问题如下图：为什么两个都不对，尤其第二个，是不是因为要用capm模型，所以没必要用wacc？
选项：
A. 
B. 
C. 
解释：
maggie_品职助教 · 2019年11月25日
1、
statement 1有一个关键词“similar”，我们找的可比公司已经是从经营到收入都和T公司非常的相似（相当于告诉我们可比公司和T的规模相似），因此我们用这样的可比公司数据计算得到的re 已经考虑到了规模的差距。不需要额外再加上一个规模的溢价。
2、private investment partnership不是thunder的可比公司，而是准备要收购thunder的买方，它业务主要是股权投资，而thunder是一家家居产品的制造商，两个公司业务不同。你应该用反映了Thunder现金流风险的WACC来折现估值（可比公司的WACC）。
NO.PZ201512300100001305 问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital. B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows. 题目里说是收购thunr的股权，但是public应该没有control premium，这里为什么不因为控股权多给溢价呢？
NO.PZ201512300100001305问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital.B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital.C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital.C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows.如题？？？？？？？？。？？？？？？？
NO.PZ201512300100001305 问题如下 4. Regarng the two statements about scount rate estimates, Chin is: A.correwith respeto aing the small stopremium ancorrewith respeto the weighteaverage cost of capital. B.correwith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C.incorrewith respeto aing the small stopremium anincorrewith respeto the weighteaverage cost of capital. C is correct.Both statements Chin are incorrect. If the CAPM is usewith public companies with similoperations ansimilrevenue size, state then the calculation likely captures the small stopremium anshoulnot aeto the estimate. Small stopremiums are associatewith builup mols anthe expanCAPM, rather ththe CAPM per se. The correweighteaverage cost of capitshoulreflethe risk of Thunr’s cash flows not the risk of the acquirer’s cash flows. 看了解析和其他同学的提问，但助教还是没有明确说出到底怎么改正statement 1 。是改成If the expanCAPM methois useto estimate the scount rate with a beta estimate baseon public companies with operations anrevenues similtoThunr, then a small stopremium shoulaeto the estimate.这样就对了吗？
NO.PZ201512300100001305 您好，请问下statement2错在哪里，thunr不是卖出方么，所以，WACC反应了自由现金流的risk才对
NO.PZ201512300100001305 老师 为什么不能用WACC去估计r 第二个statement错在哪？