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🌊Yuri🌊 · 2023年06月07日

问

  1. CFA I
  2. Corporate Issuers

NO.PZ2018062005000038

问题如下：

Company A and company B are in the automotive industry. If the unit sales volume and operating risk of the two companies are the same, it is very likely that they have the same:

选项：

A.

business risk.

B.

sales risk.

C.

degree of operating leverage.

解释：

C is correct.

If the unit sales volume and operating risk of the two companies are the same, we can draw the conclusion that the two companies have the same sensitivity of operating earnings to changes in the quantity of goods sold, which means they have the same degree of operating leverage. Sales risk is linked with the uncertainty of the price and quantity of goods and services. Business risk contains both sales risk and operating risk.

a为啥不对

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3 个答案

王琛_品职助教 · 2023年07月03日

嗨，爱思考的PZer你好：


@摇一摇

the unit sales volume到底说的是销量还是价格啊？

2说只是在说销量，没提到价格，3又说只说了价格相同，矛盾

之前的回答，给同学带来了误导，不好意思

the unit sales volume 关键词是 volume，所以说的是销量，题干只说了销量相同，没提到价格的情况

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

王琛_品职助教 · 2023年06月13日

嗨，努力学习的PZer你好：


那“If the unit sales volume and operating risk of the two companies are the same”这句话不是说的operating 和sales risks是相同的意思吗

1

不完全是哈

后半句 "operating risk of the two companies are the same"，确实是说 operating risk 相同

2

但是前半句 "the unit sales volume" 只是在说销量，没提到价格

正如我之前回答给同学附的链接里说的

3

关于为何不选 sales risk，我认为可以从两个角度出发

第一个角度是「定性」，sales risk 的定义是产品和服务的「价格」和「销量」的不确定性。现在题干只说了价格相同，但是没说销量的情况，所以无法判断 sales risk 相同

第二个角度是「定量」，原版书的正文和课后题第 8 题，提供了一种定量衡量 sales risk 的方法，即用销量的标准差除以预计销量。题目只说了价格，没说销量，所以从定量角度也无法判断

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

摇一摇 · 2023年07月01日

the unit sales volume到底说的是销量还是价格啊？ 2说只是在说销量，没提到价格，3又说只说了价格相同，矛盾

王琛_品职助教 · 2023年06月09日

嗨，努力学习的PZer你好：


1

business risk 受到两部分影响：operating risk 和 sales risk

只有当 operating risk 和 sales risk 都相同时，business risk 才相同

这道题中，只有 operating risk 是相同的

而 sales risk 无法判断是否相同，所以不能选 business risk 哈

2

关于 sales risk 的具体分析，也请参考：https://class.pzacademy.com/qa/86972

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加油吧，让我们一起遇见更好的自己！

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