问题 单项选择题

请根据以下信息,回答4个小题: 曹先生是三A公司的创始人之一,该公司已经上市,目前股票价格是10元,市盈率是10倍。曹先生持有该公司股票100万股。按照上市承诺,他现在可以减持50万股,剩余50万股可以在3年后减持。 曹先生还有300万元现金需要构造投资组合,并希望投资组合的标准差不要超过12.5%,于是请金融理财师黎经理提供投资建议。 黎经理分析了市场数据,发现三A公司所在行业的平均β值为0.9,曹先生深信三A公司的利润成长率稳定在10%,分红比例维持在50%。 黎经理搜集了沪深300ETF基金和某债券指数基金的相关信息如下:

 

根据以上信息,黎经理提供了以下的风险资产组合供选择:

 债券指数与沪深300指数(视为市场组合)的相关系数为-0.5。货币市场基金的预期收益率为3%,可以视为无风险资产。

因为股票被低估了,黎经理建议暂时不要减持三A公司的股票,但价值回归后还是尽可能减持50%,以下关于减持的解释最合理的是()。

A.公司当前的股息收益率只有5%,不如持有收益率也是5%的债券基金

B.公司的预期收益率低于市场平均水平,没有投资价值

C.减持股份将改善公司的财务结构

D.减持股份可以降低投资组合的非系统性风险

答案

参考答案:D

单项选择题
阅读理解

Do you know of anyone who uses the truth to deceive(欺骗)? When someone tells you something that is true,but leaves out important information that should be included, he can give you a false picture.

For example,someone might say, “I just won a hundred dollars on the lottery( * * ). It was great. I took that dollar ticket back to the store and turned it in for one hundred dollars!”

This guy’s a winner,right? Maybe,maybe not.We then discover that he bought $ 200 worth of tickets,and only one was a winner.He’s really a big loser!

He didn’t say anything that was false,but he left out important information on purpose.That’s called a half-truth.Half truths are not technically lies,but they are just as dishonest.

Some politicians often use this trick.Let’s say that during Governor Smith’s last term,her state lost one million jobs and gained three million jobs.Then she seeks an  other term.One of her opponents(对手)says,“During Governor Smith’s term,the state lost one million jobs!” That’s true.However,an honest statement would have been,“During Governor Smith’s term,the state had a net gain of two million jobs.’’

Advertisers will sometimes use half—truths.It’s against the law to make false statements so they try to mislead you with the truth.An advertisement might say,“Nine out of ten doctors advised their patients to take Yucky Pills to cure toothache.”It fails to mention that they only asked ten doctors and nine of them work for the Yucky Company.

This kind of deception happens too often.It’s a sad fact of life:Lies are lies,and sometimes the truth can 1ie as well.

小题1:How much did the lottery winner lose?

A.one hundred dollars.

B.Two hundred dollars.

C.Three hundred dollars.

D.Four hundred dollars.小题2:We may infer that the author believes people should ________.

A.buy lottery tickets if possible

B.make use of half—truths

C.be careful about what they are told

D.not trust the Yucky Company小题3: How many examples does the writer give to show how the truth is used to deceive?

A.One.

B.Two.

C.Three.

D.Four.小题4:Which of the following is true according to the passage?

A.Using half truths is against the law.

B.Technically,half truths are in fact lies.

C.Yucky Pills is a very good medicine for toothache.

D.Governor Smith did a good job during her last term.小题5:Which of the following best expresses the main idea of the passage?

A.He’s really a big loser!

B.Sometimes the truth can lie as well.

C.Advertisers will sometimes use half truths.

D.It’s against the law to make false statements.