huha
2022-05-08 16:56reading24老師講scale時候說大機構的體量大，獲得IRR呈現(xiàn)遞減趨勢，所以有規(guī)模不經(jīng)濟的缺點，但是沖刺筆記上（70頁）卻說大型投資機構會獲得規(guī)模效益，這兩句話如何理解呢？
所屬：CFA Level III > Portfolio Management for Institutional Investors 視頻位置 相關試題
來源： 視頻位置 相關試題
1個回答
Chris Lan助教
2022-05-08 19:11
該回答已被題主采納
同學你好
根據(jù)原文的內容，這邊相當于雙刃劍。原文如下：
Larger institutional investors experience scale benefits that allow them access to a wider investment universe, and they can readily hire investment professionals. They may potentially manage part of their portfolios in-house if benefits outweigh costs. The largest institutional investors, however, may experience dis-economies of scale. For example, they might be unable to invest in certain niche investments like venture capital (“VC”). Given the huge asset size of investments under management, a small allocation to VC may not generate sufficient returns to justify the position (including due diligence costs).
即機構的規(guī)模大，會有規(guī)模經(jīng)濟的特點，但是如果機構的規(guī)模過大，也可能遭受規(guī)模不經(jīng)濟，比如說投VC時，考慮到大機構的規(guī)模很大，所管理的投資的資產(chǎn)規(guī)模就非常巨大，而少量資金投于VC可能不會產(chǎn)生足夠的回報。簡單來理解就是過猶不及。
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