标题: Reading 73: Alternative Investments Losn习题精选 [打印本页]
作者: honeycfa 时间: 2010-4-27 13:34 标题: [2010]Session 18-Reading 73: Alternative Investments Losn习题精选
LOS n: Describe alternative valuation methods for closely-held companies and distinguish among the bases for the discounts and premiums for these companies.
Which of the following is a disadvantage to using the comparables approach to valuing investments in closely held companies?
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A) |
Cost to replace assets may not reflect current value. | |
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B) |
The benchmark value used may be mispriced or difficult to establish. | |
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C) |
It is difficult to determine the appropriate discount rate. | |
A discount rate and an estimate of future income are both variables used in the income approach. The cost to replace a company’s asset is a factor when using the cost approach. The benchmark value used in the comparable may be mispriced or difficult to establish if no comparable companies have been sold recently.
作者: honeycfa 时间: 2010-4-27 13:34
Regarding closely held companies, the valuation adjustment, due to the lack of a public market for the shares, is called a:
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A) |
marketability premium. | |
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C) |
marketability discount. | |
A minority discount would be applied to shares that represent a non-controlling minority interest in a company. Shares of closely held companies are not publicly traded, so the shares should be discounted an appropriate amount to reflect this lack of marketability.
作者: honeycfa 时间: 2010-4-27 13:34
Approaches commonly used in the valuation of closely held companies include all of the following EXCEPT the:
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B) |
fundamental value approach. | |
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The cost approach and the comparables approach are both used in the valuation of closely held companies. The fundamental value approach is a fictitious approach.
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