NO.PZ2024021801000005
问题如下：
An analyst determines that a company's exposure to environmental risks has increased. The most appropriate action is to:选项：
A.apply a higher cost of capital. B.adjust future projected cash flows upwards. C.assign a premium to the company's relative P/E ratio.解释：
A. Correct because when it comes to discounted cash flow input adjustments, for example, a company’s environmental management processes and policies are judged strong or weak. After this judgment, the cost of capital used to discount cash flows in a DCF analysis is adjusted down or up by 1% to account for this. This can also be on a country- or sector-basis, where a country or sector ESG risk factor may contribute to a change in a cost of capital or terminal value growth assumption. For example, the coal sector may be judged to have a negative environmental impact.
B. Incorrect because rather than changing model discount assumptions, explicit sales or margin assumptions may be adjusted. Also, adjustments can be made directly to the balance sheet or capital expense lines. A practitioner may believe that ESG factors will lead a company to decrease or increase its future capital expenditure. A forecast ESG impairment event, e.g. a sub-standard factory, may result in an impairment charge being made to bring the company’s book value down.
C. Incorrect because regarding valuation ratio adjustments with ESG integration, an investor may decide a company is worth a certain PE ratio premium or discount versus its peers due to ESG factors. Alternatively, an investor may only be prepared to invest in a company with, for example, a 50% discount on a PE ratio versus an index benchmark because the company is judged to have a high ESG risk. Conversely, an investor may be willing to invest in a company at a 50% premium on a PE ratio due to strong ESG characteristics. In this case, a discount, not a premium would be warranted.
为什么C不对，反复在出错，没找到原因
