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質問 1：
XYZ has a variable rate loan of $200 million on which it is paying interest of Liber '3%.
XYZ entered into a swap with AG bank to convert this to a fixed rate 8% loan. AB bank charges an annual commission of 0.4% for making this arrangement Calculate the net payment from KYZ to AB bank at the end of the first year if Libor was 2% throughout the year.
Give your answer in $ million, to one decimal place.
正解：
22.8
質問 2：
A listed company is planning to raise $21.6 million to finance a new project with a positive net present value of $5 million. The finance is to be raised via a rights issue at a 10% discount to the current share price. There are currently 100 million shares in issue, trading at $2.00 each.
Taking the new project into account, what would the theoretical ex-rights price be?
Give your answer to two decimal places.
正解：
$ ?
2.02, 2.03
質問 3：
Two unlisted companies TTT and YYY are being valued. The companies have similar capital structures and risk profiles and operate in the same industry sector It is easier to value TTT than to value YYY because there have recently been several well-publicised private sales of TTT shares.
Relevant company data:
What is the best estimate of YYY's share price?
A. $0.60
B. $1.20
C. $0.94
D. $0.68
正解：B
質問 4：
Which THREE of the following are the most likely exit routes that apply to a venture capitalist?
A. Raising long term debt from the company
B. Trade sale to another company
C. Liquidation of the company
D. Selling back to the original owners
E. Flotation via a stock market listing
正解：B,D,E
質問 5：
SUP is a large supermarket chain. It produces many 'own brand' goods in Country S where the parent company is located. These goods are sold in SUP's supermarkets in Country S as well as being sold at a 'transfer price' to SUP companies located in foreign countries for sale in the SUP supermarkets located in that country.
Which of the following factors is the most important for SUP from a lax planning and compliance viewpoint when setting prices for the 'own brand' goods sold to other group companies'?
A. The price should be the same as the price that would be charged by SUP to other, independent, supermarkets that are located in the same foreign country as the group company that requires the goods.
B. The price should be much lower than average if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
C. The price should be higher than for other group companies if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
D. Complying with tax thin capitalisation regulations that apply in both tax jurisdictions.
正解：D
質問 6：
On 1 January 20X1, a company had:
* Cost of equity of 10 0%.
* Cost of debt of 5.0%
* Debt of $100Mmilion
* 100 million $1 shares trading at $4.00 each.
On 1 February 20X1:
* The company's share police fell to $3.00.
* Debt and the cost of debt remained unchanged
The company does not pay tax.
Under Modigliani and Miller's theory without lax. what is the best estimate of the movement in the cost of equity as a result of the fall in ne share price?
A. It will rise to 10.3%.
B. It will rise to 11.2%.
C. It will stay the same at 10.0%.
D. It will fall to 9.3%.
正解：C
XYZ has a variable rate loan of $200 million on which it is paying interest of Liber '3%.
XYZ entered into a swap with AG bank to convert this to a fixed rate 8% loan. AB bank charges an annual commission of 0.4% for making this arrangement Calculate the net payment from KYZ to AB bank at the end of the first year if Libor was 2% throughout the year.
Give your answer in $ million, to one decimal place.
正解：
22.8
質問 2：
A listed company is planning to raise $21.6 million to finance a new project with a positive net present value of $5 million. The finance is to be raised via a rights issue at a 10% discount to the current share price. There are currently 100 million shares in issue, trading at $2.00 each.
Taking the new project into account, what would the theoretical ex-rights price be?
Give your answer to two decimal places.
正解：
$ ?
2.02, 2.03
質問 3：
Two unlisted companies TTT and YYY are being valued. The companies have similar capital structures and risk profiles and operate in the same industry sector It is easier to value TTT than to value YYY because there have recently been several well-publicised private sales of TTT shares.
Relevant company data:
What is the best estimate of YYY's share price?
A. $0.60
B. $1.20
C. $0.94
D. $0.68
正解：B
質問 4：
Which THREE of the following are the most likely exit routes that apply to a venture capitalist?
A. Raising long term debt from the company
B. Trade sale to another company
C. Liquidation of the company
D. Selling back to the original owners
E. Flotation via a stock market listing
正解：B,D,E
質問 5：
SUP is a large supermarket chain. It produces many 'own brand' goods in Country S where the parent company is located. These goods are sold in SUP's supermarkets in Country S as well as being sold at a 'transfer price' to SUP companies located in foreign countries for sale in the SUP supermarkets located in that country.
Which of the following factors is the most important for SUP from a lax planning and compliance viewpoint when setting prices for the 'own brand' goods sold to other group companies'?
A. The price should be the same as the price that would be charged by SUP to other, independent, supermarkets that are located in the same foreign country as the group company that requires the goods.
B. The price should be much lower than average if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
C. The price should be higher than for other group companies if the group company that is purchasing the goods has a higher marginal tax rate than the SUP parent company.
D. Complying with tax thin capitalisation regulations that apply in both tax jurisdictions.
正解：D
質問 6：
On 1 January 20X1, a company had:
* Cost of equity of 10 0%.
* Cost of debt of 5.0%
* Debt of $100Mmilion
* 100 million $1 shares trading at $4.00 each.
On 1 February 20X1:
* The company's share police fell to $3.00.
* Debt and the cost of debt remained unchanged
The company does not pay tax.
Under Modigliani and Miller's theory without lax. what is the best estimate of the movement in the cost of equity as a result of the fall in ne share price?
A. It will rise to 10.3%.
B. It will rise to 11.2%.
C. It will stay the same at 10.0%.
D. It will fall to 9.3%.
正解：C
佐藤** -
全力を尽くして勉強していただきます。F3学習教材は有効です。F3の問題集滅多にいいもんないけどこれだけはいいと思う。