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075兼并收购概念理论之一:概览和购买策略

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发表于 2021-11-28 22:26:54 | 显示全部楼层 |阅读模式
单选题(共4题,每题20分)1 . Emerging markets (such as Thailand, China, and India) represent 80% of the world’s population. Approximately what percentage of the global Mergers and Acquisition activity do they represent(新兴市场,如泰国、中国和印度,占全球人口的80%。大约他们所代表的全球并购活动的百分比是多少)?A.80%B.65%C.45%D.30%E.15%我的答案: E2 . If Thai Petrochemical (Thailand) acquires a United States petrochemical firm at a reasonable price, the P/E multiple of Thai Petrochemical might increase. Why(如泰国石化以合理的价格收购美国石化公司,泰国石化的P/E倍数可能会增加。为什么)?A.PTT becomes a more risky company with a U.S. deal. This means the PTT stock is more attractive(PTT通过美国交易成为风险更高的公司。这意味着PTT股票更具吸引力)B.U.S. firms have less political and currency risk than Thai companies. This means PTT stock is more attractive(美国公司的政治和货币风险要低于泰国公司。 这意味着PTT股票更具吸引力)我的答案: B3 . The purpose of acquisitions is to increase the acquirer’s(收购的目的是增加收购方的):A.Revenue(收入)B.Market Share(市场份额)C.Net Income(净收入)D.Common Stock Value(普通股票价值)E.Asset Base(资产基础)我的答案: D4 . The publicly-traded stock of an acquiring company trades at 15x earnings per share (EPS), or a 15x P/E ratio. During the year, the company buys four smaller (but similar) businesses at a 10x P/E ratio. This practice of buying firms at a lower P/E ratio is called[收购公司的公开交易股票以15倍的每股收益(EPS)或15倍的市盈率交易。 在这一年中,该公司以10倍的市盈率购买了四家规模较小(但相似)的业务。 这种以较低的市盈率购买公司的做法被称为]:A.Arbitrage(套利)B.Quantitative Flexing(定量弯曲)C.P/E Ratio accretion(市盈率增长)D.Positive Synergy(积极的协同作用)E.Value Multiple Expansion(价值倍数扩展)我的答案: A3:A “cash flow” loan is我的答案:A )A.AloanthatissecuredbythelikelysaleproceedsofinventoryandplantB.GApopulardebtdeviceinmanyemergingmarketsC.AloanthatseeksrepaymentprincipallyfromfutureearningssincetheborrowerlackssufficientcollateralD.Noneoftheabove1:Cost synergies are easy to obtain in American Mergers and Acquisition deals because: (我的答案: A)A.Thebuyercanfire(orlayoff)theemployeesoftheacquisitionwithlittlepenaltyB.Americaninvestorspaylittleattentiontoanti-competitionconcernsC.Americanfirmscanbeacquiredcheaplybecauseofthelastfinancialcrisis2:What is a key constraint in emerging market Mergers and Acquisitions? (我的答案:A )A.FamilybusinessinvolvedinemergingmarketsB.LackofforeignbuyersC.LocallendersprefernaturalresourcetransactionsD.Localaccountingissuspect5:Why does a management team want to grow a company?(我的答案:A )A.GrowthcompaniesreceivehighervaluemultiplesinthestockmarketB.AgrowingcompanyretainsthebestemployeesC.AgrowthcompanyislesslikelytobeahostiletakeoverD.GrowthcompaniesgeneratepositivecashflowandhighinternalrateofreturnE.Growthcompaniesexpandinternationally6:There are two kinds of buyer synergies in a Mergers and Acquisitions deal. Which kind is the easiest for the buyer to achieve? (我的答案: B)A.RevenuesynergyB.Costsynergy7:Which growth tactic is more risky from an operational point-of-view?(我的答案:B )A.GrowingabusinessthroughMergersandAcquisitionsB.Growingabusinessthroughnewproductdevelopment9:What percent of global Mergers and Acquisitions is emerging markets based?(我的答案:B )A.10%B.15%C.30%10:Why do China and many other emerging markets restrict Mergers and Acquisitions?(我的答案:B )A.GovernmentsbelieveMergersandAcquisitionsisunproductiveB.GovernmentsworriedaboutpossiblelayofffromcompetitorscombiningandpoliticalunrestC.Governmentsworryaboutlocalcapitalbeingdirectedoffshore11:In the years before the 2008 credit crisis, private equity represented the following percent of merger and acquisition deals: (我的答案:C)A.10%B.70%C.30%D.NotapplicablesinceprivateequityisaminorityinvestmentE.Noneoftheabove12:On a global basis, the merger and acquisition business is: (我的答案:C )A.Ahigh-growthbusinessB.AdefensivebusinessC.AcyclicalbusinessD.Ahi-techbusiness13:In any given year, the volume of mergers and acquisitions is closely tied to我的答案:C)A.Lowstockprices–toprovidebuyerswithgoodvaluesB.Highstockprices–toassistbuyersinreducingearningsdilutionC.Highstockpricesandavailabledebtfinancing–toassistbuyersinraisingacquisitionfinanceD.Optimisticviewsoncross-bordertradeflowsE.Lowinterestrates–topromotedebtfinance判断题(共1题,每题 20分)1 . On a global basis, most acquisitions are smaller than US$100 million.(在全球范围内,大多数收购交易金额少于1亿美元。)对      错我的答案: 对
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