问题 问答题

某公司盈利能力和信誉良好,现为一个新项目拟筹集资金。有两个筹资方案:
(1)发行债券筹资,设定利率为12%,与市场上等风险的债券利率相同;
(2)发行优先股筹资,设定的税前股利率为21%。
要求:

假设该公司处于无税环境,但投资人取得收益要缴纳20%的所得税,确定两种筹资方式的资本成本和投资人的报酬率。

答案

参考答案:该公司处于无税环境,债券筹资成本即为设定利率12%,优先股筹资成本即为设定的税前股利率21%。
投资者取得收益要缴纳20%的所得税,债券投资人报酬率=12%×(1-20%)=9.6%,优先股投资人报酬率=21%×(1-20%)=16.8%。

单项选择题
阅读理解

Why play games? Because they are fun, and a lot more besides, following the rules, planning your next move, acting as a team member…. These are all “game” ideas that you will come across throughout your life.

Think about some of the games you played as a young child, such as rope-jumping and hide-and-seek. Such games are entertaining and fun. But perhaps more importantly, they translate life into exciting dramas that teach children some of the basic rules they will be expected to follow the rest of their lives, such as taking turns and cooperating.

Many children’s games have a practical side. Children around the world play games that prepare them for work they will do as grown-ups. For instance, some Saudi Arabian children play a game called bones,which sharpens the hand-eye coordination(协调)needed in hunting.

Many sports encourage national or local pride. The most famous games of all, the Olympic Games, bring athletes from around the world together to take part in friendly competition. People who watch the event wave flags, knowing that a gold medal is a win for an entire country, not just the athlete who earned it. For countries experiencing natural disasters or war, an Olympic win can mean so much.

Sports are also an event that unites people. Soccer is the most popular sport in the world. People on all continents play it—some for fun and some for a living. Nicolette Iribarne, a Californian soccer player, has discovered a way to spread hope through soccer. He created a foundation to provide poor children with not only soccer balls but also a promising future.

Next time you play your favorite game or sport, think about why you enjoy it, what skills are needed, and whether these skills will help you in other aspects of your life.

小题1:Through playing hide-and-seek, children are expected to learn to _____.

A.be a team leader

B.act as a grown-up

C.obey the basic rules

D.predict possible danger小题2:The underlined part in Paragraph 2 most probably means that games can_____.

A.describe life in an exciting way

B.turn real-life experiences into a play

C.change people’s views of sporting events

D.make learning life skills more interesting小题3:According to the passage, why is winning Olympic medals so encouraging?

A.It proves the exceptional skills of the winners.

B.It inspires people’s deep love for the country.

C.It helps the country out of natural disasters.

D.It earns the winners fame and fortune.小题4:Iribarne’s goal of forming the foundation is to _______.

A.bring fun to poor kids

B.provide soccer balls for children

C.give poor kids a chance for a better life

D.appeal to soccer players to help poor kids