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質問 # 187
A listed company in a high growth industry, where innovation is a key driver of success has always operated a residual dividend policy, resulting in volatility in dividends due to periodic significant investments in research and development.
The company has recently come under pressure from some investors to change its dividend policy so that shareholders receive a consistent growing dividend. In addition, they suggested that the company should use more debt finance.
If the suggested change is made to the financial policies, which THREE of the following statements are true?
- A. The company's financial risk will increase due to its increased use of debt finance.
- B. It may give a signal to the market that the company is entering a period of stable growth.
- C. Retained earnings have a lower cost than debt finance.
- D. There may be a change to the shareholder profile due to 'the clientele effect'.
- E. The directors will not have to take shareholder dividend preferences into consideration in future.
正解：A、B、D
質問 # 188
Which of the following statements about the tax impact on debt finance is correct?
- A. Interest on debt is deducted from pre-tax profits.
- B. Debt instruments issued with fixed and floating charges do not attract tax relief on interest paid.
- C. Interest on debt is deducted from post-tax profits.
- D. Preference share dividends attract tax relief in the same way as debenture interest.
正解：A
質問 # 189
Company Y plans to diversify into an activity where Company X has an equity beta of 1.6, a debt beta of zero and gearing of 50% (debt/debt plus equity).
The risk-free rate of return is 5% and the market portfolio is expected to return 10%.
The rate of corporate income tax is 30%.
What would be the risk-adjusted cost of equity if Company Y has 60% equity and 40% debt?
- A. 11.9%
- B. 13%
- C. 9.1%
- D. 11.6%
正解：A
質問 # 190
F Co. is a large private company, the founder holds 60% of the company's share capital and her 2 children each hold 20% of the share capital.
The company requires a large amount of long-term finance to pursue expansion opportunities, the finance is required within the next 3 months. The family has agreed that an Initial Public Offering (IPO) should not be pursued at this time, because it would take up to 12 months to arrange.
The existing shareholders are currently considering raising the required finance from an established Venture Capitalist in the form of debt and equity. The Venture Capitalist has agreed to provide the required finance provided it can earn a return on investment of 25% per year. In addition, the Venture Capitalist requires 60% of the equity capital, a directorship in the company and a veto on all expenditure of a capital or revenue nature above a specified limit.
From the perspective of the family, which of the following are advantages of raising the required finance from the Venture Capitalist?
Select all that apply.
- A. The speed with which the finance can be obtained.
- B. The changes in shareholding as a result of the Venture Capital investment.
- C. The veto on expenditure above a specified level of a revenue or capital nature.
- D. The cost of the finance under the Venture Capital investment.
- E. The experience of the Venture Capitalist with growing businesses.
正解：C、D
質問 # 191
Company A is planning to acquire Company B at a price of $ 65 million by means of a cash bid.
Company A is confident that the merged entity can achieve the same price earnings ratio as that of Company A.
What does Company A expect the value of the merged entity to be post acquisition?
- A. $122.5 million
- B. $207.0 million
- C. $187.5 million
- D. $156.0 million
正解：A
質問 # 192
A company intends to sell one of its business units. Company W, by a management buyout (MBO). A selling price of S200 million has been agreed.
The managers are discussing with a bank and a venture capital company (VCC) the following financing proposal.
The VCC requires a minimum return on its equity investment In the MBO of 35% a year on a compound basis over 5 years.
What is the minimum total equity value of Company W in 5 years time in order to meet the VCC's required return?
Give your answer to one decimal place.
正解：
解説：
65
質問 # 193
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?
- A. The convertible bond may not dilute control as the bond holder has an option to choose conversion.
- B. Issuing a convertible bond will have a more favourable impact on the gearing ratio than a non- convertible bond.
- C. Over the life of the bond, a convertible will be more expensive than a non-convertible.
- D. When converted into shares, the company will receive a cash inflow which can be used for future investments.
- E. The coupon rate on the convertible bond will be lower than that on a non-convertible bond.
正解：A、B、E
質問 # 194
A company is undertaking a lease-or-buy evaluation, using the post-tax cost of bank borrowing as the discount rate.
Details of the two alternatives are as follows:
Buy option:
* To be financed by a bank loan
* Tax depreciation allowances are available on a reducing-balance basis
* Assets depreciated on a straight-line basis
Lease option:
* Finance lease
* Maintenance to be paid by the lessee
* Tax relief available on interest payments and book depreciation
Which THREE of the following are relevant cashflows in the lease-or-buy appraisal?
- A. Bank loan payments
- B. Tax relief on tax depreciation allowances
- C. Maintenance payments
- D. Tax relief on the book depreciation
- E. Lease payments
正解：B、D、E
質問 # 195
Company X is an established, unquoted company which provides IT advisory services.
The company's results and cashflows are growing steadily and it has few direct competitors due to the very specialised nature of it's business. Dividends are predictable and paid annually.
Company P is looking to buy 30% of company X's equity shares.
Which TWO of the following methods are likely to be considered most suitable valuation methods for valuing company P's investment in Company X?
- A. Cash based using free cash flow before interest
- B. P/E ratio method using IT industry average
- C. Earnings yield method using a listed IT company as proxy
- D. Dividend based using DVM
- E. Asset based using replacement cost
正解：A、D
質問 # 196
A company plans to raise S15 million to finance an expansion project using a rights issue Relevant data
* Shares will be offered at a 20% discount to the present market price of S12 50 per share
* There are currently 3 million shares in issue
* The project is forecast to yield a positive NPV of $9 million
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
- A. $13.67
- B. $9.50
- C. $11 25
- D. $11.67
正解：D
質問 # 197
Company ABC is planning to bid for company DDD, an unlisted company in an unrelated industry sector to ABC.
The directors of ABC are considering a number of different valuation methods for DDD before making a bid.
Which of the following is the MOST appropriate method for ABC to use to value DDD?
- A. Applying Company ABC's P/E ratio to DDD's forecast earnings.
- B. Using DDD's tangible assets.
- C. Applying an industry P/E ratio to DDD's forecast earnings.
- D. Discounting DDD's forecast cash flows using ABC's cost of equity.
正解：C
質問 # 198
Company AAB is located in Country A with the A$ 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. Financing the acquisition with borrowings in BS's
- B. Setting up a mufti-currency bank account to net-off receipts and payments
- C. Using forward contracts to fix the exchange rate between the AS and the B$
- D. Financing the acquisition with equity in A$'s.
正解：C
質問 # 199
An entity prepares financial statements to 30 June.
During the year ended 30 June 20X2 the following events occurred:
1 July 20X1
* The entitiy borrowed $100 million at a variable rate of interest.
* In order to protect itself against the variability of its interest cashflows, the entity entered into a pay- fixed-receive-variable interest swap with annual settlements. The fair value of the swap on this date was zero.
30 June 20X2
* The entity received a net settlement of $2 million under the swap. After this net settlement, the fair value of the swap was $5 million - a financial asset.
The entity decides to use hedge accounting for this arrangement and has designated it as a cash flow hedge. The swap is a perfect hedge of the variability of the cash interest payments.
Which of the following describes the treatment of the settlement and the change in the fair value of the swap in the statement of profit or loss and other comprehensive income for the year ended 30 June
20X2?
- A. $5 million is recognised in profit or loss and $2 million is recognised in other comprehensive income.
- B. $7 million is recognised in profit or loss.
- C. $7 million is recognised in other comprehensive income.
- D. $2 million is recognised in profit or loss and $5 million is recognised in other comprehensive income.
正解：D
質問 # 200
A company has:
* A price/earnings (P/E) ratio of 10.
* Earnings of $10 million.
* A market equity value of $100 million.
The directors forecast that the company's P/E ratio will fall to 8 and earnings fall to $9 million.
Which of the following calculations gives the best estimate of new company equity value in $ million following such a change?
A)
B)
C)
D)
- A. Option D
- B. Option C
- C. Option A
- D. Option B
正解：C
質問 # 201
Company A is planning to acquire Company B.
Both companies are listed and are of similar size based on market capitalisation No approach has yet been made to Company B's shareholders as the directors of Company A are undecided about the most suitable method of financing the offer Two methods are under consideration a share exchange or a cash offer financed by debt.
Company A currently has a gearing ratio (debt to debt plus equity) of 30% based on market values. The average gearing ratio (debt to debt plus equity) for the industry is 50% Although no formal offer has been made there have been market rumours of the proposed bid. which is seen as favorable to Company A.
As a consequence. Company As share price has risen over the past few weeks while Company B's share price has fallen.
Which THREE of the following statements are most likely to be correct?
- A. The method of finance chosen will not affect the post-acquisition earning per share of the combined business
- B. Based on current share price movements, a share exchange would mean Company A has to issue fewer shares to acquire Company B than it would have done a few weeks ago
- C. Company B's shareholders will be able to participate in the future growth of the combined business if it is a share exchange
- D. Company A's weighted average cost of capital will fall if financing is with debt
- E. Company A's gearing will increase following a share exchange.
正解：B、D
質問 # 202
A company is considering either directly exporting its product to customers in a foreign country or setting up a subsidiary in the foreign country to manufacture and supply customers in that country.
Details of each alternative method of supplying the foreign market are as follows:
There is an import tax on product entering the foreign country of 10% of sales value.
This import duty is a tax-allowable deduction in the company's domestic country.
The exchange rate is A$1.00 = B$1.10
Which alternative yields the highest total profit after taxation?
- A. Domestic: A$41,250
- B. Domestic: A$33,750
- C. Foreign subsidiary: A$35,000
- D. Foreign subsidiary: A$38,500
正解：C
質問 # 203
A company is valuing its equity prior to an initial public offering (IPO).
Relevant data:
* Earnings per share $1.00
* WACC is 8% and the cost of equity is 12%
* Dividend payout ratio 40%
* Dividend growth rate 2% in perpetuity
The current share price using the Dividend Valuation Model is closest to:
- A. $4.00
- B. $4.08
- C. $6.80
- D. $6.12
正解：B
質問 # 204
A company plans a four-year project which will be financed by either an operating lease or a bank loan.
Lease details:
* Four year lease contract.
* Annual lease rentals of $45,000, paid in advance on the 1st day of the year.
Other information:
* The interest rate payable on the bank borrowing is 10%.
* The capital cost of the project is $200,000 which would have to be paid at the beginning of the first year.
* A salvage or residual value of $100,000 is estimated at the end of the project's life.
* Purchased assets attract straight line tax depreciation allowances.
* Corporate income tax is 20% and is payable at the end of the year following the year to which it relates.
A lease-or-buy appraisal is shown below:
Which THREE of the following items are errors within the appraisal?
- A. The salvage value has been included within the lease option
- B. The bank loan repayments should be included
- C. Lease payments are timed incorrectly
- D. Using the 10% discount rate is incorrect
- E. The project's operating cashflows should be included
- F. Tax relief on lease payments have not been lagged correctly
正解：A、D、F
質問 # 205
A listed company has recently announced a profit warning.
The company's share price fell 20% on the day of the announcement but had been fairly static in the weeks leading up to the announcement.
Which form of efficient market is most likely to be indicated by this share price movement?
- A. Semi-strong form
- B. Random walk
- C. Strong form
- D. Weak form
正解：A
質問 # 206
A wholly equity financed company has the following objectives:
1. Increase in profit before interest and tax by at least 10% per year.
2. Maintain a dividend payout ratio of 40% of earnings per year.
Relevant data:
* There are 2 million shares in issue.
* Profit before interest and tax in the last financial year was $5 million.
* The corporate income tax rate is 30%.
At the beginning of the current financial year, the company raised long term debt of $2 million at 10% interest each year.
Calculate the dividend per share that will be announced this year assuming the company achieves its objective of increasing profit before interest and tax by 10%.
- A. $1.01
- B. $1.11
- C. $0.74
- D. $0.67
正解：C
質問 # 207
A company's Board of Directors is assessing the likely impact of financing new projects by using either debt or equity finance.
The impact of using debt or equity finance on some key variables is uncertain.
Which THREE of the following statements are true?
- A. The use of debt finance increases the cost of equity.
- B. Retained earnings is the cheapest form of equity finance.
- C. The use of equity finance reduces the company's overall financial risk.
- D. The use of debt finance is always preferable to equity finance.
- E. The use of equity finance will create pressure for increases in dividend per share in the future.
- F. The use of debt finance will always result in an increase in earnings per share.
正解：A、C、E
質問 # 208
Company A is unlisted and all-equity financed. It is trying to estimate its cost of equity.
The following information relates to another company, Company B, which operates in the same industry as Company A and has similar business risk:
Equity beta = 1.6
Debt:equity ratio 40:60
The rate of corporate income tax is 20%.
The expected premium on the market portfolio is 7% and the risk-free rate is 5%.
What is the estimated cost of equity for Company A?
Give your answer to one decimal place.
? %
正解：
解説：
12.3, 12.30
質問 # 209
Company X plans to acquire Company Y.
Pre-acquisition information:
Post-acquisition information:
Total combined earnings are expected to increase by 10%
Total combined P/E multiple will remain at 10 times
Which of the following share-for-share exchanges will result in an increase of 10% in Company X's share price post-acquisition?
- A. 1 share in Company X for 2.75 shares in Company Y
- B. 3 shares in Company X for 5 shares in Company Y
- C. 2 shares in Company X for 1 shares in Company Y
- D. 1 share in Company X for 2 shares in Company Y
正解：B
質問 # 210
Company A is based in Country A where the functional currency is the A$. Currently all sales are to domestic customers in Country A. However, the company is planning to expand internationally by acquiring Company B, a distribution company in Country B, to enable it to sell goods worldwide The functional currency of Country B is the BS Company A will invoice its international customers in their local currency.
Wage increases in Country B are forecast to be modest, due to high unemployment levels, but overall inflation in Country B is forecast to be significantly higher than in Country A Which TWO of the following statements about the economic risk of the acquisition of Company B are true?
- A. Using purchasing power parity, AS is forecast to strengthen against B$, so the economic risk can be ignored
- B. Exporting into a variety of international markets will reduce economic risk.
- C. Higher inflation will increase the project's BS returns, so the economic risk can be ignored
- D. Financing this acquisition with block denominated in B$ will reduce economic risk.
- E. Economic risk can be eliminated by using forward contracts to convert future cash flows into A$
正解：B
質問 # 211
Company A is planning to acquire Company B.
Company A's managers think they can improve the performance of Company B to the extent that its own P/E ratio should be applied to Company B's earnings.
Relevant Data:
What is the expected synergy if the acquisition goes ahead?
Give your answer to the nearest $ million.
$ ? million
- A. 7, 8000000
- B. 8, 8000000
正解：B
質問 # 212
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