C20021S 兼并收购概念理论之五：并购财务会计与预测
1:The buyer’s cost synergies from an acquisition are reduced by the following:
收购的买方成本协同效应减少如下： A
A.AdditionaldepreciationandamortizationfromthedealA.交易的额外折旧和摊销
B.Additionalvestingcostsfromthesellerstockoptions卖方股票期权的额外归属成本
C.Additionaltaxesfromsellerassetwrite-ups卖方资产价值提高的附加税
D.Additionalcostsfromthesellermanagementnon-competitioncontracts卖方管理不竞争合同的额外费用
2:After having the audited financial statements of the Seller, how does the Buyer come up with realistic assumptions for his projection?
在获得卖方经审计的财务报表后，买方如何对其预测提出现实的假设? 添加微信查看全部答案
A.Consideron-sitemeetings考虑现场会议
B.HistoricalfinancialanalysisoftheSeller对卖方进行历史财务分析
C.EvaluatingtheSeller’sprojections评估卖方的预测
D.Synergyforecasts协同效应预测
3:A buyer acquires a target for $1 billion. The target had a tangible equity book value of $500 million. The $500 million difference will be allocated what account(s) of the Buyer?
买方以10亿美元收购了一个目标。收购目标的有形资产账面价值为5亿美元。收购价格和收购目标账面价值的差额5亿美元将分配给买方的哪个（些）会计科目? 添加微信查看全部答案
A.Netplant固定资产净值
B.Goodwill商誉
C.Capitalreserves资本公积
D.Identifiableintangibleassets可识别的无形资产
4:A seller has filed a lawsuit against a third party for patent infringement in the amount of $100 million. Various legal experts conclude the chances of success are 40% in 3 years. If the combined buyer/seller has a 12% cost of capital, what is the maximum consideration the buyer should offer the seller at closing (i.e., year 0)?
卖方已就第三方专利侵权提起诉讼，诉讼金额为1亿美元。 各种法律专家总结说，在三年后诉讼成功的机会达到40％。 如果合并后的公司有12％的资本成本，买方应在交易结束时（即第0年）向卖方提供的最高补偿是多少？ 添加微信查看全部答案
A.$14million1400万美元
B.$28million2800万美元
C.$42million4200万美元
D.$71million7100万美元
5:Prospective lenders to the buyer in an Mergers and Acquisitions deal want to see projections on what basis?
在并购交易中潜在贷方希望从买方那里看到基于什么基础的预测？ 添加微信查看全部答案
A.Combinedcompanies,onataxablecashflowbasis合并后的公司，以应税现金流为基础
B.Combinedcompanies,aftersynergiesandaccountingadjustments合并后的公司，经过协同增效和会计调整
C.Buyer,withsellerfunctioningasoperatingsubsidiary买方，卖方作为运营子公司
D.Combinedcompanies,onanetpresentvaluebasiswithsynergies合并后的公司，以协同效应的净现值为基础
6:What is the earnings-per-share (EPS) dilution in a Mergers and Acquisitions deal?
并购交易中的每股收益（EPS）稀释是多少？ B
A.Theseller’sEPSdeclineafterthetwocompaniescombine两家公司合并后，卖方的每股盈利下降
B.Thebuyer’sEPSdecreasesafterthetwocompaniescombine两家公司合并后买方的每股盈利下降
C.Thebuyer’sEPSincreasesafterthetwocompaniescombine两家公司合并后，买方的每股盈利增加
D.Overtime,MergersandAcquisitionsexpensesreducethebuyer’sEPS随着时间的推移，合并和收购费用会降低买方的每股盈利
7:Generally speaking, Mergers and Acquisitions acquirers issuing more than $100 million of new debt need to have the following on a pro forma basis:
一般而言，发行超过1亿美元新债务的并购收购方需要完成以下工作： 添加微信查看全部答案
A.Completedduediligenceontheseller完成对卖方的尽职调查
B.Aninvestmentbankertoassistwiththefinance投资银行家协助融资
C.Acreditratingonthenewdebtfromaratingagency评级机构对新债务的信用评级
D.Anequitysourcetocomplementthedebfinance一个股权融资来源，以补充债务融资
8:To reduce EPS dilution in a Mergers and Acquisitions deal, a publicly-traded company can:
为减少并购交易中的每股盈利稀释，上市公司可以： 添加微信查看全部答案
A.Issuelesscommonstock发行较少的普通股
B.Usemoredebt使用更多的债务
C.Payalowerpricefortheacquisition为收购支付更低的价格
D.Alloftheabove上述所有的
9:For public deals, the Securities and Exchange Commission have sort of an unwritten rule that Goodwill can’t be more than 50 or 60 percent of the allocation.
美国证券交易委员会关于商誉有一些不成文的规定，通常商誉不能超过分配额的50%-60%。 添加微信查看全部答案
对 错