Question

帮我把下面的金融题目翻译成中文，不要百度之类的机器翻译，谢谢，给50分。

COMPANY ALPHA is currently looking at purchasing CHIINC. The initial purchase price would be $500,000,000. CHI is expected to add$125,000,000 in free cash flows for years 1-4, then $130,000,000 per year forthe rest of time. Looking at Alpha’s current financial statements, theycurrently have $100,000,000 in retained earnings. Upon discussions with theirtraditional and investment bankers, they determine that they can borrow$75,000,000 from a banking syndicate, with terms equal to interest-only paymentsfor 10 years, and an annual interest rate of 6.75%, and the loan to be securedby real estate owned by CHI, INC. They can also issue bonds with 10 years tomaturity, annual interest payments, and a coupon rate of 7.55%. The investmentbanker believes that the market will be handle Alpha bonds up to $125,000,000.The investment banker also believes that the company can issue additionalequity in the amount up to $500,000,000, while having to pay a flotation costof 5.25%. The newly merged company would have a beta of 1.25, the current 10year Treasury bond rate is 4.5%, the S&P 500 is expected to average areturn of 9.5%, and the company currently pays a tax rate of 30%. Should Alphapurchase Chi? Why or why not? If yes, then how should it be financed? If no, whatis the most the company would pay for Alpha?

Answer 1

COMPANY ALPHA is currently looking at purchasing CHI INC. The initial purchase price would be $500,000,000.
阿尔法公司正在考虑收购Chi公司。初始收购价可能为5亿美元。
CHI is expected to add $125,000,000 in free cash flows for years 1-4, then $130,000,000 per year for the rest of time.
预计Chi可在第1至4年每年增加1.25亿美元的活动现金流，之后每年增加1.3亿美元。
Looking at Alpha’s current financial statements, they currently have $100,000,000 in retained earnings.
从Alpha公司目前的财务报表看，他们目前有1亿美元的未分配利润/留存收益。
Upon discussions with their traditional and investment bankers, they determine that they can borrow $75,000,000 from a banking syndicate, with terms equal to interest-only payments for 10 years, and an annual interest rate of 6.75%, and the loan to be secured by real estate owned by CHI, INC.
在与他们的传统银行和投行讨论时，他们确定可从财团贷款7500万美元，为期10年，仅支付利息，年利率为6.75%，贷款用Chi公司的不动产抵押。
They can also issue bonds with 10 years to maturity, annual interest payments, and a coupon rate of 7.55%.
他们也可以发行10年期债券，每年付息，票面利率7.55%。
The investment banker believes that the market will handle Alpha bonds up to $125,000,000.
投行认为，市场可消化高达1.25亿美元的Alpha债券。
The investment banker also believes that the company can issue additional equity in the amount up to $500,000,000, while having to pay a flotation cost of 5.25%.
投行还认为，公司可以增发高达5亿美元的股本，但需支付5.25%的发行成本。
The newly merged company would have a beta of 1.25, the current 10year Treasury bond rate is 4.5%, the S&P 500 is expected to an average return of 9.5%, and the company currently pays a tax rate of 30%.
新并购的公司的beta将为1.25，而目前的10年期国债利率为4.5%，标准普尔500指数的预期平均投资回报率为9.5%，且公司目前支付的税率为30%。
Should Alpha purchase Chi? Why or why not? If yes, then how should it be financed? If no, what is the most the company would pay for Alpha?
Alpha公司该不该收购Chi公司？为什么？如果收购，那么应该如何融资？如果不收购，公司将为Alpha支付的最大金额是多少？

Answer 2

阿尔法公司目前考虑收购CHI INC，初始收购价格会是5亿美元。CHI被期望在第一至第四年可增加1.25亿的现金流。然后在以后的剩余时间里每年增加1.3亿。看一下阿尔法公司当下的财报。目前他们有1亿美元的保留盈余。在同他们的传统的投行讨论后，他们确定可以从银团那里借7500万美元条件等同于仅支付利息的时间为10年，年息是6.75%，该贷款要用CHI所拥有的不动产来做担保。他们还可以发行10年期债券，每年付息，票面利率7.55%。投行相信市场可以消纳阿尔法公司的债券上限是1.25亿美元。投行也相信该公司可以增发股票，上限为5亿美元，但同时要支付发行成本5.25%。新并购的公司贝塔系数为1.25，现行的10年金融债券利率是4.5%，标普500期望的平均回报率是9.5%，公司现在的税率是30%。

阿尔法应该收购CHI吗？为什么买或不买？如果买，资金如何筹集，如果不买，公司最多要为阿尔法付多少钱？

Answer 3

目前，阿尔法公司正计划并购CHI公司。初始并购价格为5亿美元，并购CHI公司后，预计前4年每年增加1亿2500万美元的活动现金流，之后每年增加1300万美元。
现在我们看看阿尔法公司的财务状况。他们目前有1亿美元的未分配利润。通过与他们传统的投资银行进行探讨，阿尔法公司决定从某财团借贷7500万美元，贷款形式为10年期等息贷款，每年偿还利息，年利率按6.75%，这笔贷款将质押CHI公司的不动产。阿尔法公司还可以发行10年期的债券，每年偿还利息，票面利率为7.55%；投资银行相信市场将会消化掉最高1亿2500万美元的债券。投资方还相信公司可以通过增发获得最多5亿美元的融资，增发成本为5.25%。
其它条件：
☆ 合并后的新公司贝塔值为1.25
☆ 当前10年期国债收益率为4.5%
☆ 标普500指数预期的平均回报率为9.5%
☆ 阿尔法公司当前支付的税率为30%。

请计算：阿尔法公司是否应当并购CHI公司？并叙述理由。如果收购案可行，请计算最合理的财源分配。如果收购案不可行，请计算阿尔法公司能出的最高报价。