清华大学博士硕士人学考试英语试题Part I Listening Comprehension(15 points)(略）Part II Reading Comprehendon (40%)Directions ： There are 4 reading passages in this part Each passage is followed by some questions or unfin¬ished statements. For each or them there are four choices marked A ，B, C and D* You should decide on the best choice and then mark the corresponding letter on the Answer Sheet Questions 16 to 20 are based on the foUowing passage：Sometimes，over a span of many years，a business will continue to grow，generating ever-increasing a- mounts of cash ， repurchasing stock ， paying increased dividends ， reducing debt ， opening new stores ， expan¬ding production facilities ， moving into new markets，etc.，while at the same tune its stock price remains stagnant (or even falls)*When this happens，the average and professional investors alike tend to overlook the company because they become familiar with the trading range.Take，for example，Wal-Mart Over the past five years，the retailing behemoth has grown sales by over 80% , profits by over 100%，and yet the stock price has fallen as much as 30% during that timeframe. Clearly, the valuation picture has changed An investor that read the annual report back in or might have passed on the security ，deeming it too expensive based on a metric such as the price to earnings ratio. Today ， however, the equation is completely different~despite the stock price,Wal-Mart is, in essence, trading at half its former price because each share is backed by a larger dividend, twice the earnings power, more stores，and a bigger infrastructure. Home Depot is in much the same boat，largely because some Wall Street analysts question how fast two of the world’s...
