02-Financing the Deal交易融资
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单选题（共3题，每题20分）
1 . 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？
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A.Combined companies, on a taxable cash flow basis 合并后的公司，以应税现金流为基础
B.Combined companies, after synergies and accounting adjustments 合并后的公司，经过协同增效和会计调整
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C.Buyer, with seller functioning as operating subsidiary 买方，卖方作为运营子公司
D. Combined companies, on a net present value basis with synergies 合并后的公司，以协同效应的净现值为基础
我的答案： B
2 . 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？
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A.$14 million 1400万美元 B.$28 million 2800万美元 C.$42 million 4200万美元 D.$71 million 7100万美元
我的答案： B
3 . 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：
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A.Completed due diligence on the seller 完成对卖方的尽职调查 B.An investment banker to assist with the finance 投资银行家协助融资
C.A credit rating on the new debt from a rating agency 评级机构对新债务的信用评级 D.An equity source to complement the deb finance 一个股权融资来源，以补充债务融资
我的答案： C
多选题（共1题，每题 20分）
1 . What does it usually take for a buyer to seek debt financing in a M&A transaction? 并购交易中，买方寻求债务融资，通常需要完成哪些工作？
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A.Write information memorandum to be provided to Lenders 准备信息备忘录提供给贷款人 B.Contact credit rating agency 联系信用评级公司 C.Contact private equity investors 联系PE投资者
D.Find a “lead” lender to the deal 为并购交易找到一家“主要”贷款人
我的答案： ABD
判断题（共1题，每题 20分）
1 . Drug Company A wants to acquire Drug Company B. A and B can’t agree on the earnings prospects regarding one of Drug Company B’s drugs under research and development (Pharma XYZ). Drug Company A decides to offer Drug Company B shareholders an extra $100 million payment if Pharma XYZ is a success in three years. That payment is an example of contingent value right. 制药公司A想收购制药公司B。A和B无法就B公司正在研发的药物(Pharma XYZ)的盈利前景达成一致。制药公司A决定如果药物在三年内取得成功将向制药公司B的股东提供额外的1亿美元的报酬。这种支付是或有价值权利（CVR）的一个例子。 对 错
我的答案： 对
兼并收购概念理论之六：交易融资-100分
