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F3金融戰略考試旨在測試候選人對財務策略的理解以及在現實情況下應用這些知識的能力。該考試涵蓋了一系列主題，包括財務分析，風險管理，投資評估和公司融資。還期望候選人證明他們對複雜財務問題進行批判性和分析性思考的能力。
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問題 #19
A company has identified potential profitable investments that would require a total of S50 million capital expenditure over the next two years The following information is relevant.
* The company has 100 million shares in issue and has a market capitalisation of S500 million
* It has a target debt to equity ratio of 40% based on market values This ratio is currently 30%
* Earnings for the current year are expected to be S1 00 million
* Its last dividend payment was $1 per share One of the company's objectives is to increase dividends by at least 10% each year
* The company has no cash reserves
Which of the following is the most suitable method of financing to meet the company's requirements?
答案：A
解題說明：
Given:
Shares: 100m; market cap = $500m # share price = $5.
Target debt-to-equity = 40%; currently 30%.
Equity (market) = 500m
Current debt = 0.30 × 500 = $150m
Target debt = 0.40 × 500 = $200m
# Extra debt capacity = $50m.
Current earnings = $100m.
Last dividend = $1 per share # $100m total.
Objective: increase dividends by at least 10% each year.
No cash reserves.
Options:
A). Share repurchase instead of dividend - violates objective to increase dividends.
B). Increase debt to meet target D/E - raises $50m (exactly what's needed) and keeps dividend policy intact # Best fit.
C). Cut dividend to $0.50 - directly contradicts dividend growth objective.
D). Hold dividend at $1 for two years - no 10% annual increase, also violates objective.
問題 #20
An unlisted company which is owned and managed by its original founders has accumulated excess cash following many years of profitable trading.
The Board of Directors is comprised of the four original founders who each hold 25% of the equity share capital.
Which THREE of the following will be significant considerations when deciding on the company's dividend policy?
答案：A,C,E
問題 #21
A company has just received a hostile bid. Which of the following response strategies could be considered?
答案：D
解題說明：
In response to a hostile bid, one recognised defensive tactic is to seek a "white knight" - a friendlier alternative bidder whose terms may better protect existing management and shareholders. The other options are either pre-bid structural measures or not typical primary response strategies once a hostile bid has been received.
問題 #22
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:
HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question.
Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
答案：A,B,D
解題說明：
Explanation (concise):
To value the equity of BNM appropriately, HJK can use:
D). Share price × number of shares in issue
This is simply the market capitalisation, i.e. the current market value of equity.
A). Cash flows of $24 million discounted at the cost of equity
Discounting cash flows available to equity holders (free cash flow to equity) at the cost of equity is a standard equity valuation approach under CIMA F3.
E). Cash flows of $30 million (= $40 million net of tax at 25%) discounted at WACC minus the value of debt Here, $30m is effectively FCFF = EBIT × (1 - T). Discounting FCFF at WACC gives the value of the firm; subtracting the value of debt then gives the equity value.
Option B double counts retained profits (already reflected in the share price), and option C is based on the wrong cash flow definition for equity valuation.
問題 #23
A company needs to raise $20 million to finance a project.
It has decided on a rights issue at a discount of 20% to its current market share price.
There are currently 20 million shares in issue with a nominal value of $1 and a market price of $5 per share.
Calculate the terms of the rights issue.
答案：C
問題 #24
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