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dejiazheng · 2025年07月02日

如何知道估值是针对售出的非控股股份，还是剩余的控股股份呢？

  1. CFA II
  2. Equity

NO.PZ2023123001000017

问题如下：

The management of Starbeam LLC, a private company owned solely by its managers, is seeking to raise funds by selling an equity stake in the company while maintaining control. A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company. Which type(s) of premiums and/or discounts would most likely be applied to the recent valuation in valuing the proposed equity stake?

选项：

A.

Control premium and DLOM

B.

DLOC

C.

DLOC and DLOM

解释：

B is Correct. The recent valuation would have reflected a control premium because of management’s controlling position and a DLOM because Starbeam is a private company, thus A would only be correct for the recent valuation, rather than the valuation of the proposed stake. C would not be correct because the DLOM would already have been applied in estimating the recent valuation. Thus, the proposed, non-controlling stake would only need a DLOC.

如果是针对的是剩余的控股股份，那就是不需要做任何调整了？

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1 个答案

王园圆_品职助教 · 2025年07月02日

同学你好，题干这里交代了“is seeking to raise funds by selling an equity stake in the company while maintaining control. ”——也就是只会售出少数股份，控股权是不会出售的

但是后面一句话说“A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company.”——也就是说这家公司对这个公司估值的时候，是按照依然100%由原来的管理者控股的情景下进行估值的，所以这个估值是自带控股股权溢价了

现在问针对卖出的少数股权要怎么估值，自然需要剔除原来估值中已经考虑的控股权溢价从而反映少数股东不享有控股权下的估值是多少了，所以是必须做调整的

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