C19075S兼并收购概念理论之一：概览和购买策略 练习题.doc

1: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):答案：AA.Thebuyercanfire(orlayoff)theemployeesoftheacquisitionwithlittlepenalty(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.Americanfirmscanbeacquiredcheaplybecauseofthelastfinancialcrisis（由于金融危机，美国公司可以被廉价获收购）2: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）?答案：AA. Family business involve dinemergingmarkets（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.Localaccountingissuspect（本地会计是可疑的）3:“cash flow” loan is（“现金流量”贷款是）:答案：AA.Aloanthatissecuredbythelikelysaleproceedsofinventoryandplant（贷款由可能出售的存货和设备收入担保）B.Apopulardebtdeviceinmanyemergingmarkets（在许多新兴市场流行的债务策略）C.Aloanthatseeksrepaymentprincipallyfromfutureearningssincetheborrowerlackssufficientcollateral（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.Noneoftheabove（以上都不是）4: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:答案：AA.Arbitrage（套利）B.QuantitativeFlexing（定量弯曲）C.P/ERatioaccretion（市盈率增长）D.PositiveSynergy（积极的协同作用）E.ValueMultipleExpansion（价值倍数扩展）5: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)?答案AA.Growthcompaniesreceivehighervaluemultiplesinthestockmarket(成长型公司在股市中获得更高的估值倍数)B.Agrowingcompanyretainsthebestemployees(成长型公司保留最优秀的员工)C.Agrowthcompanyislesslikelytobeahostiletakeover(成长型公司不太可能被敌意收购)D.Growthcompaniesgeneratepositivecashflowandhighinternalrateofreturn(成长型公司产生正现金流和高内部收益率)E.Growthcompaniesexpandinternationally(E.成长型公司在国际上拓展)6: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)?答案BA.Revenuesynergy（收入协同）B.Costsynergy（成本协同）7: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）?答案BA.GovernmentsbelieveMergersandAcquisitionsisunproductive（政府认为兼并和收购不具有生产力）B.Governmentsworriedaboutpossiblelayofffromcompetitorscombiningandpoliticalunrest（政府担心可能因竞争对手合并而导致裁员和政局动荡）C.Governmentsworryaboutlocalcapitalbeingdirectedoffshore（政府担心本地资本被引导到海外）8: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)?答案：BA.10%B.15%C.30%D.25%9: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）?答案：BA.PTTbecomesamoreriskycompanywithaU.S.deal.ThismeansthePTTstockismoreattractive(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.firmshavelesspoliticalandcurrencyriskthanThaicompanies.ThismeansPTTstockismoreattractive(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)10: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)?答案：BA.GrowingabusinessthroughMergersandAcquisitions(通过兼并和收购发展业务)B.Growingabusinessthroughnewproductdevelopment(通过新产品开发拓展业务)11: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）:答案：CA.10%B.70%C.30%D.Notapplicablesinceprivateequityisaminorityinvestment（由于私募股权是少数投资，因此不适用）E.Noneoftheabove（以上都不是）12: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）:答案：CA.Low stock pricesto provide buyers with good values（低股价-为买家提供良好的价值）B.High stock pricesto 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 financingto 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 rate to promote debt finance（低利率促进债务融资）13:On a global basis, the merger and acquisition business is（在全球范围内，并购业务是）:答案：CA.A high-growthbusiness（高增长业务）B.A defensivebusiness（防御性业务）C.A cyclicalbusiness（周期性业务）D.A hi-techbusiness（高科技业务）14:The purpose of acquisitions is to increase the acquirers（收购的目的是增加收购方的）:答案：DA. Revenue（收入）B. Market Share（市场份额）C. NetIncome（净收入）D. Common Stock Value（普通股票价值）E. Asset Base（资产基础）15:Emerging markets (such as Thailand, China, and India) represent 80% of the worlds population. Approximately what percentage of th