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manman · 2023年01月25日

fair value与intrinsic value有啥区别

  1. CFA II
  2. Equity

NO.PZ2018103102000155

问题如下：

Alan Chin, the CEO of Thunder Corporation, has asked his CFO, 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 partnership has expectations about Thunder similar to the current shareholders and management of Thunder. These investors expect to hold Thunder for an intermediate period of time and then bring the company public when market conditions are more favorable than currently. Chin is concerned about what definition of value should be used when analyzing Thunder. Given Chin’s concerns, the most appropriate defnition of value for Tunder is:   

选项：

A.

intrinsic value   

B.

investment value   

C.

fair market value   

解释：

A is correct. Both the current shareholders and the future shareholders (the private investment group) share the same expectations. It is most reasonable to assume that both are concerned with Thunder’s intrinsic value, which market prices should reflect when the company is brought public under less volatile market conditions. 


fair value与intrinsic value有啥区别，为啥不选C

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1 个答案

王园圆_品职助教 · 2023年01月26日

嗨，爱思考的PZer你好：


同学你好，fair value是市场给某个资产的定价，是由市场的供求关系决定的，类似于股票当下的市场价格

而intrinsic value是分析师透过分析资产未来能够产生的现金流之后，计算出来的资产的潜在价值，也就是我们通过GGM，FCFF等模型计算出来的股票价值

这两者是不一样的

并且，本题是对一家非上市公司进行价值评估，既然没有上市，就几乎不可能有fair market value的存在，所以只有A正确

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