17.单选题 已收藏 标记 纠错 Two mutually exclusive projects have conventional cash flows, but one project has a larger NPV while the other has a higher IRR. Which of the following is least likely responsible for this conflict? A Reinvestment rate assumption B Size of the projects' initial investments C Risk of the projects as reflected in the required rate of return 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：63% NPV & IRR难度：容易 推荐：      答案解析 Conflicting decision rules based on the NPV and IRR methods are related to the reinvestment rate assumption, the timing of the cash flows, or the scale of the projects. Differing required rates of return are not related to conflicting NPV and IRR decisions. 问： 1.“ the reinvestment rate assumption”再投资假设是计算IRR的前提，计算NPV也需要这 个前提吗？ 2.是不是只有传统形式的现金流机构的题目(即：开始是负，后来每年都是正，且变化只有一次)，才能用金融计算器的第二排键来计算NPV或者IRR? PS:请逐次回答 谢谢

11.单选题 已收藏 标记 纠错 A condition appears that the new project reduces the cash flows of an existing project, then this phenomena can be best described as a(n): A Sunk cost. B Opportunity cost. C Externality. 查看解析 上一题 提交试卷 正确答案C 您的答案B本题平均正确率：68% The basic of capital budgeting难度：容易 推荐：      答案解析 A new project reducing the cash flows of an existing project is an externality called "cannibalization". 问：机会成本和负面的外部性 最大的区别是什么？如何一针见血的分辨？

为什么 C不对

提问：题目里short除了100，000股的股票，不属于transaction-based manipulation吗？ 我觉得市场上要是看到突然这么多股票抛了肯定会怀疑这家公司的吧。还是不是很理解如何定义tran-based manipulation， 望指导！

18.单选题 已收藏 标记 纠错 Which of the following statements about non-market factors in corporate governance is most accurate? A Stakeholders can spread information quickly and shape public opinion. B A civil law system offers better protection of shareholder interests than does a common law system. C Vendors providing corporate governance services have limited influence on corporate governance practices. 查看解析 上一题 下一题 正确答案A 您的答案C本题平均正确率：44% Corporate governance and ESG难度：容易 推荐：      答案解析 A is correct. Social media has become a powerful tool for stakeholders to instantly broadcast information with little cost or effort and to compete with company management in influencing public sentiment. 问： 1.vendor我的理解（翻译）是： 相对于 公司的第三方 ，即乙方，给公司提供公司治理服务的第三方独立机构，请问对吗？ 2.所以C说是限制就错了，应该是请第三方是提供协助才对，请问对吗？ 3.non-market都有哪些？媒体，法律，关联方？还有什么？ PS:请逐次回答 谢谢

14.单选题 收藏 标记 纠错 Which of the following is least consistent with good corporate governance? A Allowing shareowners the right to vote their shares by proxy. B Ensuring that a majority of the members of the audit committee are independent members of the Board. C Requiring a supermajority to pass shareowner resolutions and a simple majority to pass Board- or management-sponsored initiatives. 查看解析 上一题 下一题 正确答案C 您的答案C本题平均正确率：69% Corporate governance and ESG难度：容易 推荐：      答案解析 The ability of shareowners to propose corporate initiatives can "prevent erosion of shareowner value". However, forcing shareowner initiatives to pass by a supermajority rather than a simple majority places such initiatives at a disadvantage to Board- or management-sponsored initiatives if the latter require only a simple majority to pass. 问：C选项希望再解释一下？为什么股东决议要少数通过，而管理层和董事会的决议要多数通过？

13.单选题 已收藏 标记 纠错 Which of the following voting policies would most likely have a positive influence on shareholder interests? Shareowners: A Have the right to approve newly created antitakeover measure by a supermajority vote. B Can vote anonymously with an independent agent retaining voting records. C Are permitted to vote exclusively through proxy voting services. 查看解析 上一题 下一题 正确答案B 您的答案C本题平均正确率：42% Stakeholder theory & board of directors and committees难度：容易 推荐：      答案解析 Shareholders should be able to cast confidential votes and it is in the best interest of shareholders if there is a third-party entity that tabulates and retains voting records. 问： 1.Shareowners 有中小股东的含义吗？ 2.B C可否进一步解释？

10.单选题 已收藏 标记 纠错 Which of the following actions would most likely have a positive influence on shareholder value? A Executive board members regularly attend the board meetings. B Adopting a poison pill. C Only one class of common equity has been issued. 查看解析 上一题 下一题 正确答案C 您的答案A本题平均正确率：35% Stakeholder theory & board of directors and committees难度：容易 推荐：      答案解析 Firms with dual classes of equity can have a negative effect on shareholder value as the shareholder may have inferior voting rights. Takeover measures such as poison pills, golden parachutes, and greenmail typically have a negative effect on shareholder value. Annual elections are preferred for board members as it increases accountability. Executive board members regularly attending the meetings can potentially prevent free discussion among the independent members. 问： 1.A 请进一步解释？ 2.C 这里说的是 A/B股 同股不同权吧？这里的一类股 和 二类股 哪个是给予原始股东选举票数更多的一种，一还是二？ 3.C 如果股权结构只有一层 那么同股同权，应该是对股东不利吧，为什么选C? PS:请逐次回答 谢谢

08.单选题 已收藏 标记 纠错 Cumulative voting is best described as: A A mechanism for suppressing hostile takeovers. B A means of offsetting the negative consequences of super-voting rights shares. C Enhancing the likelihood those shareowners' interests are represented on the Board. 查看解析 上一题 下一题 正确答案C 您的答案B本题平均正确率：54% Stakeholder theory & board of directors and committees难度：容易 推荐：      答案解析 Cumulative voting enhances the likelihood that shareowner interests are represented on the Board. 问： 1.B “super-voting rights shares”怎么解释？翻译？ 2.C “those shareowners' interests”为什么指中小股东的利益？哪里包含“中小”的意思？ PS:请逐次回答 谢谢

我觉得A,B都不算错吧，我选的B反而我认为是最好的practice。这个题是往年的真题吗？我觉得选项不严谨。还是我理解错了，望指正。 我理解A选项意思因为主人公听到这个消息且跟她公司客户无关所以就可以肆意传播这个消息。这我觉得很不道德诶。我是这么理解的。。