R78 练习: 私募资本投资 — 股权与债权
考纲范围
- explain features of private equity and its investment characteristics
- explain features of private debt and its investment characteristics
- describe the diversification benefits that private capital can provide
Q1.
A mature company X just created 3 new production lines and its sales increased by 40% last year. X is going to launch a new round of financing plan this year and the capital will be used to prepare to go public. Which of the following stages is correct if a venture capital finances this company at this time?
A. Seed stage
B. Later stage
C. Mezzanine-stage
查看答案与解析
答案：C
解析：Mezzanine-stage（夹层阶段）是公司准备IPO上市前的最后一轮融资。该公司已经成熟、有新产品线、销售增长强劲，且正准备上市，这完全符合mezzanine-stage的特征。
选项 判断 解析 A ✗ Seed stage是最早期，用于产品开发和市场研究 B ✗ Later stage用于扩张但不特指IPO准备 C ✓ Mezzanine-stage是IPO前的最后一轮融资
Q2.
A venture capital invested in a start-up company which needs capital to transform its product into commercial production and sales. Which of the following stages is most accurate about this financing?
A. Seed stage
B. Early stage
C. Later stage
查看答案与解析
答案：B
解析：Early stage（早期阶段）的特征是公司需要资金将产品从研发阶段转化为商业化生产和销售。Seed stage更早（仅有概念），Later stage则是公司已有成熟产品需要扩张。
选项 判断 解析 A ✗ Seed stage是最初期，产品尚在概念阶段 B ✓ Early stage用于将产品商业化 C ✗ Later stage公司已有成熟收入
Q3.
Which of the following exit strategies for private equity funds is not a true exit strategy?
A. Recapitalization
B. Trade sale
C. IPO
查看答案与解析
答案：A
解析：Recapitalization（资本重组）不是真正的退出策略，因为PE基金仍然持有公司的股权。资本重组只是改变了公司的资本结构（如增加债务替换股权），但不意味着PE基金完全退出投资。
选项 判断 解析 A ✓ 资本重组不是真正退出，PE仍持有股权 B ✗ Trade sale（行业内出售）是真正的退出策略 C ✗ IPO是最常见的退出策略之一
Q4.
SPACs is an exit strategy used by private equity firm, which have many advantages, except that:
A. the sponsors of SPACs usually have strong popularity, rich investment experience and extensive investor network.
B. volatility of share pricing is low.
C. redemption risk is low.
查看答案与解析
答案：C
解析：SPAC（特殊目的收购公司）的一个劣势是赎回风险较高（not low）。SPAC投资者可以在合并前选择赎回股份，这给交易带来不确定性。A和B是SPAC的优势。
选项 判断 解析 A ✗ 这是SPAC的优势 B ✗ SPAC股价波动性相对较低是其优势 C ✓ SPAC的赎回风险实际上较高，这是劣势
Q5.
IPO and SPACs are common exit strategies used by private equity firms. Which of the following statements about those two exit strategies is least likely accurate?
A. The valuation methods of the two strategies are similar.
B. Private firms suitable for an IPO would be appropriate for SPAC to merge or acquire.
C. Both involve public offerings.
查看答案与解析
答案：A
解析：IPO和SPAC的估值方法不同。IPO使用传统的承销估值流程，而SPAC通过与空壳公司合并，估值方式是协商定价。B和C都是正确的描述。
选项 判断 解析 A ✓ 两者估值方法不同，IPO由承销商定价，SPAC由双方协商 B ✗ 正确，适合IPO的公司也适合SPAC C ✗ 正确，两者都涉及公开上市
Q6.
Risk and return features vary among investments in private debt. Which of following is expected to have the lowest potential excess return?
A. Debt mezzanine
B. Senior direct lending
C. Infrastructure debt
查看答案与解析
答案：C
解析：基础设施债务（infrastructure debt）由于有稳定的现金流和政府背书等特点，风险最低，因此预期超额回报也最低。Senior direct lending风险适中，mezzanine debt风险最高、回报最高。
选项 判断 解析 A ✗ 夹层债务风险和回报都较高 B ✗ 高级直接贷款风险和回报适中 C ✓ 基础设施债务风险最低，超额回报也最低
Q7.
Which of the following descriptions about unitranche debt is most likely to be correct?
A. The risk of unitranche debt is higher than that of mezzanine debt.
B. The interest rate of unitranche debt is higher than that of senior secured debt.
C. Unitranche debt blends different types of secured debt.
查看答案与解析
答案：B
解析：Unitranche debt（统一档次债务）将高级债务和次级债务混合在一起，其利率高于纯高级担保债务但低于夹层债务。Unitranche混合的是不同优先级的债务（senior + subordinated），不仅是担保债务。
选项 判断 解析 A ✗ Unitranche风险低于mezzanine debt B ✓ Unitranche利率高于senior secured debt（因为混合了subordinated debt） C ✗ Unitranche混合的是不同优先级的债务，不仅是担保债务
Q8.
Which type of private debt investment is mainly aimed at mature companies with financial problems?
A. Mezzanine debt
B. Venture debt
C. Distressed debt
查看答案与解析
答案：C
解析：Distressed debt（困境债务）专门针对面临财务困难的成熟公司。投资者以折价购买这些公司的债务，期望通过重组获利。Mezzanine debt针对需要额外融资的公司，venture debt针对初创企业。
选项 判断 解析 A ✗ Mezzanine debt用于一般融资需求 B ✗ Venture debt针对初创/成长期企业 C ✓ Distressed debt专门投资于有财务问题的成熟公司
Q9.
Which of the following forms of debt are least likely to have warrants or conversion rights?
A. Unitranche debt
B. Mezzanine debt
C. Venture debt
查看答案与解析
答案：A
解析：Unitranche debt通常不附带认股权证或转换权。Mezzanine debt和venture debt经常附带warrants或conversion rights，作为对更高风险的补偿。
选项 判断 解析 A ✓ Unitranche debt最不可能附带认股权证或转换权 B ✗ Mezzanine debt通常附带equity kickers C ✗ Venture debt经常附带warrants作为风险补偿
Q10.
Private equity funds of a certain vintage benefit from the life cycle of economy by investing in:
A. low-valuation environment.
B. high-valuation environment.
C. contraction phase.
查看答案与解析
答案：A
解析：PE基金在低估值环境中投资可以获得更好的入场价格，当经济周期恢复时实现更高的回报。Vintage year效应表明在低估值时期设立的基金往往表现更好。
选项 判断 解析 A ✓ 低估值环境下入场，买入成本低，未来回报更高 B ✗ 高估值环境下入场成本高，压缩未来回报 C ✗ 收缩阶段风险大，不一定最有利
Q11.
The private capital fund that has the highest diversification benefit to a portfolio of publicly traded stocks and bonds is:
A. venture capital.
B. buyout.
C. private debt.
查看答案与解析
答案：A
解析：风险投资（venture capital）与公开市场股票和债券的相关性最低，因此为组合提供最高的分散化效益。Buyout基金与公开市场关联度更高，private debt与债券市场有一定相关性。
选项 判断 解析 A ✓ VC与公开市场相关性最低，分散化效益最大 B ✗ Buyout与公开市场股票相关性较高 C ✗ Private debt与债券市场有一定相关性