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077兼并收购概念理论之三:交易定价-在发达国家的公司估值

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发表于 2021-11-28 22:27:28 | 显示全部楼层 |阅读模式




单选题(共5题,每题20分)
1 . Why are Mergers and Acquisitions professionals reluctant to use discounted cash flow (DCF) in valuation negotiations(为什么兼并和收购专业人员不愿意在估值谈判中使用贴现现金流量DCF)?
A.The terminal value in the DCF calculation is too heavily reliant on comparable company multiples 10 years out(DCF计算中的终值太过依赖于10年后的可比公司倍数)
B.Forecasts and discount rates are too subjective(预测和贴现率过于主观)
C.DCF tends to lack acceptance with lenders that finance deals(为交易融资的贷款人往往不愿意接受DCF)
D.DCF is the subject of many academic textbooks that lack credibility(DCF是许多缺乏可信度的学术教科书的主题)
我的答案: B
2 . Which of the following industries should have the highest cost of equity(下列哪些行业应具有最高的权益成本)?
A.Electric utility(电力公司)
B.Branded food processor(品牌食物处理器)
C.Auto parts make(汽车零件制造商)
D.Social media firm(社交媒体公司)
我的答案: D
3 . If a publicly-traded company in western Europe trades at 100 Euros per share, its acquisition value should be(如果西欧上市公司以每股100欧元交易,其收购价值应为):
A.110 per share (+10%)[每股110(+ 10%)]
B.130 per share (+30%)[每股130(+ 30%)]
C.150 per share (+50%)[每股150(+ 50%)]
D.200 per share (+100%)[每股200(+ 100%)]
我的答案: B
4 . Which value technique usually receives the most weight in Mergers and Acquisitions negotiations(在兼并和收购谈判中哪种估值技术通常受到最大的重视)?
A.DCF(贴现现金流量)
B.Comparable public companies(可比上市公司)
C.Comparable Mergers and Acquisitions deals (可比兼并收购交易)
D.Leveraged buyout(杠杆收购)
我的答案: C
5 . What is a common mistake in Mergers and Acquisitions projections(并购预测中常见的错误是什么)?
A.No currency volatility(无货币波动)
B.No economic recessions(无经济衰退)
C.No cost synergies(无成本协同效应)
D.Surplus of revenue synergies(过度的收入协同效应)
我的答案: B


1:In the Mergers and Acquisitions business, what valuation method is considered the most useful? (我的答案:A )
A.Comparablepubliccompaniesandcomparableacquisitions
B.LeveragedBuyoutValue(LBO)
C.ReplacementValue
D.IntrinsicValue(DiscountedCashFlow)



5 . A key problem with comparable public company multiples in valuation is(可比上市公司估值倍数的一个关键问题是):
A.The underlying financial data is unaudited(基础财务数据未经审计)
B.The methodology tends to be backward-looking, when investors need to look forward(当投资者需要向前看时,这种方法往往是向后看的)
C.The approach dispenses with comparable Mergers and Acquisitions deals(这种方法省去了可比的并购交易)
D.All of the above(以上全是)
我的答案: B


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