问题 单项选择题

若公司直接平价发行普通债券,利率必须达到10%才能成功发行,如果发行股票,公司股票的β系数为1.5,目前无风险利率为3%,市场风险溢价为6%,若公司目前适用的所得税税率为25%,则该公司若要发行可转换债券,其税前融资成本应为()。

A.7.5%到10%之间

B.10%到16%之间

C.大于10%

D.低于12%

答案

参考答案:B

解析:股票资本成本=3%+1.5×6%=12%税前股票资本成本=12%/(1-25%)=16%可转换债券的税前融资成本应在普通债券利率与税前股权成本之间,所以选项B正确。

阅读理解

Germany has a variety of cities each with its own characteristics, from the busy city of Berlin, to the ancient city of Cologne, to the Bavarian capital of Munich. Thankfully, these major German cities offer sightseeing tours that offer the opportunity to better explore the surrounding regions and the country’s most historic sites.

Berlin on Bike

Berlin on Bike takes visitors through the German capital via five bicycle tours, all with guides. Regular tours include the Wall Tour and Berlin’s Best, with stops at some of the city’s most famous landmarks, such as the Reichstag explores what life was like in East Berlin under Communist Rule. The cost of the tour includes the bike and helmet rental, and tourists may choose to continue renting their bikes once the tour has ended.

Berlinonbike.de/English/index.php

Munich City Sightseeing Tour

The Munich City Sightseeing Tour transports travelers throughout the city via an open-air, double-decker bus. Passengers can hop on and off at various stops throughout the day. This tour includes stops at such sites as the Munich central train station, the 1972 Olympic Stadium Park, Munich’s opera house and Karlsplatz, the gate to the historic city. The bus features a narrated tour guide and offers an English-language option.

Raileurope.com/activities/munich-city-sightseeing-tour/index.html

Nice City Tours- Cologne

Nice City Tours offers three tours of Cologne, available to private or business groups in a variety of languages. The old Town Tour runs for two hours and includes a guided tour of the Cologne Cathedral and some of the city’s old squares. The Brewery Pub Tour explores some of the city’s most beloved breweries and pubs, and details the history behind Kolsch, Cologne’s resident beer. Finally, the Old Town and Rhine Tour begins by visiting some of old town’s most historic sites and ends with a ride down the Rhine River.

Nicecitytours.con/tours.htm

小题1: The similarity of the three tours lies in that they all include_____.

A.bus tours

B.English service

C.three routes

D.guide’s service小题2:If you take a great interest in beer, which tour might be suitable for you?

A.The Wall Tour

B.The Brewery Pub Tour

C.The Old Town Tour

D.The Munich City Sightseeing Tour小题3:Where can you probably see this passage?

A.In a textbook.

B.On a website.

C.In an encyclopedia.

D.In a journal.

判断题