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136****2890 · 2024年04月17日

此题解析没看懂

NO.PZ2024021802000059

问题如下:

In contrast to applying corporate governance as a risk assessment tool, incorporating corporate governance into a valuation model results in adjusting the:

选项:

A.discount rate applied.

B.level of confidence in the valuation range.

C.level of confidence about the multiple on which future earnings are placed in the valuation.

解释:

A is correct because if the analysis of corporategovernance is specifically built into valuation models, this analysis is mosttypically done by recognizing negative governance characteristics by way ofadding a risk premium to the cost of capital or raising the discount rateapplied.

B is incorrect because as a risk assessment tool,corporate governance may represent the level of confidence about futureearnings or the multiple on which those earnings are placed in a valuation—orit may be reflected less in full financial models and more in a simple level ofconfidence in the valuation range or investment thesis. Therefore, the level ofconfidence in the valuation range is adjusted when corporate governance isapplied as a risk assessment tool, not when it is incorporated into a valuationmodel.

C is incorrect because as a risk assessment tool,corporate governance may represent the level of confidence about futureearnings or the multiple on which those earnings are placed in a valuation.Therefore, the level of confidence about the multiple on which future earningsare placed in the valuation is adjusted when corporate governance is applied asa risk assessment tool, not when it is incorporated into a valuation model.

最后一句话,风险评估工具不能用于估值模型吗?

1 个答案

Tina_品职助教 · 2024年04月18日

嗨,爱思考的PZer你好:


这个题是强调了一下,将公司治理作为风险评估工具与将其直接纳入到估值模型中,这两者是不同的应用方式。

在作为风险评估工具时,公司治理的考量可能是以更定性的方式来影响对估值范围或投资论点的信心水平。

而在估值模型中,公司治理的影响则是通过调整数值参数,如贴现率,来直接反映在估值中。

所以,A正确,因为在估值模型中特别考虑公司治理,最常见的做法是将负面治理特征通过增加资本成本或提高应用的贴现率来体现。这意味着,如果一个公司的治理质量被认为较差,那么在估值模型中,为了反映这个增加的风险,贴现率应该提高。

B和C选项被认为不正确,因为它们描述的是将公司治理作为风险评估工具时的情况。当作为风险评估工具时,公司治理的考量可能会体现在对未来收益的信心水平上,或者对估值时所用收益倍数的信心水平上,而不是直接在估值模型中进行数值调整。

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