问题 问答题

某公司原有资金700万元,其中债务资本200万元(每年负担利息24万元)普通股资本500万元(发行普通股10万股,每股面值50元。)由于业务需要需追加筹资300万元,其筹资方式有二:A方式:全部发行普通股。具体是增发6万股,每股面值50元;B方式:全部筹借长期债务。债务利率仍为12%,利息36万元。所得税税率为33%。
请确定每股利润的无差别点,并决定如何筹资。

答案

参考答案:
根据公式:
(息税前利润-A利息)×(1-33%)/A流通在外的普通股股数
=(息税前利润-B利息)×(1-33%)/B流通在外的普通股股数
将有关数据代入式中:
(息税前利润-24)/16=(息税前利润-60)/10
解得:息税前利润=120万元
此时的每股利润的无差别点=[(120-60)×(1-33%)/10]元=4.02元
根据计算,当息税前利润高于120万元(每股利润无差别点的息税前利润)时,应采用负债筹资方式,以获得较高的每股利润;当息税前利润低于120万元时,应采用权益筹资方式,以获得较高的每股利润。

完形填空

第二节:以下五人正在寻找一些网站,阅读以下六段不同网站的介绍(A、B、C、D、E和F),对应选出正确答案,并在答题纸上将该选项标号涂黑。A、B、C、D、E和F选项中有一项是多余选项。

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52. Luke is planning to buy a car. But right now he has not made up his mind. He prefers Mazda RX-8. He wants to find more information about this car to make sure that it is a good choice.

53. Connie works in a beauty salon. She always talks about fashion with her customers. She is especially interested in dresses with new designs.

54. This Sunday is Valentine’s Day. Roderick is still deciding what kind of presents he should buy for his girlfriend. He prefers to have something traditional, like chocolate.

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A. Naturespath.com is an excellent health-food website. “Life enhancement expert” Allan Hunkin interviews such guests as nutrition expert Dr. David Katz and tri-athlete Melanie McQuaid. They talk up health food and weight management, including debates on the benefits of whole grain and organics.

B. Autoblog.com tops the category by covering “auto industry news from A to Z.” They discuss hundreds of car models and links to outside articles for more information. While the site provides no reliability reviews, its “royal and growing fan base” comments frequently on the entires.

C. Mrchocolate.com—The Consumer Reports “best buy” for “unusual” chocolates for the one you love. Jason’s choice is 50 pieces of small dark, milk, and white chocolate with offbeat (标新立异的) centers, including coffee, nut butter, and tropical fruit.

D. Elizabeth-charles.com highlights new fashion designs from the Southern Hemisphere. This fall, that means “drapery pieces” of New Zealand brand Zambesi and the “tailored, Greek-inspired dresses” of Australian Jayson Brunsdon.

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单项选择题