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WINWIN8 · 2023年08月08日

请问这句话的意思

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.

When they do access credit markets, they do so on less favorable terms than comparable 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?

2 个答案
已采纳答案

Lucky_品职助教 · 2023年08月11日

嗨,爱思考的PZer你好:


把less改成more就可以。在债券市场上,buyout是占据优势的

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虽然现在很辛苦,但努力过的感觉真的很好,加油!

Lucky_品职助教 · 2023年08月09日

嗨,努力学习的PZer你好:


第二点说的是credit markets(评信用借债),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。

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加油吧,让我们一起遇见更好的自己!

WINWIN8 · 2023年08月09日

这位助教,之前我的问题还有一个答案的,怎么不见了呢呢? 那个答案是关于我这个问题的那句话的翻译。现在针对你的这个回答,我想问,这一句话 “ When they do access credit markets, they do so on less favorable terms than comparable public companies,” 是错误的,那么改为正确的应该是怎么改呢? 谢谢回答

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