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FionaFang · 2024年03月26日

麻烦老师解释一下这道题的答案为什么只有DLOC,感觉题干给的条件并不清晰,他到底是跟谁比只考虑DLOC?

NO.PZ2023123001000017

问题如下:

The management of Starbeam LLC, a private company owned solely by its managers, is seeking to raise funds by selling an equity stake in the company while maintaining control. A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company. Which type(s) of premiums and/or discounts would most likely be applied to the recent valuation in valuing the proposed equity stake?

选项:

A.

Control premium and DLOM

B.

DLOC

C.

DLOC and DLOM

解释:

B is Correct. The recent valuation would have reflected a control premium because of management’s controlling position and a DLOM because Starbeam is a private company, thus A would only be correct for the recent valuation, rather than the valuation of the proposed stake. C would not be correct because the DLOM would already have been applied in estimating the recent valuation. Thus, the proposed, non-controlling stake would only need a DLOC.

麻烦老师解释一下这道题的答案为什么只有DLOC,感觉题干给的条件并不清晰,他到底是跟谁比只考虑DLOC?

1 个答案

王园圆_品职助教 · 2024年03月26日

同学你好,题目重点是这句话:“A private valuation expert recently estimated Starbeam’s company value based on its current status as a 100% management-owned company.”也就是这个估值专家本身就是一个非上市公司的估值专家,专家对Starbeam 这家非上市公司已经估了一个初步的值了(那这个非上市公司的估值肯定已经包含了DLOM了),只是这个估值是基于100%控股来估计的,

但是题目第一句说,“by selling an equity stake in the company while maintaining control.”也就是这次卖出的这部分股权其实没有控股权,那就需要考虑由于缺乏控股权所导致的估值折扣也就是DLOC


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