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jzhuangst · 2024年03月26日

为什么A不对呢?

NO.PZ2023123001000015

问题如下:

Ulrich Schwalke, a new analyst at a private equity firm, specializes in buying and restructuring private companies to be taken public within five years. Previously experienced in valuing public firms, Schwalke consults a former classmate, who works as an associate focused on private company valuations in order to resolve legal disputes. During the meeting, they discuss how their approaches to private company valuation vary given the different uses of their analysis. Which of the following best characterizes how Schwalke’s approach differs from that of his former classmate?

选项:

A.

Schwalke usually incorporates a DLOM

B.

Schwalke usually adjusts the investment value as a minority interest

C.

Schwalke’s approach usually considers a synergistic control premium

解释:

C is Correct. As Schwalke’s firm specializes in buying and restructuring private companies to be taken public, as a strategic buyer it will consider a control premium. Choices A and B are inconsistent with his firm’s strategy of controlling and restructuring companies over a five-year period.

如题,value private companies应该要考虑DLOM啊。

1 个答案

王园圆_品职助教 · 2024年03月26日

同学你好,要结合题目背景做题哦

题目问的是Ulrich这个专注于买入非上市公司并购重组并在5年内上市的同学;和,他以前的同学——也是专注于非上市公司估值从而解决法律问题;两个人估值角度的不同点

既然都是针对非上市公式的,那都会考虑DLOM,A就不是两者的差异了

只有C,既然Ulrich是专注于买入并帮公司上市以及重组,那就会肯定会深度参与公司经营,就需要考虑strategic control了。这道题也是基础班老师讲过的原题,同学有时间可以再听一下相关内容

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