CIMA CIMAPRA19-F03-1 問題集

質問 1：
Company AEE has a 10 year 6% corporate bond in issue which has a nominal value of $400 million, which is currently trading at 95%. The bond is secured on the company's property The Board of Directors has calculated the equity value of Company AEE as follows;

Which THREE of the following are errors in the valuation?
A. Using cash flows to equity rather than expected dividends as the initial cash flows.
B. Deducting $400 million for the value of the company's corporate bond.
C. Using the company's weighted average cost of capital to discount cash flows attributable to shareholders.
D. Including retained earnings from the Statement of Financial Position.
E. Deducting replacement capital expenditure
正解：C,D,E

質問 2：
Which THREE of the following statements are true of a money market hedge?
A. They offer roughly the same outcome as a forward contract.
B. They may be a little more flexible in comparison to a forward contract.
C. They are more complex than forward contracts.
D. They are easy to set up.
E. They leave the company exposed to currency risks.
正解：A,C,E

質問 3：
A venture capitalist is most likely to take which THREE of the following exit routes?
A. Selling back to the original owners.
B. Raising long-term debt from the company.
C. Trade sale to another company.
D. Liquidation of the company.
E. Flotation via a stock market listing.
正解：C,D,E

質問 4：
A company based in Country A with the A$ as its functional currency requires A$500 million 20-year debt finance to finance a long-term investment The company has a high credit rating, but has not previously issued corporate bonds which are listed on the stock exchange Which THREE of the following are advantages of issuing 20 year bonds compared with simply borrowing for a 20 year period?
A. Larger capital market
B. Less administrative effort to arrange the new finance
C. Lower interest rate
D. Greater availability of debt of 20-year duration
E. Lower arrangement costs
正解：A,C,D

質問 5：
XCV can borrow at either 9.5% fixed or the risk-free rate plus 1.3%.
XCV wishes to borrow at a variable rate and thinks that a swap may enable it to do so cheaply BNM can borrow the same principal sum as XCV It can borrow at 10 5% fixed or the risk-free rate plus 2 1 % BNM wishes to raise fixed rate debt XCV and BNM have agreed to use an interest rate swap They will share any savings equally Calculate the effective swap rate that will be paid by XCV.
Give your answer to one decimal place.

正解：
Pending

質問 6：
HHH Company has a fixed rate loan at 10.0%, but wishes to swap to variable. It can borrow at the risk-free rate +8%. The bank is currently quoting swap rates of 3.1% (bid) and 3.5% (ask). What net rate will HHH Company pay if it enters into the swap?
A. Risk-free rate+3.1%
B. Risk-free rate +8%
C. Risk-free rate +6.5%
D. Risk-free rate +6.9%
正解：A