2014 ACCA考试(P4 高级财务管理)考前辅导12
acca科目设置
acca科目设置
ACCA（特许公认会计师）是英国特许公认会计师协会（Association of Chartered Certified Accountants）的缩写，是全球公认的会计师资质之一。
ACCA考试科目设置如下：
1. 基础知识模块（Fundamentals Level）：
- F1：会计师在商业环境中的角色
- F2：管理会计
- F3：财务会计
2. 专业水平模块（Professional Level）：
- P1：战略领导者
- P2：企业管理者
- P3：项目管理者
3. 核心专业水平模块（Core Professional Level）：
- P4：高级财务报告
- P5：高级绩效管理
- P6：高级税务
- P7：高级审计与认证
4. 选修专业水平模块（Options Professional Level）：考生从以下四门课程中选择两门进行考试
- P4：高级财务管理
- P5：高级税务管理
- P6：高级外部风险评估
- P7：高级财务咨询
ACCA考试科目设置灵活多样，而且考生可以根据自己的实际情况进行选择和安排。
acca p4知识点
acca p4知识点ACCA P4是ACCA考试中比较难的一门科目，考核内容涉及到许多复杂的金融和商业问题。
为了成功通过ACCA P4考试，需要具备一定的知识点和技能。
本文将围绕ACCA P4知识点进行分步骤的阐述。
步骤一：了解ACCA P4的考试安排和内容ACCA P4考试分为两个部分：主要题型和附加题型。
主要题型的比重为80%，包括四道大题，每道大题分值为25分。
附加题型的比重为20%，包括六道小题，每道小题分值为5分。
考试时间为三小时。
ACCA P4考试的内容主要涉及到战略性商业问题、财务策略、价值管理、皮克斯理论、对冲和风险管理等方面。
步骤二：了解财务管理相关概念ACCA P4考试的核心是财务管理，因此考生必须对财务管理相关概念有所了解。
需要掌握的概念包括财务报表分析、成本核算、财务规划和预算编制等方面。
步骤三：掌握金融市场相关知识ACCA P4考试也关注金融市场的行情和趋势，考生需要了解经济形势、利率、汇率等方面的知识点。
此外，还需要了解一些金融衍生品的工具，如期货、期权、互换等。
步骤四：掌握战略规划技能ACCA P4考试同样要求考生具有一定的战略思维和规划能力。
考生需要了解企业管理模式、市场定位、战略规划和业务模式等方面的知识点。
同时，也要熟悉SWOT分析、PEST分析和五力模型等分析工具。
步骤五：了解风险管理和对冲工具企业面临的风险需通过对冲工具来管理。
考生需要了解一些风险管理和对冲工具，如金融期货、期权、互换和衍生品等。
同时，还需要了解一些风险管理策略，如VaR和CVaR等。
步骤六：练习题目和做题技巧ACCA P4考试需要考生具有较强的应用能力，因此练习题目非常重要。
可以通过习题集、模拟试题等方式进行练习。
考生还需要掌握做题技巧，如对题目的理解、答案的推导、结论的陈述等方面的技巧。
ACCA P4是一门很有挑战性的科目，要想通过此考试需要考生全面掌握财务管理、金融市场、战略规划和风险管理等方面的知识点。
acca p4公式
acca p4公式【1.ACCA P4考试简介】ACCA（Association of Chartered Certified Accountants，特许公认会计师公会）是全球知名的财务和会计专业资格认证。
P4是ACCA专业阶段考试中的一门，全称为“Applied Knowledge in Financial Management”（财务管理应用知识）。
该课程主要考察考生对财务管理领域各种工具、方法和实务的理解和应用能力。
【2.ACCA P4公式概述】在ACCA P4考试中，涉及众多财务管理相关的公式。
这些公式既包括基本的财务比率、现金流量和利润分配等，也包括复杂的估值、风险管理和企业战略等领域。
掌握这些公式对于考生在考试中取得优异成绩至关重要。
【3.重要公式及其应用】以下是ACCA P4考试中一些重要公式及其应用：1.财务比率：包括流动比率、速动比率、负债比率、权益比率、利润率、毛利率、净利润率等。
2.现金流量：包括经营现金流、投资现金流、筹资现金流等。
3.估值模型：包括市盈率（P/E）估值、市净率（P/B）估值、企业价值（EV）估值等。
4.风险管理：包括风险价值（VaR）、预期损失（ES）等。
5.企业战略：包括市占率、竞争力分析等。
【4.公式记忆与实践技巧】1.制定学习计划：合理安排时间，逐步掌握各个公式及其应用。
2.制作公式手册：将常用公式整理成手册，便于随时查阅。
3.做练习题：通过大量练习题巩固公式，提高实际应用能力。
4.参加模拟考试：模拟真实考试环境，检验自己的学习成果。
【5.结论与建议】ACCA P4考试对考生的财务管理知识体系提出了较高要求。
要想在考试中取得好成绩，熟练掌握相关公式是关键。
通过制定学习计划、制作公式手册、做练习题和参加模拟考试等方法，相信大家一定能掌握这些公式，并在考试中发挥出色。
祝各位考试顺利！请注意，以上内容仅供参考，实际考试要求可能会有所不同。
2014年12月ACCA P4考试真题
Advanced Financial ManagementTuesday 2 December 2014Time allowedReading and planning: 15 minutesWriting: 3 hoursThis paper is divided into two sections:Section A – This ONE question is compulsory and MUST be attempted Section B – TWO questions ONLY to be attemptedFormulae and tables are on pages 8–12.Do NOT open this paper until instructed by the supervisor.During reading and planning time only the question paper maybe annotated. You must NOT write in your answer booklet until instructed by the supervisor.This question paper must not be removed from the examination hall.The Association of Chartered Certified AccountantsSection A – This ONE question is compulsory and MUST be attempted1 Nahara Co and Fugae CoNahara Co is a private holding company owned by the government of a wealthy oil-rich country to invest its sovereign funds. Nahara Co has followed a strategy of risk diversification for a number of years by acquiring companies from around the world in many different sectors.One of Nahara Co’s acquisition strategies is to identify and purchase undervalued companies in the airline industry in Europe. A recent acquisition was Fugae Co, a company based in a country which is part of the European Union (EU). Fugae Co repairs and maintains aircraft engines.A few weeks ago, Nahara Co stated its intention to pursue the acquisition of an airline company based in the samecountry as Fugae Co. The EU, concerned about this, asked Nahara Co to sell Fugae Co before pursuing any further acquisitions in the airline industry.Avem Co’s acquisition interest in Fugae CoAvem Co, a UK-based company specialising in producing and servicing business jets, has approached Nahara Co with a proposal to acquire Fugae Co for $1,200 million. Nahara Co expects to receive a premium of at least 30% on the estimated equity value of Fugae Co, if it is sold.Given below are extracts from the most recent statements of financial position of both Avem Co and Fugae Co.Avem Co $ million800 Fugae Co $ million 100Share capital (50c/share)Reserves 3,550 160Non-current liabilities Current liabilities2,200 380130 30 ––––––––––Total capital and liabilities 6,680 670––––––––––Each Avem Co share is currently trading at $7·50, which is a multiple of 7·2 of its free cash flow to equity. Avem Co expects that the total free cash flows to equity of the combined company will increase by $40 million due to synergy benefits. After adding the synergy benefits of $40 million, Avem Co then expects the multiple of the total free cash flow of the combined company to increase to 7·5.Fugae Co’s free cash flow to equity is currently estimated at $76·5 million and it is expected to generate a return on equity of 11%. Over the past few years, Fugae Co has returned 77·3% of its annual free cash flow to equity back to Nahara Co, while retaining the balance for new investments.Fugae Co’s non-current liabilities consist entirely of $100 nominal value bonds which are redeemable in four years at the nominal value, on which the company pays a coupon of 5·4%. The debt is rated at B+ and the credit spread onB+ rated debt is 80 basis points above the risk-free rate of return.Proposed luxury transport investment project by Fugae CoIn recent years, the country in which Fugae Co is based has been expanding its tourism industry and hopes that this industry will grow significantly in the near future. At present tourists normally travel using public transport and taxis, but there is a growing market for luxury travel. If the tourist industry does expand, then the demand for luxury travel is expected to grow rapidly. Fugae Co is considering entering this market through a four-year project. The project will cease after four years because of increasing competition.The initial cost of the project is expected to be $42,000,000 and it is expected to generate the following after-tax cash flows over its four-year life:Year 1 2 3 4Cash flows ($000s) 3,277.6 16,134.3 36,504.7 35,683.6The above figures are based on the tourism industry expanding as expected. However, it is estimated that there is a 25% probability that the tourism industry will not grow as expected in the first year. If this happens, then the present value of the project’s cash f lows will be 50% of the original estimates over its four-year life.It is also estimated that if the tourism industry grows as expected in the first year, there is still a 20% probability that the expected growth will slow down in the second and subsequent years, and the present value of the project’s cash flows would then be 40% of the original estimates in each of these years.Lumi Co, a leisure travel company, has offered $50 million to buy the project from Fugae Co at the start of the second year. Fugae Co is considering whether having this choice would add to the value of the project.If Fugae Co is bought by Avem Co after the project has begun, it is thought that the project will not result in any additional synergy benefits and will not generate any additional value for the combined company, above any value the project has already generated for Fugae Co.Although there is no beta for companies offering luxury forms of travel in the tourist industry, Reka Co, a listed company, offers passenger transportation services on coaches, trains and luxury vehicles. About 15% of its business is in the luxury transport market and Reka Co’s equity beta is 1·6. It is estimated that the asset beta of the non-luxury transport industry is 0·80. Reka C o’s shares are currently trading at $4·50 per share and its debt is currently tradingat $105 per $100. It has 80 million shares in issue and the book value of its debt is $340 million. The debt beta is estimated to be zero.General informationThe corporation tax rate applicable to all companies is 20%. The risk-free rate is estimated to be 4% and the market risk premium is estimated to be 6%.Required:(a) Discuss whether or not Nahara Co’s acquisition strategies, of pursuing risk diversification and of purchasingundervalued companies, can be valid. (7 marks)(b) Discuss why the European Union (EU) may be concerned about Nahara Co’s stated intention and how sellingFugae Co could reduce this concern. (4 marks)(c) Prepare a report for the Board of Directors of Avem Co, which:(i) Estimates the additional value created for Avem Co, if it acquires Fugae Co without considering theluxury transport project; (10 marks) (ii) Estimates the additional value of the luxury transport project to Fugae Co, both with and without the offer from Lumi Co; (18 marks) (iii) Evaluates the benefit attributable to Avem Co and Fugae Co from combining the two companies with and without the project, and concludes whether or not the acquisition is beneficial. The evaluationshould include any assumptions made. (7 marks) Professional marks will be awarded in part (c) for the format, structure and presentation of the report.(4 marks)(50 marks)Section B – TWO questions ONLY to be attempted2 Keshi Co is a large multinational company with a number of international subsidiary companies. A centralised treasurydepartment manages Keshi Co and its subsidiaries’ borrowing requirements, cash surplus investment and financial risk management. Financial risk is normally managed using conventional derivative products such as forwards, futures, options and swaps.Assume it is 1 December 2014 today and Keshi Co is expecting to borrow $18,000,000 on 1 February 2015 for a period of seven months. It can either borrow the funds at a variable rate of LIBOR plus 40 basis points or a fixed rate of 5·5%. LIBOR is currently 3·8% but Keshi Co feels that this could increase or decrease by 0·5% over the coming months due to increasing uncertainty in the markets.The treasury department is considering whether or not to hedge the $18,000,000, using either exchange-traded March options or over-the-counter swaps offered by Rozu Bank.The following information and quotes for $ March options are provided from an appropriate exchange. The options are based on three-month $ futures, $1,000,000 contract size and option premiums are in annual %.March calls 0·882 Strike price95·50March puts0·6620·648 96·00 0·902Option prices are quoted in basis points at 100 minus the annual % yield and settlement of the options contracts isat the end of March 2015. The current basis on the March futures price is 44 points; and it is expected to be33 points on 1 January 2015, 22 points on 1 February 2015 and 11 points on 1 March 2015.Rozu Bank has offered Keshi Co a swap on a counterparty variable rate of LIBOR plus 30 basis points or a fixed rate of 4·6%, where Keshi Co receives 70% of any benefits accruing from undertaking the swap, prior to any bank charges. Rozu Bank will charge Keshi Co 10 basis points for the swap.Keshi Co’s chief executive officer believes that a centralised treasury department is necessary in order to increase shareholder value, but Keshi Co’s new chief financial officer (CFO) thinks that having decentralised treasury departments operating across the subsidiary companies could be more beneficial. The CFO thinks that this is particularly relevant to the situation which Suisen Co, a company owned by Keshi Co, is facing.Suisen Co operates in a country where most companies conduct business activities based on Islamic finance principles. It produces confectionery products including chocolates. It wants to use Salam contracts instead of commodity futures contracts to hedge its exposure to price fluctuations of cocoa. Salam contracts involve a commodity which is sold based on currently agreed prices, quantity and quality. Full payment is received by the seller immediately, for an agreed delivery to be made in the future.Required:(a) Based on the two hedging choices Keshi Co is considering, recommend a hedging strategy for the$18,000,000 borrowing. Support your answer with appropriate calculations and discussion. (15 marks)(b) Discuss how a centralised treasury department may increase value for Keshi Co and the possible reasons fordecentralising the treasury department. (6 marks)(c) Discuss the key differences between a Salam contract, under Islamic finance principles, and futurescontracts. (4 marks)(25 marks)3 Riviere Co is a small company based in the European Union (EU). It produces high quality frozen food which it exportsto a small number of supermarket chains located within the EU as well. The EU is a free trade area for trade between its member countries.Riviere Co finds it difficult to obtain bank finance and relies on a long-term strategy of using internally generated funds for new investment projects. This constraint means that it cannot accept every profitable project and often has to choose between them.Riviere Co is currently considering investment in one of two mutually exclusive food production projects: Privi and Drugi. Privi will produce and sell a new range of frozen desserts exclusively within the EU. Drugi will produce and sell a new range of frozen desserts and savoury foods to supermarket chains based in countries outside the EU. Each project will last for five years and the following financial information refers to both projects.Project Drugi, annual after-tax cash flows expected at the end of each year (€000s)Year Current 1 2 3 4 5Cash flows (€000s) (11,840) 1,230 1,680 4,350 10,240 2,200Privi DrugiNet present valueInternal rate of returnModified internal rate of return Value at risk (over the project’s life) 95% confidence level €2,054,00017·6%13·4%€2,293,000Not providedNot provided€1,103,500€860,000Not providedNot provided90% confidence levelBoth projects’ net present value has been calculated based on Riviere Co’s nominal cost of capital of 10%. It can be assumed that both projects’ cash flow returns are normally distributed and the annual standard deviation of project Drugi’s present value of after-tax cash flows is estimated to be €400,000. It can also be assumed that all sales are made in € (Euro) and therefore the company is not exposed to any foreign exchange exposure.Notwithstanding how profitable project Drugi may appear to be, Riviere Co’s board of directors is concerned about the possible legal risks if it invests in the project because they have never dealt with companies outside the EU before. Required:(a) Discuss the aims of a free trade area, such as the European Union (EU), and the possible benefits toRiviere Co of operating within the EU. (5 marks) (b) Calculate the figures which have not been provided for project Drugi and recommend which project shouldbe accepted. Provide a justification for the recommendation and explain what the value at risk measures.(13 marks)(c) Discuss the possible legal risks of investing in project Drugi which Riviere Co may be concerned about andhow these may be mitigated. (7 marks)(25 marks)4 Kamala Co, a listed company, manufactures parts and machinery for the construction industry. About five years ago,Kamala Co started to manufacture parts and machinery for hospitals and companies engaged in biomedical research using largely the same manufacturing and processing systems it already had in place. In 2011, a young and ambitious chief executive officer (CEO) took over the running of the company.With the publication of the latest financial statements for the year to 30 November 2014, the CEO made a briefstatement and it includes the following two points:–The CEO was very pleased with growth in the financial ratios provided and sales revenue from 2012 to 2014.More pleasing was growth in the share price, which increased even faster than the growth in the market index,suggesting that Kamala Co has been a successful company.–The CEO expressed a desire to make Kamala Co the leading manufacturer of parts and machinery for the construction industry by acquiring a major rival manufacturer in 2015, and financing the acquisition through anissue of a new bond and a small rights issue.An analyst, after examining the recent financial statements and the two points above, was less positive about Kamala Co’s future prospects.Given below are extracts from the recent financial statements, some ratios, and other financial information for Kamala Co.Kamala CoYear ending 30 November (all amounts in $m)2012 2013 2014Sales revenue 3,760 4,054 5,230––––––––––––––––––Operating profit Finance costs714 819 1,09897 168 269 ––––––––––––––––––Profit before tax Taxation617 651 829 154 163 207 ––––––––––––––––––Profit for the year Dividends463 488 622––––––––––––––––––139 137 152Kamala CoYear ending 30 November (all amounts in $m)2012 2013 2014Total non-current assets Total current assets3,962 5,507 7,669 980 1,410 1,880 ––––––––––––––––––Total non-current and current assets 4,942 6,917 9,549––––––––––––––––––EquityOrdinary shares ($0·25) Reserves750 750 750 1,476 1,827 2,297 ––––––––––––––––––Total equity 2,226 2,577 3,047––––––––––––––––––Non-current liabilitiesBank loans 476 1,176 1,316 Bonds 1,008 1,008 2,218––––––––––––––––––Total non-current liabilities 1,484 2,184 3,534––––––––––––––––––Current liabilitiesTrade and other payables Bank overdraft1,232 1,540 2,016 –––––––616 952––––––––––––Total current liabilities 1,232 2,156 2,968––––––––––––––––––Total non-current and current liabilities 2,716 4,340 6,502––––––––––––––––––Kamala Co: By activityYear ending 30 November (all amounts in $m)20122013 2014 Sales revenueConstructionHospitals and biomedical 2,420 1,340 2,644 1,410 3,660 1,570 Operating profitConstructionHospitals and biomedical 460 254489 330693 405Ratios: Kamala Co2012 19·0% 3·3 2013 20·2% 3·6 2014 21·0% 4·1 Operating profit margin Dividend cover Earnings per shareGearing [(debt/debt + equity)] 15·4c 40%16·3c 46%20·7c 54%Other financial information30 November2012 30 November2013 30 November2014 Kamala Co share price ($) Market index Industry index1·69 4,539 840 2·01 5,447 1,092 2·69 6,550 1,422 Industry average PE ratio9·2:112·1:115·3:12013 ($m)2014 ($m) Depreciation deducted to arrive at the operating profit (equivalent to tax allowable depreciation) Economic depreciation826 990 1501,150 1,380 170Non-cash expenses (excluding depreciation)Kamala Co’s cost of capital is estimated to be 10%. The company’s corporation tax rate is 25%. Required:(a) Discuss the advantages and drawbacks of using the economic value added (EVA company’s performance. TM ) technique to assess a(6 marks)(b) Estimate Kamala Co’s EVA for the years ending 30 November 2013 and 30 November 2014. (5 marks)TM(c) Evaluate Kamala Co’s performance and conclude whether the analyst’s opinion or the chief executive officer’s opinion has the greater validity. Include any additional ratio and activity trends, and share priceanalysis, which are deemed to be relevant to the evaluation.(14 marks) (25 marks)FormulaeModigliani and Miller Proposition 2 (with tax)V d V ek e =k ie +(1–T)(k ie –k d )The Capital Asset Pricing ModelE(r i )=R f +®i (E(r m )–R f )The asset beta formula⎩ ⎤ ⎩ ⎤ V eV d (1–T) ®a =⎪ ®e ⎥+⎪ ®d ⎥⎪(V e +V d (1–T)) ⎥ ⎪(V e +V d (1–T)) ⎥ ⎦⎦The Growth Model P o =D o (1+g)(r e –g)Gordon’s growth approximationg =br eThe weighted average cost of capital ⎩ ⎤ ⎥ ⎩ ⎤⎥ V e +V V d +V WACC =⎪ k e +⎪⎪ k d (1–T)⎪ V ⎥ ⎦ V ⎥⎦e d e d The Fisher formula (1+i)=(1+r)(1+h)Purchasing power parity and interest rate parity (1+h ) c F 0 =S 0x(1+i c ) S 1=S 0x(1+h b )(1+i b )Modified Internal Rate of Return1nMIRR =⎪⎩PV ⎤ ( )R ⎥ 1+r e –1⎪PV ⎥ ⎦I The Black-Scholes option pricing modelc =P a N(d 1)–Pe N(d 2e ) –rtWhere:d =ln(P a /Pe )+(r+0.5s 2 )t1s td 2 =d 1–s tThe Put Call Parity relationshipp =c –P a +P e e –rtPresent Value TablePresent value of 1 i.e. (1 +r)–nWhere r = discount raten = number of periods until paymentDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9900·9800·9710·9610·9510·9800·9610·9420·9240·9060·9710·9430·9150·8880·8630·9620·9250·8890·8550·8220·9520·9070·8640·8230·7840·9430·8900·8400·7920·7470·9350·8730·8160·7630·7130·9260·8570·7940·7350·6810·9170·8420·7720·7080·6500·9090·8260·7510·6830·62112345678910 0·9420·9330·9230·9140·9050·8880·8710·8530·8370·8200·8370·8130·7890·7660·7440·7900·7600·7310·7030·6760·7460·7110·6770·6450·6140·7050·6650·6270·5920·5580·6660·6230·5820·5440·5080·6300·5830·5400·5000·4630·5960·5470·5020·4600·4220·5640·5130·4670·4240·3866789101112131415 0·8960·8870·8790·8700·8610·8040·7880·7730·7580·7430·7220·7010·6810·6610·6420·6500·6250·6010·5770·5550·5850·5570·5300·5050·4810·5270·4970·4690·4420·4170·4750·4440·4150·3880·3620·4290·3970·3680·3400·3150·3880·3560·3260·2990·2750·3500·3190·2900·2630·2391112131415(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9010·8120·7310·6590·5930·8930·7970·7120·6360·5670·8850·7830·6930·6130·5430·8770·7690·6750·5920·5190·8700·7560·6580·5720·4970·8620·7430·6410·5520·4760·8550·7310·6240·5340·4560·8470·7180·6090·5160·4370·8400·7060·5930·4990·4190·8330·6940·5790·4820·40212345678910 0·5350·4820·4340·3910·3520·5070·4520·4040·3610·3220·4800·4250·3760·3330·2950·4560·4000·3510·3080·2700·4320·3760·3270·2840·2470·4100·3540·3050·2630·2270·3900·3330·2850·2430·2080·3700·3140·2660·2250·1910·3520·2960·2490·2090·1760·3350·2790·2330·1940·1626789101112131415 0·3170·2860·2580·2320·2090·2870·2570·2290·2050·1830·2610·2310·2040·1810·1600·2370·2080·1820·1600·1400·2150·1870·1630·1410·1230·1950·1680·1450·1250·1080·1780·1520·1300·1110·0950·1620·1370·1160·0990·0840·1480·1240·1040·0880·0740·1350·1120·0930·0780·0651112131415Annuity Table1 – (1 + r)–nPresent value of an annuity of 1 i.e. ————––rWhere r = discount raten = number of periodsDiscount rate (r)Periods(n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10%12345 0·9901·9702·9413·9024·8530·9801·9422·8843·8084·7130·9711·9132·8293·7174·5800·9621·8862·7753·6304·4520·9521·8592·7233·5464·3290·9431·8332·6733·4654·2120·9351·8082·6243·3874·1000·9261·7832·5773·3123·9930·9171·7592·5313·2403·8900·9091·7362·4873·1703·79112345678910 5·7956·7287·6528·5669·4715·6016·4727·3258·1628·9835·4176·2307·0207·7868·5305·2426·0026·7337·4358·1115·0765·7866·4637·1087·7224·9175·5826·2106·8027·3604·7675·3895·9716·5157·0244·6235·2065·7476·2476·7104·4865·0335·5355·9956·4184·3554·8685·3355·7596·1456789101112131415 10·368 9·78711·255 10·575 9·95412·134 11·348 10·635 9·98613·004 12·106 11·296 10·563 9·8999·253 8·7609·3858·3068·8639·3947·8878·3848·8539·2957·4997·9438·3588·7459·1087·1397·5367·9048·2448·5596·8057·1617·4877·7868·0616·4956·8147·1037·3677·6061112131415 13·865 12·849 11·938 11·118 10·380 9·712(n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20%12345 0·9011·7132·4443·1023·6960·8931·6902·4023·0373·6050·8851·6682·3612·9743·5170·8771·6472·3222·9143·4330·8701·6262·2832·8553·3520·8621·6052·2462·7983·2740·8551·5852·2102·7433·1990·8471·5662·1742·6903·1270·8401·5472·1402·6393·0580·8331·5282·1062·5892·99112345678910 4·2314·7125·1465·5375·8894·1114·5644·9685·3285·6503·9984·4234·7995·1325·4263·8894·2884·6394·9465·2163·7844·1604·4874·7725·0193·6854·0394·3444·6074·8333·5893·9224·2074·4514·6593·4983·8124·0784·3034·4943·4103·7063·9544·1634·3393·3263·6053·8374·0314·1926789101112131415 6·2076·4926·7506·9827·1915·9386·1946·4246·6286·8115·6875·9186·1226·3026·4625·4535·6605·8426·0026·1425·2345·4215·5835·7245·8475·0295·1975·3425·4685·5754·8364·9885·1185·2295·3244·6564·7934·9105·0085·0924·4864·6114·7154·8024·8764·3274·4394·5334·6114·6751112131415。
高级财务管理习题及参考答案汇总
第一讲习题一、填空：1、Finance包括（货币与资本市场）、（投资）和（财务管理）等三个领域，其中，（财务管理）最为广泛。
2、我国高校会计学本科专业所开设的财务管理系列课程一般是（财务管理专题）、（高级财务管理）和（国际财务管理）等。
3、会计学专业的核心课程主要有（基础会计学）、（财务会计学）、（成本与管理会计）、（财务管理学）、（审计）、（会计信息系统）4、就财务学视角看，营运资本分为（净营运资本）和（毛营运资本），我国《财务通则》中所定义的营运资本为（净营运资本）。
二、判断正误，并简要说明其理由：× 1、财务管理（Financial Management）与公司财务（Corporate Finance）是相同的概念。
√2、会计学专业所开设的《财务管理》课程，实际上讲的是公司财务管理，及公司理财。
√ 3、《高级财务管理》是《财务管理》课程的延续，主要是讲授有关财务管理的专题，其本身没有严密的体系结构。
三、简述题：1、简要说明《财务管理》的基本框架和内容。
答：第一部分：第一章财务管理总论。
主要介绍财务管理的目标，内容，原则和环境，为学习以后各章奠定理论基础。
第二部分：财务管理环节，包括“第三章财务分析”和“第四章财务预测和预算”两部分内容。
“财务报表分析”要熟练掌握各种基本财务比率，上市公司财务比率和现金流量分析的方法和应用。
“财务预测与计划”要掌握各种基本方法。
第三部分：财务管理的主要内容，包括第二章及五至十章。
该部分是最重要的部分。
第二章货币时间价值部分是投资分析基础。
第五章至十章从企业筹资，投资，分配三大块来讲述其中投资部分又分为项目投资，证券投资和营运资金管理。
第四部分：第十章和十一章，属于本课程的两个专题内容。
十一章重点介绍企业价值并购财务管理。
第十二章讲述了国际财务管理、2、请阅读几本我国出版的《高级财务管理》教材，总结出《高级财务管理》课程的特点。
答：1,，对于“高级”的把握不是针对各种零散的特殊财务事项，而是从企业宏观层次，即决策管理当局财务管理的战略与政策角度进行系统的阐述。
acca考试复习题
acca考试复习题在准备ACCA（特许公认会计师公会）考试的过程中，理解和掌握关键概念、原则和应用是至关重要的。
以下是一组复习题，旨在帮助学生巩固知识点并提高解题能力。
1. 财务会计与报告（FAR）- 简述财务报表的四个基本要素，并解释它们在财务报告中的作用。
- 描述会计准则在编制财务报表中的重要性，并举例说明其对企业决策的影响。
- 解释什么是权责发生制，以及它如何影响收入和费用的确认。
2. 管理会计（MA）- 阐述成本分类的不同方法，并解释它们在决策过程中的应用。
- 描述预算编制的过程，并讨论预算在企业资源分配中的作用。
- 简述标准成本计算的目的，并解释如何使用标准成本进行成本控制。
3. 财务报告（FR）- 描述国际财务报告准则（IFRS）的主要特点，并讨论其对全球会计实践的影响。
- 解释资产减值测试的步骤，并讨论其在财务报告中的重要性。
- 讨论合并财务报表的编制过程，包括合并范围的确定和合并调整。
4. 审计与保证（AA）- 简述审计的基本概念，包括审计目标、审计证据和审计风险。
- 描述内部控制的作用，并讨论如何评估一个组织的内部控制体系。
- 解释审计师在发现和报告财务报表中的欺诈行为中的角色和责任。
5. 税务（TX）- 阐述个人所得税和公司税的基本区别，并讨论它们对企业财务规划的影响。
- 描述增值税（VAT）的工作原理，并解释其对消费者和企业的影响。
- 讨论税务筹划的基本原则，并举例说明如何合法地减少税负。
6. 企业法与公司法（LW）- 描述公司法对公司治理结构的要求，并讨论其对企业决策过程的影响。
- 阐述合同法的基本原则，并讨论它们在商业交易中的应用。
- 解释知识产权法的重要性，并讨论它如何保护企业的创新成果。
7. 企业战略与创新（CS）- 描述企业战略规划的过程，并讨论其对企业长期发展的影响。
- 阐述创新在企业战略中的作用，并讨论如何通过创新提高企业的竞争力。
- 讨论企业社会责任（CSR）的概念，并解释企业如何通过履行社会责任来增强其品牌形象。
acca备考建议
acca备考建议ACCA备考建议ACCA（Association of Chartered Certified Accountants）是全球最大的会计师协会之一，拥有全球超过200个国家的会员。
ACCA考试是全球公认的金融、财务和会计领域最具含金量的职业资格之一。
想要通过ACCA考试，需要具备良好的英语能力和扎实的专业知识。
下面是一些ACCA备考建议，希望能对大家有所帮助。
一、了解ACCA考试内容在备考ACCA考试之前，首先需要了解ACCA考试内容。
ACCA共分为三个阶段：基础阶段、专业阶段和高级专业阶段。
其中基础阶段包括F1-F9九门课程；专业阶段包括P1-P7七门课程；高级专业阶段包括SBL、SBR、AFM、APM、ATX和AAA六门课程。
二、制定合理的学习计划制定合理的学习计划是备考过程中至关重要的一步。
根据自己的时间和情况，制定出详细可行的学习计划，并按照计划执行。
可以将每门课程分成多个部分，逐步完成，并在每个部分完成后进行测试和复习，确保自己的学习进度和效果。
三、选择适合自己的学习方式ACCA备考有多种学习方式，如线下班课、在线课程、自学等。
根据自己的实际情况和学习需求选择适合自己的学习方式。
线下班课可以让你与老师和同学互动，获得更多的帮助和支持；在线课程可以让你随时随地进行学习，方便快捷；自学可以让你根据自己的节奏进行学习，并根据需要调整计划。
四、注重练习和模拟考试练习和模拟考试是备考过程中必不可少的一部分。
通过练习题目可以加深对知识点的理解，并提高解题能力；通过模拟考试可以检验自己的备考效果，并提前适应考试环境。
建议在备考过程中进行多次模拟考试，并认真分析错题原因，及时调整复习计划。
五、注意时间管理ACCA考试时间紧张，需要在有限时间内完成大量内容。
因此，在备考过程中要注意时间管理。
可以制定详细的时间表，合理安排每天的复习任务，避免拖延和浪费时间。
同时，在考试过程中要注意控制时间，把握好每个题目的答题时间，确保完成所有题目。
ACCA必考知识点
ACCA必考知识点ACCA（Association of Chartered Certified Accountants）作为国际性的注册会计师组织，其考试内容相当广泛，涵盖了会计、财务、税务、审计等多个领域。
以下是ACCA考试中的一些重要知识点：1.国际财务报告准则（IFRS）：考生需熟悉IFRS的核心概念和准则，并了解各项财务报表的编制要求和披露要求。
2.管理会计：包括预算编制、成本管理、绩效管理等。
考生需了解不同类型的成本、成本计算方法、成本-体量利润分析、预算编制和分析、投资决策等相关内容。
3.财务管理：主要包括资本预算决策、财务风险管理、资金成本、资本结构和资本市场等内容。
考生需熟悉投资决策方法、财务风险评估与管理、资本结构理论和成本等概念。
4.税务：考生需了解税法和税务规定，包括个人所得税、公司所得税、增值税等。
此外，还需要了解跨国公司税务筹划和税务合规等内容。
5.审计与审计规范：考生需了解审计的目的和范围，以及审计的程序和方法。
还需要了解国际审计准则和内部控制的相关知识。
6.商法和公司法：考生需了解与商业活动相关的法律和法规，包括合同法、公司法、劳动法等。
7.伦理与专业行为准则：ACCA强调会计师的道德素养和道德风险管理。
考生需了解职业道德原则、职业观念和反洗钱法规。
8.商业伦理与社会责任：考生需要了解商业伦理的核心原则和企业社会责任的要求。
9.资本市场：考生需要了解股票市场、债券市场和货币市场的基本知识，包括证券发行、股票投资组合管理等。
10.管理信息系统：考生需要了解信息系统的开发、实施和管理，以及信息安全和数据分析等内容。
此外，ACCA考试还有一些与个人发展和交流有关的知识，如沟通技巧、领导力和团队合作等。
考生可以根据自己的实际情况和所报考的科目选择相应的重点知识点进行学习和准备。
总结起来，ACCA考试的知识点涉及面相当广泛，需要考生全面的了解和掌握。
准备ACCA考试需要进行系统的学习和复习，掌握基本概念和重要原理，同时也要注重实践能力的培养和应用能力的提升。
《高级财务管理》
荆楚理工学院2024年秋季学期《高级财务管理》期末考试共30 道题总分100分返回1、单选题贴现现金流量法的假设前提是（）4分A持续经营B理财主体C有效市场D理性理财标准答案：A2、单选题下列财务管理目标中，容易导致企业短期行为的是（）4分A利润最大化B股东财富最大化C企业价值最大化D股东利润最大化标准答案：A3、单选题风险和报酬同增假设是（）假设派生出来的4分A理财主体假设B持续经营假设C有效市场假设D资金增值假设标准答案：D4、单选题财务管理的最优目标是（）4分A利润最大化股东财富最大化C企业价值最大化D股东利润最大化标准答案：C5、单选题分拆上市使母公司控制的资产规模( )。
4分A变大B变小精品word文档.C不变D变化不明确标准答案：A6、单选题并购是（）两个概念的统称?4分A横向并购与纵向并购B资产重组和债务重组C兼并与收购D善意收购与恶意收购标准答案：C7、单选题设备原值60000元，税法规定的净残值率10%，最终报废时净残值5000元，所得税税率为25%。
设备报废时由于残值带来的现金流量是（）4分A5250B5000C4750D4500标准答案：A单选题（）是中国第一例完整意义上的“买壳上市”4分A宝延风波B珠海恒通收购上海棱光股份ICPT红光DST郑百文标准答案：B9、单选题从融资的角度来讲，企业集团融资管理的目标应立足于( )。
4分A增加资金来源B预防财务危机C创造规模经济D创造财务优势标准答案：D10、单选题因股票市场或产权交易市场引起价格的变动风险是（）4分A投资风险B经营风险C市场风险D财务风险标准答案：C11、单选题间接收购中申请豁免的，取得豁免的（）日内公告收购报告书、财务顾问意见和法律意见书4分A2B53D7标准答案：C12、单选题下列哪种并购防御战略会使被并购方反守为攻？（）4分A资产重估B股份回购C帕克曼防御策略D出售“皇冠上的珍珠”标准答案：C13、单选题对企业集团内成员企业而言，各自内部的财务管理活动应( )。
非货币性资产交换
万元旳设备，并支付25万元补价 ⑤ 以公允价值为200万元旳房产换取一台运送设
备并收取24万元补价
1.2 非货币性资产交换旳确认和计量
问题提出：怎样计量非货币性资产旳价 格？为何要计量？
1.2 非货币性资产交换旳确认和计量
1.确认和计量旳原则
（一）公允价值 应该以公允价值和应支付旳有关税费作为换 入资产旳成本，公允价值与换出资产账面价 值旳差额计入当期损益。 （二）账面价值 应该以账面价值和应支付旳有关税费作为换 入资产旳成本，不确认损益。
1.2 非货币性资产交换旳确认和计量
措• 施问旳题合提用出条：件既强然调有：两互种换可是供否选具择有旳商确业 实 能认 ？质 够、以可计及靠量换地方入计法且 量，换 。那出么资选产择旳何公种允计价量值方是法否 难点：对互换是否具有商业实质旳判 断及资产公允价值旳可靠计量。
够可靠计量：跃 •无市同场类或类似资产可比市场旳，
采用估值技术拟定公允价值
1.3 会计处理
一、以公允价值计量旳会计处理
•在换入资产基于公允价值计价旳情况下，换入资产旳入账金 额原则上应基于换出资产旳公允价值予以拟定，除非有确凿 证据表白换入资产旳公允价值比换出资产旳公允价值愈加可 靠。
（一）换入资产入账价值确实定
课堂作业：10% 课堂纪律：10%
本书主要内容
主讲内容：
非货币性资产互换 债务重组 外币折算 租赁 所得税 资产减值 企业合并 合并财务报表 分部报告与中期财务报告
第1章 非货币性资产互换
一、本章主要内容：
（1）非货币性资产互换旳认定（要 点）；
（2）非货币性资产互换旳计量； （3）非货币性资产互换旳会计处理
acca科目分类
acca科目分类ACCA科目分类ACCA（Association of Chartered Certified Accountants，特许公认会计师协会）是一家提供国际专业会计资格认证的机构。
ACCA 认证是会计和财务领域的国际金字招牌，被公认为国际上最具影响力和公信力的会计师资格之一。
ACCA考试分为基础阶段和专业阶段，基础阶段主要是财务与管理会计的基础知识，而专业阶段则涵盖了更加深入和专业的会计领域。
下面将对ACCA科目进行详细分类和介绍。
基础阶段1. F1 - Accountant in Business该科目主要涵盖了会计专业人士所需的商业理解和组织管理的基本知识。
学习者将了解组织结构、管理层决策、财务管理等方面的基础知识。
2. F2 - Management Accounting管理会计是管理层通过分析和评估各种会计数据来支持管理决策的过程。
学习者将学习成本估算、预算编制、组织绩效评估等管理会计的基本原理。
3. F3 - Financial Accounting财务会计是一门重要的会计学科，专注于公司财务报表的准备和分析。
学习者将学习资产负债表、利润表和现金流量表等财务报表的编制和解读。
4. F4 - Corporate and Business Law该课程主要涵盖商法和公司法方面的内容。
学习者将了解法律对商业和公司运营的影响，以及相关法律规定下的商业伦理问题和道德要求。
专业阶段1. Essentials Module - 必修科目F5 - Performance Management该科目主要涵盖了管理会计和业绩管理的高级概念和技术。
学习者将学习如何使用会计数据和管理信息来评估和改善组织的绩效。
F6 - Taxation税务是一个重要的财务领域，涉及到纳税义务和税务计划。
学习者将学习不同国家的税法、个人和公司的税务义务以及相应的优化措施。
F7 - Financial Reporting财务报告为公司和利益相关方提供了有效的财务信息。
高级财务管理复习
4.某企业集团是一家控股投资公司，自身的总资产为2000万元，资产负 债率为30％。该公司现有甲、乙、丙三家控股子公司，母公司对三家子
公司的投资总额为1000万元，对各子公司的投资及所占股份见下表：
假定母公司股东对母公司的资本报酬率（股权资本报酬率）为15％，且
母公司的收益主要来自于对子公司的投资收益（占80％），母公司的实
际所得税率为20％。要求规划母公司的目标利润。
答案：①母公司股东期望税后净利=净资产×资本报酬率=4亿
×15％=6000万元
②母公司税前收益目标=税后净利/（1 －所得税率）=6000/（1-20％）
按各自所报的预算成பைடு நூலகம்（或其他标准）分摊超预算0.3亿元成本
A公司分摊降低成本=0.3/（0.3+0.5+0.4）×0.3=750万
B公司分摊降低成本=0.3/（0.3+0.5+0.4）×0.5=1250万
C公司分摊降低成本=0.3/（0.3+0.5+0.4）×0.4=1000万
最后确定：
A公司预算成本=0.3亿－750万=2250万元
母公司投资额
所占股份%
子公司总资本 额
A子公司
20000
80%
25000
B子公司
25000
100%
25000
C子公司
15000
60%
25000
假定母公司股东对母公司的资本报酬率（股权资本报酬率）为15％，且
母公司的收益主要来自于对子公司的投资收益（占80％），母公司的实
际所得税率为20％。要求规划母公司的目标利润。
答案：①母公司股东期望税后净利=净资产×资本报酬率=6亿
acca高级商业会计证书介绍
《ACCA高级商业会计证书介绍》一、ACCA高级商业会计证书概述ACCA（Association of Chartered Certified Accountants）是一个国际认可的专业会计师协会。
它提供了全面的培训和资格认证，并致力于培养世界各地的财务专业人士。
ACCA高级商业会计证书是ACCA的一个重要资格，对于想要在财务领域取得成功的人来说，是一项非常有价值的资格。
二、ACCA高级商业会计证书考试要求1. 考试科目ACCA高级商业会计证书包括了7门科目，分别为P4（高级财务管理）、P5（高级业务分析）、P6（高级税收）、P7（高级审计与认证）以及三门选修科目。
2. 考试内容ACCA高级商业会计证书的考试内容非常全面，涵盖了财务管理、业务分析、税收、审计与认证等多个方面。
考生需要系统学习并全面掌握相关知识。
3. 报名条件想要参加ACCA高级商业会计证书考试，需要具备ACCA会员资格，并且之前已经通过了ACCA基本阶段的考试。
三、ACCA高级商业会计证书的优势1. 国际认可ACCA高级商业会计证书是一个国际认可的资格，持有者可以在全球范围内享受专业认可。
2. 就业前景持有ACCA高级商业会计证书的人员在财务领域的竞争优势明显，能够获得更多的职业机会和高薪水。
3. 专业能力ACCA高级商业会计证书培养了持有者在财务管理、业务分析、税收、审计和认证等方面的专业能力，使他们成为行业内的精英。
四、我的个人观点和理解作为一名财务工作者，我深切理解ACCA高级商业会计证书的重要性。
从事财务工作需要全面的专业知识和深刻的分析能力，而这正是ACCA高级商业会计证书所培养的。
希望通过考取这一资格，不仅可以提升自己的职业竞争力，也可以在行业内取得更好的发展。
通过系统学习ACCA高级商业会计证书的考试内容，我对财务管理、业务分析、税收、审计和认证等方面的知识有了更加全面和深刻的理解。
我相信，持续的努力和学习，一定会在未来的职业生涯中有所斩获。
ACCA考试复习资料推荐
ACCA考试复习资料推荐ACCA(Association of Chartered Certified Accountants)考试是国际上享有盛誉的会计资质认证考试。
通过ACCA考试，可以获得全球范围内认可的专业会计资格。
为了帮助考生高效备考ACCA考试，本文将推荐一些值得使用的复习资料。
一、教材类资料1. Kaplan学习资料：Kaplan是ACCA考试备考领域的知名机构，其提供的教材以内容全面、讲解详细而著称。
Kaplan的教材包含了每一门考试科目的重点知识点和考点，还有大量练习题和模拟考试题，非常适合考生进行系统性的学习和巩固。
2. BPP教材：BPP也是ACCA备考教材领域的翘楚，其教材内容准确、深入浅出，被广大考生所推崇。
BPP的教材结构清晰，理论和实践相结合，适用于各个考试科目的学习。
二、题库类资料1. ACCA 官方题库：ACCA官方题库包含了大量的过往考试真题和模拟考试题，具有很高的可信度和代表性。
通过做官方题库，考生可以对考试的难度和考点有更加准确的把握，同时也可以熟悉考试的时间要求。
2. ACCA 培训机构提供的题库：许多ACCA培训机构会提供自制的题库，这些题库经过精心整理和筛选，具有一定的难度和质量保证。
通过做这些题库，考生可以更好地了解各个知识点的考察形式和难度，进行针对性的复习。
三、讲义类资料1. ACCA 培训机构提供的讲义：ACCA培训机构一般会提供自编的讲义，这些讲义通常会根据各个考试科目的内容进行整理和编写，内容简明扼要，并配有重点知识点和案例分析。
这些讲义可以作为复习和备考的参考资料，帮助考生更好地理解和掌握考试内容。
2. ACCA 官方教材补充讲义：ACCA官方教材中有时会包含一些附加的讲义，用于解释和扩展主教材的知识点。
这些讲义内容丰富，且与教材内容相互补充，有助于加深对知识点的理解和记忆。
四、在线学习资源1. ACCA官方网站：ACCA官方网站上提供了大量的考试信息和学习资源，包括考试介绍、报考指南、考试教材等。
2014年12月ACCA P4考试真题答案
AnswersProfessional Level – Options Module, Paper P4Advanced Financial Management December 2014 Answers1 (a) Risk diversification, especially into diverse business sectors, has often been stated as a reason for undertaking mergers andacquisitions (M&As). Like individuals holding well-diversified portfolios, a company with a number of subsidiaries in different sectors could reduce its exposure to unsystematic risk. Another possible benefit of diversification is sometimes argued to bea reduction in the volatility of cash flows, which may lead to a better credit rating and a lower cost of capital.The argument against this states that since individual investors can undertake this level of risk diversification both quickly and cheaply themselves, there is little reason for companies to do so. Indeed, research suggests that markets do not reward this risk diversification.Nevertheless, for Nahara Co, undertaking M&As may have beneficial outcomes, especially if the sovereign fund has its entire investment in the holding company and is not well-diversified itself. In such a situation unsystematic risk reduction can be beneficial. The case study does not state whether or not the sovereign funds are invested elsewhere and therefore a definitive conclusion cannot be reached.If Nahara Co is able to identify undervalued companies and after purchasing the company can increase the value for the holding company overall, by increasing the value of the undervalued companies, then such M&As activity would have a beneficial impact on the funds invested. However, for this strategy to work, Nahara Co must:(i) Possess a superior capability or knowledge in identifying bargain buys ahead of its competitor companies. To achievethis, it must have access to better information, which it can tap into quicker, and/or have superior analytical tools.Nahara Co should assess whether or not it does possess such capabilities, otherwise its claim is not valid;(ii) Ensure that it has quick access to the necessary funds to pursue an undervalued acquisition. Even if Nahara Co possesses superior knowledge, it is unlikely that this will last for a long time before its competitors find out; therefore itneeds to have the funds ready, to move quickly. Given that it has access to sovereign funds from a wealthy source,access to funds is probably not a problem;(iii) Set a maximum ceiling for the price it is willing to pay and should not go over this amount, or the potential value created will be reduced.If, in its assessment, Nahara Co is able to show that it meets all the above conditions, then the strategy of identifying and pursuing undervalued companies may be valid.(b) In a similar manner to the Competition and Markets Authority in the UK, the European Union (EU) will assess significantmergers and acquisitions’ (M&As) impact on competition within a country’s market. It will, for example, use tests such a s worldwide turnover and European turnover of the group after the M&A. It may block the M&A, if it feels that the M&A will give the company monopolistic powers or enable it to carve out a dominant position in the market so as to negatively affect consumer choice and prices.Sometimes the EU may ask for the company to sell some of its assets to reduce its dominant position rather than not allow an M&A to proceed. It would appear that this may be the case behind the EU’s concern and the reason for its suggested action.(c) Report to the Board of Directors, Avem CoProposed acquisition of Fugae CoThis report evaluates whether or not it is beneficial for Avem Co to acquire Fugae Co. Initially the value of the two companies is determined separately and as a combined entity, to assess the additional value created from bringing the two companies together. Following this, the report considers how much Nahara Co and Avem Co will gain from the value created. The assumptions made to arrive at the additional value are also considered. The report concludes by considering whether or not the acquisition will be beneficial to Avem Co and to Nahara Co.Appendix 1 shows that the additional value created from combining the two companies is approximately $451·5 million, of which $276·8 million will go to Nahara Co, as the owner of Fugae Co. This represents a premium of about 30% which isthe minimum acceptable to Nahara Co. The balance of the additional value will go to Avem Co which is about $174·7 million, representing an increase in value of 1·46% [$174·7m/$12,000m].Appendix 2 shows that accepting the project would increase Fugae Co’s value as the expected net present value is positive.After taking into account Lumi Co’s offer, the expected net present va lue is higher. Therefore, it would be beneficial for Fugae Co to take on the project and accept Lumi Co’s offer, if the tourism industry does not grow as expected, as this w ill increase Fugae Co’s value.AssumptionsIt is assumed that all the figures relating to synergy benefits, betas, growth rates, multipliers, risk adjusted cost of capital and the probabilities are accurate. There is considerable uncertainty surrounding the accuracy of these, and in addition to the probability analysis conducted in appendix 2 and the assessments of value conducted in appendix 1, a sensitivity analysis is probably needed to assess the impact of these uncertainties.It is assumed that the rb model provides a reasonably good estimate of the growth rate, and that perpetuity is not an unreasonable assumption when assessing the value of Fugae Co.It is assumed that the capital structure would not change substantially when the new project is taken on. Since the projectis significantly smaller than the value of Fugae Co itself, this is not an unreasonable assumption.When assessing the value of the project, the outcomes are given as occurring with discrete probabilities and the resulting cash flows from the outcomes are given with certainty. There may be more outcomes in practice than the ones given and financial impact of the outcomes may not be known with such certainty. The Black-Scholes Option Pricing model may provide an alternative and more accurate way of assessing the value of the project.It is assumed that Fugae Co can rely on Lumi Co paying the $50m at the beginning of year two with certainty. Fugae Co may want to assess the reliability of Lumi Co’s offer and whether formal contracts should be drawn up between the two companies. Furthermore, Lumi Co may be reluctant to pay the full amount of money once Fugae Co becomes a part of Avem Co. Concluding commentsAlthough Nahara Co would gain more than Avem Co from the acquisition both in percentage terms and in monetary terms, both companies benefit from the acquisition. If Fugae Co were to take on the project, although it is value-neutral to the acquisition, Nahara Co could ask for an additional 30% of $12·3 million value to be transferred to it, which is about $3·7 million. Hence the return to Avem Co would reduce by a small amount, but not significantly.As long as all the parties are satisfied that the value is reasonable despite the assumptions highlighted above, it would appear that the acquisition should proceed.Report compiled by:Date:AppendicesAppendix 1: Additional value created from combining Avem Co and Fugae CoAvem Co, current value = $7·5/share x 1,600 million shares = $12,000mAvem Co, free cash flow to equity = $12,000 million/7·2 = $1,666·7mThe growth rate is calculated on the basis of the rb model.Fugae Co, estimate of growth rate = 0·227 x 0·11 = 0·025 = 2·5%Fugae Co, current value estimate = $76·5 million x 1·025/(0·11 – 0·025) = $922·5mCombined company, estimated additional value created =([$1,666·7m + $76·5m + $40m] x 7·5) – ($12,000m + $922·5m) = $451·5mGain to Nahara for selling Fugae Co, 30% x $922·5m = $276·8mAvem Co will gain $174·7 million of the additional value created, $451·5m – $276·8m = $174·7mAppendix 2: Value of project to Fugae CoAppendix 2.1Estimate of risk-adjusted cost of capital to be used to discount the project’s cash flowsThe project value is calculated based on its cash flows which are discounted at the project’s risk adjusted cost of capital, to reflect the business risk of the project.Reka Co’s asset betaReka Co equity value = $4·50 x 80 million shares = $360mReka Co debt value = 1·05 x $340 million = $357mAsset beta = 1·6 x $360m/($360m + $357m x 0·8) = 0·89P roject’s asset beta (PAB)0·89 = PAB x 0·15 + 0·80 x 0·85PAB = 1·4Fugae CoMVe = $922·5mMVdCost of debt = Risk free rate of return plus the credit spread= 4% + 0·80% = 4·80%Current value of a $100 bond: $5·4 x 1·048–1 + $5·4 x 1·048–2 + $5·4 x 1·048–3 + $105·4 x 1·048–4 = $102·14 per$100MVd = 1·0214 x $380m = $388·1mProject’s risk adjusted equity beta1·4 x ($922·5m + $388·1m x 0·8)/$922·5m = 1·87Project’s risk adjusted cost of equity4% + 1·87 x 6% = 15·2%Project’s risk adjusted cost of capital(15·2% x $922·5m + 4·8% x 0·8 x $388·1m)/($922·5m + $388·1m) = 11·84%, say 12%Appendix 2.2Estimate of expected value of the project without the offer from Lumi Co (All amounts in $, 000s)Year 1 2 3 4Cash flowsDiscount factor for 12% Present values 3,277·60·8932,926·916,134·30·79712,859·036,504·70·71225,991·335,683·60·63622,694·8Probabilities are assigned to possible outcomes based on whether or not the tourism market will grow. The expected net present value (PV) is computed on this basis.PV year 1: $2,926,90050% of PV years 1 to 4: $32,236,000PV years 2 to 4: $61,545,10040% PV years 2 to 4: $24,618,040Expected present value of cash flows = [0·75 x (2,926,900 + (0·8 x 61,545,100 + 0·2 x 24,618,040))] + [0·25 x32,236,000]= [0·75 x (2,926,900 + 54,159,688)] + [0·25 x 32,236,000] = 42,814,941 + 8,059,000 = $50,873,941Expected NPV of project = $50,873,941 – $42,000,000 = $8,873,941Estimate of expected value of the project with the offer from Lumi CoPV of $50m = $50,000,000 x 0·893 = $44,650,000If the tourism industry does not grow as expected in the first year, then it is more beneficial for Fugae Co to exercise the offer made by Lumi Co, given that Lumi Co’s offer of $44·65 million (PV of $50 m illion) is greater than the PV of the years two to four cash flows ($30·8 million approximately) for that outcome. This figure is then incorporated into the expected net present value calculations.50% of year 1 PV: $1,463,450Expected present value of project =[0·75 x (2,926,900 + 54,159,688)] + [0·25 x (1,463,450 + 44,650,000)] = 42,814,941 + 11,528,363 =$54,343,304Expected NPV of project = $54,343,304 – $42,000,000 = $12,343,304(Note: Credit will be given for alternative, relevant approaches to the calculations, comments andsuggestions/recommendations)2 (a) Using traded optionsNeed to hedge against a rise in interest rates, therefore buy put options.Keshi Co needs 42 March put option contracts ($18,000,000/$1,000,000 x 7 months/3 months).Expected futures price on 1 February if interest rates increase by 0·5% =100 – (3·8 + 0·5) – 0·22 = 95·48Expected futures price on 1 February if interest rates decrease by 0·5% =100 – (3·8 – 0·5) – 0·22 = 96·48If interest rates increase by 0·5% to 4·3%Exercise price Futures price Exercise? 95·5095·48Yes96·0095·48YesGain in basis points 2 52 Underlying cost of borrowing4·7% x 7/12 x $18,000,000 Gain on options0·0002 x $1,000,000 x 3/12 x 42 0·0052 x $1,000,000 x 3/12 x 42 Premium $493,500$2,100$493,500$54,6000·00662 x $1,000,000 x 3/12 x 42 0·00902 x $1,000,000 x 3/12 x 42 Net cost$69,510$94,710$533,6105·08% $560,9105·34%Effective interest rateIf interest rates decrease by 0·5% to 3·3%Exercise price Futures price 95·5096·48No96·0096·48NoExercise?Gain in basis points Underlying cost of borrowing 3·7% x 7/12 x $18,000,000 Gain on options0 0 $388,500$0$388,500$0PremiumNet costEffective interest rate$69,510$458,0104·36%$94,710$483,2104·60%Using swapsKeshi Co Rozu Bank offer4·6% Basis differential0·9%Fixed rate 5·5%Floating rate LIBOR + 0·4% LIBOR + 0·3% 0·1%Prior to the swap, Keshi will borrow at LIBOR + 0·4% and swaps this rate to a fixed rate. Total possible benefit is 0·8% before Rozu Bank’s charges.Keshi Co borrows atFrom swap Keshi Co receives LIBOR + 0·4%LIBORKeshi Co gets 70% of the benefitAdvantage (70% x 0·8 – 0·10)Keshi Co’s effective borrowing rate (after swap)0·46% 5·04%Alternatively (Swap)From swap Keshi Co receives Keshi Co pays LIBOR 4·54%Effective borrowing rate (as above) 4·54% + 0·4% + 0·10% = 5·04% Discussion and recommendationUnder each choice the interest rate cost to Keshi Co will be as follows:Doing nothing 4·7% floating;5·5% fixed 3·7% floating;5·5% fixed 95·50 option5·34%96·00 option5·08%Swap5·04%If rates increase by 0·5%If rates decrease by 0·5% 4·36% 4·60% 5·04%Borrowing at the floating rate and undertaking a swap effectively fixes the rate of interest at 5·04% for the loan, which is significantly lower than the market fixed rate of 5·5%.On the other hand, doing nothing and borrowing at the floating rate minimises the interest rate at 4·7%, against the next best choice which is the swap at 5·04% if interest rates increase by 0·5%. And should interest rates decrease by 0·5%, then doing nothing and borrowing at a floating rate of 3·7% minimises cost, compared to the next best choice which is the 95·50 option.On the face of it, doing nothing and borrowing at a floating rate seems to be the better choice if interest rates increase or decrease by a small amount, but if interest rates increase substantially then this choice will no longer result in the lowest cost.The swap minimises the variability of the borrowing rates, while doing nothing and borrowing at a floating rate maximises the variability. If Keshi Co wants to eliminate the risk of interest rate fluctuations completely, then it should borrow at the floating rate and swap it into a fixed rate.(b) Free cash flows and therefore shareholder value are increased when corporate costs are reduced and/or income increased.Therefore, consideration should be given to how the centralised treasury department may reduce costs and increase income.The centralised treasury department should be able to evaluate the financing requirements of Keshi Co’s group as a whole and it may be able to negotiate better rates when borrowing in bulk. The department could operate as an internal bank and undertake matching of funds. Therefore it could transfer funds from subsidiaries which have spare cash resources to ones which need them, and thus avoid going into the costly external market to raise funds. The department may be able to undertake multilateral internal netting and thereby reduce costs related to hedging activity. Experts and resources within one location could reduce duplication costs.The concentration of experts and resources within one central department may result in a more effective decision-making environment and higher quality risk monitoring and control. Further, having access to the Keshi Co group’s entire cash funds may give the company access to larger and more diverse investment markets. These factors could result in increasing the company’s cash inflows, as long as the benefits from such activity outweigh the costs.Decentralising Keshi Co’s treasury function to its subsidiary companies may be beneficial in several ways. Ea ch subsidiary company may be better placed to take local regulations, custom and practice into consideration. An example of custom andpractice is the case of Suisen Co’s need to use Salam contracts instead of conventional derivative pr oducts which the centralised treasury department may use as a matter of course.Giving subsidiary companies more autonomy on how they undertake their own fund management may result in increased motivation and effort from the subsidiary’s senior management and thereby increase future income. Subsidiary companies which have access to their own funds may be able to respond to opportunities quicker and establish competitive advantage more effectively.(c) Islamic principles stipulate the need to avoid uncertainty and speculation. In the case of Salam contracts, payment for thecommodity is made at the start of the contract. The buyer and seller of the commodity know the price, the quality and the quantity of the commodity and the date of future delivery with certainty. Therefore, uncertainty and speculation are avoided.On the other hand, futures contracts are marked-to-market daily and this could lead to uncertainty in the amounts received and paid everyday. Furthermore, standardised futures contracts have fixed expiry dates and pre-determined contract sizes.This may mean that the underlying position is not hedged or covered completely, leading to limited speculative positions even where the futures contracts are used entirely for hedging purposes. Finally, only a few commodity futures contracts are offered to cover a range of different quality grades for a commodity, and therefore price movement of the futures market may not be completely in line with the price movement in the underlying asset.(Note: Credit will be given for alternative, relevant discussion for parts (b) and (c))3 (a) A free trade area like the European Union (EU) aims to remove barriers to trade and allow freedom of movement of productionresources such as capital and labour. The EU also has an overarching common legal structure across all member countries and tries to limit any discriminatory practice against companies operating in these countries. Furthermore, the EU erects common external barriers to trade against countries which are not member states.Riviere Co may benefit from operating within the EU in a number of ways as it currently trades within it. It should find that it is able to compete on equal terms with rival companies within the EU. Companies outside the EU may find it difficult toenter the EU markets due to barriers to trade. A common legal structure should ensure that the standards of food quality and packaging apply equally across all the member countries. Due diligence of logistic networks used to transport the food may be easier to undertake because of common compliance requirements. Having access to capital and labour within the EU may make it easier for the company to set up branches inside the EU, if it wants to. The company may also be able to access any grants which are available to companies based within the EU.(b) Project DrugiInternal rate of return (IRR)10% NPV:€2,293,000 approximatelyYear Current 1 2 3 4 5Cash flows (€000s) Try 20% (11,840) 1,2300·8331,0251,6800·6941,1664,3500·5792,51910,2400·4824,9362,2000·402884 (11,840)NPV =€(1,310,000)IRR = 10% + 2,293/(2,293 + 1,310) x 10% approximately = 16·4%Modified internal rate of return (MIRR)Total PVs years 1 to 5 at 10% discount rate =€11,840,000 +€2,293,000 =€14,133,000 MIRR (using formula) = [(14,133/11,840)1/5 x 1·10] – 1 = 14%Alternatively:Year Cash flows(€000s) Multiplier Re-investedamount(€000s)1,8012,2365,2641 2 3 4 51,2301,6804,35010,2402,2001·141·131·121·11 11,2642,2001Total re-invested amount approx. =€22,765,000MIRR = (€22,765,000/€11,840,000)1/5 – 1 = 14%Value at risk (VAR)Based on a single tail test:A 95% confidence level requires the annual present value VAR to be within approximately 1·645 standard deviations from the mean.A 90% confidence level requires annual present value VAR to be within approximately 1·282 standard deviations from the mean.(Note: An approximation of standard deviations to two decimal places is acceptable)95%, five-year present value VAR = $400,000 x 1·645 x 50·5 = approx.€1,471,00090%, five-year present value VAR = $400,000 x 1·282 x 50·5 = approx.€1,147,000Privi€2,054,00017·6%Drugi€2,293,00016·4%Net present value (10%) Internal rate of returnModified internal rate of return VAR (over the project’s life) 95% confidence level13·4% 14·0% €1,103,500€860,000€1,471,000€1,147,00090% confidence levelThe net present value and the modified internal rate of return both indicate that project Drugi would create more value for Riviere Co. However, the internal rate of return (IRR) for project Privi is higher. Where projects are mutually exclusive, the IRR can give an incorrect answer. This is because the IRR assumes that returns are re-invested at the internal rate of return, whereas net present value and the modified IRR assume that they are re-invested at the cost of capital (discount rate) which in this case is 10%. The cost of capital is a more realistic assumption as this is the minimum return required by investors ina company. Furthermore, the manner in which the cash flows occur will have a bearing on the IRR calculated. For example,with project Drugi, a high proportion of the cash flows occur in year four and these will be discounted by using the higher IRR compared to the cost of capital, thus reducing the value of the project faster. The IRR can give the incorrect answer in these circumstances. Therefore, based purely on cash flows, project Drugi should be accepted due to the higher net present value and modified IRR, as they give the theoretically correct answer of the value created.The VAR provides an indication of the potential riskiness of a project. For example, if Riviere Co invests in project Drugi then it can be 95% confident that the present value will not fall by more than€1,471,000 over its life. Hence the project will still produce a positive net present value. However, there is a 5% chance that the loss could be greater than€1,471,000. With project Privi, the potential loss in value is smaller and therefore it is less risky. It should be noted that the VAR calculations indicate that the investments involve different risk. However, the cash flows are discounted at the same rate, which they should not be, since the risk differs between them.Notwithstanding that, when risk is also taken into account, the choice between the projects is not clear cut and depends on Riviere Co’s attitude to risk and return. Project Drugi gives th e higher potential net present value but is riskier, whereas project Privi is less risky but gives a smaller net present value. This is before taking into account additional uncertainties such as trading in an area in which Riviere Co is not familiar. It is therefore recommended that Riviere Co should only proceed with project Drugi if it is willing to accept the higher risk and uncertainty.(c) Possible legal risksThere are a number of possible legal risks which Riviere Co may face, for example:–The countries where the product is sold may have different legal regulations on food preparation, quality and packaging.The company needs to ensure that the production processes and the transportation of the frozen foods comply with these regulations. It also needs to ensure that the promotional material on the packaging complies with regulations in relation to what is acceptable in each country.–The legal regulations may be more lax in countries outside the EU but Riviere Co needs to be aware that complying only with the minimum standards may impact its image negatively overall, even if they are acceptable in the countriesconcerned.–––There may be import quotas in the countries concerned or the governments may give favourable terms and conditions to local companies, which may make it difficult for Riviere Co to compete.The legal system in some countries may not recognise the trademarks or production patents which the company holds on its packaging and production processes. This may enable competitors to copy the food and the packaging. Different countries may have different regulations regarding product liability from poorly prepared and/or stored food which cause harm to consumers. For example, Riviere Co may use other companies to transport its food and different supermarkets may sell its food. It needs to be aware of the potential legal claims on it and its supplier should the food prove harmful to the customers.Possible mitigation strategies–Riviere Co needs to undertake sufficient research of the countries’ current laws and regulations to ensure that it complies with the standards required. It may even want to ensure that it exceeds the required standards to ensure that it maintains its reputation.–Riviere Co needs to ensure that it also keeps abreast of potential changes in the law. It may also want to ensure that it complies with best practice, even if it is not the law yet. Often current best practices become enshrined in future legislation.–Riviere Co needs to investigate the extent to which it may face difficulty in overcoming quota restrictions, less favourable trading conditions and lack of trademark and patent protection. If necessary, these should be factored into the financial analysis. It could be that Riviere Co has already taken these into account.– –Strict contracts need to be set up between Riviere Co and any agents it uses to transport and sell the food. These could be followed up by regular checks to ensure that the standards required are maintained.All the above will add extra costs and if these have not been included in the financial analysis, they need to be. These extra costs may mean that the project is no longer viable.(Note: Credit will be given for alternative, relevant discussion for parts (a) and (c))4(a) Advantages of EVATMThe cost of capital indicates the minimum value which is required by the investors of a company and therefore any positive economic profit greater than the cost of capital times the capital employed should result in an increase in value for theinvestors. If the debt holders are paid a fixed return, then all the additional value created will go to the shareholders. EVAfocuses on creating shareholder value.TM Capital is needed for investment purposes to create value and EVA recognises this when it takes into account the capital TM employed. EVA TMcaptures performance into a single figure, which if positive should increase shareholder value. Ratios on the other hand may require various different targets to be set. EVATM TM is based on the residual income value principle and therefore it is relatively easy to understand. An EVA trend would give an indication of how the company is creating value over a number of years. Drawbacks of EVAis an annual measure and therefore it is relatively easy to manipulate. Short-term projects with early redemption but low yields may be chosen to the detriment of longer term, high yield projects which may not show immediate high returns. Focusing on annual EVA figures may make the company’s managers adopt a short -term attitude and this may be to theTM EVA TMTM detriment of the company’s long -term success. Paying attention to EVA trends instead may reduce or eliminate this TMdrawback. Furthermore, EVA is an absolute measure, making comparison between companies in different industrial sectors more TMdifficult. (b) EVA calculation: Kamala CoTM30 November 201330 November 2014$m $m Operating profit Add: DepreciationLess: Economic depreciation Add: Non-cash expenses819 826 (990) 1501,098 1,150 (1,380) 170Taxation excluding finance costs: 2013: 25% x $819m and 2014 25% x $1,098m (205) (275) –––––– –––––– Economic profit600 763 –––––– –––––– Capital employed: 2013: $1,484m + $2,226m; 2014: $2,184m + $2,577m + $616m 10% x capital employed 3,710 371 5,377 538 EVATM229225(c) Additional ratio trends: Kamala Co201219·2% 1·01 0·80 0·80 201317·2% 0·85 0·65 0·92 201416·7% 0·79 0·63 0·93 Return on capital employed Asset turnover Current ratio Operating profit/cap employedSales revenue/cap employed Current assets/current liabilities (Current assets – bank o/d)/current liabilitiesCurrent ratio without bank overdraft (o/d) Gearing with bank o/d 40% 52% 60% (NCL + bank o/d)/(equity + NCL + bank o/d)Kamala Co PE ratioKamala Co dividend yield11·0:1 2·7%12·3:1 2·3%13·0:1 1·9%Share price/earnings per share Dividend per share/share price。
p4_final_assessment_answers_2014
Paper P4Advanced Financial ManagementJune 2014Final Assessment – Answersuntil you have completed the final assessment questionsand submitted them for marking.ACCA P4: ADVANCED FINANCIAL MANAGEMENT2 KAPLAN PUBLISHING© Kaplan Financial Limited, 2013All rights reserved. No part of this examination may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photocopying, recording, or by any information storage and retrieval system, without prior permission from Kaplan Publishing.The text in this material and any others made available by any Kaplan Group company does not amount to advice on a particular matter and should not be taken as such. No reliance should be placed on the content as the basis for any investment or other decision or in connection with any advice given to third parties. Please consult your appropriate professional adviser as necessary. Kaplan Publishing Limited and all other Kaplan group companies expressly disclaim all liability to any person in respect of any losses or other claims, whether direct, indirect, incidental, and consequential or otherwise arising in relation to the use of such materials.FINAL ASSESSMENT ANSWERSKAPLAN PUBLISHING31 NTC PLC AND C PLC(a)Tutorial noteThe table of payments and receipts might be difficult to understand on first reading it. It shows, for example, that the UK division will (in 000s) pay £100 to the Spain division and receive €210 from Spain in the same period. Similarly, Spain will pay €210 to the UK and €120 to the USA, and receive €80 from Hong Kong. (i)Receipts and payments in sterling at spot mid-rates:Payments (read down) £000Receipts (read across)UK Spain Hong Kong USA TotalreceiptsUK – 128.96 64.2776.59 269.82Spain 100.00– 49.13– 149.13Hong Kong 35.71– –– 35.71USA 299.4073.69 26.78– 399.87 –––––––––––– –––––– –––––– –––––– Total payments (435.11)(202.65)(140.18) (76.59) 854.53Net (165.29)(53.52)(104.47)323.28Tutorial notes (1) Spot mid rates are US$1.4362/£1, €1.62835/£1 and HK$11.20185/£1. (2)The receipts minus payments figures are calculated simply by subtracting the payments total for each currency from the receipts total shown in the right-hand column of the table.As a result of multilateral netting the number of transactions may be reduced from nine to three, with the UK parent, the Spanish and Hong Kong subsidiaries each making one payment to the US subsidiary. (ii)Forward contracts, money market hedging and currency options will be illustrated.In order to minimise transaction costs, netting of trade will be used where possible. As the Hong Kong dollar is pegged against the US dollar, the exposure risk of the Hong Kong dollar will be hedged using US dollars. This involves a slight risk, as the Hong Kong dollar might discontinue its pegged position. As interest rates are less than 1% different between the USA and Hong Kong, the economic pressure for the Hong Kong dollar to devalue is not likely to be strong at present.ACCA P4: ADVANCED FINANCIAL MANAGEMENT4 KAPLAN PUBLISHINGUK parent net exposures (in 000s): Payments ReceiptsNet for hedging, ( ) is payment£100 –n.a. – €210€210HK$400 HK$720$HK320 = $US41.03 (at cross rate of $HK7.800/$US) US$430 US$110(US$320). So net = (US320) – US41.03 = (US$278.97)Only two exposures need to be hedged; receipts of €210,000 and payments of US$278,970. Forward markets: Euro1.6166€210,000= £129,902 receiptUS$1.4285$278,970= £195,289 paymentMoney markets: Euro hedge:Borrow Euro at 5.3% for three months: Euro1.01325€210,000or 207,254 to repay Euro 210,000 in three months' time.Convert Euro 207,254 at spot of E1.6292/£ to give £127,212.Invest £127,212 for three months at 6.0% to yield £127,212 × 1.015 = £129,120. US dollar hedge:Borrow £191,708 at 6.9% for three months, total cost £195,015. Convert £191,708 to dollars at the spot of $1.4358/£ to give $275,254. Invest $275,254 for three months at 5.4% to yield $278,970. Options:September put options on £ are required as a payment in US dollars is due.Exercise price 1.42:Number of contracts1.42$278,970= £196,458,£31,250£196,458= 6.29 contracts £31,250 × 6 × 1.42 = $266,250 is hedged, the remaining $12,720 will bebought forward at $1.4285/£ or a cost of £8,904. Exercise price 1.43:Number of contracts1.43$278,970= £195,084, £31,250$195,084= 6.24 contracts£31,250 × 6 × 1.43 = $268,125 is hedged, the remaining $10,845 will bebought forward at $1.4285/£ or a cost of £7,592.FINAL ASSESSMENT ANSWERSKAPLAN PUBLISHING 5Exercise price 1.44:Number of contracts1.44$278,970= £193,729,£31,250$193,729= 6.20 contracts £31,250 × 6 × 1.44 = $270,000 is hedged, the remaining $8,970 will bebought forward at $1.4285/£ or a cost of £6,279.Premium costs (including three months financing at 6.9% per annum) Exercise price:1.42 £187,500 ×2.15c = $4,031 @ $1.4358/£ = £2,808 × 1.01725 = £2,856 1.43 £187,500 ×3.12c = $5,850 @ $1.4358/£ = £4,074 × 1.01725 = £4,145 1.44 £187,500 ×4.35c = $8,156 @ $1.4358/£ = £5,680 × 1.01725 = £5,778Total cost if the option is exercised:1.42 £187,500 + £2,856 + £8,904 = £199,260 1.43 £187,500 + £4,145 + £7,592 = £199,237 1.44 £187,500 + £5,778 + £6,279 = £199,557Note: If the option is sold to include time value, rather than exercised, these costs would be slightly reduced.In order for the option to be preferred to the best alternative, the money market hedge which has a cost of £195,015, the total cost of using the option must be less than the cost of the money market hedge. The necessary costs of the option component of the hedge are estimated below, along with the spot rates that would produce this result.Money market – (Forward + Premium) = Required option costSpot rate 1.42 £195,015 £8,904 £2,856 £183,255 266,250/183,255 1.43 £195,015 £7,592 £4,145 £183,278 268,125/183,278 1.44 £195,015 £6,279 £5,778 £182,958 270,000/182,958The required spot rates for the option to be the preferred hedge are rates where the dollar is weaker than: 1.42 $1.4529/£ 1.43 $1.4629/£ 1.44 $1.4757/£ Conclusion :A forward market hedge is recommended for the euro transaction. For the $US payment a money market hedge or, alternatively, a currency option hedge with an exercise price of 1.42 is recommended. The 1.42 exercise price is chosen as this has a similar cost to the 1.43 option if it is exercised, but requires the dollar to depreciate less before the option hedge is the preferred alternative to the money market hedge.ACCA P4: ADVANCED FINANCIAL MANAGEMENT6 KAPLAN PUBLISHING(b)As the Russian currency is not convertible, if NTC wishes to export to Russia, payment through countertrade may be the only way in which the deal may be arranged. There may also be restrictions in Russia in the use of convertible foreign currency reserves for the purchase of imports, and limited access to bank credits. Without countertrade there may be no trade in these circumstances.Problems of countertrade include:(i) It requires considerable time and effort to organise, and often has high administrative costs.(ii)It may be difficult and expensive to establish a fair exchange ratio for goods to be countertraded.(iii) The price for wheat that NTC will receive may be unknown, although afutures market exists in wheat. (iv) The quality of the wheat is not known with certainty. (v)One party has to bear transportation costs of the wheat.(vi) Bank guarantees and other forms of security that exist in foreign tradethrough documentary letters of credit, bills of exchange, etc are unlikely to exist, possibly increasing the risk of trade for NTC. Advantages of countertrade include:(i) Allowing NTC to become known in the Russian market, which may generate future business.(ii)Eliminating the risks concerned with foreign exchange rate movements.Tutorial noteCountertrade involves the sale of goods (or services) to a customer in another country, usually a country whose currency is not freely convertible, and the receipt of payment from the customer in other goods rather than money. These goods are then sold on to another customer or distributor in a country with a freely convertible currency. For example, a Swiss exporter of optical equipment to a South American country might agree to take payment in other goods, say coffee beans, which could then be sold in the European markets for cash.(c) Futures hedge:Set up the current position: €4m × .05 × 6/12 = €100,000 Set up the hedge:(a) Buy or sell: Deposit → Buy futures contracts. (b) Number of contracts:contracts. 8=months3months6×€1m €4mFINAL ASSESSMENT ANSWERSKAPLAN PUBLISHING 7(c) State the hedge: Buy 8 € March future contracts at a price of 93.20.The play off:NowRate agreed Profit and loss Company rates 5.0% 4.0% (1.0%) Futures prices93.20 94.050.85% ––––––Buy Sell (0.15%) Profit on futures:Profit = 85 ticks × €25.00 × 8 contracts = €17,000The cash flows:Actual interest payable/receivable €4m × .04 × 6/12 = €80,000 Profit on futures €17,000 ––––––– The cash result €97,000 –––––––The play off:NowRate agreed Profit and lossCompany rates 5.0% 7.0% 2.0% Futures prices93.20 91.30(1.90%) –––––––Buy Sell 0.10% Loss on futures:Loss = 190 ticks × €25.00 × 8 contracts = (€38,000)The cash flows:Actual interest payable/receivable €4m × .07 × 6/12 = €140,000 Profit on futures (€38,000) –––––––– The cash result (€102,000) ––––––––Options hedge Set up hedge:(a) Calls or Puts: Deposit → Buy futures contracts → Buy calls(b) Choosing the exercise price: Call options – Deposit – Highest net receiptExercise priceImplied interest rateCost of premium Net receipt92.50 7.50% (0.90%) 6.60% 93.00 7.00% (0.54%) 6.46% 93.50 6.50% (0.24%) 6.26%(c) Options on futures: Therefore 8 contracts as previously calculated.ACCA P4: ADVANCED FINANCIAL MANAGEMENT8KAPLAN PUBLISHING(d) State the hedge: Buy 8 € March call contracts at an exercise price of92.50.Cost of the option:90 ticks × €25.00 × 8 contracts = €18,000 Decision point:Adverse movement Favourable movementExercise to protect Allow the option lapseActual interest paid80,000 140,000(note calculated already in futures part)Cost of the options (18,000) (18,000)Profit on futures Sell – 94.05 Buy – (92.50) ––––––1.55155 ticks × 25.00 × 8 contracts = 31,000 –––––– – –––––––Total payment93,000 122,000Summary table approach:The target in this question that interest receipts do not decrease by more than €2,500 from current rates. I have prepared a summary table to see if the specified target of €97,500 (i.e. €100,000 – €2,500) is achieved. Summary tableFutures Options Not hedged 1% fall 97,000 93,000 80,000 2% increase 102,000 122,000 140,000ConclusionsNeither futures nor options hedges can guarantee that the interestreceipts should be more than €97,500.The company should hedge, if it did not it could end up receiving only €80,000.It should hedge using futures as they give the highest receipt under both scenarios.The collar comment:In any option question always state that the company should consider the use of a collar. The collar is used to reduce the premium cost of the purchased option. The company would buy a call option (sets a minimum income) as normal but also sell puts options (sets the maximum income) on the same futures contract. Thus, the company is paid for limiting its ability to take advance of a favourable movement if the interest rate increases above the maximum rate the company does not benefit.FINAL ASSESSMENT ANSWERSKAPLAN PUBLISHING 9Marking schemeMarks(a)(i) Spot mid rates 2Completion of table, up to 6 C onclusion 1(ii) Calculation of $HK to $UK rate 2F orward contracts 2 M oney market hedge € only 3 P ut options $ only 5 C onclusion if consistent 1 D iscussion points 1 P resentation 1(b) 1 mark for each well explained point Max 6 (c) FuturesBuy March futures 2 Number of contracts 1 Hedge adverse movement, with outcome 2 Hedge favourable movement, with outcome 2Options Buy 8 March call contracts 3 Cost of options 2 Cash flows: when adverse movement 3 when favourable movement 1 Summary table 1 Collar comment 3––––Total 50––––2 LARKIN MOTORS(a)Valuations for BVThree possible methods of valuation that could be used to value the shares ofBV are: • net assets basis • dividend basis •earnings basis.Net assets attributable to equity of BV = £45mNumber of shares in issue = 1.5m ∴Net asset value per share = £30Usually, the net assets value method of valuing a company is not very useful since a conventional balance sheet is drawn up using costs (not market values) and excludes many valuable assets (e.g. trained employees, business know-how, etc). However in the case of BV we have a company with a number of owned car showrooms and a valuable franchise. If the showrooms are measured on the balance sheet at their open market value, and if the franchise is included on the balance sheet at cost or fair value, then it is possible that the company’s net asset value will be relevant to LM.ACCA P4: ADVANCED FINANCIAL MANAGEMENT10 KAPLAN PUBLISHINGThe dividend valuation model states that:Company value=rategrowth Annual equity of Cost totaldividend s year' Next –=0.05–0.1 1.05×£1 × 1.5m= £31.5mThere are a number of points that should be made concerning this valuation:•We have assumed that next year’s dividend will be this year’s dividend (£1 per share) increased by the general forecast growth rate. However, given that earnings are expected to almost double next year (from 1.5m × £1.53 = £2.3m, up to £4m), this estimate of next year’s dividend may be too modest.•We have assumed a cost of equity of 10%, since this is the industry average for similar companies. Clearly we need to assess whether BV is anything like an ‘average’ company before we can use this figure. •We have assumed that dividends will grow each year in the future at an annual rate equal to the 5% forecast growth rate for the company as a whole. Dividend policy is a matter for the directors of the company to decide, but in the long run this 5% rate may be reasonable. If LM acquires the company, it will be able to control the dividend policy directly.The earnings valuation for a company is given by: Company value = Earnings × Appropriate P/E ratio= £4m ×5.112237,1 = £44m In this valuation, next year’s earnings (as forecast by the Managing Director of BV) have been used. The MD has an interest in being optimistic and overstating the forecast earnings figure. The alternative would be to use this year’s earnings figure of 1.5m × £1.53 = £2.3m, which would produce a much lower valuation. There is no P/E ratio for BV, since it is a private company.We have used the only P/E ratio provided in the question, that for LM. P/E ratio =p5.112p237,1=EPS price Share = 11 It would be possible to adjust this P/E ratio arbitrarily either up or down toreflect the different characteristics of LM (a large public company with plenty of land and property) and BV (a smaller private company with good growth prospects), but since this adjustment could be either up or down, the simple decision has been taken to leave it unchanged.ConclusionThe following valuations for BV have been produced:£m Net assets basis 45Dividend valuation model 31.5Earnings basis (using current earnings) £2.3 × 11 = 25.3Earnings basis (using forecast earnings) £4.0 × 11 = 44.0LM should be prepared to negotiate within the range of £40m to, say, £48m.There seems little prospect of the shareholders of BV selling for less than the£45m net asset value, but perhaps some assets are overstated in the balancesheet.(b) Financial factors affecting the bidIt is unusual for the net assets basis of valuing a company to exceed thedividend basis and the earnings basis. There are many estimates used in thelatter two bases, so perhaps they are inaccurate in this example. As stated inpart (i), it would be unlikely that the shareholders of BV would agree to selltheir shares for less than the net assets basis, so in this example we can forgetthe dividend basis and the earnings basis.It is the Managing Director of BV who has approached LM, so the balance ofpower is such that LM can decide at its leisure whether to bid. LM has a marketcapitalisation of 25m × £12.37 = £309.25m. It is being asked to bid for a muchsmaller company, worth around £45m, in wealthy locations in the north ofEngland. LM appears to be a volume player in the motor car market, with noapparent experience of semi-rural showrooms. Given LM’s lack of experience,perhaps it should not bother to bid for this much smaller company, or certainlyit should not pay an excessive premium over net asset value.Curiously, we see that LM’s net asset value (£350m) also exceeds its marketvaluation (£309.25m). It is possible that the motor car business is unfavourablyvalued by the market. It is also possible that the market has overlooked the highasset backing to LM’s shares. It is possible that, if it launches a bid for BV andbecomes better known in the market as a result of the accompanying publicity,then LM itself could become a target for takeover bids.What other investment opportunities are available for the £45m (or so)expected to be invested in the acquisition?Do all the BV shareholders want to sell their shares, or will there be a significantminority interest that will want to hold on? LM might not want to acquire acompany if less than 100% of the shares can be acquired.(c) The form of funding the bidWe are looking to finance an acquisition costing in the region of £45m, andmust decide whether to offer shares or cash as the consideration. TheManaging Director of BV has indicated that holders of up to 50% of BV’s sharesmight accept shares.LM’s current debt ratio is 20%, thus:£309.25m+ debt s LM'debt s LM' = 0.2 ∴ LM’s current debt = 808561..£ = £77.3m The most new gearing possible would be if all the BV shareholders were paid incash, raised from new borrowings. Thus £45m of fresh debt would be issued. LM’s new debt ratio = 253094537745377...+++ = 28% This does not seem excessive for a large company such as LM, especiallyconsidering the excellent asset backing available to secure issues of debt.On the other hand, a new equity issue would reduce the debt ratio, but this isnot a pressing priority. In practice, some combination of shares and cash is likelyto be negotiated, depending on the requirements and tax positions of individualBV shareholders.Marking schemeMarks(a) Asset based valuation – calculation 1– comment 1 Dividend valuation – calculation 2– comment 3 Earnings valuation – calculation 2– comment 3 Recommendations – range for negotiation 2Max 12(b) One mark per valid point Max 6(c) One mark per valid point Max 7––––Total 25––––3 EMLYN CO(a) A strategy of diversification does not always provide a sound rationale for atakeover.One problem is that the synergies identified are often more difficult to achievewhen two businesses, which are quite different in nature, are combined. Suchdifferences may, for example, prevent Emlyn Co from benefiting fromeconomies of scale or the use of complementary resources. Similarly, althoughthe management team of Emlyn Co may be highly efficient and highlymotivated, it may not have the necessary skills to replace the managementteam of the victim company.There may also be problems in trying to integrate the operations of twodifferent kinds of business because of differences in market needs, businessculture and so on.Diversification is a useful way of dealing with risk and it is therefore intuitively appealing to see mergers and takeovers as a useful means to achieve this end.The question that must be asked however is whether the directors of the company should diversify or whether the shareholders should diversify. It is usually easier and cheaper for shareholders to diversify, by acquiring a diversified portfolio of shares, than for the directors to diversify.When the directors of a company diversify, by taking over another company, a significant premium is often paid to the shareholders of the target company. (b) In theory, shareholder wealth will increase if the NPV of the company’scashflows increases. In order for this to happen, there needs to be an increase in cashflows and/or a reduction in the cost of capital following the acquisition.There are various practical ways in which a gain may be achieved through a takeover. These include:Eliminating competitionA business can take over another in order to eliminate market competition. Byincreasing market share, the combined business may be in a better position to influence prices and, in turn, profits. However, this can have an adverse effect on the consumer and so the government may intervene when mergers and acquisitions that have a significant effect on market share are being proposed.Complementary resourcesA business may decide to acquire another in order to gain access to resources orparticular strengths that it lacks. For example, a business with a strong manufacturing base but with poorly-designed products may wish to acquire another business that has a strong manufacturing-design base. By combining the relative strengths of the two businesses, additional profits may be generated.Benefits of scaleAcquiring another business will result in the creation of a larger business. This in turn, can lead to economies of scale. These economies may be gained through exerting market power (e.g. negotiating lower prices by purchasing in bulk) or by cost savings (e.g. avoiding costs where duplication occurs).Underutilised resourcesIn some cases, the resources of a business may be underutilised. This may be due to a weak management team that has failed to exploit the full potential of the business. By taking over the business and installing a new management team, the resources of the business may be more fully utilised leading to additional profits being made.(Examiner’s note. Other answers to this part, such as market imperfections leading to undervalued shares in the target company, would have been acceptable.)(c) There are various reasons why a takeover may not yield the expected benefitsto the shareholders in the bidding company. These include:Paying too much for the target company.The management of the bidding company may pay too much for the target company. It is quite common for a premium to be paid to the shareholders of the target company in order to encourage them to sell their shares. Unless there are benefits accruing from the takeover, this premium paid will simply transfer wealth from the shareholders of the bidding company to the shareholders in the target company.Hidden problemsProblems that were hidden at the time of the takeover may emerge later to eliminate any gains that were anticipated. These problems may have been deeply buried and so may have been difficult to unearth, even where proper due diligence procedures were carried out prior to a takeover agreement.Integration issuesIntegrating the two businesses following takeover may prove a difficult task.There may be differences in culture, management style, and organisational methods and systems that cannot be easily reconciled. Integration problems are most acute where there is an attempt to impose a common style and common systems following takeover. Where the former target company is allowed to maintain its own identity and its own systems, integration problems are likely to be much less of an issue.Management attitudes and motivationOnce the takeover has been completed, managers may expect the enlarged business to achieve success without the need for much effort. They may feel that the takeover was the most important ingredient for success and expect that future operations will run smoothly. In some cases, an exhausting takeover struggle may leave managers with little energy or enthusiasm for ensuring that things go according to plan.(d) Financial analysts play a key role in ensuring stock markets are efficient.They provide information about listed companies to investors, which should help in ensuring that share prices reflect their ‘true value’.In addition to disseminating information to others, they are constantly examining share prices in the hope of finding shares that are inefficiently priced.Where the price of a share in a listed company is below its ‘true value’, there is an incentive to buy the shares, assuming that the ‘true value’ will eventually be recognised by the market.The effect of buying the shares will be to eliminate the price inefficiency and so bring the share price into line with the ‘true value’.It is often claimed that an efficient market reflects a paradox. The search for inefficiently priced shares by financial analysts, investment managers and others is based on a belief that the market is inefficient. This search, however, eliminates any price inefficiencies that may exist and thereby helps to create an efficient market.Marking schemeMarks (a) Diversification – generally 1 mark per sensible pointMax 6 key points are – should the company bother to diversify when investors can do sofor themselves?– will any identified synergies actually be realised?(b) Increase in wealthTheory – link to NPV1 Up to 1½ marks per key practical point if well explained Max 6––––––Max 7––––––(c) Up to 2 marks per key practical point if well explained Max 7(d) One mark per valid, well explained point Max 5––––––Total 25–––––– 4 LAMBLEY PLC(a) Five key factors are:Pa = 1.80Pe = 1.50r = 10% (0.1)s = 50% (0.5)t = 3 months (so 0.25 years)Step 1: Calculate d 1 and d 2d 1 =t s )t 0.5s +(r + ) (Pa/Pe ln 2 d 1 =0.25 × 0.5 )0.250.5+(0.1 + ) (1.80/1.50 ln 3 d 1 =0.25 0.0563 + 0.1823 d 1 = 0.95d 2 = d 1 − s √T= 0.95 − 0.5 × √0.25= 0.70Step 2: Use normal distribution tables to find the value of N(d 1) and N(d 2)N(d 1) = 0.5 + 0.3289 = 0.8289N(d 2) = 0.5 + 0.2580 = 0.7580Step 3: Plug these numbers into the Black- Scholes formulaValue of a call option = [Delta × Share price] – [Bank loan]= P a N(d 1) – P e e –rT N(d 2)= 1.80 × 0.8289 – 1.50e –(0.1× 0.25) 0.7580= 1.4920 – 1.4630 × 0.7580= 0.3830 = Intrinsic value and Time value(Reasonableness check: this exceeds the intrinsic value of 0.3 so it looks ok.)A call option on 4,000 Lambley shares would be quoted at 4,000 × £0.3830 = £1,532.(b) Client B purchased 10,000 shares and which to hedge the position, how manycall options would he have to sell to construct a risk free investment? 0.8289 = soldcalls of Number 10,000 = Sell 12,064 call options (c) Using put call parity to value a put option£0.3803 £1.80Value of a call option Buy a share+ = +Invest the PV Value of a put optionof the exercise price1.50e –(0.1 × 0.25)= £0.3830 + £1.4630 − £1.80 = Value of a put= £0.0460= 2,000 puts would therefore cost= 2,000 × 0.046 = £92(Reasonableness check: this option is out of the money so we would expect a low value.)(d) The same basic principles apply to the value of a currency option as to an equityoption. Imagine we wanted an option to buy sterling with US dollars (a call option on £). The value of the call option would depend upon:1The spot exchange rate. The higher the spot price of sterling ($ per £) the more valuable the option to buy it at a fixed price will be. 2The exercise price. The lower the exercise price ($ per £) the more valuable the option. 3The time to expiry. The longer the time period to expiry the more chance there is of the price of sterling rising ($ per £). 4 The volatility of the exchange rate. The more volatile the exchange ratethe more chance there is of sterling rising.。
ACCA P4高级财务管理
2、Financial reconstruction(Capital structure\Leveraged buyouts\debt for equity swaps)
3、Business reorganization(Divestme nts\Demerges\Sell-offs)
GNT Co considers duration of the bond to be a key factor when making decisions on which bond to invest.
Required: (a) Estimate the Macaulay duration of the two bonds GNT Co is considering for investment. (9 marks) (b) Discuss how useful duration is as a measure of the sensitivity of a bond price to changes in interest rates. (8 marks)
Market Price = $991· 15 Duration = [38· x 1 + 36· x 2 + 35· x 3 + 33· x 4 + 846· x 39 84 36 93 63 5]/991· = 4· years 15 63
(b) 1、The sensitivity of bond prices to changes in interest rates is dependent on their redemption dates. Bonds which are due to be redeemed at a later date are more pricesensitive to interest rate changes, and therefore are riskier.（敏感性取决于期限，长，敏感）
acca考试内容
acca考试内容
ACCA考试内容包括：1. 基础阶段（Fundamentals）这个阶段包括两
个部分：知识模块（Knowledge）和技能模块（Skills）。
知识模块包括
F1到F3三门课程，主要涵盖财务会计、管理会计和商业法律等基础知识。
技能模块包括F4到F9六门课程，主要涵盖财务管理、财务报告、税务、
审计、企业战略和风险管理等方面的知识和技能。
2. 专业阶段（Professional）这个阶段包括两个部分：基础专业模块（Essentials）
和选修专业模块（Options）。
基础专业模块包括P1到P3三门课程，主
要涵盖企业战略、风险管理、领导力和职业道德等方面的知识和技能。
选
修专业模块包括P4到P7四门课程，学员可以根据自己的职业发展需求选
择其中的一门或多门课程，主要涵盖财务分析、企业评估、税务筹划、审
计和财务管理等方面的知识和技能。
ACCA考试采用计算机化考试形式，
每门课程考试时间为3小时，考试形式为选择题和案例分析题。
考试成绩
以百分制计算，60分及以上为及格，50分至59分为临界区，低于50分
为不及格。
考试通过后，学员可以获得ACCA会员资格，成为国际认可的
财务会计和管理会计专业人士。