某公司在2006年1月1日发行面值为200元的债券，票面利率为8%，期_爱下问搜题

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问题问答题

某公司在2006年1月1日发行面值为200元的债券，票面利率为8%，期限5年，每年付息，到期还本。假定市场利率为10%，无风险收益率为7.4%，企业所得税税率为33%，债券的β系数为0.615，每张债券的发行费预计为5元。

要求：

（1）计算该债券的发行价格和资金成本；

（2）甲公司在发行时拟购买该债券，其预期的必要收益率和可接受的购买价格应为多少该投资是否可行？

（3）甲公司最终将发行价格定为190元，且决定于发行时购买该债券，则能够获得的投资收益率为多少？

（4）假定2010年1月1日的市场利率下降到8%，那么此时债券的价值是多少？

答案

参考答案：

(1)计算该债券的发行价格和资金成本：

债券发行价格＝200×8%×(P/A，10%，5)+200×(P/F，10%，5) ＝16×3.7908+200×0.6209 ＝60.65+124.18 ＝184.83(元) (184.83-5)＝200×8%×(1-33%)×(P/A，K，5)+200×(P/F，K，5) 179.83＝10.72×(P/A，K，5)+200×(P/F，K，5) 设K＝8%， PV＝10.72×3.9927+200×0.6806＝42.80+136.12＝178.92(元) 设K＝7%， PV＝10.72×4.1002+200×0.7130＝43.95+142.60＝186.55(元) 插值计算：K＝7.88%

(2)预期必要收益率＝7.4%+0.615×(10%-7.4%)＝9% 可接受价格＝200×8%×(P/A，9%，5)+200×(P/F，9%，5) ＝16×3.8897+200×0.6499＝62.24+129.98＝192.22(元)＞184.83(元) 该投资可行。

(3)190＝200×8%×(P/A，i，5)+200×(P/F，i，5) i＝9%时， PV＝16×3.8897+200×0.6499＝62.24+129.98＝192.22(元) i＝10%时， PV＝16×3.7908+200×0.6209＝60.65+124.18＝184.83(元) 采用插值计算：投资收益率＝9.30%

(4)债券价值==200（元）

单项选择题 A3/A4型题

患者男，48岁。急诊入院。经问诊及相关体格检查拟诊"急性暴发性肝炎"收入院。血清学初次检测结果为：总胆红素192μmmol/L，ALT-2U/L，AST1080U/L。如当天各项目质控结果均在控，实验室工作人员随即对ALT的连续监测反应曲线进行观察，发现在计算结果的监测时间段反应曲线出现平直。

ALT检测结果异常最有可能的原因是（）

A.ALT含量过低，小于仪器最低检出限

B.黄疸样本干扰

C.仪器加样针阻塞

D.ALT含量过高，出现底物耗竭

E.电压波动引起结果异常

阅读理解

The 30-mile road that runs through the mountains of Willie Valley makes most drivers′ hands sweat. But Andersen, a 46-year-old father of four, wasn’t expecting any trouble on the road last New Year’s Eve, when he set off for a ski trip to the Bear Mountains with nine-year-old daughter Mia, four-old son Baylor, and nine-year-old neighbor Kenya. Andersen had driven through the Valley hundreds of times over the years.

The weather was fine. But the higher they drove, the more slippery the road became. Rounding a sharp U-turn, Andersen saw a heavy truck off the road and immediately hit his brakes. In a minute, the car was going at 25 miles per hour down the mountain before falling down from a ten-foot dam into the extremely cold Logan River.

The crash had broken a few windows, and within seconds, the car was filled with water. “It was frightening that we were going fast into deep water,” remembers Andersen, a soft-spoken manager.

Having lost all sense of direction, Andersen began to search the freezing water for the kids. Mia had been right next to him in the front seat; now, in the blackness, he couldn’t find her. “I thought, if I don’t get out, maybe none of us are going to get out.” Andersen got out of his seat belt, swam through a broken window, and, deeply and quickly, breathed air at the surface. That’s when he saw a group of men, about ten in all, appear at the top of the dam. One after another, they rushed down into the water. Helping onto safety all the three children, they began to shout at the father, “Who else is in the car？”

Andersen says respectfully, “It was like the sight of angels.”

小题1: What might be the main cause of the car accident？

A．The bad weather.

B．The high dam.

C．The sudden brake.

D．The heavy truck.小题2: Andersen didn’t expect any trouble on the road because _____.

A．he was familiar with the road

B．he was good at driving

C．his hands didn’t have sweat

D．the weather was fine小题3: What can be learned from the last paragraph？

A．Andersen lost consciousness in the water.

B．Strangers helped Andersen out of the car.

C．Andersen liked Mia most among the children.

D．Strangers teamed together to save three children.小题4:The underlined sentence is to express Andersen’s feeling of being _____.

A．tired

B．excited

C．doubtful

D．thankful小题5:Which of the following can be the best title of the text？

A．Stay calm when in trouble

B．Drive rounding a U-turn

C．Miracle rescue from a river

D．Mystery of the Bear Mountains