问题 问答题

长虹公司在进行了一项市场调查后发现,若该公司投资扩充消费品部门,则公司的β值可从1.2降为0.9,可是由于消费品的边际利润比该公司的另一产品低很多,因此导致盈余和股利的增长从7%降为5%,若KM=11%,KRF=7.5%,D0=2,请判断长虹公司是否应扩充消费品部门。

答案

参考答案:

先计算没有扩充消费品部门时的公司预期收益率和股票价值。

预期收益率=7.5%+1.2×(11%-7.5%)=11.7%

股票价值=[2×(1+7%)÷(11.7%-7%)]元=45.53元

再计算扩充消费品部门后公司的预期收益率和股票价值。

预期收益率=7.5%+0.9×(11%-7.5%)=10.65%

股票价值=[2×(1+5%)÷(10.65%-5%)]元=37.17元

结论:由于扩充消费品部门后使公司的价值不升反降,因此长虹公司不应当扩充消费品部门。

阅读理解

Mother’s Day is a holiday for mothers. It is celebrated in the United States, England, India and some other countries. In a short time, it becomes widely celebrated. Mother’s Day falls on the second Sunday in May. On that day, many people send gifts of love to their mothers, those whose mothers are still living often wear a pink or red rose or carnation, while those whose mothers are dead wear a white one.

The idea of a Day for mothers was first given by Miss Anna Jarvis of Philadelphia. As a result of hard work, the celebration of the first American Mother’s Day was held in Philadelphia on May 10th, 1908. Soon the holiday became popular all over the country and all over the world.

In China, people do the same or the day for mothers, and in some cities, people sometimes ask a song to be broadcasted for his or her mother only. This might cost a little money for some of them. But it is said “Love is invaluable.”On May 8, 1999, just the day before the Mother’s Day, this year, just a Chinese mother was killed in criminal bombling. Her name is Shao Yunhuan, a heroic mother. All the Chinese will remember her forever.

小题1:Mother’s Day ________________________.

A. is a holiday for mothers.

B. is celebrated in the United States only.

C. falls on May 10th every year.

小题2:What was the date of the Mother’s Day this year in the passage?

A. May 7, 1999

B. May 8, 1999

C. May 9, 1999

小题3:On Mother’s Day, people ______________.

A. wear a pink or red rose or carnation

B. wear a white flower

C. send gifts of love to their mothers.

小题4:“Love is invaluable ” Here the word “invaluable” means _________.

A.美好的

B.无价的

C.永恒的

小题5:Maybe you have known the criminal bombing, which of the following ideas do you agree to ?                

A. Shao Yunhuan is a great mother.

B. A Chinese mother is the same as an American mother.

C. Both A and B

单项选择题