问题 问答题

甲公司2007年初的负债及所有者权益总额为10000万元,其中,债务资本为2000万元(全部是按面值发行的债券,票面利率为8%);普通股股本为2000万元(每股面值2元);资本公积为4000万元;留存收益2000万元。2007年该公司为扩大生产规模,需要再筹集5000万元资金,有以下两个筹资方案可供选择:
方案一:全部通过增发普通股筹集,预计每股发行价格为10元;
方案二:全部通过增发债券筹集,按面值发行,票面利率为10%。
预计2007年可实现息税前利润1500万元,固定经营成本1000万元,适用的企业所得税税率为25%。
要求回答下列互不相关的问题:

如果甲公司股票收益率与股票指数收益率的协方差为10%,股票指数的标准差为40%,国库券的收益率为4%,平均风险股票要求的收益率为12%,计算甲公司股票的资本成本;

答案

参考答案:甲公司股票的β系数=10%/(40%×40%)=0.625
甲公司股票的资本成本=4%+0.625×(12%-4%)=9%

单项选择题
单项选择题

Although there are many skillful Braille readers, thousands of other blind people find it difficult to learn that system. They are thereby shut (1) from the world of books and newspapers, having to (2) on friends to read aloud to them.

A young scientist named Raymond Kurzweil has now designed a computer which is a major (3) in providing aid to the (4) .His machine, Cyclops, has a camera that (5) any page, interprets the print into sounds, and then delivers them orally in a robot-like (6) through a speaker. By pressing the appropriate buttons (7) Cyclops’s keyboard, a blind person can "read" any (8) document in the English language.

This remarkable invention represents a tremendous (9) forward in the education of the handicapped. At present, Cyclops costs $ 50,000. (10) , Mr. Kurzweil and his associates are preparing a smaller (11) improved version that will sell (12) less than half that price. Within a few years, Kurzweil (13) the price range will be low enough for every school and library to (14) one. Michael Hingson, Director of the National Federation for the Blind, hopes that (15) will be able to buy home (16) of Cyclops for the price of a good television set.

Mr. Hingson’s organization purchased five machines and is now testing them in Maryland, Colorado, Iowa, California, and New York. Blind people have been (17) in those tests, making lots of (18) suggestions to the engineers who helped to produce Cyclops.

"This is the first time that blind people have ever done individual studies (19) a product was put on the market," Hingson said. "Most manufacturers believed that having the blind help the blind was like telling disabled people to teach other disabled people. In that (20) , the manufacturers have been the blind ones.

12()

A.on

B.for

C.through

D.to