2020年CFA考试《CFA二级》考试共240题，分为单选题。小编为您整理Corporate Finance (2)5道练习题，附答案解析，供您备考练习。

1、Based on Ozer's description of potential acquisition targets, which form of integration and type of merger, would best describe the transaction if Alertron tried to acquire Escarigen?【单选题】

A.Form of integration:Statutory; Type of merger: Horizontal.

B.Form of integration:Subsidiary; Type of merger: Horizontal.

C.Form of integration:Subsidiary; Type of merger: Vertical.

正确答案:B

答案解析:Ozer's memo states that in an acquisition, Alertron would want to maintain the successful Escarigen brand and operational structure. As a result, the most likely form of integration would be a subsidiary merger in which Escarigen would become a subsidiary of Alertron. Most subsidiary mergers occur when the target has a well-known brand that the acquirer wants to maintain, which is the case here. Note that in a statutory merger, the target company would cease to exist as a separate entity. Since both Alertron and Escarigen are involved in the pharmaceutical industry, the type of merger would be best described as horizontal. The merger would not be vertical as Alertron would not be moving up or down the supply chain.

2、Which of the following best satisfies Kumar's request to identify a pair of defense mechanisms that consist of a pre-offer and a post-offer defense?【单选题】

A.Pre-offer defense mechanism: Poison put; Post-offer defense mechanism: Fair price amendment

B.Pre-offer defense mechanism: Greenmail; Post-offer defense mechanism: Restricted voting rights

C.Pre-offer defense mechanism: Supermajority voting provision; Post-offer defense mechanism: Leveraged recapitalization

正确答案:C

答案解析:The only pair combination that correctly identifies a pre-offer and post-offer defense, respectively, is a supermajority voting provision, which is a pre-offer defense requiring shareholder approval in excess of a simple majority; and a leveraged recapitalization, which is a post-offer defense where a target borrows money to repurchase its own shares. Pre-offer defenses suggested include poison puts, fair price amendments, restricted voting rights, poison pills, and staggered board elections. The only other post-offer defense suggested was greenmail, which was incorrectly categorized.

3、Suppose HiFly acquires Sky Systems for the stated terms. The gain to Sky Systems shareholders resulting from the merger transaction would be closest to:【单选题】

A.$25 million.

B.$160 million.

C.$375 million.

正确答案:A

答案解析:

4、Are Smith’s two comments about his analysis correct?【单选题】

A.Both of his comments are correct.

B.Both of his comments are incorrect.

C.His first comment is correct, and his second comment is incorrect.

正确答案:A

答案解析:A is correct. Both of Smith’s statements are correct.

5、What would be the increase in the Herfindah卜Hirschman Index (HHI) as a result of a merger between Alertron and Carideo, and the most likely reaction by regulators to the merger?【单选题】

A.Increase in the HHI: 75; Probable response by regulators: No antitrust challenge.

B.

C.Increase in the HHI: 300; Probable response by regulators: Potential antitrust challenge.

正确答案:A

答案解析: