acca全新課程輔助學(xué)習(xí)22真題f9文字

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根據(jù)@ACCA蹇老師CFA-CPA網(wǎng)課整理（5——需要會(huì)寫完整的句子3——會(huì)寫2——大概了解禁刪改或，二傳請(qǐng)注明出處PART1.(2)ExinwaysinwhichthedirectorsofDarnVocanbeencouragedtoachievetheobjectiveofizationofshareholderwealth.(6marks)agencyproblem/managerialrewardschemes:performance-relatedpay/problem:difficulttochooseanaspectofcorporateperformancewhichisnotaffectedbydirectors/shareoptionschemes:specifiedpriceataspecifiedfuturedate/problem:generalincreaseorgeneraldecrease2.(2)Discussthereasonswhysmallandmedium-sizedentities(SMEs)mightexperiencelessbetweentheobjectivesofshareholdersanddirectorsthanlargelistedcompanies.(4marks)Agencyproblem(threemaincauses:separationbetweenownershipandcontrol,objectives,asymmetryofinformation)Reason1:shareholdersarenotdifferentfromdirectors(3個(gè)causes均不存在)Reason2:sharesofSMEsareownedbyasmallnumberofshareholders,whomayregularPART1.(5)Discusstheobjectivesofworkingcapitalmanagement.(4Theobjectivesofworkingcapitalmanagementareprofitabilityandliquidity.Profitabilityisalliedtothefinancialobjectiveof izingthewealthofshareholders.Liquidityisneededtosettleliabilitieswhentheyfalldue.Ifa runoutofcashwhenliabilitiesaredue,itwillfail.However,thesetwoobjectivesarein.Liquidresourcesusuallyhavenoreturnorlowlevelofreturn,whichmeanstheprofitabilitywilldecrease.Aconservativeapproachtoworkingcapitalmanagementislikelytodecreasetheriskofrunningoutofmoney,whichfavorsliquidityoverprofitability.Whileanaggressiveonefavorsprofitabilitytoliquidity,increasingtheriskofrunningoutofcash.2.(3)Discussworkingcapitalcycle.(2Thelengthoftheworkingcapitalcycleisdeterminedbyitselements,whichareinventorydays,trdays,andtpdays.However,theseelementsusuallydependonthenatureofthebusinessundertakenby andthewaythatbusinessisconductedbyitscompetitors.Thelengthoftheworkingcapitalcycleisusuallysimilarbetweencompanieswithinthesamebusinesssector,whiledifferbetweendifferentsectors.3.(3)Usingsuitableworkingcapitalratiosandysisofthefinancialinformationprovided,evaluatewhetherWobnigCocanbedescribedasovertradingOvertradingariseswhena doesnothaveenoughlong-termfinancetosupportitstradingactivities.1rapidincreaseinrevenue:revenueincreaseandprofitabilitydecrease(排除價(jià)格升2rapidincreaseinthevolumeofcurrentassets:tradereceivables排除付款期限延長(zhǎng)給收益帶來(lái)的影響)&inventory¤tassets3mostoftheincreaseinthecurrentassetsarefinancedby4adecreaseinthecurrent4.(2)Brieflydescribethebenefitsofajust-in-time(JIT)procurement.(5marks)holdingcostsarereducedlowerlevelofinvestmentinworking-reductioninmaterialsholding-animprovedrelationshipwith-improvedworking-lowerreworking5.(3)Discusshowdiscountingcanaidthemanagementoftradereceivables.(3discountingreferstothepurchaseofselectedsbyfinancialcompaniesatadiscounttoitsfacevalue.Itprovidesimmediatecashtoa ratherthanwaitforthestobesettled.Ittendstobeanoccasionalsourceofshort-timefinance,ratherthanaregularsourceofcash.discountingcanthereforeaidinthemanagementoftradereceivablesbyacceleratingthecashinflowfromtradereceivableswhenshort-termcashflowproblemsarise.6.(5)Discusshowfactoringcanaidthemanagementoftradereceivables.(3Factoringreferstoacommercialarrangementwherebyafinancial themanagementoftradereceivables,whichincludesinvoicingcustomers,accountingforsalesandcollectionsofamountsowed.Factoringhelpsadvancemoneytoa againsttheamountsoutstanding.(由外包公司先預(yù)付)Ifsrequire,insuranceforbaddebtsareprovided,whichisrecourseFactoringmakesthe taketheadvantageoftheexpertiseprovidedbythefactoringcompanies,whichreducesbaddebts,reducestradereceivablesandsavealotoftimeandmoneyusedtochasethoseslowpayers.7.(3)Thefactorstobeconsideredindeterminingtheoptimumlevelofcash.(5marks)transactionsneedsforcash/precautionaryneeds/speculativeneeds/availabilityoffinance(小公司無(wú)法融資只能持有現(xiàn)金)8.(5)WorkingcapitalfinancingInworkingcapitalfinancing,termsareusedtoindicatethewaythepermanentcurrentassetsandthefluctuatingcurrentassetsmatchestheshort-termfinanceorthelong-termfinance.Anaggressivefinancingmeansthatthefluctuatingcurrentassetsandaportionofpermanentcurrentassetsarefinancedfromshort-termfinanceresources.Aconservativefinancingmeansthatthepermanentcurrentassetsandaoffluctuatingcurrentassetsarefinancedfromlong-termfinanceresources.Aggressivefinancingpoliciesaremoreprofitable,butalsoriskierthanconservativeones,becauseshort-termfinancesareriskierthanlong-termfinances.PART1.(3)NPVor2.(3)DiscussTWOwaysinwhichtheriskofaninvestmentprojectcanbeassessed.(43.(3)Discussthereasonswhyhardandsoftcapitalrationingoccur.(5PART1.(5)DiscussthefactorstobeconsideredbyXXinchoosingtoraisefundsviaarightsRightsissueareofferedtotheexistingshareholdersinproportionthenumberofsharestheycurrentlyhold.Theexistingshareholdershavetherighttobeofferednewsharesbeforetheyareissuedtonewinvestors.ThereareseveralfactorstobeIssuedprice:therightsissuesharesareissuedatadiscounttothemarketvalue.Itisdifficulttodeterminewhattheamountofdiscountis.Relevantcosts:rightsissuesarecheaperthanothermethodsofraisingfinancebyissuingnewequity,suchasIPOoracing,duetolowertransactioncostsrelatedtorightsissues.Ownershipandcontrol:Asthenewissuesareofferedtotheexistingshareholders,thereisnodilutionofownershipandcontrol,providingshareholderstakeuptheirrights.Gearingandfinancialrisk:Increasingtheweightofequityfinanceinthecapitalstructurecandecreaseitsgearingandreduceitsfinancialrisk.Theshareholdersofthemayseethisasapositivemove,dependingontheirindividualriskpreferencepositions.equity融資均有的特點(diǎn)2.(2)ExinthenatureofamudarabacontractanddiscussbrieflyhowthisformofIslaimicfinancecouldbeusedtofinancethennedbusinessexpansion.(5marks)makingmoneyoutofmoneyIsnotacceptable3.(3)Advantages&DisadvantagesofdebtAdvantages:1.Acheapsourceoffinance2.Asignalofconfidencein ’scashflow3.Adisciplineonmanagement4.NodilutionofearningspershareDisadvantages:1.Increasegearing,highervariabilityindividends—higherfinancialrisk2.Higherdefaultrisks4.(3)Gearing-factorsto1.lifecycle2.PBIT3.Stabilityofrevenue4.5.(5)Discusswhythecostofequityisgreaterthanthecostofdebt.(5marks)P205Costofequityistheraterequiredbytheordinaryshareholders,inordertocompensatethemfortheriskrelatedtoequityinvestment.Iftheriskofaninvestmentincreases,thereturnalsoincreases.Iftheriskincreases,thecostofequityalsoincreases.Ifa isliquidated,theorderinwhichtheclaimsofcreditorsaresettledisafactorindeterminingtheirrelativerisks.Theclaimsofprovidersofdebtfinancemustbepaidoffbeforeanycashcanbepaidtoordinaryshareholders.Theinterestondebtfinancealsoshouldbepaidoffbeforethedividendspaidtoordinaryshareholders.Therefore,thedividendstoordinaryshareholdersmaybereduced.Allinall,theriskfacedbyordinaryshareholdersisgreaterthanthedebtholders,andthenthecostofequityishigherthanthecostofdebt.6.(5)DGMvsCAPMDiscusswhetherthedividendgrowthmodelorthecapitalassetpricingmodelshouldbeusedtocalculatethecostofequity.(5marks)P213Thedividendgrowthmodelcalculatestheapparentcostofanequityinthecapitalmarket,providedthecurrentprice,currentdividendandthefuturedividendgrowthrateareknown.Whilethecurrentpriceandthecurrentdividendarereadilyavailable,itisverydifficulttofindanaccuratevalueforthefuturedividendgrowthrate.Acommonapproachtofindthefuturedividendgrowthrateiscalculatingtheaveragehistoricdividendgrowthrateandthentoassumethatthefuturedividendgrowthratetobesimilar.ThereisnoreasonwhythisassumptionshouldbeThecapitalassetpricingmodelispreferredtothedividendgrowthmodelasawayofcalculatingthecostofequitybecauseithasasoundtheoreticalbasis,relatingthecostofequityorrequiredreturnofwell-diversifiedshareholderstothesystematicrisktheyfacethroughowningthesharesofa However,findingsuitablevaluesforthevariablesusedbycapitalassetpricingmodel(risk-rateofreturn,equitybetaandequityriskpremium)canbedifficult.7.(5)Commentbrieflyonanydifferencebetweenthemarketvalueandthebookvalue.Marketvaluesoffinancialsecuritiesreflectcurrentmarketconditionsandrequiredrateofreturn.Marketvaluesarethereforealwaysusedincalculatingtheweightedaveragecostofcapitalwhentheyareavailable.Ifbookvaluesareused,WACCisalwaysunderestimatedbecausethebookvalueofequityisfarlowerthanthemarketvalues.Thecontributionofthecostofequityisreducedifbookvaluesareused,leadingtoalowerWACC.8.(5)Discusswhetherchangingthecapitalstructureofa canleadtoareductioninitscostofcapitalandhencetoanincreaseinthevalueofthe Thevalueofa canbeexpressedasthepresentvalueofitsfuturecashflows,discountedatitsweightedaveragecostofcapital.Thevalueofa cantherefore izedbyminimizingtheWACC.IftheWACCdependsonthecapitalstructureofa ,i.e.onthebalancebetweendebtandequity,thentheminimumWACCwillarisewhenthecapitalstructureisTheideaofanoptimalcapitalstructurehasbeendebatedformanyThetraditionalviewofcapitalstructuresuggeststhattheWACCdecreasesasdebtisintroducedatlowlevelsofgearing,beforereachingaminimumandthenincreasingasthecostofequityrespondstoincreasingfinancialrisk.M&MoriginallyarguedthattheWACCisindependentofa ’scapitalstructure,dependingonlyonitsbusinessriskratherthanonitsfinancialrisk.However,realworldcapitalmarketsarenotperfectandthere