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海伦岛主 · 2020年11月02日

问一道题:NO.PZ201601200500004503

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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.

请问老师第一个statement说分散化降低风险,为什么是错的呢,diversification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diversification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

1 个答案
已采纳答案

王琛_品职助教 · 2020年11月03日

- 请先参考一下我之前写的答复:https://class.pzacademy.com/qa/60950
- 对应的是原版书 P240 的 "3.5 Diversification"


- The idea behind company-level diversification is that the company can be treated as a portfolio of investments in other companies
- it is not in the best interests of the conglomerate's shareholders
- the desire to diversify has led some companies to lose sight of their major competitive strengths and to expand into businesses where they lack comparative advantages

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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

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