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078兼并收购概念理论之四:特殊估值案例

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发表于 2021-11-28 22:27:39 | 显示全部楼层 |阅读模式

单选题(共3题,每题20分)
1 . What is an example of an industry-specific value ratio(哪个例子是行业特定价值比率)?
A.EV/EBITDA
B.EV/Subscriber(EV/用户)
C.EV/Revenue(EV/收入)
D.EV/Net cement plant(EV/水泥厂净值)
我的答案: B
2 . A common problem with valuing emerging market (EM) companies is(新兴市场EM公司估值的常见问题是):
A.The typical EM lacks quality public comparables with the subject firm(典型的新兴市场缺乏优质的可比上市公司)
B.The DCF discount rates is highly subjective(DCF贴现率非常主观)
C.The deals are bought in US$ when the targets have local currency revenue(当目标业务收入为当地货币时,而交易以美元购买)
D.Private equity is lacking, so LBO approach is invalid(私募股权缺乏,因此杠杆收购方式无效)
我的答案: A
3 . What is true about Mergers and Acquisitions targets that lose money on an operating basis(兼并和收购目标在运营上亏损的,以下哪个是正确的说法)?
A.The targets are generally poor candidates for Mergers and Acquisitions(目标通常是不佳的兼并和收购候选人)
B.The buyer is taking a very high degree of financial risk, relative to a normal deal(与正常交易相比,买方承担了非常高的财务风险)
C.They are usually acquired by private equity firms(它们通常由私募股权公司收购)
D.The acquisition prices might have a 40% discount from those of profitable targets(收购价格可能比那些盈利公司的价格低40%)
我的答案: D

4:When you value an oil and gas exploration and development concern, what is the most important ratio?
我的答案:C
A.Equityvalue/netearnings
B.Enterprisevalue/EBITDA
C.Adjustedenterprisevalue/oilreserves
D.Freeflowcash/oilreserves
E.Enterprisevalue/freeflowcash


多选题(共1题,每题 20分)
1 . “Money losing” firms are frequent targets in the Mergers and Acquisition business. Why do acquirers seek “money losers”( “亏损”的公司在兼并和收购业务中是频繁的目标。为什么收购者寻求“亏损”公司)?
A.Acquirers think they can “fix” the money losers’ problems(收购者认为他们可以“解决”亏损公司的问题)
B.Money losers sell “at a discount” to value multiples of profitable firms(亏损公司以相对于盈利公司“折扣”的形式出售)
C.Money losers provide sizeable tax benefits for the buyer(亏损公司为买方提供可观的税收优惠)
D.All the above three options are correct(以上三种选择都是正确的)
我的答案: AB
判断题(共1题,每题 20分)
1 . A common problem in the DCF valuation of high tech firms is using too-high discount rates.(高科技企业的DCF估值中的一个常见问题是使用过高的贴现率。)
对      错
我的答案: 错

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