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CFA考試為金融第一考，其中道德理論是十分重要的科目，今天高頓老師來給大家講講我們的CFA考試科目的道德經(jīng)典題講解：
STANDARD I: PROFESSIONALISM
Standard I(A) Independence and Objectivity
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Example 1 (Research Independence and Intrafirm Pressure)：
Walter Fritz is an equity analyst with Hilton Brokerage who covers the mining industry. He has concluded that the stock of Metals & Mining is overpriced at its current level, but he is concerned that a negative research report will hurt the good relationship between Metals & Mining and the investment banking division of his firm. In fact, a senior manager of Hilton Brokerage has just sent him a copy of a proposal his firm has made to Metals & Mining to underwrite a debt offering. Fritz needs to produce a report right away and is concerned about issuing a less than favorable rating.
這個Example是關(guān)于Investment baking relationships的 Walter Fritz是 Hilton Brokerage公司負(fù)責(zé)采礦行業(yè)的股票分析師。雖然他得出結(jié)論Metals & Mining現(xiàn)在的股價被高估，但是他考慮到這個研究報告會傷害到Metals & Mining和他們公司投資銀行部的關(guān)系。實(shí)際上，Hilton Brokerage的一位高級經(jīng)理剛剛給他發(fā)來一份他們公司會承銷Hilton Brokerage的一個債券發(fā)行的議案。Fritz需要立即提供報告并且被擔(dān)心他給出的推薦意見不是太好。
他應(yīng)該怎么做？
這個Example是關(guān)于投資銀行關(guān)系的沖突的，如果一個公司同時有投行部和投研部，投研部在對投行部的客戶做研究分析時可能會有來自于投行部或者是公司的壓力，這個時候投研部的分析師應(yīng)該保持獨(dú)立客觀性，最好在投行部和投研部中間建立firewall（防火墻），或者是把投行部的客戶放進(jìn)restricted lists(限制清單)中。
【Comment】
Fritz’s analysis of Metals & Mining must be objective and based solely on consideration of company fundamentals. Any pressure from other divisions of his firm is inappropriate. This conflict could have been eliminated if, in anticipation of the offering, Hilton Brokerage had placed Metals & Mining on a restricted list for its sales force.
這個Example給到的評論說Fritz關(guān)于Metals & Mining的分析必須是客觀的并且僅僅基于公司基本面的客觀分析。受到的任意的來自公司其他部門的壓力都是不合適的。如果參與承銷，這種沖突需要被消除，為了銷售，Hilton Brokerage需要把Metals & Mining放進(jìn)其限制清單中。
CFA考生們有沒有對道德經(jīng)典題有一些認(rèn)知，還想了解更多CFA相關(guān)內(nèi)容，可點(diǎn)擊我了解哦
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