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186****9150 · 2023年12月22日

C比A更正确的原因是什么？

  1. ESG
  2. Governance factors

NO.PZ2022120702000017

问题如下：

CBT’s Annual General Meeting (AGM) is two months away. Patrick Weeze is a portfolio manager who owns a significant number of CBT shares in his portfolio. His fund is a concentrated portfolio with high idiosyncratic risk and, as a result, Patrick believes that a detailed analysis of the governance of each of his portfolio holdings is paramount to its long-term performance. He reviews the relevant documentation regarding CBT’s AGM and notes the following:

− CBT provides information on the total amount of CEO remuneration, but no detail on the Key Performance Indicators (KPIs) that influence variable compensation. The CEO’s total compensation last year was GBP 1.2 million, 30% of which comprised fixed salary.

− CBT currently has 10 individuals sitting on its board, 3 of whom are independent. The Chairman is the former CEO who stepped down last year.

− One of the resolutions to be voted at the AGM was put forward by a minority shareholder. The investor asks the company to produce a report on how climate change may affect the company’s strategy and financial stability in the long-term.

Patrick is discussing CBT's financial model with his financial analyst. He asks the analyst to consider how the model may take into account the KPIs for the CEO's variable remuneration which are not disclosed. He is presented with 4 options.

Which one is he most likely to select to implement?

选项：

A.Increase the company's estimated costs for next year by an additional GBP 1.2 million to account for the lack of transparency regarding the KPIs. B.Reduce the company’s current total costs by GBP 360,000, as there are no concerns regarding the fixed salary portion of the compensation. C.Increase the cost of capital from 4.6% to 4.8% to reflect the increased risk stemmed from uncertainty around alignment of interest. D.Decrease the cost of capital from 4.6% to 4.4% to reflect the reduced level of certainty around alignment of interest.

解释：

CBT提供了CEO薪酬总额的信息，但没有提供影响可变薪酬的关键绩效指标(KPI)的细节。可变薪酬关系着高管和利益是否和股东一致，这一部分的信息缺失是负面的，因此要调高估值模型中的资本成本(cost of capital)来体现其投资风险，C选项正确。

C选项里面的提升成本4.6%-4.8%的依据是什么？A选项也是提升成本，并指出了CEO薪酬的不透明问题，C比A更正确的原因是什么

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净净_品职助教 · 2023年12月22日

嗨，从没放弃的小努力你好：


A和C中提到的cost不是一个概念，A中的cost就是日常发生的成本费用，是实实在在的金额，C中的cost of capital是资本成本，也就是估值模型中的折现率，是一个利率性质的东西。

选项C直接体现了公司治理问题和CEO薪酬结构不透明度带来的风险在资本成本中的上升。这种风险通常与股东利益可能不完全对齐有关，而这种不对齐可能会导致更高的业务和财务风险。通过微调资本成本的估计来反映这种风险，投资者可以在财务模型中对这种不确定性进行量化，这是投资分析中的一种常见做法。

相比之下，选项A提出了一个粗糙的方法，即直接增加公司未来一年的估计成本，以此来考虑KPIs的不透明性。这种方法没有精确地反映出由于治理问题带来的风险增加，而且这种一次性的成本增加可能不会在未来持续出现。此外，它也没有反映出成本增加是由于资本的期望回报率增加所导致的，而是一个简单的成本调整，这可能与实际的风险因素不相匹配。

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努力的时光都是限量版，加油！

mioceo · 2024年01月18日

C选项里面的提升成本4.6%-4.8%的依据是什么？

净净_品职助教 · 2024年01月18日

嗨，爱思考的PZer你好：


具体数字是没有依据的，换成其他数字也是可以的。数字的上升代表风险的提高，也就是由公司治理问题和CEO薪酬结构不透明度带来的风险

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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