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xiaobaiybz · 2023年01月11日

老师，这道题是说相比较于三个四分位点的数值，5.5%是合理的，是这个意思吗？这个考点考的是什么呢？谢谢老师!

  1. CFA II
  2. Corporate Issuers

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NO.PZ202210140300000103

问题如下：

Which of the following statements best describes Jupiter’s average capitalization rate for the sale-leaseback transactions? Jupiter’s average capitalization rate:

选项：

A.

is supported by the comparable transactions.

B.

compares favorably to the comparable transactions

C.

compares unfavorably to the comparable transactions

解释：

A is correct. Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

B and C are incorrect because Jupiter’s average capitalization rate for the sale-leaseback transactions is 5.50%, which is supported by the median of the 25th, 50th, and 75th percentile cap rates for sale transactions for similarly situated properties with similar lease terms in the last three years (5.00%, 5.50%, and 6.00%).

老师，这道题是说相比较于三个四分位点的数值，5.5%是合理的，是这个意思吗？这个考点考的是什么呢？谢谢老师!

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1 个答案

王琛_品职助教 · 2023年01月12日

嗨，从没放弃的小努力你好：


1

其实关键是和「中位数」比较，即 50th percentile cap rates

因为该交易的 cap rates 为 5.5%，刚好「等于」其他可比交易 cap rates 的中位数 5.5%，所以是选 A

2

假设，该交易的 cap rates 仍为 5.5%，但是其他可比交易 cap rates 的中位数大于 5.5%，比如为 6%

相当于该交易的 cap rates 「小于」其他可比交易 cap rates 的中位数

则因为 cap rates 在估值中位于分母，所以较小的 cap rates，会得到更大的估值，所以就会选 B，即 favorably

3

这道题是根据原版书 P346 例题 15 的第二小问改编的

如果同学还有疑问，可以再听一下老师的 Case 讲解，理解思路即可

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