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Amy_ywh · 2024年08月13日

不是很理解这题的逻辑

NO.PZ2023032701000077

问题如下:

Zhang observes that Lane Foods must have both a higher-than-average growth rate and risk to justify its high P/E and that perhaps they should consider looking at Lane as a potential investment at their next meeting.

Zhang’s observation about Lane Foods’ high P/E is best described as:

选项:

A.

correct

B.

incorrect with respect to the growth rate

C.

incorrect with respect to the risk

解释:

The observation about Lane’s P/E is incorrect with respect to risk. Companies with higher-than-average risk (operating or financial) have lower P/Es, not higher ones. She is correct with respect to the growth rate. Companies with higher-growth rates have higher P/Es.

A is incorrect. The observation is incorrect with respect to the risk. Companies with higher-risk (operating or financial) have lower P/Es, not higher ones. She is correct with respect to the growth rate. Companies with higher-than-average growth rates have higher P/Es.

B is incorrect. She is correct with respect to the growth rate. Companies with higher-growth rates have higher P/Es.

老师请看一下我的理解哪里有误:

题目: 会有高于平均的growth rate和risk才能解释为什么Lane的P/E ratio很高,并且是个好的投资。


我的理解:

  1. P/E ratio高 不是一个好投资的唯一标准,如果是P/E 高,然后g也很大,那么因为PEG ratio会相对低一些,比g小的公司 , 所以是好的投资
  2. 所以包括growth rate在内,risk也是对P/E 的影响是相对而不是绝对的,所以无法比较?


谢谢老师

1 个答案
已采纳答案

王园圆_品职助教 · 2024年08月13日

同学你好,你的“题目: 会有高于平均的growth rate和risk才能解释为什么Lane的P/E ratio很高,并且是个好的投资。

我的理解:

1. P/E ratio高 不是一个好投资的唯一标准,如果是P/E 高,然后g也很大,那么因为PEG ratio会相对低一些,比g小的公司 , 所以是好的投资”——到这里的理解都没有任何问题

但是2的理解不太对

题目是让我们判断题干这句话说的对不对,或者哪里说的有错误

你到1为止的理解可以推出,题干关于P/E和g的部分的理解都是正确的,那就还差risk没有进行判断了

P/E是指为了每1块钱EPS愿意支付的价格。现在如果为了赚这1块钱的EPS需要承担更高的风险,那必然投资者愿意花的钱会更低,也就是P/E应该更低才对——所以题干说”更高的risk也可以解释高P/E“就错了,更高的risk应该有更低的P/E才对,所以选C


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