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jjj198918 · 2020年01月29日

问一道题:NO.PZ2018103102000155

问题如下:

Alan Chin, the CEO of Thunder Corporation, has asked his CFO, Constance Ebinosa, to prepare a valuation of Thunder for the purpose of selling the company to a private investment partnership. Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company. The partnership has expectations about Thunder similar to the current shareholders and management of Thunder. These investors expect to hold Thunder for an intermediate period of time and then bring the company public when market conditions are more favorable than currently. Chin is concerned about what definition of value should be used when analyzing Thunder. Given Chin’s concerns, the most appropriate defnition of value for Tunder is:   

选项:

A.

intrinsic value   

B.

investment value   

C.

fair market value   

解释:

A is correct. Both the current shareholders and the future shareholders (the private investment group) share the same expectations. It is most reasonable to assume that both are concerned with Thunder’s intrinsic value, which market prices should reflect when the company is brought public under less volatile market conditions. 


请问为什么不选 investment value? 谢谢。

1 个答案
已采纳答案

maggie_品职助教 · 2020年02月06日

1、这道题是咱们基础班讲义的例题,可以去听一下(讲义330页)

2、投资价值是指资产对于具有明确投资目标的特定投资者或某一类投资者所具有的价值。投资者对持有某一资产的目的(投资回报和预期)不同,那么该资产在投资者眼里的价值就不同。打个比方,买瓷器古董物件,对于古玩爱好者和普通大众对于它的价格理解就不同,古玩爱好者可能觉得他有收藏价值,但在我们普通人眼里不就是一个碗一个瓶子吗,这说的就是投资价值。

3、对于这道题来说,作为非上市公司的投资者,它选择在没上市之前就进入的目的就是看好这家公司未来发展潜力,等到公司上市后可以套现。公司未来上市的价格体现的是股票的内在价值。

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