ACCA考试P4高级财务管理真题2015年6月及答案解析.doc

1、ACCA考试 P4高级财务管理真题 2015年 6月及答案解析(总分：124.99，做题时间：180 分钟)一、Section A This ONE(总题数：1，分数：50.00)1.Yilandwe Yilandwe, whose currency is the Yilandwe Rand (YR), has faced extremely difficult economic challenges in the past 25 years because of some questionable economic policies and political decisions made

2、by its previous governments.Although Yilandwes population is generally poor, its people are nevertheless well-educated and ambitious. Just over three years ago, a new government took office and since then it has imposed a number of strict monetary and fiscal controls, including an annual corporation

3、 tax rate of 40%, in an attempt to bring Yilandwe out of its difficulties. As a result, the annual rate of inflation has fallen rapidly from a high of 65% to its current level of 33%. These strict monetary and fiscal controls have made Yilandwes government popular in the larger cities and towns, but

4、 less popular in the rural areas which seem to have suffered disproportionately from the strict monetary and fiscal controls. It is expected that Yilandwes annual inflation rate will continue to fall in the coming few years as follows: Yilandwes government has decided to continue the progress made s

5、o far, by encouraging foreign direct investment into the country. Recently, government representatives held trade shows internationally and offered businesses a number of concessions, including: (i) zero corporation tax payable in the first two years of operation; and (ii) an opportunity to carry fo

6、rward tax losses and write them off against future profits made after the first two years. The government representatives also promised international companies investing in Yilandwe prime locations in towns and cities with good transport links. Imoni Co Imoni Co, a large listed company based in the

7、USA with the US dollar ($) as its currency, manufactures high tech diagnostic components for machinery, which it exports worldwide. After attending one of the trade shows, Imoni Co is considering setting up an assembly plant in Yilandwe where parts would be sent and assembled into a specific type of

8、 component, which is currently being assembled in the USA. Once assembled, the component will be exported directly to companies based in the European Union (EU). These exports will be invoiced in Euro (). Assembly plant in Yilandwe: financial and other data projections It is initially assumed that t

9、he project will last for four years. The four-year project will require investments of YR21,000 million for land and buildings, YR18,000 million for machinery and YR9,600 million for working capital to be made immediately. The working capital will need to be increased annually at the start of each o

10、f the next three years by Yilandwes inflation rate and it is assumed that this will be released at the end of the projects life. It can be assumed that the assembly plant can be built very quickly and production started almost immediately. This is because the basic facilities and infrastructure are

11、already in place as the plant will be built on the premises and grounds of a school. The school is ideally located, near the main highway and railway lines. As a result, the school will close and the children currently studying there will be relocated to other schools in the city. The government has

12、 kindly agreed to provide free buses to take the children to these schools for a period of six months to give parents time to arrange appropriate transport in the future for their children. The current selling price of each component is 700 and this price is likely to increase by the average EU rate

13、 of inflation from year 1 onwards. The number of components expected to be sold every year are as follows: The parts needed to assemble into the components in Yilandwe will be sent from the USA by Imoni Co at a cost of $200 per component unit, from which Imoni Co would currently earn a pre-tax contr

14、ibution of $40 for each component unit. However, Imoni Co feels that it can negotiate with Yilandwes government and increase the transfer price to $280 per component unit. The variable costs related to assembling the components in Yilandwe are currently YR15,960 per component unit. The current annua

15、l fixed costs of the assembly plant are YR4,600 million. All these costs, wherever incurred, are expected to increase by that countrys annual inflation every year from year 1 onwards. Imoni Co pays corporation tax on profits at an annual rate of 20% in the USA. The tax in both the USA and Yilandwe i

16、s payable in the year that the tax liability arises. A bilateral tax treaty exists between Yilandwe and the USA. Tax allowable depreciation is available at 25% per year on the machinery on a straight-line basis. Imoni Co will expect annual royalties from the assembly plant to be made every year. The

17、 normal annual royalty fee is currently $20 million, but Imoni Co feels that it can negotiate this with Yilandwes government and increase the royalty fee by 80%. Once agreed, this fee will not be subject to any inflationary increase in the projects four-year period. If Imoni Co does decide to invest

18、 in an assembly plant in Yilandwe, its exports from the USA to the EU will fall and it will incur redundancy costs. As a result, Imoni Cos after-tax cash flows will reduce by the following amounts: Imoni Co normally uses its cost of capital of 9% to assess new projects. However, the finance director

19、 suggests that Imoni Co should use a project specific discount rate of 12% instead. （分数：50.00）(1).(a) Discuss the possible benefits and drawbacks to Imoni Co of setting up its own assembly plant in Yilandwe,compared to licensing a company based in Yilandwe to undertake the assembly on its behalf. (5

20、 marks)（分数：25.00）_(2).(b) Prepare a report which: (i) Evaluates the financial acceptability of the investment in the assembly plant in Yilandwe; (21 marks) (ii) Discusses the assumptions made in producing the estimates, and the other risks and issues which Imoni Co should consider before making the

21、final decision; (17 marks) (iii) Provides a reasoned recommendation on whether or not Imoni Co should invest in the assembly plant in Yilandwe. (3 marks) Professional marks will be awarded in part (b) for the format, structure and presentation of the report.(4 marks) （分数：25.00）_二、Section B TWO ques(

22、总题数：3，分数：75.00)2.The treasury department of Chawan Co, a listed company, aims to maintain a portfolio of around $360 million consisting of equity shares, corporate bonds and government bonds, which it can turn into cash quickly for investment projects. Chawan Co is considering disposing 27 million s

23、hares, valued at $215 each, which it has invested in Oden Co. The head of Chawan Cos treasury department is of the opinion that, should the decision be made to dispose of its equity stake in Oden Co, this should be sold through a dark pool network and not sold on the stock exchange where Oden Cos sh

24、ares are listed. In the last few weeks, there have also been rumours that Oden Co may become subject to a takeover bid. Oden Co operates in the travel and leisure (T that basis diminishes to zero at a constant rate until the contract matures and time intervals can be counted in months; that margin r

25、equirements may be ignored; and that if the options are in-the-money, they will exercised at the end of the hedge instead of being sold. Further issues In the talk, the CEO was informed of the following issues: (i) Futures contracts will be marked-to-market daily. The CEO wondered what the impact of

26、 this would be if 50 futures contracts were bought at 9584 on 1 June and 30 futures contracts were sold at 9561 on 3 June, based on the $ December futures contract given above. The closing settlement prices are given below for four days （分数：25.00）(1).(a) Based on the three hedging choices available

27、to Daikon Co and the initial assumptions given above, draft a response to the chief executive officers (CEO) request made in the first paragraph of the question.(15 marks)（分数：12.50）_(2).(b) Discuss the impact on Daikon Co of each of the three further issues given above. As part of the discussion,inc

28、lude the calculations of the daily impact of the mark-to-market closing prices on the transactions specified by the CEO.(10 marks)（分数：12.50）_三、*(总题数：1，分数：0.00)ACCA考试 P4高级财务管理真题 2015年 6月答案解析(总分：124.99，做题时间：180 分钟)一、Section A This ONE(总题数：1，分数：50.00)1.Yilandwe Yilandwe, whose currency is the Yilandwe

29、Rand (YR), has faced extremely difficult economic challenges in the past 25 years because of some questionable economic policies and political decisions made by its previous governments.Although Yilandwes population is generally poor, its people are nevertheless well-educated and ambitious. Just ove

30、r three years ago, a new government took office and since then it has imposed a number of strict monetary and fiscal controls, including an annual corporation tax rate of 40%, in an attempt to bring Yilandwe out of its difficulties. As a result, the annual rate of inflation has fallen rapidly from a

31、 high of 65% to its current level of 33%. These strict monetary and fiscal controls have made Yilandwes government popular in the larger cities and towns, but less popular in the rural areas which seem to have suffered disproportionately from the strict monetary and fiscal controls. It is expected t

32、hat Yilandwes annual inflation rate will continue to fall in the coming few years as follows: Yilandwes government has decided to continue the progress made so far, by encouraging foreign direct investment into the country. Recently, government representatives held trade shows internationally and of

33、fered businesses a number of concessions, including: (i) zero corporation tax payable in the first two years of operation; and (ii) an opportunity to carry forward tax losses and write them off against future profits made after the first two years. The government representatives also promised intern

34、ational companies investing in Yilandwe prime locations in towns and cities with good transport links. Imoni Co Imoni Co, a large listed company based in the USA with the US dollar ($) as its currency, manufactures high tech diagnostic components for machinery, which it exports worldwide. After atte

35、nding one of the trade shows, Imoni Co is considering setting up an assembly plant in Yilandwe where parts would be sent and assembled into a specific type of component, which is currently being assembled in the USA. Once assembled, the component will be exported directly to companies based in the E

36、uropean Union (EU). These exports will be invoiced in Euro (). Assembly plant in Yilandwe: financial and other data projections It is initially assumed that the project will last for four years. The four-year project will require investments of YR21,000 million for land and buildings, YR18,000 milli

37、on for machinery and YR9,600 million for working capital to be made immediately. The working capital will need to be increased annually at the start of each of the next three years by Yilandwes inflation rate and it is assumed that this will be released at the end of the projects life. It can be ass

38、umed that the assembly plant can be built very quickly and production started almost immediately. This is because the basic facilities and infrastructure are already in place as the plant will be built on the premises and grounds of a school. The school is ideally located, near the main highway and

39、railway lines. As a result, the school will close and the children currently studying there will be relocated to other schools in the city. The government has kindly agreed to provide free buses to take the children to these schools for a period of six months to give parents time to arrange appropri

40、ate transport in the future for their children. The current selling price of each component is 700 and this price is likely to increase by the average EU rate of inflation from year 1 onwards. The number of components expected to be sold every year are as follows: The parts needed to assemble into t

41、he components in Yilandwe will be sent from the USA by Imoni Co at a cost of $200 per component unit, from which Imoni Co would currently earn a pre-tax contribution of $40 for each component unit. However, Imoni Co feels that it can negotiate with Yilandwes government and increase the transfer pric

42、e to $280 per component unit. The variable costs related to assembling the components in Yilandwe are currently YR15,960 per component unit. The current annual fixed costs of the assembly plant are YR4,600 million. All these costs, wherever incurred, are expected to increase by that countrys annual

43、inflation every year from year 1 onwards. Imoni Co pays corporation tax on profits at an annual rate of 20% in the USA. The tax in both the USA and Yilandwe is payable in the year that the tax liability arises. A bilateral tax treaty exists between Yilandwe and the USA. Tax allowable depreciation is

44、 available at 25% per year on the machinery on a straight-line basis. Imoni Co will expect annual royalties from the assembly plant to be made every year. The normal annual royalty fee is currently $20 million, but Imoni Co feels that it can negotiate this with Yilandwes government and increase the

45、royalty fee by 80%. Once agreed, this fee will not be subject to any inflationary increase in the projects four-year period. If Imoni Co does decide to invest in an assembly plant in Yilandwe, its exports from the USA to the EU will fall and it will incur redundancy costs. As a result, Imoni Cos aft

46、er-tax cash flows will reduce by the following amounts: Imoni Co normally uses its cost of capital of 9% to assess new projects. However, the finance director suggests that Imoni Co should use a project specific discount rate of 12% instead. （分数：50.00）(1).(a) Discuss the possible benefits and drawba

47、cks to Imoni Co of setting up its own assembly plant in Yilandwe,compared to licensing a company based in Yilandwe to undertake the assembly on its behalf. (5 marks)（分数：25.00）_正确答案：(Benefits of own investment as opposed to licensing Imoni Co may be able to benefit from setting up its own plant as op

48、posed to licensing in a number of ways. Yilandwe wants to attract foreign investment and is willing to offer a number of financial concessions to foreign investors which may not be available to local companies. The company may be able to control the quality of the components more easily, and offer better and targeted training facilities if it has direct control of the labour resources. The company may also be ab