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
退出时候的 liability 、preferred share 和 common Equity怎么算的？
