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兼并收购概念理论之一:概览和购买策略 参考答案(全)

发表于 2019-11-7 14:24:17 | 显示全部楼层 |阅读模式
1 . Which growth tactic is more risky from an operational point-of-view(从运营角度来看,哪种增长策略更具风险)?
A.Growing a business through Mergers and Acquisitions(通过兼并和收购发展业务)
B.Growing a business through new product development(通过新产品开发拓展业务)

2 . Emerging markets (such as Thailand, China, and India) represent 80% of the world’s population. Approximately what percentage of the global Mergers and Acquisition activity do they represent(新兴市场,如泰国、中国和印度,占全球人口的80%。大约他们所代表的全球并购活动的百分比是多少)?

3 . A “cash flow” loan is(“现金流量”贷款是):
A.A loan that is secured by the likely sale proceeds of inventory and plant(贷款由可能出售的存货和设备收入担保)
B.A popular debt device in many emerging markets(在许多新兴市场流行的债务策略)
C.A loan that seeks repayment principally from future earnings since the borrower lacks sufficient collateral(由于借款人缺乏足够的抵押品,主要从未来收益寻求还款的贷款)
D.None of the above(以上都不是)

4 . If Thai Petrochemical (Thailand) acquires a United States petrochemical firm at a reasonable price, the P/E multiple of Thai Petrochemical might increase. Why(如泰国石化以合理的价格收购美国石化公司,泰国石化的P/E倍数可能会增加。为什么)?
A.PTT becomes a more risky company with a U.S. deal. This means the PTT stock is more attractive(PTT通过美国交易成为风险更高的公司。这意味着PTT股票更具吸引力)
B.U.S. firms have less political and currency risk than Thai companies. This means PTT stock is more attractive(美国公司的政治和货币风险要低于泰国公司。 这意味着PTT股票更具吸引力)

5.In any given year, the volume of mergers and acquisitions is closely tied to(在任何一年,兼并和收购的数量都与以下因素密切相关):
A.Low stock prices – to provide buyers with good values(低股价 - 为买家提供良好的价值)
B.High stock prices – to assist buyers in reducing earnings dilution(高股价 - 帮助买家减少收益稀释)
C.High stock prices and available debt financing – to assist buyers in raising acquisition finance(高股价和可用的债务融资 - 协助买家筹集收购融资)
D.Optimistic views on cross-border trade flows(对跨境贸易流量持乐观态度)
E.Low interest rates – to promote debt finance(低利率 - 促进债务融资)

6.In the years before the 2008 credit crisis, private equity represented the following percent of merger and acquisition deals(在2008年信贷危机爆发前的几年,私募股权在以下合并和收购交易中所占比例如下):
D.Not applicable since private equity is a minority investment(由于私募股权是少数投资,因此不适用)
E.None of the above(以上都不是)

7.Why does a management team want to grow a company(为什么管理团队想要让一家公司成长)?
A.Growth companies receive higher value multiples in the stock market(成长型公司在股市中获得更高的估值倍数)
B.A growing company retains the best employees(成长型公司保留最优秀的员工)
C.A growth company is less likely to be a hostile takeover(成长型公司不太可能被敌意收购)
D.Growth companies generate positive cash flow and high internal rate of return(成长型公司产生正现金流和高内部收益率)
E.Growth companies expand internationally(E.成长型公司在国际上拓展)

8.Which growth tactic is more risky from an operational point-of-view(从运营角度来看,哪种增长策略更具风险)?
A.Growing a business through Mergers and Acquisitions(通过兼并和收购发展业务)
B.Growing a business through new product development(通过新产品开发拓展业务)

9.There are two kinds of buyer synergies in a Mergers and Acquisitions deal. Which kind is the easiest for the buyer to achieve(合并和收购交易中有两种买方协同效应。 买方最容易实现哪一种)?
A.Revenue synergy(收入协同)
B.Cost synergy(成本协同)

10.What percent of global Mergers and Acquisitions is emerging markets based(新兴市场兼并和收购占全球的百分比为多少)?

11.Why do China and many other emerging markets restrict Mergers and Acquisitions(为什么中国和其他新兴市场会限制兼并和收购)?
A.Governments believe Mergers and Acquisitions is unproductive(政府认为兼并和收购不具有生产力)
B.Governments worried about possible layoff from competitors combining and political unrest(政府担心可能因竞争对手合并而导致裁员和政局动荡)
C.Governments worry about local capital being directed offshore(政府担心本地资本被引导到海外)

12.The publicly-traded stock of an acquiring company trades at 15x earnings per share (EPS), or a 15x P/E ratio. During the year, the company buys four smaller (but similar) businesses at a 10x P/E ratio. This practice of buying firms at a lower P/E ratio is called[收购公司的公开交易股票以15倍的每股收益(EPS)或15倍的市盈率交易。 在这一年中,该公司以10倍的市盈率购买了四家规模较小(但相似)的业务。 这种以较低的市盈率购买公司的做法被称为]:
B.Quantitative Flexing(定量弯曲)
C.P/E Ratio accretion(市盈率增长)
D.Positive Synergy(积极的协同作用)
E.Value Multiple Expansion(价值倍数扩展)

13.Cost synergies are easy to obtain in American Mergers and Acquisition deals because(在美国兼并和收购交易中很容易获得成本协同效应,因为):
A.The buyer can fire (or lay off) the employees of the acquisition with little penalty(买方可以很少的处罚解雇或辞退收购的员工)
B.American investors pay little attention to anti-competition concerns(美国投资者很少关注反竞争问题)
C.American firms can be acquired cheaply because of the last financial crisis(由于金融危机,美国公司可以被廉价获收购)

14.What is a key constraint in emerging market Mergers and Acquisitions(新兴市场兼并和收购的关键约束是什么)?
A.Family business involved in emerging markets(涉及新兴市场的家族企业)
B.Lack of foreign buyers(缺乏外国买家)
C.Local lenders prefer natural resource transactions(当地的贷款人更喜欢自然资源交易)
D.Local accounting is suspect(本地会计是可疑的)

15.On a global basis, the merger and acquisition business is(在全球范围内,并购业务是):
A.A high-growth business(高增长业务)
B.A defensive business(防御性业务)
C.A cyclical business(周期性业务)
D.A hi-tech business(高科技业务)

16.The purpose of acquisitions is to increase the acquirer’s(收购的目的是增加收购方的):
B.Market Share(市场份额)
C.Net Income(净收入)
D.Common Stock Value(普通股票价值)
E.Asset Base(资产基础)

判断题(共1题,每题 20分)
1 . On a global basis, most acquisitions are smaller than US$100 million.(在全球范围内,大多数收购交易金额少于1亿美元。)
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发表于 2019-11-20 17:16:00 | 显示全部楼层
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