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幸运是努力带来的 · 2025年03月22日

C选项是什么意思？

  1. CFA II
  2. Corporate Issuers

* 问题详情，请 查看题干

NO.PZ202210140300000102

问题如下：

Which of the following statements about Jupiter’s motivations for the strategic real estate plan is incorrect?

选项：

A.

The transactions will enable Jupiter to sell a non-core business.

B.

The transactions will allow Jupiter to unlock the value of its real estate assets.

C.

The expected change in Jupiter’s credit rating after the transactions will increase the firm’s costs of capital

解释：

C is correct. The sale leasebacks will improve Jupiter’s balance sheet by retiring debt and likely improving its credit rating, which will decrease (not increase) its costs of capital.

A is incorrect because real estate ownership represents a non-core business for Jupiter. Its core business is operating 50,000 square foot stores in all markets of the United States.

B is incorrect because the sale leasebacks will allow Jupiter to unlock the value in its real estate assets. Jupiter would receive cash from the property sales and recognize a liability equal to the present value of future lease payments.

C选项是什么意思？没明白答案解释，C为什么不对？ B为什么说解锁了资产的价值？如果固定资产不出售以后每年随公允价值变动而变动，但是现在出售了就变成一个固定金额的cash了。这么理解有什么问题吗？

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Kiko_品职助教 · 2025年03月25日

嗨，爱思考的PZer你好：


先说C选项：售后回租将通过偿还债务改善木星公司的资产负债表，并可能提高其信用评级，这将降低（而非提高）其资本成本。

其实售后租回业务本身并不会减少负债，而是出售资产后获得的现金，偿还了债务，二者综合，使得负债减少。下面使用本题数据具体说明“：

第一步，售后租回，确认一笔负债，为未来租金的折现求和。年租金 40，租期 15 年，cap rates 为 5.5%，计算 NPV 为 402

所以售后租回，增加负债 402

第二步，出售资产，获得现金 800，偿还债务 600，所以减少负债 600

以上两步，负债是先增加 402，再减少 600。综合来看，减少 198


再说B选项：J 公司的售后租回交易，可以释放房地产资产的价值，说法是正确的

因为 J 公司拥有房地产资产，会使得资产负债表臃肿，而且其也不是公司的核心业务，所以不如售后租回，每年只交租金即可

出售资产获得的一大笔现金，可以偿还债务，减轻债务压力，也可以降低财务杠杆。所以说是释放了资产的价值，说法正确

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