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Cherry9520 · 2019年12月08日

问一道题:NO.PZ2018103102000156

问题如下:

Alan Chin, the chief executive officer of Thunder Corporation, has asked his chief fInancial ofcer, Constance Ebinosa, to prepare a valuation of Thunder for the purpose of selling the company to a private investment partnership. Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company. The company’s senior management has been in charge of the company’s operations for most of the past 15 years and expects to remain in that capacity after any sale . Chin asks Ebinosa whether there will be differences in the process of valuing a private company like Thunder compared with a public company. Ebinosa replies that differences do exist and mentions several factors an analyst must consider. The least likely factor that would be a source of differences in valuing Thunder compared with valuing a publicly traded company is:

选项:

A.

access to public debt markets   

B.

agency problems   

C.

the size of the company   

解释:

B is correct. The size of Thunder and its probable lack of access to public debt markets are potential factors affecting the valuation of Thunder compared with a public company. Given that the separation of ownership and control at Thunder is similar to that at public companies, however, agency problems are not a distinguishing factor in its valuation.   

为甚么没有代理人问题?

1 个答案

maggie_品职助教 · 2019年12月09日


这道题问的是:哪个选项不会造成上市公司和非上市公司上产生差异。注意这个“difference”指的是估值的差异。

A所处生命周期不同,估计未来的增长率就不一样,所以估值会产生差异

B代理问题,不管是上市公司还是非上市公司同样存在代理问题,它对估值带来的影响比较小

C流动性问题,非上市公司没有二级市场交易,因此会对估值产生影响。



Yuyu · 2020年10月29日

C不是说 公司大小,怎么和流动性挂钩?

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