C19077S 兼并收购概念理论之三：交易定价-在发达国家的公司估值.doc

C19077S 兼并收购概念理论之三：交易定价-在发达国家的公司估值1:In the Mergers and Acquisitions business, what valuation method is considered the most useful（在兼并和收购业务中，哪种估值方法被认为是最有用的）?AA.Comparablepubliccompaniesandcomparableacquisitions（可比上市公司和可比收购）B.LeveragedBuyoutValue(LBO)（杠杆收购价值）C.ReplacementValue（重置价值）D.IntrinsicValue(DiscountedCashFlow)内在价值（贴现现金流量）2:Why are Mergers and Acquisitions professionals reluctant to use discounted cash flow (DCF) in valuation negotiations（为什么兼并和收购专业人员不愿意在估值谈判中使用贴现现金流量DCF）?BA.TheterminalvalueintheDCFcalculationistooheavilyreliantoncomparablecompanymultiples10yearsout（DCF计算中的终值太过依赖于10年后的可比公司倍数）B.Forecastsanddiscountratesaretoosubjective（预测和贴现率过于主观）C.DCFtendstolackacceptancewithlendersthatfinancedeals（为交易融资的贷款人往往不愿意接受DCF）D.DCFisthesubjectofmanyacademictextbooksthatlackcredibility（DCF是许多缺乏可信度的学术教科书的主题）3:A key problem with comparable public company multiples in valuation is（可比上市公司估值倍数的一个关键问题是）:BA.Theunderlyingfinancialdataisunaudited（基础财务数据未经审计）B.Themethodologytendstobebackward-looking,wheninvestorsneedtolookforward（当投资者需要向前看时，这种方法往往是向后看的）C.TheapproachdispenseswithcomparableMergersandAcquisitionsdeals（这种方法省去了可比的并购交易）D.Alloftheabove（以上全是）4:What is a common mistake in Mergers and Acquisitions projections(并购预测中常见的错误是什么)?BA.Nocurrencyvolatility(无货币波动)B.Noeconomicrecessions(无经济衰退)C.Nocostsynergies（无成本协同效应）D.Surplusofrevenuesynergies（过度的收入协同效应）5:If a publicly-traded company in western Europe trades at 100 Euros per share, its acquisition value should be（如果西欧上市公司以每股100欧元交易，其收购价值应为）:BA.110pershare(+10%)每股110（+10）B.130pershare(+30%)每股130（+30）C.150pershare(+50%)每股150（+50）D.200pershare(+100%)每股200（+100）6:Which value technique usually receives the most weight in Mergers and Acquisitions negotiations（在兼并和收购谈判中哪种估值技术通常受到最大的重视）?CA.DCF（贴现现金流量）B.Comparablepubliccompanies（可比上市公司）C.ComparableMergersandAcquisitionsdeals（可比兼并收购交易）D.Leveragedbuyout（杠杆收购）7:Which of the following industries should have the highest cost of equity（下列哪些行业应具有最高的权益成本）?D