兼并收購概念理論之一：概覽和購買策略(100分總題庫)

1、1:Cost syn ergies are easy to obta in in America n Mergers and Acquisiti on deals because（在美國兼并和收購交易中很容易獲得成本協(xié)同效應，因為）:A. Thebuyerca nfire（orlayoff）theemployeesoftheacquisiti on withlittlepe nalty（買方可以很少的處罰解雇或辭退收購的員工）B. America ninv estorspaylittleatte nti on toa nti-competiti onconcerns（美國投資者很少關(guān)注反競爭問

2、題）C. America nfirmsca nbeacquiredcheaplybecauseofthelastfi nan cialcrisis（由于金融危機，美國公司可以被廉價獲收購）2:What is a key con stra int in emerg ing market Mergers and Acquisiti ons（新興市場兼并和收購的關(guān)鍵約束是什么）？A. Familybusi nessi nv olvedi nemergi ngmarkets（涉及新興市場的家族企業(yè)）Lackofforeig nbuyers （缺乏外國買家）C丄 ocalle nderspreferna

3、turalresourcetra nsactio ns（當?shù)氐馁J款人更喜歡自然資源交易）D. Localacco un ti ngissuspect（本地會計是可疑的）3:“ cash flow ” loan現(xiàn)s金流量”貸款是）：A. Aloa nthatissecuredbythelikelysaleproceedsofi nven torya ndpla nt（貸款由可能出售的存貨和設備收入擔保）B. Apopulardebtdevicei nmany emergi ngmarkets（在許多新興市場流行的債務策略）C. Aloa nthatseeksrepayme ntpri ncipa

4、llyfromfutureearni ngssi ncetheborrowerlackssuffi cien tcollateral （由于借款人缺乏足夠的抵押品，主要從未來收益尋求還款的貸款）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收購公司的公開交易股票以15倍的每股收益（EPS ）或15倍的市盈率交易。在這一年中，該公司以10倍的市盈率購買了四家規(guī)模較小（但相似）的業(yè)務。這種以較低的市盈率購買公司的做法被稱為:A. Arbitrage （套利）B. Qua ntitativeFlexi ng （定量彎曲）C. P/ERatioaccretio n （市盈率增長）D. PositiveSy nergy （積極的協(xié)同作用）E. ValueM

6、ultipleExpa nsio n（價值倍數(shù)擴展）5:Why does a man ageme nt team want to grow a compa ny（為什么管理團隊想要讓一家公司成長）?A. Growthcompa niesreceivehighervaluemultiplesi nthestockmarket（成長型公司在股市中獲得更高的估值倍數(shù)）B. Agrowingcompanyretainsthebestemployees（成長型公司保留最優(yōu)秀的員工 ）C. Agrowthcompa nyislesslikelytobeahostiletakeover（成長型公司不太可能被

7、敵意收購）D. Growthcompa niesge neratepositivecashflowa ndhighi nternalrateofreturn（成長型公司產(chǎn)生正現(xiàn)金流和高內(nèi)部收益率）E. Growthcompaniesexpandinternationally（E.成長型公司在國際上拓展）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（ 合并和收購交易中有兩種買方協(xié)同效應。

8、買方最容易實現(xiàn)哪一種）?A. Reve nuesyn ergy （收入?yún)f(xié)同）B. Costsy nergy （成本協(xié)同）7:Why do China and many other emerg ing markets restrict Mergers and Acquisiti ons （為什么中國和其他新興市場會限制兼并和收購）？A. Gover nmen tsbelieveMergersa ndAcquisiti on sis un productive（政府認為兼并和收購不具有生產(chǎn)力）B. Governme ntsworriedaboutpossiblelayofffromcompetit

9、orscomb iningan dpoliticalu nre st （政府擔心可能因競爭對手合并而導致裁員和政局動蕩）C. Governme ntsworryaboutlocalcapitalbei ngdirectedoffshore（政府擔心本地資本被引導到海外）8:What perce nt of global Mergers and Acquisiti ons is emerg ing markets based（新興市場兼并和收購占全球的百分比為多少）?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 國石化以合理的價格收購美國石化公司，泰國石化的P/E倍數(shù)可能會增加。為什么）A. PTTbecomesamoreriskycompa ny withaU.S.deal.Thismea nsthePTTstockismoreattractive（PTT通過美國交易成為風險更高的公司。這意味著PTT股票更具吸引力）B. U.S.firmshave

11、lesspoliticala ndcurre ncyrisktha nThaicompa nies.Thismea nsPTTstock ismoreattractive（美國公司的政治和貨幣風險要低于泰國公司。這意味著PTT股票更具吸引力）10:Which growth tactic is more risky from an operati onal poi nt-of-view（從運營角度來看，哪種增長策略更具風險）?A. GrowingabusinessthroughMergersandAcquisitions（通過兼并和收購發(fā)展業(yè)務）B. Growingabusinessthroug

12、hnewproductdevelopment（通過新產(chǎn)品開發(fā)拓展業(yè)務）11:1 n the years before the 2008 credit crisis, private equity represented the following percent of merger and acquisition deals （在2008年信貸危機爆發(fā)前的幾年，私募股 權(quán)在以下合并和收購交易中所占比例如下）：A. 10%B. 70%C. 30%D. Notapplicablesi nceprivateequityisami norityi nvestme nt（由于私募股權(quán)是少數(shù)投資，因此不適

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，兼并和收購的數(shù)量都與以下因素密切相關(guān)）：A.Lowstockprices -oprovidebuyerswithgoodvalues（低股價-為買家提供良好的價值）B. Highstockprices -oassistbuyersinreducingearningsdilution（高股價-幫助買家減少收益稀釋）C. Highstockpricesa ndavai

14、labledebtfi nancing-oassistbuyers in rais in gacquisiti onfinance （高股價和可用的債務融資-協(xié)助買家籌集收購融資）D. Optimisticviewso ncross-bordertradeflows（對跨境貿(mào)易流量持樂觀態(tài)度）E. Lowinterestrates -opromotedebtfinance （低禾U率-促進債務融資）13: On a global basis, the merger and acquisiti on bus in ess is（在全球范圍內(nèi)，并購業(yè)務是）：A. Ahigh-growthbusi

15、ness （高增長業(yè)務）B. Adefe nsivebusi ness（防御性業(yè)務）C. Acyclicalbusi ness （周期性業(yè)務）D. Ahi-techbusi ness （高科技業(yè)務）14:The purpose of acquisiti ons is to in crease the acquirer（收購的目的是增加收購方的）：A. Revenue （收入）B. MarketShare （市場份額）C. Net In come （凈收入）D. Commo nStockValue （普通股票價值）E. AssetBase （資產(chǎn)基礎(chǔ)）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