粉红豹 · 2019年01月14日
* 问题详情，请 查看题干
问题如下图：
选项：
A. 
B. 
C. 
解释：
老师好，我对statement1有疑问：
看了以前助手的回答：
CAPM是单因素模型，只考虑系统性风险的risk premium，不需要再加上size premium。
但是我的疑问在于，我明白CAPM是只考虑的市场风险，如果用CAPM算出来的required return of equity 再额外加上一个small stock premium，是不是就是能够解决小股票额外溢价的问题了，这样理解是不是也挺通顺的呀？
请教老师，正确的应该怎么理解？
maggie_品职助教 · 2019年01月15日
请忽略以前的回答。
statement 1的说法错在两处：
1、这道题的题干有一个关键词“similar”，我们找的可比公司已经是从经营到收入都和T公司非常的相似（相当于告诉我们可比公司和T的规模相似），因此我们用这样的可比公司数据计算得到的re 已经考虑到了规模的差距。不需要额外再加上一个规模的溢价。
2、题干说了是用CAPM来计算re, CAPM的公式中没有size premium。如果希望多考虑几个因子，可以选择FAMA 或者build up.
lanxin_sun · 2019年03月13日
老师我觉得这个说法稍微有点牵强，CAPM单因素模型 没有考虑除market risk之外的风险 这边再相似的两个公司 一个是上市一个是非上市 ST1的说法是再CAPM之外再加一个small stock premium来弥补上市与非上市的区别我觉得也是说得通的
NO.PZ201512300100001305 问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital. B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows. 题目里说是收购thunr的股权，但是public应该没有control premium，这里为什么不因为控股权多给溢价呢？
NO.PZ201512300100001305问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital.B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital.C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital.C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows.如题？？？？？？？？。？？？？？？？
NO.PZ201512300100001305 问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital. B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows. 看了解析和其他同学的提问，但助教还是没有明确说出到底怎么改正statement 1 。是改成If the expanCAPM methois useto estimate the scount rate with a beta estimate baseon public companies with operations anrevenues similtoThunr, then a small stopremium shoulaeto the estimate.这样就对了吗？
NO.PZ201512300100001305 您好，请问下statement2错在哪里，thunr不是卖出方么，所以，WACC反应了自由现金流的risk才对
NO.PZ201512300100001305 老师 为什么不能用WACC去估计r 第二个statement错在哪？
