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180****7655 · 2024年07月27日

公司治理是通过调整折现率，不能通过调整市盈率吗？

  1. ESG
  2. Governance factors

NO.PZ2024021802000072

问题如下：

Negative corporate governance characteristics are reflected in investment models through a:

选项：

A.risk discount on the cost of capital.

B.proxy vote for low quality of management.

C.threshold assessment prior to investment.

解释：

A is incorrect because, for companies with negativecorporate governance characteristics, a risk premium, not a discount, isreflected in the cost of capital.

B is incorrect because proxy advisory firms (a highlyconcentrated group led by ISS and Glass Lewis) tend to adhere to the details ofcorporate governance codes in giving recommendations on how their clients mightvote. Therefore, proxy votes are not used in investment models but once aninvestment has been made and is managed.

C is correct because for many investors integratinggovernance factors is a threshold assessment - a formal minimum criterion toconsider before they will consider making an investment at any price.

（1）公司治理是通过调整折现率，不能通过调整市盈率吗？ （2）有点不太理解市盈率。怎么能形象的理解市盈率呢？是指的投入的钱几年能回本吗？老师上课中说，公司治理越差，市盈率越低？市盈率低不是很快就能股票回本吗？

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1 个答案

净净_品职助教 · 2024年07月28日

嗨，从没放弃的小努力你好：


（1）公司治理是通过调整折现率，不能通过调整市盈率吗？

当然可以调整市盈率，调整折现率属于绝对估值法，而对市盈率的调整属于相对估值法，题目中主要判断对哪指标的调整是对的，一般不需要区分这两种方法。糟糕的治理的具体影响如下：

  • 折现率（资本成本）：糟糕的公司治理会增加感知风险，从而导致风险溢价上升。这会导致折现率提高，从而降低未来现金流的现值，使得投资变得不那么有吸引力。
  • 市盈率（P/E比率）：市盈率反映了投资者愿意为每一美元的收益支付多少。糟糕的治理会降低投资者信心，导致市盈率降低，此时一般会说“give P/E ratio a discount”。

(2) 如何形象理解市盈率？

市盈率是公司股票价格相对于其每股收益（EPS）的比率。它表明了投资者愿意为每一美元的收益支付多少钱。低市盈率可以有多层含义，需要投资者进一步分析辨别，具体解读如下：

  • 便宜的估值和风险提示：相对于收益来说，股票价格较低。这可能是由于增长前景较差、风险较高或治理不善。可能反映了高风险或对公司未来表现缺乏信心。糟糕的公司治理会导致市盈率降低，因为投资者对潜在问题持谨慎态度。
  • 回本较快：如果公司市盈率较低，理论上意味着通过收益回本的速度较快，假设收益保持稳定或增长。


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