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質問 # 66
Which TWO of the following situations offer arbitrage opportunities?
A)
B)
C)
D)
- A. Option D
- B. Option C
- C. Option A
- D. Option B
正解：D
質問 # 67
The International Integrated Reporting Council (IIRC) was formed in August 2010 and brings together a cross-section of representatives from a wide variety of business sectors.
The primary purpose of the IIRC's framework is to help enable an organsation to communicate how it:
- A. contributes positively to the economic well being of the environment in which it operates.
- B. creates value in the short, medium and long term.
- C. ensures that the conflicting needs of different stakeholder groups are met in an optimal manner.
- D. minimises the environmental impact of its business processes.
正解：B
質問 # 68
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:
HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
- A. Cash flows of S24 million discounted at the cost of equity
- B. Cash flows of S14 million discounted at the cost of equity
- C. Share price x number of shares in issue
- D. Share price x number of shares in issue plus retained profits
- E. Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
正解：C、D、E
質問 # 69
Company AAB is located in Country A with the A$ as its functional currency It plans to grow by acquisition and has identified Company BBA as a potential takeover candidate Company BBA is located in Country B with the BS as its functional currency.
The directors of Company AAB are concerned about foreign currency risk if the acquisition goes ahead
Which of the following will be most effective in reducing Company AAB's exposure to translation risk if the acquisition is successful1?
- A. Using forward contracts to fix the exchange rate between the AS and the B$
- B. Financing the acquisition with equity in A$'s.
- C. Financing the acquisition with borrowings in BS's
- D. Setting up a mufti-currency bank account to net-off receipts and payments
正解：A
質問 # 70
Providers of debt finance often insist on covenants being entered into when providing debt finance for companies.
Agreement and adherence to the specific covenants is often a condition of the loan provided by the lender.
Which THREE of the following statements are true in respect of covenants?
- A. Covenants enable the lender to demand immediate repayment or to renegotiate terms if it is breached.
- B. Covenants are entered into to give the lender added protection on the loan extended to the company.
- C. Covenants are entered into to eliminate the tax liability of the company.
- D. Covenants are entered into to penalise the company.
- E. Covenants are entered into to impose financial discipline on the company.
正解：A、B、E
解説：
Explanation
Discursive_F0
質問 # 71
A company has:
* $7 million market value of equity
* $5 million market value of debt
* WACC of 9.375%
* Corporate income tax rate of 15%
According to Modigliani and Miller's theory of capital structure with tax, what is the ungeared cost of equity?
- A. 8.79%
- B. 10.00%
- C. 10.27%
- D. 14.52%
正解：B
質問 # 72
A major energy company, GDE, generates and distributes electricity in country A.
The government of country A is concerned about rising inflation and has imposed price controls on GDE, limiting the price it can charge per unit of electricity sold to both domestic and commercial customers. It is likely that price controls will continue for the foreseeable future.
The introduction of price controls is likely to reduce the profit for the current year from $3 billion to $1 billion.
The company has:
* Distributable reserves of $2 billion.
* Surplus cash at the start of the year of $1 billion.
* Plans to pay a total dividend of $1.5 billion in respect of the current year, representing a small annual increase as in previous years. However, no dividends have yet been announced.
Which THREE of the following responses would be MOST appropriate for GDE following the imposition of price controls?
- A. Announce a reduction in the annual dividend to a more sustainable level given the new price controls regime.
- B. Raise funds by means of a rights issue in order to maintain historical dividend levels.
- C. Actively investigate potential new ways of generating revenue by the sale of related goods and services that are outside the scope of the price controls.
- D. Carry out a wide-ranging review of costs and staffing levels to identify possible cost savings and redundancies.
- E. Actively look for a private equity investor to introduce new and innovative business and financial strategies to the business.
正解：A、C、D
質問 # 73
LPM Company is based in Country C. whose currency is the CS
It has entered Into a contract to buy a machine in three months' time. The supplier is overseas and the payment is to be made in a different currency from the CS
The treasurer at LPM Company is considering using a money market hedge to manage the transaction risk associated with a payment.
The assumptions of interest rate parity apply
Which THREE of the following statements concerning the use of a money market hedge for this supplier payment are correct?
- A. lt avoids the need to find immediate finance
- B. It offers a significantly better outcome than a forward contract
- C. It manages transaction risk
- D. Any opportunity to benefit from future exchange rate movements is lost.
- E. It can be tailored to match the size of the payment
正解：B、C、E
質問 # 74
Which THREE of the following are likely to be strategic reasons for a horizontal acquisition?
- A. Acquisition of an undervalued company
- B. To secure key parts of the value chain
- C. Reduction of competition
- D. To achieve economies of scale
- E. Reduction of risk by building a larger portfolio
正解：A、C、D
質問 # 75
Company A is unlisted and all-equity financed. It is trying to estimate its cost of equity.
The following information relates to another company, Company B, which operates in the same industry as Company A and has similar business risk:
Equity beta = 1.6
Debt:equity ratio 40:60
The rate of corporate income tax is 20%.
The expected premium on the market portfolio is 7% and the risk-free rate is 5%.
What is the estimated cost of equity for Company A?
Give your answer to one decimal place.
? %
- A. 12.3, 12.30
- B. 11.3, 12.30
正解：A
質問 # 76
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10% The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
$ ?
正解：
解説：
4.06, 4.060
質問 # 77
Companies A, B, C and D:
* are based in a country that uses the K$ as its currency.
* have an objective to grow operating profit year on year.
* have the same total levels of revenue and cost.
* trade with companies or individuals in the eurozone. All import and export trade with companies or individuals in the eurozone is priced in EUR.
Typical import/export trade for each company in a year are as follows:
Which company's growth objective is most sensitive to a movement in the EUR/K$ exchange rate?
- A. Company A
- B. Company D
- C. Company C
- D. Company B
正解：D
質問 # 78
A listed company plans to raise $350 million to finance a major expansion programme.
The cash flow projections for the programme are subject to considerable variability.
Brief details of the programme have been public knowledge for a few weeks.
The directors are considering two financing options, either a rights issue at a 20% discount to current share price or a long term bond.
The following data is relevant:
The company's share price has fallen by 5% over the past 3 months compared with a fall in the market of 3% over the same period.
The directors favour the bond option.
However, the Chief Accountant has provided arguments for a rights issue.
Which TWO of the following arguments in favour of a right issue are correct?
- A. The WACC will decrease assuming Modigliani and Miller's Theory of Capital Structure without taxes applies.
- B. The recent fall in the share price makes a rights issue more attractive to the company.
- C. The issue of bonds might limit the availability of debt finance in the future.
- D. The rights issue will lead to less pressure on the operating cash flows of the programme.
- E. The administrative costs of a rights issue will be lower.
正解：C、D
質問 # 79
Company A plans to acquire Company B, an unlisted company which has been in business for 3 years.
It has incurred losses in its first 3 years but is expected to become highly profitable in the near future.
No listed companies in the country operate the same business field as Company B, a unique new high- risk business process.
The future success of the process and hence the future growth rate in earnings and dividends is difficult to determine.
Company A is assessing the validity of using the dividend growth method to value Company B.
Which THREE of the following are weaknesses of using the dividend growth model to value an unlisted company such as Company B?
- A. The cost of capital will be difficult to estimate.
- B. The company has been unprofitable to date and hence, there is no established dividend payment pattern.
- C. The future projected dividend stream is used as the basis for the valuation.
- D. The future growth rate in earnings and dividends will be difficult to accurately determine.
- E. The dividend growth model does not take the time value of money into consideration.
正解：A、B、D
質問 # 80
A listed company in a high technology industry has decided to value its intellectual capital using the Calculated Intangible Value method (CIV).
Relevant data for the company:
* Pays corporate income tax at 30%
* Cost of equity is 9%, pre-tax cost of debt is 7% and the WACC is 8%
* The value spread has been calculated as $26 million
Calculate the CIV for the company.
- A. 228 million
- B. 531 million
- C. 325 million
- D. 289 million
正解：A
質問 # 81
Company M plans to bid for Company J. Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million
- A. 0
- B. 1
正解：A
質問 # 82
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
$ ? million
正解：
解説：
300, 300000000
質問 # 83
A company raised fixed rate bank finance together with an interest rate swap for the same term and same principal value to pay floating receive fixed rate interest on an annual basis.
Which THREE of the following statements are correct?
- A. LIBID (London Interbank Bid Rate) is normally used as the reference rate for determining interest due under the swap.
- B. The company has effectively obtained floating rate debt.
- C. Under the swap, interest is exchanged every year.
- D. On the first day of this arrangement, the company receives the principal borrowed from the bank and pays this across to the swap counterparty.
- E. The swap contract is normally a contract between a company and a bank.
正解：B、C、E
質問 # 84
A company's latest accounts show profit after tax of $20.0 million, after deducting interest of $5.0 million. The company expects earnings to grow at 5% per annum indefinitely.
The company has estimated its cost of equity at 12%, which is included in the company WACC of 10%.
Assuming that profit after tax is equivalent to cash flows, what is the value of the equity capital?
Give your answer to the nearest $ million.
正解：
解説：
$ ? million
300, 300000000
質問 # 85
A company is wholly equity funded. It has the following relevant data:
* Dividend just paid $4 million
* Dividend growth rate is constant at 5%
* The risk free rate is 4%
* The market premium is 7%
* The company's equity beta factor is 1.2
Calculate the value of the company using the Dividend Growth Model.
Give your answer in $ million to 2 decimal places.
正解：
解説：
$ ? million
56.76, 56.75
質問 # 86
A company's Board of Directors wishes to determine a range of values for its equity.
The following information is available:
Estimated net asset values (total asset less total liabilities including borrowings):
* Net book value = $20 million
* Net realisable value = $25 million
* Free cash flows to equity = $3.5 million each year indefinitely, post-tax.
* Cost of equity = 10%
* Weighted Average Cost of Capital = 7%
Advise the Board on reasonable minimum and maximum values for the equity.
- A. Minimum value = $20.0 million, and maximum value = $50.0 million
- B. Minimum value = $20.0 million, and maximum value = $35.0 million
- C. Minimum value = $25.0 million, and maximum value = $35.0 million
- D. Minimum value = $25.0 million, and maximum value = $50.0 million
正解：C
質問 # 87
A venture capitalist has made an equity investment in a private company and is evaluating possible methods by which it can exit the investment over the next 3 years. The private company shareholders comprise the four original founders and the venture capitalist.
Advise the venture capitalist which THREE of the following methods will enable it to exit its equity investment?
- A. The private company buys back the equity shares.
- B. The private company conducts a stock split of its share capital.
- C. Trade sale of shares to an external 3rd party.
- D. The private company obtains a stock market listing.
- E. The private company undertakes a 1 for 4 rights issue.
正解：A、C、D
質問 # 88
A large, listed company is planning a major project that should greatly improve its share price in the long term.
These plans require a significant capital cost that the company plans to finance by debt.
All of the debt options being considered are for the same duration of time.
Which of the following sources of debt finance is likely to be the most expensive for the company over the full term of the debt?
- A. Bonds
- B. Convertible bonds
- C. A finance lease
- D. Bank loan
正解：B
質問 # 89
Using the CAPM, the expected return for a company is 10%. The market return is 7% and the risk free rate is 1%.
What does the beta factor used in this calculation indicate about the risk of the company?
- A. It is not possible to tell from CAPM.
- B. It has greater risk than the average market risk.
- C. It has lower risk than the average market risk.
- D. It has the same risk as the average market risk.
正解：B
質問 # 90
Modigliani and Miller are the main proponents of the view that the dividend policy is irrelevant to the value of a company's shares.
They argue that a company that continually reinvests its entire earnings would generate the same shareholder wealth if it engaged in a policy of high dividends and financed its expansion with funds obtained from rights issues.
Which THREE of the following statements are assumptions that are required in order to support this proposition?
- A. There is a multiplicity of corporate and personal income tax rates.
- B. Investors act in a rational manner.
- C. Investors do not always have access to perfect information.
- D. There are no transaction costs involved in the issue of new shares (including rights issues).
- E. The capital markets are efficient markets.
正解：B、D、E
解説：
Discursive_F0
質問 # 91
......
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