NO.PZ2023123001000003
问题如下:
Sun and Moon Ltd. is owned and managed by five general partners. Two of the partners each own 35% stakes in the company, while the other three general partners each own 10% stakes in the company. Once per year, a private valuation expert values each partner’s stake in the business. Which factor reflects why there could be a difference in the value (on a per share basis) across the different partners’ stakes?
选项:
A.Concentrated ownership
B.Owner/manager overlap
C.Concentrated control
解释:
The two partners with 35% stakes will have a higher probability of creating a control position of Sun and Moon by coordinating their ownership stakes with each other, thus creating a 70% stake and effective control of the company. The 10% shareholders must coordinate across at least two of their fellow shareholders to create a control position. While the coordination of general partners can create majority control, the size of each partner’s stake does not represent concentrated ownership, so A is not correct. B is not correct because each partner is involved in managing the company, so the owner/manager overlap should not affect the valuation of each partner’s stake.
不明白考点,而且可以请老师再翻译一下题干么?