ACCA考试《高级财务管理》真题及标准答案.docx
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ACCA考试《高级财务管理》真题及标准答案
2016年6月ACCA考试《高级财务管理》真题
(总分:
100.00,做题时间:
150分钟)
案例分析题
SectionA为必做题,SectionB任意选两题。
SectionA–ThisONEquestioniscompulsoryandMUSTbeattempted
LirioCoisanengineeringcompanywhichisinvolvedinprojectsaroundtheworld.Ithasbeengrowingsteadilyforseveralyearsandhasmaintainedastabledividendgrowthpolicyforanumberofyearsnow.Theboardofdirectors(BoD)isconsideringbiddingforalargeprojectwhichrequiresasubstantialinvestmentof$40million.Itcanbeassumedthatthedatetodayis1March2016.
TheBoDisproposingthatLirioCoshouldnotraisethefinancefortheprojectthroughadditionaldebtorequity.Instead,itproposesthattherequiredfinanceisobtainedfromacombinationoffundsreceivedfromthesaleofitsequityinvestmentinaEuropeancompanyandfromcashflowsgeneratedfromitsnormalbusinessactivityinthecomingtwoyears.Asaresult,LirioCo’scurrentcapitalstructureof80million$1equitysharesand$70million5%bondsisnotexpectedtochangeintheforeseeablefuture.
TheBoDhasaskedthecompany’streasurydepartmenttoprepareadiscussionpaperontheimplicationsofthisproposal.ThefollowinginformationonLirioCohasbeenprovidedtoassistinthepreparationofthediscussionpaper.
ExpectedincomeandcashflowcommitmentspriortoundertakingthelargeprojectfortheyeartotheendofFebruary2017
LirioCo’ssalesrevenueisforecasttogrowby8%nextyearfromitscurrentlevelof$300million,andtheoperatingprofitmarginonthisisexpectedtobe15%.ItisexpectedthatLirioCowillhavethefollowingcapitalinvestmentrequirementsforthecomingyear,beforetheimpactofthelargeprojectisconsidered:
1.A$0·10investmentinworkingcapitalforevery$1increaseinsalesrevenue;
2.Aninvestmentequivalenttotheamountofdepreciationtokeepitsnon-currentassetbaseatthepresentproductivecapacity.Thecurrentdepreciationchargealreadyincludedintheoperatingprofitmarginis25%ofthenon-currentassetsof$50million;
3.A$0·20investmentinadditionalnon-currentassetsforevery$1increaseinsalesrevenue;
4.$8millionadditionalinvestmentinothersmallprojects.
Inadditiontotheabovesalesrevenueandprofits,LirioCohasoneoverseassubsidiary–PontacCo,fromwhichitreceivesdividendsof80%onprofits.PontacCoproducesaspecialisttoolwhichitsellslocallyfor$60each.Itisexpectedthatitwillproduceandsell400,000unitsofthisspecialisttoolnextyear.Eachtoolwillincurvariablecostsof$36perunitandtotalannualfixedcostsof$4milliontoproduceandsell.
LirioCopayscorporationtaxat25%andPontacCopayscorporationtaxat20%.Inadditiontothis,awithholdingtaxof8%isdeductedfromanydividendsremittedfromPontacCo.Abi-lateraltaxtreatyexistsbetweenthecountrieswhereLirioCoisbasedandwherePontacCoisbased.Thereforecorporationtaxispayableonprofitsmadebysubsidiarycompanies,butfullcreditisgivenforcorporationtaxalreadypaid.
ItcanbeassumedthatreceiptsfromPontacCoarein$equivalentamountsandexchangeratefluctuationsonthesecanbeignored.
SaleofequityinvestmentintheEuropeancountry
ItisexpectedthatLirioCowillreceiveEuro(€)20millioninthreemonths’timefromthesaleofitsinvestment.The€hascontinuedtoremainweak,whilethe$hascontinuedtoremainstrongthrough2015andthestartof2016.Thefinancialpresshasalsoreportedthattheremaybeapermanentshiftinthe€/$exchangerate,withfirmsfacingeconomicexposure.LirioCohasdecidedtohedgethe€receiptusingoneofcurrencyforwardcontracts,currencyfuturescontractsorcurrencyoptionscontracts.
ThefollowingexchangecontractsandratesareavailabletoLirioCo.
Required:
(分数:
50)
(1).Withreferencetopurchasingpowerparity,explainhowexchangeratefluctuationsmayleadtoeconomicexposure.(分数:
6)
__________________________________________________________________________________________
正确答案:
(
Purchasingpowerparity(PPP)predictsthattheexchangeratesbetweentwocurrenciesdependontherelativedifferencesintheratesofinflationineachcountry.Therefore,ifonecountryhasahigherrateofinflationcomparedtoanother,thenitscurrencyisexpectedtodepreciateovertime.However,accordingtoPPPthe‘lawofoneprice’holdsbecauseanyweaknessinonecurrencywillbecompensatedbytherateofinflationinthecurrency’scountry(orgroupofcountriesinthecaseoftheeuro).
Economicexposurereferstothedegreebywhichacompany’scashflowsareaffectedbyfluctuationsinexchangerates.Itmayalsoaffectcompanieswhicharenotexposedtoforeignexchangetransactions,duetoactionsbyinternationalcompetitors.
IfPPPholds,thencompaniesmaynotbeaffectedbyexchangeratefluctuations,aslowercurrencyvaluecanbecompensatedbytheabilitytoraisepricesduetohigherinflationlevels.Thisdependsonmarketsbeingefficient.
However,apermanentshiftinexchangeratesmayoccur,notbecauseofrelativeinflationratedifferentials,butbecauseacountry(orgroupofcountries)losetheircompetitivepositions.Inthiscasethe‘lawofoneprice’willnothold,andpricesreadjusttoanewandlong-termorevenpermanentrate.Forexample,theUK£toUSA$ratedeclinedinthe20thcentury,astheUSAgrewstrongereconomicallyandtheUKgrewweaker.Theratealmostreachedparityin1985beforerecovering.Sincethefinancialcrisisin2009,ithasfluctuatedbetweenroughly$1·5to£1and$1·7to£1.
Insuchcases,whereacompanyreceivessubstantialamountsofrevenuefromcompaniesbasedincountrieswithrelativelyweakeconomies,itmayfindthatitisfacingeconomicexposureanditscashflowsdeclineoveralongperiodoftime.
)
(2).Prepareadiscussionpaper,includingallrelevantcalculations,fortheboardofdirectors(BoD)ofLirioCowhich:
(i)EstimatesLirioCo’sdividendcapacityasat28February2017,priortoinvestinginthelargeproject;(9marks)
(ii)AdvisesLirioCoon,andrecommends,anappropriatehedgingstrategyfortheEuro(€)receiptitisduetoreceiveinthreemonths’timefromthesaleoftheequityinvestment;(14marks)
(iii)Usingtheinformationondividendsprovidedinthequestion,andfrom(b)(i)and(b)(ii)above,assesseswhetherornottheprojectwouldaddvaluetoLirioCo;(8marks)
(iv)Discussestheissuesofproposedmethodsoffinancingtheprojectwhichneedtobeconsideredfurther.(9marks)
Professionalmarkswillbeawardedinpart(b)fortheformat,structureandpresentationofthediscussionpaper.(4marks)(分数:
44)
__________________________________________________________________________________________
正确答案:
(
Discussionpapertotheboardofdirectors(BoD),LirioCo
Discussionpapercompiledby
Date
Purposeofthediscussionpaper
Thepurposeofthisdiscussionpaperis:
(i)ToconsidertheimplicationsoftheBoD’sproposaltousefundsfromthesaleofitsequityinvestmentintheEuropeancompanyandfromitscashflowsgeneratedfromnormalbusinessactivityoverthenexttwoyearstofinancealargeproject,insteadofraisingfundsthroughequityand/ordebt;
(ii)ToassesswhetherornottheprojectaddsvalueforLirioCoornot.
Backgroundinformation
Thefundsneededfortheprojectareestimatedat$40,000,000atthestartoftheproject.$23,118,000ofthisamountisestimatedtobereceivedfromthesaleoftheequityinvestment(appendices2and3).Thisleavesabalanceof$16,882,000(appendix3),whichwillbeobtainedfromthefreecashflowstoequity(thedividendcapacity)of$21,642,000(appendix1)expectedtobegeneratedinthefirstyear.However,thiswouldleaveonly$4,760,000availablefordividendpaymentsinthefirstyear,meaningacutinexpecteddividendsfrom$0·27/shareto$0·0595/share(appendix3).Thesamelevelofdividendswillbepaidinthesecondyearaswell.
Projectassessment
Basedonthedividendvaluationmodel,LirioCo’smarketcapitalisation,andthereforeitsvalue,isexpectedtoincreasefromapproximately$360milliontoapproximately$403million,orbyjustunder12%(appendix3).Thiswouldsuggestthatitwouldbebeneficialfortheprojecttobeundertaken.
Possibleissues
1.Thedividendvaluationmodelisbasedonanumberoffactorssuchas:
anaccurateestimationofthedividendgrowthrate,anon-changingcostofequityandapredictablefuturedividendstreamgrowinginperpetuity.Inadditiontothis,itisexpectedthatthesaleoftheinvestmentwillyield€20,000,000butthisamountcouldincreaseorreduceinthenextthreemonths.Thedividendvaluationmodelassumesthatdividendsandtheirgrowthratearethesoledriversofcorporatevalue,whichisprobablynotaccurate.
2.AlthoughthedividendirrelevancytheoryproposedbyModiglianiandMillersuggeststhatcorporatevalueshouldnotbeaffectedbyacorporation’sdividendpolicy,inpracticechangesindividendsdomatterfortwomainreasons.First,dividendsareusedasasignallingdevicetothemarketsandunexpectedchangesindividendspaidand/ordividendgrowthratesarenotgenerallyviewedpositivelybythem.Changesindividendsmaysignalthatthecompanyisnotdoingwellandthismayaffectthesharepricenegatively.
3.Second,corporatedividendpolicyattractscertaingroupsofshareholdersorclientele.Inthemainthisisduetopersonaltaxreasons.Forexample,higherratetaxpayersmaypreferlowdividendpayoutsandlowerratetaxpayersmaypreferhigherdividendpayouts.Achangeindividendsmayresultintheclientelechangingandthischangeovermayresultinexcessiveandpossiblynegativesharepricevolatility.
4.Itisnotclearwhyth