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矿上开花 · 2020年02月17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.   

非上市公司不一定public debt financing有困难呀

1 个答案

maggie_品职助教 · 2020年02月18日

注意这是相对来看的,非上市公司和上市公司比,通过债券融资相对困难一些。这就是原版书上的结论,建议记忆:

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