兼并收购概念理论之一：概览和购买策略

1 . 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.Growth companies receive higher value multiples in the stock market(成长型公司在股市中获得更高的估值倍数)

∙ B.A growing company retains the best employees(成长型公司保留最优秀的员工)

∙ C.A growth company is less likely to be a hostile takeover(成长型公司不太可能被敌意收购)

∙ D.Growth companies generate positive cash flow and high internal rate of return(成长型公司产生正现金流和高内部收益率)

∙ E.Growth companies expand internationally(E.成长型公司在国际上拓展)

我的答案：A

2 . 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）:

∙ A.Low stock prices – to provide buyers with good values（低股价- 为买家提供良好的价值）

∙ B.High stock prices – to assist buyers in reducing earnings dilution（高股价- 帮助买家减少收益稀释）∙ C.High stock prices and available debt financing – to assist buyers in raising acquisition finance（高股价和可用的债务融资- 协助买家筹集收购融资）

∙ D.Optimistic views on cross-border trade flows（对跨境贸易流量持乐观态度）

∙ E.Low interest rates – to promote debt finance（低利率- 促进债务融资）

我的答案：C

3 . 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%

我的答案：E

4 . 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.Growing a business through Mergers and Acquisitions(通过兼并和收购发展业务)

∙ B.Growing a business through new product development(通过新产品开发拓展业务) 我的答案：B

1 . 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

我的答案：对