为什么能源类企业合适

问题如下：

Which of the following firms would most appropriately be valued using an asset-based model?

选项：

A.

An energy exploration firm in financial distress that owns drilling right for offshore areas.

B.

A paper firm located in country that is experiencing high inflation.

C.

A software firm that invests heavily in research and development and frequently introduces new products.

解释：

Correct Answer: A.

The energy exploration firm would be most appropriately valued using an asset-based model. Its near-term cash flows are likely negative, so a forward-looking model is of limited use. Furthermore, it has valuable assets in the form of drilling rights that likely have a readily determined market value. The paper firm would likely not be appropriately valued using an asset-based model because high inflation makes the values of a firm’s assets more difficult to estimate. An asset-based model would not be appropriate to value the software firm because the firm’s value largely consists of internally developed intangible assets.