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HG · 2020年04月19日

问一道题:NO.PZ2018103102000156

问题如下:

Alan Chin, the chief executive officer of Thunder Corporation, has asked his chief fInancial ofcer, 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 company’s senior management has been in charge of the company’s operations for most of the past 15 years and expects to remain in that capacity after any sale . Chin asks Ebinosa whether there will be differences in the process of valuing a private company like Thunder compared with a public company. Ebinosa replies that differences do exist and mentions several factors an analyst must consider. The least likely factor that would be a source of differences in valuing Thunder compared with valuing a publicly traded company is:

选项:

A.

access to public debt markets   

B.

agency problems   

C.

the size of the company   

解释:

B is correct. The size of Thunder and its probable lack of access to public debt markets are potential factors affecting the valuation of Thunder compared with a public company. Given that the separation of ownership and control at Thunder is similar to that at public companies, however, agency problems are not a distinguishing factor in its valuation.   

这道题说thunder的管理层都是自己人不是吗?那么不应该存在agent problem了啊,但是上市公司会存在比较严重的代理人问题啊,那么B就是对的啊。。。?

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已采纳答案

我叫仙人涨 · 2020年04月19日



. Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company.
后半句说,他们都不在公司任职。后面也说了senior mgm保留职位。就是换股东,不换管理者。agency problem还在。

HG · 2020年04月19日

审错题了。。。

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