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| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Financial Policy Decisions | 15% | - Strategic financial objectives and governance
|
| Topic 2: Sources of Long-Term Finance | 25% | - Debt and hybrid finance
|
| Topic 3: Financial Risk Management | 15% | - Risk measurement and assessment
|
| Topic 4: Investment Appraisal and Decisions | 25% | - Advanced investment appraisal techniques
|
| Topic 5: Business Valuation | 20% | - Valuation concepts and purposes
|
CIMA証明書を取得することは、あなたのキャリアにおける地位を高める素晴らしく迅速な方法です。 F3試験に合格するというこの目標を達成するには、外部の支援が必要です。弊社が市場で最も人気のあるベンダーであるため、このリンクをクリックすると幸運です。私たちはこのキャリアに10年以上携わっており、F3試験問題では、夢のCIMA認定を得るための支援を受けるだけでなく、オンラインで一流のサービスを楽しむことができます。
質問 # 347
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?
正解：A、B、D
解説：
CIMA F3 covers takeover defences under Mergers and Acquisitions and Corporate Governance. A crucial distinction is made between legitimate post-offer defences, which are actions taken after a bid has been announced and are consistent with directors' fiduciary duties, and illegitimate or unethical actions, which may mislead shareholders or breach takeover regulations.
Once a bid is hostile, the directors of the target company (Company B) are required under governance principles emphasised in F3 to act in the best interests of shareholders, not merely to preserve their own positions.
Option A is a legitimate defence.
Having the company's assets independently and professionally revalued is acceptable and encouraged under CIMA F3. This provides shareholders with objective evidence that the bid undervalues the company and supports informed decision-making without misleading the market.
Option C is a legitimate defence.
Making a counter-bid (often called a "Pac-Man defence") is permitted provided it can be justified as enhancing shareholder wealth. CIMA F3 stresses that directors may pursue alternative strategic actions if they genuinely believe these will create greater value for shareholders than accepting the hostile offer.
Option E is a legitimate defence.
Referring the bid to competition authorities is allowed where there are genuine competition concerns. CIMA F3 notes that regulatory intervention is an appropriate and lawful route if the acquisition may breach competition law or significantly reduce market competition.
The remaining options are not legitimate:
B is not allowed post-offer, as changing the articles to block a bid breaches takeover rules and shareholder rights.
D is unethical and unlawful, as knowingly publishing misleading forecasts violates disclosure requirements and directors' duties.
質問 # 348
Which THREE of the following statements are disadvantages of the net asset basis of valuation?
正解：B、C、E
解説：
Disadvantages of net asset basis:
B - Net book value is historic cost based and reflects accounting conventions, not current value.
D - Net realisable value is usually different from NBV, so NBV may misstate value.
E - Many intangible assets (brands, goodwill, know-how) are missing from the balance sheet, so value is understated.
Answer (Q116): B, D, E
質問 # 349
A company is considering the issue of a convertible bond compared to a straight bond issue (non- convertible bond).
Director A is concerned that issuing a convertible bond will upset the shareholders for the following reasons:
* it will dilute their control
* the interest payments will be higher therefore reducing liquidity
* it will increase the gearing ratio therefore increasing financial risk Director B disagrees, and is preparing a board paper to promote the issue of the convertible bond rather than a non-convertible.
Advise the Director B which THREE of the following statements should be included in his board paper to promote the issue of the convertible bond?
正解：B、D、E
質問 # 350
A company has forecast the following results for the next financial year:
The following is also relevant:
* Profit after tax for the year can be assumed to be equivalent to free cash flow for the year.
* Debt finance comprises a $10 million floating rate loan which currently carries an interest rate of 5%.
* $400,000 investment in non-current assets is required to achieve required growth, all of which is to financed from next year's free cash flow.
* The company plans to pay a dividend of $150,000 next year, financed from next year's free cash flow.
The company is concerned that interest rates could rise next year to 6% which could then affect their investment plans.
If interest rates were to rise to 6% and the company wishes to maintain its dividend amount, the planned investment expenditure will decrease by:
正解：B
質問 # 351
HHH Company has a fixed rate loan at 10.0%, but wishes to swap to variable. It can borrow at the risk-free rate +8%. The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask). What net rate will HHH Company pay if it enters into the swap?
正解：A
解説：
This question tests understanding of interest rate swaps, a core topic in CIMA F3: Financial Strategy, particularly under financial risk management.
Step 1: Identify the company's current position
HHH Company currently has fixed-rate debt at 10.0%
It wants to swap to variable interest
Its floating-rate borrowing cost is risk-free rate + 8%
Step 2: Interpret the swap quotation
The bank quotes swap rates of:
3.1% (bid)
3.5% (ask)
In CIMA F3:
If a company wants to pay fixed and receive floating, it must pay the ask rate.
Therefore, HHH will pay fixed 3.5% and receive floating (risk-free rate) under the swap.
Step 3: Combine the loan and the swap
Component
Cash flow
Fixed loan
Pay 10.0% fixed
Swap
Pay 3.5% fixed, receive risk-free rate
Net fixed paid:
10.0%#3.5%=6.5%10.0\% - 3.5\% = 6.5\%10.0%#3.5%=6.5%
So after the swap, the company effectively pays:
Risk-free rate+6.5%\text{Risk-free rate} + 6.5\%Risk-free rate+6.5%
Step 4: Select the correct option
Risk-free rate + 6.5% #
質問 # 352
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IT業種は急激に発展しているこの時代で、IT専門家を称賛しなければならないです。彼らは自身が持っている先端技術で色々な便利を作ってくれます。それに、会社に大量な人的·物的資源を節約させると同時に、案外のうまい効果を取得しました。彼らの給料は言うまでもなく高いです。そのような人になりたいのですか。羨ましいですか。心配することはないです。GoShikenのCIMAのF3トレーニング資料はあなたに期待するものを与えますから。GoShikenを選ぶのは、成功を選ぶということになります。
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