考前沖刺階段fm?？冀馕鲋v義

WhichofthefollowingfinancialinstrumentswillNOTbetradedonamoneyCommercialConvertibleloanTreasurysof Convertibleloannotes可轉(zhuǎn)債是一個一個長期 而另外三個選項Commercialpaper，Treasurybills sofdeposit是典型 ：Financialmanagementenvironment-Thenatureandroleofmoneymarkets-MoneymarketinstrumentsDiscountMoneyMarketofDepositBanker'sAcceptanceRepurchaseAgreementCommercialPaperWhichofthefollowingaredescriptionsofbasisItisthedifferencebetweenthespotexchangerateandcurrencyfuturesexchangeItisthepossibilitythatthemovementsinthecurrencyfuturespriceandspotpricewillbeItisthedifferencebetweenfixedandfloatinginterestItisoneofthereasonsforanimperfectcurrencyfutures11and2and42,3and ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–foreigncurrency基差=現(xiàn)貨價格 Inrelationtoanirredeemablesecuritypayingafixedrateofinterest,whichofthefollowingstatementsiscorrect?Asriskrises,themarketvalueofthesecuritywillfalltoensurethatinvestorsreceiveanincreasedAsriskrises,themarketvalueofthesecuritywillfalltoensurethatinvestorsreceiveareducedAsriskrises,themarketvalueofthesecuritywillrisetoensurethatinvestorsreceiveanincreasedAsriskrises,themarketvalueofthesecuritywillrisetoensurethatinvestorsreceiveareduced ：Businessvaluations-ThevaluationofdebtandotherfinancialWhichofthefollowingwouldyouexpecttobetheresponsibilityoffinancialProducingannualProducingmonthlymanagementAdvisingoninvestmentinnon-currentDecidingpayratesfor ：Financialmanagementfunction-Thenatureandpurposeoffinancialmanagement-Therelationshipbetweenfinancialmanagementandfinancialandmanagementaccounting.PeachCo’slatestresultsareasProfitbeforeinterestandProfitbeforeProfitafterInaddition,extractsfromitslateststatementoffinancialpositionareasNon-currentWhatisPeachCo’sreturnoncapitalemployedA. B. C. D. ROCE=OperatingProfit/CapitalOperatingProfit即Profitbeforeinterestandtaxation而CapitalEmployedEquityNon-currentliabilities10,0002,50012,500；則ROCE=2,500/12,500=20%。因此選擇C。知識點 ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-MeasuringachievementofcorporateobjectivesWhichofthefollowingstatementsisOneoftheproblemswith isingaccountingprofitasafinancialobjectiveisthataccountingprofitcanbemanipulatedAtargetforaminimumlevelofdividendcoverisatargetforaminimumdividendpayoutThewelfareofemployeesisafinancialOnereasonshareholdersareinterestedinearningspershareisthataccountingprofittakesaccountofrisk ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-Identifyanddescribeavarietyoffinancialobjectives???????????= ????????= uWhichofthefollowingstatementsareThesensitivityofaprojectvariablecanbecalculatedbydividingtheprojectnetpresentvaluebythepresentvalueofthecashflowsrelatingtothatprojectvariableTheexpectednetpresentvalueisthevalueexpectedtooccurifaninvestmentprojectwithseveralpossibleesisundertakenonceThediscountedpaybackperiodisthetimetakenforthecumulativenetpresentvaluetochangefromnegativetopositive1and21and32and31,2and 表述(1)描述的是敏感性分析的計算，即NPV除以項目變量對應(yīng)現(xiàn)金流的PV，是正確的；知識點：InvestmentappraisalAdjustingforriskanduncertaintyininvestmentWhichofthefollowingstatementsareCapitalmarketsecuritiesareassetsforthesellerbutliabilitiesfortheFinancialmarketscanbeclassifiedintoexchangeandover-the-counterAsecondarymarketiswheresecuritiesareboughtandsoldby1and21and32and31,2and ：Financialmanagementenvironment-Thenatureandroleoffinancialmarketsand

Money1

Primary

nmodel

Capital

Secondary

OTC(over-the-counter)無固定交WhichofthefollowingstatementsareInterestrateoptionsallowthebuyertotakeadvantageoffavourableinterestrateAforwardrateagreementdoesnotallowaborrowertobenefitfromadecreaseininterestBorrowershedgingagainstaninterestrateincreasewillbuyinterestratefuturesnowandsellthematafuturedate1and21and32and31,2andExternalhedgingBorrower(擔(dān)心利率上漲 價格下跌 價格上漲 Sellthen Buythen BuyPut BuyCallCapor Buya Buya Buyacapandsella BuyafloorandsellaInternalhedging Assetandliability ：RiskManagement-Hedgingtechniquesforinterestraterisk-interestrateTKQCohasjustpaidadividendof21centspershareanditssharepriceoneyearagowas$3.10pershare.Thetotalshareholderreturnfortheyearwas19.7%.Whatisthecurrentshare TotalshareholderreturnPPDividends)P(P3.100.21)/3.10則P期末 ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-IdentifyanddescribeavarietyoffinancialobjectivesWhichofthefollowingstatementsisAbonusissuecanbeusedtoraisenewequityAsharerepurchaseschemecanincreasebothearningspershareandMillerandModiglianiarguedthatthefinancingdecisionismoreimportantthanthedividendShareholdersusuallyhavethepowertoincreasedividendsatannualgeneralmeetingsofNumberofShareEarningsperRightBonusShare ：Businessfinance-Identifyanddiscussinternalsourcesoffinance–thedividendAninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate? Operational Semi-strongform ：Businessvaluation-EfficientMarketHypothesisInformationInefficientWeakformSemi-strongStrongformHistoricalPublicInsideTechnicalanmakeanabnodystwillrmalgainnotmakeaOnlyystBothtechnicalAninvestorcouldonlymakeabnormalgainsbyluckystn willnotmakeanabnormalgain.OnlyinsideinformationcanmakeabnormalabnormalWhichofthefollowingstatementsis/areFactoringwithrecourseprovidesinsuranceagainstbadTheexpertiseofafactorcanincreasetheefficiencyoftradereceivablesmanagementfor21Neither1nor1and ：Workingcapitalmanagement-Discuss,applyandevaluatetheuseofrelevanttechniquesinmanagingaccountsreceivable-Usingfactoring常見的Benefit和

FactoringwithFactoringwith

司提供了壞賬

FactoringwithoutFactoringwithout Whichofthefollowingis/areAconservativeworkingcapitalinvestment impliesahigherproportionofpermanentcurrentassetstofluctuatingcurrentassetsLong-termfinanceisgenerallycheaperthanshort-term1onlyis2onlyis1and2are1and2are ：Workingcapitalmanagement-Determiningworkingcapitalneedsandfundingstrategies–thelevelofworkingcapitalinvestmentincurrentassetsWorkingcapitalinvestmentWorkingcapital ???????????????????????×????????????A istoenterintoasaleandrepurchaseagreementonthemoney hasagreedtosell$10moftreasurybillsfor$9.6mandwillbuythembackin50days'timefor$9.65m.Assumea365-dayWhatistheimplicitannualinterestrateinthistransaction(tothenearest Increaseinvalue=$9.65m–$9.6m=Asapercentageoftheoriginalvalue=$0.05m/$9.6m=Annualisingthisvalue0.52??365/503.80% ：Financialmanagementenvironment-Thenatureandroleofmoneymarkets-Moneymarketinstrumentsu

daystoTheValueoftheCDonmaturity=Facevalue+Facevalue×couponrate×daysintheReporateReporate

Repurchaseprice–Sellingprice daysintheyearSellingprice ×daystomaturityuYieldoncommercialpaper=Sellingprice?Purchaseprice×daysinthePurchase daysSectionThefollowingscenariorelatestoquestionsTulipCoisalarge withanequitybetaof1.05.The nstoexpandexistingbusinessbyacquiringanewfactoryatacostof$20m.Thefinancefortheexpansionwillberaisedfromanissueof3%loannotes,issuedatnominalvalueof$100perloannote.TheseloannoteswillberedeemableafterfiveyearsatnominalvalueorconvertibleatthattimeintoordinarysharesinTulipCowithavalueexpectedtobe$115perloannote.The rateofreturnis2.5%andtheequityriskpremiumisTulipCoisseekingadditionalfinanceandisconsideringusing cfinanceand,inparticular,wouldrequireaformwhichwouldbesimilartoequityfinancing.SectionWhatisthecostofequityofTulipCousingthecapitalassetpricing Therisk- rateofreturn2.5%，Theequityriskpremiumis7.8%，Equitybeta1.05，則ke=2.5%+(1.05x7.8%)=10·7%。 ：Businessfinance-Estimatingthecostofcapital–thelevelofworkingcapitalEstimatethecostofequitySectionUsingestimatesof5%and6%,whatisthecostofdebtoftheconvertibleloan SectionCashflow01-5Kdat=5%+3.15+1.45×（6%–5%）= ：Businessfinance-EstimatingthecostofcapitalthelevelofworkingcapitalEstimatethecostofdebtSection是after-taxcostofdebt即Kdat，現(xiàn)金流也是稅后的；應(yīng)，所以折現(xiàn)率用的是before-taxcostofdebt即Kd，現(xiàn)金流也用的是稅前的SectionInrelationtousingthedividendgrowthmodeltovalueTulipCo,whichofthefollowingstatementsisThemodelassumesthatallshareholdersofTulipCohavethesamerequiredrateofThemodelassumesaconstantsharepriceandaconstantdividendgrowthforTulipThemodelassumesthatcapitalmarketsaresemi-strongformThemodelassumesthatTulipCo’sinterimdividendisequaltothefinal ：Businessvaluation-Modelsforthevaluationofshares–DividendvaluationSectionWhichofthefollowingstatementsaboutequityfinanceisEquityfinancereservesrepresentcashwhichisavailableto toAdditionalequityfinancecanberaisedbyrightsissuesandbonusRetainedearningsareasourceofequityEquityfinanceincludesbothordinarysharesandpreference 選項A：留存收益代表企業(yè)可以用于投資的現(xiàn)金，說法錯誤，因為reserveNetprofitdividend，很明顯profit和cashflow不是一個概念，企業(yè)有多少reserve并不代表有多少現(xiàn)金； ：Businessfinance-Sourcesof,andraising,businessfinance–equitySectionRegardingTulipCo’sinterest cfinance,whichofthefollowingstatementsis/areMurabahacouldbeusedtomeetTulipCo’sfinancingMudarabainvolvesaninvestingpartnerandamanagingorworking12Both1andNeither1nor ：Businessfinance-Sourcesof,andraising,businessfinance– cfinancialSectionThefollowingscenariorelatestoquestionsRingCohasinissueordinaryshareswithanominalvalueof$0.25pershare.Thesesharesaretradedonanefficientcapitalmarket.Itisnow20X6andthe hasjustpaidadividendof$0.450pershare.Recentdividendsofthe areasfollows:DividendperRingCoalsohasinissueloannoteswhichareredeemableinsevenyears’timeattheirnominalvalue$100perloannoteandwhichpayinterestof6%perThefinancedirectorofRingCowishestodeterminethevalueof RingCohasacostofequityof10%peryearandabefore-taxcostofdebtof4%peryear.Thepayscorporationtaxof25%peryear.SectionUsingthedividendgrowthmodel,whatisthemarketvalueofeachordinary 4Historicaldividendgrowthrate 0.370?1=Shareprice

0.450 =10%? ：Businessvaluation-Modelsforthevaluationofshares–DividendvaluationSectionWhatisthemarketvalueofeachloanCashCash67 ：Businessvaluation-Thevaluationofdebtandotherfinancialassets–RedeemableSectionThefinancedirectorofRingCohasbeenadvisedtocalculatethenetassetvalue(NAV)of.WhichofthefollowingformulaecalculatescorrectlytheNAVofRingTotalassetslesscurrentNon-currentassetsplusnetcurrentNon-currentassetspluscurrentassetslesstotalNon-currentassetslessnetcurrentassetslessnon-current ：Businessvaluation-Modelsforthevaluationofshares–Asset-basedvaluationSectionWhichofthefollowingstatementsaboutvaluationmethodsisTheearningsyieldmethodmultipliesearningsbytheearningsTheequitymarketvalueisnumberofsharesmultipliedbyshareprice,plusthemarketvalueofThedividendvaluationmodelmakestheunreasonableassumptionthataveragedividendgrowthisTheprice/earningsratiomethoddividesearningsbytheprice/earnings 以earningsyield； ：Businessvaluation-ModelsforthevaluationofSectionWhichofthefollowingstatementsaboutcapitalmarketefficiencyis/areInsiderinformationcannotbeusedtomakeabnormalgainsinastrongformefficientcapitalInaweakformefficientcapitalmarket,RingCo’ssharepricereactstonewinformationthedayafteritisannouncedRingCo’ssharepricereactsquicklyandaccura ytonewly-releasedinformationinasemi-strongformefficientcapitalmarket1and21and331,2and 表述(1)：在強(qiáng)勢有效市場當(dāng)中，信息不能用于獲取超額回報，說法正確；表述(2)：在弱勢有效過去的信息；表述(3)：在半強(qiáng)有效市場當(dāng)中，股價準(zhǔn)確地對新信息進(jìn)行調(diào)整，說法正確。知識點：BusinessvaluationEfficientMarketHypothesisSectionThefollowingscenariorelatestoquestionsMarigoldCoisbasedinacountrywhichusesthedollar($)asitshomecurrency.MarigoldCohasawholly-ownedsubsidiarybasedinacountrywhichusestheMshilling(MS)asitscurrency.Thesubsidiary'sfinancialstatementsarepreparedinMS.Duetoeconomicuncertaintyinbothcountries,anexchangelossof$100,000isexpectedtooccurafterconsolidatingtheresultsofthesubsidiaryintoMarigoldCo'sgroupaccounts.MarigoldCoisexpectingareceiptofMS300,000fromthesubsidiaryinthreemonthswhichitwishestoprotectagainstexchangeratemovement.Thefollowinginformationisavailable:Exchange MSperSpot -1.1250Three-monthforward -1.1125MoneyMarketAnnualAnnual%%$SectionWhattypeofexchangerateriskwouldMarigoldCoexperiencewiththe$100,000lossinitsconsolidatedfinancialstatements? ：RiskManagement-Thenatureandtypesofriskandapproachestoriskmanagement-DescribeanddiscussdifferenttypesofforeigncurrencyriskSectionIfMarigoldCousestheforwardmarkettohedgetheMSreceipt,whatamountwillbereceived(tothenearest$)? 1.0850-1.1125MS/$。由于MarigoldCo是收MS，需要換成 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–SectionMatchtheappropriatevaluetotherelevanttargetinordertoreflectwhatamountMarigoldCowillborrowanddepositifitusesthemoneymarkettohedgetheMSreceipt.

AmounttoborrowMS297,030MS$$

Amountto$$MSMS解析：題 的 對沖的相關(guān)計算借：借外幣MS，使用MS對應(yīng)的借款利率Borrowingratepro-ratedforthreemonths=4%??3/12=1%;Amounttoborrow=MS300,000/(1+1%)=換：將借來的外幣MS換成本幣$.Amounttodeposit=297,030/1.1250=同時可以收 的本息和：$264,027??(1+6%??3/12)=知識 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–moneymarketSectionMarigoldCoisnowconsideringtheuseofanoptiontohedgethecurrencyriskontheMSreceipt.Itsbankhasofferedanover-the-counteroptionwithanexercisepriceofMS1.1250per$.WhichTWOofthefollowingstatementsconcerningtheoptionareTheoptionwillbemoreexpensivetosetupcomparedwitheithertheforwardcontractormoneymarkethedgeAnimperfecthedgewillresultastheoptionwillbeforastandardamountofcurrencyandonlyawholenumberofcontractsmaybeusedIfthe$wastostrengthenagainsttheMS,MarigoldCoislikelytobeworseoffbyusingtheoptioncomparedtoeithertheforwardcontractormoneymarkethedgeUsinganoptionhedgewillmeanthatMarigoldCoisobligatedtoexercisetheoptioninthreemonthsirrespectiveofthespotrateonthedaySection 對沖相比，MarigoldCo使用 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–over-the-counterSectionMarigoldCoisunsurewhethertouseaforwardcontractoramoneymarkethedgeandiscomparingtherelativeadvantagesanddisadvantagesofthetwo.WhichofthefollowingstatementsisTheforwardcontracthastheadvantageofbeingtailoredpreciselytoMarigoldCo'srequirementsbutthemoneymarkethedgewillbeastandardisedinstrumentresultinginanimperfecthedgeTheforwardcontractwillresultinMarigoldCoreceivingthedollarequivalentoftheMSreceiptinthreemonths'time,whereasthemoneymarkethedgewillprovideMarigoldCowithdollarreceiptstodayTheforwardcontractwillresultintheeffectiverateofexchangebeingfixedwhereasthemoneymarkethedgewillallowMarigoldCotobenefitfromfavourablemovementintheexchangerateMarigoldCowillbeobligatedtofulfiltheforwardcontractinthreemonths'timewhereasthemoneymarkethedgecouldbetradedonanexchangetoanotherpartybeforesettlementSection 選項B：遠(yuǎn)期合同將導(dǎo)致MarigoldCo在三個月后收到MS收據(jù)的 天提供給MarigoldCo 對沖將使MarigoldCo受益于匯率的有利變 選項D：MarigoldCo將有義務(wù)在三個月的時間內(nèi)履行遠(yuǎn)期合同，但是MarigoldCo可以將 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–forwardcontractvsamoneymarkethedgeSectionPinksCoisalarge listedonamajorstockexchange.Inrecentyears,theboardofPinksCohasbeencriticisedforweakcorporate ernanceandtwoofthe ’snon-executivedirectorshavejustresigned.ArecentstoryinthefinancialmediahascriticisedtheperformanceofPinksCoandclaimsthattheisfailingtosatisfytheobjectivesofitskeyPinksCoisappraisinganinvestmentprojectwhichithopeswillboostitsperformance.Theprojectwill$20m,payableinfullatthestartofthefirstyearofoperation.Theprojectlifeisexpectedtobefouryears.Forecastsalesvolumes,sellingprice,variablecostandfixedcostsareasfollows:1234SalesSellingpriceVariablecostFixedcostsSectionSellingpriceandcostinformationareincurrentpriceterms,beforeapplyingsellingpriceinflationof5%peryear,variablecostinflationof3·5%peryearandfixedcostinflationof6%peryear.PinksCopayscorporationtaxof26%,withthetaxliabilitybeingsettledintheyearinwhichitarises.Thecanclaimtax-allowabledepreciationonthefullinitialinvestmentof$20mona25%reducingbalancebasis.Theinvestmentprojectisexpectedtohavezeroresidualvalueattheendoffouryears.PinksCohasanominalafter-taxcostofcapitalof12%andarealafter-taxcostofcapitalof8%.Thegeneralrateofinflationisexpectedtobe3.7%peryearfortheforeseeablefuture.CalculatethenominalnetpresentvalueofPinksCo’sinvestmentproject.(8CalculatetherealnetpresentvalueofPinksCo’sinvestmentprojectandcommentonyourfindings.(4(b)DiscussFOURwaystoencouragemanagerstoachievestakeholderobjectives.(8Section(a)(i)NominaltermsappraisaloftheinvestmentThenominaltermsapproachtoinvestmentappraisalinvolvesdiscountingnominalcashflowswithanominalcostofcapitalincalculatingtheNPVofaninvestmentproject.01234FixedInitialAftertaxcashDCF@NPV=-20,000+10,510+14,989+21,568+6,280=33,347Section1234SellingpriceInflatedby5%/SalesvolumeSalesrevenueInflatedby3.5%/SalesvolumeFixedcostsInflatedby6%/TADbenefits($000)atSection(ii)RealtermsappraisaloftheinvestmentTherealtermsapproachtoinvestmentappraisalinvolvesdiscountingrealcashflowswitharealcostofcapitalincalculatingtheNPVofaninvestmentproject.Itmustbeemphasisedthatrealcashflowsarefoundbyinflatingusingspecificinflationandthendeflatingbythegeneralrateofinflation.Onlywhenthereisnospecificinflation,whichwasnotthecasehere,cangeneralinflationbeThecorrectapproachtocalculatingtherealbefore-taxcashflowswastodeflatethenominalbefore-taxcashflowsusingthegeneralrateofinflation.RealRealbefore?taxcash=Nominalbefore?taxcash1+generalrateof+???????? +??????????×+????????????Section0123NominalcashflowsRealcashflowsbeforeInitialAftertaxcashDCF@RealNPV=-20,000+10,553+15,046+21,629+6,494=33,722TherealtermsappraisalgivesalmostthesamepositiveNPVasthenominaltermsappraisal,thedifferencebeingduetothedifferentdiscountratebeingappliedtothesameTADbenefits.AstheNPVispositive,theinvestmentprojectisfinanciallyacceptable.Section ShareoptionTheagencyproblemarisesduetotheseparationofownershipandcontrol,andmanagerspursuingtheirownobjectives,ratherthantheobjectivesofshareholders,specificallytheobjectiveof isingshareholderwealth.Managerscanbeencouragedtoachievestakeholderobjectivesbybringingtheirownobjectivesmoreinlinewiththeobjectivesofstakeholderssuchasshareholders.Thisincreasedgoalcongruencecanbeachievedbyturningthemanagersintoshareholdersthroughshareoptionschemes,althoughthecriteriabywhichsharesareawardedneedverycarefulconsideration. 計劃的優(yōu)點（如bringingtheirownobjectivesmoreinlinewiththeobjectivesofSectionPartoftheremunerationofmanagerscanbemadeconditionalupontheirachievingspecifiedperformancetargets,sothatachievingtheseperformancetargetsassistsinachievingstakeholderobjectives.Achievingaspecifiedincreaseinearningspershare,forexample,couldbeconsistentwiththeobjectiveof shareholderwealth.Achievingaspecifiedimprovementinthequalityofemissionscouldbeconsistentwithaernmentobjectiveofmeetinginternationalenvironmentaltargets.However,PRPperformanceobjectivesneedverycarefulconsiderationiftheyaretobeeffectiveinencouragingmanagerstoachievestakeholdertargets.Inrecenttimes,long-term ns(LTIPs)havebeenacceptedasmoreeffectivethanespeciallywhere ’sperformanceis arkedagainstthatofits寫出績效工資的定義，可以寫出一些常見的考核指標(biāo)如文中的Achievingaspecifiedincreaseearningspershare/AchievingaspecifiedimprovementinthequalityofSection ernancecodesofbestCodesofbestpracticehavedevelopedovertimeintorecognisedmethodsofencouragingmanagerstoachievestakeholderobjectives,applyingbestpracticetomanykeyareasofcorporate ernancerelatingtoexecutiveremuneration,riskassessmentandriskmanagement,auditing,internalcontrol,executiveresponsibilityandboardaccountability.Codesofbestpracticehaveemphasisedandsupportedthekeyroleyedbynon-executivedirectorsinsupportingindependentjudgementandinfollowingthespiritof ernance寫出公司治理可以幫助實現(xiàn)目標(biāo)的具體方式如文中的executiveremuneration,riskassessmentriskmanagement,auditing,internalcontrol,executiveresponsibilityandboardSectionStockexchangelistingTheseregulationsseektoensureafairandefficientmarketfortrading securitiessuchassharesandloannotes.Theyencouragedisclosureofprice-sensitiveinformationinsupportingpricingefficiencyandhelptodecreaseinformationasymmetry,oneofthecausesoftheagencyproblembetweenshareholdersandmanagers.Decreasinginformationasymmetryencouragesmanagerstoachievestakeholderobjectivesasthequalityand tyofinformationavailabletostakeholdersgivesthemaclearerpictureoftheextenttowhichmanagersareattendingtotheirobjectives. 寫出SectionNesudCohascreditsalesof$45millionperyearandonaveragesettlesaccountswithtradepayablesafter60days.Oneofits rshasofferedthe anearlysettlementdiscountof0.5%forpaymentwithin30days.Administrationcostswillbeincreasedby$500peryeariftheearlysettlementdiscountistaken.NesudCobuyscomponentsworth$1.5millionperyearfromthis Fromadifferent r,NesudCopurchases$2.4millionperyearofComponentKatapriceof$5percomponent.ConsumptionofComponentKcanbeassumedtobeataconstantratethroughouttheyear.Theorderscomponentsatthestartofeachmonthinordertomeetdemandandthecostof cingeachorderis$248.44.TheholdingcostforComponentKis$1.06perunitperThefinancedirectorofNesudCoisconcernedthatapproximay1%ofcreditsalesturnintoirrecoverabledebts.Inaddition,shehasbeenadvisedthatcustomersofthe takeanaverageof65daystosettletheiraccounts,eventhoughNesudCorequiressettlementwithin40days.NesudCofinancesworkingcapitalfromanoverdraftcosting4%peryear.Assumethereare360daysinaSectionEvaluatewhetherNesudCoshouldaccepttheearlysettlementdiscountofferedby (4EvaluatewhetherNesudCoshouldadoptaneconomicorderComponentK.

tyapproachtoordering(6CriticallydiscusshowNesudCocouldimprovethemanagementofitstrade

(10(20Section 增加的融資成本=(給予折扣之前的應(yīng)付賬款水平-給予折扣之后的應(yīng)付賬款水平)??Relevanttradepayablesbeforediscount=1,500,000??60/360=$250,000Relevanttradepayablesafterdiscount=1,500,000??30/360=$125,000Reductionintradepayables=250,000–125,000=$125,000(Morequickly,reductionintradepayables=1,500,000??(60–30)/360=$125,000)Thefinanceneededtoreducethetradepayableswillincreasetheoverdraft.Increaseinfinancecost=125,000??4%=$5,000Administrationcostincrease=$500 Discount r=$1,500,000??0.5%=Netbenefits=Totalbenefits-TotalNetbenefitofdiscount=7,500–5,000–500=$2,000perOnfinancialgrounds,NesudCoshouldaccept r’searlysettlementdiscountSection當(dāng)前訂貨策略的總成本Annualdemand=2,400,000/5=480,000unitsperEachmonth,NesudCoorders480,000/12=40,000Currentorderingcost=12??248.44=$2,981perTheholdingcostforComponentK=$1.06perunitperyear.AverageinventoryofComponentK=40,000/2=20,000unitsCurrentholdingcost=20,000??1.06=$21,200peryearTotalcostofcurrent =2,981+21,200=SectionEconomic ty 2??248.44??480,000=15,000unitsperNumberofordersperyear=480,000/15,000=32ordersperOrderingcost=32??248.44=$7,950perAverageinventoryofComponentK=15,000/2=7,500Holdingcost=7,500??1.06=$7,950perTotalcostofEOQ =7,950+7,950=Onfinancialgrounds,NesudCoshouldadoptanEOQapproachtoorderingComponentKasthereisareductionincostof$8,281.Section本題目 的是改進(jìn)應(yīng)收賬款管理的方法，總分10分，文字題基本上一個關(guān)鍵點是2Managementoftradereceivablescanbeimprovedbyconsidering ysis,creditcontrolandcollectionamountsowing.Managementoftradereceivablescanalsobeoutsourcedtoafactoring ,ratherthanbeingmanagedin-house. 信用分析答題要點Offeringcredittocustomersexposes totheriskofbaddebtsandthisshouldbeminimisedthroughysisorassessingcreditworthiness.Thiscanbedonethroughcollectingandysinginformationaboutpotentialcreditcustomers.Relevantinformationincludesbankreferences,tradereferences,reportsfromcreditreferenceagencies,recordsofprevioustransactionswithpotentialcustomers,annualreports,andsoon.A mightsetupitsowncreditscoringsysteminordertoassessthecreditworthinessofpotentialcustomers.Wheretheexpectedvolumeoftradejustifiesit,avisittoa canbemadetogainabetterunderstandingofitsbusinessandprospects.SectionCredit信用控制答題要點寫出信用控制的方法，比如賬齡分析anagedtrade ysis和信貸使用報告creditutilisationTheaccountsofcustomerswhohavebeengrantedcreditmustbemonitoredregularlytoensurethatagreedtradetermsarebeingfollowedandthataccountsarenotgettingintoarrears.Animportantmonitoringdevicehereisanagedtradereceivablesysis,identifyingaccountsandamountsinarrears,andtheextenttowhichamountsareoverdue.Acreditutilisationreportcanassistmanagementinunderstandingtheextenttowhichcreditisbeingused,identifyingcustomerswhomaybenefitfromincreasedcredit,andassessingtheextentandnatureofa ’sexposuretotradereceivables.SectionCollectionofamounts shouldensurethatitstradereceivablesarekeptinformedabouttheiraccounts,amountsoutstandingandamountsingdue,andthetermsoftradetheyhaveaccepted.An shouldberaisedwhenasaleismade.Regularstatementsshouldbesent,forexample,onamonthlybasis.Customersshouldbeencouragedtosettletheiraccountsontimeandnoteoverdue.Offeringadiscountforearlysettlementcouldhelptoachievethis.Overdueaccou