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李艳林 · 2020年03月15日

问一道题：NO.PZ201601200500004503

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

问题如下：

3. Are Wilhelm’s two statements about his shareholders benefiting from the diversification effect of the merger and about the increase in the stock price, respectively, correct?

选项：

The Merger Will Result in Lower Risk for Shareholders
Stock Price Will Increase in Line with the EPS Increase
A.
No
No
B.
No
Yes
C.
Yes
No

解释：

A is correct.

Both of the statements by Wilhelm are wrong.

The first statement is wrong because diversification by itself does not lower risk for shareholders. Investors can diversify very cheaply on their own by purchasing stocks of different companies (for example, a Modern Auto shareholder could purchase stocks of Sky Systems).

The second statement is also wrong. The P/E ratio will not necessarily remain the same following the merger and is more likely to decline. The pre-merger P/E for Modern Auto is 40/2.50 = 16. After the merger, the EPS would be $130 million/49.375 million shares, or 2.6329. The post-merger P/E will probably fall to 40/2.6329 = 15.19.

第一个问题目中并未说那种分散化效果好，单纯多元化并购是能够分散化风险的，题目没说最有效的分散方法，请老师回答。

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2 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年03月16日

同学你好，多元化并购是具有diversification的效果 ，但是前半句提到的“lower risk for shareholders”是不对的。多元化尤其是跨行业并购是有巨大风险的， 因为从事不擅长的领域是很难为股东实现最大化的价值。如果投资人想要分散风险，最好的做法就是购买不同公司的股票（不同行业都可以选择最顶尖的公司投资），而不是公司自己进行多元化（跨行业存在巨大风险）。

Kathy苏苏 · 2020年04月11日

老师，第二个statement中，The post-merger P/E 的P为什么还用并购前股票价格40？并购后股价不是会变动吗？

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NO.PZ201601200500004503 答案最后一句The post-merger P/E will probably fall to 40/2.6329 = 15.19. 请问，虽然是要对比merge之前之后的P/E，以否定他原文中说P/E不变，但答案里为什么可以假设merge前后price没变，直接用merge之前的pri= 40，来求post-merge P/E？Merge这种重大事件不都会影响股价吗？

2021-02-06 09:02 1 · 回答

请问老师第一个statement说分散化降低风险，为什么是错的呢，versification就是可以通过分散化降低风险。这里并未要求和股东自行购买股票的versification效果做比较，只是判断降低风险这个说法，请问为什么就不对呢？是课件中哪个知识点吗？麻烦指点下，谢谢

2020-11-02 13:52 1 · 回答

老师多元化并购是具有versification的效果的，那么是具体怎么体现的呢？既然不是针对股东的，那是针对的谁呢？ 

2020-09-11 15:35 1 · 回答

老师好，statement 2 里prianearning 间 有关系吗？ 为什么不是earning 上去，price也上去？ 这是是否指earning 上去得会比pri上去得多 所以P/E未必等比上去或说是remains the same? 谢谢。

2020-08-21 15:57 1 · 回答

No Yes Yes No A is correct. Both of the statements Wilhelm are wrong. The first statement is wrong because versification itself es not lower risk for shareholrs. Investors cversify very cheaply on their own purchasing stocks of fferent companies (for example, a Morn Auto shareholr coulpurchase stocks of Sky Systems). The seconstatement is also wrong. The P/E ratio will not necessarily remain the same following the merger anis more likely to cline. The pre-merger P/E for Morn Auto is 40/2.50 = 16. After the merger, the EPS woul$130 million/49.375 million shares, or 2.6329. The post-merger P/E will probably fall to 40/2.6329 = 15.19. 第二个判断，EPS的变动能理解，但P的变动如何判断？感觉答案给的很牵强

2020-05-18 22:03 1 · 回答