兼并收購(gòu)概念理論之一：概覽和購(gòu)買(mǎi)策略(100分總題庫(kù))

1、1:Cost syn ergies are easy to obta in in America n Mergers and Acquisiti on deals because（在美國(guó)兼并和收購(gòu)交易中很容易獲得成本協(xié)同效應(yīng)，因?yàn)椋?A. Thebuyerca nfire（orlayoff）theemployeesoftheacquisiti on withlittlepe nalty（買(mǎi)方可以很少的處罰解雇或辭退收購(gòu)的員工）B. America ninv estorspaylittleatte nti on toa nti-competiti onconcerns（美國(guó)投資者很少關(guān)注反競(jìng)爭(zhēng)問(wèn)

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

3、turalresourcetra nsactio ns（當(dāng)?shù)氐馁J款人更喜歡自然資源交易）D. Localacco un ti ngissuspect（本地會(huì)計(jì)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(shè)備收入擔(dān)保）B. Apopulardebtdevicei nmany emergi ngmarkets（在許多新興市場(chǎng)流行的債務(wù)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(lái)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(gòu)公司的公開(kāi)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(gòu)買(mǎi)了四家規(guī)模較小（但相似）的業(yè)務(wù)。這種以較低的市盈率購(gòu)買(mǎi)公司的做法被稱(chēng)為:A. Arbitrage （套利）B. Qua ntitativeFlexi ng （定量彎曲）C. P/ERatioaccretio n （市盈率增長(zhǎng)）D. PositiveSy nergy （積極的協(xié)同作用）E. ValueM

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

7、敵意收購(gòu)）D. Growthcompa niesge neratepositivecashflowa ndhighi nternalrateofreturn（成長(zhǎng)型公司產(chǎn)生正現(xiàn)金流和高內(nèi)部收益率）E. Growthcompaniesexpandinternationally（E.成長(zhǎng)型公司在國(guó)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(gòu)交易中有兩種買(mǎi)方協(xié)同效應(yīng)。

8、買(mǎi)方最容易實(shí)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(guó)和其他新興市場(chǎng)會(huì)限制兼并和收購(gòu)）？A. Gover nmen tsbelieveMergersa ndAcquisiti on sis un productive（政府認(rèn)為兼并和收購(gòu)不具有生產(chǎn)力）B. Governme ntsworriedaboutpossiblelayofffromcompetit

9、orscomb iningan dpoliticalu nre st （政府擔(dān)心可能因競(jìng)爭(zhēng)對(duì)手合并而導(dǎo)致裁員和政局動(dòng)蕩）C. Governme ntsworryaboutlocalcapitalbei ngdirectedoffshore（政府擔(dān)心本地資本被引導(dǎo)到海外）8:What perce nt of global Mergers and Acquisiti ons is emerg ing markets based（新興市場(chǎng)兼并和收購(gòu)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(guó)石化以合理的價(jià)格收購(gòu)美國(guó)石化公司，泰國(guó)石化的P/E倍數(shù)可能會(huì)增加。為什么）A. PTTbecomesamoreriskycompa ny withaU.S.deal.Thismea nsthePTTstockismoreattractive（PTT通過(guò)美國(guó)交易成為風(fēng)險(xiǎn)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(guó)公司的政治和貨幣風(fēng)險(xiǎn)要低于泰國(guó)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(yùn)營(yíng)角度來(lái)看，哪種增長(zhǎng)策略更具風(fēng)險(xiǎn)）?A. GrowingabusinessthroughMergersandAcquisitions（通過(guò)兼并和收購(gòu)發(fā)展業(yè)務(wù)）B. Growingabusinessthroug

12、hnewproductdevelopment（通過(guò)新產(chǎn)品開(kāi)發(fā)拓展業(yè)務(wù)）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(jī)爆發(fā)前的幾年，私募股 權(quán)在以下合并和收購(gòu)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(gòu)的數(shù)量都與以下因素密切相關(guān)）：A.Lowstockprices -oprovidebuyerswithgoodvalues（低股價(jià)-為買(mǎi)家提供良好的價(jià)值）B. Highstockprices -oassistbuyersinreducingearningsdilution（高股價(jià)-幫助買(mǎi)家減少收益稀釋?zhuān)〤. Highstockpricesa ndavai

14、labledebtfi nancing-oassistbuyers in rais in gacquisiti onfinance （高股價(jià)和可用的債務(wù)融資-協(xié)助買(mǎi)家籌集收購(gòu)融資）D. Optimisticviewso ncross-bordertradeflows（對(duì)跨境貿(mào)易流量持樂(lè)觀態(tài)度）E. Lowinterestrates -opromotedebtfinance （低禾U率-促進(jìn)債務(wù)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(gòu)業(yè)務(wù)是）：A. Ahigh-growthbusi

15、ness （高增長(zhǎng)業(yè)務(wù)）B. Adefe nsivebusi ness（防御性業(yè)務(wù)）C. Acyclicalbusi ness （周期性業(yè)務(wù)）D. Ahi-techbusi ness （高科技業(yè)務(wù)）14:The purpose of acquisiti ons is to in crease the acquirer（收購(gòu)的目的是增加收購(gòu)方的）：A. Revenue （收入）B. MarketShare （市場(chǎng)份額）C. Net In come （凈收入）D. Commo nStockValue （普通股票價(jià)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