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𝒜𝒩𝒥𝒜 安雅🎃 · 2023年02月08日

statement 1 如何修正？

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001305

问题如下：

4. 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.

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 expanded CAPM method is used to estimate the discount rate with a beta estimate based on public companies with operations and revenues similar toThunder, then a small stock premium should be added to the estimate.这样就对了吗？

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王园圆_品职助教 · 2023年02月08日

嗨，努力学习的PZer你好：


同学你好，助教的建议是改成“If the CAPM is used with public companies with similar operations and similar revenue size, the small stock premium and should not be added to the estimate.”这样会更好一些

因为本题的考点其实就是“同样规模和收入水平的非上市公司和上市公司之间，就不需要调整size的影响，而如果上市公司和非上市公司的规模不一样，则需要调整size的影响”

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