椰子鸡 · 2025年05月03日
NO.PZ2023032701000086
问题如下：
Smirnoff suggests that Rivera should adjust BTP's multiples to reflect a 25% discount for additional risks because of its small size and thin trading. Rivera agrees with Smirnoff and collects the data needed, which is shown in Exhibit 2.
Using the data in Exhibit 2 and the adjustment suggested by Smirnoff, BTP's justified P/B is closest to:
选项：
A.3.3
B.1.98
C.3.11
解释：
P/B=(ROE-g) / (r-g)
NO.PZ2023032701000086 问题如下 Smirnoff suggests thRivera shoulaust BTP's multiples to reflea 25% scount for aitionrisks because of its small size anthin trang. Rivera agrees with Smirnoff ancollects the ta nee whiis shown in Exhibit 2.Using the ta in Exhibit 2 anthe austment suggesteSmirnoff, BTP's justifieP/B is closest to: A.3.3 B.1.98 C.3.11 P/B=(ROE-g) / (r-g) reflea 25% scount for aitionrisks ，这里增加了risk 为什么乘数不是升高，而是下降呢？
NO.PZ2023032701000086问题如下 Smirnoff suggests thRivera shoulaust BTP's multiples to reflea 25% scount for aitionrisks because of its small size anthin trang. Rivera agrees with Smirnoff ancollects the ta nee whiis shown in Exhibit 2.Using the ta in Exhibit 2 anthe austment suggesteSmirnoff, BTP's justifieP/B is closest to: A.3.3B.1.98C.3.11 P/B=(ROE-g) / (r-g) 明白为什么用requirerate of return，但突然不明白为什么不用wacc了
NO.PZ2023032701000086 问题如下 Smirnoff suggests thRivera shoulaust BTP's multiples to reflea 25% scount for aitionrisks because of its small size anthin trang. Rivera agrees with Smirnoff ancollects the ta nee whiis shown in Exhibit 2.Using the ta in Exhibit 2 anthe austment suggesteSmirnoff, BTP's justifieP/B is closest to: A.3.3 B.1.98 C.3.11 P/B=(ROE-g) / (r-g) 对于更多的risk，需要对价格做一个折价，这个可以通过风险更高，折现率越高，价格越低来理解。但是如果来通过P/B和P/E来推理我就有点想不明白，P/B和P/E按理说越低越好，但是这两个乘数越低的话，说明风险越高。难道是说风险越高越好吗？
