题目内容
某上市公司现有资金1000万元，其中，普通股股本350万元，长期借款 600万元，留存收益50万元。普通股成本为12%，长期借款年利率为8%。该上市公司股票的β系数是2。目前整个股票市场平均收益率为10%，无风险报酬率为6%。公司适用的所得税税率为25%。 该公司拟通过再筹资发展甲投资项目。有关资料如下： (1)甲项目投资额为300万元，经过逐次测试，得到以下数据：当设定折现率为14%和16%时，甲项目的净现值分别为6.5万元和-3.5万元。 (2)甲项目所需资金有A、B两个筹资方案可供选择。A方案：发行票面年利率为11%、期限为3年的公司债券。B方案：增发普通股，股东要求每年股利增长2.1%。 (3)假定该公司筹资过程中发生的筹资费可忽略不计，长期借款和公司债券均为年末付息，到期还本。 要求： (1)计算该公司股票的必要收益率。 (2)计算甲项目的内部收益率。 (3)以该公司股票的必要收益率为标准，判断甲项目是否应当投资。 (4)分别计算甲项目A、B两个筹资方案的资金成本。 (5)根据甲项目的内部收益率和筹资方案的资金成本，对A、B两方案的经济合理性进行分析，并选择最优筹资方案。 (6)计算按最优方案再筹资后公司的综合资金成本。
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Passage 38 Animals do many useful and entertaining jobs. (38) Dogs are particularly valuable in guiding the blind (a trained dog can learn never to cross a busy street when cars are coming, even if his master commands him to do so), protecting property, finding lost people, and hunting criminals. Horses are used in guarding herds, carrying men in lands where there are no roads, and helping farmers plow fields. Pigeons have long been used to carry message. Wild animals from the jungles, forests and seas are very popular performers in circuses and movies. People realize that, although animals may not have the same intelligence as human beings, they are smart enough to learn certain things. The first thing a dog is taught is to obey. It should not take too long for him to learn commands. Simple orders, such as "sit, lie down, stay there, come here" can even be taught by a child. Training a dog to be a watchdog often produces unexpected results. Some dogs quickly learn the difference between unwanted people and friends. This is because their masters welcome friends and invite them into their houses. However, some dogs will always attack the postmen who come to deliver letters. One explanation for this behavior is that, although the postman comes to the house frequently, he never enters the house. Therefore, the dog thinks the postman is someone who is not wanted, but keeps coming back anyway. Masters of dogs who attack postmen can easily show the dogs that the postman is a friend and the dog does not need to treat him as an unwanted person. A dog is quite ready to do what his master wishes. And a dog is always happy when he is praised for proper understanding. Some dogs always attack the postman because______.
Passage 11 Obviously television has both advantages and disadvantages. In the first place, television is not only a convenient source of entertainment, but also a comparatively cheap one. With a TV set in the family people don’t have to pay for expensive seats at the theatre, the cinema, or the opera. All they have to do is to push a button or turn a knob, and they can see plays, films, operas and shows of every kind. Some people, however, think that this is where the danger lies. The television viewers need do nothing. He does not even have to use his legs if he has a remote control. He makes no choice and exercises, no judgment. He is completely passive and has everything presented to him without any effort on his part. Television, it is often said, keeps one informed about current events and the latest developments in science and politics. The most distant countries and the strangest customs are brought right into one’s sitting room. (11) It could be argued that the radio performs this service as well; but on television everything is much more living, much more real. Yet here again there is a danger. The television screen itself has a terrible, almost physical charm for us. We get so used to looking at the movements on it, so dependent on its pictures that it begins to control our lives. People are often heard to say that their television sets have broken down and that they have suddenly found that they have far more time to do things and that they have actually begun to talk to each other again. It makes one think, doesn’t it There are many other arguments for and against television. We must realize that television itself is neither good nor bad. It is the uses that it is put to that determine its value to society. According to the passage, whether TV is good or not depends on______.
Passage 17 "High tech" and "state of the art" are two expressions that describe very modern technology. High tech is just a shorter way of saying high technology. And high technology describes any invention, system of device that uses the newest ideas or discoveries of sci-ence and engineering. What is high tech A computer is high tech. So is a communications satellite. A modern manufacturing (生产) system is surely high tech. High tech became a popular expression in the United States during the early 1980’s. (17) Because of improvements in technology, people could buy many new kinds of products in American stores, such as home computers, microwave (微波) ovens, etc. "State of the art" is something that is as modern as possible. It is a product that is based on the very latest methods and technology. Something that is "state of the art" is the newest possible design or product of a business or industry. A state of the art television set, for example, uses the most modern electronic design and parts. It is the best that one can buy. "State of the art" is not a new expression. Engineers have used it for years, to describe the best and most modern way of doing something. Millions of Americans began to use the expression in the late 1970’s. The reason was the computer revolution. Every computer company claimed that its computers were "state of the art". Computer technology changed so fast that a state of the art computer today might be old tomorrow. The expression "state of the art" became common and popular as computers themselves. Now all kinds of products are said to be "state of the art". Which of the following statements is NOT true
Passage 16 Sports and games make our bodies strong, prevent us from getting too fat, and keep us healthy. But these are not their only use. They give us valuable practice in making eyes, brain and muscles work together. In tennis, our eyes see the ball coming, judge its speed and direction and pass this information on to the brain~ The brain then has to decide what to do, and to send its orders to the muscles of the arms, legs, and so on, so that the ball is met and hit back where it ought to go. All this must happen with very great speed, and only those who have had a lot of practice at tennis can carry out this complicated chain of events successfully. For those who work with their brains most of the day, the practice of such skills is especially useful. Sports and games are also very useful for character-training. In their lessons at school, boys and girls may learn about such virtues as unselfishness, courage, discipline and love of one’s country; but what is learned in books cannot have the same deep effect on a child’s character as what is learned by experience~ The ordinary day-school cannot give much practical training in living, because most of the pupils’ time is spent in classrooms, studying lessons. So it is what the pupils do in their spare time that really prepares them to take their place in society as citizens when they grow up. (16) If each of them learns to work for his team and not for himself on the football field, he will later find it natural to work for the good of his country instead of only for his own benefit. What is of the greatest importance to a football team is______.
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