问题 单项选择题 计算题

中联公司目前拥有资金6000万元,其中,长期借款2400万元,年利率10%;普通股3600万元(其中,股本为180万元,资本公积为3420万元,每股面值为1元),本年支付每股股利2元,预计以后各年股利增长率为5%。中联公司为生产A产品,急需购置一台价值为2000万元的W型设备,该设备购入后即可投入生产使用。预计使用年限为4年,预计净残值率为1%。按年限平均法计提折旧。经测算,A产品的单位变动成本(包括销售税金)为300元,边际贡献率为40%,固定成本总额为1250万元,A产品投产后当年可实现销售量8万件。为购置该设备,中联公司计划再筹集资金2000万元,有两种筹资方案。

方案甲:增加长期借款2000万元,借款利率为12%,筹资后股价由目前的20元下降到18元,其他条件不变。

方案乙:增发普通股80万股,普通股市价上升到每股25元,其他条件不变。企业所得税税率为25%。

根据上述资料,回答下列各题。

若不考虑筹资费用,采用每股收益无差别点分析方法计算,甲、乙两个筹资备选方案的每股收益无差别点的销售收入为()万元。

A.3783

B.4000

C.5675

D.6575

答案

参考答案:C

单项选择题

A very important world problem, if not the most serious of all the great world problems which affect us at the moment, is the increasing number of people who actually inhabit this planet. The limited amount of land and land resources will soon be unable to support the huge population if it continues to grow at its present rate.

In an early survey conducted in 1888, a billion and a half people inhabited the earth. Now, the population exceeds five billion and is growing fast—by the staggering figure of 90 million in 1988 alone. This means that the world must accommodate a new population roughly equal to that of the United States and Canada every three years! Even though the rate of growth has begun to slow down, most experts believe the population size will still pass eight billion during the next 50 years.

So why is this huge increase in population taking place It is really due to the spread of the knowledge and practice of what is becoming known as "Death Control". You have no doubt heard of the term "Birth Control"—" Death Control" is something rather different. It recognizes the work of the doctors and scientists who now keep alive people who, not very long ago, would have died of a variety of then incurable diseases. Through a wide variety of technological innovations that include farming methods and sanitation, as well as the control of these deadly diseases, we have found ways to reduce the rate at which we die—creating a population explosion. We used to think that reaching seventy years old was a remarkable achievement, but now eighty or even ninety is becoming recognized as the normal life-span for humans. In a sense, this represents a tremendous achievement for our species. Biologically this is the very definition of success and we have undoubtedly become the dominant animal on the planet. However, this success is the very cause of the greatest threat to mankind.

Man is constantly destroying the very resources which keep him alive. He is destroying the balance of nature which regulates climate and the atmosphere, produces and maintains healthy soils, provides food from the seas, etc. In short, by only considering our needs of today we are ensuring there will be no tomorrow.

An understanding of man’s effect on the balance of nature is crucial to be able to find the appropriate remedial action. It is a very common belief that the problems of the population explosion are caused mainly by poor people living in poor countries who do not know enough to limit their reproduction. This is not true. The actual number of people in an area is not as important as the effect they have on nature. Developing countries do have an effect on their environment, but it is the populations of richer countries that have a far greater impact on the earth as a whole.

The birth of a baby in, for example, Japan, imposes more than a hundred times the amount of stress on the world’s resources as a baby in India. Most people in India do not grow up to own cars or air-conditioners—nor do they eat the huge amount of meat and fish that the Japanese child does. Their life-styles do not require vast quantities of minerals and energy. Also, they are aware of the requirements of the land around them and try to put something back into nature to replace what they take out.

For example, tropical forests are known to be essential to the balance of nature yet we are destroying them at an incredible rate. They are being cleared not to benefit the natives of that country, but to satisfy the needs of richer countries. Central American forests are being destroyed for pastureland to make pet food in the United States cheaper; in Papua New Guinea, forests are destroyed to supply cheaper cardboard packaging for Japanese electronic products; in Burma and Thailand, forests have been destroyed to produce more attractive furniture in Singapore and Japan. Therefore, a rich person living thousands of miles away may cause more tropical forest destruction than a poor person living in the forest itself.

In short then, it is everybody’s duty to safeguard the future of mankind-not only through population control, but by being more aware of the effect his actions have on nature. Nature is both fragile and powerful. It is very easily destroyed; on the other hand, it can so easily destroy its most aggressive enemy—man.

Paragraph 2 is written in the passage()

A. to put forward the argument that world population has to be reduced

B. to give a brief history of the growth in world population

C. to emphasize how quickly the world population is rising

D. to stress how large the world population is now

单项选择题