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王婆婆 · 2024年04月19日

为何只有股权

  1. ESG
  2. ESG integrated portfolio construction and management

NO.PZ2022120703000080

问题如下：

A coal-fired utility has no climate change adaptation strategy. Which of the following parties would be most severely impacted by a transition to a low-carbon economy?

选项：

A.Creditors B.Bondholders C.Equity shareholders

解释：

C is correct because "carbon-intensive companies like coal-powered utilities without an adaptation strategy will be at risk in the transition to a low-carbon economy. In such a scenario, equity shareholders (who are subordinate to creditors and bondholders in the capital structure) will be disproportionately impacted."

A is incorrect because "carbon-intensive companies like coal-powered utilities without an adaptation strategy will be at risk in the transition to a low-carbon economy. In such a scenario, equity shareholders (who are subordinate to creditors and bondholders in the capital structure) will be disproportionately impacted."

B is incorrect because "carbon-intensive companies like coal-powered utilities without an adaptation strategy will be at risk in the transition to a low-carbon economy. In such a scenario, equity shareholders (who are subordinate to creditors and bondholders in the capital structure) will be disproportionately impacted."

企业因为转型到时候经营不好，债权人也应该受影响啊，为什么只有股权人

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已采纳答案

王岑 · 2024年04月20日

嗨，爱思考的PZer你好：


在金融结构中，股权股东、债权人和债券持有人的风险敞口和回报潜力各不相同。当一个行业或企业面临重大经济转型，特别是如从高碳经济过渡到低碳经济这样的情况时，这些差异会非常明显。

股权股东受影响最大的原因：

1.资本结构的次级地位：在公司的资本结构中，股权股东的回报和本金回收位于债权人和债券持有人之后。这意味着，在公司破产或清算时，债权人和债券持有人首先获得偿还，股权股东仅在债务全额偿付后才能从剩余资产中获得任何回报。因此，在经济转型导致企业表现不佳时，股权股东面临更高的财务损失风险。

2.波动性和直接影响：股权的价值直接受到公司盈利能力的影响。如果一个依赖煤炭的发电公司因未能适应低碳经济而遭受经营困难，其收入和利润可能会大幅下降。这将直接影响到股价和股东的投资价值，因此股权股东比债权人和债券持有人面临更大的资本损失风险。

3.转型风险：转向低碳经济可能涉及重大的政策变化、技术升级和市场偏好转变，这些都可能削弱煤电行业的竞争地位和盈利模式。没有适应策略的公司将难以在新的经济环境中维持其业务，从而使股东面临投资价值快速缩水的风险。

4.回报和风险的不对称性：股权投资的回报潜力虽高，但相应的风险也更大。在经济和政策环境发生不利变化时，股权投资的下跌幅度通常远大于债务性财务工具。

债权人和债券持有人通常享有预定的利息收入和本金偿还，这些收入不直接依赖公司的盈利状况（除非公司破产）。即使公司利润下降，只要不至于破产，这部分投资者的收入仍然相对稳定。此外，许多债务合同包含了保护债权人的条款，如抵押或担保，这些可以在公司经营不善时提供额外的安全垫。

因此，股权股东由于在资本结构中的次级地位以及直接依赖公司经济表现的特性，使得他们在面对行业巨变时受到的财务影响最大。


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