F3 試験問題を無料オンラインアクセス

A private company was formed five years ago and is currently owned and managed by its five founders. The founders, who each own the same number of shares have generally co-operated effectively but there have also been a number of areas where they have disagreed The company has grown significantly over this period by re-investing its earnings into new investments which have produced excellent returns The founders are now considering an Initial Public Offering by listing 70% of the shares on the local stock exchange Which THREE of the following statements about the advantages of a listing are valid?

• A.Helps access to wider sources of finance.
• B.Increases the profile and reputation of the business.
• C.Provides an exit route for the founders
• D.Reduces agency conflict
• E.Increases dividend payouts

The ex div share price of Company A's shares is $.3.50
An investor in Company A currently holds 2,000 shares.
Company A plans to issue a script divided of 1 new shares for every 10 shares currently held.
After the scrip divided, what will be the total wealth of the shareholder?
Give your answer to the nearest whole $.

正解：

7000

Select whether the following statements are true or false with regard to Modigliani and Miller's dividend policy theory.

正解：

Company E is a listed company. Its directors are valuing a smaller listed company, Company F, as a possible acquisition.
The two companies operate in the same markets and have the same business risk.
Relevant data on the two companies is as follows:

Both companies are wholly equity financed and both pay corporate tax at 30%.
The directors of Company E believe they can "bootstrap" Company F's earnings to improve performance.
Calculate the maximum price that Company E should offer to Company F's shareholders to acquire the company.
Give your answer to the nearest $million.

• A.2,700
• B.1,890
• C.3,150
• D.4,500

Company HJK is planning to bid for listed company BNM
Financial data for BNM for the financial year ended 31 December 20X1:

HJK is not forecasting any growth in these figures for the foreseeable future Profit and cost data above should be assumed to be equivalent to cash flow data when answenng this question Which THREE of the following approaches would be most appropriate for HJK to use to value the equity of BNM?

• A.Share price x number of shares in issue plus retained profits
• B.Cash flows of S24 million discounted at the cost of equity
• C.Share price x number of shares in issue
• D.Cash flows of $30 million (= S40 million net of tax at 25%) discounted at WACC minus the value of debt
• E.Cash flows of S14 million discounted at the cost of equity