开发者:上海品职教育科技有限公司 隐私政策详情

应用版本:4.2.11(IOS)|3.2.5(安卓)APP下载

ZF Everyday · 2023年03月04日

为什么优先股要用复利计算?

NO.PZ2018111302000053

问题如下:

An buyout PE fund plans to invest in Company B’s all preference shares and 70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in debt, $2.8 million in preference shares and $0.7 million in common equity. The expected exit value in five years is $15 million, with an estimated reduction in debt of $2.5 million and 15% annual return on preference shares. The multiple of expected proceeds at exit to invested funds is closest to:

选项:

A.

2.73x.

B.

2.85x.

C.

2.96x.

解释:

B is correct.

考点:PE退出倍数计算

解析:初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29

退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39

退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B选项正确

其中:

退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63

退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37

如题

2 个答案
已采纳答案

Lucky_品职助教 · 2023年03月09日

嗨,努力学习的PZer你好:


优先股大部分时候是每年支付,但累积优先股就可以不是每年支付股息。累积优先股是指公司在某一时期所获盈利不足, 导致当年可分配利润不足以支付优先股股息时,则将应付股息累积到次年或以后某一年盈利时, 在普通股的股息发放之前, 连同本年优先股股息一并发放。

本题是想看整个投资的收益,所以把机会成本算进去了,假设优先股股息每年都再投了

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

Lucky_品职助教 · 2023年03月08日

嗨,从没放弃的小努力你好:


优先股类似债券,每年15%的利息加上本金,下一年依然是15%的利息,因此要用复利。

----------------------------------------------
加油吧,让我们一起遇见更好的自己!

ZF Everyday · 2023年03月09日

优先股的股利不是每年直接分配给优先股的股东了吗?这部分股利没有直接在反投吧?他就说仅仅是考虑他的机会成本所以需要考虑复利

  • 2

    回答
  • 0

    关注
  • 315

    浏览
相关问题

NO.PZ2018111302000053问题如下 buyout PE funplans to invest in Company B’s all preferenshares an70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in bt, $2.8 million in preferenshares an$0.7 million in common equity. The expecteexit value in five years is $15 million, with estimaterection in of $2.5 million an15% annureturn on preferenshares. The multiple of expecteprocee exit to investefun is closest to: 2.73x. 2.85x. 2.96x. B is correct. 考点PE退出倍数计算解析初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B正确其中退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37 退出倍数和ROI 如题!两者什么关系?

2023-10-17 23:33 1 · 回答

NO.PZ2018111302000053问题如下 buyout PE funplans to invest in Company B’s all preferenshares an70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in bt, $2.8 million in preferenshares an$0.7 million in common equity. The expecteexit value in five years is $15 million, with estimaterection in of $2.5 million an15% annureturn on preferenshares. The multiple of expecteprocee exit to investefun is closest to: 2.73x. 2.85x. 2.96x. B is correct. 考点PE退出倍数计算解析初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B正确其中退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37 无法理解分子分母含义,请红色疑问及提示绿色部分理解错误的点

2023-10-17 23:27 1 · 回答

NO.PZ2018111302000053 问题如下 buyout PE funplans to invest in Company B’s all preferenshares an70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in bt, $2.8 million in preferenshares an$0.7 million in common equity. The expecteexit value in five years is $15 million, with estimaterection in of $2.5 million an15% annureturn on preferenshares. The multiple of expecteprocee exit to investefun is closest to: 2.73x. 2.85x. 2.96x. B is correct. 考点PE退出倍数计算解析初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B正确其中退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37 既然投钱进来了,在优先股和普通股中投资,难道不是能让被投资公司有更多的资本增长吗?谢谢回答

2023-08-06 03:03 1 · 回答

NO.PZ2018111302000053 问题如下 buyout PE funplans to invest in Company B’s all preferenshares an70% of the common equity. Company B’s current valuation is $10 million, consisting of $6.5 million in bt, $2.8 million in preferenshares an$0.7 million in common equity. The expecteexit value in five years is $15 million, with estimaterection in of $2.5 million an15% annureturn on preferenshares. The multiple of expecteprocee exit to investefun is closest to: 2.73x. 2.85x. 2.96x. B is correct. 考点PE退出倍数计算解析初始投资额=投资时优先股价值+70%*投资是普通股价值=$2.8 + 70%*$0.7=$3.29退出时金额=退出时优先股价值+70%*退出时普通股价值=$5.63 + 70%*$5.37=$9.39退出倍数=退出时金额/初始投资额=$9.39/$3.29=2.85x, B正确其中退出时优先股价值=投资时优先股价值*(1+收益率)^投资年限=$2.8^(1+15%)^5=$5.63退出时普通股价值=退出时公司价值-退出时优先股价值-退出时债权价值=$15-$5.63-($6.5-$2.5)=$5.37 退出时候的 liability 、preferreshare 和 common Equity怎么算的?

2023-05-06 22:38 1 · 回答