huha
2022-05-08 16:56reading24老師講scale時(shí)候說大機(jī)構(gòu)的體量大，獲得IRR呈現(xiàn)遞減趨勢(shì)，所以有規(guī)模不經(jīng)濟(jì)的缺點(diǎn)，但是沖刺筆記上（70頁）卻說大型投資機(jī)構(gòu)會(huì)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(guān)試題
來源： 視頻位置 相關(guān)試題
1個(gè)回答
Chris Lan助教
2022-05-08 19:11
該回答已被題主采納
同學(xué)你好
根據(jù)原文的內(nèi)容，這邊相當(dāng)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(jī)構(gòu)的規(guī)模大，會(huì)有規(guī)模經(jīng)濟(jì)的特點(diǎn)，但是如果機(jī)構(gòu)的規(guī)模過大，也可能遭受規(guī)模不經(jīng)濟(jì)，比如說投VC時(shí)，考慮到大機(jī)構(gòu)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(huì)產(chǎn)生足夠的回報(bào)。簡(jiǎn)單來理解就是過猶不及。
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