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。为什么不选 D 呢？？？？？？
