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PaisleyPPx · 2021年07月04日

老师

  1. CFA II
  2. Equity

NO.PZ2018103102000156

问题如下：

Alan Chin, the chief executive officer of Thunder Corporation, has asked his chief financial officer, 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.

老师 还是不理解为什么非上市公司应该是没有代理问题的啊？而且为什么C选项不对？

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1 个答案

韩韩_品职助教 · 2021年07月04日

嗨，爱思考的PZer你好：


同学您好：


这个题目中，关于委托代理问题请注意题目中的描述“ Thunder has been in business for 15 years and is privately owned by the original shareholders, none of whom are employed by the company”，此处题目很巧妙的告诉我们，这个公司虽然是一个非上市公司，但是他是所有权和经营权完全分离的，股东都没在公司任职，由专门的管理层经营，所以他是存在委托代理问题的。

而另外两个选项，题目中没有专门说明这个公司的规模和发债容易程度，那通常来讲，非上市公司在公司规模和能否容易发债的特点上有显著不同，通常非上市公司规模小，更难通过发债获得资金。所以做题时要注意阅读关键的信息。

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