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C20021S 兼并收购概念理论之五:并购财务会计与预测

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发表于 2021-11-28 20:09:49 | 显示全部楼层 |阅读模式
单选题(共3题,每题20分)
1 . A seller has filed a lawsuit against a third party for patent infringement in the amount of $100 million. Various legal experts conclude the chances of success are 40% in 3 years. If the combined buyer/seller has a 12% cost of capital, what is the maximum consideration the buyer should offer the seller at closing (i.e., year 0)? 卖方已就第三方专利侵权提起诉讼,诉讼金额为1亿美元。 各种法律专家总结说,在三年后诉讼成功的机会达到40%。 如果合并后的公司有12%的资本成本,买方应在交易结束时(即第0年)向卖方提供的最高补偿是多少?
A.$14 million 1400万美元
B.$28 million 2800万美元
C.$42 million 4200万美元
D.$71 million 7100万美元
我的答案: B


2 . Prospective lenders to the buyer in an Mergers and Acquisitions deal want to see projections on what basis? 在并购交易中潜在贷方希望从买方那里看到基于什么基础的预测?
A.Combined companies, on a taxable cash flow basis 合并后的公司,以应税现金流为基础
B.Combined companies, after synergies and accounting adjustments 合并后的公司,经过协同增效和会计调整
C.Buyer, with seller functioning as operating subsidiary 买方,卖方作为运营子公司
D. Combined companies, on a net present value basis with synergies 合并后的公司,以协同效应的净现值为基础
我的答案: 添加下面微信查看全部答案


3 . The buyer’s cost synergies from an acquisition are reduced by the following: 收购的买方成本协同效应减少如下:
A.Additional depreciation and amortization from the dealA. 交易的额外折旧和摊销
B.Additional vesting costs from the seller stock options 卖方股票期权的额外归属成本
C.Additional taxes from seller asset write-ups 卖方资产价值提高的附加税
D.Additional costs from the seller management non-competition contracts 卖方管理不竞争合同的额外费用
我的答案: 添加下面微信查看全部答案


2 . Generally speaking, Mergers and Acquisitions acquirers issuing more than $100 million of new debt need to have the following on a pro forma basis: 一般而言,发行超过1亿美元新债务的并购收购方需要完成以下工作:
A.Completed due diligence on the seller 完成对卖方的尽职调查
B.An investment banker to assist with the finance 投资银行家协助融资
C.A credit rating on the new debt from a rating agency 评级机构对新债务的信用评级
D.An equity source to complement the deb finance 一个股权融资来源,以补充债务融资
我的答案: 添加下面微信查看全部答案


3 . To reduce EPS dilution in a Mergers and Acquisitions deal, a publicly-traded company can: 为减少并购交易中的每股盈利稀释,上市公司可以:
A.Issue less common stock 发行较少的普通股
B.Use more debt 使用更多的债务
C.Pay a lower price for the acquisition 为收购支付更低的价格
D.All of the above 上述所有的
我的答案:添加下面微信查看全部答案

1 . What is the earnings-per-share (EPS) dilution in a Mergers and Acquisitions deal? 并购交易中的每股收益(EPS)稀释是多少?
A.The seller’s EPS decline after the two companies combine 两家公司合并后,卖方的每股盈利下降
B.The buyer’s EPS decreases after the two companies combine 两家公司合并后买方的每股盈利下降
C.The buyer’s EPS increases after the two companies combine 两家公司合并后,买方的每股盈利增加
D.Over time, Mergers and Acquisitions expenses reduce the buyer’s EPS 随着时间的推移,合并和收购费用会降低买方的每股盈利
我的答案:添加下面微信查看全部答案
多选题(共1题,每题 20分)
1 . After having the audited financial statements of the Seller, how does the Buyer come up with realistic assumptions for his projection? 在获得卖方经审计的财务报表后,买方如何对其预测提出现实的假设?
A.Consider on-site meetings 考虑现场会议
B.Historical financial analysis of the Seller 对卖方进行历史财务分析
C.Evaluating the Seller's projections 评估卖方的预测
D.Synergy forecasts 协同效应预测
我的答案: 添加下面微信查看全部答案
1 . A buyer acquires a target for $1 billion. The target had a tangible equity book value of $500 million. The $500 million difference will be allocated what account(s) of the Buyer? 买方以10亿美元收购了一个目标。收购目标的有形资产账面价值为5亿美元。收购价格和收购目标账面价值的差额5亿美元将分配给买方的哪个(些)会计科目?
A.Net plant 固定资产净值
B.Goodwill 商誉
C.Capital reserves 资本公积
D.Identifiable intangible assets 可识别的无形资产
我的答案:添加下面微信查看全部答案


判断题(共1题,每题 20分)
1 . For public deals, the Securities and Exchange Commission have sort of an unwritten rule that Goodwill can't be more than 50 or 60 percent of the allocation. 美国证券交易委员会关于商誉有一些不成文的规定,通常商誉不能超过分配额的50%-60%。
对      错
我的答案: 对

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