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Sylvia · 2021年11月30日

为什么不选A

  1. CFA I
  2. Corporate Issuers

NO.PZ2021091701000004

问题如下：

Kwam Solutions must raise €120 million. Kwam has two primary sources of liquidity: €60 million of marketable securities (which can be sold with minimal liquidation/brokerage costs) and €30 million of bonds (which can be sold with 3% liquidation costs). Kwam can sell some or all of either of these portfolios. Kwam has a secondary source of liquidity, which would be to sell a large piece of real estate valued at €70 million (which would incur 10% liquidation costs). If Kwam sells the real estate, it must be sold entirely (a fractional sale is not possible). What is the lowest cost strategy for raising the needed €120 million?

选项：

A.

Sell €60 million of the marketable securities, €30 million of the bonds, and €34.3 million of the real estate property.

B.

Sell the real estate property and €50 million of the marketable securities.

C.

Sell the real estate property and €57 million of the marketable securities.

解释：

C is correct. Kwam must sell the entire real estate property because the two primary sources (marketable securities and bonds) will not raise the needed €120 million. A is incorrect because it assumes a fractional real estate sale. The real estate sale will raise a net of €63 million (€70 million minus 10% liquidation expenses). To raise the rest of the funds needed (€120 million - €63 million = €57 million), Kwam can sell €57 million of marketable securities, which have minimal liquidation/brokerage costs.

A只需要花费。4.33，而C要花费7呀
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1 个答案

王琛_品职助教 · 2021年12月01日

嗨，从没放弃的小努力你好：


是的，「仅」从房地产变现的金额角度考虑，确实是选项 A 的成本更低

但是，题干是有限定条件的：如果要变现房地产，只能「全部」变现，不能只变现部分

"If Kwam sells the real estate, it must be sold entirely (a fractional sale is not possible)"

----------------------------------------------
努力的时光都是限量版，加油！

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