问题 单项选择题

当某个业务单元的投资资本报酬率小于资本成本并且可持续增长率小于销售增长率时,应当优先采用的战略是( )。

A.提高财务杠杆

B.分配剩余现金

C.出售该业务单元

D.降低资本成本

答案

参考答案:C

解析: 当某个业务单元的投资资本报酬率小于资本成本并且可持续增长率小于销售增长率时,属于减损型现金短缺财务战略模式,此时由于股东财富和现金都在被蚕食,应当优先采用的战略是缩减企业规模,即企业“瘦身”。其可供选择的战略包括两个: (1)彻底重组。这样做的风险是:如果重组失败,股东将蒙受更大损失。在一个衰退行业中挽救一个没有竞争力的业务,成功的概率不大,往往成为资金的陷阱。(2)出售。如果盈利能力低是整个行业的衰退引起的,企业无法对抗衰退市场的自然结局,应尽快出售以减少损失。因此,选项C正确。应特别注意题目中强调的“优先采用的战略”。

单项选择题

Questions 11-15 are based on Passage Three:Passage ThreeIf you know exactly what you want, the best route to a job is to get specialized training.A recent survey shows that companies like graduates in such fields as business and health care who can go to work immediately with very little on-the-job training.That’s especially true of booming fields that are challenging for workers. At Cornell’s School of Hotel Administration, for example, bachelor’s degree graduates get an average of four or five job offers with salaries ranging from the high teens to the low 20s and plenty of chances for rapid advancement. Large companies, especially, like a background of formal education coupled with work experience.But in the long run, too much specialization doesn’t pay off. Business, which has been flooded wjth MBAs, no longer considers the degree an automatic stamp of approval. The MBA may open doors and command a higher salary initially, but the impact of a degree washes out after five years.As further evidence of the erosion of corporate faith in specialized degrees, Michigan State’s Scheetz cites a pattern in corporate hiring practices, although companies tend to take on specialists as new hires, they often seek out generalists for middle and upper-level management. “They want someone who isn’t constrained by nuts and bolts to look at the big picture," says Scheetz.This sounds suspiciously like a formal statement that you approve of the liberal-arts graduate. Time and again labor-market analysts mention a need for talents that liberalarts majors are assumed to have: writing and communication skills, organizational skills, open-mindedness and adaptability, and the ability to analyze and solve probiems, David Birch claims he does not hire anybody with an MBA or an engineering degree, "I hire only liberal-arts people because they have a less-than-canned way of doing things," says Birch. Liberal-arts means an academically thorough and strict program that includes literature, history, mathematics, economics, science, human behavior-plus a computer course or two. With that under your belt, you can feel free to specialize, "A liberal-arts degree coupled with an MBA or some other technical training is a very good combination in the market-place," says Scheetz.

David Birch claims that he only hires liberal-arts people because ( ).

A.they are more capable of handling changing situations

B.they can stick to established ways of solving problems

C.they are thoroughly trained in a variety of specialized fields

D.they have attended special programs in management

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