2007年清华大学考博英语真题及答案详解

《2007年清华大学考博英语真题及答案详解》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。

1、清华大学2007年博士研究生人学考试英语试题PartIListeningComprehension(15points)(略）PartIIReadingComprehendon(40%)Directions：Thereare4readingpassagesinthispartEachpassageisfollowedbysomequestionsorunfin¬ishedstatements.ForeachorthemtherearefourchoicesmarkedA，B,CandD*Youshoulddecideonthebestchoiceandthenmarkthecorrespo

2、ndingletterontheAnswerSheetQuestions16to20arebasedonthefoUowingpassage：Sometimes，overaspanofmanyyears，abusinesswillcontinuetogrow，generatingever-increasinga-mountsofcash，repurchasingstock，payingincreaseddividends，reducingdebt，openingnewstores，expan¬dingproductionfacilities，movingintonewmarkets，et

3、c.，whileatthesametuneitsstockpriceremainsstagnant(orevenfalls)*Whenthishappens，theaverageandprofessionalinvestorsaliketendtooverlookthecompanybecausetheybecomefamiliarwiththetradingrange.Take，forexample，Wal-MartOverthepastfiveyears，theretailingbehemothhasgrownsalesbyover80%,profitsbyover100%，andy

4、etthestockpricehasfallenasmuchas30%duringthattimeframe.Clearly,thevaluationpicturehaschangedAninvestorthatreadtheannualreportbackin2000or2001mighthavepassedonthesecurity，deemingittooexpensivebasedonametricsuchasthepricetoearningsratio.Today，however,theequationiscompletelydifferent~despitethestock

5、price,Wal-Martis,inessence,tradingathalfitsformerpricebecauseeachshareisbackedbyalargerdividend,twicetheearningspower,morestores，andabiggerinfrastructure.HomeDepotisinmuchthesameboat，largelybecausesomeWallStreetanalystsquestionhowfasttwooftheworld’slargestcompaniescancontinuetogrowbeforetheirshee

6、rsizeslowsthemdowntotherateofthegeneraleconomy.Coca-Colaisanotherexcellentexampleofthisphenomenon.Tenyearsago，in1996,thestocktradedbetweenarangeof$36.10and$54.30pershare.Atthetime,ithadreportedearningspershareof$1.40andpaidacashdividendof$0.50pershare.Corporatepersharebookvaluewas$2.48.Lastyear,t

7、hestocktradedwithinarangeof$40.30and$45.30pershare；squarelyinthemiddleofthesameareaithadbeennearlyadecadeprior!Yet，despitethestagnantstockprice，the2006estimatesValueLineIn¬vestmentSurveyestimatesforearningspersharestan