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[主观题]

Private equity funds often pay less than operating companies for similar acquisitions.

Why？类似的收购，私募股权基金通常比运营公司支付更少。为什么？()

A、ThePEfundhasfewersynergies私募股权基金的协同效应较少

B、ThePEfundhasagencyproblems私募股权基金存在代理问题

C、ThePEfundisoverlydependentondebtfinance私募股权基金过度依赖债务融资

D、ThePEfundismoreriskaverse私募股权基金更加厌恶风险

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发布时间：2022-10-07

更多“Private equity funds often pay less than operating companies for similar acquisitions.”相关的问题

第1题

Yuan, CFA, is a portfolio manager works for Golden Finance. Alex Muller is one of Yuan’s c

lients. They have not been in contact for more than three years. Recently, Alex suddenly called Yuan and said that he made a lot of money and wanted to invest in some high-risk and high-yield investment products. Yuan immediately recommended and invested in some private equity funds. As usual, Yuan also prepared the list of these funds, the details of the proceeds, and sent them to Alex monthly. Did Yuan most likely violate the CFA Institute Code of Ethics and Standards of Professional Conduct？

A.Yes, he violated for investing private equity funds.

B.Yes, he violated for the details of proceeds.

C.No.

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第2题

The marketing push of leveraged-buyout-oriented private equity funds is principally：()。(杠杆收购型私募股权基金的营销推动主要是)

A.Lower volatility in returns than public stock markets(回报的波动性低于公共股票市场)

B.Higher returns than public stock markets(回报高于公共股票市场)

C.Lower fee structure than public equity managers(费用结构比公共股票管理者低)

D.Better returns than 60 stock/40 bond mix used by many institutions(比许多机构使用的60%股/40%债券组合有更好的回报)

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第3题

Tinep Co is planning to raise funds for an expansion of existing business activities and i

n preparation for this the company has decided to calculate its weighted average cost of capital. Tinep Co has the following capital structure:

The ordinary shares of Tinep Co have a nominal value of 50 cents per share and are currently trading on the stock market on an ex dividend basis at $5·85 per share. Tinep Co has an equity beta of 1·15.

The loan notes have a nominal value of $100 and are currently trading on the stock market on an ex interest basis at $103·50 per loan note. The interest on the loan notes is 6% per year before tax and they will be redeemed in six years’ time at a 6% premium to their nominal value.

The risk-free rate of return is 4% per year and the equity risk premium is 6% per year. Tinep Co pays corporation tax at an annual rate of 25% per year.

Required:

(a) Calculate the market value weighted average cost of capital and the book value weighted average cost of capital of Tinep Co, and comment briefly on any difference between the two values. (9 marks)

(b) Discuss the factors to be considered by Tinep Co in choosing to raise funds via a rights issue. (6 marks)

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第4题

Financial management consists of those activities that are concerned with obtaining mo

ney and using it effectively. Short-term financing is money that will be used for one year or less. Although there are many short-term needs, cash flow and inventory are two problems that deserve special attention. Long-term financing is money that will be used for more than one year. Such financing may be required for starting a business, expansion, new-product development, or replacement of production facilities. Proper financial management can ensure that money is available when it is needed and that it is used efficiently, in keeping with organizational goals.

A financial plan begins with the organization's goals and objectives. Next these goals and objectives are "translated" into budgets that detail expected income and expenses. From these budgets, which may be combined into an overall cash budget, the financial manager determines what funding will be needed and where it may be obtained. The four principal sources of financing are sales revenue, equity capital (derived from the sale of common and preferred stock) , debt capital, and proceeds from the sale of assets. Once the needed funds have been obtained, the financial manager is responsible for ensuring that they are properly used. This is accomplished through a system of monitoring and evaluating the firm's financial activities.

Most short-term financing is unsecured. That is, no collateral is required. Sources of unsecured short-term financing include trade credit, promissory notes issued to suppliers, unsecured bank loans, commercial paper, and commercial drafts. Sources of secured short-term financing include loans secured by inventory or accounts receivable. It is also

possible to sell receivables to factors. Trade credit is the least expensive source of short-term financing; there is no interest charge. The cost of financing through other sources generally depends on the source and on the credit rating of the firm that requires the financing. Factoring is generally the most expensive approach.

21. Financial management consists of those activities that are concerned with obtaining money and using it effectively.

22. Short-term financing and the long-term financing is the same.

23. A financial plan begins with the organization's plan.

24. The four principal sources of financing are sales revenue, equity, debt capital and financial plans.

25. Trade credit is the most expensive source of short-term financing.

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第5题

Much of a parent's job is to provide the gifts of caring, love, and emotional support to c

hildren. But one gift is often beyond their reach: the resources to meet the financial demands of college tuition.

For more than 54 years, the United Negro College Fund has fulfilled the dreams of deserving students by closing the gap between the cost of college and what their parents can afford. More than 300,000 students have graduated from United Negro College Fund member colleges since 1944, and 54,000 more are currently enrolled.

The oldest and most successful minority higher education support organization, the United Negro College Fund, is a combination of 39 private, historically black member colleges and universities. Since its founding, it has raised more than $1.3 billion to keep the dream alive for needy families across the country.

What is it that makes the United Negro College Fund so important to America's families ？ As well as raising funds and giving technical support to member colleges and universities, it creates hope and opportunity by providing financial assistance to deserving students. Consider the contributions of just a few of the distinguished graduates who have realized the benefits: civil rights activist Dr. Martin Luther King; Olympic track star Edwin Moses; and filmmaker Spike Lee.

Most of parents fell embarrassed when their children graduate from high school because they can't ______.

A．afford their children's college tuition

B．offer their children emotional support

C．look after their children

D．give them gifts on their birthdays

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第6题

There are more than 40 universities in Britain—nearly twice as many as in 1960. During 196

0s eight completely new ones more founded, and ten other new ones were created【61】converting old colleges of technology into universities. In the same period the【62】of students more than doubled, from 70000 to【63】than 200000. By 1973 about 10% of men aged from eighteen【64】twenty one were in universities and about 5% of women.

All the universities are private institutions. Each has its【65】governing councils,【66】some local businessmen and local politicians as【67】as a few academics(大学教师).The state began to give grants to them fifty years【68】, and by 1970 each university derived nearly all its【69】from state grants. Students have to【70】fees and living costs, but every student may receive from the local authority of the place【71】he lives a personal grant which is enough to pay his full costs, including lodging and【72】unless his parents are【73】. Most【74】take jobs in the summer【75】about six weeks, but they do not normally do outside【76】during the academic years. The Department of Education takes【77】for the payments which cover the whole expenditure of the【78】, but it does not exercise direct control. It can have an important influence【79】new developments through its power to distribute funds, but it takes the advice of the University Grants Committee, a body which mainly【80】of academics.

(61)

A．with

B．by

C．at

D．into

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第7题

As long as her parents can remember, 13-year-old Katie Hart has been talking about going t

o college. Her mother, Tally, a financial-aid officer at an Ohio university, knows all too well the daunting calculus of paying for a college education. Last year the average yearly tuition at a private, four-year school climbed 5.5 percent to more than $ 17, 000. The Harts have started saving, and figure they can afford a public university without a problem. But what if Katie applies to Princeton (she's threatening), where one year's tuition, room and board--almost $ 34, 000 in 2002--will cost more than some luxury cars？ Even a number cruncher like Tally admits it's a little scary, especially since she'll retire and Katie will go to college at around the same time. Paying for college has always been a humbling endeavor. The good news: last year students collected $ 74 billion in financial aid, the most ever. Most families pay less than full freight. Sixty percent of public-university students and three quarters of those at private colleges receive some form. of financial aid--mostly, these days, in the form. of loans. But those numbers are not as encouraging as they appear for lower-income families, because schools are changing their formulas for distributing aid. Eager to boost their magazine rankings, which are based in part on the test scores of entering freshmen, they're throwing more aid at smarter kids--whether they need it or not.

The best way to prepare is to start saving early. A new law passed last year makes that easier for some families. So-called 529 plans allow parents to sock away funds in federal-tax-free-investment, accounts, as long as the money is used for "qualified education expenses" like tuition, room and board. The plans aren't for everyone. For tax reasons, some lower and middle-income families may be better off choosing other investments. But saving is vital.

Aid packages usually come in some combination of grants, loans and jobs. These days 60 percent of all aid comes in the form. of low-interest loans. All students are eligible for "unsubsidized" federal Stafford loans, which let them defer interest payments until after graduation. Students who can demonstrate need can also qualify for federal Perkins loans or "subsidized" Staffords, where the government pays the interest during school.

Traditional scholarships, academic or athletic, are still a part of many families' planning. Mack Reiter, a 17-year-old national wrestling champion, gets so many recruiting letters he throws most away. He'll almost certainly get a free ride. Without it, "we would really be in a bind," says his mother, Janet. For everyone else,it's worth the effort to pick through local and national scholarship offerings, which can be found on Web sites like collegeboard, com.

What does the author intend to illustrate with the example of the Harts？

A．The difficulty of paying the tuition.

B．The increasing tuition in the university.

C．The far-sight of the parents.

D．The promising future of Katie.

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第8题

According to equity theory, a person who earns $50,000 will be less satisfied with the

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第9题

How is treasury stock shown on the balance sheet？（)

A.as an asset