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

K · 2023年03月22日

选对了,但还是不太确定理解得对不对

NO.PZ2018111302000070

问题如下:

An investor asks the analyst to explain how a buyout fund can create value. The analyst responds:

“Private equity funds primarily finance their acquisition of portfolio companies with equity. When they do access credit markets, they do so on less favorable terms than comparable public companies, but they can usually offset their relatively higher borrowing costs by re-engineering the underlying portfolio companies to improve their overall profitability.”

Which of the analyst’s statements regarding value creation by private equity funds is most accurate?

选项:

A.

The statement regarding corporate re-engineering

B.

The statement regarding credit market terms

C.

The statement regarding method of financing

解释:

A is correct. Private equity funds increase value by taking on high levels of debt on favorable terms. They are able to offset their borrowing costs by superior reorganization and re-engineering capabilities.

B is incorrect. Private equity funds obtain favorable terms from credit markets based on their reorganization skills which lead to value enhancement.

C is incorrect. Private equity funds increase value by taking on high levels of debt on favorable terms, rather than equity.

Re engineer没问题,a better alignment 也没问题


2 the ability to access credit markets on favorable terms 这里指的是PE可以比他投资的公司拿到更优惠的贷款的意思是么?题目讲的是PE比public company融资成本高,风马牛不相及,所以B不对?

1 个答案

Lucky_品职助教 · 2023年03月25日

嗨,努力学习的PZer你好:


这个是PE公司(是站在PE公司的角度,而不是看被投资公司)三个创造Value的知识点:1) the ability to re-engineer the private firm to generate superior returns, 2) the ability to access credit markets on favorable terms, and 3) a better alignment of interests between private equity firm owners and the managers of the firms they control.

第一点和第三点都比较好理解,主要是第二点理解有点难。

第一点是说一些好的PE公司可以帮助公司一起成长,从而使得PE公司也能从中获得巨大的return。

第二点主要针对于buyout, 因为buyout一般都是借债收购,所以如果PE公司能拿到比较优惠的债务条件的话,那么会增加PE公司的收益。Buyout PE公司既可以做股权融资,也可以做债权融资,如果债权融资的成本更低的话,那么对于PE公司来讲,对于投资项目在相同最低要求收益率的情况下,PE公司的收益的空间会更大,简单看的话PE的利润 = portfolio company return - funding cost, 如果债权的funding cost很优惠,那么PE的利润也就越高。所以PE公司会在比较债权融资成本和股权融资成本之后,当债权融资成本更低的时候来进行外部融资。一般portfolio company return通过re-engineer/reorganization也就是经营都会比较高,所以是完全可以覆盖债务成本的。

第三点是说,PE公司和公司管理层之间设置好控制机制,这样可以保证PE公司的权利和收益。

----------------------------------------------
努力的时光都是限量版,加油!

  • 1

    回答
  • 1

    关注
  • 305

    浏览
相关问题

NO.PZ2018111302000070 问题如下 investor asks the analyst to explain how a buyout funccreate value. The analyst respon:“Private equity fun primarily finantheir acquisition of portfolio companies with equity. When they access cret markets, they so on less favorable terms thcomparable public companies, but they cusually offset their relatively higher borrowing costs re-engineering the unrlying portfolio companies to improve their overall profitability.”Whiof the analyst’s statements regarng value creation private equity fun is most accurate? A.The statement regarng corporate re-engineering B.The statement regarng cret market terms C.The statement regarng methoof financing A is correct. Private equity fun increase value taking on high levels of on favorable terms. They are able to offset their borrowing costs superior reorganization anre-engineering capabilities.B is incorrect. Private equity fun obtain favorable terms from cret markets baseon their reorganization skills whileto value enhancement.C is incorrect. Private equity fun increase value taking on high levels of on favorable terms, rather thequity. “ When they access cret markets, they so on less favorable terms thcomparable public companies...\"其他答案我也看了,还是没能理解这句话。我的理解是: “他们在信贷市场这么做(指上一句收购with equity),和同类型竞争公司对比,是不太有利的” 请问我上面翻译对吗?

2023-08-08 18:56 2 · 回答

NO.PZ2018111302000070 问题如下 investor asks the analyst to explain how a buyout funccreate value. The analyst respon:“Private equity fun primarily finantheir acquisition of portfolio companies with equity. When they access cret markets, they so on less favorable terms thcomparable public companies, but they cusually offset their relatively higher borrowing costs re-engineering the unrlying portfolio companies to improve their overall profitability.”Whiof the analyst’s statements regarng value creation private equity fun is most accurate? A.The statement regarng corporate re-engineering B.The statement regarng cret market terms C.The statement regarng methoof financing A is correct. Private equity fun increase value taking on high levels of on favorable terms. They are able to offset their borrowing costs superior reorganization anre-engineering capabilities.B is incorrect. Private equity fun obtain favorable terms from cret markets baseon their reorganization skills whileto value enhancement.C is incorrect. Private equity fun increase value taking on high levels of on favorable terms, rather thequity. 请问“ Private equity fun increase value taking on high levels of on favorable terms. They are able to offset their borrowing costs superior reorganization anre-engineering capabilities.”这句话应该怎样理解?PE基金通过承担债务来增加价值吗?然后通过对所投资公司的业务重组来抵消借款成本?是这样吗?

2023-07-08 10:17 1 · 回答

NO.PZ2018111302000070 问题如下 investor asks the analyst to explain how a buyout funccreate value. The analyst respon:“Private equity fun primarily finantheir acquisition of portfolio companies with equity. When they access cret markets, they so on less favorable terms thcomparable public companies, but they cusually offset their relatively higher borrowing costs re-engineering the unrlying portfolio companies to improve their overall profitability.”Whiof the analyst’s statements regarng value creation private equity fun is most accurate? A.The statement regarng corporate re-engineering B.The statement regarng cret market terms C.The statement regarng methoof financing A is correct. Private equity fun increase value taking on high levels of on favorable terms. They are able to offset their borrowing costs superior reorganization anre-engineering capabilities.B is incorrect. Private equity fun obtain favorable terms from cret markets baseon their reorganization skills whileto value enhancement.C is incorrect. Private equity fun increase value taking on high levels of on favorable terms, rather thequity. 课程中说value creation有3条,一个是re-engineer 是说能重新驱动公司业务增长,人员架构;一个是obtain ,说的是通过bt降低融资成本,另一个是alignment of interest说的是PE和公司对股权目标更一致做大做强。题中说的是能降低融资成本,所以为什么不是B或者C

2023-06-29 16:46 1 · 回答

NO.PZ2018111302000070 问题如下 investor asks the analyst to explain how a buyout funccreate value. The analyst respon:“Private equity fun primarily finantheir acquisition of portfolio companies with equity. When they access cret markets, they so on less favorable terms thcomparable public companies, but they cusually offset their relatively higher borrowing costs re-engineering the unrlying portfolio companies to improve their overall profitability.”Whiof the analyst’s statements regarng value creation private equity fun is most accurate? A.The statement regarng corporate re-engineering B.The statement regarng cret market terms C.The statement regarng methoof financing A is correct. Private equity fun increase value taking on high levels of on favorable terms. They are able to offset their borrowing costs superior reorganization anre-engineering capabilities.B is incorrect. Private equity fun obtain favorable terms from cret markets baseon their reorganization skills whileto value enhancement.C is incorrect. Private equity fun increase value taking on high levels of on favorable terms, rather thequity. 虽然老师了,但还是没看懂为什么选择A,不选择B CPE借款成本不就是很高吗?

2023-03-19 18:50 1 · 回答