NO.PZ2025012207000007
问题如下:
An analyst assesses that a company’s new human resources policies will lead to less hiring, increased productivity, 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.decreasing 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 given the increased productivity assumption, the analyst would most likely increase the expected operating margins (which is the appropriate place for such a company-specific effect to manifest, versus the sector-wide or market-wide effects that might reasonably manifest in a change in the cost of capital).为什么A和C不对