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一般にF3財務戦略として知られているCIMA CIMAPRA19-F03-1試験は、個人の財務戦略の作成と実装スキルをテストするために設計されています。 Chartered Institute of Management Accountants（CIMA）認定の一部であるこの試験は、財務戦略の概念に関する知識を改善したい上級レベルの専門家向けです。また、金融または会計のキャリアを追求するために追求または計画している人にとっても不可欠な試験です。
質問 # 149
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. $8.50
- D. $9.50
正解：D
質問 # 150
CI IJ has decided to move its production plant to overseas country X.
This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.
正解：
解説：
質問 # 151
Company AEE has a 10 year 6% corporate bond in issue which has a nominal value of $400 million, which is currently trading at 95%. The bond is secured on the company's property
The Board of Directors has calculated the equity value of Company AEE as follows;
Which THREE of the following are errors in the valuation?
- A. Using cash flows to equity rather than expected dividends as the initial cash flows.
- B. Using the company's weighted average cost of capital to discount cash flows attributable to shareholders.
- C. Deducting $400 million for the value of the company's corporate bond.
- D. Deducting replacement capital expenditure
- E. Including retained earnings from the Statement of Financial Position.
正解：B、D、E
質問 # 152
An entity prepares financial statements to 31 December each year. The following data applies:
1 December 20X0
* The entity purchased some inventory for $400,000.
* In order to protect the inventory against adverse changes in fair value the entity entered into a futures contract to sell the inventory for a fixed price on 31 January 20X1.
* The entity designated this contract as a fair value hedge of the value of the inventory.
31 December 20X0
* The inventory had a fair value of $480,000 and the futures contract had a fair value of $75,000 (a financial liability).
What will be the impact on the statement of profit or loss and other comprehensive income for the year ended 31 December 20X0 in respect of the change in the value of the inventory and the futures contract?
- A. A net gain of $5,000 will be recognised in other comprehensive income.
- B. A loss of $75,000 will be recognised in profit or loss.
- C. A loss of $75,000 will be recognised in other comprehensive income.
- D. A net gain of $5,000 will be recognised in profit or loss.
正解：D
質問 # 153
Company A is proposing a rights issue to finance a new investment. Its current debt to equity ratio is 10%.
Which TWO of the following statements are true?
- A. The actual ex-rights price may be higher than the theoretical ex-rights price due to the value created from the project.
- B. According to Modigliani and Miller's Theory of Capital Structure with tax, the rights issue will result in a lower cost of equity for Company A.
- C. Company A's current low gearing ratio may require a rights issue rather than a debt issue to finance the new project.
- D. The issue price of new shares should be set to guarantee the full take up of shares offered.
- E. The issue price has to be at least 20% below the pre-rights share price.
正解：A、B
質問 # 154
A private company manufactures goods for export, the goods are priced in foreign currency B$.
The company is partly owned by members of the founding family and partly by a venture capitalist who is helping to grow the business rapidly in preparation for a planned listing in three years' time.
The company therefore has significant long term exposure to the B$.
This exposure is hedged up to 24 months into the future based on highly probable forecast future revenue streams.
The company does not apply hedge accounting and this has led to high volatility in reported earnings.
Which of the following best explains why external consultants have recently advised the company to apply hedge accounting?
- A. To fully adopt IFRS in preparation for listing the company.
- B. To ensure that the venture capitalist receives regular annual returns on its investment.
- C. To make it easier for the market to value the business when it is listed on the Stock Exchange.
- D. To provide a more appropriate earnings figure for use in calculating the annual dividend.
正解：C
質問 # 155
Z wishes to borrow at a floating rate and has been told that it can use swaps to reduce the effective interest rate it pays. Z can borrow floating at Libor ' 1, and fixed at 10%.
Which of the following companies would be the most appropriate for Z to enter into a swap with?
- A. Company A - it can borrow floating L +1 ½ and fixed at 9.5%
- B. Company D - it can borrow at L +1 ½ and fixed at 10.5%
- C. Company C - it can borrow at L +1 ½ and fixed at 9%
- D. Company E - it can borrow floating at L +1 ½ and fixed at 12%
正解：C
質問 # 156
The following information relates to Company A's current capital structure:
Company A is considering a change in the capital structure that will increase gearing to 30:70 (Debt:Equity).
The risk -free rate is 3% and the return on the market portfolio is expected to be 10%.
The rate of corporate tax is 25%
Using the Capital Asset Pricing Model, calculate the cost of equity resulting from the proposed change to the capital structure.
- A. 12.3%
- B. 11.4%
- C. 10.1%
- D. 9.3%
正解：A
質問 # 157
An entity prepares financial statements to 31 December each year. The following data applies:
1 December 20X0
* The entity purchased some inventory for $400,000.
* In order to protect the inventory against adverse changes in fair value the entity entered into a futures contract to sell the inventory for a fixed price on 31 January 20X1.
* The entity designated this contract as a fair value hedge of the value of the inventory.
31 December 20X0
* The inventory had a fair value of $480,000 and the futures contract had a fair value of $75,000 (a financial liability).
What will be the impact on the statement of profit or loss and other comprehensive income for the year ended
31 December 20X0 in respect of the change in the value of the inventory and the futures contract?
- A. A net gain of $5,000 will be recognised in other comprehensive income.
- B. A loss of $75,000 will be recognised in profit or loss.
- C. A loss of $75,000 will be recognised in other comprehensive income.
- D. A net gain of $5,000 will be recognised in profit or loss.
正解：D
質問 # 158
Which THREE of the following remain unchanged over the life of a 10 year fixed rate bond?
- A. The nominal value
- B. The market value
- C. The yield
- D. The amount payable on maturity
- E. The coupon rate
正解：A、D、E
質問 # 159
Under traditional theory, an increase in a company's WACC would cause the value of the company to:
- A. Increase
- B. Stay the same
- C. Either increase or decrease
- D. Decrease
正解：D
質問 # 160
A company based in the USA has a substantial fixed rate borrowing at an interest rate of 3.5% and wishes to swap a part of this to a floating rate to take advantage of reducing interest rates Its bank has quoted swap rates of 3 4%-3 5% against 12-month USD risk-free rate.
What is the overall interest rate achieved by the company under this borrowing plus swap combination?
- A. 12-month USD risk-free rate plus 0.1% (where 0.1% = the fixed rate of 3.5% minus the swap rate of 3.4%)
- B. 12-month USD risk-free rate
- C. 12-month USD risk-free rate minus 0.1% (where 0.1% = the fixed rate of 3.6% minus the swap rate of 3.4%)
- D. Unchanged at 3.60% as this is the same as the swap rate
正解：A
質問 # 161
Company A is planning to acquire Company B by means of a cash offer. The directors of Company B are prepared to recommend acceptance if a bid price can be agreed. Estimates of the net present value (NPV) of future cash flows for the two companies and the combined group post acquisition have been prepared by Company A's accountant. There are as follows:
What is the maximum price that Company A should offer for the shares in Company B?
Give your answer to the nearest $ million
正解：
解説：
150
質問 # 162
A new company was set up two years ago using the personal financial resources of the founders.
These funds were used to acquire suitable premises.
The company has entered into a long-term lease on the premises which are not yet fully fitted out.
The founders are considering requesting loan finance from the company's bank to fund the purchase of custom-made advanced technology equipment.
No other companies are using this type of equipment.
The company expects to continue to be profitable for the forseeable future.
It re-invests some of its surplus cash in on-going essential research and development.
Which THREE of the following features are likely to be considered negatives by the bank when assessing the company's credit-worthiness?
- A. The equipment is advanced technology custom-made equipment.
- B. The company premises are on a long-term lease but are not yet fully fitted out.
- C. The company will continue to remain profitable and to generate net cash.
- D. The founders invested their personal financial resources in the company.
- E. Essential on-going research and development expenditure is required.
正解：A、B、E
質問 # 163
A young, capital intensive company has a large amount of tangible assets.
Intangibles, including brand name, are considered to be of negligible value at this time Relevant data:
* The company operates a residual dividend policy.
* The industry in which the company operates is suffering from a large amount of uncertainty at present.
Forecasting the future earnings or cashflows of the company is therefore extremely difficult
* There are very few quoted companies in the industry that are similar in size or in precisely the same business sectors.
Which method of valuation would be most suitable for this company?
- A. Dividend valuation model with a proxy company's cost of equity.
- B. Net asset based using replacement cost.
- C. Earnings based using a proxy company's P/E ratio.
- D. Discounted cash flow with a proxy company's cost of capital.
正解：B
質問 # 164
A company is in the process of issuing a 10 year $100 million bond and is considering using an interest rate swap to change the interest profile on some or all of the $100 million new finance.
The company has a target fixed versus floating rate debt profile of 1:1. Before issuing the bond its debt profile was as follows:
Which of the following is the most appropriate interest rate swap structure for the company?
- A. Pay fixed receive floating interest rate swap for $50 million.
- B. Pay fixed receive floating interest rate swap for $100 million.
- C. Receive fixed pay floating interest rate swap for $100 million.
- D. Receive fixed pay floating interest rate swap for $50 million.
正解：D
質問 # 165
Which of the following statements are true with regard to interest rate swaps?
Select ALL that apply.
- A. An nicest rate swap is an internal hedging technique.
- B. Some companies interest rate swap to deliberately increase their risks because they believe that they are better at predicting future interest rates than the market.
- C. Risk of default is high from the floating interest rate payer if interest rates rise.
- D. When interest rates are falling the risk of default by the fixed interest rate payer is low.
- E. An interest rate swap is an external hedging technique.
正解：C、D、E
質問 # 166
CI IJ has decided to move its production plant to overseas country X.
This would make the product cheaper to produce.
The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.
正解：
解説：
質問 # 167
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CIMA F3（F3 Financial Strategy）認定試験は、金融のキャリアを追求することに関心のある個人の財務戦略スキルをテストするために設計された重要な認定試験です。この試験は、財務戦略の開発と実装のスキルを開発したい個人と、ビジネスの世界で使用されている財務戦略の枠組みと概念を理解したい人を対象としています。
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