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Tututu · 2024年10月18日

可以解释一下这个题目吗

  1. CFA I
  2. Corporate Issuers

NO.PZ2023090506000003

问题如下：

The annual report of company XYZ contains the following disclosures:

  • Disclosure 1: “XYZ’s management compensation is based on exceeding a target EPS growth rate.”
  • Disclosure 2: “XYZ’s management does not change the required rate of return when evaluating capital projects based on whether they are financed by internal or external sources.”
  • Disclosure 3: “When evaluating investment projects, XYZ prepares cashflow projections based on inflation-adjusted cash flows and discounts them using real rates.”
Which of the disclosed policies does not conform to best practices regarding capital allocation?

选项：

A.

Disclosure 1

B.

Disclosure 2

C.

Disclosure 3

解释：

A is correct. Positive-NPV investment projects can reduce, rather than increase, EPS in the near term, even though they increase shareholder value. Management compensation should incorporate a longer-term perspective and a measure that better considers required rates of return, such as ROIC.

B is incorrect because internally generated capital, such as cash flow from operations, is equity financing and it could be returned to equity investors as a dividend. Regardless of the financing source, management should use appropriate risk-adjusted required rates of return to evaluate capital investments.

C is incorrect because companies may perform analysis in either nominal or real terms, but the approach to cash flows and the discount rate should be consistent. That is, nominal cash flows should be discounted at a nominal discount rate, and real (inflation-adjusted) cash flows should be discounted at a real rate.

可以解释一下这个题目吗

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1 个答案

Kiko_品职助教 · 2024年10月18日

嗨，从没放弃的小努力你好：


这道题问的是，哪一项披露不符合资本配置的最佳实践？

Disclosure 1： XYZ 的管理层薪酬是基于超过目标每股收益增长率而定的。这句话是错的。所以答案选A。

这个原因更多的是基于短期和长期来看的。良好的资本配置应该是以鼓励管理层做出有利于公司长期发展的决策为目的。

  • 从短期行为角度来看，管理层为了获得更高的薪酬，可能会专注于短期内提升EPS的行为。比如削减长期投资，如研发投入、员工培训、设备更新等，因为这些投资可能在短期内会降低利润，从而影响EPS的增长。然而，这些长期投资对于公司的可持续发展至关重要，削减它们可能会损害公司的长期竞争力。
  • 从风险角度考虑，仅仅关注EPS增长可能会使管理层忽视风险。例如，为了快速提高EPS，管理层可能会选择高风险的项目，而不充分考虑项目的潜在风险。如果这些项目失败，可能会给公司带来巨大的损失。

而ROIC就综合考虑了公司投入资本所获得的回报，它反映了公司运用资本创造价值的能力。如果管理层薪酬与 ROIC 相关联，管理层会更有动力去优化资本配置，提高资产的使用效率，选择回报率更高的项目进行投资，从而提升公司的整体价值。所以相比EPS增长率，ROIC更好。


DIsclosure 2：XYZ 的管理层在评估资本项目时，不会根据项目是由内部还是外部资金提供融资而改变所需回报率。这句话是对的。

  • 这种做法是符合资本分配原则的。评估项目时，不管融资来源是内部融资还是外部融资，评估资本投资项目时，折现率是要基于项目本身的风险来定 use appropriate risk-adjusted required rates of return，而不是看融资来源。


DIsclosure 3：“在评估投资项目时，XYZ 公司根据经通胀调整后的现金流编制现金流量预测，并使用实际利率进行贴现。”这句话也是对的。

  • inflation-adjusted cash flows 是指已经剔除了通胀影响的现金流，即现金流是以实际购买力计算的，而不是名义金额，反映了当前实际购买力水平下的现金流量，而不是包含未来通胀效应的现金流量。
  • 在进行投资决策时，公司通常需要评估未来的现金流量，并将这些现金流量折现到现值，为了进行准确的评估，必须考虑通胀的影响。此时关键是【匹配】的原则
  • 要么是按名义，即分子的现金流和分母的折现率，都考虑通货膨胀的影响
  • 要么是按实际，即分子的现金流和分母的折现率，都剔除通货膨胀的影响
  • 披露 3 提到：分子的现金流剔除了通货膨胀，分母的折现率使用实际利率 using real rates，也剔除了通货膨胀影响，所以符合匹配的原则，符合资本分配的最佳实践。


这边给同学一个建议，同学在提问之前可以去看一下这道题目对应的以往的答疑问题回复。很多疑问都能找到答案，这样你也节省了提问和等待回复的时间~


----------------------------------------------
虽然现在很辛苦，但努力过的感觉真的很好，加油！

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