CIMA CIMAPRA19-F03-1最新受験攻略、CIMAPRA19-F03-1受験記

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アンケート調査によると、IT業種の皆さんが現在最も受験したい認定試験はCIMAのCIMAPRA19-F03-1試験だそうです。確かに、この試験はとても大切な試験で、公的に認可されたものです。しかも、この認定資格があなたが高い技能を身につけていることも証明できます。しかしながら、試験の大切さと同じ、この試験も非常に難しいです。試験に合格するのは少し大変ですが、心配しないでくださいよ。CertShikenはあなたに難しいCIMAPRA19-F03-1認定試験に合格することを助けてあげますから。

>> CIMA CIMAPRA19-F03-1最新受験攻略 <<

CIMAPRA19-F03-1受験記 & CIMAPRA19-F03-1受験内容

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CIMA F3 Financial Strategy 認定 CIMAPRA19-F03-1 試験問題 (Q400-Q405):

質問 # 400
On 1 January 20X1 a company entered into a S200 million interest rate swap with a bank at a fixed rate of 4% against the 6-month risk-free rate to hedge the interest rale risk on a floating rate borrowing.
6-month risk-free rate was as follows:

What is the net settlement due under the swap contract on 1 July 20X1?

正解：D


質問 # 401
A company has:
* 10 million $1 ordinary shares in issue
* A current share price of $5.00 a share
* A WACC of 15%
The company holds $10 million in cash. No interest is earned on this cash.
It will invest this in a project with an expected NPV of $4 million.
In a semi-strong efficient stock market, which of the following is the most likely share price immediately after the announcement of the new investment?

正解：B

解説：
Current market value of equity = 10m shares × $5 = $50m.
The $10m cash is already on the balance sheet and therefore already reflected in the $5 share price.
The project has NPV = $4m, so it increases firm value by $4m.
New total equity value = $50m + $4m = $54m.
New share price = $54m ÷ 10m shares = $5.40.


質問 # 402
Company B is an all equity financed company with a cost of equity of 10%.
It is considering issuing bonds in order to achieve a gearing level of 20% debt and 80% equity.
These bonds will pay a coupon rate of 5% and have an interest yield of 6%.
Company B pays corporate tax at the rate of 25%.
According to Modigliani and Miller's theory of capital structure with tax, what will be Company B's new cost of equity?

正解：D

解説：
BHere's why:Current (ungeared) cost of equity, ku=10%k_u = 10%ku=10%Target gearing: 20% debt, 80% equity #DE=2080=0.25 rac{D}{E} = rac{20}{80} = 0.25ED=8020=0.25 Corporate tax rate, T=25%#(1#T)
=0.75T = 25% Rightarrow (1 - T) = 0.75T=25%#(1#T)=0.75Relevant cost of debt is the interest yield, 6% (not the 5% coupon), so kd=6%k_d = 6%kd=6%Under Modigliani & Miller with tax, the cost of equity for a geared firm is:ke=ku+(ku#kd)(1#T)DEk_e = k_u + (k_u - k_d)(1 - T) rac{D}{E}ke=ku+(ku#kd)(1#T)ED Substitute the numbers:ke=10%+(10%#6%)×0.75×0.25k_e = 10% + (10% - 6%) imes 0.75 imes 0.25 ke=10%+(10%#6%)×0.75×0.25 ke=10%+4%×0.1875k_e = 10% + 4% imes 0.1875ke=10%+4%×0.1875
4%×0.1875=0.75%4% imes 0.1875 = 0.75%4%×0.1875=0.75% ke=10%+0.75%=10.75%k_e = 10% +
0.75% = 10.75%ke=10%+0.75%=10.75% That matches the expression in Option B:10.75%=10%+[(10%
#6%)×(15/80)]10.75% = 10% + [(10% - 6%) imes (15/80)]10.75%=10%+[(10%#6%)×(15/80)] (Since 15
/80=0.1875=(1#T)×D/E15/80 = 0.1875 = (1-T) imes D/E15/80=0.1875=(1#T)×D/E)#


質問 # 403
A listed entertainment and media company produces and distributes films globally. The company invests heavily in intellectual property in order to create the scope for future film projects. The company has five separate distribution companies, each managed as a separate business unit The company is seeking to sell one of its business units in a management buy-out (MBO) to enable it to raise finance for proposed new investments The business unit managers have been in discussions with a bank and venture capitalists regarding the financing for the MBO The venture capitalists are only prepared to invest a mixture of debt and equity and have suggested the following:

The venture capitalists have stated that they expect a minimum return on their equity investment of 3Q°/o a year on a compound basis over the first 5 years of the MBO No dividends will be paid during this period.
Advise the MBO team of the total amount due to the venture capitalist over the 5-year period to satisfy their total minimum return?

正解：A

解説：
Equity: $30m
Debt: $35m at 5% interest, redeemable in 5 years
They require 30% p.a. compound on the equity and no dividends are paid.
Equity value required in 5 years
Future value=30×1.35=30×3.71293#$111.39m ext{Future value} = 30 imes 1.3

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