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Sibyl · 2023年11月09日

这题和两个statement 没关系啊

NO.PZ2023032701000002

问题如下:

With respect to 2 Statements, which of the following measures of value would the distressed securities fund’s analyst consider that a core equity fund analyst might ignore?

Statement 1

“For its distressed securities fund, Guardian Capital screens its investable universe of securities for companies in financial distress.”

Statement 2

“For its core equity fund, Guardian Capital selects financially sound companies that are expected to generate significant positive free cash flow from core business operations within a multiyear forecast horizon.”

选项:

A.

Fair value

B.

Liquidation value

C.

Fair market value

解释:

The measure of value the distressed securities fund’s analyst would consider that the core equity fund analyst might ignore is liquidation value. The liquidation value of a company is its value if it were dissolved and its assets sold individually

两个statement 是起到什么作用?

1 个答案

王园圆_品职助教 · 2023年11月09日

同学你好,这道题和两个statement是有关系的呢

题目最开始说了,相较于第二种说法,对于破产证券的基金经理来说,一般的核心股票型基金的分析师会忽略以下选项中的哪种价值?

然后看statment 2,说的是核心股票型基金的分析师主要会选择表现良好的,未来都可以持续产生正的自由现金流的公司进行投资——用自由现金流估值,就是intrinsic value

statement 1说的是对破产证券的分析师来说他们会更倾向于选择在财务上有一定困境的公司——财务有困境就很可能要清算了,此时关注的是liquidation value

所以对比两个说法,可以看出核心股票型基金的分析师其实是会忽略application value的

当然,其实你不看这两个statements,单纯的就看破产证券基金经理和核心股票型基金分析师这两个关键词,其实也可以做出本道题。但是有了这两个statement,可能会让考生更清晰的知道到底这道题想考查什么