F3試験をパスするなら弊社のCIMA Strategic level試験パッケージを今すぐゲットして合格せよ [Q197-Q219]

F3試験をパスするなら弊社のCIMA Strategic level試験パッケージを今すぐゲットして合格せよ

完全版最新の2023年最新のF3試験問題集テストガイド、専門トレーニングJPNTest

CIMA F3（財務戦略）試験は、経営会計士の主要なプロフェッショナル資格であるCIMA資格の重要な部分です。F3試験は、候補者が実際のビジネスシチュエーションに財務戦略の概念と技術を適用する能力をテストするよう設計されています。試験は2つのセクションに分かれており、セクションAとセクションBがあります。セクションAには35の客観的テスト問題があり、セクションBは、ケーススタディに関連する一連の質問から構成されるケーススタディです。

質問 # 197
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. Cash flow to all investors discounted at WACC.
C. Cash flow to equity discounted at the cost of equity less the value of debt.
D. Total earnings multiplied by a suitable price-earnings ratio.
E. Cash flow to equity discounted at the cost of equity.

正解：A、D、E

質問 # 198
A company intends to sell one of its business units, Company R by a management buyout (MBO).
A selling price of $100 million has been agreed.
The managers are discussing with a bank and a venture capital company (VCC) the following financing proposal:

The VCC requires a minimum return on its equity investment in the MBO of 30% a year on a compound basis over 5 years.
What is the minimum TOTAL equity value of Company R in 5 years time in order to meet the VCC's required return?
Give your answer to one decimal place.
$ ? million

A. 111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.8
B. 111.4, 111, 111.0, 111.1, 111.2, 111.3, 111.5, 111.6, 111.7

正解：B

質問 # 199
An unlisted company which is owned and managed by its original founders has accumulated excess cash following many years of profitable trading.
The Board of Directors is comprised of the four original founders who each hold 25% of the equity share capital.
Which THREE of the following will be significant considerations when deciding on the company's dividend policy?

A. The impact of the dividend policy on the company's share price.
B. The cash requirements of the shareholders in the foreseeable future.
C. Income tax rates and the personal tax liabilities of the shareholders.
D. The dividend policy of listed companies in the same industry.
E. The adequacy of the pension funds of the original founders.

正解：B、C、E

質問 # 200
Company A has made an offer to acquire Company Z.
Both companies are quoted and their current market share prices are:
* Company A - $4
* Company Z - $5
Shareholders in company Z have been given three alternative offers:
* Cash of $5.50 per share
* Share for share exchange on the basis of 3 for 2
* 10.5% long dated bond for every 20 shares
The bond is has a nominal value of $100 and the expected yield on bonds of similar risk is 10%.
You are advising a Company Z shareholder on the three offers.
She requires a 15% premium if she is to accept the offer.
In providing your advice, which of the following statements is correct?

A. The value of the consideration given by the cash and bond offers is certain, unlike the share offer.
B. The share for share exchange is the only offer which is above the acceptance threshold.
C. The bond offer is above the minimum threshold and should be accepted.
D. The bond offer is only worth $100 which represents a zero premium and should be rejected.

正解：B

質問 # 201
A UK based company is considering investing GBP1 ,000,000 in a project it the USA. It is anticipated that the project will yield net cash inflows of USD580.000 each year for the next three years. These surplus cash flows will be remitted to the UK at the end of each year.
Currently GBP1.00 is worth USD1.30.
The expected inflation rates in the two countries over the next four years are 2% in the UK and 4% in the USA.
Applying the purchasing power parity theory, which of the following represents the expected remittance at the end of year three, in GBP whole the nearest whole GBP)?

A. GBP546,547
B. GBP472,916
C. GBP568,846
D. GBP450,906

正解：D

質問 # 202
A private company manufactures goods for export, the goods are priced in foreign currency B$.
The company is partly owned by members of the founding family and partly by a venture capitalist who is helping to grow the business rapidly in preparation for a planned listing in three years' time.
The company therefore has significant long term exposure to the B$.
This exposure is hedged up to 24 months into the future based on highly probable forecast future revenue streams.
The company does not apply hedge accounting and this has led to high volatility in reported earnings.
Which of the following best explains why external consultants have recently advised the company to apply hedge accounting?

A. To provide a more appropriate earnings figure for use in calculating the annual dividend.
B. To make it easier for the market to value the business when it is listed on the Stock Exchange.
C. To ensure that the venture capitalist receives regular annual returns on its investment.
D. To fully adopt IFRS in preparation for listing the company.

正解：B

質問 # 203
The directors of a financial services company need to calculate a valuation of their company's equity in preparation for an upcoming initial Public Offering (IPO) of shares. At a recent board meeting they discussed the various methods of business valuation.
The Chief Executive suggested using a Price-earing (P./E) method of valuation, but the finance Director argued that a valuation based on forecast cash flows to equity would be more appropriate.
Which THREE of the following are advantages of valuation based on forecast cash flows to equity, compared to a valuating using a price earnings methods?

A. The calculations are much simpler.
B. Using cash is theoretically superior to using profits in a valuation calculation.
C. It avoids the problem of having to forecast a sustainable level of future growth.
D. It give on estimate of the likely shareholder value that will be created.
E. It incorporates the time value of money.

正解：A、B、E

質問 # 204
Company Z wishes to borrow $50 million for 10 years at a fixed rate of interest.
Two alternative approaches are being considered:
A: Issue a 10 year bond at a fixed rate of 6%, or B: Borrow from the bank at Libor +2.5% for a 10 year period and simultaneously enter into a 10 year interest rate swap.
Current 10 year swap rates against Libor are 4.0% - 4.2%.
What is the difference in the net interest cost between the two alternative approaches?

A. Approach A is 0.7% a year less expensive
B. Approach B is 2.0% a year less expensive
C. Approach A is 0.5% a year less expensive
D. Approach B is 2.2% a year less expensive

正解：A

質問 # 205
A company's Board of Directors is assessing the likely impact of financing future new projects using either equity or debt.
The directors are uncertain of the effects on key variables.
Which THREE of the following statements are true?

A. Debt finance is always preferable to equity finance.
B. Equity finance will increase pressure to pay a higher total future dividend.
C. Retained earnings has no cost, and is therefore the cheapest form of equity finance.
D. The choice between using either equity or debt will have no impact on the amount of corporate income tax payable.
E. Debt finance will increase the cost of equity.
F. Equity finance will reduce the overall financial risk.

正解：B、E、F

質問 # 206
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 ABC becomes less attractive due to a fall in value of the shares as a result of the discount.
B. The threat of a hostile takeover is reduced because Company ABC becomes more expensive to buy.
C. 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.
D. Company BCD loses value on its shareholding and has to sell at a loss before losing more value

正解：B

質問 # 207
Company A is subject to a takeover bid from Company B, both companies operate in the same industry and each of them demand a significant market share Company B h3S made an of an of $5 per share to the shareholders of Company A.
The directors of Company A do not believe the takeover would be h the best interests of the stakeholders and other stakeholders of Company A due to the following reruns
1. Company B has recently taken ever several ether companies resulting in them breaking up the company and se ling on the assets.
2 The directors of Company A believe the offer of $5 per snare undervalues tie company The directors of Company A are therefore keen to prevent the bid from going ahead Which THREE of the following defence strategies could be used by the directors of Company Air this situation?

A. Refer the bid to the Competition Authorizes because of the risk of a large number of employee redundancies if Company B's Did were to be successful
B. Inform shareholders of the potential current value of the non-current assets including intangibles, to show that their true value is higher than the bid value.
C. Give existing shareholders the right to buy bonds in the future.
D. Offer the company to an alternative While Knight bidder.
E. Appeal to their own shareholders that the company should not be broken up because i: has strong growth prospects.

正解：A、D、E

質問 # 208
Using the CAPM, the expected return for a company is 11%. The market return is 8% and the risk free rate is
2%.
What does the beta factor used in this calculation indicate about the risk of the company?

A. It has greater risk than the average market risk.
B. It has lower risk than the average market risk.
C. It has the same risk as the average market risk.
D. It is not possible to tell from CAPM.

正解：A

質問 # 209
The ex div share price of a company's shares is $2.20.
An investor in the company currently holds 1,000 shares.
The company plans to issue a scrip dividend of 1 new share for every 10 shares currently held.
After the scrip dividend, what will be the total wealth of the shareholder?
Give your answer to the nearest whole $.
$ ? .

A. 0
B. 1

正解：B

質問 # 210
A company wishes to raise new finance using a rights issue. The following data applies:
* There are 10 million shares in issue with a market value of $4 each
* The terms of the rights will be 1 new share for 4 existing shares held
* After the rights issue, the theoretical ex-rights price (TERP) will be $3.80 Assuming all shareholders take up their rights, how much new finance will be raised ?
Give your answer to one decimal place.

正解：

解説：
$ ? million
7.5, 7.50

質問 # 211
A company is currently all-equity financed with a cost of equity of 8%.
It plans to raise debt with a pre-tax cost of 4% in order to buy back equity shares.
After the buy-back, the debt-to-equity ratio at market values will be 1 to 2.
The corporate income tax rate is 30%.
Which of the following represents the company's cost of equity after the buy-back according to Modigliani and Miller's Theory of Capital Structure with taxes?

A. 9.8%
B. 13.6%
C. 8%
D. 9.4%

正解：D

質問 # 212
A company is considering either directly exporting its product to customers in a foreign country or setting up a subsidiary in the foreign country to manufacture and supply customers in that country.
Details of each alternative method of supplying the foreign market are as follows:

There is an import tax on product entering the foreign country of 10% of sales value.
This import duty is a tax-allowable deduction in the company's domestic country.
The exchange rate is A$1.00 = B$1.10
Which alternative yields the highest total profit after taxation?

A. Foreign subsidiary: A$38,500
B. Domestic: A$33,750
C. Domestic: A$41,250
D. Foreign subsidiary: A$35,000

正解：D

質問 # 213
A company raised fixed rate bank finance together with an interest rate swap for the same term and same principal value to pay floating receive fixed rate interest on an annual basis.
Which THREE of the following statements are correct?

A. The swap contract is normally a contract between a company and a bank.
B. LIBID (London Interbank Bid Rate) is normally used as the reference rate for determining interest due under the swap.
C. Under the swap, interest is exchanged every year.
D. On the first day of this arrangement, the company receives the principal borrowed from the bank and pays this across to the swap counterparty.
E. The company has effectively obtained floating rate debt.

正解：A、C、E

質問 # 214
A company has undertaken a transaction with its shareholders which has had the following impact on its financial statements:
* Retained earnings has decreased
* Share capital has increased
* Earnings per share has decreased
* The book value of equity is unchanged
The company has undertaken a:

A. scrip dividend.
B. rights issue.
C. cash dividend.
D. share repurchase.

正解：A

質問 # 215
Company R is a major food retailer. It wishes to acquire Company S, a food manufacturer.
Company S currently supplies many stores owned by Company R with food products that it manufactures.
Company S is of similar size to Company R but has a lower credit rating.
Which of the following is most likely to be a synergistic benefit to R on purchasing S?

A. Lower cost of borrowing due to the acquistion of a company with a different credit rating.
B. Reduced competition resulting in the ability to raise retail selling prices for food products.
C. Savings due to a reduction in purchase costs and more control over the value chain.
D. Cost savings due to reducing the range of products manufactured by Company S.

正解：C

質問 # 216
WW is a quoted manufacturing company. The Finance Director has addressed the shareholders during WW's annual general meeting-She has told the shareholders that WW raised equity during the year and used the funds to repay a large loan that was maturing, thereby reducing WW's gearing ratio
At the conclusion of the Finance Director's speech one of the shareholders complained that it had been foolish for WW to have used equity to repay debt The shareholder argued that the Modigliani and Miller model (with tax) offers proof that debt is cheaper than equity when companies pay tax on their profits.
Which THREE arguments could the Finance Director have used in response to the shareholder?

A. The shareholder was confusing the cost of capital with shareholder wealth
B. The Modigliani and Miller model would only be valid in practice if WW's shareholders were aware of the model and believed in its validity
C. A lower gearing ratio will result in an increase in the value of the company
D. WW was approaching a debt covenant limit and it was therefore important to reduce gearing.
E. A lower gearing ratio creates greater flexibility for WW in the future
F. Reducing the gearing ratio has reduced the financial risk of WW which will benefit shareholders

正解：C、D、F

質問 # 217
Company M plans to bid for Company J. Company M has 20 million shares in issue and a current share price of $10.00 before publicly announcing the planned takeover. Company J has 10 million shares in issue and a current share price of $4.00.
The directors of Company M are considering an all-share bid of 1 Company M shares for 2 Company J shares.
Synergies worth $20m are expected from the acquisition.
What is the likely change in wealth for Company M's shareholders (in total) if the bid is accepted?
Give your answer to the nearest $ million.
$ ? million