CIMAPRA19-F03-1無料問題、CIMAPRA19-F03-1勉強資料

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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Investment Appraisal and Decisions	25%	- Risk analysis in investment decisions 1. Sensitivity, scenario, and simulation analysis 2. Cost of capital estimation and adjustment - Advanced investment appraisal techniques 1. Discounted cash flow, NPV, IRR, MIRR 2. Adjusted present value and real options
Topic 2: Sources of Long-Term Finance	25%	- Optimal capital structure 1. Practical determinants of capital structure 2. Impact of gearing on risk and return - Debt and hybrid finance 1. Leasing, convertibles, and warrants 2. Types of debt, terms, and covenants - Equity finance 1. Cost of equity and capital structure theories 2. Types of equity and issue methods
Topic 3: Business Valuation	20%	- Valuation methods 1. Asset-based, earnings-based, cash flow-based 2. Relative valuation and market multiples - Valuation concepts and purposes 1. Valuation for mergers, acquisitions, and disposals 2. Valuation for listing or equity issuance - Pricing and negotiation 1. Determining offer price and terms 2. Post-transaction value creation
Topic 4: Financial Policy Decisions	15%	- Dividend and distribution policy 1. Theories of dividend relevance 2. Practical considerations and constraints - Strategic financial objectives and governance 1. Agency theory and stakeholder interests 2. Role of financial strategy in overall corporate strategy
Topic 5: Financial Risk Management	15%	- Risk measurement and assessment 1. Value-at-Risk, duration, gap analysis - Types and sources of financial risk 1. Interest rate, foreign exchange, commodity risk 2. Credit and liquidity risk - Risk mitigation and hedging strategies 1. Use of derivatives: forwards, futures, swaps, options 2. Internal controls and risk policy frameworks

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CIMA F3 Financial Strategy 認定 CIMAPRA19-F03-1 試験問題 (Q281-Q286):

質問 # 281
A company's current earnings before interest and taxation are $5 million.
These are expected to remain constant for the forseeable future.
The company has 10 million shares in issue which currently trade at $3.60.
It also has a $10 million long term floating rate loan.
The current interest rate on this loan is 5%.
The company pays tax at 20%.
The company expects interest rates to increase next year to 6% and it's Price/Earnings (P/E) ratio to move to
9.5 times by the end of next year.
What percentage reduction in the share price will occur by the end of next year if the interest rate increase and the P/E movement both occur?

A. Reduction of 1%
B. Reduction of 5%
C. Reduction of 7%
D. Reduction of 0%

正解：C

質問 # 282
Which THREE of the following remain unchanged over the life of a 10 year fixed rate bond?

A. The market value
B. The coupon rate
C. The nominal value
D. The yield
E. The amount payable on maturity

正解：B、C、E

解説：
Comprehensive and Detailed Step-by-Step Explanation (Based on CIMA F3: Financial Strategy Principles) In CIMA F3, the characteristics of fixed-income securities such as bonds are covered extensively under Financial Instruments, Cost of Capital, and Debt Finance. A key concept taught is that some bond features are contractually fixed for the entire life of the bond, whereas others fluctuate according to market dynamics.
A fixed-rate bond is one where the coupon rate remains the same throughout the bond's life. According to F3 learning materials, the coupon rate is established at issuance and does not change, regardless of interest rate movements in the market. Therefore, the coupon rate is fixed (A is correct).
The nominal value (also called par value or face value) is another element explicitly stated in debt contracts.
The nominal value is the base amount upon which coupon interest is calculated, and it does not fluctuate over the life of the bond. It is only repaid at maturity. Thus, nominal value remains unchanged (D is correct).
Furthermore, the amount payable on maturity is predetermined in the bond indenture and is equal to the nominal (par) value unless the bond is a special type like a convertible or index-linked bond. Standard fixed- rate corporate bonds repay par value at maturity, so this amount does not change. Therefore, the redemption amount remains constant (E is correct).
In contrast, the yield varies with changes in market interest rates and investor demand. Higher market rates reduce bond prices and increase yields, and vice versa. Therefore, yield is not constant. Likewise, market value also fluctuates due to interest rate changes, risk perceptions, and market expectations. Hence, both (B) and (C) are incorrect.

質問 # 283
A company with a market capitalisation of S50million is considering raising $1 million debt to fund a new 10-year capital investment protect
The value of this issue is considered to be small in comparison to the company's market capitalisation
The company is considering whether to raise the debt finance by either a "bond private placing' or a 'public bond issue.
Which THREE of the following statements are correct?

A. An initial public bond issue can be arranged relatively quickly whereas a bond private placing can take up to a year to arrange.
B. An initial public bond issue does not need to be underwritten whereas a bond private placing must be underwritten.
C. The company's credit rating will be a key element in determining the interest rate payable and the potential success of either the public bond issue or the bond private placing
D. An average investor is made aware of a potential initial public bond issue whereas the average investor is only made aware of a bond private placing after it has occurred.
E. An initial public bond issue will be administratively complex and relatively expensive for the relatively small amount of debt being raised whereas a bond private placing will be relatively less complex

正解：A、E

質問 # 284
ADC is planning to acquire DEF in order to benefit from the expertise of DEF's owner 'managers Both are Listed companies. ADC is trying to decide whether to offer cash or shares in consideration for DEF's shares.
Which THREE of the following are advantages to ABC of offering shares to acquire CEF?

A. It preserves liquidity
B. It results in a tax saving for ABC.
C. It shares tie benefits of future growth with the DCT shareholder.
D. It incentivises DEF to continue creating value for the combined group
E. It dilutes ownership in ABC.
F. The risk of poor future performance of the acquisition is shared with the DEF company shareholder.

正解：C、D、F

質問 # 285
Company A is planning to acquire Company B. Both companies are listed and are of similar size based on market capitalisation No approach has yet been made to Company B's shareholders as the directors of Company A are undecided about the most suitable method of financing the offer Two methods are under consideration a share exchange or a cash offer financed by debt.
Company A currently has a gearing ratio (debt to debt plus equity) of 30% based on market values. The average gearing ratio (debt to debt plus equity) for the industry is 50% Although no formal offer has been made there have been market rumours of the proposed bid. which is seen as favorable to Company A.
As a consequence. Company As share price has risen over the past few weeks while Company B's share price has fallen.
Which THREE of the following statements are most likely to be correct?

A. Company A's weighted average cost of capital will fall if financing is with debt
B. The method of finance chosen will not affect the post-acquisition earning per share of the combined business
C. Company B's shareholders will be able to participate in the future growth of the combined business if it is a share exchange
D. Company A's gearing will increase following a share exchange.
E. Based on current share price movements, a share exchange would mean Company A has to issue fewer shares to acquire Company B than it would have done a few weeks ago

正解：A、E

質問 # 286
......

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