清华大学2007年考博英语真题及答案详解Word下载.docx
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清华大学2007年考博英语真题及答案详解Word下载.docx
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Directions:
Thereare4readingpassagesinthispartEachpassageisfollowedbysomequestionsorunfin¬
ishedstatements.ForeachorthemtherearefourchoicesmarkedA,B,CandD*YoushoulddecideonthebestchoiceandthenmarkthecorrespondingletterontheAnswerSheetQuestions16to20arebasedonthefoUowingpassage:
Sometimes,overaspanofmanyyears,abusinesswillcontinuetogrow,generatingever-increasinga-mountsofcash,repurchasingstock,payingincreaseddividends,reducingdebt,openingnewstores,expan¬
dingproductionfacilities,movingintonewmarkets,etc.,whileatthesametuneitsstockpriceremainsstagnant(orevenfalls)*
Whenthishappens,theaverageandprofessionalinvestorsaliketendtooverlookthecompanybecausetheybecomefamiliarwiththetradingrange.
Take,forexample,Wal-MartOverthepastfiveyears,theretailingbehemothhasgrownsalesbyover80%,profitsbyover100%,andyetthestockpricehasfallenasmuchas30%duringthattimeframe.Clearly,thevaluationpicturehaschangedAninvestorthatreadtheannualreportbackin2000or2001mighthavepassedonthesecurity,deemingittooexpensivebasedonametricsuchasthepricetoearningsratio.Today,however,theequationiscompletelydifferent~despitethestockprice,Wal-Martis,inessence,tradingathalfitsformerpricebecauseeachshareisbackedbyalargerdividend,twicetheearningspower,morestores,andabiggerinfrastructure.HomeDepotisinmuchthesameboat,largelybecausesomeWallStreetanalystsquestionhowfasttwooftheworld’slargestcompaniescancontinuetogrowbeforetheirsheersizeslowsthemdowntotherateofthegeneraleconomy.
Coca-Colaisanotherexcellentexampleofthisphenomenon.Tenyearsago,in1996,thestocktradedbetweenarangeof$36.10and$54.30pershare.Atthetime,ithadreportedearningspershareof$1.40andpaidacashdividendof$0.50pershare.Corporatepersharebookvaluewas$2.48.Lastyear,thestocktradedwithinarangeof$40.30and$45.30pershare;
squarelyinthemiddleofthesameareaithadbeennearlyadecadeprior!
Yet,despitethestagnantstockprice,the2006estimatesValueLineIn¬
vestmentSurveyestimatesforearningspersharestandaround$2.16(ariseof54%),thecashdividendhasmorethandoubledto$1.20,bookvalueisexpectedtohavegrownto$7.40pershare(againof
nearly300%),andthetotalnumberofsharesoutstanding(未偿付的,未完成的)hasactuallydecreased,from2.481billiontoanestimated2,355billionduetothecompany'
ssharerepurchaseprogram.
16. Thispassageisprobablyapartof •
A. FindHiddenValueintheMarket B.BecomeRicher
C. GetGoodBargains D.IdentifyGoodCompanies
17. Theitalicizedword“stagnant’,(line3,Para.1)canbebestparaphrasedas •
A.prominentB.terribleC.unchangedD.progressingWal-Martisnowtradingatamuchlowerpricebecause .
A. ithasstoredalargequantityofgoods
B. ithasbecomefinanciallymorepowerful
C. ithasbeeneagertocollectmoneytopreventbankruptcy
D. itisagoodwaytocompetewithotherretailingcompanies
19. AllthefollowingaresharedbyWal-MartandCoco-ColaEXCEPT •
A,Thecashdividendhasincreased. B.Theearningpowerhasbecomestronger.
CBothbusinesseshavecontinuedtogrow^D.Thestockpricehasgreatlydecreased
20. Accordingtotheauthor,onehadbetter •
A. buymoreshareswhenthestockpricefallsdown
B. sellouttheshareswhenthestockpricefallsdown
C. dosomeresearchonthevalueofabusinesswhenitsstockpricefallsdown
D. investinthebusinesswhenitsstockpricefallsdown
Questions21to25arebasedonthefollowingpassage:
Today’scollegestudentsaremorenarcissistic(自恋的)andself-centeredthantheirpredecessors,ac¬
cordingtoacomprehensivenewstudybyfivepsychologistswhoworrythatthetrendcouldbeharmfiiltopersonalrelationshipsandAmericansociety.
uWeneedtostopendlesslyrepeating‘You’respecial'
andhavingchildrenrepeatthatback”,saidthestudy’sleadauthor,ProfessorJeanTwengeofSanDiegoStateUniversity,“Kidsareself-centeredenoughal¬
ready“Unfortunately,narcissismcanalsohaveverynegativeconsequencesforsociety,includingthebreakdownofcloserelationshipswithothars”,hesaidThestudyassertsthatnarcissists“aremorelikelytohaveromanticrelationshipsthatareshort-lived,atriskforinfidelity,lackemotionalwarmtb,andtoexhibitorgame-playing,dishonesty,and.over-controllingandviolentbehaviors,,.Twenge,theauthorof“GenerationMe:
WhyToday’sYoungAmericansAreMoreConfident,Assertive,Entitled~andMoreMiserableThanEverBefore”,saidnarcissiststendtolackempathy,reactaggressivelytocriticismandfavorself-promotionoverhelpingothers*
Someanalyst
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