CFA二级科目集训营-公司金融讲义.docx

ExpansionprojectCshFkowProjectionsR.r,<.n1.tDycMutuallyExclusiveProjectswithDifferentLrve*9点：不IWy项目的计翼.什么情;兄3E用什么样的ttRJ法.CapitalBudgetingCapitalStructureEconomicProfitWMMTheory*OtherTheoryDividendsandShareRepurchasesMergerAndAcquisitionsProjectswithRealOptions*号点：计JUB.AmCLMMfrEconomicIncomePropoiitionI&Il(withtaxM)Statktrade-offtheoryPckingordrthoryPropositionI&UMtthOUttaxes)*号点：-WL区分对应的*flfR.井对比.F点：31#析.不同的理te.内容吟字做好对应.DoubleTaxationSystemTaxConsiderationsDividendImputationTaxSystemSpfit-rateTaxSystemStableDividendPoHcyDiVIdndPoIiciMConstantDMdndPyoutR*tk>PolcyResidualDividendPoicyh点：Ct念统析.不同的税收方式对公司及!蛛的g.*点：mtff.不何a»69内用（区WMS及结.TaxEffectstTradingStrategiesSJustafterx-dMdndSelljustbeforeex-dividendIIt考点：itBB.WStockpurehase&AssetpurchaseStockpurchaseASSetpurchase*考点：i金W晰.w5>÷方式的区别.DkCOUCtECxhFlowArwIysH(DCF)BidEvaluationA点：计IUB.DefenseMechanKmsPoet-offerdefensemechanismsPre-offertakeoverSfmchanMms*看点：我念加饼.前后两M败同你护描鱼名词和解明h«对应区别.Case1ThefollowinginformationrelatestoQuestions16ThecapitalbudgetingcommitteeforLarocheIndustriesismeeting.LarocheisaNorthAmericanconglomeratethathasseveraldivisions.Oneofthesedivisions,LarocheLivery,operatesalargefleetofvans.Laroche5Smanagementisevaluatingwhetheritisoptimaltooperatenewvansfortwo,three,orfouryearsbeforereplacingthem.Themanagershaveestimatedtheinvestmentoutlay,annualafter-taxoperatingexpenses,andafter-taxsalvagecashflowsforeachoftheservicelives.Becauserevenuesandsomeoperatingcostsareunaffectedbythechoiceofservicelife,theywereignoredintheanalysis.LarocheLivery,sopportunitycostoffundsis10percent.ThefollowingtablegivesthecashflowsinthousandsofCanadiandollars(C$).SeniceLifeInvestmentYear1Year2Year3Year4Sahage2years-40s000-12s000-15,0002020003years-40i000-12,000-15,000-20,00017j0004years-40s000-12s000-15,000-20,000-25,00012j000SchoemanProducts,anotherdivisionofLaroche,hasevaluatedseveralinvestmentprojectsandnowmustchoosethesubsetofthemthatfitswithinitsC$40millioncapitalbudget.TheoutlaysandNPVsforthesixprojectsaregivenbelow.Schoemancannotbuyfractionalprojects,andmustbuyallornoneofaproject.ThecurrencyamountsareinmillionsofCanadiandollars.ProjectOutlayPVofFutureCashFlowsNPV131441321521631216.54.5410133581136682Schoemanwantstodeterminewhichsubsetofthesixprojectsisoptimal.AfinalproposalcomesfromthedivisionSocietyServices,whichhasaninvestmentopportunitywitharealoptiontoinvestfurtherifconditionswarrant.Thecrucialdetailsareasfollows:Theoriginalproject:AnoutlayofC$190millionattimezero.CashowsofC$40millionperyearforYears1-10ifdemandis“high.”CashflowsofC$20millionperyearforYears1-10ifdemandis"low.”Additionalcashflowswiththeoptionalexpansionproject:AnoutlayofC$190millionattimeone.CashflowsofC$40millionperyearforYears2-10ifdemandis“high."CashflowsofC$20millionperyearforYears2-10ifdemandis"low."Whetherdemandis"high"or"low"inYears1-10willberevealedduringthefirstyear.Theprobabilityof"high"demandis0.50,andtheprobabilityof"low"demandis0.50.Theoptiontomaketheexpansioninvestmentdependsonmakingtheinitialinvestment.Iftheinitialinvestmentisnotmade,theoptiontoexpanddoesnotexist.Therequiredrateofreturnis10percent.SocietyServiceswantstoevaluateitsinvestmentalternatives.TheinternalauditorforLarocheIndustrieshasmadeseveralsuggestionsforimprovingcapitalbudgetingprocessesatthecompany.Theinternalauditor'ssuggestionsareasfollows:Suggestion1,lnordertoputallcapitalbudgetingproposalsonanequalfooting,theprojectsshouldallusetherisk-freeratefortherequiredrateofreturn."Suggestion2"Becauseyoucannotexercisebothofthem,youshouldnotpermitagivenprojecttohavebothanabandonmentoptionandanexpansion/growthoption/*Suggestion3"Whenrationingcapital,itisbettertochoosetheportfolioofinvestmentsthatmaximizesthecompanyNPVthantheportfoliothatmaximizesthecompanyIRR.mSuggestion4"Projectbetasshouldbeusedforestablishingtherequiredrateofreturnwhenevertheproject'sbetaisdifferentfromthecompany'sbeta?*.noHUSB义SHg.rtovjv¾UBA10CLlUSCXJCLluosIoJOJiiOUIAJOsIBlLdoopSBqMInswerBiscorrect.Thewaytosolvetheproblemistocalculatetheequivalentannualannuityandchoosethesenicelifewiththelowestannualcost.Foratwo-yearSerViCelife,teNPVis20,0001.10246,77.H6八-12,000-15,000NPV=-40,000I-+1.10*1.10aTheEAA(PV=-46,776.86,N=2.andS10%)is-26,952.38.Forathree-yearsenicelife,theNPVisNPV=-40,000+-30,00017,0001.1(PI.IQ3-65,559.73TheEAA(PV-65,559.73,N=3.and/-10%)is-26,362.54.Forafour-yearSerViCelife,theNPVisNPV=-40,000+W+=十学+=1.10lLlO31.10aLiO4+=-87,211.26TheEAA(PV三-87,21L26t三4.andf=10%)is-27,512.61.Thethree-yearservicelifehasthelowestannualcostLarocheshouldreplacetbevanseverythreeyears.2.TheoptimalsubsetofthesixprojectsthatSchoemanisconsideringconsistsofProjects:A.1and5.B.2,3,and4.C.2,4,5,and6.AnswerAiscorrect.Tohelptheselectionprocess,usetheprofitabilit,indexforeachproject,whichshowsthetotalpresentvalueperdollarinvested.ProjectOutlayPVOfFutureCashFlowsNPVPlPIRank13144131.41912152161.400231216.54.5I375(tie)34101331.3006581131375(tie)366821.3335T,toincorporatethehighPIprojectsintothebudgetusingtrialanderror.Thesetrialsincludethefoliowins:SetofProjectsTotalOutlayTotalNPV1and539Y2»3,and43713.52,3,and5351352,4,5,and63914Amongthesetsofprojectssuggested,theoptimalsetistheonewiththehighestNPVjprovideditstotaloutlaydoesnotexceedC$40mlon.ThesetconsistingofProjects1and5producesthehighestNPV.3.WhatistheNPV(C$millions)oftheoriginalprojectforSocietyServiceswithoutconsideringtheexpansionoption?A.-6.1LB.-5.66.C.233.AnswerBiscorrect.Ifdemandis“high,”theNPVisio40NPV=-190+V=C$55.783miUionIfdemandis"low,"theNPVisI。9()NPV=-190+V=-C$67.109million占LliTheexpectedNPVis0.50(55.783)+0.50(-67.109)U-C$5.663million.4.WhatistheNPV(C$millions)oftheoptimalsetofinvestmentdecisionsforSocietyServicesincludingtheexpansionoption?A.6.34B.12.68.C31.03."AnswerBiscorrectAssumeweareattime=1.TheNPvoftheexpansion(attime1)ifdemandis'lhigh"is®40NPV=190V=Ct40.36lmillion*ii*TheNPVoftheexpansion(attune1)ifdemandis*'low,'isNPV=-190+V-=-C74.820millionTheoptimaldecisionistoexpandifdemand恒"high"andnotexpandifulow."BecausethenansionoptionisexercisedonlyWhenitsvalueispositive,whichhappens50percentofthetime,theexpectedvalueoftheexpansionproject,attimezero,isNPV=击0.50(40.361)=CS18.346millionThetotalNPVoftheinitialprojectandtheexpansionprojectisNPV三-CS5.663million+C$18.346million三C$12.683millionTheoptionalexpansionPrq)CCLhandledoptimally,addssufficientvaluetomakethisapositiveNPVproject.zUopSooonsIOJONPUBoHoJSBADZUoPS&MrLSJOJSoAPUBIUoPSW)IOJONgzPUBISUoPSw5nsIOJONvIOAPDOdsoCSUOpS8nsPUoDOSPUB:IySkoqPnBIBsOSIOJqlJdOUUB99tiIIUIOUMUPOMPrLqIBEdBUjqIPInoqSg9L00IUUoPUBqB9£S豆X8FioA-Mo-S-PUBIUPPUE-UO-IdollIMO6一|一S豆XsnoAc-PUeuJP-5PPeIloqsA一!二PS-°XSnoUBl-FIUJ一SaqIoUUPoSuo-IdoIloqnolllU>山*sS0-二e£豆'*SeIeIoUCXS一一loJIelIlunlJosalePIUno°S-PaqP三OLlSSMO-sps°dx2so2d->U-.PBqBSUo-IS66ns0m.000-<MSUV6.Shouldthecapitalbudgetingcommitteeaccepttheinternalauditor,sthirdandfourthsuggestions,respectively?A.NoforSuggestions3and4.B.YesforSuggestions3and4.C.NoforSuggestion3andYesforSuggestion4.BLPSnqP-PIOUSIunl-0一eP上nb。三°dsoodesAUedEoo0£EoSJaJJ-PXS1。0d一I-JaABUaqM.AUedUJOOc"l一。>CLN£onp二PlnSl。2dEss0oooOlAUedLUS一SnB°三ESHH-UB-LI£一MSI°2dB-SooUoPOO6SUo-IS66nsIIlom.10OoS-MSUVCase2ThefollowinginformationrelatestoQuestions?9McConachieCompanyisconsideringthepurchaseofanew400-tonstampingpress.Thepresscosts$360,000,andanadditional$40,000isneededtoinstallit.Thepresswillbedepreciatedstraight-linetozerooverafive-yearlife.Thepresswillgeneratenoadditionalrevenues,butitwillreducecashoperatingexpensesby$140,000annually.Thepresswillbesoldfor$120,000afterfiveyears.Aninventoryinvestmentof$60,000isrequiredduringthelifeoftheinvestment.McConachieisinthe40percenttaxbracket.7.WhatistheMcConachienetinvestmentoutlay?A.$400,000.B.$420,000.C.$460,000.00009"SM0+0100009+(0000"+OooeO9s)H(OqI。RS)I+CqsI>G+AUIOHMjsnnOS守PnoW2uns2sH.csoSI。8MSUV8.McConachie7Sincrementalannualafter-taxoperatingcashflowisclosestto:A.$116,000.B.$124,000.C.$140,000.B三HOOO三±0三«sISxlvV+EU邑rgUfc&Xq二胃i.s.c=Q三SMsOoK9qz三=0皂WJdaa.8MSUV9.Whatistheterminalyearafter-taxnon-operatingcashflowattheendofyearfive?A.$108,000.B.$132,000.C.$180,000.OOo7二SH(OlOOO07DOyOlo§09+OOoFIMGgSqs)IlAUlyYkN+SRSHbOZHSimoUEJMunBjZdOIUOU3ssCsooSInMSUVCase3ThefollowinginformationrelatestoQuestionslO15HennessyInc.,locatedinUnitedStates,isahigh-qualityproductsmanufactureranddistributorwithlonghistoryspecializinginaccessoriesandbags.TheindustrywhereWilliamsisoperatingentersintomaturitystagewithstableearnings.Williams,sboardofdirectorsiswonderinghowtoboostthestockprice.MaxVerstappen,theCEOofHennessy,answerstotheboardthatbyacquiringanothercompanyusing100%stockpaying,thecompanycanincreasetheearningpershareifthepricemultipledoesnotdeclineafterthemerger.VerstappenaskesDanielRicardo,thechieffinanceofficertoscreenforpotentialtargetswhichareproperforthepurposeofincreasingEPS.KateInc.andMichaelInc.aretwosmallercompetitorswithshorterhistorieswithinthesameindustry,whicharerecommendedbyRicardotoVerstappen.Tofurtherexaminethepotentialeffectofacquisition,RicardoputtheinformationrelatedtoKateandMichael,togetherwithHennessy,s,asisindicatedinExhibit1.Exhibit1:InformationRelatedtoHennessy,KateandMichaelHenneSSyKateMiChaelPre-mergerearningspershare(in$)Sharesoutstanding(inmillions)Pre-mergerpricepershare(in$)JohnstonHorneristhechairmanoftheboard.Hornersaysinadditiontothepriceappreciationintheshortrunitisalsoimportanttogainrealbenefitfrombusinesscombinationinthelongrun.Hemakesthefollowingstatementsdescribingmergersthatcanbenefitthecompany:Statement1:Byacquiringacompetitor,wecangainmarketpowertorisethesellingpriceofourproducts.Statement2:Reducingcostbycontrollingthekeydistributionchannelisalsoabenefitofmerger.Verstappensuggeststhat,NewWorld,afurproductsmakerwhoseproductsdirectlycompeteswithHennessy,soneproductlineforyearsmightbeagoodchoiceforthemerger.HethinksthatbyacquiringNewWorld,evenifthecompany,spricemultipledecreases,Hennessy*sshareholderscanalsobenefitfromtheeconomicsofscaleNainedfrommoreeffectiveoperatingandhighersellingpriceinthelongrun.Forthefurproductsindustry,thecurrentHerfindahl-HirschmanIndex(HHI)is1000.IfHennessytakeoverNewWorld,theHHIwillincreasesto1080.Verstappenconcludesthat,theindustryismoderatelyconcentratedandthecompanyispossibletobechallengedbyanti-trustlawregardingthetakeoverofNewWorldVerstappenputstogethertheinformationofNewWorldandtheestimationregardingthemergerinExhibit2andpresentsthemtotheboard.Exhibit2:InformationRelatedtoMergerofNewWorldOnameetingoftheboardofdirectors,AdrianNewey,oneoftheboardmembers,makestheconclusionthatthemergermightbenefitthemanagementwithoutcreatevaluefortheshareholders.Neweyisalsoconcernedwiththatthereishugeriskthatthesynergywillnotberealizedafterthemerger,whichwillbeassumedbythecompany'sshareholders.WithregardtotheriskconcernedbyNeweyandthevaluecreatedfortheHennessy'sshareholders,Hornermakesthefollowingtwosuggestions:Suggestion1:Ifwearenotsoconfidentwiththemerger,wecanincreasethecashpayingto$40andreducethestockpayingcorrespondingly.Suggestion2:Weshouldkeepthemergerplansecretetoavoidattractingattentionoftheothercompanies,soastoreducethenumberofbidders.IQEIP-SIoJEyewUUOI3B殳SMuo号yV-OlInbDBOJAIO士=JSOUI=IAVASSoUUOHCSdwMUlSBohUUIJoIBomOAOIqUBo二IEqIqXWfiortsojLpOlgulpOUDV.01Aiscorrect.高P，E的公司通过股份支付方式收购低PE的公司，可以增加每股收益（EPS）。根据题目给出的数据，P/EOfHennessy=61÷3.2=19.06P/EOfKate=66.2÷8.5=7.79P/EOfMichael=66÷3.1=21.29由此可知，只有Kate公司的RE小于HenneSsy公司的P/E,因此以股份支付的方式收购Kate公司可以实现每股收益的增加。而股份支付收购MlChael公司不能达到该目的，故只有A正确。寸m1.BuIIEuHl°>6IEupU°>6IBJUoZIJoHNE06ss1.BuIWuozxohDXI日IESXIBaQx.IOUlIB-:UOAVIlUOUIOMS。£0HopAqPOqHUSOPs8¾Odr?SIMUIAVO=OJJoq-qM二1Ciscorrect.Statementl所描述的是横向并购，横向并购是指并购与自身业务相近的对象，例如，竞争对手。Statement2所描述的是纵向并购中的前向整合，即整合产业链的下游，即分销商。综上，只有C选项符合题意。QPUE<q:IoqUAlUoUOpuB11ITPUBJosqlssodOLPMUPSBU。OJg.ocwJoUOPEmJBUUODBLPM-SqwsPVAiscorrect.当HHI指数达到IoOO,低于1800时，该行业可判定为轻度集中行业，高于1800时，判定为高集中度行业，低于100O时，判定为不集巾的行业。根据题目描述，该行业的HHl指数为1000,即属于轻度集中行业，对于这个结论，Verstappen的描述是正确的。在轻度集中行业中，如果并购使得HHl指数上升100及以上，该并购可能会触发反垄断调查，因此VerStaPpen对这个结论的描述不正确，并购使得HHI上升80,不足以触发反垄断调查。因此A选项符合题意。us三日W1$Uu-s三日80SW*l三2V一UIBMOJ0BsOPIOqa!EqsSeASSoUUoHCPHoMAVoNsmEIAiscorrect.第一步，计算并购对价。此题巾，并购对价包括现金部分和股份支付部分。而股份支付部分又由并购方并购后的股份数量和并购后价值决定，即如下所示：Valueofstockoffering=0.5×12,350÷(150+0.5×50)×50=1764.29(million)PricepaidtoNewWorld=30X50+1764.29=3264.28(million)第二步，计算被并购方股东获益(溢价)，即，PremiumreceivedbyNewWorld=3264.2858×50=364.28(million)第三步，计算并购产生的协同效应的价值。即，Synergiesfromthecombination=12,35058×5061.5×150+30X50=1,725(million)第四步，根据协同效应的价值和被并购方获得的溢价计算并购方的获益，即，GianofHennessy=1,725364.28=1360.72(million).OLP包JE-,SEXDOP三VSdPInUIo.HdOLP.AUBdUIOUOipJoSuopdo5Po>oJuoUIOmBUBUIcLZISAUBduIoU一POJPJEIOUSJUopBSUDdUIOUEUBulBUEUIBLPUBLP8EJAqPOZOddnSOIXIoIBOISIUolSnpUoUSeAoMcNPQUCiscorrectNewey的结论是，并购有可能会使管理层获益，而不是使股东获益。管理层的收入如果与公司规模挂钩，会增加管理层实公司施并购的动机，并购可以增加公司规模,给管理层带来收入的增加,但不一定给股东带来利益，因此A不符合题意。如果管理层持有公司的股票期权，管理层会倾向于进行高风险的投资，如果投资成功了，管理层获益，投资失败了，管理层不会蒙受损失，但股东会蒙受损失,因此B不符合题意。C选项所描述的内容与该董事提及的问题无关，因此C符合题意。注意，此题既涉及公司治理的内容，又涉及并购的内容。15.Whichofthesuggestionmad