基础班讲义墨迹版 P278

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