兼并收购概念理论之一：概览和购买策略(100分总题库)

1、1:Cost syn ergies are easy to obta in in America n Mergers and Acquisiti on 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. Thebuyerca nfire（orlayoff）theemployeesoftheacquisiti on withlittlepe nalty（买方可以很少的处罚解雇或辞退收购的员工）B. America ninv estorspaylittleatte nti on toa nti-competiti onconcerns（美国投资者很少关注反竞争问

2、题）C. America nfirmsca nbeacquiredcheaplybecauseofthelastfi nan cialcrisis（由于金融危机，美国公司可以被廉价获收购）2:What is a key con stra int in emerg ing market Mergers and Acquisiti ons（新兴市场兼并和收购的关键约束是什么）？A. Familybusi nessi nv olvedi nemergi ngmarkets（涉及新兴市场的家族企业）Lackofforeig nbuyers （缺乏外国买家）C丄 ocalle nderspreferna

3、turalresourcetra nsactio ns（当地的贷款人更喜欢自然资源交易）D. Localacco un ti ngissuspect（本地会计是可疑的）3:“ cash flow ” loan现s金流量”贷款是）：A. Aloa nthatissecuredbythelikelysaleproceedsofi nven torya ndpla nt（贷款由可能出售的存货和设备收入担保）B. Apopulardebtdevicei nmany emergi ngmarkets（在许多新兴市场流行的债务策略）C. Aloa nthatseeksrepayme ntpri ncipa

4、llyfromfutureearni ngssi ncetheborrowerlackssuffi cien tcollateral （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. No neoftheabove （以上都不是）4:The publicly-traded stock of an acquiri ng compa ny trades at 15x earnings per shar e （EPS）, or a 15x P/E ratio. During the year, the company buys four smaller （but simi lar）

5、bus in esses 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:A. Arbitrage （套利）B. Qua ntitativeFlexi ng （定量弯曲）C. P/ERatioaccretio n （市盈率增长）D. PositiveSy nergy （积极的协同作用）E. ValueM

6、ultipleExpa nsio n（价值倍数扩展）5:Why does a man ageme nt team want to grow a compa ny（为什么管理团队想要让一家公司成长）?A. Growthcompa niesreceivehighervaluemultiplesi nthestockmarket（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. Agrowthcompa nyislesslikelytobeahostiletakeover（成长型公司不太可能被

7、敌意收购）D. Growthcompa niesge neratepositivecashflowa ndhighi nternalrateofreturn（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 syn ergies in a Mergers and Acquisiti ons deal. Whichkind 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。

8、买方最容易实现哪一种）?A. Reve nuesyn ergy （收入协同）B. Costsy nergy （成本协同）7:Why do China and many other emerg ing markets restrict Mergers and Acquisiti ons （为什么中国和其他新兴市场会限制兼并和收购）？A. Gover nmen tsbelieveMergersa ndAcquisiti on sis un productive（政府认为兼并和收购不具有生产力）B. Governme ntsworriedaboutpossiblelayofffromcompetit

9、orscomb iningan dpoliticalu nre st （政府担心可能因竞争对手合并而导致裁员和政局动荡）C. Governme ntsworryaboutlocalcapitalbei ngdirectedoffshore（政府担心本地资本被引导到海外）8:What perce nt of global Mergers and Acquisiti ons is emerg ing markets based（新兴市场兼并和收购占全球的百分比为多少）?A. 10%B. 15%C. 30%D. 25%9:lf Thai Petrochemical （Thailand） acquir

10、es a United States petrochemical firm at a r eas on able price, the P/E multiple of Thai Petrochemical might in crease. 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. PTTbecomesamoreriskycompa ny withaU.S.deal.Thismea nsthePTTstockismoreattractive（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.firmshave

11、lesspoliticala ndcurre ncyrisktha nThaicompa nies.Thismea nsPTTstock ismoreattractive（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 operati onal poi nt-of-view（从运营角度来看，哪种增长策略更具风险）?A. GrowingabusinessthroughMergersandAcquisitions（通过兼并和收购发展业务）B. Growingabusinessthroug

12、hnewproductdevelopment（通过新产品开发拓展业务）11:1 n 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）：A. 10%B. 70%C. 30%D. Notapplicablesi nceprivateequityisami norityi nvestme nt（由于私募股权是少数投资，因此不适

13、用）E. No neoftheabove （以上都不是）12:1 n 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.Lowstockprices -oprovidebuyerswithgoodvalues（低股价-为买家提供良好的价值）B. Highstockprices -oassistbuyersinreducingearningsdilution（高股价-帮助买家减少收益稀释）C. Highstockpricesa ndavai

14、labledebtfi nancing-oassistbuyers in rais in gacquisiti onfinance （高股价和可用的债务融资-协助买家筹集收购融资）D. Optimisticviewso ncross-bordertradeflows（对跨境贸易流量持乐观态度）E. Lowinterestrates -opromotedebtfinance （低禾U率-促进债务融资）13: On a global basis, the merger and acquisiti on bus in ess is（在全球范围内，并购业务是）：A. Ahigh-growthbusi

15、ness （高增长业务）B. Adefe nsivebusi ness（防御性业务）C. Acyclicalbusi ness （周期性业务）D. Ahi-techbusi ness （高科技业务）14:The purpose of acquisiti ons is to in crease the acquirer（收购的目的是增加收购方的）：A. Revenue （收入）B. MarketShare （市场份额）C. Net In come （净收入）D. Commo nStockValue （普通股票价值）E. AssetBase （资产基础）15:Emerg ing markets （such as Thaila nd, China, and In dia） represe nt 80% of the worl d' s populati on. pproximately what perce ntage