C19075S兼并收购概念理论之一:概览和购买策略

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): A
A.Thebuyercanfire(orlayoff)theemployeesoftheacquisitionwithlittlepenalty(买方可以很少的处罚解雇或辞退收购的员工)
B.Americaninvestorspaylittleattentiontoanti-competitionconcerns(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)? 加微信看答案
A.Familybusinessinvolvedinemergingmarkets(涉及新兴市场的家族企业)
B.Lackofforeignbuyers(缺乏外国买家)
C.Locallendersprefernaturalresourcetransactions(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:A “cash flow” loan is(“现金流量”贷款是):
A.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]:
A.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)?
A.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)? B
A.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)? 加微信看答案
A.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)?
A.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)?
A.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)?
A.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): C
A.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): 加微信看答案
A.Lowstockprices–toprovidebuyerswithgoodvalues(低股价-为买家提供良好的价值)
B.Highstockprices–toassistbuyersinreducingearningsdilution(高股价-帮助买家减少收益稀释)
C.Highstockpricesandavailabledebtfinancing–toassistbuyersinraisingacquisitionfinance(高股价和可用的债务融资-协助买家筹集收购融资)
D.Optimisticviewsoncross-bordertradeflows(对跨境贸易流量持乐观态度)
E.Lowinterestrates–topromotedebtfinance(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):
A.Ahigh-growthbusiness(高增长业务)
B.Adefensivebusiness(防御性业务)
C.Acyclicalbusiness(周期性业务)
D.Ahi-techbusiness(高科技业务)

14:The purpose of acquisitions is to increase the acquirer’s(收购的目的是增加收购方的):
A.Revenue(收入)
B.MarketShare(市场份额)
C.NetIncome(净收入)
D.CommonStockValue(普通股票价值)
E.AssetBase(资产基础)

15:Emerging markets (such as Thailand, China, and India) represent 80% of the world’s population. Approximately what percentage of the global Mergers and Acquisition activity do they represent(新兴市场,如泰国、中国和印度,占全球人口的80%。大约他们所代表的全球并购活动的百分比是多少)?
A.80%
B.65%
C.45%
D.30%
E.15%

16:On a global basis, most acquisitions are smaller than US$100 million.(在全球范围内,大多数收购交易金额少于1亿美元。)
对 错

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