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未命名 · 2021年12月10日

您好，请问下statement2错在哪里

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001305

问题如下：

4. Regarding the two statements about discount rate estimates, Chin is:

选项：

A.

correct with respect to adding the small stock premium and correct with respect to the weighted average cost of capital.

B.

correct with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

C.

incorrect with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

解释：

C is correct.

Both statements by Chin are incorrect. If the CAPM is used with public companies with similar operations and similar revenue size, as stated, then the calculation likely captures the small stock premium and should not be added to the estimate. Small stock premiums are associated with build-up models and the expanded CAPM, rather than the CAPM per se. The correct weighted average cost of capital should reflect the risk of Thunder’s cash flows not the risk of the acquirer’s cash flows.

您好，请问下statement2错在哪里，thunder不是卖出方么，所以，WACC反应了自由现金流的risk才对

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1 个答案

王园圆_品职助教 · 2021年12月10日

嗨，从没放弃的小努力你好：


同学你好，private　investment　partnership是收购方，Thunder是被买入方。

在计算Thunder的价值的时候，本着折现率和所折现的现金流相匹配的原则，需要使用被买入方Thunder的WACC来折现哦～～

statement２的意思是，在计算thunder的价值的时候，要用private　investment　partnership的WACC来进行折现，所以这种说法是错误的哦～～


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