问题 问答题

[背景材料一]
续上题。某公司共有长期资本(账面价值)共8000万元,其中长期借款2000万元,年利率10%,筹资费费率1.20%;债券1000万元,票面利率为12%,发行费用率5%,普通股票4000万元(共100万股,每股40元),股息率为8%,以后每年增加5%,筹资费费率为3%;留用利润1000万元,其成本率14%,企业所得税税率为33%。1.[问题一]
该公司的综合资金成本率是多少

答案

参考答案:[问题一]
1.长期借款资金成本 Kg=ig(1-T)/(1-f)=10%(1-33%)/(1-1.20%)=6.781%
长期借款占全部资本的比重 Wg=2000/8000=0.25
2.债券资金成本 Kb=ib(1-T)/(1-f)=12%(1-33%)/(1-5%)=8.463%
债券占全部资本的比重 WB=1000/8000=0.125
3.普通股资金成本 Ks=s/(1-f)+g=8%/(1-3%)+5%=13.247%
普通股占全部资本的比重 Ws=4000/8000=0.5
4.留用利润资金成本 KR=14%
留用利润占全部资本的比重WR=1000/8000=0.125
综合资本成本率=∑KiWi=6.781%×0.25+8.463%×0.125+13.247%×0.5+14%×0.125 =11.127%

阅读理解

阅读理解。

    Alice always wanted to be singer. Music was the most important thing in her life. She took lessons for

years, practiced every day, but in spite of all the efforts she made, her voice didn't improve. In fact, it

didn't get better, it just got louder.

    Her teacher finally gave up and stopped the lessons, but Alice refused to give in, and one day she

decided to give a concert and invited her teacher to attend.

The teacher was very worried about what to say after the concert. She knew it would be terrible and it

was. She didn't want to tell a lie, but she didn't want to hurt Alice's feelings either. Finally she got an idea

and went backstage to greet her pupil.

    "Well," said Alice, "What do you think of my singing?"

    "My dear," said the teacher, "you'll never be better than you were tonight."

1. Alice wanted to be a singer because she             .

A. was good at singing                  

B. could do nothing but sing

C. had a good teacher                    

D. was interested in music

2. Alice's teacher stopped the lessons because             .

A. Alice didn't make any progress in singing    

B. Alice's voice became louder and louder

C. Alice didn't work hard enough              

D. Alice was too proud to listen to her

3. What made Alice decide to give a concert?

A. she wanted to prove that her teacher was wrong.    

B. she wanted to please her teacher

C. she was sure that she could sing beautifully        

D. she was encouraged to do so

4. What is really mean by saying "you'll never be better than you were tonight"?

A. You gave a wonderful concert tonight.    

B. You won't make any improvement in future.

C. You have never sung so well before      

D. You did much better before than tonight

5. If Alice's teacher had told a lie, she might have said          .

A. "I don't like the concert."              

B. "You have made no progress."

C. "The concert tonight is terrible."        

D. "Your concert tonight is excellent."

选择题