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negative不好的公司治理不是应该折价discount吗

NO.PZ2024021802000072

问题如下：

Negative corporate governance characteristics are reflected in investment models through a:

选项：

A.risk discount on the cost of capital.

B.proxy vote for low quality of management.

C.threshold assessment prior to investment.

解释：

A is incorrect because, for companies with negative corporate governance characteristics, a risk premium, not a discount, is reflected in the cost of capital.

B is incorrect because proxy advisory firms (a highly concentrated group led by ISS and Glass Lewis) tend to adhere to the details of corporate governance codes in giving recommendations on how their clients might vote. Therefore, proxy votes are not used in investment models but once an investment has been made and is managed.

C is correct because for many investors integrating governance factors is a threshold assessment - a formal minimum criterion to consider before they will consider making an investment at any price.

negative不好的公司治理不是应该折价discount吗？不理解A为什么错

嗨，爱思考的PZer你好：

Negative corporate governance characteristics（公司治理不良）在投资模型中是如何反映的？

选项 A：risk discount on the cost of capital（在资本成本中给予风险折扣）

听上去你可能会觉得“公司治理差 → 价值应该打折 → 给个 discount”。

但这里的discount（折扣）和你理解的“估值打折”不是一回事。Cost of capital（资本成本）是贴现率的一部分，定义是：投资者为了承担某一特定风险而要求的最低收益率。

如果公司风险高（比如治理差、黑箱操作、信息披露差），投资者会怎么做？提高要求回报率 → 提高资本成本 → 增加贴现率。这个“增加的部分”就叫做 风险溢价（risk premium），它反映的是投资者因为你治理差，需要我承担更大风险，所以我要求更高的收益。而不是“风险折扣（risk discount）”。

风险溢价是加法，不是减法。不是 cost of capital 降低（discount），而是提高（premium）。A 说是“discount on cost of capital”，这意味着 贴现率被降低了，这和治理差的实际处理方向相反。所以这个说法逻辑上是错误的。

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negative不好的公司治理不是应该折价discount吗

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