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jaydengu · 2019年05月23日

Alternative-Buyout

题干 :



At the start of the meeting, Riley states that he is unfamiliar with private equity and would like to understand some of the basic attributes of buyout funds and venture capital investments.

  • Jenkins says, “Buyout funds typically invest in companies with stable cash flows and high working capital requirements. Furthermore, buyout funds acquire most portfolio companies through proprietary transactions with entrepreneurs.”
  • Childress adds, “Venture capital investments are primarily funded with equity rather than debt. Risk assessment can be difficult, and the target companies exhibit low cash burn rates.”


问题:



Q. Which of Jenkins’s descriptions of the attributes of buyout funds is most likely correct?

  1. Her description of the method of acquisition
  2. Her description of working capital requirements
  3. Her description of cash flows


解释中提到



buyout funds typically invest in companies with low working capital requirements

这是为什么那,被buyout fund 投资的公司往往应该有 high working capital requirements,原因是需要有钱去还债吖,为什么我的理解与答案相反?




1 个答案

韩韩_品职助教 · 2019年05月23日

同学你好,这里主要对比的是公司运营的working capital, 成熟的被buyout fund收购的公司,业务已经比较稳定了,对发展业务需要的营运资金其实并不是特别大量了,而且公司已经产生销售收入,有的可以盈利了,所以也能够把这些盈利用于业务扩展。而venture capital公司,一般都是非常早期的,为了扩展客户和市场需要大量的资金,比如小黄车,比如didi,他们在前期需要大量的资金支出来支撑公司。

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