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德洛洛 · 2024年04月12日

不懂区别

NO.PZ2022120702000019

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.

Which argument can Patrick use to best highlight the importance of appropriate governance

to enterprises?

选项:

A.A meta study by Friede, Busch and Bassen has shown that the majority of studies showed a positive correlation between governance and corporate financial performance.

B.The CFA Institute's 2017 ESG survey showed that governance has the strongest correlation with company margin growth.

C.Enron's case provides evidence that governance is simple and failures usually link to one single factor.

D.Bernile, Bhagwat and Yonker's 2017 study concludes that board diversity adds to governance complexity, thus destroying company value.

解释:

本题问的是Patrick用哪一个论点最能强调适当治理对企业的重要性。A选项指的是弗里德、布希和巴森在2015年关于ESG和财务绩效的元研究,该研究表明他们审查62%的研究显示治理与公司财务绩效之间存在正相关关系。这表明了适当的治理对企业的重要性。

B选项的ESG调查不如A选项的元研究有说服力;

C选项错误,通过安然事件并不能得到相关结论;

D选项错误,董事会的多元化会给企业创造价值,而非增加治理的复杂性,破坏公司价值。

还是不明白,请再解释下

1 个答案

Tina_品职助教 · 2024年04月15日

嗨,从没放弃的小努力你好:


A选项

这个选项引用了Friede, Busch, 和 Bassen的2015年的元研究,这是一个系统性回顾和分析了多项研究的结果来评估治理与公司财务绩效之间的关系。这项研究发现,在多数情况下,良好的公司治理与更好的财务绩效之间存在正相关关系。这提供了强有力的证据支持治理的重要性,因为它直接链接到了公司的经济表现,这对投资者来说是核心关注点。

B选项

尽管CFA Institute的2017年ESG调查强调了治理与公司利润增长之间的关系,但这项调查的说服力可能不如A选项中的元研究,因为元研究综合了更多的数据和研究结果,提供了更全面的证据。

C选项

这个选项提到的是Enron公司的案例,其结论是错误的。实际上,Enron的案例是公司治理失败的一个典型例子,它涉及到多个复杂因素,如会计欺诈、管理不善和监管失效。这并不支持治理简单或只与单一因素相关的观点。

D选项

这个选项提到的Bernile, Bhagwat 和 Yonker的2017年的研究实际上并不表明董事会多元化破坏公司价值,而是通常认为董事会多元化可以增加公司治理的质量,并可能提高公司价值。因此,这个选项的描述也是错误的。

总结

因此,选项A是最合适的选择,因为它基于广泛的研究数据,展示了良好治理对企业财务表现的正面影响,这是评估和强调适当公司治理重要性的一个有力论据。这也是为什么Patrick会选择这个论点来突出治理对企业的重要性:良好的治理直接关联到公司的财务成功,这对管理一个高风险投资组合的基金经理来说尤为重要。







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努力的时光都是限量版,加油!

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