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Devin · 2024年02月25日

缺水为什么是物理风险?

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。

缺水为什么是物理风险?

1 个答案
已采纳答案

pzqa38 · 2024年02月26日

嗨,爱思考的PZer你好:


我先把讲义给您找出来

您看讲义提到了,不直接由人为因素影响的基本看作是物理风险,缺水这些长期的自然因素,我们通常看作是物理风险。

转型风险基本都是和产业转型,技术转型这些相关,比较好判断,下次您可以用转型风险来排除,也是可以的

----------------------------------------------
努力的时光都是限量版,加油!

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