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计算分析题：A公司年销售额为90000万元，变动成本率为60%，全部固定成本和费用为1800万元，长期债务账面价值为2000万元，利息费用40万元，普通股股数为2000万股，长期债务的税后资本成本为4%，股权资本成本为15%，所得税税率为25%。该公司认为目前的资本结构不合理，打算发行债券6000万元（债券面值5000万元，不考虑发行费用，票面利率为10%，期限为10年，每年付息一次），并用发行债券所筹集的资金以20元／股的价格回购普通股，回购后股权资本成本将上升至16%。该公司预计未来税后利润具有可持续性，且股权现金流量等于净利润。假设长期债务的市场价值等于其账面价值。要求：（1）计算回购前后的每股收益；（2）计算回购前后的实体价值（股票市场价值保留整数）；（3）计算新发行债券的税后资本成本；（4）计算回购前后的加权平均资本成本（按照市场价值权数计算）；（5）根据上述计算判断是否应该回购。已知：（P/A，8%，10）=6.7101，（P/A，7%，10）=7.0236（P/F，8%，10）=0.4632，（P/F，7%，10）=0.5083
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【多选题】Model test 2
A.
get
B.
know
C.
success
D.
about
E.
source
F.
gather
G.
origin
H.
speed
I.
somewhat
J.
value K existence L much M for N When O Soon after Who won the 1998 World Cup football games? What happened at the United Nations? How did the critics like the new play? ____________ (1) an event takes place, newspapers are on the streets giving the details. Wherever anything happens in the world, reporters are on the spot to ________ (2) the news. Newspapers have one basic purpose, to __________ (3) the news as quickly as possible from its source, from those who make it to those who want to _____________ (4) it. Radio, telegraph, television, and other inventions brought competition for newspapers. So did the development of magazines and other means of communication. However, this competition merely spurred the newspapers on. They quickly make use of the newer and faster means of communication to improve the ___________ (5) and thus the efficiency of their own operations. Today more newspapers are printed and read than ever before. Competition also led to newspapers branching out into many other fields. Besides keeping readers about informed of the latest news, today’s newspapers educate and influence readers about politics and other important and serious matters. Newspapers influence readers’ economic choices through advertising. Most newspapers depend on advertising for their very ___________ (6). Newspapers are sold at a price that fails to cover even a small fraction of the cost of production. The main _________ (7) of income for most newspapers is commercial advertising. The __________ (8) in selling advertising depends on a newspaper’s value to advertisers. This is measured in terms of circulation. How many people read the newspaper? Circulation depends on ___________ (9) on the work of the circulation department and on the service or entertainment offered in a newspaper’s pages. But for the most part, circulation depends on a newspaper’s value to readers as a source of information _____________ (10) the community, city, country, state, nation and world and even outer space. (30.0分)
【多选题】Refer to the exhibit. What are three of the basic components of a VoIP network？（）
A.
software voice applications
B.
multipoint control unit （MCU）
C.
gatekeeper
D.
call agent
E.
interactive voice response （IVR） systems
F.
softphones
【单选题】What are the basic characteristics that distinguish public speaking from other forms of communication?
A.
Public speaking is more structured and usually time limited.
B.
Public speaking also requires more formal language.
C.
Public Speaking requires a different method for delivery both verbally and nonverbally.
D.
Public speaking usually has a certain purpose.
E.
All of the above.
F.
a and d only.
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