问题 问答题


A公司本年实现税后净利润2000万元,年初未分配利润为250万元,下年需增加投资资本1000万元。目标资本结构为权益与负债之比为5:5,公司发行在外的普通股为1000万股,采用剩余股利政策进行股利分配,按10%的比例提取法定公积金,现在每股市价20元。
要求:

假设发放股票股利后盈利总额不变,市盈率(每股市价/每股收益)不变,欲通过发放股票股利将股价维持在16~18元/股的理想范围之内,则股票股利发放率应为多少

答案

参考答案:

解析:发放股票股利后,如果盈利总额不变,则 发放股票股利后每股收益=发放股票股利前的每股收益/(1+股票股利发放率) 在“市盈率不变”的条件下,“每股市价/每股收益”的比值不变 所以:发放股票股利后每股市价=发放股票股利前的每股市价/(1+股票股利发放率) 本题中:发放股票股利后每股市价=20/(1+股票股利发放率) 由20÷(1+X1)=16,得X1=25% 由20÷(1+X2)=18,得X2=11.11% 所以,股票股利发放率范围为11.11%~25%。

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阅读理解

So you thought the hamburger was the world’s most popular fast food? After all, McDonald’s Golden Arches span(跨越)the globe(全球). But no, there is another truly universal fast food, the ultimate(极好的)fast food. It’s easy to make, easy to serve, much more varied than the hamburger, can be eaten with the hands and it’s delivered to your front door or served in fancy restaurants. It’s been one of America’s favourite foods for over 50 years. It is, of course, the pizza.

It’s kind of silly to talk about the moment when pizza was “invented”. It changed over the years, but one thing’s for certain—it’s been around for a very long time. The idea of using pieces of flat, round bread as plates came from the Greeks. They called them “plakuntos” and ate them with various simple toppings(配料)such as oil, garlic(大蒜), onions and herbs. The Romans enjoyed eating something similar and called it “picea”. By about 1000 AD in the city of Naples, “picea” had become “pizza” and people were experimenting with more toppings: cheese, ham, anchovies and finally the tomato, brought to Italy from Mexico and Peru in the sixteenth century. Naples became the pizza capital of the world. In 1889, King UmbertoⅠand Queen Margherita heard about pizza and asked to try it. They invited pizza maker, Raffele Esposito, to make it for them. He decided to make the pizza like the Italian flag, so he used red tomatoes, white mozzarella cheese and green basil leaves. The Queen loved it and the new pizza was named “Pizza Margherita” in her honour.

Pizza went to America with the Italians at the end of the nineteenth century. The first pizzeria in the United States was opened in 1905 at 53 Spring Street, New York City, by Gennaro Lombardi. But the popularity of pizza really exploded when American soldiers returned from Italy after World WarⅡ and raved about(夸赞) “that great Italian dish”. Americans are now the greatest producers and consumers of pizza in the world.

小题1:Which is the correct order of the changes of pizza?

A.Plakuntos→pizza→picea

B.Pizza→plakuntos→picea

C.Picea→plakuntos→pizza

D.Plakuntos→picea→pizza小题2:Why are Mexico and Peru important in the development of pizza?

A.Because pizza first became popular in these countries.

B.Because pizza was invented in these countries.

C.Because one topping was brought to Italy from these countries.

D.Because people there are the greatest consumers of pizza.小题3:What do the Italian flag and a Pizza Margherita have in common?

A.There is a picture of a Pizza Margherita.

B.They have the same colours.

C.Both of them represent Italy.

D.They are both popular in Italy.小题4:When did pizza become really popular in the United States?

A. After 1945.      B. In 1889.     C. In 1905.         D. By 1000AD.

小题5:What’s the best title of the passage?

A.McDonald’s and Pizza

B.Global Pizza

C.Pizza in the United States

D.How to Make Pizza