问题 问答题

裕隆公司拟收购同行业中的中实公司,目前中实公司的实体自由现金流量为500万元,预计收购后的第1年中实公司的实体自由现金流量将增加200万元,从第2年起,中实公司的实体自由现金流量将保持4%的增长率不变。收购完成后。裕隆公司就调整中实公司的资本结构以保持裕隆公司的目标资本结构(债务资本与权益资本的比值3:1)不变。裕隆公司的股东权益卢值为2,无风险利率为3%,市场平均收益率为8%,债务利息率为5%,裕隆公司使用的所得税税率为25%。假设双方协议的收购价格为9500万元。每年利息为上年末净负债的余额为基础计算。
要求:

使用APV法评估中实公司的实体价值和该项收购的净现值;

答案

参考答案:计算无杠杆加权平均资本成本rU=S/(S+B)×rS+B/(B+S)×rB=1/4×13%+3/4×5%=7%
无杠杆企业的价值VU=200/(7%-4%)=6666.6667(万元)
收购后第1年的利息税盾=7281.5534×5%×25%=91.0194(万元)
利息税盾的现值=91.0194/(7%-4%)=3033.98(万元)
杠杆企业的价值=无杠杆企业的价值+利息税盾的限制=6666.6667+3033.98=9700.6467(万元)
该项收购的净现值=9700.6467-9500=200.6467(万元)

阅读理解

阅读理解。

    Many textbooks are not written in the kind of English that we speak every day. In fact,

sometimes the reading is so difficult that it almost seems like a foreign language. In a

way, it is the language of science. You should not expect to be able to read a difficult

science passage the same way you read an interesting story; you should not expect to read

it easily and all at once. Instead, you may have to read it several times through, catching

on the meaning of difficult words, going back over difficult sentences, and finally putting

the whole thing together. Do not be discourages if the whole passage don't make sense to

you at first. You need to pick it apart patiently until you can understand it.

    These are the steps to follow when you are reading something difficult: 

    ☆1. Start to read normally until you run into a sentence that doesn't make sense to 

         you. 

    ☆2. When a sentence doesn't make sense, go back and read it again more slowly. 

    ☆3. Look for any word you don't know in the sentence. Try to understand their meanings

         using word parts and context clues(上下文线索). If necessary, look them up in the

         dictionary. 

    ☆4. Look at the next few sentences to see if they explain more about the sentence you

         are working on. Do not read very much farther ahead until you understand what is

         being said. 

    ☆5. Finally, read the sentence again. Try to put it into simpler words. 

    ☆6. Read through the passage once. Try to understand all the hard parts well. Then

           read the whole passage once more at a usual speed. This helps you to put all

           ides together. The stops sound a lot harder than they are. It is really just the

           normal way good readers understand anything that is difficult to read. After you

           have done the best you can this way, you should always feel free to ask for help

           from your teacher, if you have one.

1. The underlined phrase "run into" means ______. [ ]

A. work out

B. come across

C. look into

D. pass by

2. From the passage, we can know ______. [ ]

A. we should look up new words before reading

B. it is sometimes difficult to read a science passage

C. the six steps are helpful in learning spoken English

D. interesting stories help readers to improve their English

3. The massage is mainly about ______. [ ]

A. steps of studying science

B. difficulties in reading science

C. ways of reading science passages

D. researches on science and English

填空题