1 . A “cash flow” loan is（“现金流量”贷款是）: D
A.A loan that is secured by the likely sale proceeds of inventory and plant（贷款由可能出售的存货和设备收入担保）
B.A popular debt device in many emerging markets（在许多新兴市场流行的债务策略）
C.A loan that seeks repayment principally from future earnings since the borrower lacks sufficient collateral（由于借款人缺乏足够的抵押品，主要从未来收益寻求还款的贷款）
D.None of the above（以上都不是）
2 . What is a key constraint in emerging market Mergers and Acquisitions（新兴市场兼并和收购的关键约束是什么）? A
A.Family business involved in emerging markets（涉及新兴市场的家族企业）
B.Lack of foreign buyers（缺乏外国买家）
C.Local lenders prefer natural resource transactions（当地的贷款人更喜欢自然资源交易）
D.Local accounting is suspect（本地会计是可疑的）
3 . 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）: C
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）
4 . In the years before the 2008 credit crisis, private equity represented the following percent of merger and acquisition deals（在2008年信贷危机爆发前的几年，私募股权在以下合并和收购交易中所占比例如下）: C
A.10%
B.70%
C.30%
D.Not applicable since private equity is a minority investment（由于私募股权是少数投资，因此不适用）
E.None of the above（以上都不是）
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
1 . 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）: C
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）
2 . 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)? E
A.80%
B.65%
C.45%
D.30%
E.15%
3 . If Thai Petrochemical (Thailand) acquires a United States petrochemical firm at a reasonable price, the P/E multiple of Thai Petrochemical might increase. Why（如泰国石化以合理的价格收购美国石化公司，泰国石化的P/E倍数可能会增加。为什么）? B
A.PTT becomes a more risky company with a U.S. deal. This means the PTT stock is more attractive(PTT通过美国交易成为风险更高的公司。这意味着PTT股票更具吸引力)
B.U.S. firms have less political and currency risk than Thai companies. This means PTT stock is more attractive(美国公司的政治和货币风险要低于泰国公司。 这意味着PTT股票更具吸引力)
4 . 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
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)
