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.
老师,我不太明白statement 1错在哪里,看了之前的回答,感觉自己对这个statement的理解和其他同学不太一样。可否具体说说?