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黄路迦 · 2023年03月12日

为什么不选B

  1. CFA II
  2. Equity

NO.PZ2018103102000155

问题如下：

Alan Chin, the CEO of Thunder Corporation, has asked his CFO, Constance Ebinosa, to prepare a valuation of Thunder for the purpose of selling the company to a private investment partnership. Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company. The partnership has expectations about Thunder similar to the current shareholders and management of Thunder. These investors expect to hold Thunder for an intermediate period of time and then bring the company public when market conditions are more favorable than currently. Chin is concerned about what definition of value should be used when analyzing Thunder. Given Chin’s concerns, the most appropriate defnition of value for Tunder is:   

选项：

A.

intrinsic value   

B.

investment value   

C.

fair market value   

解释：

A is correct. Both the current shareholders and the future shareholders (the private investment group) share the same expectations. It is most reasonable to assume that both are concerned with Thunder’s intrinsic value, which market prices should reflect when the company is brought public under less volatile market conditions. 


为什么不选B，不是战略投资者吗

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2 个答案

王园圆_品职助教 · 2023年03月16日

公司债一般和国债之间的spread的主要来源是公司的credit risk ，所以如果spread 变小，说明整体市场上的公司经营状况良好，投资人不要求那么高的回报率就愿意投资公司债

评级高的债券和评级低的债券spread变小的原理和上面一样

王园圆_品职助教 · 2023年03月12日

嗨，爱思考的PZer你好：


同学你好，请看以下讲义截图，是对几种value定义的对比

首先本题只是说要投资非上市公司，首先并没有强调是战略投资(战略投资除了投钱还要投入很多帮助企业成长的非金钱因素进到公司的，本题并没有相关表述），其次没有强调讲义中investment value特意需要考虑的synergy（可以认为synergy的相关表述是investment value的必要条件）。

且synergy也并不是投资就会有的，而是特指两家相同行业的公司合并时才会产生的。

本题只是简单的把一个公司卖给私人投资者，未来再通过资本运作实现上市——整个过程没有合并发生，不存在特别的synergy的，所以本题和investment value无关

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Rachel · 2023年03月16日

为什么公司债与国债spread变小、评级高的债券与评级低的债券的spread变小，都可以推断出经济正在变好？

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