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Jacksonic · 2023年06月24日

提问

  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. 


这题的答案解析中说，因为当前股东和未来的股东对公司都有着相同的预期，所以他们都关注公司的内在价值，请问这样判断的依据到底是什么？

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1 个答案

王园圆_品职助教 · 2023年06月24日

同学你好，这里的判断来自题目原文的提示“ The partnership has expectations about Thunder similar to the current shareholders and management of Thunder. ”这句

其中 the partnership 上文提到了就是指的private investment partnership

至于为什么他们都关注公司的intrinsic value，你可以换个角度看，因为B和C的说法都不符合本题的定义，所以只有A对

根据以下讲义截图

Binvestment value一定是母公司对子公司投资，会产生协同效应的时候才产生的，所以B错

Cfair market value则是指买家和卖家对某一资产或负债的意愿成交价（着眼于当下），和本题说的未来公司要上市等相关条件都无关，所以C错

只有A的intrinsic value是和投资，和公司未来上市能否卖个好价钱（价格是否和价值相等）有关系，所以选A


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