问题 问答题 案例分析题

某公司有一项付款业务,有甲乙丙三种付款方式可供选择。甲方案:1~5年每半年末付款2万元,共20万元;乙方案:1~5年每年年初付款3.8万元,共19万元;丙方案:三年后每年年初付款7.5万元,连续支付三次,共22.5万元。假定该公司股票的β系数为0.75,平均股票要求的收益率为12.5%,无风险收益率为2.5%,请替该公司做出付款方式的决策。

答案

参考答案:

公司股票的必要收益率=2.5%+0.75×(12.5%-2.5%)=10%

P甲=2×(P/A,5%,10)=2×7.7217=15.4434(万元)

P乙=3.8+3.8×(P/A,10%,4)=3.8+3.8×3.1699=15.8456(万元)

P丙=7.5×[(P/A,10%,5)-(P/A,10%,2)]=7.5×(3.7908-1.7355)=15.4148(万元)

因为P丙甲乙,所以该公司应选择丙方案。

阅读理解

Some people look at a hole and see empty space. Others see opportunity. That’s what Sheri Schmelzer spotted a few years ago when everyone—including her three children—started wearing Crocs, the colorful shoes dotted with holes.

“My kids and I were clowning around, and my eldest daughter, Lexie, got the sewing kit out. I brought one of the Crocs, pulled some buttons, rhinestones, and fabric out of the kit, and stuck them in the holes. Lexie said, ‘Mom, I love that!’”

Sheri and Lexie, then seven, spent the rest of the day filling holes in the family’s 12 pairs of Crocs. Every look-alike shoe was suddenly unique. When her husband, Rich, experienced in setting up businesses, came home later that day, says Sheri, “I could see the light bulb go on over his head,” Crocs had sold millions of pairs of shoes; the couple figured they could create a business simply by riding the wave. Rich refused to let a decorated Croc leave their Boulder, Colorado, house until he’d filed a patent.

But first they needed a name. “Rich and I had seen a movie where Meg Ryan says to Tom Hanks, ‘I’m such a flibbertigibbet!’ That became my nickname, so I called the business Jibbitz.” While Sheri designed, Rich strategized. They decided to sell the charms through a website, Jibbitz.com<http://www/jibbitz.com.>

Six months later, in February 2006, Sheri was doing so well that Rich left his business to work with her full-time. She was making hundreds of Jibbitz to order, by hand, by herself, in their basement. And filling those holes wasn’t as easy as it looked. The bigger the shoe, the bigger the holes; it took six models before Sheri figured out how to make her charms one-size-fits-all. Later Rich found a way to get plastic Jibbitz manufactured in China.

Someone at Crocs was sure going to notice the charms—after all, the company was headquartered (总部设在) just ten miles down the road. Duke Hanson, one of Crocs’ founders, spotted Lexie and her Jibbitz at the local pool, handed her his business card, and said, “Have your mom call me.”

Sheri and Rich met with Crocs executives, but no one suggested buying the company. Sheri was actually relieved because she wanted to see if she, not Crocs, could make it big. And she did. In December 2006, Crocs bought Jibbitz for $20 million, with the Schmelzers staying on board.

64. The passage is mainly about ____.

A. how the Schmelzers found opportunities out of nothing.

B. how the Schmelzers found opportunities and developed their business

C. how creativity matters to a successful business

D. how the business of Crocs became successful.

65. When Sheri said, “I could see the light bulb go on over his head”, she meant that ____.

A. Rich was really excited               B. Rich liked their shoe charms

C. saw this as a business opportunity    

D. Rich wasn’t satisfied with the decorations

66. From Paragraph 5, we can learn that ____.

A. the Schmelzers kept improving to make their business successful

B. Sheri does not trust others when it comes to designing Jibbitz

C. making the products unique is key to business success

D. Rich made a lot of sacrifices for their family business

67. Which of the following is arranged in the right order according to the text?

a. the Schmelzers applied for a patent   b. Crocs’ shoes sold well

c. the Schmelzers set up their website

d. by making their products in China, the Schmelzers spread their business.

A. acdb                       B.bacd                        C. bcad                       D. adcb

单项选择题