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大大大可乐 · 2023年11月05日

No.PZ2022120702000051 关于physical risk

NO.PZ2022120702000051

问题如下:

J Justin Deyzak is conducting a review of the food industry and came comes across two companies which are interesting investment opportunities. Because he is aware that agricultural companies can be highly exposed to climate risk, he investigates Company A and Company B’s business models in order to assess those risks. Below is the summary of his findings.


Company A

Company A’s main products are premium cookies and cakes, which it sells retail in niche markets across the Middle East. It has a franchise model in which it maintains the design and recipe of its product in-house, while outsourcing raw material and production to partners. Suppliers for the key raw material, flour, are based in Yemen and Libya, which have been plagued with water scarcity in the past few years.

Company B

Company B is based in Mexico and produces chocolate paste. To ensure the standard of quality required by its clients, the company owns all of the farms that supply the cocoa.

The company has been growing through acquiring farmland acquisitions. It identifies locations where water sources and soil are of high quality but poor farming techniques have led to inefficiencies. It purchases the land and then works with the farmers to help them transition to more sustainable and productive farming methods.

Which of the following below best describes how Justin should assess the physical risk of the companies under review?

选项:

A.Company A has high physical risk because its key input is harvested in areas of water scarcity. B.Company B has no physical risk because the soil on purchased land is of high quality. C.Company B has high physical risk because farming techniques may result in physical harm to workers. D.Company A and B have similar physical risks as a result of being classified as part of the food industry.

解释:

A公司的主要原材料是面粉,但是这个关键原材料的供应商所在的国家在过去几年里饱受缺水之苦,说A公司面临很高的physical risk,选项A正确。

B公司生产巧克力酱并且拥有所有供应可可的农场,水源和土壤的质量都很高。但是B公司的问题在于农业技术水平低,导致生产效率低下,所以可能会对水资源有所浪费,所以它目前的physical risk低,但并不是完全没有physical risk。

No.PZ2022120702000051 答案说是A公司有更大的physical risk, 但是题干提到B公司拥有的实物资产更多(农场),万一发生洪水之类的自然灾害,可能面临巨大的physical risk,而A公司拥有的资产不是实物资产,如果从这个角度想,是不是B公司的physical risk更大?

2 个答案
已采纳答案

净净_品职助教 · 2023年11月05日

嗨,从没放弃的小努力你好:


B公司情况:B公司总部设在墨西哥,生产巧克力酱。为了确保客户所要求的质量标准,该公司拥有所有供应可可的农场。

该公司一直通过收购农田发展壮大。它确定了水源和土壤质量高但农业技术落后导致效率低下的地点。它购买土地,然后与农民合作,帮助他们过渡到更可持续和更高效的农业方法。


如果题干明确指出,B公司农场所在地方常年暴雨,极易发生自然灾害,对种植带来影响,那么B公司的physical risk就会非常大,但是现在题干中知识介绍了B公司为了提高质量标准,自己拥有经营可可农场,并没有介绍这个地方的气候情况。此外,可可种植本身就要在热带地区,高温多雨。

相反,题干对A公司的处境就介绍的非常清楚,有缺水的情况。所以做这类题目仅根据题干所示信息即可,切莫多想。



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虽然现在很辛苦,但努力过的感觉真的很好,加油!

大大大可乐 · 2023年11月05日

got it,特别清晰,非常感谢~

净净_品职助教 · 2023年11月05日

嗨,从没放弃的小努力你好:


不客气,good luck~~

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就算太阳没有迎着我们而来,我们正在朝着它而去,加油!

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