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| Section | Objectives |
|---|---|
| Topic 1: Sources of Long-Term Finance | - Hybrid financial instruments - Equity and debt financing |
| Topic 2: Mergers, Acquisitions and Corporate Restructuring | - Synergies and takeover strategies - Valuation principles |
| Topic 3: Dividend Policy | - Dividend decisions and shareholder value - Dividend theories |
| Topic 4: Financial Strategy Formulation | - Corporate financial planning - Strategic financial objectives |
| Topic 5: Financial Risk Management | - Interest rate risk - Foreign exchange risk |
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問題 #302
Which of the following statements about the tax impact on debt finance is correct?
答案：A
解題說明：
Interest on debt is treated as a tax-deductible expense, so it is deducted in arriving at profit before tax:
A - incorrect: security over assets doesn't affect tax relief on interest.
B - incorrect: preference dividends are not tax-deductible.
C - incorrect: if it were deducted from post-tax profits there would be no tax relief.
D - correct: interest is deducted from pre-tax profits.
問題 #303
When valuing an unlisted company, a P/E ratio for a similar listed company may be used but adjustments to the P/E ratio may be necessary.
Which THREE of the following factors would justify a reduction in the proxy p/e ratio before use?
答案：B,D,E
解題說明：
When valuing an unlisted company using a P/E ratio from a similar listed company, we normally reduce the proxy P/E to reflect the extra risk and reduced attractiveness of the unlisted investment.
A). Relative lack of marketability - Unlisted shares are harder to sell and usually take longer to realise, so investors demand a higher return, i.e. a lower P/E. #
B). Lower level of scrutiny and regulation - Unlisted companies face less disclosure and governance requirements, so information risk is higher. Greater risk # lower valuation multiple # reduced P/E. #
C). Smaller and less established - Unlisted companies tend to be smaller, less diversified and less stable, so investors again expect a higher return, implying a lower P/E. #
D). Control premium not included - If the proxy P/E excludes a control premium but you are valuing a controlling stake, you would increase the P/E, not reduce it. #
E). Higher forecast earnings growth - Higher expected growth justifies a higher P/E, not a lower one. #
F). One-off profit item in latest earnings - This should be dealt with by adjusting the earnings, not by cutting the P/E multiple. # So the three factors justifying a reduction in the proxy P/E are A, B and C.
問題 #304
An unlisted software development business is to be sold by its founders to a private equity house following the initial development of the software. The business has not yet made a profit but significant profits are expected for the next three years with only negligible profits thereafter. The business owns the freehold of the property from which it operates. However, it is the industry norm to lease property.
Which THREE of the following are limitations to the validity of using the Calculated Intangible Value (CIV) method for this business?
答案：B,D,E
解題說明：
In CIMA F3, the Calculated Intangible Value (CIV) method is used to estimate intangible value by comparing a business's profits to what would be expected from its tangible asset base, typically relying on normalised, sustainable earnings and an assumption of continuing returns. This scenario has three features that reduce CIV validity. First, the business owns freehold property whereas the industry norm is to lease (A). CIV depends on a "normal" tangible asset base and the return on those tangibles; a non-standard capital structure in tangibles can distort the benchmark return and the computed "excess earnings," so adjustments would be required.
Second, significant profits are forecast only for three years with negligible profits thereafter (B). CIV implicitly assumes excess earnings are sustainable (often capitalised as a continuing benefit), so a short-lived profit window undermines the idea of capitalising excess returns into a continuing intangible value. Third, the business has not yet made a profit (C), which weakens CIV because it typically uses observed/established earnings to compute excess returns; early-stage forecasts add significant estimation risk. CIV can be applied to unlisted companies (so D is not a limitation), and the fact that software IP is not in the accounts is exactly why an intangible valuation approach is considered (so E is not a limitation).
問題 #305
Company AD is planning to acquire Company DC. It is evaluating two methods of structuring the terms of the bid, which will be ether a debt-funded cash offer or a share exchange The following Information is relevant
* The two companies are of similar size and in related industries
* AB's gearing ratio measured as debt to debt plus equity, is currently 30% based on market values. This Is the company's optimum capital structure set to reflect the risk appetite of shareholders.
* The combined company is expected to generate savings and synergies
Which THREE of the following are advantages to AB's shareholders of a debt-funded cash offer compared with a share exchange?
答案：A,B,E
問題 #306
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
$ million.
答案：B
問題 #307
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CIMA CIMAPRA19-F03-1認證考試是目前IT人士報名參加的考試中很受歡迎的一個認證考試。通過了CIMA CIMAPRA19-F03-1認證考試不僅能使你工作和生活帶來提升，而且還能鞏固你在IT 領域的地位。但是事實情況是它通過率確很低。
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