CIMA CIMAPRA19-F03-1 問題集

質問 1：
A consultancy company is dependent for profits and growth on the high value individuals it employs.
The company has relatively few tangible assets.
Select the most appropriate reason for the net asset valuation method being considered unsuitable for such a company.
A. It does not account for the intangible assets.
B. It accounts for the intangible assets at historical value.
C. It accounts for intangible assets at net realisable value.
D. It does not account for tangible assets.
正解：A

質問 2：
NNN is a company financed by both equity and debt. The directors of NNN wish to calculate a valuation of the company's equity and at a recent board meeting discussed various methods of business valuation.
Which THREE of the following are appropriate methods for the directors of NNN to use in this instance?
A. Cash flow to all investors discounted at WACC less the value of debt.
B. Total earnings multiplied by a suitable price-earnings ratio.
C. Cash flow to equity discounted at the cost of equity.
D. Cash flow to all investors discounted at WACC.
E. Cash flow to equity discounted at the cost of equity less the value of debt.
正解：A,B,C

質問 3：
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% 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 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
正解：
$ million.
34, 35, 34000000, 35000000

質問 4：
A company's current earnings before interest and taxation are $5 million.
These are expected to remain constant for the forseeable future.
The company has 10 million shares in issue which currently trade at $3.60.
It also has a $10 million long term floating rate loan.
The current interest rate on this loan is 5%.
The company pays tax at 20%.
The company expects interest rates to increase next year to 6% and it's Price/Earnings (P/E) ratio to move to
9.5 times by the end of next year.
What percentage reduction in the share price will occur by the end of next year if the interest rate increase and the P/E movement both occur?
A. Reduction of 7%
B. Reduction of 1%
C. Reduction of 0%
D. Reduction of 5%
正解：A

質問 5：
A company's Board of Directors is assessing the likely impact of financing future new projects using either equity or debt.
The directors are uncertain of the effects on key variables.
Which THREE of the following statements are true?
A. Equity finance will reduce the overall financial risk.
B. Debt finance is always preferable to equity finance.
C. The choice between using either equity or debt will have no impact on the amount of corporate income tax payable.
D. Retained earnings has no cost, and is therefore the cheapest form of equity finance.
E. Debt finance will increase the cost of equity.
F. Equity finance will increase pressure to pay a higher total future dividend.
正解：A,E,F

質問 6：
Company W has received an unwelcome takeover bid from Company B. The offer is a share exchange of 3 shares in Company B for 5 shares in Company Wora cash alternative of $5.70 for each Company W share.
Company B is approximately twice the size of Company W based on market capitalisation. Although the two companies have some common business interested the main aim of the bid is diversification for Company B.
Company W has substantial cash balances which the directors were planning to use to fund an acquisition.
These plans have not been announced to the market.
The following share price information is relevant.

Which of the following would be the most appropriate action by Company W's directors following receipt of this hostile bid?
A. Pay a one-off special dividend.
B. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
C. Write to shareholders explaining fully why the company's share price is under valued.
D. Refer the bid to the country's competition authorities.
正解：C

質問 7：
A company plans to raise $12 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 $15.00 per share.
* There are currently 2 million shares in issue.
* The project is forecast to yield a positive NPV of $6 million.
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
A. $14.00
B. $9.00
C. $16.00
D. $11.00
正解：C
解説: (Topexam メンバーにのみ表示されます)