开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)｜3.2.5(安卓)APP下载

返回

徐威廉 · 2020年05月31日

问一道题：NO.PZ201512300100001305 第5小题 [ CFA II ]

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

问题如下：

5. Regarding the two statements about discount rate estimates, Chin is:

选项：

A.

correct with respect to adding the small stock premium and correct with respect to the weighted average cost of capital.

B.

correct with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

C.

incorrect with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

解释：

C is correct.

Both statements by Chin are incorrect. If the CAPM is used with public companies with similar operations and similar revenue size, as stated, then the calculation likely captures the small stock premium and should not be added to the estimate. Small stock premiums are associated with build-up models and the expanded CAPM, rather than the CAPM per se. The correct weighted average cost of capital should reflect the risk of Thunder’s cash flows not the risk of the acquirer’s cash flows.

问题1:非上市公司估值可以使用similar上市公司的贝塔？应该是用pure play法得到非上市公司的贝塔啊 问
添加评论
1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年06月01日

同学你好，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. 

  • 1

    回答

  • 0

    关注

  • 659

    浏览
相关问题

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. 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？

2023-06-26 10:13 2 · 回答

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？？？？？？？？。？？？？？？？

2023-04-03 23:45 1 · 回答

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？

2023-02-08 15:06 1 · 回答

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

2021-12-10 13:36 1 · 回答

NO.PZ201512300100001305 老师 为什么不能用WACC去估计r 第二个statement错在哪？

2021-07-11 11:12 1 · 回答