2012年川大博士研究生入学考试
金榜考博辅导元旦模考班试题一
考试注意事项 x]YzVJ =Y 1.
本试题5
大题,共10
页,请考生注意检查,考试时间180
分钟。 3VU4E|s> 2. 1
-79
题答案请填在机读卡上相应出,否则不给分。 m^BXLG:b 3.
翻译和作文写在答题纸上,写在试题上无效。中、英文翻译应做到字迹清晰、书写工整。 m~;.kc I.ReadingComprehension (30%; one mark each): V
%[t'uh Passage One
Sometimes, over a span of many years, a businesswill continue to grow, generating ever-increasing amounts of cash, repurchasingstock , paying increased dividends, reducing debt, opening new stores,expanding production facilities, moving into new markets, etc, while at thesame time its stock price remains stagnant( or even falls).
:!Z |_y{b When this happen, the average andprofessional investors alike tend to overlook the company because they become familiarwith the trading range
_LgP Take, for example, Wal-Mart. Over the pastfive years, the retailing behemoth has grown sales by over 80%, profits by over100%, and yet the stock price has fallen as much as 30% during that time frame.Clearly, the valuation picture has changed. An investor that read the annualreport back in 2000 or 2001 might have passed on the security, deeming it tooexpensive based on a metric such as the price to earnings ratio. Today, howeverthe equation is completely is completely different—despite the price, Wal-Martis, in essence, trading at half its former price because each share is backedby a larger dividend, twice the earnings power, more stores, and a biggerinfrastructure. Home Depot is in much the same boat, largely because some WallStreet analysts question how fast two of the world’s largest companies cancontinue to grow before their sheer size slows them down to the rate of thegeneral economy.
J|jvqt9C Coca-Cola is another excellent example ofthis phenomenon. Ten years ago, in 1996, the stock traded between a range of
$36.10 and
$54.30per share. At the time, it had reported earnings per share of
$1.40 and paid a cash dividend of
$0.50 per share. Corporate per share bookvalue was
$2.48. Last year, the stock tradedwithin a range of
$40.30 and
$45.30 pr share; squarely in the middle of thesame area it had been nearly a decade prior! Yet, despite the stagnant stockprice, the 2006 estimates Value Line Investment Survey estimates for earningsper share stand around
$2.16(arise of 54%), the case dividend has more than doubled to
$7.40 per share(a gain of nearly 300%), andthe total number of shares outstanding(
未偿付的,未完成的) has actually decreased from 2.481 billion to an estimated 2.355billion due to the company’s share repurchase program.
6|Dtx5
"r 1. This passage is probably a partof_______.
y)LX?d A. Find Hidden Value in the market B. Become Richer
yLqhj7 C. Get Good Bargains D. Identify Good Companies
cl#XiyK> 2. The italicized word “stagnant” (Line 4,Para.1) can be best paraphrased as______.
VQf^ y q A. prominent B. terrible
&!;o[joG C. unchanged D. progressing
kqZRg>1A 3. Wal-Mart is nowtrading at a much lower price because______.
`Gxb98h/r A. it has stored a large quantity of goods
=KO]w9+\ B. it has become financially more powerful
`B&