CIMAPRA19-F03-1模擬対策問題、CIMAPRA19-F03-1日本語受験攻略

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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Business Valuation	40%	- Business Valuation Techniques 1. Discounted cash flow valuation 2. Asset-based valuation 3. Earnings and market-based valuation - Post-Transaction Issues 1. Integration planning 2. Performance monitoring 3. Value realization - Mergers and Acquisitions 1. Financial implications 2. Acquisition financing 3. Strategic rationale
Topic 2: Financial Risks	20%	- Currency Risk Management 1. Transaction exposure 2. Translation exposure 3. Hedging techniques - Risk Identification and Assessment 1. Credit risk 2. Liquidity risk 3. Market risk - Interest Rate Risk Management 1. Forward rate agreements 2. Interest rate exposure 3. Interest rate derivatives
Topic 3: Financial Policy Decisions	15%	- Strategic Financial Objectives 1. Stakeholder objectives 2. Shareholder wealth maximization 3. Financial and non-financial objectives - Development of Financial Strategy 1. Investment decisions 2. Financing decisions 3. Dividend decisions
Topic 4: Sources of Long-Term Funds	25%	- Capital Structure and Dividend Policy 1. Cost of capital 2. Dividend policy theories 3. Capital structure theories - Debt Finance 1. Lease finance 2. Bank borrowing 3. Loan notes and bonds - Equity Finance 1. Private placements 2. Ordinary shares 3. Rights issues

>> CIMAPRA19-F03-1模擬対策問題 <<

唯一無二CIMAPRA19-F03-1模擬対策問題 & 資格試験のリーダー & 完璧なCIMAPRA19-F03-1: F3 Financial Strategy

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CIMA F3 Financial Strategy 認定 CIMAPRA19-F03-1 試験問題 (Q116-Q121):

質問 # 116
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a 1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.
$ ?

A. 3.64, 3.63, 3.66
B. 3.64, 3.63, 3.65

正解：B

質問 # 117
A listed company is planning a share repurchase.
Research into different offer prices has given the following data with regards acceptance by the shareholders at different prices:

What price should be offered to shareholders if the retained earnings of the company are to remain unchanged?

A. $9.00
B. $10.00
C. $9.50
D. $8.50

正解：C

質問 # 118
A company has:
* 10 million $1 ordinary shares in issue
* A current share price of $5.00 a share
* A WACC of 15%
The company holds $10 million in cash. No interest is earned on this cash.
It will invest this in a project with an expected NPV of $4 million.
In a semi-strong efficient stock market, which of the following is the most likely share price immediately after the announcement of the new investment?

A. $5.30
B. $6.80
C. $5.40
D. $6.40

正解：C

解説：
Current market value of equity = 10m shares × $5 = $50m.
The $10m cash is already on the balance sheet and therefore already reflected in the $5 share price.
The project has NPV = $4m, so it increases firm value by $4m.
New total equity value = $50m + $4m = $54m.
New share price = $54m ÷ 10m shares = $5.40.

質問 # 119
A listed publishing company owns a subsidiary company whose business activity is training.
It wishes to dispose of the subsidiary company.
The following information is available:
The board of the publishing company believe that the value of the subsidiary company, and hence the value of the equity invested in it, can be determined by calculating the present value of the subsidiary's free cashflows.
Which of the following is the most appropriate discount rate to use when determining the enterprise value of the company?

A. A cost of equity that reflects the asset beta of a listed company that provides training activities.
B. A WACC that reflects the gearing of the publishing company and the asset beta of a listed company that provides training activities.
C. A WACC that reflects the gearing of the subsidiary company and the asset beta of a listed company that provides training activities.
D. A WACC that the reflects the gearing of the publishing company and the equity beta factor of the publishing company.

正解：B

質問 # 120
A company has announced a rights issue of 1 new share for every 4 existing shares.
Relevant data:
* The current market price per share is $10.00.
* Rights are to be issued at a 20% discount to the current price.
* The rate of return on the new funds raised is expected to be 10%.
* The rate of return on existing funds is 5%.
What is the yield-adjusted theoretical ex-rights price?
Give your answer to two decimal places.
$ ?

正解：

解説：
11.20, 11.2

質問 # 121
......

CIMAPRA19-F03-1トレーニングクイズが役立つと自信を持って言えます。まず第一に、当社はユーザーのニーズに応じて常に製品を改善しています。学習製品が本当に役立つことを本当に望んでいるなら、私たちのCIMAPRA19-F03-1学習教材は間違いなくあなたの最良の選択です。あなたはそれより完璧な製品を見つけることはできません。第二に、CIMAPRA19-F03-1の学習に関する質問は多くの人々を本当に助けてくれました。これらの高齢者の経験を見ると、CIMAPRA19-F03-1試験に合格することを強く決意していると思います。

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