NO.PZ2024021801000038
问题如下：
Which of the following companies would most likely be valued with the lowest discount rate?
选项：
A.A mature company with strong ESG practices
B.A high-growth technology company operating in emerging markets
C.A coal producer that is judged to have a negative environmental impact
解释：
A. Correct because companies with strong ESG practices could be seen as less risky, allowing for a lower discount rate. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
B. Incorrect because a higher-growth technology company operating in emerging markets would likely be valued with a higher discount rate and higher terminal growth rate. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
C. Incorrect because all coal producers and coal-powered utilities might be judged to have higher climate-related risk and thus higher discount rates. A higher (lower) discount rate leads to, all else equal, a lower (higher) estimate of intrinsic value.
对于stable和，mature的公司，是mid,high dighits in discount rate,不是low为什么b选项正确
