The combined value of the top five US tech giants was worth a quarter of the total value.（)

very complex. Generally speaking, the Accounts Department is __1__ for calculations of pay, while the Personnel Department is interested in discussions with the employees about pay.

If a firm wants to __2__ a new wage and salary structure, it is essential that the firm should decide on a __3__ of job evaluation and ways of measuring the performance of its employees. In order to be __4__, that new pay structure will need agreement between Trade Unions and employers. In job evaluation, all of the requirements of each job are defined in a detailed job description. Each of thsoe requirements is given a value, usually in "points", which are __5__ together to give a total value for the job. For middle and higher management, a special method is used to evaluate managers on their knowledge of the job, their responsibility, and their __6__ to solve problems. Because of the difficulty in measuring management work, however, job grades for managers are often decided without __7__ to an evaluation system based on points.

In attempting to design a pay system, the Personnel Department should __8__ the value of each job with these in the job market. __9__, payment for a job should vary with any differences in the way that the job is performed. Where it is simple to measure the work done, as in the works done with hands, monetary encouragement schemes are often chosen, for __10__ workers, where measurement is difficult, methods of additional payments are employed.

[A]compare

[B]responsible

[C]useful

[D]added

[E]find

[F]reference

[G]indirect

[H]method

[I]successful

[J]combined

[K]Necessarily

[L]capacity

[M]ability

[N]Basically

[O]adopt

ne year ago. The YTM (semiannually compounding) was 6.0%. Now one year later, with market rates remaining the same, Zheng purchases an annuity with a semiannual payment of $30 for 15 years. Which of the following gives the closest combined value of the two investments based on the 6% semiannual yield？

A. $1,000.

B. $27.83.

C. $29.46.

A.Cell broadcast is used in a cell with a non-combined configuration

B.Cell broadcast is used in a cell with a combined configuration

C.System information, type 4, is sent on the BCCH

D.System information, type 5, is sent on the BCCH

E.MFRMS=2 or MFRMS=9

ly identical parcel of land for $860,000. In its 2018 balance sheet, Eton valued these two parcels of land at a combined value of $1,720,000. Reporting the land in this manner violated the ().

A、Principle of the business entity

B、Going-concern assumption

C、Cost principle

D、Realization principle

A、Combined companies, on a taxable cash flow basis(合并后的公司，以应税现金流为基础)

B、Combined companies, after synergies and accounting adjustments(合并后的公司，经过协同增效和会计调整)

C、Buyer, with seller functioning as operating subsidiary(买方，卖方作为运营子公司)

D、Combined companies, on a net present value basis with synergies(合并后的公司，以协同效应的净现值为基础)

the potential bid price for an acquisition. You have been appointed as a consultant to advise the company’s management on the fi nancial aspects of the bid.

AggroChem is a fully listed company fi nanced wholly by equity. LeverChem is listed on an alternative investment market. Both companies have been trading for over 10 years and have shown strong levels of profi tability recently. However, both companies’ shares are thinly traded. It is thought that the current market value of LeverChem’s shares athigher than the book value is accurate, but it is felt that AggroChem shares are not quoted accurately by the market.

The following information is taken from the fi nancial statements of both companies at the start of the current year:

It can be assumed that the retained earnings for both companies are equal to the net reinvestment in assets.

The assets of both companies are stated at fair value. Discussions with the AtReast Bank have led to an agreement that the fl oating rate loan to LeverChem can be transferred to the combined business on the same terms. The current yield rate is 5% and the current equity risk premium is 6%. It can be assumed that the risk free rate of return is equivalent to the yield rate. AggroChem’s beta has been estimated to be 1·26.

AggroChem Co wants to use the Black-Scholes option pricing (BSOP) model to assess the value of the combined business and the maximum premium payable to LeverChem’s shareholders. AggroChem has conducted a review of the volatility of the NOPAT values of both companies since both were formed and has estimated that the volatility of the combined business assets, if the acquisition were to go ahead, would be 35%. The exercise price should be calculated as the present value of a discount (zero-coupon) bond with an identical yield and term to maturity of the current bond.

Required:

Prepare a report for the management of AggroChem on the valuation of the combined business following acquisition and the maximum premium payable to the shareholders of LeverChem. Your report should:

(i) Using the free cash fl ow model, estimate the market value of equity for AggroChem Co, explaining any assumptions made. (9 marks)

(ii) Explain the circumstances in which the Black-Scholes option pricing (BSOP) model could be used to assess the value of a company, including the data required for the variables used in the model. (5 marks)

(iii) Using the BSOP methodology, estimate the maximum price and premium AggroChem may pay for LeverChem. (9 marks)

(iv) Discuss the appropriateness of the method used in part (iii) above, by considering whether the BSOP model can provide a meaningful value for a company. (5 marks)

Professional marks will be awarded in question 2 for the clarity and presentation of the report. (4 marks)

材料：

The field current supply in older machines comes from a lower voltage direct current generator or exciter on the same shaft as the alternator. Modern machines however are either statically excited or of the high-speed brush-less type. The exciter is required to operate to counter the effects of power factor for a given load. The power factor is a measure of the phase difference between voltage and current and is expressed as the cosine of the phase angle. With a purely resistance load the voltage and the current are in phase, giving a power factor of one. The power consumed is therefore the product of voltage and current. Inductive or capacitive loads, combined with resistance loads, produce lagging or leading power factors which have a value less than one.

The power consumed is therefore the product of current, voltage and power factor. The alternating current generator supplying a load has a voltage drop resulting from the load. When the load has a lagging power factor this voltage drop is considerable. Therefore the exciter, in maintaining the alternator voltage, must vary with load current and also the power factor. The speed change of the prime mover must also be taken into account.

问题： The word “machines” in the passage refers to _____.

A.the direct current generator

B.the alternating current generator

C.the exciter

D.the prime mover

Which of the following statements is true according to the passage ？

A.With a purely resistance load, the power factor is zero

B.Inductive loads combined with resistance loads produces leading power factors

C.Capacitive loads combined with resistance loads produces lagging power factors

D.With a purely resistance load, the phase angle is zero

When the load has a lagging power factor this voltage drop is considerable. This sentence means that _____.A.with a purely resistance load, the voltage drops too much

B.there is a considerable voltage drop in the capacitive load combined with resistance load

C.when the load is the capacitive load combined with resistance load, the voltage drops to zero

D.when the load is the inductive load combined with resistance load, the voltage drop is fairly large

The exciter must vary with: ① load current ② the power factor, ③ speed change of the prime mover.A.①

B.②

C.①②

D.①②③

请帮忙给出每个问题的正确答案和分析，谢谢！

A.(#DIV/O!)

B.(#NUM!)

C.(#VALUE!)

D.(#######)

的是（）。

A.Valueoperator＋(Valuev，inti)；

B.Valueoperator＋(Valuev=value，inti)；

C.Valueoperator＋(Valuevinti=O)；

D.Valueoperator＋(Valuev=value，inti=O)；

以下表示单元格宽度不够的是（）。

A.(DIV/O!)

B.(NUM!)

C.(VALUE!)

D.()