问题 阅读理解

根据短文内容,从短文后的选项中选出能填入空白处的最佳选项。选项中有两项为多余选项。

(71 )   When a person does a certain thing again, he is impelled(迫使) by some unseen force to do the same thing repeatedly; thus a habit is formed. Once a habit is formed, it is difficult, and sometimes impossible, to get rid of.   (72)    Children often form bad habits, some of which remain with them as long as they live. Older persons also form bad habits as long as they live, and sometimes become ruined by them.

(73)   Many successful men say that much of their success has something to do with certain habits in early life, such as early rising, honesty and thoroughness.

Among the habits which children should not form are laziness, lying, stealing and so on. (74)   Unfortunately older persons often form habits which ought to have been avoided.

(75)      

A.There are other habits which, when formed in early life, are of great help.

B.Whether good or not habits are, they are easy to get rid of.

C.We ought to keep from all these bad habits, and try to form such habits as will prove good for ourselves and others.

D.Habits, whether good or bad, are gradually formed.E. It is very important for us to know why we should get used to good habits.

F. These are all easily formed habits.

G. It is therefore very important that we should pay great attention to the formation of habits.

答案

DGAFC

问答题

A公司计划引进新型产品生产技术,相关资料如下:

资料一:考虑到市场的成长需要一定时间,该项目分两期进行。第一期需要购置十套专用设备,预计每套价款90万元,追加流动资金140万元。于2010年末投入,2011年投产,生产能力为50万件。该新产品预计销售单价20元/件,单位变动成本12元/件,每年增加固定付现成本40万元。该公司所得税税率为25%。

第二期要投资购置二十套专用设备,预计每套价款为70万元,于2013年年末投入,需再追加流动资金240万元,2014年投产,生产能力为120万件,预计新产品销售单价20元/件,单位变动成本12元/件,每年增加固定付现成本80万元。

公司的会计政策与税法规定相同,设备按5年折旧,采用直线法计提,净残值率为零。假设以上现金流量均为剔除通货膨胀影响后的实际现金流量。

资料二: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,该上市公司的β为1.75,其资产负债率为50%,所得税税率为25%,预计新项目投资的目标资本结构为资产负债率为60%,新筹集负债的税前名义资本成本为23.95%。

资料三:证券市场的名义无风险收益率为8.15%,证券市场的名义平均收益率为19.4%,预计年通货膨胀率为3%。

要求:

假设第二期项目的决策必须在2013年底决定,该行业风险较大,未来现金流量不确定,可比公司的股票价格标准差为28%,可以作为项目现金流量的标准差,要求采用布莱克—斯科尔斯期权定价模型确定考虑期权的第一期项目净现值为多少,并判断应否投资第一期项目[为简便计算,S0/PV(X)的值以及d1和d2的数值均保留2位小数]。

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