问题 问答题

A股份有限公司发行了期限5年,年利率3%,总额为1000万的可转换债券,每年付息1次,每张债券面值为1000元,自发行日起可以进行转换,前两年转股的价格为10元/股,预计有70%的债券实施转换;后两年转股的价格为12元/股,预计有25%的债券实施转换;第五年进入不可转换期。债券发行时,该公司股票市场价格为8元/股;前两年转换期内,预期股票市场平均价格为20元/股;后两年转换期内,预期股票市场平均价格为25元/股。目前市场利率为8%。求:
(1)若债券持有人选择不转换为普通股,则该可转换债券的价值是多少;
(2)若债券持有人选择在第二年末转换并立即出售,求转换比率和该可转换债券的价值;
(3)若债券持有人选择在第四年末转换并立即出售,求转换比率和该可转换债券的价值;
(4)若该债券发行价为960元/张,求第四年末转股并出售的净现值。

答案

参考答案:(1)该可转换债券的价值=1000×3%×(P/A,8%,5)+1000×(P/S,
8%,5)
=30×3.9927+1000×0.6806=800.381(元)
(2)转换比率=债券面值/转换价格=1000/10=100
可转换债券价值=1000×3%×(P/A,8%,2)+20×100×(P/S,8%,2)
=30×1.7833+2000×0.8573=1768.099(元)
(3)转换比率=1000/12=83.33
可转换债券价值=1000×3%×(P/A,8%,4)+83.33×25×(P/S,8%,4)
=30×3.3121+2083.25×0.735=1630.55(元)
(4)第四年末转股并出售的NPV=1630.55-960=670.55(元)

单项选择题 A1/A2型题
阅读理解

阅读理解

     I live in the land of Disney, Hollywood and year - round sun.You may think People ,n such an

attractive, fun - filled place are happier than others.If so you have some mistaken ideas about the nature

of happiness.

     Many intelligent people still think fun equals happiness.The truth is that fun and happiness have little or

nothing in common.Fun is what we experience during an act.Happiness is what we experience after an

act.It is a deep, long-lasting emotion.

     Going to an amusement park or a ball game, watching a movie or television are fun activities that help

us relax, temporally forget our problems and maybe even laugh.But they do not bring happiness, because

their positive effects end when the fun ends.

     I have often thought that if Hollywood stars have a role to play, it is to teach us that happiness has

nothing to do with fun.They have constant access to exciting parties, fancy cars, expensive homes,

everything that spells "happiness" But in memoir(回忆录) after memoir, they expose Ac unhappiness

hidden beneath all their fun: depression, alcoholism, drug addiction, broken marriages and loneliness.

     Ask a bachelor why he resists marriage even though he finds dating to be less and less satisfying.If he

is honest, he will tell you that he is afraid of making a commitment.For commitment is in fact quite

painful.The single life is filled with fun, adventure and excitement.Marriage has such moments, but they

are not its most distinguishing features.

     Similarly, couples that choose not to have children are deciding in favor of painless fun over painful

happiness.They can dine out whenever they want and sleep as late as they want.Couples with babies

are lucky to get a whole night' s sleep.I don't know any parent who would choose the word fun to

describe raising children.

     Understanding and accepting that true happiness has nothing to do with fun is one of the most liberating

realizations we can ever come to.It liberates time: now we can devote more hours to activities that can

truly increase our happiness.It liberates money: buying that new car or those fancy clothes that will do

nothing to increase our happiness now seems pointless.And it frees us from envy: we now understand

that all those rich and famous people we were so sure are happy because they are always having so much

fun actually may not be happy at all.

1.What is the passage mainly about?

A.Fun and happiness.

B.Success and satisfaction.

C.Marriage and commitment.

D.Entertainment and responsibility.

2.The author probably agrees that ____.

A.fun creates long - lasting satisfaction

B.long - standing fun may lead to happiness

C.fun is short-lived while happiness is long-lasting

D.fun provides enjoyment while pain leads to happiness

3.What does the author think of marriage?

A.It ends in pain.            

B.It means commitment.

C.It affords greater fun.        

D.It leads to raising children.

4.If one gets the real meaning of happiness, he ____.

A.will start a business          

B.won' t place too much value on money

C.will seek for freedom        

D.won't devote himself to his family