CIMA CIMAPRA19-F03-1 問題集

質問 1：
Delta and Kappa both wish to borrow $50m.
Delta can borrow at a fixed rate of 12% or at a floating rate of the risk-free rate +3% Kappa can borrow at 15% fixed or the risk-free rate +4%.
Delta wishes a variable rate loan and Kappa a fixed rate loan The bank for the two companies suggests a swap arrangement The two companies agree to a swap arrangement, sharing savings equally What is the effective swap rate for each company?
A. Delta pays 11%, Kappa pays the risk-free rate +3%
B. Delta pays the risk-free rate +3%, Kappa pays 15%
C. Delta pays 12%, Kappa pays the risk-free rate +4%
D. Delta pays the risk-free rate +2%, Kappa pays 14%
正解：B

質問 2：
The Senior Management Team of ABC, an owner-managed, capital intensive start-up engineering business, is considering the options for its dividend policy. It has so far been a successful business and is expanding quickly Once in place, the Senior Management Team anticipates that its current investment plans will yield returns for many years to come The first agenda item at every meeting currently concerns arranging and funding new equipment and premises.
Which of the following dividend policies is likely to be the most suitable?
A. Residual policy.
B. A constant pay-out ratio
C. Constant growth
D. Zero dividend
正解：A

質問 3：
Two companies that operate in the same industry have different Price/Earnings (P/E) ratios as follows:

Which of the following is the most likely explanation of the different P/E ratios?
A. Company B has a greater profit this year than Company A.
B. Company B has higher expected future growth than Company A.
C. Company B has higher gearing than Company A.
D. Company B has higher business risk than Company A.
正解：B

質問 4：
A company's gearing (measured as debt/(debt + equity)) is currently 60% and it is investigating whether an optimal gearing structure exists within the industry.
It has analysed the capital structure of similar companies in the industry and it would appear that there is evidence supporting the traditional theory of capital structure.
Companies with the lowest WACC in the industry have gearing of around 45% to 50%.
Which of the following actions would result in the company achieving a more optimal capital structure?
A. Undertaking a rights issue of equity to repay some of its debt.
B. Using retained cash to undertake a buyback of some of its equity.
C. Refinancing to replace some of its short term debt with long term debt.
D. Increasing the level of dividend to return more cash to shareholders.
正解：A

質問 5：
A company wishes to raise additional debt finance and is assessing the impact this will have on key ratios.
The following data currently applies:
* Profit before interest and tax for the current year is $500,000
* Long term debt of $300,000 at a fixed interest rate of 5%
* 250,000 shares in issue with a share price of $8
The company plans to borrow an additional $200,000 on the first day of the year to invest in new project which will improve annual profit before interest and tax by $24,000.
The additional debt would carry an interest rate of 3%.
Assume the number of shares in issue remain constant but the share price will increase to $8.50 after the investment.
The rate of corporate income tax is 30%.
After the investment, which of the following statements is correct?
A. Interest cover will rise; P/E ratio will fall.
B. Interest cover will rise; P/E ratio will rise.
C. Interest cover will fall; P/E ratio will rise.
D. Interest cover will fall; P/E ratio will fall.
正解：C

質問 6：
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. 2 shares in Company X for 1 shares in Company Y
B. 1 share in Company X for 2 shares in Company Y
C. 3 shares in Company X for 5 shares in Company Y
D. 1 share in Company X for 2.75 shares in Company Y
正解：C