2023年06月実際に出るF3試験問題集には正確で更新された問題
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質問 # 67
Which of the following would be a reason for a company to adopt a low dividend pay-out policy?
- A. A lack of alternative sources of finance
- B. A lack of investment opportunities
- C. High profitability
- D. Using dividends to give a signal to the stock market
正解：D
質問 # 68
Company E is a listed company. Its directors are valuing a smaller listed company, Company F, as a possible acquisition.
The two companies operate in the same markets and have the same business risk.
Relevant data on the two companies is as follows:
Both companies are wholly equity financed and both pay corporate tax at 30%.
The directors of Company E believe they can "bootstrap" Company F's earnings to improve performance.
Calculate the maximum price that Company E should offer to Company F's shareholders to acquire the company.
Give your answer to the nearest $million.
- A. 2,700
- B. 1,890
- C. 3,150
- D. 4,500
正解：C
質問 # 69
Company P is a large unlisted food-processing company.
Its current profit before interest and taxation is $4 million, which it expects to be maintainable in the future.
It has a $10 million long-term loan on which it pays interest of 10%.
Corporate tax is paid at the rate of 20%.
The following information on P/E multiples is available:
Which of the following is the best indication of the equity value of Company P?
- A. $48 million
- B. $40 million
- C. $24 million
- D. $80 million
正解：C
質問 # 70
A company is based in Country Y whose functional currency is Y$. It has an investment in Country Z whose functional currency is Z$.
This year the company expects to generate Z$ 10 million profit after tax.
Tax Regime:
* Corporate income tax rate in country Y is 50%
* Corporate income tax rate in country Z is 20%
* Full double tax relief is available
Assume an exchange rate of Y$ 1 = Z$ 5.
What is the expected profit after tax in Y$ if the Z$ profit is remitted to Country Y?
- A. Y$ 1.25 million
- B. Y$ 1.00 million
- C. Y$ 31.25 million
- D. Y$ 4.00 million
正解：A
質問 # 71
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：
解説：
12.3, 12.30
質問 # 72
Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:
HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?
- A. Share price x number of shares in issue
- B. Cash flows of S24 million discounted at the cost of equity
- C. Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
- D. Share price x number of shares in issue plus retained profits
- E. Cash flows of S14 million discounted at the cost of equity
正解：A、C、D
質問 # 73
A listed company plans to raise $350 million to finance a major expansion programme.
The cash flow projections for the programme are subject to considerable variability.
Brief details of the programme have been public knowledge for a few weeks.
The directors are considering two financing options, either a rights issue at a 20% discount to current share price or a long term bond.
The following data is relevant:
The company's share price has fallen by 5% over the past 3 months compared with a fall in the market of 3% over the same period.
The directors favour the bond option.
However, the Chief Accountant has provided arguments for a rights issue.
Which TWO of the following arguments in favour of a right issue are correct?
- A. The issue of bonds might limit the availability of debt finance in the future.
- B. The administrative costs of a rights issue will be lower.
- C. The recent fall in the share price makes a rights issue more attractive to the company.
- D. The WACC will decrease assuming Modigliani and Miller's Theory of Capital Structure without taxes applies.
- E. The rights issue will lead to less pressure on the operating cash flows of the programme.
正解：A、E
質問 # 74
A company has in a 5% corporate bond in issue on which there are two loan covenants.
* Interest cover must not fall below 3 times
* Retained earnings for the year must not fall below $3.5 million
The Company has 200 million shares in issue.
The most recent dividend per share was $0.04.
The Company intends increasing dividends by 10% next year.
Financial projections for next year are as follows:
Advise the Board of Directors which of the following will be the status of compliance with the loan covenants next year?
- A. The company will breach the covenant in respect of retained earnings only.
- B. The company will be in breach of both covenants.
- C. The company will be in breach of the covenant in respect of interest cover only.
- D. The company will be in compliance with both covenants.
正解：A
質問 # 75
A company based in Country A with the A$ 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. Less administrative effort to arrange the new finance
- B. Greater availability of debt of 20-year duration
- C. Larger capital market
- D. Lower interest rate
- E. Lower arrangement costs
正解：B、C、D
質問 # 76
CI IJ has decided to move its production plant to overseas country X.
This would make the product cheaper to produce. The technology used to make the product is very advanced and some of the skilled staff would have to move to country X.
The Production Director has identified that there are some political risks in moving to county X.
For each of the political risks of moving to country X shown below, select the correct method for reducing the risk.
正解：
解説：
質問 # 77
A company's current earnings before interest and taxation are $5 million.
These are expected to remain constant for the forseeable future.
The company has 10 million shares in issue which currently trade at $3.60.
It also has a $10 million long term floating rate loan.
The current interest rate on this loan is 5%.
The company pays tax at 20%.
The company expects interest rates to increase next year to 6% and it's Price/Earnings (P/E) ratio to move to 9.5 times by the end of next year.
What percentage reduction in the share price will occur by the end of next year if the interest rate increase and the P/E movement both occur?
- A. Reduction of 7%
- B. Reduction of 5%
- C. Reduction of 1%
- D. Reduction of 0%
正解：A
質問 # 78
A company generates and distributes electricity and gas to households and businesses.
Forecast results for the next financial year are as follows:
The Industry Regulator has announced a new price cap of $2.00 per Kilowatt.
The company expects this to cause consumption to rise by 15% but costs would remained unaltered.
The price cap is expected to cause the company's net profit to fall to:
- A. $8.75 million profit
- B. $43.00 million profit
- C. $126.50 million loss
- D. $164.00 million profit
正解：D
質問 # 79
Using the CAPM, the expected return for a company is 10%. The market return is 7% and the risk free rate is 1%.
What does the beta factor used in this calculation indicate about the risk of the company?
- A. It is not possible to tell from CAPM.
- B. It has greater risk than the average market risk.
- C. It has lower risk than the average market risk.
- D. It has the same risk as the average market risk.
正解：B
質問 # 80
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 # 81
A listed company in a high growth industry, where innovation is a key driver of success has always operated a residual dividend policy, resulting in volatility in dividends due to periodic significant investments in research and development.
The company has recently come under pressure from some investors to change its dividend policy so that shareholders receive a consistent growing dividend. In addition, they suggested that the company should use more debt finance.
If the suggested change is made to the financial policies, which THREE of the following statements are true?
- A. The company's financial risk will increase due to its increased use of debt finance.
- B. It may give a signal to the market that the company is entering a period of stable growth.
- C. The directors will not have to take shareholder dividend preferences into consideration in future.
- D. Retained earnings have a lower cost than debt finance.
- E. There may be a change to the shareholder profile due to 'the clientele effect'.
正解：A、B、E
質問 # 82
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?
A)
B)
C)
D)
- A. Option B
- B. Option A
- C. Option D
- D. Option C
正解：A
質問 # 83
Company ABC's management has noticed that Company BCD has quickly built up a 20% stake by buying shares in Company ABC and are concerned that this is the start of a hostile bid.
This build-up of shares triggers the poison pill provision which automatically converts the rights to buy future preference shares previously issued to existing shareholders in Company ABC to full ordinary shares
What is the most likely impact of the triggering of a poison pill strategy at this stage in the bidding process?
- A. Company BCD loses value on its shareholding and has to sell at a loss before losing more value
- B. It is too late for a poison pill strategy to have any impact on a hostile takeover because Company BCD has already built up a significant stake in Company ABC.
- C. Company ABC becomes less attractive due to a fall in value of the shares as a result of the discount.
- D. The threat of a hostile takeover is reduced because Company ABC becomes more expensive to buy.
正解：D
質問 # 84
Company A is planning to acquire Company B at a price of $ 65 million by means of a cash bid.
Company A is confident that the merged entity can achieve the same price earnings ratio as that of Company A.
What does Company A expect the value of the merged entity to be post acquisition?
- A. $187.5 million
- B. $156.0 million
- C. $207.0 million
- D. $122.5 million
正解：D
質問 # 85
The Board of Directors of a small listed company engaged in exploration are currently considering the future dividend policy of the company. Exploration is considered a high-risk business and consequently the company has a low level of debt finance.
Forecasts indicate a period of profit fluctuation in the next few years as the company is planning to embark on a major capital investment project. Debt finance is unlikely to be available due to the project's high business risk.
Which THREE of the following are practical considerations when determining the company's dividend/retention policy?
- A. The dividend policies of mature listed multinational companies in the exploration industry.
- B. The legislation and regulation governing distributable profits.
- C. The fluctuating nature of the projected future profits.
- D. The general level of interest rates and the tax savings on interest costs relating to debt finance.
- E. The timing and size of the cash flow requirements for the new investment.
正解：B、C、E
解説：
Explanation
Discursive_F0
質問 # 86
Company W has received an unwelcome takeover bid from Company B. The offer is a share exchange of 3 shares in Company B for 5 shares in Company W or a cash alternative of $5.70 for each Company W share.
Company B is approximately twice the size of Company W based on market capitalisation. Although the two companies have some common business interested the main aim of the bid is diversification for Company B.
Company W has substantial cash balances which the directors were planning to use to fund an acquisition. These plans have not been announced to the market.
The following share price information is relevant.
Which of the following would be the most appropriate action by Company W's directors following receipt of this hostile bid?
- A. Refer the bid to the country's competition authorities.
- B. Change the Articles of Association to increase the percentage of shareholder votes required to approve a takeover.
- C. Write to shareholders explaining fully why the company's share price is under valued.
- D. Pay a one-off special dividend.
正解：C
質問 # 87
A listed company plans to raise $350 million to finance a major expansion programme.
The cash flow projections for the programme are subject to considerable variability.
Brief details of the programme have been public knowledge for a few weeks.
The directors are considering two financing options, either a rights issue at a 20% discount to current share price or a long term bond.
The following data is relevant:
The company's share price has fallen by 5% over the past 3 months compared with a fall in the market of
3% over the same period.
The directors favour the bond option.
However, the Chief Accountant has provided arguments for a rights issue.
Which TWO of the following arguments in favour of a right issue are correct?
- A. The issue of bonds might limit the availability of debt finance in the future.
- B. The administrative costs of a rights issue will be lower.
- C. The recent fall in the share price makes a rights issue more attractive to the company.
- D. The WACC will decrease assuming Modigliani and Miller's Theory of Capital Structure without taxes applies.
- E. The rights issue will lead to less pressure on the operating cash flows of the programme.
正解：A、E
質問 # 88
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