问题如下:
How many statements regarding the discount rate is correct?
Statement 1: In evaluating an acquisition, the cost of capital used should be based on the target company’s capital structure and the riskiness of the target company’s cash flows.
Statement 2: Any lesser amount of information concerning a private company’s operations or business model compared with a similar public company introduces greater uncertainty into projections that may lead to a higher required rate of return.
选项:
A.None.
B.One.
C.Two.
解释:
C is correct.
考点:Discount rate estimate
解析:收购公司时,我们使用的是目标公司的资本成本,而不是收购方的资本成本。非上市公司经营信息更少,相比类似上市公司有着更高的不确定性,因而带来更高的要求回报率。所以两句话的表述都是正确的。
请问下为什么cost of capital used 要 based riskiness of cash flow ? WACC不就是考虑债和股票的比例么?