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徐威廉 · 2020年06月03日

问一道题:NO.PZ2018103102000155 [ CFA II ]

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. 


看了老师之前的解析,还是无法区分investment value(投资者有特殊目的,本题是投资者在目标公司还没有上市前买入并且期望它上市套利)和 intrinsic value的区别
2 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年06月04日

同学你好,

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)。这个问题在基础班李老师讲得分厂清楚,希望同学能够听完课再做题,这样更有效率。

2、intrinsic value是股票的内在价值。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。

3、investment value是指投资人预计未来投资企业之后,能够带来协同效应,这些投资人对于未来企业盈利的预期和一般的buyer不同。

FrankSun · 2021年09月02日

老师,2022年这个知识点是不是已经删除了?讲义上为什么找不到?谢谢

赛琳酱 · 2021年12月16日

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