兼并收購概念理論之四：特殊估值案例課后測驗100分

1、證券從業(yè)后續(xù)培訓(xùn)：兼并收購概念理論之四：特殊估值案例課后測驗100 分單選題1 . When you value an oil and gas exploration and development concern,what is the most importantratio （當(dāng)您給石油和天然氣勘探開發(fā)企業(yè)估值時，最重要的比率是什么）?A.Equity value/net earnings（股票價值/ 凈收益）B.Enterprise value/EBITDA（企業(yè)價值/ EBITDA）C.Adjusted enterprise value/oil reserves（調(diào)整后的企業(yè)價值/ 石

2、油儲備）D.Free flow cash/oil reserves（自由流動現(xiàn)金/ 石油儲備）E.Enterprise value/free flow cash（企業(yè)價值/ 自由流動現(xiàn)金）2 . A common problem with valuing emerging market (EM) companies is（新興市場 EM 公司估值的常見問題是）:A.The typical EM lacks quality public comparables with the subject firm （典型的新興市場缺乏優(yōu)質(zhì)的可比上市公司）B.The DCF discount rates i

3、s highly subjective（DCF 貼現(xiàn)率非常主觀）C.The deals are bought in US$when the targets have local currency revenue（當(dāng)目標(biāo)業(yè)務(wù)收入為當(dāng)?shù)刎泿艜r，而交易以美元購買）D.Private equity is lacking, so LBO approach is invalid（私募股權(quán)缺乏，因此杠桿收購方式無效）3 . What is true about Mergers and Acquisitions targets that lose moneyon an operatingbasis( 兼并和收

4、購目標(biāo)在運營上虧損的，以下哪個是正確的說法 )?A.The targets are generally poor candidates for Mergers and Acquisitions( 目標(biāo)通常是不佳的兼并和收購候選人 )B.The buyer is taking a very high degree of financial risk, relative to a normal deal( 與正常交易相比，買方承擔(dān)了非常高的財務(wù)風(fēng)險 )C.They are usually acquired by private equity firms(它們通常由私募股權(quán)公司收購 )D.The a

5、cquisition prices might have a 40% discount from those ofprofitable targets( 收購價格可能比那些盈利公司的價格低40)多選題1 .“Money losing” firms are frequent targets in the Mergers andAcquisitionbusiness.Whydo acquirersseek “money losers ”（“虧損”的公司在兼并和收購業(yè)務(wù)中是頻繁的目標(biāo)。為什么收購者尋求“虧損”公司）?A.Acquirers think they can“fix” the money

6、losers problems（收購者認(rèn)為他們可以“解決”虧損公司的問題）B.Money losers sell“ at a discount” to value multiples of profitablefirms（虧損公司以相對于盈利公司“折扣”的形式出售）C.Money losers provide sizeable tax benefits for the buyer(虧損公司為買方提供可觀的稅收優(yōu)惠)D.All the above three options are correct(以上三種選擇都是正確的)判斷題1 . A common problem in the DCF valuation of high tech firms is usingtoo-high discount rates.(高科技企業(yè)的DCF 估值中的一個常見問題是使用過高的貼現(xiàn)率。 ) ( 錯)補充1 . What is an example of an industry-specific value ratio