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ROOT · 2023年04月29日

请老师帮忙解答一下❤️

NO.PZ2022061307000063

问题如下:

Question
  • Industry 1:

    A few companies with proprietary technologies, products with unique features, high switching costs, and minimal regulatory influences.

  • Industry 2:

    A few companies producing relatively similar products, sales varying with disposable income and employment levels, high capital costs and investment in physical plants, rapid shifts in market shares of competing firms, and minimal regulatory influences.

Based on the above information, the analyst will most appropriately conclude that, compared with the firms in Industry 2, those in Industry 1 would potentially have:

An equity analyst follows two industries with the following characteristics:

选项:

A.over-capacity problems.

B.high bargaining power of customers.

C.larger economic profits.

解释:

Solution

C is correct. The economic profit (the spread between the return on invested capital and the cost of capital) tends to be larger in industries with differentiated products, greater pricing power, and high switching costs to customers. Industry 1 has these features. In contrast, firms in Industry 2 have little pricing power (undifferentiated products and rapid shifts in market shares, indicating intense rivalry), which is indicative of potentially smaller economic profits.

A is incorrect. The characteristics of Industry 1 do not indicate a potential for over-capacity problems. If anything, Industry 2 is prone to such a problem because of high capital costs and investment in physical capital, cyclical demand for products, and rapid shifts in market shares.

B is incorrect. Industry 1 is less prone to the bargaining power of customers because of differentiated products and high switching costs for customers.

已分析出了行业1拥有专利技术,差异化产品,高转换成本等特点,但是想不明白A&C选项的区别在哪,为何不会出现产能过剩?产能过剩一般在什么情况下发生?C选项又是何时会发生?

ROOT · 2023年04月29日

另外一个问题:高规模经济不一定会带来high economic profit是吗?两个是完全独立的概念?

1 个答案
已采纳答案

王园圆_品职助教 · 2023年04月29日

问题1:industry1只有a few companies,就说明公司数量比较少,就不容易出现产能过剩——只有进入的公司过多,才容易出现产能过剩的情况

C选项就是industry 1现在描述的状态下是最容易出现的,竞争者少—— a few companies,产品独特意味着不会有很多同质化产品,high switching cost——就是客户一旦选择了这个产品就很难转换到别的产品,忠诚度高粘性高,还不受监管的影响,也就不会因为监管突然介入大幅减小利润率或减小市场规模了——minimal regulatory influences


问题2:是的,规模经济和高的economic profit是不同的——规模经济只能提升公司的毛利率,而高的economic profit更多的是指的净利润,从毛利率到净利率,还有很多的路要走呢

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