2025年3月ACCA考試P4高級財(cái)務(wù)管理真題

3月ACCA考試P4高級財(cái)務(wù)管理真題(總分：100.00，做題時間：195分鐘)一、案例分析題(總題數(shù)：0，分?jǐn)?shù)：0.00)二、SectionA(總題數(shù)：1，分?jǐn)?shù)：50.00)Introduction

WestparleyCoisalistedretailer,mainlysellingfoodandsmallhouseholdgoods.Ithasoutperformeditscompetitorsoverthelastfewyearsasaresultofprovidinghighqualityproductsatreasonableprices,andalsohavingastrongerpresenceonline.Ithaskeptacontroloncosts,partlybyavoidingoperatinglargestoresonexpensivecitycentresites.Instead,ithashadsmallerstoresontheedgeofcitiesandtowns,andalimitednumberoflargerstoresonconvenientout-of-townsites,aimingatcustomerswhowanttheirjourneystoshopstobequick.Oneofitsadvertisingsloganshasbeen:‘Wearewhereyouwantustobe.’

WestparleyCo’ssharepricehasrecentlyperformedbetterthanmostcompaniesintheretailsectorgenerally.Sharepricesintheretailsectorhavebeenrelativelylowasaresultofpoorresultsduetohighcompetition,largefixedcostbaseandhighinterestrates.Theexceptionhasbeensharesinretailersspecialisingincomputerandhigh-technologygoods.Thesesharesappeartohavebenefitedfromaboomgenerallyinsharepricesofhigh-technologycompanies.Someanalystsbelievesharepricesofmanycompaniesinthehigh-technologysectoraresignificantlyhigherthanarationalanalysisoftheirfutureprospectswouldindicate.

MatraversCo

WestparleyCohasidentifiedthelistedretailerMatraversCoasanacquisitiontarget,becauseitbelievesthatMatraversCo’ssharesarecurrentlyundervaluedandpartofMatraversCo’soperationswouldbeagoodstrategicfitforWestparleyCo.

MatraversCooperatestwotypesofstore:

MatraversHomemainlysellslargerhouseholditemsandhomefurnishings.ThesetypesofretailerhaveperformedparticularlybadlyrecentlyandonemajorcompetitorofMatraversHomehasjustgoneoutofbusiness.MatraversHomeoperatesanumberofcitycentresitesbuthasamuchhigherproportionofout-of-townsitesthanitscompetitors.

MatraversTechsellscomputersandmobilephonesinmuchsmalleroutletsthanthoseofMatraversHome.

ExtractsfromMatraversCo’slatestannualreportaregivenbelow:

Theshareofpre-taxprofitbetweenMatraversHomeandMatraversTechwas80:20.

ThecurrentmarketvalueofMatraversCo’ssharesis$12,500manditsdebtiscurrentlytradingatitsbookvalue.WestparleyCobelievesthatitwillhavetopayapremiumof15%toMatraversCo’sshareholderstobuythecompany.

WestparleyCointendstotakeadvantageofthecurrentvaluesattributedtobusinessessuchasMatraversTechbysellingthispartofMatraversCoattherelevantsectorpriceearningsratioof18,ratherthanaforecastestimateofMatraversTech’spresentvalueoffuturefreecashflowsof$4,500m.

Thecompanytaxrateforbothcompaniesis28%peryear.

Post-acquisitioncostofcapital

Thepost-acquisitioncostofcapitalofthecombinedcompanywillbebasedonitscostofequityandcostofdebt.Theassetbetapost-acquisitioncanbeassumedtobebothcompanies’assetbetasweightedinproportiontotheircurrentmarketvalueofequity.

WestparleyCohas4,000million$1sharesinissue,currentlytradingat$8·50.Ithas$26,000mdebtinissue,currentlytradingat$105per$100nominalvalue.Itsequitybetais1·02.

MatraversCo’sassetbetais0·75.ThecurrentmarketvalueofMatraversCo’ssharesis$12,500manditslong-termloaniscurrentlytradingatitsbookvalueof$6,500m.

Therisk-freerateofreturnisestimatedtobe3·5%andthemarketriskpremiumisestimatedtobe8%.

Thepre-taxcostofdebtofthecombinedcompanyisexpectedtobe9·8%.Itcanbeassumedthatthedebt:equityratioofthecombinedcompanywillbethesameasWestparleyCo’scurrentdebt:equityratioinmarketvalues.

Thecompanytaxrateforbothcompaniesis28%peryear.

PlansforMatraversCo

TheofferforMatraversCowillbeacashoffer.Anyfundingrequiredforthisofferwillbeamixtureofdebtandequity.Althoughforthepurposesofthecalculationithasbeenassumedthattheoverallmixofdebtandequitywillremainthesame,thedirectorsareconsideringvariousplansforfundingthepurchasewhichcouldresultinachangeinWestparleyCo’sgearing.

AssoonasitacquiresallofMatraversCo’ssharecapital,WestparleyCowouldsellMatraversTechasitdoesnotfitinwithWestparleyCo’sstrategicplansandWestparleyCowishestotakeadvantageofthelargevaluescurrentlyattributedtohigh-technologybusinesses.WestparleyCowouldthencloseMatraversHome’sworst-performingcitycentrestores.ItanticipatesthelossofreturnsfromthesestoreswouldbepartlycompensatedbyhigheronlinesalesbyMatraversCo,generatedbyincreasedinvestmentinitsonlineoperations.Theremainingcitycentrestoresandallout-of-townstoreswouldstartsellingthefoodandhouseholditemscurrentlysoldinWestparleyCo’sstores,andWestparleyCobelievesthatthiswouldincreaseprofitsfromthosestores.

WestparleyCoalsofeelsthatreorganisingMatraversCo’sadministrativefunctionsandusingincreasedpowerasalargerretailercanleadtosynergiesaftertheacquisition.

Post-acquisitiondetails

OnceMatraversTechhasbeensold,WestparleyCoestimatesthatsalesrevenuefromtheMatraversHomestoreswhichremainopen,togetherwiththeonlinesalesfromitshomebusiness,willbe$43,260minthefirstyearpost-acquisition,andthisfigureisexpectedtogrowby3%peryearinyears2to4.

Theprofitmarginbeforeinterestandtaxisexpectedtobe6%ofsalesrevenueinyears1to4.

Taxallowabledepreciationisassumedtobeequivalenttotheamountofinvestmentneededtomaintainexistingoperations.However,aninvestmentinassets(includingworkingcapital)willberequiredof$630minyear1.Inyears2to4,investmentinassetseachyearwillbe$0·50ofevery$1increaseinsalesrevenue.

Afterfouryears,theannualgrowthrateoffreecashflowsisexpectedtobe2%fortheforeseeablefuture.

AswellasthefreecashflowsfromMatraversCo,WestparleyCoexpectsthatpost-taxsynergieswillarisefromitsplannedreorganisationofMatraversCoasfollowsinthenextthreeyears:

ThecurrentmarketvalueofMatraversCo’ssharesis$12,500manditsdebtiscurrentlytradingatitsbookvalueof$6,500m.

Required:（分?jǐn)?shù)：50）(1).(a)DiscussthebehaviouralfactorswhichmayhaveledtobusinessessuchasMatraversTechbeingvaluedhighly.（分?jǐn)?shù)：6）__________________________________________________________________________________________

對的答案：(Individualbusiness

Anumberofbehaviouralfactors,todowiththeindividualcompanyaswellasthesectorasawhole,mayleadtoMatraversTechbeingvaluedhigherthanappearstobewarrantedbyrationalanalysisofitsfutureprospects.Onepossiblefactoristheaskingprice,evenifitisnotafairone,mayprovideareferencepointwhichsignificantlyinfluencesthepurchaser’svaluationofthebusiness.

ThefactthatMatraversTechisavailableforpurchasemayhelpraiseitsprice.Purchasersmayseethisasarareopportunitytobuyanattractivebusinessinthisretailsector.Thiswillbemademorelikelyifinvestorshavelossaversionbias,adesiretobuyMatraversTechnowbecauseotherwisetheopportunitywillbelost.

MatraversTechbeingofferedforsalewillmeanthatinformationaboutthecompany,showingitinapositivelight,willbeavailableforpurchasers.Thiscouldresultinavailabilitybias,investorstakingparticularnoteofthisinformationbecausetheycanreadilyobtainit,ratherthanotherinformationwhichmaybemoredifficultorcostlytofind.

Sector

Thereareanumberofpossiblebehaviouralreasonswhysharepricesinthissectorappeargenerallyhigherthanrationalanalysisindicates.Oneistheherdinstinct,investinginthesectorbecauseotherinvestorshavealsobeenbuyingshares,notwishingtomakejudgementsindependentlyofotherinvestors.

Theherdinstinctmaybegeneratedbyprevioussharepricemovements.Investorsmaybelieveoncepricesstartrisinginthesector,theywillcontinuetodosoindefinitely.

Followingfashionmayalsobeafactor.Fundmanagerswhowishtogivetheimpressionthattheyareactivelymanagingtheirportfoliobymakingregularchangestoit,mayhaveapreferenceforcompanieswhichappearup-to-dateandarecurrentlypopular.Thismaybelinkedtoanexpectationthatsalesoftechnologically-advancedgoodsarelikelytogeneratehighreturns.

Thereisalsoconfirmationbias,theideathatinvestorswillpayattentiontoevidencewhichconfirmstheirviewsthatthesectorisagoodoneinwhichtoinvest,andignoreevidencewhichcontradictstheirbeliefs.Inthepast,technologycompanieshavebeenvaluedusingmethodswhichsupportthebeliefsofinvestorsthattheyareofhighvalue,ratherthantraditionalmethods,suchascashflowanalysis,whichsuggestalowerbusinessvalueismorerealistic.)解析：(2).(b)PrepareareportfortheboardofdirectorsofWestparleyCowhich:

(i)comparestheadditionalvaluewhichWestparleyCobelievescanbegeneratedfromthesaleofMatraversTechbasedontheP/Eratio,withthatoftheprojectedpresentvalueofitsfuturefreecashflows;

(ii)calculatestheweightedaveragecostofcapitalforthecombinedcompany;

(iii)estimatesthetotalvaluewhichWestparleyCo’sshareholderswillgainfromtheacquisitionofMatraversCo;and

(iv)assessesthestrategicandfinancialvaluetoWestparleyCooftheacquisition,includingadiscussionoftheestimationsandassumptionsmade.

Professionalmarkswillbeawardedinpart(b)fortheformat,structureandpresentationofthereport.（分?jǐn)?shù)：36）__________________________________________________________________________________________

對的答案：((iv)Reporttotheboardofdirectors,WestparleyCo

ThisreportevaluateswhethertheacquisitionofMatraversCowouldbebeneficialtoWestparleyCo’sshareholdersbyestimatingthefuturevaluegeneratedbyMatraversCo(i.e.MatraversHomecurrently),theproceedsfromsellingMatraversTechandtheadditionalvaluecreatedfromsynergiesimmediatelyafterthecompaniesarecombined.

Strategicfit

Thestrategiccasefortakingoverthebusinessappearstobestrongestfortheout-of-townstoresandtheonlinebusiness.Theacquisitionwouldprovideanadditionalout-of-townpresenceforWestparleyCo.Betterusageintheout-of-townstorescouldgeneratehigherreturns.Havingthefoodandhomebusinessesonthesamesitecouldgeneratesomecross-salesbetweenthetwo.Possiblycombiningthetwocompanies’onlinepresenceandinvestingfurthercouldmeanMatraversHomebenefitingfromthefactorswhichhavedrivenstrongperformancebyWestparleyCo.

Takingoverthecitycentrestores,eventhesuccessfulones,seemstohavelessstrategiclogic,however.WestparleyCowouldbetakingonahighcostburden.Thesuccessofthefoodbusinessincitycentresisdoubtful,asfoodshopssitedtherewillbelessconvenientforcustomerswhodonotliveinthecitycentres,andWestparleyCohasmarketeditselfasbeingeasilyaccessibleforcustomers.Thereis,perhaps,widerincompatibilitybetweenthetwobusinesses.Thefoodbusinessischaracterisedbyquickshoppingforoftenalimitednumberofitems,whereaspurchasesinthehomebusiness,particularlyoflargeritems,arelikelytotakelongerandsiteconveniencebelessofanissue.

Financialaspects

BasedonthepredictionsforfuturecashflowsandrequiredpremiumsfromMatraversCo’sshareholders,theacquisitionwouldaddvaluetoWestparleyCo’sshareholders,if,andonlyif,theexcessvalueonsellingMatraversTechandthesynergiesarebothlargelyachieved.Togethertheyaddupto$2,400m($558m+$1,842m)comparedwithtotaladdedvalueof$1,897m.TherearequestionsabouttheestimatesforthesefiguresandalsotheestimatesforthefuturefreecashflowsofthecurrentMatraversHomebusiness.

Synergies

Mostoftheadditionalvalueisduetosynergiesanditisdifficulttoseehowthesynergiesarecalculated.Thereislikelytobescopeforsomeadministrativesavings.However,operationalcostsynergiesappearlessobviousasthetwocompaniesareoperatingindifferentretailsectors.Anysynergyfigureswillalsohavetotakeaccountofcostsinachievingsynergies,suchasstoreclosurecosts,andalsocommitmentssuchasleaseswhichmaybeaburdenforsometime.Synergiesmayalsonotbeachievedbecauseoflackofco-operationbystafforproblemsintegratingthetwobusinesses.

CurrentMatraversHomebusiness

Thesuggestedincreaseincashflowsappearsdoubtfulforanumberofreasons.Ifstoresbeingclosedaremakingpositivecashflowcontributions,thesewillhavetobereplaced.Whethertheycanbeisdoubtfulgiventheproblemsinthispartoftheretailsector.Itmaybeamoreprofitableuseofstorespacetohaveanareaforfoodsales,butthefoodsalesgeneratedinMatraversCo’sshopsmaytakebusinessfromWestparleyCo’sexistingshops.Similarly,increasedonlinesalesmaybeattheexpenseofsalesinstores.

SaleofMatraversTech

Thereisnoindicationofhowinterestedbuyerswillbeinthebusiness.Theindustryprice-earnings(P/E)ratiousedmaybeanaveragewhichdoesnotreflectMatraversTech’scircumstances.ItwouldbebettertofindaP/Eratioforaproxycompanywithsimilarfinancialandbusinessrisk.AsMatraversTechwouldnotbelisted,thiswouldsuggestadiscounttotheP/Eratioshouldbeapplied.SincealsoWestparleyCohasanestimateoffuturefreecashflow,potentialbuyersmaybeabletocomeupwiththeirownestimatesandbasethepricetheyarepreparedtopayontheirestimates.

Otherassumptions

Oneimportantassumptionisthe15%premiumexpectedtoberequiredbyMatraversCo’sshareholders.Otherassumptionsmadeinthecalculationsincludeoperatingprofitmarginandtaxratesremainingconstantandcashflowsbeingassumedtoincreasetoperpetuity.Incrementalcapitalinvestmentisassumedtobeaccurate.Itisassumedthatthecostofdebtwillremainunchangedandthattheassetbeta,costofequityandcostofdebtcanbedeterminedaccurately.Givenalltheassumptions,WestparleyCoshouldcarryoutsensitivityanalysisusingdifferentassumptionsandobtainingarangeofvalues.

Conclusion

Ontheassumptionsmade,theacquisitionappearstoaddfinancialvaluefortheshareholdersofWestparleyCo.However,thefiguresaresubjecttoasignificantnumberofuncertaintiesandthestrategiclogicforbuyingthewholeMatraversbusinessappearsunclear.Onbalance,WestparleyComaywanttoconsideramorelimitedacquisitionofjusttheout-of-townstoresiftheseareavailable,astheiracquisitionappearstomakebetterstrategicsense.

Reportcompiledby:

Date

Appendix1Estimateofadditionalvaluecreatedfromsell-offofMatraversTech(b)(i)

Shareofpre-taxprofit=20%x$1,950m=$390m

After-taxprofit=$390mx(1–0·28)=$281m

Proceedsfromsell-offbasedonP/Eratio=$281mx18=$5,058m

Excessvaluefromsell-off=$5,058m–$4,500m=$558m

Appendix2Estimateofcombinedcompanycostofcapital(b)(ii)

MatraversCoassetbeta=0·75

WestparleyCoassetbeta

Marketvalueofdebt=1·05x$26,000m=$27,300m

Marketvalueofequity=4,000millionx$8·50=$34,000m

Assetbeta=1·02x(34,000)/(34,000+(27,300x0·72))=0·65

Combinedcompany,assetbeta

MarketvalueofMatraversCoequity=$12,500m

Assetbeta=((0·75x12,500)+(0·65x34,000))/(12,500+34,000)=0·68

Equitybeta=0·68((34,000+(27,300x0·72))/34,000)=1·07

Combinedcompanycostofequity=3·5%+(1·07x8%)=12·1%

Combinedcompanycostofcapital=((34,000x12·1%)+(27,300x9·8%x0·72))/(34,000+27,300)=9·9%,say10%

Appendix3EstimateofthevaluecreatedforWestparleyCo’sshareholders(b)(iii)

Cashflows,years1to4

Presentvalueyears1to4=$4,091m

Presentvalueyear5onwards(($1,353mx1·02)/(0·1–0·02))x1·10–4=$11,781m

Totalpresentvalue=$4,091m+$11,781m=$15,872m

Synergies

Presentvalueofsynergies=$1,842m

AmountpayableforMatraversCo’sshares=$12,500mx1·15=$14,375m

ValueattributabletoMatraversCo’sinvestors=$14,375m+$6,500m=$20,875m

ValueattributabletoWestparleyCoshareholders=presentvalueofcashflows+proceedsfromsell-off+valueofsynergies–valuetoMatraversCo’sinvestors

=$15,872m+$5,058m+$1,842m–$20,875m=$1,897m)解析：(3).(c)DiscussthefactorswhichmaydeterminehowtheofferforMatraversCowillbefinancedandhencethelevelofgearingwhichWestparleyCowillhave.（分?jǐn)?shù)：8）__________________________________________________________________________________________

對的答案：(

Calculationofgearing

Ifgearingiscalculatedonthebasisofmarketvalues,afallinthesharepricewillresultinthelevelofgearingrising.WestparleyCo’sboardmaybeworriedaboutafallinthesharepricegiventheproblemsaffectingmanycompanies’sharepricesintheretailsectorandthepossibilitythatthestockmarketmayreactadverselytotheacquisition.

Directors’preferences

Directorsmayhavetheirownpreferencesaboutfinancing.Theymaybeabletochooseamixofsourcesandalevelofgearingwhichreflectsthesepreferences.Directorsmaybeconcernedabouttoohighaburdenofpaymenttofinanceproviders,intermsofcostorultimatelyrepaymentofdebt.Theymaynotwishtocommitthecompanytoconditionsimposedbyfinanceproviders.Bycontrast,theymaybeconcernedabouthowachangeintheshareholderbaseasaresultofashareissuemayimpactupontheirownposition.Directorsmayalsobeconcernedabouttheimpressiongivenbytheirchoiceoffinance.Peckingordertheorystatesthatequityissueisseenasthelastresortforfinancing,soifthepurchaseisfinancedbyanequityissue,itmaybeseenasasignofalackofconfidencebydirectorsthatWestparleyCocansustainitscurrentshareprice.

Costsandcashflows

Gearingdecisionsmaynotjustbedeterminedbytheirownpreferencesbutbyexternalconditionsorconstraints.Choosingmoredebtcouldlowertheoverallcostofcapital,duetolowercostandtaxrelief,makinginvestmentssuchasMatraversCoappearmoreprofitable.Higherlevelsofdebtmayresultinthecostofequityrising,reducingtheoverallimpactonthecostofcapital.Againstthat,higherlevelsofdebtmeanincreasedfinancecostcommitments,eventhoughWestparleyComayneedfurthercashforinvestmentinstores.Thismaybeanimportantconcernifinterestratesarehigh.Bycontrast,dividendstoshareholdersdonothavetobepaidwhenreturnsarelowormoneyisrequiredforinvestment,althoughfailuretomeetdividendexpectationsmayresultintheboardbeingpressurisedbyshareholders.

Availability

Theavailabilityoffinancemayalsobeasignificantissue,particularlyifanacquisitionhastobecompletedquickly.Anequityissuemaytaketimetoarrangeandrequireshareholderapproval.SufficientdebtfinancemaybedifficulttoobtainiflendersfeelthatWestparleyCoalreadyhassignificantcommitmentstodebtfinanceproviders.Thetimescaleoverwhichfinanceisavailablemaybesignificant.WestparleyComayseeklonger-termfinanceifexistingdebtfinanceisduetoberepaidsoonorifsignificantcashisneededforshort-terminvestment,notjustinMatraversCo’sstores,butalsoinWestparleyCo’sexistingstores.

Mix

Otherexternalfactorsmayinfluencethemixoffinancechosen.WestparleyCo’sdirectorsmaybeconcernedaboutkeepingthelevelofgearingatorbelowtheindustryaverage,becauseoffinanceprovidersbecomingworriedifgearingexceedsindustrylevels.KeepingdebtasasignificantelementinoverallfinancemayactasadeterrenttoacquirersbecominginterestedinmakingabidforWestparleyCo.Directorsmayalsonothaveatargetfigureinmindbutbecontentifgearingiswithinarangeofvalues.)解析：三、SectionB(總題數(shù)：2，分?jǐn)?shù)：50.00)BoullainCoisbasedintheEurozoneandmanufacturescomponentsforagriculturalmachinery.Thecompanyisfinancedbyacombinationofdebtandequity,havingobtainedalistingfiveyearsago.Inadditiontothefounder’sequitystake,theshareholdersconsistofpensionfundsandotherinstitutionalinvestors.Untilrecently,saleshavebeengeneratedexclusivelywithintheEurozoneareabutthedirectorsarekeentoexpandandhaveidentifiedNorthAmericaasakeyexportmarket.ThecompanyrecentlycompleteditsfirstsaletoacustomerbasedintheUnitedStates,althoughpaymentwillnotbereceivedforanothersixmonths.

Hedgingpolicyandkeystakeholders

Atarecentboardmeeting,BoullainCo’sfinancedirectorarguedthattheexpansionintoforeignmarketscreatestheneedforaformalhedgingpolicyandthatshareholdervaluewouldbeenhancedifthispolicywascommunicatedtothecompany’sotherstakeholders.However,BoullainCo’schiefexecutiveofficerdisagreedwiththefinancedirectoronthefollowinggrounds.First,existingshareholdersarealreadywelldiversifiedandwouldthereforenotbenefitfromadditionalriskreductionhedgingstrategies.Second,thereisnoobviousbenefittoshareholdervaluebycommunicatingthehedgingpolicytootherstakeholderssuchasdebtproviders,employees,customersandsuppliers.Youhavebeenaskedtoprovidearationaleforthefinancedirector’scommentsinadvanceofthenextboardmeeting.

Hedgingproducts

Assumetoday’sdateis1March20X0.BoullainCoisduetoreceive$18,600,000fromtheAmericancustomeron31August20X0.Thefinancedirectoriskeentominimisethecompany’sexposuretoforeignexchangeriskandhasidentifiedforwardcontracts,exchangetradedfuturesandoptionsasawayofachievingthisobjective.

Thefollowingquotationshavebeenobtained.

Exchangerates(quotedas€/US$1)

Currencyfutures(contractsize€200,000;exercisepricequotedasUS$per€1)

Currencyoptions(contractsize€200,000;exercisepricequotedasUS$per€1,premium:UScentsper€1)

Assumefuturesandoptionscontractsmatureatthemonthendandthatthereisnobasisrisk.Thenumberofcontractstobeusedshouldberoundeddowntothenearestwholenumberincalculations.Ifthefullamountcannotbehedgedusinganexactnumberoffuturesoroptionscontracts,thebalanceishedgedusingtheforwardmarket.

Margininformation

Oncethepositionisopen,theeurofuturescontractoutlinedabovewillbemarked-to-marketonadailybasis.ThetermsofthecontractrequireBoullainCotodepositaninitialmarginof$3,500percontractwiththeclearinghouse.Assumethemaintenancemarginisequivalenttotheinitialmargin.Theticksizeonthecontractis$0·0001.

YourmanagerisconcernedabouttheimpactofanopenfuturespositiononBoullainCo’scashflowandhasaskedyoutocalculateandexplaintheimpactofthefollowinghypotheticalchangesintheclosingsettlementpriceinthefirstthreedaysofthecontract.

Closingsettlementprices(US$per€1)

Required:（分?jǐn)?shù)：25）(1).(a)ExplaintherationaleforthepolicyofhedgingBoullainCo’sforeignexchangeriskandthepotentialbenefitstoshareholdervalueifthatpolicyiseffectivelycommunicatedtothecompany’skeystakeholders.（分?jǐn)?shù)：7）__________________________________________________________________________________________

對的答案：(Rationaleforhedgingpolicy

WithintheframeworkofModiglianiandMiller,BoullainCo’sCEOiscorrectinstatingthatacompany’shedgingpolicyisirrelevant.Inaworldwithouttransactionoragencycosts,andwheremarketsareefficientandinformationsymmetrical,hedgingcreatesnovalueifshareholdersarewelldiversified.Shareholdervaluemayevenbedestroyedifthecostsassociatedwithhedgingexceedthebenefits.

However,intherealworldwheremarketimperfectionsexist,includingthetransactioncostsofbankruptcyandothertypesoffinancialdistress,hedgingprotectsshareholdervaluebyavoidingthedistresscostsassociatedwithpotentiallydevastatingforeignexchangefluctuations.

Activehedgingmayalsobenefitdebt-holdersbyreducingtheagencycostsofdebt.Aclearlydefinedhedgingpolicyactsasasignallingtoolbetweenshareholdersanddebt-holders.Inthissense,hedgingallowsforhigherleverageandalowercostofdebtandreducestheneedforrestrictivecovenants.

Communicationofpolicywithstakeholders

Evenwhenforeignexchangerisksarehedged,thefundingofvariationmarginpaymentsonexchangetradedfuturescancreatefinancialdistress.AwellcommunicatedhedgingstrategyallowsdebtproviderstomakeinformeddecisionsaboutBoullainCo’sabilitytoserviceitsdebt.

Agencycostsandtheriskoffinancialdistressalsoimpacttheexpectedwealthofemployeeswho,unlikeshareholders,maynotenjoytheriskreductionbenefitsofadiversifiedportfolio.AconsistenthedgingpolicyreducestherisksfacedbyemployeeswhichmayservetobenefitBoullainCointheformofmotivationalandproductivityimprovements.

CustomersandsuppliershaveclaimsonacompanywhichcreateshareholdervaluebutareconditionaluponBoullainCo’ssurvival.Suppliersmayinvestinproductionsystemswhichcreatevalueintheformoflowercosts.Forcustomers,theseclaimsreflectpromisesofqualityandafter-salesservicelevelswhichenableBoullainCotochargehigherprices.Inbothcases,shareholdervalueiscreatedaslongasthecustomersandsuppliersbelievetheseclaimswillbehonoured.Onewayofachievingthisisbyimplementingahedgingstrategyandcommunicatingittostakeholders.

Inconclusion,managementshouldattempttocommunicatetheprinciplesunderlyingitshedgingstrategyandthebenefitstoshareholdervalueintheformofreducedagencyanddistresscosts.Inthisway,stakeholderscanmakeinformeddecisionsaboutthepotentialrisksandimpactontheirexpectedwealth.)解析：(2).(b)RecommendahedgingstrategyforBoullainCo’sforeigncurrencyreceiptinsixmonths’timebasedonthehedgingchoicesthefinancedirectorisconsidering.Supportyourrecommendationwithappropriatediscussionandrelevantcalculations.（分?jǐn)?shù)：11）__________________________________________________________________________________________

對的答案：(Forwardcontract

$18,600,000x0·8729=€16,235,940

Futures

BuySeptember€futures

Calculationoffuturesprice

Spotrate(US$/€1)=1/0·8707=1·1485

Predictedfuturesusingspotrate=1·1422+((1·1485–1·1422)x1/7)=1·1431

Orusingfutures:1·1422+((1·1449–1·1422)x1/3))=1·1431

Numberofcontracts

Expectedreceipt=