问题 问答题

某上市公司本年每股支付股利2元。预计该公司未来三年进入成长期,净收益第一年增长,14%,第二年增长14%,第三年增长8%,第四年及以后将保持其净收益水平。 该公司一直采用固定股利支付率政策并打算今后继续实行该政策。该公司没有增发普通股和发行优先股的计划。 已知:(P/F,10%,1)=0.9091,(P/F,10%,2)=0.8264 (P/F,12%,1)=0.8929,(P/F,12%,2)=0.7972 要求: (1) 假设投资人要求的报酬率为10%,计算股票的价值; (2) 如果股票的持有期年均收益率为12%,计算股票目前的价格。

答案

参考答案:

解析:本例中,因为该公司采取固定股利支付率政策并打算继续实行该政策,且公司没有增发普通股和优先股计划,所以净收益的增长率就是每股股利的增长率。 (1) 计算股票价值 预计第一年每股股利=2×(1+14%)=2.28(元) 预计第二年每股股利=2.28×(1+14%)=2.60(元) 预计第三年及以后各年每股股利=2.60×(1+8%)=2.81(元) 股票价值=2.28×(P/F,10%.1)+2.60×(P/F,10%,2)+(2.81/10%)× (P/F,10%,2) =27.44(元) (2)如果股票的持有期年均收益率为12%,计算股票目前的价格 股票目前的价格 =2.28×(P/F,12%,1)+2.60×(P/F,12%,2)+(2.81/12%)×(P/F,12%,2) =22.78(元)

阅读理解

阅读理解。

     Can you imagine a world without the Internet? It's amazing to think about it.

     Now, China has more than 68 million Internet users, according to the China Internet Network Information

Centre. This is the second highest number of users in the world after the United States. Today, 44% of

Chinese "netizens (网民)" are teenagers."They spend about 13 hours every week online," said Qian Hulin, an

Internet expert. 

     The main reasons why teenagers surf the Web are to search for information, to communicate with others

and to have fun. On the Internet, teenagers can find out almost anything. And surfing the Web can help

students with their homework and widen their knowledge.

     Li Dong, a teacher at No. 41 Middle School in Shijiazhuang, likes her students to use the Internet. "When

we talk in class, students who surf the Net usually know more background information than the others," she

said.

     In addition, people can use the Internet to write letters or stories and send emails. Many teens keep in

touch with their friends online. It is cheaper than phoning somebody far away and also much quicker.

1. Which country has the most Internet user?

A. China

B. England

C. America

D. Japan

2. How many hours do teenagers spend on the Internet every week?

A. About 44 hours

B. About 13 hours

C. About 41 hours

D. About 10 hours

3. Why do teenagers surf the Web?

A. To get some money

B. To search for information

C. To have fun

D. Both B and C

4. Why does the teacher from Shijiazhuang like her students to use the Internet?

A. Because she wants to play computer games with them.

B. Because she wants to have a talk with them.

C. Because she wants to know what they do at home.

D. Because she wants to let them know more background information.

5. Which way is the cheapest and quickest to tell something to your friend who is far away?

A. Posting a letter.

B. Sending an e-mail.

C. Making a telephone call.

D. Going to visit your friend.

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