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问题 问答题

A公司股票目前的市价为15元，最近5年的股利支付情况如下表所示：

要求：

按算术平均数计算股息的平均增长率，并据此确定该公司股票的资本成本。

答案

参考答案：

16)/0.16+(0.15-0.19)/0.19+(0.12-0.15)/0.15+(0.17-0.12)/0.12]/4=4.84%

股票的资本成本=[0.17×(1+4.84%)/15]+4.84%=6.03%

问答题 简答题

C公司是2010年1月1日成立的高新技术企业。为了进行以价值为基础的管理，该公司采用股权现金流量模型对股权价值进行评估。评估所需的相关数据如下：（1）C公司2010年的销售收入为1000万元。根据目前市场行情预测，其2011年、2012年的增长率分别为10％、8％；2013年及以后年度进入永续增长阶段，增长率为5％。（2）C公司2010年的经营性营运资本周转率为4，净经营性长期资产周转率为2，净经营资产净利率为20％，净负债／股东权益=1／1。公司税后净负债成本为6％，股权资本成本为12％。评估时假设以后年度上述指标均保持不变。（3）公司未来不打算增发或回购股票。为保持当前资本结构，公司采用剩余股利政策分配股利。

计算C公司2011年至2013年的股权现金流量。
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Part 4


Questions 26-45


·Read the following passage and choose the best word for each space.
Money spent on advertising is money spent as well as any (26) know of. It serves directly to assist a rapid of goods at reasonable prices, (27) establishing a firm home market and so making it possible to provide (28) export at competitive prices. By drawing attention to new ideas it helps enormously to raise standards of living. By helping to increase demand it (29) an increasing need for labor, and is therefore an effective way to fight unemployment. It lowers the costs of many services: (30) advertisements your daily newspaper would cost four times as much, the price of your television license would need to be doubled, and travel by bus or tube would cost 20 percent more.
And perhaps most important of all, advertising provides a guarantee of reasonable value in the products and services you buy (31) the fact that twenty-seven Acts of Parliament govern the terms of advertising, no regular advertiser dare promote a product that fails to live (32) the promise of his advertisements. He might fool some people for a little (33) through misleading advertising. He will not do so for long, for mercifully the public has the good (34) not to buy the inferior article more than once. If you see an article (35) advertised, it is the surest proof. I know that the article does what is (36) for it, and that it represents good value.
Advertising does more for the (37) benefit of the community than any other force I can think of.
There is one more point I feel I ought to (38) on. Recently I heard a well-known television personality (39) that he was against advertising because it persuades rather than informs. He was drawing (40) fine distinctions. Of course advertising (41) to persuade.
If its message were (42) merely to information—and that in itself (43) difficult if not impossible to achieve, (44) even a detail such as the choice of the color of a shirt is subtly persuasive — advertising would be so boring (45) no one would pay any attention. But perhaps that is what the well-known television personality wants.

A．attribution

B．distribution

C．contribution

D．attrition
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