최신버전CIMAPRA19-F03-1덤프공부자료덤프공부

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CIMA CIMAPRA19-F03-1 Exam Syllabus Topics:

SectionWeightObjectives
Financial Policy Decisions15%- Development of Financial Strategy
  • 1. Financing decisions
  • 2. Dividend decisions
  • 3. Investment decisions
- Strategic Financial Objectives
  • 1. Financial and non-financial objectives
  • 2. Stakeholder objectives
  • 3. Shareholder wealth maximization
Sources of Long-Term Funds25%- Capital Structure and Dividend Policy
  • 1. Cost of capital
  • 2. Capital structure theories
  • 3. Dividend policy theories
- Equity Finance
  • 1. Ordinary shares
  • 2. Private placements
  • 3. Rights issues
- Debt Finance
  • 1. Loan notes and bonds
  • 2. Lease finance
  • 3. Bank borrowing
Financial Risks20%- Interest Rate Risk Management
  • 1. Interest rate exposure
  • 2. Interest rate derivatives
  • 3. Forward rate agreements
- Currency Risk Management
  • 1. Transaction exposure
  • 2. Translation exposure
  • 3. Hedging techniques
- Risk Identification and Assessment
  • 1. Credit risk
  • 2. Market risk
  • 3. Liquidity risk
Business Valuation40%- Post-Transaction Issues
  • 1. Integration planning
  • 2. Value realization
  • 3. Performance monitoring
- Business Valuation Techniques
  • 1. Asset-based valuation
  • 2. Discounted cash flow valuation
  • 3. Earnings and market-based valuation
- Mergers and Acquisitions
  • 1. Financial implications
  • 2. Acquisition financing
  • 3. Strategic rationale

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최신 CIMA Strategic level CIMAPRA19-F03-1 무료샘플문제 (Q301-Q306):

질문 # 301
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?

정답：A,C,E

설명：
Advantages of a debt-funded cash offer vs a share exchange:
A). Shareholder control will remain with AB's current shareholders.
B). More of the synergistic benefits will accrue to AB's current shareholders.
D). EPS will increase (no dilution of equity; if synergies materialise, earnings are spread over the same number of shares).
CIMA F3 examines acquisition financing choices under Financial Policy Decisions and Mergers and Acquisitions, with a particular focus on how cash offers versus share exchanges affect shareholder wealth, control, gearing and earnings. The key issue from the perspective of Company AB's shareholders is whether the method of financing enhances shareholder value without undermining the firm's optimal capital structure.
A debt-funded cash offer involves Company AB raising debt to pay cash to the shareholders of Company DC.
In contrast, a share exchange issues new equity, diluting existing ownership.
Option A is an advantage.
CIMA F3 highlights that a cash offer allows existing shareholders to retain control, because no new shares are issued. With a share exchange, ownership and voting power are diluted as DC's shareholders become part- owners of the combined company.
Option B is an advantage.
Under a cash offer, all future synergies accrue to AB's existing shareholders. F3 explains that with a share exchange, synergy benefits are shared with the target's shareholders through their new equity stake.
Therefore, a debt-funded cash offer concentrates the upside of synergies with the acquirer's shareholders.
Option D is an advantage.
CIMA F3 notes that debt financing can lead to EPS growth, provided the return on the acquisition exceeds the cost of debt. Because no new equity is issued, earnings are spread over the same number of shares, and financial gearing magnifies returns to equity holders.
The remaining options are not advantages:
C (Gearing will increase) is a consequence, not an advantage. Since AB is already at its optimum capital structure, higher gearing increases financial risk.
E is incorrect; increasing WACC would reduce shareholder value, not enhance it.


질문 # 302
A company is based in Country Y whose functional currency is YS. It has an investment in Country Z whose functional currency is ZS This year the company expects to generate ZS20 million profit after tax.
Tax Regime
* Corporate income tax rate in Country Y is 60%
* Corporate income tax rate in Country Z Is 30%
* Full double tax relief is available
Assume an exchange rate of YS1 = ZS5
What is the expected profit after tax in YS if the ZS profit is remitted to Country Y?

정답：A


질문 # 303
A company's gearing (measured as debt/(debt + equity)) is currently 60% and it is investigating whether an optimal gearing structure exists within the industry.
It has analysed the capital structure of similar companies in the industry and it would appear that there is evidence supporting the traditional theory of capital structure.
Companies with the lowest WACC in the industry have gearing of around 45% to 50%.
Which of the following actions would result in the company achieving a more optimal capital structure?

정답：D

설명：
Gearing is measured as Debt / (Debt + Equity). The company is currently at 60% gearing, but the evidence from comparable companies (traditional theory of capital structure) suggests the optimal WACC occurs around 45-50% gearing.
To move down from 60% to about 45-50%, the company must reduce the proportion of debt in its capital structure and/or increase equity.
A: Rights issue to repay debt # equity #, debt # # gearing falls # moves toward optimal range # B: Replace short-term with long-term debt # total debt unchanged # gearing unchanged # C: Increase dividends # equity (retained earnings) #, debt unchanged # gearing rises # D: Share buyback using cash # equity #, debt unchanged # gearing rises # So only A achieves a more optimal (lower) gearing level.


질문 # 304
A company has recently announced a scrip issue of 1 new share for every 4 existing shares. The market value of each share price before the announcement was $20.00.
What is the best estimate of the share price after the scrip issue ignoring all other influences on the share price?

정답：B


질문 # 305
The directors of a financial services company need to calculate a valuation of their company's equity in preparation for an upcoming initial Public Offering (IPO) of shares. At a recent board meeting they discussed the various methods of business valuation.
The Chief Executive suggested using a Price-earing (P./E) method of valuation, but the finance Director argued that a valuation based on forecast cash flows to equity would be more appropriate.
Which THREE of the following are advantages of valuation based on forecast cash flows to equity, compared to a valuating using a price earnings methods?

정답：A,D,E


질문 # 306
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CIMAPRA19-F03-1최신 업데이트 덤프공부: https://www.itdumpskr.com/CIMAPRA19-F03-1-exam.html

참고: ITDumpsKR에서 Google Drive로 공유하는 무료, 최신 CIMAPRA19-F03-1 시험 문제집이 있습니다: https://drive.google.com/open?id=1sL2lxorsj5_hvHLiq3HVADp6i0gdsQW4