【每日一练】CFA 一级（2015年）

Question：

Which attribute would a private equity firm most likely desire when deciding if a company is  particularly attractive as a leveraged buyout target? 
A. Efficient management 
B. Market value exceeds intrinsic value 
C. Sustainable cash flow 

Answer = C 
Private equity firms look for companies that have strong cash flows and a significant amount of  physical assets. These physical assets can be used as security and borrowed against. 

CFA Level I 
"Introduction to Alternative Investments," Terri Duhon, George Spentzos, and Scott D. Stewart 
Section 4.2.1.2 

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