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 corporate
governance is specifically built into valuation models, this analysis is most
typically done by recognizing negative governance characteristics by way of
adding a risk premium to the cost of capital or raising the discount rate
applied.
B is incorrect because as a risk assessment tool,
corporate governance may represent the level of confidence about future
earnings or the multiple on which those earnings are placed in a valuation—or
it may be reflected less in full financial models and more in a simple level of
confidence in the valuation range or investment thesis. Therefore, the level of
confidence in the valuation range is adjusted when corporate governance is
applied as a risk assessment tool, not when it is incorporated into a valuation
model.
C is incorrect because as a risk assessment tool,
corporate governance may represent the level of confidence about future
earnings or the multiple on which those earnings are placed in a valuation.
Therefore, the level of confidence about the multiple on which future earnings
are placed in the valuation is adjusted when corporate governance is applied as
a risk assessment tool, not when it is incorporated into a valuation model.
老师上课说，absolute valuation: 会根据ESG risk调整discount rate; relative valuation: 会根据ESG risk调整P/E。所以不太理解为什么C不对。
