问题 问答题

××有限公司2008年12月10日持有××高科技产业股份有限公司3874500股法人股。因为××高科技产业股份有限公司2008年度利润分配方案规定每10股送1.8股,所以,在鉴证基准日2009年6月30日,××有限公司持有的××高科技产业股份有限公司法人股股数增至4571910股。
××高科技产业股份有限公司是××有限公司参股的上市公司,于1998年经××自治区体改委体改股字[1998]××号文和××市体改股字[1998]××号文批准,由××等五家单位共同发起,以定向募集设立方式成立的。公司于1998年6月20日注册成立,总股本4000万股,其中发起入股1800万股,向社会公开募集公众股1400万股,内部职工股800万股,并于2003年×月×日获准在深圳证券交易所挂牌上市。
根据公司2008年度利润分配方案,以方案实施前的实际股本84565000股为基数,向全体股东每10股送1.8股并派现金0.40元(含税),不进行资本公积金转增股本,股权登记日为2009年5月22日,除权除息日为2009年5月23日。
××高科技产业股份有限公司的净资产利润率近两年呈下降趋势,但由于该公司所处行业发展前景较好,加之2009年增发募集资金投资项目具有发展潜力,这样分别预测出2009年下半年和未来五年的净利润,2015年及以后各年净利润与2014年相同保持不变。各年预测净利润如下表所示(单元:万元)。

时间2009年下半年2010年2011年2012年2013年2014年
预测净利涧128027302960324035803820
根据电子元器件行业和电力系统自动化行业的平均净资产收益率,并结合××高科技产业股份有限公司两项主营业务收入所占的比重,综合确定本次价格鉴证的折现率为8%。
请根据以上资料,计算在价格鉴证基准日,××有限公司所持有的××高科技产业股份有限公司股份的价格。

答案

参考答案:

由于××高科技产业股份有限公司从2015年后将保持等额的净利润,应分别将每年的净利润按确定的折现率进行折现,然后计算出××高科技产业股份有限公司整体价值收益现值,最后计算出每股股权价格鉴证值。

在价格鉴证基准日:

整体价值收益现值P

=44885.71(万元)

总股本=84565000×(1+0.18)=99786700(股)

每股股权价格鉴证值=44885.71×10000/99786700=4.50(元)

鉴证标的价格=4.50×4571910=20573595(元)

阅读理解

A

Once there was a man who liked to eat mangoes. One day he decided to get the sweetest mango from the very top of the tree. Mangoes which are exposed to the sun the most are the sweetest.

So he climbed up to the top, where the branches were thin. He managed to pick up a few sweet reddish fruits, but, in an attempt to climb down, he slipped and started falling towards the ground. Fortunately, he caught the branch as he was falling and remained helplessly hanging on the tree. Then he started to call nearby villagers for help. They immediately came with a ladder and sticks, but could do little to help him.

Then after some time one calm and thoughtful person arrived — a well-known sage (a wise person) who lived in a simple hut nearby. People were very curious to see what he would do, as he was famous in solving many people’s problems in the area and sometimes very complicated ones.

He was silent for a minute and then picked up a stone and threw it at the hanging man.

Everybody was surprised. The hanging mango lover started to shout: “What are you doing?! Are you crazy? Do you want me to break my neck?” The sage was silent. Then he took another stone and threw it at the man. The man was very angry: “If I could just come down, I would show you!”

That’s what everybody wanted. Then he was coming down. But how? Now everybody was tense about what would happen next! Some wanted to blame the sage, but they didn’t. The sage picked another stone and threw it again at the man, even more forcefully. Now the man on the tree was even more angry and developed a great determination to come down and take revenge (复仇).

He then used all his skill and strength and somehow reached the branches which were safe to start going down. And he made it! Everybody was amazed.

However, the rescued man found the sage gone. He stood there, realizing that the man really saved him because he induced (引诱) him to try his best and save himself.

“I should be thankful and not angry.”

小题1:From the story we know that the sweetest mango must be the one ______.

A.on the very top of a tree

B.hidden in the middle of a tree

C.on the tree for the longest time

D.exposed to sunlight less often小题2:What happened after he had picked a few sweet reddish mangoes?

A.He slipped and fell to the ground suddenly.

B.He was climbing down quickly but carefully.

C.He remained hanging helplessly on the tree.

D.He shouted loudly for help but no one helped.小题3:How did the man feel when the sage hit him with a stone?

A.He was nervous.

B.He kept silent.

C.He felt surprised.

D.He was angry.小题4:What do you think motivated (caused) the man to climb down?

A.Courage.

B.Revenge.

C.Carefulness.

D.Assistance.小题5: What does the story imply?

A.Anger saves one’s life.

B.Wisdom does count (很重要).

C.Skill and strength count.

D.Anger is the biggest enemy.

单项选择题 B1型题