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jvniki · 2024年03月07日

对于current yield的权重最高,能够提供的现金流是最稳定,这个逻辑怎么推导了

NO.PZ2023103101000028

问题如下:

Q. Which of the following has the highest weighting to current yield?

选项:

A.Greenfield assets with limited construction and demand risk

B.Fully constructed brownfield assets with contracted revenues

C.Greenfield assets without guarantees of demand upon completion

解释:

The correct answer is B. Brownfield assets with mitigated risks (e.g., fully constructed with contracted/regulated revenues) that are located in the most stable OECD countries have a high weighting to current yield. Greenfield assets with limited construction and demand risk have a mix of yield and capital appreciation. Greenfield projects without guarantees of demand upon completion—e.g., variable electricity prices, uncertain traffic on roads and through ports—have a high weighting to capital appreciation.

对于current yield的权重最高,能够提供的现金流是最稳定,这个逻辑怎么推导了

1 个答案

pzqa35 · 2024年03月07日

嗨,从没放弃的小努力你好:


这个题目的思路是这样子的哈,我们对于资产估值的方式是基于未来现金流的折现求和,所以越早拿到的现金流权重是越大的,因为它的折现的时间是最短的。那么如果它current yield的权重更高,说明它的期间现金流收益是比较大的,而不是最终仅靠卖掉资产的那一笔收益。所以这里我们就可以理解为current yield权重更高,就越看重期间现金流,所以题目就被转化成找出期间现金流最多和最稳定的一个资产,那么就是brown field投资。

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