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好好学习向前进 · 2023年06月26日

state1为什么不加上控股权溢价呢

  1. CFA II
  2. Equity

* 问题详情，请 查看题干

NO.PZ201512300100001305

问题如下：

4. Regarding the two statements about discount rate estimates, Chin is:

选项：

A.

correct with respect to adding the small stock premium and correct with respect to the weighted average cost of capital.

B.

correct with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

C.

incorrect with respect to adding the small stock premium and incorrect with respect to the weighted average cost of capital.

解释：

C is correct.

Both statements by Chin are incorrect. If the CAPM is used with public companies with similar operations and similar revenue size, as stated, then the calculation likely captures the small stock premium and should not be added to the estimate. Small stock premiums are associated with build-up models and the expanded CAPM, rather than the CAPM per se. The correct weighted average cost of capital should reflect the risk of Thunder’s cash flows not the risk of the acquirer’s cash flows.

题目里说是收购thunder的股权，但是public应该没有control premium，这里为什么不因为控股权多给溢价呢？

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2 个答案

王园圆_品职助教 · 2023年06月26日

不客气，同学加油！

王园圆_品职助教 · 2023年06月26日

同学你好，首先，控制权溢价这个概念是在乘数法里面才出现的——目的是将一般上市公司的乘数（如P/E，P/S 等）通过放大一定的比例体现控制权溢价

在要求回报率的估计里面，讲义上是从来没有涉及过任何关于控制权溢价相关概念的东西的,这里要注意将两块知识点做区分（要求回报率怎么加控制权溢价？加一个数使得Re变小从而可以使公司得估值变大？讲义上从来没有这样得描述哦）

在Re的估计里，只涉及小公司大公司的区分，但是就像解析说的，因为题目已经表示，其实Thunder的revenue size 和 operation都和这家上市公司是类似的，也就是Thunder并不比这家可比上市公司小，那就不需要在size上对CAPM model估计的Re进行进一步调整了


好好学习向前进 · 2023年06月26日

懂了，谢谢老师，说的很清楚

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2023-04-03 23:45 1 · 回答

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2023-02-08 15:06 1 · 回答

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