一道关于金融finance的问题,

一道关于金融finance的问题,
Reg Vardy plc is the 3rd largest car retailer in the UK.It is challenging to become NO2.This year the company is planning to use $35million to buy some smaller rival dealerships and expand its empire.It currently has almost 70 dealerships out of a total of 6,000 in the UK.It is seeking to buy businesses that will fill its geographical gaps.
Last year Vardy bought 16 dealerships that were strong in the second hand car market.This was a sector where the company wanted to strengthen its position.The move clearly worked.Pre-tax profits rose to $12.3million up from $8.4million the previous year.This jump in profits was in the context of an overall 9% reduction in the volume of sales for the industry as a whole.It also took place in a market where prices for new cars were falling.
Analysts attribute this success to Vardy’s excellent stock management systems.It manages to move cars within 30 days.
Moving the cars quickly puts it in a better position to react to falling prices.It is not holding stocks of cars bought when prices were higher.This has enabled it to react to falling prices without having to cut into profits.
Turnover has also been supported by its strength in the second hand car market.When new car sales fall,used car sales often pick up.
Vardy is planning to fund acquisitions by borrowing the required $35million.This would bring their total borrowings to $77millions.Gearing which is currently 40% would increase to 75%.
QUESTIONS:
1)\x05By what percentage did the profit grow following the $35million investment?
2)\x05What is meant by “gearing will be 75%?
3)\x05Why might a firm such as Vardy wish to expand?
4)\x05How does the efficient stock management system help the profitability of the business?
5)\x05Discuss whether it would be advisable for the company to raise the extra $35 million by a share issue?

（1）第一个问题,很奇怪呀.第一段中This year the company is planning to use $35million to buy some smaller rival dealerships and expand its empire. 只是说公司计划花3500万买下一些小的竞争对手的经销商以扩大商业帝国.问题又问：“By what percentage did the profit grow following the $35 million investment”did显然是过去式,说明这个交易在过去已经发生.而且原文中找不到第二个$35 million investment 的数据来呀.
如果是根据第二段,问题问Reg Vardy 去年收购了16个dealerships之后,利润增加了多少则可以计算： Pre-tax profits rose to $12.3million up from $8.4million the previous year.那么$(12.3-8.4)/8.4=0.464.即利润增加了46.4%.不知对不对.
（2）gearing,又 gearing ratio,WikiPedia(维基百科)的解释：In finance, capital structure refers to the way a corporation finances its assets through some combination of equity, debt, or hybrid securities. A firm's capital structure is then the composition or 'structure' of its liabilities. For example, a firm that sells $20 billion in equity and $80 billion in debt is said to be 20% equity-financed and 80% debt-financed. The firm's ratio of debt to total financing, 80% in this example, is referred to as the firm's leverage. In reality, capital structure may be highly complex and include dozens of sources. Gearing Ratio is the proportion of the capital employed of the firm which come from outside of the business finance, e.g. by taking a short term loan etc. Vardy is planning to fund acquisitions by borrowing the required $35million. This would bring their total borrowings to $77millions. Gearing which is currently 40% would increase to 75%.
根据WIKIPedia的解释：Vardy's total borrowings / Vardy's total capital = Vardy's gearing ratio=75%.又知前者等于$77millions,如果Vardy的财务结构可以简单地分为Borrowings 和 非Borrowings两类,可以得出其总的Capital是 77/?=75%解得?=102.667（million）.又知未作$30million的投资时,borrowings=77-35=42million.算出的gearing ratio=42/102.667=40%与“gearing which is currently 40%"吻合.所以,这里的gearing is 75%意思就是 Vardy's borrowing is 75% of its total capital.如果觉得这样答还太简单,可以做些主观性的扩展.
附： 财务杠杆是通过增加贷款数量来节约自有资金的支出,更进一步提高自有资金的收益水平.这里有个基本的条件,就是贷款利率低于资金利润率,也就是说,借钱赚得钱要比借钱的利息高,否则贷得越多,赔的越多. 财务杠杆率等于营业利润与税前利润之比,反映由于固定的债务存在,财务费用（利息）对保险企业利润的影响程度.在一定程度上反映企业负债的程度和企业偿债能力,财务杠杆率越高反映利息费用越高,导致ROE指标越低. 简单的讲就是把你的资金放大,这样的话 你的资金成本就很小,同时你的风险和收益就放大了,因为盈亏的百分比不是依据原来的资金,而是根据放大后的资金来衡量的.
（3）为什么像Vardy这样的公司都希望扩张?原文给出例子,Vardy去年扩张后,利润在不利的市场背景下仍然实现了大幅上涨.这就是它扩张的一个结果.你可以再加上自己平时对兼并收购的知识加上自己的很多论点：比如边际内的整合可以节约成本,可以提高效率.整合产业链可以优势互补,大大提高利润空间等等.从财务、管理、交易成本方面进行论述.
（4）答案从第四段中总结：Moving the cars quickly puts it in a better position to react to falling prices. It is not holding stocks of cars bought when prices were higher. This has enabled it to react to falling prices without having to cut into profits.
（5）讨论下Vardy通过发行股票为兼并收购所需的3500万美元融资是否可取?陈述观点.根据你对于股票发行问题的了解,对兼并收购问题的所知,结合案例本身进行论述.有很大的主观发挥的空间吧.不知道你有没有专门查阅过Vardy公司的资料.
只是个人见解,也不知对不对.有问题的话我们可以再讨论.
再问： 由于本人是新手，不太懂你所说的，像第二题，有没有其他更容易的方法解释？另外应该再弱弱的问一句，到底应该怎样扩展？第三题还可以明白。还有第四题可以说清楚一点吗？我不太懂得该如何入手。第5题就是DISCUSS就行了吗，还要有其他方面的吗？
再答： 这道题是出自哪里的题目？CFA？FRM？这个。。。我也是略知，不是内行。。。不过历年真题，练习应该都能找到，拿这些材料做参考
再问： 我也不知道啊，这是老师布置的作业，其他情况不太清楚