第1题:
According to a report released by the Beijing-based China Household Electric Appliance Research Institute, China’s household appliances market appeared active in the past year and high-end kitchen products lead the trend, suggesting that the country's consumption upgrade is fairly obvious.()
此题为判断题(对,错)。
第2题:
KFP Co, a company listed on a major stock market, is looking at its cost of capital as it prepares to make a bid to buy a rival unlisted company, NGN. Both companies are in the same business sector. Financial information on KFP Co and NGN is as follows:
NGN has a cost of equity of 12% per year and has maintained a dividend payout ratio of 45% for several years. The current earnings per share of the company is 80c per share and its earnings have grown at an average rate of 4·5% per year in recent years.
The ex div share price of KFP Co is $4·20 per share and it has an equity beta of 1·2. The 7% bonds of the company are trading on an ex interest basis at $94·74 per $100 bond. The price/earnings ratio of KFP Co is eight times.
The directors of KFP Co believe a cash offer for the shares of NGN would have the best chance of success. It has been suggested that a cash offer could be financed by debt.
Required:
(a) Calculate the weighted average cost of capital of KFP Co on a market value weighted basis. (10 marks)
(b) Calculate the total value of the target company, NGN, using the following valuation methods:
(i) Price/earnings ratio method, using the price/earnings ratio of KFP Co; and
(ii) Dividend growth model. (6 marks)
(c) Discuss the relationship between capital structure and weighted average cost of capital, and comment on
the suggestion that debt could be used to finance a cash offer for NGN. (9 marks)
第3题:
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第7题:
There are approximately 500 () now in operation in the United States.
第8题:
第9题:
transformed
transferred
transmitted
transported
第10题:
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第12题:
the United States is a wealthy country although poverty and crime exist there
crime has become a serious problem in the United States, although it is said to be a prosperous one
despite the fact that crimes have been increasing rapidly in the United States, it is a country of prosperity
in spite of stories about poverty and crime in the United States, it is prospering at an increasing rate
第13题:
A. 1.1
B. 2.1
C.3.1
D. 4.1
第14题:
It becomes a common practice to insert a clause in the bills of lading for vessels trading to and from the United States,expressly declaring ______ the Shipowner could recover in general average in the event of negligence,provided that due diligence has been exercised to make the ship in all respects seaworthy.
A.where
B.which
C.that
D.whether
第15题:
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第19题:
Rolls-Royce is world famous for()
第20题:
第21题:
Cigarette ends are unrecyclable.
Between 2000 and 2014, global sales of cigarettes decreased by 8 percent.
TerraCycle Company can now recycle the rest of the 80 percent of household waste.
Ending up in landfill is not the best way for dealing with waste.
第22题:
dominant
exemplary
essential
demanding
第23题:
an assignment
a compulsion
an obligation
a burden
第24题:
A foreign competitor has received a subsidy from a foreign government.
A foreign competitor has substantially increased the volume of products shipped to the United States.
A foreign competitor selling products in the United States at less than fair market value.
The company requesting import relief has been injured by the sale of imports in the United States.