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the expected to have the very big disparity, clinch a deal the price is not fair; Again, the stock price is often change, people don't know which one is fair.
The examples, three single multiple-choice 】 value if lower than a minority stake a controlling stake value that controlling stake premium ().
A. greater than 0
B. less than 0
C. does not exist
D. greater than the liquidation value
【 the answer 】 A
The analytical 】 controlling stake value and a few the difference between the value of equity premium called a controlling interest, it is due to the increase of the value change a controlling interest. Controlling stake premium = V (new)-V (current).
The examination site three 】 the judgment enterprise in a stable state of main mark
The examples, 4 multiple-choice 】 in the assessment of enterprise value, the judgment enterprise in a stable state of main mark have ().
A. cash flow is A constant
B. investment is zero
C. have stable sales growth, it is approximately equal to the name of the macro economic growth rate
D. enterprise has the stable investment return on capital, and capital costs close to it
【 the answer 】 CD
The analytical 】 the judgment enterprise in a stable state of main mark is: (1) has the stable sales growth, it is approximately equal to the name of the macro economic growth rate; (2) enterprise has the stable investment return on capital, and capital costs close to it.
The examination site four 】 the determination of cash flow
Net investment in the calculation of main body deduct method of cash flow shorthand:
Among them:
The examples, individual choice question 5 】 some enterprise this year's long-term net financial liability for 8.3 million yuan, short-term net financial liability for 4.5 million yuan, this year's total interest on the loan for 1.055 million yuan, the expected future annual long-term financial liability for 9.8 million yuan net, short-term net financial liability for 3.6 million yuan, the year is expected to total interest on the loan for 1.16 million yuan, if the enterprise the applicable tax rate is 25%, the annual cash flow is expected to creditors for () ten thousand yuan.
A. 116
B. 49
C. 27
D.-52.65
【 the answer 】 C
The analytical 】 creditors' cash flow after taxes-net debt interest = net increase
= 116 x (1-25%)-(980 + 360-830 450-= 27 (ten thousand)
The examples, individual choice question 6 】 the following about the assessment of enterprise value discount cash flow statement of the law, the right is ().
A. prediction base should be the real data of the previous year, can't the adjustment
B. forecast is to show enterprise growth instability period, usually in 10 years
C. entity cash flow should equal the financing cash flow
D. the renewal of cash flow after the higher growth rate, the greater the enterprise value
【 the answer 】 C
The analytical 】 the passage mainly examine point is about enterprise value appraisal discounter-cash-flow method of related content. In the assessment of enterprise value of the cash flow of the discount method, the prediction of the base has two sure ways: one kind is last year's actual data, and the other is the revised up data, which can be up to the real data of the adjustment. Forecast is to show enterprise growth instability period, usually in 5 to 7 years between, entity cash flow (from enterprise perspective) should equal the financing cash flow (from investors