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| Section | Objectives |
|---|---|
| Capital Budgeting | - Cash Flow Estimation
|
| Working Capital Management | - Current Asset Management
|
| Cost of Capital and Capital Structure | - Cost of Capital
|
| Financial Management Concepts | - Financial Markets and Institutions
|
| Time Value of Money | - Present and Future Value
|
| Financial Statement Analysis | - Financial Statement Basics
|
>> Financial-Management認證考試 <<
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問題 #75
How does the global bond market impact the strategies of multinational corporations?
答案：A
解題說明：
Multinational corporations (MNCs) often seek the lowest-cost and most flexible sources of long-term financing. The global bond market expands their choices beyond domestic lenders and investors, enabling firms to issue debt in multiple countries, currencies, and structures (fixed vs. floating rates, maturities, secured vs. unsecured, and different covenant packages). This broad access can reduce the weighted average cost of capital (WACC) if foreign markets provide lower yields, deeper investor demand, or better terms for the issuer's credit profile. Global issuance can also support operational needs: an MNC earning revenues in euros or yen may issue bonds in those currencies to create a natural hedge, matching debt service with foreign-currency cash inflows and reducing exchange-rate exposure. However, the global bond market does not remove currency risk automatically (so B is incorrect), nor does it guarantee fixed interest rates (D is incorrect). While domestic issuance remains important, global markets increase strategic flexibility, allowing firms to optimize capital structure, diversify funding sources, manage refinancing risk, and tailor financing to geographic cash flows-core themes in international financial management.
問題 #76
A company is expected to pay a dividend of $2 next year, and dividends are expected to grow at 5% per year indefinitely. The required rate of return on the company's stock is 10%.
What is the value of the stock using the Gordon growth model?
答案：D
解題說明：
The Gordon growth model values a stock assuming dividends grow at a constant rate indefinitely. The formula is:
Stock Value = D# ÷ (r # g),
where D# is the expected dividend next year, r is the required rate of return, and g is the growth rate.
Substituting the values:
$2 ÷ (0.10 # 0.05) = $2 ÷ 0.05 = $40.
This model is widely used in valuation for mature companies with stable dividend growth. It highlights the sensitivity of stock value to growth expectations and required returns. Option C correctly applies the Gordon growth model formula.
問題 #77
What are opportunity costs in the context of inventory management?
答案：D
解題說明：
Opportunity cost represents the return a firm forgoes by investing resources in one use instead of the next best alternative. In inventory management, capital tied up in inventory cannot be used for other value-generating activities such as investing in new projects, paying down debt, or returning cash to shareholders. Financial management emphasizes opportunity cost as a key component of inventory carrying costs, along with storage, insurance, and obsolescence. Ignoring opportunity costs can lead to excessive inventory levels and reduced firm value. Option B correctly identifies this fundamental concept.
問題 #78
A financial analyst is trying to understand the return that shareholders of a stock receive through dividend payments. The analyst is given the following information:
Company Information-Previous Year
* Revenue: $500,000
* Net Income: $50,000
* Change in Retained Earnings: $30,000
* Change in Total Assets: $40,000
What is the amount of dividends paid during the previous year to shareholders?
答案：D
解題說明：
Dividends paid to shareholders can be determined by analyzing the relationship between net income and retained earnings. Net income represents the total earnings generated during the period, while retained earnings show the portion of net income that is reinvested in the company rather than distributed to shareholders. The basic relationship is:
Net Income = Dividends Paid + Increase in Retained Earnings.
In this case, net income is $50,000 and retained earnings increased by $30,000. Therefore, dividends paid must be the remaining portion of earnings:
$50,000 # $30,000 = $20,000.
The change in total assets is not directly relevant for calculating dividends, as asset growth can be financed through retained earnings, debt, or equity issuance. From a financial management perspective, this calculation helps analysts assess dividend policy, payout ratios, and the firm's balance between returning cash to shareholders and reinvesting in growth. Option A correctly identifies the dividends paid based on standard accounting relationships used in financial statement analysis.
問題 #79
What is the usual impact of high asset tangibility on capital structure?
答案：A
解題說明：
Asset tangibility refers to the proportion of a firm's assets that are physical and can be used as collateral, such as property, plant, and equipment. Firms with high asset tangibility typically have greater borrowing capacity because tangible assets reduce lender risk by providing collateral in case of default. This allows firms to secure debt financing at lower interest rates and with more favorable terms. Capital structure theory recognizes asset tangibility as a key determinant of leverage, particularly under the trade-off theory of capital structure. Option A accurately reflects the standard financial management view.
問題 #80
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