今天小編給大家分享一道CFA一級(jí)中的題目，希望可以給大家在做CFA題目的過(guò)程中一些幫助！

第一題：

From the perspective of a private equity firm, an advantage of exiting a portfolio company through a special purpose acquisition company (SPAC) most likely include:

A floating valuation.

B flexibility of the transaction structure.

C lower deal risk due to restrictions on redemptions.

答案：

A.Incorrect because advantages of a SPAC exit include fixed valuation with lower volatility of share pricing.

B.Correct because advantages of a SPAC exit include:

a. extended time for public disclosure on company prospects to build investor interest,

b. fixed valuation with lower volatility of share pricing,

c. flexibility of transaction structure to best suit the company’s context, and

d. association with potentially high-profile and seasoned sponsors and their extensive investor network.

C.Incorrect because redemptions are allowed and increase the deal risk. Also, disadvantages include

a. potential higher costs of capital from sponsor dilution, warrants, and other fees,

b. spread between the announced and true equity value because of the dilution,

c. deal and capital risk due to potential redemptions, and

d. significant stockholder overhang and churn over the number of months after the merger.