题目内容
某大型石化公司A准备运用手中的多余现金进入生物医药行业，目前A公司的债务价值为5亿元。负债权益比为1/10。A公司为上市公司，其股票β值为0.8。A公司的债务为无风险债务，收益率为8%。A公司股票今年的期望收益率为16%，正好与资本资产定价模型法(CAPM)预测的一样。A公司有两项资产，一项为多余现金15亿元，卢值为0，另一项为化学资产。 B公司为一家具有代表性的生物医药上市公司，该公司债务为10亿元。负债一权益比为0.5，权益β值为1.2，债务β值为0.3。 A公司计划将全部多余现金15亿元投入该生物医药项目，并预计50%的可能性每年收益1.5亿元。50%的可能性每年收益3亿元(假定收益永续性存在)。 设定公司所得税率为30%。 请计算与回 A公司是否应该接受该生物医药项目，并解释理由。
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Passage 3Questions 11 to 15 are based on the following passage: To us it seems so natural to put up an umbrella to keep the water off when it rains. But actually the umbrella was not invented as protection against rain. It was first used as a shade against the sun. Nobody knows who first invented it, but the umbrella was used in very ancient times. Probably the first to use it were the Chinese, way back in the eleventh century B.C.. We know that the umbrella was also used in ancient Egypt and Babylon as a sunshade. And there was a strange thing connected with its use; it became a symbol of honor and authority. In the Far East in ancient times, the umbrella was allowed to be used only by royal people or by those in high office. In Europe, the Greeks were the first to use the umbrella as a sunshade. And the umbrella was in common use in ancient Greece. But it is believed that the first persons in Eu- rope to use the umbrellas as protection against the rain were the ancient Romans. During the Middle Ages, the use of the umbrella practically disappeared. Then it appeared again in Italy in the 16th century. And again it became a symbol of power and author-ity. Umbrellas have not changed much in style during all this time, though they have become much lighter in weight. (80) It wasn’t until the twentieth century that women’s um-brellas began to be made in a variety of colors. According to the passage, which of the following is NOT true
以政府调研员的身份，用不超过350字的篇幅，提出解决给定材料所反映问题的方案。要有条理说明，要体现针对性后可操作性。
Passage 3Questions 11 to 15 are based on the following passage: To us it seems so natural to put up an umbrella to keep the water off when it rains. But actually the umbrella was not invented as protection against rain. It was first used as a shade against the sun. Nobody knows who first invented it, but the umbrella was used in very ancient times. Probably the first to use it were the Chinese, way back in the eleventh century B.C.. We know that the umbrella was also used in ancient Egypt and Babylon as a sunshade. And there was a strange thing connected with its use; it became a symbol of honor and authority. In the Far East in ancient times, the umbrella was allowed to be used only by royal people or by those in high office. In Europe, the Greeks were the first to use the umbrella as a sunshade. And the umbrella was in common use in ancient Greece. But it is believed that the first persons in Eu- rope to use the umbrellas as protection against the rain were the ancient Romans. During the Middle Ages, the use of the umbrella practically disappeared. Then it appeared again in Italy in the 16th century. And again it became a symbol of power and author-ity. Umbrellas have not changed much in style during all this time, though they have become much lighter in weight. (80) It wasn’t until the twentieth century that women’s um-brellas began to be made in a variety of colors. The umbrella was used only by royal people or those in high office______.
Passage 2Questions 6 to 10 are based on the following passage: (78) The advantages and disadvantages of a large population have long been a subject of discussion among economists (经济学家). It has been argued that the supply of good land is limited. To feed a large population, inferior land must be cultivated and the good land worked intensively. Thus, each person produces less and this means a lower average income than could be obtained with a smaller population. Other economists have argued that a large population gives more scope for specialization and the development of facilities such as ports, roads and railways, which are not likely to be built unless there is a big demand to justify them. One of the difficulties in carrying out a worldwide birth control program lies in the fact that of ficial attitudes to population growth vary from country to country depending on the level of industrial development and the availability of food and raw materials. In the developing country where a vastly expanded population is pressing hard upon the limits offood, space and natural resources, it will be the first concern of government to place a limit on the birthrate, whatever the consequences may be. In the highly industrialized society the problem may be more complex. A decreasing birth rate may lead to unemployment because it results in a declining market for manufactured goods. (79) When the pressure of population on housing declines, prices also decline and the building industry is weakened. Faced with considerations such as these, the government of a developed country may well prefer to see a slowly increasing population, rather than one which is stable or in decline. A smaller population may mean______。
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