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？
