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NO.PZ202110220100004503

问题如下：

Are Wilhelm’s two statements about his shareholders benefiting from the diversification effect of the merger and about the increase in the stock price, respectively, correct?

选项：

The Merger Will Result in Lower Risk for Shareholders

Stock Price Will Increase in Line with the EPS Increase

Yes

解释：

A is correct.

Both of the statements by Wilhelm are wrong.

The first statement is wrong because diversification by itself does not lower risk for shareholders. Investors can diversify very cheaply on their own by purchasing stocks of different companies (for example, a Modern Auto shareholder could purchase stocks of Sky Systems).

The second statement is also wrong. The P/E ratio will not necessarily remain the same following the merger and is more likely to decline. The pre-merger P/E for Modern Auto is 40/2.50 = 16. After the merger, the EPS would be $130 million/49.375 million shares, or 2.6329. The post-merger P/E will probably fall to 40/2.6329 = 15.19.

老师，能麻烦把这两个statements讲的详细一点吗

嗨，努力学习的PZer你好：

题目问：M 公司的 W 同学，关于股东从本次收购中得到的两点好处的论述是否正确？

论述 1：由于分散化效果，股东的整体风险更低了

Statement 1: The merger of Modern Auto and Sky Systems will result in lower risk for our shareholders because of the diversification effect.

通过案例背景分析出：M 公司对 S 公司的收购，属于多元化收购 conglomerate merger

多元化并购对于公司层面是具有 diversification 的效果，但是论述前半句提到的 "lower risk for shareholders" 是不对的

多元化尤其是跨行业并购是有巨大风险的，因为从事不擅长的领域是很难为股东实现最大化的价值

如果股东想要分散风险，最好的做法就是购买不同公司的股票（不同行业都可以选择最顶尖的公司投资），而不是公司层面进行多元化（跨行业存在巨大风险）

所以，股东可以直接购买 S 公司的股票，比直接去收购 S 公司自己经营，对股东的分散化效果更好，这样分散化的成本也会更低

所以第一个论述错误

论述 2：由于 P/E 保持不变，如果 EPS 增加了，股价也会随着 EPS 的增加而增加

Statement 2: If our EPS increases, our stock price will increase in line with the EPS increase because our P/E will stay the same

这个论述在后半句，P/E 并没有保持不变，而是降低了：16 -> 15.19

Modern Auto 并购前的 P/E 为 40/(100/40) = 16

并购后的 P/E 为 40/[(100+30)/(40+25x15/40)] = 15.19

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