凯迪拉克车型发动机的新标识方式採两位数字+单个字母，两位数字中第二位数字是指什么（）

的模型,再用其他耐火材料填充泥芯和敷成外范,加热烘烤后,蜡膜全部熔化流失,使整个铸件模型变成空壳。然后往内浇灌溶液,铸成器物。经汉唐到明清,失蜡法被一代代匠人传承和发扬,历久不衰。抗日战争时期,美国志愿航空队的P-40C战斗机发动机涡轮叶片采用精湛工艺制造,容易断裂。一位美国工程师借鉴失蜡铸造工艺很好地解决了这一问题。这位工程师将此方法改进,命名为熔模铸造,使之成为生产航空发动机涡轮叶片的关键技术。中华人民共和国建立后,在引进苏联精铸涡轮叶片的关键技术的同时,荣科和师昌绪两位院士联手。用失蜡法结合石英管填充铸模,完成精密铸造后,用氢氟酸腐蚀去除石英管,成功制造出空心涡轮气冷叶片。目前,中国制造航空发动机涡轮叶片材料和工艺不断改进,已经完成了定向凝固涡轮叶片的无余量精铸。失蜡法熔模铸造技术伴随着中国的大飞机和新一代战斗机共舞蓝天。采用失蜡法熔模铸造技术制造航空发动机涡轮叶片是传承和发展传统技术的成功案例,运用文化生活知识总结其成功的经验

A．机械增压

B．电子增压

C．废气涡轮增压

D．进气谐波增压

A．定期与内部技术攻关组，对疑难问题进行攻关讨论

B．负责本团队各种技术资料的培训

C．负责规范使用专业工具

D．维修作业派工

A．现代

B．起亚

C．大宇

D．大发

n commercial property development. Moonstar Co has had some difficulties over the last few years, with some developments not generating the expected returns and the company has at times struggled to pay its finance costs. As a result Moonstar Co’s credit rating has been lowered, affecting the terms it can obtain for bank finance. Although Moonstar Co is listed on its local stock exchange, 75% of the share capital is held by members of the family who founded the company. The family members who are shareholders do not wish to subscribe for a rights issue and are unwilling to dilute their control over the company by authorising a new issue of equity shares. Moonstar Co’s board is therefore considering other methods of financing the development, which the directors believe will generate higher returns than other recent investments, as the country where Moonstar Co is based appears to be emerging from recession.

Securitisation proposals

One of the non-executive directors of Moonstar Co has proposed that it should raise funds by means of a securitisation process, transferring the rights to the rental income from the commercial property development to a special purpose vehicle. Her proposals assume that the leases will generate an income of 11% per annum to Moonstar Co over a ten-year period. She proposes that Moonstar Co should use 90% of the value of the investment for a collateralised loan obligation which should be structured as follows:

– 60% of the collateral value to support a tranche of A-rated floating rate loan notes offering investors LIBOR plus 150 basis points

– 15% of the collateral value to support a tranche of B-rated fixed rate loan notes offering investors 12%

– 15% of the collateral value to support a tranche of C-rated fixed rate loan notes offering investors 13%

– 10% of the collateral value to support a tranche as subordinated certificates, with the return being the excess of receipts over payments from the securitisation process

The non-executive director believes that there will be sufficient demand for all tranches of the loan notes from investors. Investors will expect that the income stream from the development to be low risk, as they will expect the property market to improve with the recession coming to an end and enough potential lessees to be attracted by the new development.

The non-executive director predicts that there would be annual costs of $200,000 in administering the loan. She acknowledges that there would be interest rate risks associated with the proposal, and proposes a fixed for variable interest rate swap on the A-rated floating rate notes, exchanging LIBOR for 9·5%.

However the finance director believes that the prediction of the income from the development that the non-executive director has made is over-optimistic. He believes that it is most likely that the total value of the rental income will be 5% lower than the non-executive director has forecast. He believes that there is some risk that the returns could be so low as to jeopardise the income for the C-rated fixed rate loan note holders.

Islamic finance

Moonstar Co’s chief executive has wondered whether Sukuk finance would be a better way of funding the development than the securitisation.

Moonstar Co’s chairman has pointed out that a major bank in the country where Moonstar Co is located has begun to offer a range of Islamic financial products. The chairman has suggested that a Mudaraba contract would be the most appropriate method of providing the funds required for the investment.

Required:

(a) Calculate the amounts in $ which each of the tranches can expect to receive from the securitisation arrangement proposed by the non-executive director and discuss how the variability in rental income affects the returns from the securitisation. (11 marks)

(b) Discuss the benefits and risks for Moonstar Co associated with the securitisation arrangement that the non-executive director has proposed. (6 marks)

(c) (i) Discuss the suitability of Sukuk finance to fund the investment, including an assessment of its appeal to potential investors. (4 marks)

(ii) Discuss whether a Mudaraba contract would be an appropriate method of financing the investment and discuss why the bank may have concerns about providing finance by this method. (4 marks)

eutical company with trading interests in 24 countries in sub-Saharan Africa, South America and the Indian sub-continent. Your company also has important trading links with the United States, Malaysia and Singapore. There have been a number of issues arising in the previous six months which have impacted upon the company’s business interests.

(i) Following an investigation you discover that commissions were paid to a senior official in one country to ensure that the local drug licensing agency concerned facilitated the acceptance of one of your principal revenue earning drugs for use within its national health service.

(ii) You have discovered that an agent of your firm, aware that the licensing agreement might be forthcoming,

purchased several call option contracts on your company’s equity.

(iii) A senior member of the firm’s treasury team has been taking substantial positions in currency futures in order to protect the risk of loss on the translation of dollar assets into the domestic currency. Over the last 12 months significant profits have been made but the trades do not appear to have been properly authorised. You discover that a long position in 50, $250,000 contracts is currently held but over the last four weeks the dollar has depreciated by 10% and all the signs are that it will depreciate considerably more over the next two months.

(iv) One drug company has managed to copy a novel drug that you have just released for the treatment of various forms of skin cancer. You have patent protection in the country concerned but your company has not been able to initiate proceedings through the local courts. Contacts with the trade officials at your embassy in the country concerned suggest that the government has made sure that the proceedings have not been allowed to proceed.

The company’s chief financial officer has asked you to look into these issues and, with respect to (iv), any World Trade

Organisation (WTO) agreements that might be relevant, and to advise her on how the company should proceed in each case.

Required:

Prepare a memorandum advising the Chief Financial Officer on the issues involved and recommending how she should, in each case and in the circumstances, proceed.

try. The initial bid will be

an all share bid of four Paxis shares for every five Wragger shares.

The most recent annual data relating to the two companies are shown below:

The takeover is expected to result in cost savings in advertising and distribution, reducing the operating costs

(including depreciation) of Paxis from 76% of sales to 70% of sales. The growth rate of the combined company is

expected to be 6% per year for four years, and 5% per year thereafter. Wragger’s debt obligations will be taken over

by Paxis. The corporate tax rate is expected to remain at 30%.

Sales and costs relevant to the decision may be assumed to be in cash terms.

Required:

(a) Using free cash flow analysis for each individual company and the potential combined company, estimate

how much synergy is expected to be created from the takeover. State clearly any assumptions that you make.

Note: The weighted average cost of capital of the combined company may be assumed to be the market weighted

average of the current costs of capital of the individual companies, weighted by the current market value of debt and

equity of the combined company, with the equity of Wragger adjusted for the effect of the bid price. (20 marks)

ncrease its capital gearing

to at least 50%, in order to reduce the company’s cost of capital and increase its market value.

The managing director of Semer is not convinced by the logic of the proposal, or the accuracy of the calculations, but

is unable to explain the reasons for his reservations.

A summary of the proposal and its implications is shown below.

Proposal to increase the capital gearing of Semer plc

The company’s current weighted average cost of capital is estimated to be 10·6%. If the proportion of debt is

increased to 50% of total capital, by the repurchase of ordinary shares at their current market value, the cost of capital

may be reduced to 9·9%. A reduced cost of capital means that the value of the company will increase which will be

welcomed by our shareholders. Calculations supporting the above proposal are shown below:

(ii) The current price of Semer’s ordinary shares is 410 pence.

(iii) The market price of one 8% debenture 2010 is ￡112.

(iv) The market return is 10·5% and the risk free rate 4·0%.

(v) Semer’s equity beta is 1·2.

(vi) Semer currently pays ￡15 million in dividends.

(vii) The corporate tax rate is 30%.

(viii) The company currently generates a free cash flow of ￡60 million per year, which is expected to increase by

approximately 3% per year.

Required:

(a) What, if any, are the mistakes in the proposal? Correcting for any mistakes produce revised estimates of the

company’s current cost of capital and current value. Brief explanation of the reasons for any revisions should

be included. (15 marks)