开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

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

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

  • 1

    回答
  • 0

    关注
  • 363

    浏览
相关问题

NO.PZ2023090506000003 问题如下 The annureport of company XYZ contains the following sclosures: sclosure 1: “XYZ’s management compensation is baseon exceeng a target EPS growth rate.” sclosure 2: “XYZ’s management es not change the requirerate of return when evaluating capitprojects baseon whether they are financeinternor externsources.” sclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections baseon inflation-austecash flows anscounts them using rerates.” Whiof the sclosepolicies es not conform to best practices regarng capitallocation? A.sclosure 1 B.sclosure 2 C.sclosure 3 A is correct. Positive-NPV investment projects crece, rather thincrease, EPS in the neterm, even though they increase shareholr value. Management compensation shoulincorporate a longer-term perspective ana measure thbetter consirs requirerates of return, suROIB is incorrebecause internally generatecapital, sucash flow from operations, is equity financing anit coulreturneto equity investors a vin Regaress of the financing source, management shouluse appropriate risk-austerequirerates of return to evaluate capitinvestments. C is incorrebecause companies mperform analysis in either nominor reterms, but the approato cash flows anthe scount rate shoulconsistent. This, nomincash flows shoulscountea nominscount rate, anre(inflation-auste cash flows shoulscountea rerate. 可以一下这个题目吗

2024-10-18 03:33 1 · 回答

NO.PZ2023090506000003 问题如下 The annureport of company XYZ contains the following sclosures: sclosure 1: “XYZ’s management compensation is baseon exceeng a target EPS growth rate.” sclosure 2: “XYZ’s management es not change the requirerate of return when evaluating capitprojects baseon whether they are financeinternor externsources.” sclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections baseon inflation-austecash flows anscounts them using rerates.” Whiof the sclosepolicies es not conform to best practices regarng capitallocation? A.sclosure 1 B.sclosure 2 C.sclosure 3 A is correct. Positive-NPV investment projects crece, rather thincrease, EPS in the neterm, even though they increase shareholr value. Management compensation shoulincorporate a longer-term perspective ana measure thbetter consirs requirerates of return, suROIB is incorrebecause internally generatecapital, sucash flow from operations, is equity financing anit coulreturneto equity investors a vin Regaress of the financing source, management shouluse appropriate risk-austerequirerates of return to evaluate capitinvestments. C is incorrebecause companies mperform analysis in either nominor reterms, but the approato cash flows anthe scount rate shoulconsistent. This, nomincash flows shoulscountea nominscount rate, anre(inflation-auste cash flows shoulscountea rerate. ROIC也是会计指标呀,用的都是会计报表上的数据算出来的,也很容易被management操纵呀,而且用的也就是2年财报的数据(基于当年财报时间点给management发奖金只往回看了1年而已,management只需要操纵当年财报利润即可)并不长期,为什么最好基于ROIC去给management compensation呢?跟EPS也没多大区别呀~~

2024-10-16 00:04 1 · 回答

NO.PZ2023090506000003 问题如下 The annureport of company XYZ contains the following sclosures: sclosure 1: “XYZ’s management compensation is baseon exceeng a target EPS growth rate.” sclosure 2: “XYZ’s management es not change the requirerate of return when evaluating capitprojects baseon whether they are financeinternor externsources.” sclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections baseon inflation-austecash flows anscounts them using rerates.” Whiof the sclosepolicies es not conform to best practices regarng capitallocation? A.sclosure 1 B.sclosure 2 C.sclosure 3 A is correct. Positive-NPV investment projects crece, rather thincrease, EPS in the neterm, even though they increase shareholr value. Management compensation shoulincorporate a longer-term perspective ana measure thbetter consirs requirerates of return, suROIB is incorrebecause internally generatecapital, sucash flow from operations, is equity financing anit coulreturneto equity investors a vin Regaress of the financing source, management shouluse appropriate risk-austerequirerates of return to evaluate capitinvestments. C is incorrebecause companies mperform analysis in either nominor reterms, but the approato cash flows anthe scount rate shoulconsistent. This, nomincash flows shoulscountea nominscount rate, anre(inflation-auste cash flows shoulscountea rerate. inflation-austecash flows 这是指除去inflation 影响的是吗?

2024-05-22 07:51 1 · 回答

NO.PZ2023090506000003问题如下 The annureport of company XYZ contains the following sclosures: sclosure 1: “XYZ’s management compensation is baseon exceeng a target EPS growth rate.” sclosure 2: “XYZ’s management es not change the requirerate of return when evaluating capitprojects baseon whether they are financeinternor externsources.” sclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections baseon inflation-austecash flows anscounts them using rerates.” Whiof the sclosepolicies es not conform to best practices regarng capitallocation? A.sclosure 1B.sclosure 2C.sclosure 3 A is correct. Positive-NPV investment projects crece, rather thincrease, EPS in the neterm, even though they increase shareholr value. Management compensation shoulincorporate a longer-term perspective ana measure thbetter consirs requirerates of return, suROIB is incorrebecause internally generatecapital, sucash flow from operations, is equity financing anit coulreturneto equity investors a vin Regaress of the financing source, management shouluse appropriate risk-austerequirerates of return to evaluate capitinvestments. C is incorrebecause companies mperform analysis in either nominor reterms, but the approato cash flows anthe scount rate shoulconsistent. This, nomincash flows shoulscountea nominscount rate, anre(inflation-auste cash flows shoulscountea rerate. 课件里说到应考虑internfinancing,所以应该用risk austerate of return,感觉2 说的意思是不要调整 请老师

2024-02-16 12:20 2 · 回答

NO.PZ2023090506000003 问题如下 The annureport of company XYZ contains the following sclosures: sclosure 1: “XYZ’s management compensation is baseon exceeng a target EPS growth rate.” sclosure 2: “XYZ’s management es not change the requirerate of return when evaluating capitprojects baseon whether they are financeinternor externsources.” sclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections baseon inflation-austecash flows anscounts them using rerates.” Whiof the sclosepolicies es not conform to best practices regarng capitallocation? A.sclosure 1 B.sclosure 2 C.sclosure 3 A is correct. Positive-NPV investment projects crece, rather thincrease, EPS in the neterm, even though they increase shareholr value. Management compensation shoulincorporate a longer-term perspective ana measure thbetter consirs requirerates of return, suROIB is incorrebecause internally generatecapital, sucash flow from operations, is equity financing anit coulreturneto equity investors a vin Regaress of the financing source, management shouluse appropriate risk-austerequirerates of return to evaluate capitinvestments. C is incorrebecause companies mperform analysis in either nominor reterms, but the approato cash flows anthe scount rate shoulconsistent. This, nomincash flows shoulscountea nominscount rate, anre(inflation-auste cash flows shoulscountea rerate. a为什么错呢

2024-02-12 20:33 1 · 回答