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wenxing · 2023年03月08日

请问这道题是什么意思?为啥这样做?

* 问题详情,请 查看题干

NO.PZ202210140300000205

问题如下:

Stratton’s estimated conglomerate discount just prior to the announcement is:

选项:

A.

–USD17 billion

B.

USD0

C.

USD17 billion

解释:

C is correct. The estimated conglomerate discount just prior to the announcement is calculated as follows: Total estimated enterprise value from sum-of-the-parts valuation – Current trading enterprise value = USD187 billion – USD170 billion = USD17 billion.

A is incorrect because it incorrectly subtracts the estimated enterprise value from the current trading enterprise value.

B is incorrect because the estimated and current trading enterprise values are not equal.

!!!!!如题!!!!!!!看,!!

1 个答案

王琛_品职助教 · 2023年03月09日

嗨,爱思考的PZer你好:


1

这道题是直来直去的考查 conglomerate discount 的定义

就是说一个集团有多个子公司,结果子公司单独的估值加起来,反而比整个集团的估值还高

差异就是 conglomerate discount

请参考基础班讲义墨迹版 P198

2

对应到本题,子公司单独估值之和为 187

集团估值为 170

所以 conglomerate discount 为 187 - 170 = 17

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