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大兵张嘎 · 2024年08月07日

C也是正确的吗?

NO.PZ2024010507000010

问题如下:

An analyst assesses that a company’s new human resources policies will lead to less hiring and lower costs to train new employees. Based on this assessment, the analyst is most likely to adjust the discounted cash flow valuation model by:

选项:

A.increasing the cost of capital. B.increasing the expected operating margins. C.reducing future capital expenditures in balance sheet forecasts.

解释:

B is correct. Reduction in hiring and training costs due to improved policies leads to cost savings, and the analyst would most likely increase the expected operating margins.

expenditure降低,看上去合乎逻辑?

1 个答案

王岑 · 2024年08月08日

嗨,爱思考的PZer你好:


是的,根据分析师的评估,公司的人力资源政策变化将导致招聘减少和新员工培训成本降低。这种变化直接影响公司的运营成本,因此分析师调整折现现金流(DCF)估值模型时,最合逻辑的做法是B选项(增加预期的营业利润率)。因为减少招聘和培训成本意味着公司可以节省成本,这将提高公司的营业利润率,即收入减去成本后的剩余利润。在DCF模型中,预期的营业利润率是计算自由现金流(FCF)的一个重要因素,而自由现金流又是DCF模型中用来预测公司未来现金流的关键输入变量。

A选项,增加资本成本,通常与公司的整体风险水平有关,而与特定政策变化导致的成本节约无直接关系。

C选项,减少未来资本支出在资产负债表预测中,这与分析师的评估无关。资本支出通常指的是公司为了购买或维护固定资产、无形资产等长期资产而进行的支出,这与人力资源政策变化导致的成本节约不是直接相关的。

因此,基于分析师的评估,调整预期的营业利润率是最合适的选择。

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