NO.PZ2024021802000009
问题如下：
To reflect an upgrade of a company's ESG rating, an analyst valuing the company should most likely:选项：
A.decrease the company's cost of capital. B.not change the company's cost of capital. C.increase the company's cost of capital.解释：
A. Correct because an ESG upgrade is likely result in a decrease in the cost of capital, which (all else being equal) translates into a higher valuation.A discounted cash flow model is adjusted when a company’s environmental management processes and policies are judged strong or weak. After this judgment, the cost of capital used to discount cash flows in a DCF analysis is adjusted down or up by 1% to account for this.
因為 ESG 升級可能會導致資本成本降低，而資本成本（在其他條件相同的情況下）會轉化為更高的估值。當公司的環境管理流程和政策被判斷為強弱時，會調整貼現現金流模型。在此判斷之後，DCF 分析中用於貼現現金流的資本成本將向下或向上調整 1% 以說明這一點。
那为什么有习题让分析ESG整合策略时，解析反馈調整貼現現金流模型不算？
