问题 问答题 简答题

某公司息税前利润为600万元,且未来保持不变,公司适用的所得税税率为25%,公司目前总资本为2000万元,其中80%由普通股资本构成,股票账面价值为1600万元,20%由债务资本构成,债务账面价值为400万元,假设债务市场价值与其账面价值基本一致,净利润全部用来发放股利。该公司认为目前的资本结构不够合理,准备用发行债券购回股票的办法予以调整。经咨询调查,目前债务利息率和权益资本成本的情况见表1:

表1债务利息率与权益资本成本

表2公司市场价值与加权平均资本成本

根据表2的计算结果,确定该公司最优资本结构。

答案

参考答案:

由于债务资本为400万元时,公司价值最大同时加权平均资本成本最低,所以目前的结构为公司最优资本结构,不应调整。

解答题
阅读理解

“Your honor(法官大人)!Let me say a few words for myself. What they have told you is just not true. I was not trying to kill anyone, and it was hardly possible to try to kill three strong young men at the same time. I didn't have anything to tell people that night and was quite alone. I didn't know them and needn't hate them. I was attacked by them, and I knocked one of them down. It's true, but I was made to do it, or I might be killed by them. I did this not because I hated the white men as they said. I just had to do so. While I was beaten in the dark street by the three men, a policeman came, caught me and took me here. I know why I was beaten. I have just moved into a house next to these three white men. I have felt that I am not welcome and I have tried to be quiet. I think, as an American, I have the right to choose where to live. I am guilty. What makes me guilty is my color opposite to theirs and I can't enjoy justice(公正). Yes, I'm not guilty. This is all I want to say. Thank you, your honor.”

小题1:Why did he speak for himself?

A.He wanted to live in the house next to the whites.

B.He wanted to have the right to choose where to live.

C.He wanted to show he was not guilty.

D.He wanted to show he didn't hate the whites.小题2:The speaker was caught because________.

A.the policeman wanted to save him

B.he was black and was fighting with the whites

C.he killed the three men in a dark street

D.he lived in a house next to the whites小题3:What's the right order of the story?

a. The speaker said something for himself.

b. The three men said something.

c. The speaker knocked down one of the three men.

d. The speaker was beaten by the three men.

e. He was caught by the policeman.

f. The speaker moved into a house near the whites.

A.a­b­f­d­c­e

B.b­a­f­c­d­e

C.f­d­c­e­b­a

D.f­c­d­e­a­b