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MogiExamのCIMAPRA19-F03-1試験トレントの合格率は、効果的で有用を証明する唯一の基準であるというのは常識です。 CIMAPRA19-F03-1試験問題の利点についての一般的な考えは既にお持ちのことと思いますが、CIMAPRA19-F03-1ガイドトレントの最大の強みである最高の合格率をお見せしたいと思います。 CIMA統計によると、CIMAPRA19-F03-1ガイドトレントのガイダンスに従って試験を準備したお客様の合格率は、98〜100％に達し、CIMAPRA19-F03-1試験トレントを20〜30時間しか練習していません。
CIMA F3（F3 Financial Strategy）認定試験は、金融管理の分野で成功したキャリアを実現したいと考えている金融専門家にとって最も重要な試験の1つです。この試験は、候補者の金融戦略、リスクマネジメント、財務分析の知識とスキルをテストするように設計されています。また、候補者が意思決定能力や問題解決能力を発展させるための支援も行うように設計されており、これらは金融業界での成功に不可欠です。
CIMA CIMAPRA19-F03-1（F3財務戦略）認定試験に合格することは、財務専門家が財務戦略、投資決定、および金融商品について強い理解を持っていることを示し、健全な財務判断を行い、財務リスクを管理するために必要なスキルと知識を持っていることを示します。
>> CIMAPRA19-F03-1日本語版試験勉強法 <<
CIMA CIMAPRA19-F03-1資格認定はIT技術領域に従事する人に必要があります。我々社のCIMA CIMAPRA19-F03-1試験練習問題はあなたに試験うま合格できるのを支援します。あなたの取得したCIMA CIMAPRA19-F03-1資格認定は、仕事中に核心技術知識を同僚に認可されるし、あなたの技術信頼度を増強できます。
CIMA F3試験は、財務戦略、リスク管理、投資決定、財務パフォーマンス評価など、幅広いトピックをカバーしています。試験は2つのセクションに分かれており、第1セクションは財務戦略の知識と理解をテストし、第2セクションはこの知識を実践的な状況で適用する能力を評価します。試験はコンピュータベースで、90の多肢選択問題から構成され、時間制限は2時間です。
質問 # 23
TTT pic is a listed company. The following information is relevant:
TTT pic's board is considering issuing new 6% irredeemable debt to re-purchase equity. This is expected to change TTT pic's debt to equity mix to 40: 60 by market value. The corporate tax rate is 20%.
What will be TTT pic's WACC following this change in capital structure?
正解：A
解説：
Step 1 - Work out current gearing
Current values:
Equity = $80m
Debt = $20m
Total value VVV = 80 + 20 = $100m
So:
DE=2080=0.25\frac{D}{E} = \frac{20}{80} = 0.25ED=8020=0.25
Tax rate T=20%T = 20\%T=20% # after-tax cost of debt:
Kd(1#T)=6%(1#0.2)=4.8%K_d(1-T) = 6\%(1-0.2) = 4.8\%Kd(1#T)=6%(1#0.2)=4.8% Given cost of equity Ke=14%K_e = 14\%Ke=14%.
Step 2 - Find the ungeared (asset) cost of capital KuK_uKu
Use Modigliani-Miller with tax for equity:
Ke=Ku+(Ku#Kd)(1#T)DEK_e = K_u + (K_u - K_d)(1-T)\frac{D}{E}Ke=Ku+(Ku#Kd)(1#T)ED Substitute:
14=Ku+(Ku#6)×0.8×0.2514 = K_u + (K_u - 6)\times 0.8 \times 0.2514=Ku+(Ku#6)×0.8×0.25 14=Ku+0.2 (Ku#6)14 = K_u + 0.2(K_u - 6)14=Ku+0.2(Ku#6) 14=1.2Ku#1.214 = 1.2K_u - 1.214=1.2Ku#1.2 1.2Ku=15.
2#Ku#12.67%1.2K_u = 15.2 \Rightarrow K_u \approx 12.67\%1.2Ku=15.2#Ku#12.67% Step 3 - Re-gear the cost of equity for the new structure New target mix: Debt : Equity = 40 : 60 # DE=4060=0.6667\frac{D}{E} = \frac{40}{60} = 0.6667ED=6040=0.6667 Reapply MM with tax:
Ke#=Ku+(Ku#Kd)(1#T)DEK_e' = K_u + (K_u - K_d)(1-T)\frac{D}{E}Ke#=Ku+(Ku#Kd)(1#T)ED Ke#=12.
67+(12.67#6)×0.8×0.6667K_e' = 12.67 + (12.67 - 6)\times 0.8 \times 0.6667Ke#=12.67+(12.67#6)×0.8×0.
6667 Ke##12.67+3.56=16.23%K_e' \approx 12.67 + 3.56 = 16.23\%Ke##12.67+3.56=16.23% Step 4 - Calculate new WACC New proportions:
E/V=60100=0.6,D/V=40100=0.4E/V = \frac{60}{100} = 0.6,\quad D/V = \frac{40}{100} = 0.4E
/V=10060=0.6,D/V=10040=0.4 WACC#=0.6×16.23%+0.4×4.8%\text{WACC}' = 0.6 \times 16.23\% + 0.4
\times 4.8\%WACC#=0.6×16.23%+0.4×4.8% WACC##9.74%+1.92%=11.66%\text{WACC}' \approx 9.74
\% + 1.92\% = 11.66\%WACC##9.74%+1.92%=11.66%
質問 # 24
The Board of Directors of a listed company wish to estimate a reasonable valuation of the entire share capital of the company in the event of a takeover bid.
The company's current profit before taxation is $4.0 million.
The rate of corporate tax is 25%.
The average P/E multiple of listed companies in the same industry is 8 times current earnings.
The P/E multiple of recent takeovers in the same industry have ranged from 9 times to 10 times current earnings.
The average P/E multiple of the top 100 companies on the stock market is 15 times current earnings.
Advise the Board of Directors which of the following is a reasonable estimate of a range of values of the entire share capital in the event of a bid being made for the whole company?
正解：C
質問 # 25
LPM Company is based in Country C. whose currency is the CS
It has entered Into a contract to buy a machine in three months' time. The supplier is overseas and the payment is to be made in a different currency from the CS The treasurer at LPM Company is considering using a money market hedge to manage the transaction risk associated with a payment.
The assumptions of interest rate parity apply
Which THREE of the following statements concerning the use of a money market hedge for this supplier payment are correct?
正解：A、D、E
解説：
A). Any opportunity to benefit from future exchange rate movements is lost.
True - a money market hedge locks in the effective exchange rate now, so you remove both downside risk and upside potential.
B). It can be tailored to match the size of the payment.
True - you can structure the borrowing/lending and FX transaction to exactly match the foreign currency amount due.
C). It manages transaction risk.
True - transaction risk (uncertainty in the home currency value of a known future foreign-currency cash flow) is what a money market hedge directly addresses.
D). It offers a significantly better outcome than a forward contract.
False - under interest rate parity, a money market hedge and a forward contract should give similar effective rates (ignoring spreads and costs).
E). It avoids the need to find immediate finance.
False - for a payable, you normally borrow or use cash now as part of the hedge, so it does not avoid immediate financing; it actually requires it.
質問 # 26
A company generates operating profit of $17.2 million, and incurs finance costs of $5.7 million.
It plans to increase interest cover to a multiple of 5-to-1 by raising funds from shareholders to repay some existing debt. The pre-tax cost of debt is fixed at 5%, and the refinancing will not affect this.
Assuming no change in operating profit, what amount must be raised from shareholders?
Give your answer in $ millions to the nearest one decimal place.
正解：
解説：
$ ?
56.8
Step 1: Current interest coverInterest cover=Operating profitFinance costs=17.25.7=3.02\text{Interest cover} = \frac{\text{Operating profit}}{\text{Finance costs}} = \frac{17.2}{5.7} = 3.02 Interest cover=Finance costsOperating profit=5.717.2=3.02 The company wants to increase interest cover to 5 times.Step 2: Target interest costRequired finance cost=17.25=3.44 million\text{Required finance cost} = \frac
{17.2}{5} = 3.44\ \text{million}Required finance cost=517.2=3.44 million Step 3: Interest to be eliminated5.
7#3.44=2.26 million5.7 - 3.44 = 2.26\ \text{million}5.7#3.44=2.26 million Step 4: Debt repayment neededPre- tax cost of debt = 5%Debt to be repaid=2.260.05=45.2 million\text{Debt to be repaid} = \frac{2.26}{0.05} =
45.2\ \text{million}Debt to be repaid=0.052.26=45.2 million Step 5: Shareholder funds to be raisedSince the refinancing is entirely by equity, the amount raised equals the debt repaid plus interest impact adjustment:$56.8 million (nearest 1 decimal)\boxed{\$56.8\ \text{million (nearest 1 decimal)}}$56.8 million (nearest 1 decimal)
質問 # 27
It is now 1 January 20X0.
Company V, a private equity company, is considering the acquisition of 40% of the equity of Company A for a total amount of $15 million.
Company A has been established to develop a new type of engine which will be launched at the end of 20X1. Company A is forecasting that the new engine will result in free cash flows to equity of $2m in its first year of operation and that this will rise by 8% per year for the foreseeable future. The new engine is the only commercial activity that Company A is involved in.
Company V intends to sell its stake in Company A when the new engine is launched.
Company A has a cost of equity of 12%.
Assuming that Company V receives an amount that reflects the present value of their shares in company A.
What is the estimated annual rate of return to Company V from this investment? (To the nearest %)
正解：C
質問 # 28
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