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yan · 2024年09月24日

这道题的理解

  1. CFA III
  2. Asset Allocation

* 问题详情，请 查看题干

NO.PZ201805280100000305

问题如下：

Young decides to accept the retirement offer. Having very low liquidity needs, she wants to save part of the retirement payout for unforeseen costs that might occur more than a decade in the future. The broker’s view on long term stock market prospects is positive and recommends additional equity investment.

Determine which of Young’s accounts (education, retirement, reallocated money market, or unexpected needs) is best suited for implementing the broker’s recommendation.

选项：

解释：

1.这道题可以这样理解么：education 和 unexpected needs 流动性要求较高，不能用于股权投资。2.为什么reallocated money market account 流动性要求较低？3.为什么retirement不能选

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Lucky_品职助教 · 2024年09月25日

嗨，爱思考的PZer你好：


同学你好：


这道题目问的是，以下哪一个投资账户适合投资broker的建议（即投入更多的资金到股票账户）。


首先我们可以用对流动性的需求和投资期的长短，来排除education和Unexpected needs。题目中给出了两个女儿分别是17岁和20岁，所以education对流动性的需求很高，短期内就需要资金的支出；而Unexpected needs意味着这笔现金流流出的时间和金额是不确定，极端情况可能下一秒或者第二天就要用上这笔钱，因而肯定不可能投入到股票市场上的，更应该投的是货币市场基金，比方说T+0可随时申购赎回产品，以应对不确定性，所以对流动性的需求更高。原文中提到，broker对于股票市场的长期表现是持positive的观点。所以，要投入到股票市场的这笔钱必须是短期用不上的钱，以获得股票市场的长期收益。

通过流动性我们可以排除education和Unexpected needs这两个账户，因为他们要求的流动性较高，所以长期持有股票不合适。


之后符合长期和流动性需求低要求的两个账户retirement和reallocated money market account区别在于他们的税收类型不一样，这里考察的知识点就是不同账户税收对收益或者说投资的影响。

如果没有另外交代，reallocated money market就是long term holding 的 taxable account，是普通的税收账户，没有税收优惠；而题目开始之初，则指出了retirement account是tax-deferred account。

taxable account 的特点是，由于纳税的即时性，投资者可能更倾向于选择长期投资以享受较低的长期资本利得税率，或者选择股息较低的股票等。而TDA 因为暂时不考虑纳税问题，在投资选择上可能更灵活。

 股票的长期资本增值潜力较大。从历史数据来看，股票在长期往往能够带来显著的回报。将股票放在应税账户中，虽然在出售时可能需要缴纳资本利得税，但如果持有时间较长，可能会享受到较低的长期资本利得税率。一些优质股票可能在多年后大幅增值，此时缴纳的税款相对较少，并且长期的增值收益足以覆盖税款。

 应税债券的收益相对较为稳定和可预测，主要来自利息收入。利息收入通常按普通所得税率纳税，税率相对较高。将其置于免税或递延纳税账户中，可以减少当下的税负，增加实际收益。


所以得出的结论就是，股票应该放在taxable account中，也就是题目中的 reallocated money market account。


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