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广超 · 2024年08月07日

老师,这道题的考点是什么?

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?

1 个答案

王园圆_品职助教 · 2024年08月07日

嗨,从没放弃的小努力你好:


同学你好,首先,本题考察的知识点是以下讲义截图黄色部分的内容

题目翻译如下:

Sun and Moon Ltd.这家公司由五位普通合伙人拥有和管理。其中两名合伙人各持有公司35%的股份,而其他三名普通合伙人各持有公司10%的股份。每年一次,私人估值专家对每个合伙人在企业中的股份进行估值。哪个因素反映了为什么不同合伙人的股份之间的价值(以每股为基础)可能存在差异?

A 集中所有权

B.所有者/管理者重叠

C.集中控制

题目的意思是,持有35%股份的两家合伙人,如果合谋,就可以拥有公司70%的股份并对公司进行有效控制,对这种控股股东来说,用FCFF这种适合大股东的估值模型就更适合。而持股10%的小股东想要控制公司,那至少要说动一个35%的股东和另一个10%的股东才能获得55%的控股权从而实现控股。所以对小股东来说,其实是很难真的获得公司控股权的,那对小股东,对公司的估值就更适合一般的类似DDM这种估值方法。所以B选项其实是多余选项,本题根本不涉及所有者管理者重叠的问题,而A和C相比,因为对任何一个单个股东来说都没有达到控制公司的程度,所以不能选C,只有A合适


这道题老师基础班有特意说过,A和C其实并不好区分。这道题也出的很不好。

但其实老师蓝色这个解释其实很牵强,所以对本题同学不用太在意,稍微了解即可

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