题目内容

环宇公司2008年的有关资料如下：(1)息税前利润800万元；(2)所得税税率为30％；(3)总负债200万元，平均成本率为10％；(4)普通股预期报酬率为15％；(5)发行普通股，股数为60万股(每股面值l元)，账面价值10元。请问：现在该公司可以增加400万元债务，以便以现行市价购回股票。假设该项措施使得负债平均成本率上升至12％，普通股预期收益率上升了1个百分点，根据股价的高低判断该方案是否可行？

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？Read this text taken from an article about the difference between internalization and globalization.
？Choose the best sentence to fill each of the gaps.
？For each gap 9—14, mark one letter (A—H) on your Answer Sheet.
？Do not use any letter more than once.
Internalization and Globalization
One of the most important considerations in the implementation of strategy is the extent to which the organization's activities are spread across geographical regions. H Merchants traveled the known world to sell products manufactured in their home country and to return with products from other countries. Initially, international business simply took the form. of exporting and importing. (9) .
Globalization, on the other hand, is more than simply internationalization. (10) . In order for a business to become global in its operations, we would usually expect a number of important characteristics to be in place. First, global organizations take advantage of the increasing trend towards a convergence of customer needs and wants across international borders.
Second, global organizations compete in industries that are globalized. (11)
Third, global organizations can and do locate their value-adding activities in those places in the world where the greatest competitive advantages can be made. (12)
(13) . The mentality of home base, 'foreign interests' that has been so prevalent among traditional multinational companies is eroded in the culture of global businesses. (14) . The development of an organization's global strategy, therefore, will be concerned with global competences, global marketing and global configuration and coordination of its value-adding activities.
A This might mean, for example, shifting production to a low-cost region or moving design to a country with skilled labor in the key skill cultural differences.
B In some sectors, successful competition necessitates a presence in almost every part of the world in order to effectively compete in its global market.
C Finally, global organizations are able to integrate and coordinate their international activities between countries.
D Finally, global organizations can cooperate with each other very well and can exchange their information in time.
E They have learned to effectively manage and control the various parts of the business cross national borders and despite local area.
F A large multinational company is not necessarily a global business.
G The term international describes any business that carries out some of its activities across national boundaries.
H Some businesses are entirely domestically based, others operate in many countries and yet others in almost all the regions of the world.
(9)

Section A
Directions: Translate the following English into Chinese. (10 points)
Take care of the penny and the pound will take care of themselves.

What favorable treatment does the addresser ask for？
A special discount of______.

Ireland has a lot to offer the traveler besides its famously
green countryside and popular traditional music. It is rich on【M1】
prehistoric and Medieval ruins, fine Georgian architecture,
and art. For those interested in literature, it is also the homeland
of a great deal of the English language's finest writers: Swift,【M2】
Wilde, Shaw, Yeats, O'Casey, Beckett, Behan, and—most famous
of all—James Joyce. The Irish are intense proud of their writers, 【M3】
and literary memorials are scattered all over the country, and
frequently visited.
Unlike Northern Ireland, about which we hear so often in the
news, the nation of Eire, that makes up most of the island, gained 【M4】
its dependence formally in 1921 and completely separated from 【M5】
the United Kingdom in 1949. Although memories of the long
struggle for independence are everywhere, but Ireland is also a very 【M6】
modern nation. In the 1990s it experienced high-tech boom which 【M7】
created widespread prosperity. In the aftermath of the dot-com bubble,
some of that prosperity have dwindled, and the Irish are struggling with 【M8】
a declining economy; but the country is still presents a bright, modern 【M9】
face to the world. It is a participating member of the European Monetary
Union, so we had our first chance to use Euros on this trip. Although
the bills are generic across the Union, coins have a reverse side
illustrating some aspect of their country of origin—in case of Ireland, 【M10】
a Celtic harp.
【M1】