完全版F3練習テスト346特別な問題と解答が待ってます！
CIMA Strategic level問題集でF3試験完全版問題で試験学習ガイド
質問 # 65
A company wishes to raise new finance using a rights issue to invest in a new project offering an IRR of 10% The following data applies:
* There are currently 1 million shares in issue at a current market value of $4 each.
* The terms of the rights issue will be $3.50 for 1 new share for 5 existing shares.
* The company's WACC is currently 8%.
What is the yield-adjusted theoretical ex-rights price (TERP)?
Give your answer to 2 decimal places.
$ ?
正解：
解説：
4.06, 4.060
質問 # 66
Which THREE of the following remain unchanged over the life of a 10 year fixed rate bond?
- A. The coupon rate
- B. The nominal value
- C. The amount payable on maturity
- D. The market value
- E. The yield
正解：A、B、C
質問 # 67
A company's current profit before interest and taxation is $1.1 million and it is expected to remain constant for the foreseeable future.
The company has 4 million shares in issue on which the earnings yield is currently 10%. It also has a $2 million bond in issue with a fixed interest rate of 5%.
The corporate income tax rate is 20% and is expected to remain unchanged.
Which of the following is the best estimate of the current share price?
- A. $2.50
- B. $2.75
- C. $1.10
- D. $2.00
正解：D
質問 # 68
A listed company follows a policy of paying a constant dividend. The following information is available:
* Issued share capital (nominal value $0.50) $60 million
* Current market capitalisation $480 million
The shareholders are requesting an increased dividend this year as earnings have been growing. However, the directors wish to retain as much cash as possible to fund new investments. They therefore plan to announce a
1-for-10 scrip dividend to replace the usual cash dividend.
Assuming no other influence on share price, what is the expected share price following the scrip dividend?
Give your answer to 2 decimal places.
$ ?
正解：
解説：
3.64, 3.63, 3.65
質問 # 69
A company plans to raise $12 million to finance an expansion project using a rights issue.
Relevant data:
* Shares will be offered at a 20% discount to the present market price of $15.00 per share.
* There are currently 2 million shares in issue.
* The project is forecast to yield a positive NPV of $6 million.
What is the yield-adjusted Theoretical Ex-Rights Price following the announcement of the rights issue?
- A. $11.00
- B. $9.00
- C. $16.00
- D. $14.00
正解：C
質問 # 70
A company's directors plan to increase gearing to come in line with the industry average of 40%. They need to know what the effect will be on the company's WACC.
According to traditional theory of gearing the WACC is most likely to:
正解：
解説：
質問 # 71
A venture capitalist invests in a company by means of buying:
* 9 million shares for $2 a share and
* 8% bonds with a nominal value of $2 million, repayable at par in 3 years' time.
The venture capitalist expects a return on the equity portion of the investment of at least 20% a year on a compound basis over the first 3 years of the investment.
The company has 10 million shares in issue.
What is the minimum total equity value for the company in 3 years' time required to satisify the venture capitalist's expected return?
Give your answer to the nearest $ million.
$ million.
正解：
解説：
34, 35,
34000000, 35000000
質問 # 72
Which of the following statements best describes a residual dividend policy?
- A. Dividends are paid only after the on-going operational needs of the business have been met.
- B. All surplus earnings are invested back into the business.
- C. Dividends are paid only if no further positive NPV projects are available.
- D. Dividends are paid at a constant rate.
正解：C
質問 # 73
A company with 4 million shares in issue wishes to raise $4 million by means of a rights issue
The share price prior to the rights issue is $5.00.
Under the rights issue, 1 million new shares will be issued at $4.00.
When the rights issue is announced it is expected that the Theoretical Ex-rights Price (TERP) will be $4.80
The directors of the company are considering offering any shareholder who does not wish to take up the rights the opportunity to sell the rights back to the company for $1.00.
Which of the following is the most likely consequence of the directors offer?
- A. It will have no effect on the take up of the rights because shareholder wealth will be the same whether the rights are taken up or sold back to the company
- B. It will result in fewer shareholders taking up the rights and as a consequence less cash will be raised from the rights issue
- C. The directors offer will increase demand for the shares and as a consequence the share price will rise above the theoretical ex-rights price.
- D. It will encourage more shareholders to sell their lights on the open market.
正解：B
質問 # 74
Extracts from a company's profit forecast for the next financial year as follows:
Since preparing the forecast, the company has decided to return surplus cash to shareholders by a share repurchase arrangement.
The share repurchase would result in the company purchasing 20% of the 1,250 million ordinary shares currently in issue and canceling them.
Assuming the share repurchase went ahead, the impact on the company's forecast earnings per share will be an increase of:
- A. $0.125
- B. $0.100
- C. $0.175
- D. $0.200
正解：B
質問 # 75
A company plans to cut its dividend but is concerned that the share price will fall.
This demonstrates the _____________ effect
正解：
解説：
clientele
質問 # 76
Company A is planning to acquire Company B by means of a cash offer. The directors of Company B are prepared to recommend acceptance if a bid price can be agreed. Estimates of the net present value (NPV) of future cash flows for the two companies and the combined group post acquisition have been prepared by Company A's accountant. There are as follows:
What is the maximum price that Company A should offer for the shares in Company B?
Give your answer to the nearest $ million
正解：
解説：
150
質問 # 77
A listed company is considering either a one-off special divided or a share repurchase scheme to reduce its surplus cash level.
Identify TWO advantages that a one-off special payment has over a share repurchase scheme.
- A. It is easier to arrange than a share repurchase
- B. It allows shareholder a choice of option in or out of the payment.
- C. It will change balance of share owners.
- D. It would result in a transfer of wealth back to the shareholder
- E. It will reduce the possibility of a hostile takeholder
正解：A、C
質問 # 78
Company P is a pharmaceutical company listed on an alternative investment market.
The company is developing a new drug which it hopes to market in approximately six years' time.
Company P is owned and managed by a group of doctors who wish to retain control of the company. The company operates from leased laboratories with minimal fixed assets.
Its value comes from the quality of its research staff and their research.
The company currently has one approved drug which generates sufficient cashflow to cover day to day operations but not sufficient for major new research and development.
Company P wish to raise debt finance to develop the new drug.
Recommend which of the following types of debt finance would be most appropriate for Company P to help finance the development of this new drug.
- A. 3% Commercial Paper.
- B. 6% Eurobond repayable at par in 5 years' time.
- C. 4% Convertible bond with a conversion ratio of 350 ordinary shares per bond.
- D. 5% Bond repayable at par in 7 years' time.
正解：C
質問 # 79
A company's Board of Directors wishes to determine a range of values for its equity.
The following information is available:
Estimated net asset values (total asset less total liabilities including borrowings):
* Net book value = $20 million
* Net realisable value = $25 million
* Free cash flows to equity = $3.5 million each year indefinitely, post-tax.
* Cost of equity = 10%
* Weighted Average Cost of Capital = 7%
Advise the Board on reasonable minimum and maximum values for the equity.
- A. Minimum value = $25.0 million, and maximum value = $50.0 million
- B. Minimum value = $20.0 million, and maximum value = $50.0 million
- C. Minimum value = $25.0 million, and maximum value = $35.0 million
- D. Minimum value = $20.0 million, and maximum value = $35.0 million
正解：C
質問 # 80
A national rail operating company has made an offer to acquire a smaller competitor.
Which of the following pieces of information would be of most concern to the competition authorities?
- A. The board informed a major institutional shareholder about the proposed acquisition before informing other shareholders.
- B. The acquisition is likely to result in significant redundancies of staff currently working for the smaller rail operator.
- C. After the acquisition, the board proposes to increase prices on some routes not serviced by other rail operators.
- D. After the acquisition, the board proposes to withdraw some of the less profitable services.
正解：C
質問 # 81
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