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156****2547 · 2024年09月13日

C选项请解释一下

  1. ESG
  2. ESG analysis, valuation and integration

NO.PZ2024010507000010

问题如下：

An analyst assesses that a company’s new human resources policies will lead to less hiring and lower costs to train new employees. Based on this assessment, the analyst is most likely to adjust the discounted cash flow valuation model by:

选项：

A.increasing the cost of capital.

B.increasing the expected operating margins.

C.reducing future capital expenditures in balance sheet forecasts.

解释：

B is correct. Reduction in hiring and training costs due to improved policies leads to cost savings, and the analyst would most likely increase the expected operating margins.

C选项为什么是错误的 资本支出减少

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1 个答案

王岑 · 2024年09月14日

嗨，从没放弃的小努力你好：


选项C是错误的，因为减少未来的资本支出（capital expenditures）通常与公司的人力资源政策变化没有直接关系。资本支出指的是公司为了获取固定资产（如建筑、设备、技术等）或无形资产（如软件、专利权等）而进行的支出，这些支出通常用于公司的长期发展和扩张。

在这个问题中，分析师评估的是公司的人力资源政策变化，这主要影响的是公司的运营成本，特别是与员工招聘和培训相关的成本。这些成本通常会体现在公司的运营利润（operating income）或运营边际（operating margins）上，而不是资本支出。

因此，如果新的人力资源政策能够减少招聘和培训新员工的成本，那么分析师更可能会调整折现现金流（DCF）估值模型中的运营边际预期，而不是减少未来的资本支出。这就是为什么选项B是正确的：因为减少招聘和培训成本会导致运营成本降低，从而提高预期的运营边际。而选项C，即减少未来资本支出，在这种情况下是不相关的。

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虽然现在很辛苦，但努力过的感觉真的很好，加油！

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