参考答案和解析
参考答案:B
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  • 第1题:

    (c) Calculate the theoretical ex rights price per share and the net funds to be raised by the rights issue, and

    determine and discuss the likely effect of the proposed expansion on:

    (i) the current share price of Merton plc;

    (ii) the gearing of the company.

    Assume that the price–earnings ratio of Merton plc remains unchanged at 12 times. (11 marks)


    正确答案:
    (c) Rights issue price = 2·45 x 0·8 = £1·96
    Theoretical ex rights price = ((2 x 2·45) + (1 x 1·96))/3 = 6·86/3 = £2·29
    New shares issued = 20m x 1/2 = 10 million
    Funds raised = 1·96 x 10m = £19·6 million
    After issue costs of £300,000 funds raised will be £19·3 million
    Annual after-tax return generated by these funds = 19·3 x 0·09 = £1,737,000
    New earnings of Merton plc = 1,737,000 + 4,500,000 = £6,237,000
    New number of shares = 20m + 10m = 30 million
    New earnings per share = 100 x 6,237,000/30,000,000 = 20·79 pence
    New share price = 20·79 x 12 = £2·49
    The weaknesses in this estimate are that the predicted return on investment of 9% may or may not be achieved: the priceearnings
    ratio depends on the post investment share price, rather than the post investment share price depending on the
    price-earnings ratio; the current earnings seem to be declining and this share price estimate assumes they remain constant;
    in fact current earnings are likely to decline because the overdraft and annual interest are increasing but operating profit is
    falling.
    Expected gearing = 38/(60 + 19·3) = 47·9% compared to current gearing of 63%.
    Including the overdraft, expected gearing = 46/(60 + 19·3) = 58% compared to 77%.
    The gearing is predictably lower, but if the overdraft is included in the calculation the gearing of the company is still higher
    than the sector average. The positive effect on financial risk could have a positive effect on the company’s share price, but
    this is by no means certain.

  • 第2题:

    Since his daughter was very busy, she wrote to him _____ times.

    A. in other

    B. at another

    C. in another

    D. at other


    参考答案: B

  • 第3题:

    以下程序的输出结果是______。 #define TIMES(X) X*X main() { int a=16,k=2,m=1; a/=TIMES (k+m)/TIMES(k+m); printf("d\n",a); }

    A.16

    B.2

    C.9

    D.1


    正确答案:B
    解析:宏定义的作用是进行字符的替换,应先将赋值语句的右边进行宏替换,即等号右边为:k+m*k+m/k+m*k+m=2+1*2+1/2+1*2+1=2+2+0+2+1=7,然后计算a/=7,即a=a/7=16/7=2。

  • 第4题:

    ●Adding 5 people to a 4 person team increases the communication channels by a factor of (75).

    (75) A. 3 times

    B. 4 times

    C. 5 times

    D. 6 times


    正确答案:D

  • 第5题:

    A) times above

    B) time

    C) times in

    D) times


    正确答案:D
    答案:D
    [试题分析]语法知识的运用。
    [详细解答]表示倍数,直接用…times,后不用加任何介词,直接跟比较的对象,故答案为D。

  • 第6题:

    200 times 365 times 20 is().

    A.200*365*20

    B.200+365+20


    B