能男经哈贸多大是 公司理财 C.Over the long term,the expected return from all shares will be the same D.Past movements in share prices cannot be used to predict future movements in share prices 9.Gypsum Ltd has 20 million $0-25 ordinary shares in issue.The company has a market capitalisation of $60 million and has reported post-tax profits of $15 million for the year that has just ended.The company expects profits to rise by 20%and the dividend payout ratio is expected to be 30%in the forthcoming year.The company is committed to increasing the dividend by 4%per annum for the foreseeable future. Which one of the following is the expected rate of return from the ordinary shares? A.41% B.115% C.130% D.151% 10.A share that has a beta of 1-0 will have which one of the following properties? A.An expected return that is equal to the risk-free rate B.An expected return that is equal to the expected returns from the market C.An expected return that is above the expected returns from the market D.No non-diversifiable risk. 11.Which one of the following may indicate that a business is over-capitalised? A.Higher-than-average debt to equity ratio B.Lower-than-average acid-test ratio C.Lower-than-average sales to working capital ratio D.A higher-than-average net profit margin. 12.Teal Ltd has a market capitalisation of $30 million and forecast post-tax profits for the forthcoming year of $10 million.The company has an issued share capital of $1 million,which is made up of $0-50 ordinary shares.The policy of Teal Ltd is to maintain a constant dividend cover of 2-5 times.Dividends are expected to increase by 5%per annum for the foreseeable 第5页共13页公司理财 C. Over the long term, the expected return from all shares will be the same D. Past movements in share prices cannot be used to predict future movements in share prices 9. Gypsum Ltd has 20 million $0·25 ordinary shares in issue. The company has a market capitalisation of $60 million and has reported post-tax profits of $15 million for the year that has just ended. The company expects profits to rise by 20% and the dividend payout ratio is expected to be 30% in the forthcoming year. The company is committed to increasing the dividend by 4% per annum for the foreseeable future. Which one of the following is the expected rate of return from the ordinary shares? A. 4·1% B. 11·5% C. 13·0% D. 15·1% 10. A share that has a beta of 1·0 will have which one of the following properties? A. An expected return that is equal to the risk-free rate B. An expected return that is equal to the expected returns from the market C. An expected return that is above the expected returns from the market D. No non-diversifiable risk. 11. Which one of the following may indicate that a business is over-capitalised? A. Higher-than-average debt to equity ratio B. Lower-than-average acid-test ratio C. Lower-than-average sales to working capital ratio D. A higher-than-average net profit margin. 12. Teal Ltd has a market capitalisation of $30 million and forecast post-tax profits for the forthcoming year of $10 million. The company has an issued share capital of $1 million, which is made up of $0·50 ordinary shares. The policy of Teal Ltd is to maintain a constant dividend cover of 2·5 times. Dividends are expected to increase by 5% per annum for the foreseeable 第 5 页 共 13 页