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C22021S 收购机会评估 参考答案

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发表于 2022-6-3 11:30:17 | 显示全部楼层 |阅读模式
C22021S 收购机会评估
单选题(共2题,每题20分)
1 . Besides Net Present Value, which of the other metrics are used by buyers to evaluate acquisitions? 除净现值外,买方还使用哪些其他指标来评估收购?
A.Payback Period 投资回收期
B.Accretive or dilutive effect on buyer’s Earnings Per Share (EPS) 对买方每股收益(EPS)的增加或摊薄影响
C.Savings in executive compensation 节省高管薪酬
D.Internal Rate of Return (IRR) 内部收益率(IRR)
我的答案:
2 . Acquirers will estimate the net present value of discounted cash flows for the target as a stand-alone company, the net present value of synergies, and the net present value of integration costs for which of the following reasons? 收购方将估算目标公司作为独立公司的贴现现金流量的净现值,协同效应的净现值以及整合成本的净现值,原因如下:
A.Because integration costs are deductible for tax purposes 因为税收目的可以扣除整合成本
B.Because most companies are reluctant to include a high percentage of the value from synergies in their offer price to the seller 因为大多数公司都不愿意将高比例的协同效应价值包含在卖方的报价中
C.Because the stand-alone price must tie to the market capitalization value of a publically-traded firm 因为独立价格必须与公开交易公司的市值相关联
我的答案:
多选题(共1题,每题 20分)
1 . Which of the following are metrics used to evaluate acquisition? 以下哪些是用于评估收购的指标?
A.Free Cash Flows 自由现金流
B.Payback period 投资回收期
C.IRR% greater than WACC IRR%大于WACC
D.EPS accretion or dilution 每股收益的增加与摊薄
我的答案:
1 . Which of the following are integration costs? 属于整合成本?
A.Costs of getting processes and systems transitioned to buyers’ 将流程和系统转变为买方的流程和系统所产生的成本
B.Severance 遣散费
C.Stay bonuses 留职奖金
D.Transaction costs 交易成本
我的答案:
1 . Which of the following are the steps of acquisition analysis? 收购分析的步骤有以下哪些?
A.project future NOPAT 分析项目未来 NOPAT
B.Analyze project investment required 分析所需要的项目投资
C.Estimate appropriate cost of capital 估计适当的资本成本
D.Discount FCFs to the present 对项目FCF进行贴现
我的答案:
判断题(共2题,每题 20分)
1 . To justify a premium price, an acquisition must produce true benefits, aka synergies. 要证明溢价是合理的,收购必须产生真正的收益,即协同效应。
对      错
我的答案:
2 . The purpose of the Bonus Bank is to ensure that FCF generated will be long term in nature, smooth potential peaks and valleys in annual pay-outs and create a mechanism to handle “negative” bonuses. 奖金银行的目的是确保产生的自由现金流具有长期性,平滑年度支出的潜在高峰和低谷,并创建处理“负”奖金的机制。
对      错
我的答案:


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