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183****6491 · 2025年03月31日

为什么A和C不对

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

1 个答案

净净_品职助教 · 2025年04月01日

嗨,从没放弃的小努力你好:


三个选项都是正向的,但B是最佳选项

A. 降低资本成本(Cost of Capital)

  • 资本成本(如 WACC)主要受市场因素(如利率、股权风险溢价、公司资本结构)影响,而非公司内部运营效率的提高。公司人力资源政策的改进,虽然提升了生产力和利润率,但不会直接降低投资者对公司风险的要求,也不会改变市场对公司融资成本的定价。
  • 资本成本的降低通常发生在:公司降低财务杠杆(减少债务融资);公司被评级机构上调信用评级等情况

C. 降低未来资本支出(Capital Expenditures, CapEx)

  • 资本支出指的是企业对长期资产(如设备、工厂、技术升级等)的投资,而员工招聘和培训成本通常被计入运营费用(Operating Expenses, Opex),而非资本支出。
  • 题干提到的政策影响的是人力资源成本,而不是固定资产投资,因此不会直接影响 CapEx 预测。

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