问题 问答题

企业拟投产一新项目,预计新项目产品的市场适销期为5年,新产品的生产可利用原有旧设备,该设备的原值为400万元,税法规定的使用年限为4年,已使用1年,按双倍余额递减法计提折旧,税法规定的残值为20万元。目前变现价值为150万元,5年后的变现价值为10万元。生产A产品需垫支营运资本50万元,项目投产后,每年可以为公司增加税前经营利润80万元。该公司目前的资产负债率为60%,投产新项目后资本结构不变,负债的税后资本成本为7%;该公司过去没有投产过类似项目,但新项目与一家上市公司的经营项目类似,该上市公司权益的β值为1.6,其资产负债率为50%。目前证券市场的无风险收益率为5%,证券市场的平均收益率为10%。两个公司的所得税税率均为40%。
要求:

计算类比企业无负债的β值。

答案

参考答案:类比企业的负债/权益=50%/(1-50%)=1
无负债的β值=β资产权益/[1+(1-所得税率)×负债/权益]=1.6/[1+(1-40%)×1]=1

选择题
阅读理解

When Ben Franklin was very only a boy, he always wanted to know about things. He was always asking his father and brothers “What?” and “How?” and “Why?”

They couldn’t always tell him what he wanted to know.

When they couldn’t tell him, Ben tried to find out for himself.

Many times Ben did find out things that no one knew before. The other boys would say, “That’s Ben Franklin! He’s always finding out something new! ” 

Ben lived close to the water. He liked to go there to see the boats. He saw how the wind blew them across the water.

One day Ben said to himself, “Why can’t the wind help me float across the water? And I’m going to try.” Ben got his big kite. He took hold of the kite string and ran with it. The wind took the kite up into the air. Then Ben jumped into the water.

The wind blew the kite high into the air. Ben began to float across the water. Soon he was on the other side, and he had not worked at all.

One boy shouted, “Look at Ben floating across the water! His kite takes him to the other side without any work!”

“Yes”, said another. “He’s always finding new ways to do things.”

小题1:When he was only a child, Ben _____.

A.liked to fly a kite by himself

B.always asked easy questions

C.always liked to play with water

D.always liked to find out how things worked小题2:His father and brothers _____.

A.couldn’t answer all his questions

B.could answer all his questions

C.tried hard to find out something new for him

D.were too busy to answer his questions小题3:How did Ben Franklin float across the water?

A.The other boy took him across it.

B.The water carried him across it.

C.The flying kite took him across it.

D.A boat took him across it.小题4:He found out many things that ____.

A.children didn’t know

B.his father and brothers knew

C.people didn’t know

D.most people knew