loveshihongyu
2021-11-17 15:36老師您好，這道題答案是按照Human capital高的角度答的，而我是按照human capital變低的角度答的。我是這樣寫的。C. Because Finnegan expects that her work still is highly correlated with equity market returns, her human capital is subject to higher discount rate and her human capital is less. Lower allocation of equities in financial account can decrease the risks associated with human capital. In addition, because Finnegan has not found a new job, her human capital currently is less and she has lower ability to take risk. Lower allocation to equities can be consistent with her lower risk tolerance.能幫我看看我說(shuō)錯(cuò)了嗎，錯(cuò)在哪里呢？謝謝
所屬：CFA Level III > Asset Allocation and Related Decisions in Portfolio Management 視頻位置 相關(guān)試題
來(lái)源： 視頻位置 相關(guān)試題
1個(gè)回答
Johnny助教
2021-11-18 18:15
該回答已被題主采納
同學(xué)你好，而human capital是她未來(lái)工作所有收入的現(xiàn)值，這個(gè)折現(xiàn)率不是equity的收益率，而是無(wú)風(fēng)險(xiǎn)收益率。你可以看下圖，F(xiàn)innegan目前32歲，橫軸是年齡，可以看見(jiàn)在32歲時(shí)human capital占比超過(guò)80%，因此human capital依舊是很大的，而不是很少。因此你基于human capital很低的角度來(lái)講的話就有問(wèn)題了。
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追問(wèn)
老師您好 他的human capital的折現(xiàn)率不是跟她的work stability相關(guān)嗎？ work stability低，折現(xiàn)率高，那么human capital 低啊，因?yàn)樗紱](méi)工作了。謝謝
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追答
同學(xué)你好，human capital是像我上圖所發(fā)的那樣，隨著年齡上升而逐漸減小的。如果真按照你這樣算的話那么根本就算出不human capital了，它會(huì)根據(jù)你工作情況而變得忽高忽低起伏不定。Human capital是個(gè)很不精確的值，因?yàn)槿说墓べY總歸會(huì)隨著工作變動(dòng)而有高有低，我們這里也只是大致根據(jù)年齡來(lái)做個(gè)預(yù)估而已
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