兼并收购概念理论之四：特殊估值案例课后测验100分

1、证券从业后续培训：兼并收购概念理论之四：特殊估值案例课后测验100 分单选题1 . When you value an oil and gas exploration and development concern,what is the most importantratio （当您给石油和天然气勘探开发企业估值时，最重要的比率是什么）?A.Equity value/net earnings（股票价值/ 净收益）B.Enterprise value/EBITDA（企业价值/ EBITDA）C.Adjusted enterprise value/oil reserves（调整后的企业价值/ 石

2、油储备）D.Free flow cash/oil reserves（自由流动现金/ 石油储备）E.Enterprise value/free flow cash（企业价值/ 自由流动现金）2 . A common problem with valuing emerging market (EM) companies is（新兴市场 EM 公司估值的常见问题是）:A.The typical EM lacks quality public comparables with the subject firm （典型的新兴市场缺乏优质的可比上市公司）B.The DCF discount rates i

3、s highly subjective（DCF 贴现率非常主观）C.The deals are bought in US$when the targets have local currency revenue（当目标业务收入为当地货币时，而交易以美元购买）D.Private equity is lacking, so LBO approach is invalid（私募股权缺乏，因此杠杆收购方式无效）3 . What is true about Mergers and Acquisitions targets that lose moneyon an operatingbasis( 兼并和收

4、购目标在运营上亏损的，以下哪个是正确的说法 )?A.The targets are generally poor candidates for Mergers and Acquisitions( 目标通常是不佳的兼并和收购候选人 )B.The buyer is taking a very high degree of financial risk, relative to a normal deal( 与正常交易相比，买方承担了非常高的财务风险 )C.They are usually acquired by private equity firms(它们通常由私募股权公司收购 )D.The a

5、cquisition prices might have a 40% discount from those ofprofitable targets( 收购价格可能比那些盈利公司的价格低40)多选题1 .“Money losing” firms are frequent targets in the Mergers andAcquisitionbusiness.Whydo acquirersseek “money losers ”（“亏损”的公司在兼并和收购业务中是频繁的目标。为什么收购者寻求“亏损”公司）?A.Acquirers think they can“fix” the money

6、losers problems（收购者认为他们可以“解决”亏损公司的问题）B.Money losers sell“ at a discount” to value multiples of profitablefirms（亏损公司以相对于盈利公司“折扣”的形式出售）C.Money losers provide sizeable tax benefits for the buyer(亏损公司为买方提供可观的税收优惠)D.All the above three options are correct(以上三种选择都是正确的)判断题1 . A common problem in the DCF valuation of high tech firms is usingtoo-high discount rates.(高科技企业的DCF 估值中的一个常见问题是使用过高的贴现率。 ) ( 错)补充1 . What is an example of an industry-specific value ratio