Pure play model 可否理解为 ：
计算asset 的β就是用行业或公司firm的D/E ratio
计算项目的β就是用项目的D/E ratio
问题如下图：
选项：
A. 
B. 
C. 
解释：
发亮_品职助教 · 2018年11月18日
你的理解差不多对。
Pure-Play有点像“搭桥”的方法，所以会涉及到至少2家公司的Equity/Debt；
Pure-Play就直接按照英文直译意会一下，就是只专注于某一个单一领域的公司。比如只专注生产感冒药，没有其他业务的公司，所以叫Pure play。
估算新Project的Equity beta、非上市公司的Equity beta时可以应用到这种方法。
比如B公司是一家餐饮企业，要投新的Project生产感冒药，这时候就在上市公司里找到“Pure-Play”只生产感冒药的上市公司A，A就作为Comparable company。
正是因为Pure-play的方法，找到的可比公司A公司的Asset beta充分反映、只反映生产感冒药行业的风险，所以求新Project时的Equity beta才够准。
上市公司A有市场数据，Equity beta可知，给这个Equity beta去杠杆，得的其Asset beta；去杠杆时应用到的是上市公司（行业）（可比公司的）Equity/Debt.
因为使用的是Pure-Play的方法，新的Project和A公司在一个领域（生产感冒药），share相同的Busines Risk，而Asset beta可以反映Business risk of assets，所以新Project的Asset beta等于公司A的Asset beta。Asset beta搭桥成功。
给这个Asset beta加上新Project的Equity/Debt，得到新Project的Equity beta。
同样，非上市公司求Equity beta，也是在上市公司中找经营相似的，Share相同的Business risk的可比公司（行业平均数据）。这样两个公司的Asset beta相等，搭桥成功。只不过在去杠杆是用到的是行业、可比公司的Equity/Debt；加杠杆时用到的是非上市公司的Equity/Debt。
怎么找Comparable companies不做要求，计算题一般题目会给定Comparable以及其数据。要会使用对应的Equity/Debt即可。
NO.PZ2016021705000029 问题如下 Brann Wiene is a financianalyst covering the beverage instry. He is evaluating the impaof F Beverage’s new proline of flavorewaters. F currently ha bt-to-equity ratio of 0.6. The new proline woulfinancewith $50 million of an$100 million of equity. In estimating the valuation impaof this new proline on F's value, Wiene hestimatethe equity beta anasset beta of comparable companies. In calculating the equity beta for the proline, Wiene is intenng to use F's existing capitstructure when converting the asset beta into a projebetWhiof the following statements is correct? A.Using F’s bt-to-equity ratio of 0.6 is appropriate in calculating the new proline's equity bet B.Using F’s bt-to-equity ratio of 0.6 is not appropriate, but rather the bt-toequity ratio of the new proct, 0.5, is appropriate to use in calculating the new proline’s equity bet C.Wiene shouluse the new bt-to-equity ratio of F thwoulresult from the aition$50 million an$100 million equity in calculating the new proline's equity bet is correct.The bt-to-equity ratio of the new proshoulusewhen making the austment from the asset betrivefrom the comparables, to the equity beta of the new proct. but rather the bt-toequity ratio of the new proct, 0.5b中0.5是怎样计算出来的呢， 原资本结构只知道比例不知道金额， 后面新增金额数学上讲也算不出0.5呀。
NO.PZ2016021705000029 问题如下 Brann Wiene is a financianalyst covering the beverage instry. He is evaluating the impaof F Beverage’s new proline of flavorewaters. F currently ha bt-to-equity ratio of 0.6. The new proline woulfinancewith $50 million of an$100 million of equity. In estimating the valuation impaof this new proline on F's value, Wiene hestimatethe equity beta anasset beta of comparable companies. In calculating the equity beta for the proline, Wiene is intenng to use F's existing capitstructure when converting the asset beta into a projebetWhiof the following statements is correct? A.Using F’s bt-to-equity ratio of 0.6 is appropriate in calculating the new proline's equity bet B.Using F’s bt-to-equity ratio of 0.6 is not appropriate, but rather the bt-toequity ratio of the new proct, 0.5, is appropriate to use in calculating the new proline’s equity bet C.Wiene shouluse the new bt-to-equity ratio of F thwoulresult from the aition$50 million an$100 million equity in calculating the new proline's equity bet is correct.The bt-to-equity ratio of the new proshoulusewhen making the austment from the asset betrivefrom the comparables, to the equity beta of the new proct. B和C不是一个意思吗
NO.PZ2016021705000029 问题如下 Brann Wiene is a financianalyst covering the beverage instry. He is evaluating the impaof F Beverage’s new proline of flavorewaters. F currently ha bt-to-equity ratio of 0.6. The new proline woulfinancewith $50 million of an$100 million of equity. In estimating the valuation impaof this new proline on F's value, Wiene hestimatethe equity beta anasset beta of comparable companies. In calculating the equity beta for the proline, Wiene is intenng to use F's existing capitstructure when converting the asset beta into a projebetWhiof the following statements is correct? A.Using F’s bt-to-equity ratio of 0.6 is appropriate in calculating the new proline's equity bet B.Using F’s bt-to-equity ratio of 0.6 is not appropriate, but rather the bt-toequity ratio of the new proct, 0.5, is appropriate to use in calculating the new proline’s equity bet C.Wiene shouluse the new bt-to-equity ratio of F thwoulresult from the aition$50 million an$100 million equity in calculating the new proline's equity bet is correct.The bt-to-equity ratio of the new proshoulusewhen making the austment from the asset betrivefrom the comparables, to the equity beta of the new proct. 题干里说是要算proje的β，所以选要用new project的β。我的问题是，如果要算的是公司包括new project后的新的β'，那么是不是选C?
NO.PZ2016021705000029问题如下 Brann Wiene is a financianalyst covering the beverage instry. He is evaluating the impaof F Beverage’s new proline of flavorewaters. F currently ha bt-to-equity ratio of 0.6. The new proline woulfinancewith $50 million of an$100 million of equity. In estimating the valuation impaof this new proline on F's value, Wiene hestimatethe equity beta anasset beta of comparable companies. In calculating the equity beta for the proline, Wiene is intenng to use F's existing capitstructure when converting the asset beta into a projebetWhiof the following statements is correct? A.Using F’s bt-to-equity ratio of 0.6 is appropriate in calculating the new proline's equity beta.B.Using F’s bt-to-equity ratio of 0.6 is not appropriate, but rather the bt-toequity ratio of the new proct, 0.5, is appropriate to use in calculating the new proline’s equity beta.C.Wiene shouluse the new bt-to-equity ratio of F thwoulresult from the aition$50 million an$100 million equity in calculating the new proline's equity beta.is correct.The bt-to-equity ratio of the new proshoulusewhen making the austment from the asset betrivefrom the comparables, to the equity beta of the new proct.为啥还要用新的比例？题中已经说了用existing 资本结构啊
NO.PZ2016021705000029问题如下Brann Wiene is a financianalyst covering the beverage instry. He is evaluating the impaof F Beverage’s new proline of flavorewaters. F currently ha btto- equity ratio of 0.6. The new proline woulfinancewith $50 million of an$100 million of equity. In estimating the valuation impaof this new proline on F's value, Wiene hestimatethe equity beta anasset beta of comparable companies. In calculating the equity beta for the proline, Wiene is intenng to use F's existing capitstructure when converting the asset beta into a projebetWhiof the following statements is correct? A.Using F’s bt-to-equity ratio of 0.6 is appropriate in calculating the new proline's equity bet B.Using F’s bt-to-equity ratio of 0.6 is not appropriate, but rather the bt-toequity ratio of the new proct, 0.5, is appropriate to use in calculating the new proline’s equity bet C.Wiene shouluse the new bt-to-equity ratio of F thwoulresult from the aition$50 million an$100 million equity in calculating the new proline's equity bet is correct.The bt-to-equity ratio of the new proshoulusewhen making the austment from the asset betrivefrom the comparables, to the equity beta of the new proct.这题好复杂，没读懂，求翻译