清华大学2007年考博英语真题及答案详解.docx

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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*Youshoulddecideonth

2、ebestchoiceandthenmarkthecorrespondingletterontheAnswerSheetQuestions16to20arebasedonthefoUowingpassage：Sometimes，overaspanofmanyyears，abusinesswillcontinuetogrow，generatingever-increasinga-mountsofcash，repurchasingstock，payingincreaseddividends，reducingdebt，openi

3、ngnewstores，expan¬dingproductionfacilities，movingintonewmarkets，etc.，whileatthesametuneitsstockpriceremainsstagnant(orevenfalls)*Whenthishappens，theaverageandprofessionalinvestorsaliketendtooverlookthecompanybecausetheybecomefamiliarwiththetradingrange.Take，forexa

4、mple，Wal-MartOverthepastfiveyears，theretailingbehemothhasgrownsalesbyover80%,profitsbyover100%，andyetthestockpricehasfallenasmuchas30%duringthattimeframe.Clearly,thevaluationpicturehaschangedAninvestorthatreadtheannualreportbackin2000or2001mighthavepassedonthesecu

5、rity，deemingittooexpensivebasedonametricsuchasthepricetoearningsratio.Today，however,theequationiscompletelydifferent~despitethestockprice,Wal-Martis,inessence,tradingathalfitsformerpricebecauseeachshareisbackedbyalargerdividend,twicetheearningspower,morestores，and

6、abiggerinfrastructure.HomeDepotisinmuchthesameboat，largelybecausesomeWallStreetanalystsquestionhowfasttwooftheworld’slargestcompaniescancontinuetogrowbeforetheirsheersizeslowsthemdowntotherateofthegeneraleconomy.Coca-Colaisanotherexcellentexampleofthisphenomenon.T

7、enyearsago，in1996,thestocktradedbetweenarangeof$36.10and$54.30pershare.Atthetime,ithadreportedearningspershareof$1.40andpaidacashdividendof$0.50pershare.Corporatepersharebookvaluewas$2.48.Lastyear,thestocktradedwithinarangeof$40.30and$45.30pershare；squarelyinthemi

8、ddleofthesameareaithadbeennearlyadecadeprior!Yet，despitethestagnantstockprice，the2006estimatesValueLineIn¬vestmentSurveyestimatesforearningspersharestan