财务管理英语We ask whether,in reponse to these risk factors,the firm modifies its discount rate,cash flows,both,or neither.We report the percentage of repondents for each category.In the cross-tabulations across each of the demographic factors,
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财务管理英语We ask whether,in reponse to these risk factors,the firm modifies its discount rate,cash flows,both,or neither.We report the percentage of repondents for each category.In the cross-tabulations across each of the demographic factors,
财务管理英语
We ask whether,in reponse to these risk factors,the firm modifies its discount rate,cash flows,both,or neither.We report the percentage of repondents for each category.In the cross-tabulations across each of the demographic factors,we test whether the neithera,category is significantly different conditional on firm characterisitics.
overall,the most important risk factors are interest rate risk,exchange rate risk,business cycle risk,and inflation risk.For the calculation of discount rates,the most important factors are interest rate risk,size,inflation risk,and foreign exchange rate risk.For the calculation of cash flows,many firms incorporate the effects of commodity prices,GDP growth,inflation,and foreign exchange risk.Interestingly,few firms adjust either discount rates or cash flows for book-to-market,distress,ormomentum risks.Only13.1% of respondents consider the book-to-market ratio in either the cash flow or discount rate calculations.Momentum is only considered important by 11.1% of the respondents.Small and large firms have different priorities when adjusting for risk.For largr firms,the most important risk factors(in addition to market risk)are foreign exchange risk,business cycle risk,commodity price risk,and interest rate risk.
财务管理英语We ask whether,in reponse to these risk factors,the firm modifies its discount rate,cash flows,both,or neither.We report the percentage of repondents for each category.In the cross-tabulations across each of the demographic factors,
首先,太不人道了,这么复杂一个问题.都没有悬赏分!
我们问被调查者公司是否会为应对各种统计指标剧烈变动的风险而同时改变折扣率和现金收回政策,并总结报告各类回答的百分比.对持否定回答的那一部分人,还测试他们的公司是否有重大的特色.
总的来看,最重要的风险因素有利率风险、汇兑风险、经营周期风险和通胀风险.在重估折扣率时,最重要的因素是利率变动风险、购买量、通胀风险和外汇交易率风险.在评估现金回收政策时,很多公司会考虑商品价格、GDP增长、通胀和外汇交易风险.有趣的是,很少有公司因公司股票市值与账面价值的比例有下降或上升趋势而改变折扣率或收款政策.只有13.1%的被调查者会考虑到这个因素而调整折扣率或现金收款政策.只有11.1%的被调查者认为股价上升重要.小企业和大公司在应对风险时考虑的优先顺序有所不同.对大公司而言,除市场风险外,最重要的风险因素是外汇交易风险、经营周期风险、商品价格风险和利率风险.