CIMA F3 問題集

質問 1：
NNN is a company financed by both equity and debt. The directors of NNN wish to calculate a valuation of the company's equity and at a recent board meeting discussed various methods of business valuation.
Which THREE of the following are appropriate methods for the directors of NNN to use in this instance?
A. Cash flow to all investors discounted at WACC less the value of debt.
B. Total earnings multiplied by a suitable price-earnings ratio.
C. Cash flow to equity discounted at the cost of equity.
D. Cash flow to all investors discounted at WACC.
E. Cash flow to equity discounted at the cost of equity less the value of debt.
正解：A,B,C

質問 2：
A listed company is financed by debt and equity.
If it increases the proportion of debt in its capital structure it would be in danger of breaching a debt covenant imposed by one of its lenders.
The following data is relevant:

The company now requires $800 million additional funding for a major expansion programme.
Which of the following is the most appropriate as a source of finance for this expansion programme?
A. Retained earnings
B. Bank overdraft
C. Private placement of a bond
D. Rights issue
正解：D

質問 3：
Company Z has identified four potential acquisition targets: companies A, B, C and D.
Company Z has a current equity market value of $580 million.
The price it would have to pay for the equity of each company is as follows:

Only one of the target companies can be acquired and the consideration will be paid in cash.
The following estimations of the new combined value of Company Z have been prepared for each acquisition before deduction of the cash consideration:
Ignoring any premium paid on acquisition, which acquisition should the directors pursue?
A. D
B. A
C. B
D. C
正解：D

質問 4：
A company which is forecast to experience a strong growth in its profitability is evaluating a potential bond issue.
Which of the following changes in corporate income tax and in bond yields would make the bond issue more attractive to the company?
A. A decrease in corporate tax and a decrease in bond yields.
B. An increase in corporate tax and an increase in bond yields.
C. A decrease in corporate tax and an increase in bond yields.
D. An increase in corporate tax and a decrease in bond yields.
正解：C

質問 5：
Company A is unlisted and all-equity financed. It is trying to estimate its cost of equity.
The following information relates to another company, Company B, which operates in the same industry as Company A and has similar business risk:
Equity beta = 1.6
Debt:equity ratio 40:60
The rate of corporate income tax is 20%.
The expected premium on the market portfolio is 7% and the risk-free rate is 5%.
What is the estimated cost of equity for Company A?
Give your answer to one decimal place.
正解：
? %
12.3, 12.30

質問 6：
A listed entertainment and media company produces and distributes films globally. The company invests heavily in intellectual property in order to create the scope for future film projects. The company has five separate distribution companies, each managed as a separate business unit The company is seeking to sell one of its business units in a management buy-out (MBO) to enable it to raise finance for proposed new investments The business unit managers have been in discussions with a bank and venture capitalists regarding the financing for the MBO The venture capitalists are only prepared to invest a mixture of debt and equity and have suggested the following:

The venture capitalists have stated that they expect a minimum return on their equity investment of 3Q°/o a year on a compound basis over the first 5 years of the MBO No dividends will be paid during this period.
Advise the MBO team of the total amount due to the venture capitalist over the 5-year period to satisfy their total minimum return?
A. $155.14 million
B. $120 14 million
C. $146 39 million
D. $111 39 million
正解：D

質問 7：
The shares of a company in a high technology industry have been listed on a stock exchange for 10 years.
During this period, it has paid no dividends but invested all retained earnings in growth. The company is now entering a period of relatively stable growth and the directors are considering beginning to pay dividends They are reviewing the following suggestions made by members of the board:
* Pay cash dividends linked to growth in earnings
* Use a residual theory approach to establish cash dividends
* Issue scrip dividends (shares instead of cash)
* Continue to pay no dividends as dividends are irrelevant to the value of the company Which THREE of the following are correct statements for the directors to take into consideration when making a decision about future dividend policy?
A. Ignoring taxation and administrative costs, shareholders can provide their own dividends by selling shares in the market
B. Modigliani and Miller argue that, ignoring taxation, as long as positive net present value projects are invested in, shareholder wealth will increase, regardless of dividend payments.
C. The residual theory of dividends suggest that dividends should only be paid after all operating costs have been met.
D. Shareholder preferences for cash or scrip dividends will be influenced by their tax positions
E. Neither cash nor scrip dividends will have an effect on earnings per share
正解：A,B,D

質問 8：
Company X is based in Country A, whose currency is the A$.
It trades with customers in Country B, whose currency is the B$.
Company X aims to maintain its revenue from exports to Country B at 25% of total revenue.
Company A has the following forecast revenue:

The forecast revenue from Country B has assumed an exchange rate of A$1/B$2, that is A$1 = B$2.
If the B$ depreciates against the A$ by 10%, the ratio of revenue generated from Country B as a percentage of total revenue will:
A. rise to 27.0%.
B. fall to 22.7%.
C. rise to 30.3%.
D. fall to 23.3%.
正解：D