[2024年09月]更新のCIMAPRA19-F03-1問題集本日限定！無料アクセス可能に！PassTestで試そう
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質問 # 203
Company P is a pharmaceutical company listed on an alternative investment market.
The company is developing a new drug which it hopes to market in approximately six years' time.
Company P is owned and managed by a group of doctors who wish to retain control of the company. The company operates from leased laboratories with minimal fixed assets.
Its value comes from the quality of its research staff and their research.
The company currently has one approved drug which generates sufficient cashflow to cover day to day operations but not sufficient for major new research and development.
Company P wish to raise debt finance to develop the new drug.
Recommend which of the following types of debt finance would be most appropriate for Company P to help finance the development of this new drug.
- A. 6% Eurobond repayable at par in 5 years' time.
- B. 4% Convertible bond with a conversion ratio of 350 ordinary shares per bond.
- C. 5% Bond repayable at par in 7 years' time.
- D. 3% Commercial Paper.
正解：B
質問 # 204
Select whether the following statements are true or false with regard to Modigliani and Miller's dividend policy theory.
正解：
解説：
質問 # 205
An unlisted software development company has recently reported disappointing results. This was partly due to weak economic conditions but also because of its poor competitive position. The company has a number of exciting development opportunities which would enable it to achieve significant future growth. The company's growth potential has been hindered by its inability to secure sufficient new finance.
To enable the company raise new finance the Directors are considering working forwards an IPO in 10 years and accepting finance from a venture capitalist in order support in the intervening period.
The directors are keen to retain a controlling stake in the company and full representation on the board. They therefore require venture capitalists to provide funds as a mix of debt and equity and not soley equity finance.
Which THREE of the following are most likely to disrupt the directors' plans to use venture capital finance?
- A. Venture capitalists normally expect at least one seat on the board.
- B. Venture capitalists always require ownership of more than 50% of the shares in a company to ensure control.
- C. The venture capital finance offered is much more expensive than expected.
- D. Venture capitalists normally expect an exit strategy sconer than the planned IPO in 10 years'time.
- E. Venture capitalists only provide equity finance and will therefore not be interested in providing a combination of debt and equity finance.
正解：A、C、D
質問 # 206
A company is deciding whether to offer a scrip dividend or a cash dividend to its shareholders.
Although the company has excellent long-term growth prospects, it is experiencing short-term profit and cash flow problems.
Which of the following statements is most likely to be a reason for choosing the scrip dividend?
- A. It is a way of raising additional finance to promote future growth.
- B. It is a way of increasing earnings per share.
- C. It is a way of encouraging shareholders to allow cash to be retained in the business.
- D. It is a way of increasing dividend per share.
正解：C
質問 # 207
The ex div share price of Company A's shares is $.3.50
An investor in Company A currently holds 2,000 shares.
Company A plans to issue a script divided of 1 new shares for every 10 shares currently held.
After the scrip divided, what will be the total wealth of the shareholder?
Give your answer to the nearest whole $.
正解：
解説：
7000
質問 # 208
RST wishes to raise at least $40 million of new equity by issuing up to 10 million new equity shares at a minimum price of $3.00 under an offer for sale by tender. It receives the following tender offers:
What is the maximum amount that RST can raise by this share issue?
(Give your answer to the nearest $ million).
- A. 0
- B. 1
正解：B
解説：
質問 # 209
A company is planning to issue a 5 year $100 million bond at a fixed rate of 6%.
It is also considering whether or not to enter into a 10 year $100 million swap to receive 5% fixed and pay Libor + 1% once a year.
The company predicts that Libor will be 4% over the life of the 5 years.
What is the impact of the swap on the company's annual interest cost assuming that the Libor prediction is correct?
- A. Fall by 2%.
- B. Increase by 1%.
- C. Remain the same.
- D. Fall by 1%.
正解：C
質問 # 210
On 1 January:
* Company X has a value of $50 million
* Company Y has a value of $20 million
* Both companies are wholly equity financed
Company X plans to take over Company Y by means of a share exchange. Following the acquisition the post-tax cashflow of Company X for the foreseeable future is estimated to be $8 million each year. The post-acquisition cost of equity is expected to be 10%.
What is the best estimate of the value of the synergy that would arise from the acquisition?
- A. $30 million
- B. $100 million
- C. $60 million
- D. $10 million
正解：D
質問 # 211
A venture capitalist invests in a company by means of buying
* 6 million shares for $3 a share and
* 7% bonds with a nominal value of $2 million, repayable at par in 3 years' time The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment The company has 8 million shares in issue What is the minimum total equity value for the company in 3 years' time required to satisfy the venture capitalist's expected return?
正解：
解説：
Give your answer to the nearest $ million
31
質問 # 212
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 $100 million.
- B. Pay fixed receive floating interest rate swap for $50 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 # 213
A company generates and distributes electricity and gas to households and businesses.
Forecast results for the next financial year are as follows:
The Industry Regulator has announced a new price cap of $1.50 per Kilowatt.
The company expects this to cause consumption to rise by 10% but costs would remained unaltered.
The price cap is expected to cause the company's net profit to fall to:
- A. $27.5 million profit
- B. $47.5 million profit
- C. $35.0 million loss
- D. $20.0 million profit
正解：B
質問 # 214
The Treasurer of Z intends to use interest rate options to set an interest rate cap on Z's borrowings.
Which of the following statement is correct?
- A. The Treasurer will have to negotiate the options with Z's bank.
- B. The Treasurer should buy an interested rate floor and sell an interested cap ta the same time
- C. The Treasurer will retain the benefit of movements in interest rates below the floor limit.
- D. The cost of a collar is lower than the cost of a cap a one.
正解：C
質問 # 215
Company AAB is located in Country A with the A$ 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. Setting up a mufti-currency bank account to net-off receipts and payments
- C. Financing the acquisition with equity in A$'s.
- D. Financing the acquisition with borrowings in BS's
正解：A
質問 # 216
A company's annual dividend has grown steadily at an annual rate of 3% for many years. It has a cost of equity of 11%. The share price is presently $64.38.
The company is about to announce its latest dividend, which is expected to be $5.00 per share.
The Board of Directors is considering an attractive investment opportunity that would have to be funded by reducing the dividend to $4.50 per share. The board expects the project to enable future dividends to grow by 5% every year and the cost of equity to remain unchanged.
Calculate the change in share price, assuming that the directors announce their intention to proceed with this investment opportunity.
Give your answer to 2 decimal places.
$ ?
正解：
解説：
14.37
質問 # 217
Company A is a listed company that produces pottery goods which it sells throughout Europe. The pottery is then delivered to a network of self employed artists who are contracted to paint the pottery in their own homes.
Finished goods are distributed by network of sales agents.The directors of Company A are now considering acquiring one or more smaller companies by means of vertical integration to improve profit margins.
Advise the Board of Company A which of the following acquisitions is most likely to achieve the stated aim of vertical integration?
- A. A pottery factory in the Middle East.
- B. A listed international logistics firm.
- C. A company that produces accessories.
- D. A company in a similar market to Company A.
正解：B
質問 # 218
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?
- A. YS6.67 million
- B. YS1 60 million
- C. YS2 29 million
- D. YS57.14 million
正解：C
質問 # 219
Integrated reporting is designed to make visible the capitals on which the organisation depends, and how the organisation uses those capitals to create value in the short, medium and long term
Which THREE of the following capitals are specifically identified in the Integrated Reporting <IR> Framework?
- A. Manufactured
- B. Research and Development
- C. Community
- D. Human
- E. Financial
正解：A、D
質問 # 220
Company A is located in Country A, where the currency is the A$.
It is listed on the local stock market which was set up 10 years ago.
It plans a takeover of Company B, which is located in Country B where the currency is the B$, and where the stock market has been operating for over 100 years.
Company A is considering how to finance the acquisition, and how the shareholders of Company B might respond to a share exchange or cash (paid in B$).
Which of the following is likely to explain why the shareholders of Company B would prefer a share exchange as opposed to a cash offer?
- A. They would receive shares in a market that is likely to be more efficient.
- B. It would avoid them being exposed to foreign currency risk.
- C. It would allow them to realise their investment and make a capital gain.
- D. It would enable them to benefit from the future performance of the combined entity.
正解：D
質問 # 221
Company BBB has prepared a valuation of a competitor company, Company BBD. Company BBB is intending to acquire a controlling interest in the equity of Company BBD and therefore wants to value only the equity of Company BBD.
The directors of Company BBB have prepared the following valuation of Company BBD:
Value of Equity = 4.63 + 5.14 + 5.56 = S15.33 million
Additional information on Company BBD:
Which THREE of the following are weaknesses of the above valuation?
- A. The valuation is overstated as the directors have failed to deduct tax from the free cash flows.
- B. The approach used calculates the value of the total entity not the value of equity.
- C. The valuation is understated as forecast future growth has been ignored beyond year 3.
- D. Free cash flows to all investors should be discounted at the cost of equity of 10% rather than WACC of
8%. - E. The valuation is understated as the directors have failed to include a perpetuity factor in the calculations.
正解：A、B、E
質問 # 222
TU has relatively few tangible assets and is dependent for profits and growth on the high-value individuals it employs. Which of the following statements best explains why the net asset valuator method's considered unstable for TU?
- A. TU accounts for its intangible assets at historical value.
- B. TU does not account for its intangible assets.
- C. TU does not account for its tangible assets
- D. TU accounts for its intangible assets at net realisable value.
正解：B
質問 # 223
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