考前冲刺阶段fm模考解析讲义

WhichofthefollowingfinancialinstrumentswillNOTbetradedonamoneyCommercialConvertibleloanTreasurysof Convertibleloannotes可转债是一个一个长期 而另外三个选项Commercialpaper，Treasurybills sofdeposit是典型 ：Financialmanagementenvironment-Thenatureandroleofmoneymarkets-MoneymarketinstrumentsDiscountMoneyMarketofDepositBanker'sAcceptanceRepurchaseAgreementCommercialPaperWhichofthefollowingaredescriptionsofbasisItisthedifferencebetweenthespotexchangerateandcurrencyfuturesexchangeItisthepossibilitythatthemovementsinthecurrencyfuturespriceandspotpricewillbeItisthedifferencebetweenfixedandfloatinginterestItisoneofthereasonsforanimperfectcurrencyfutures11and2and42,3and ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–foreigncurrency基差=现货价格 Inrelationtoanirredeemablesecuritypayingafixedrateofinterest,whichofthefollowingstatementsiscorrect?Asriskrises,themarketvalueofthesecuritywillfalltoensurethatinvestorsreceiveanincreasedAsriskrises,themarketvalueofthesecuritywillfalltoensurethatinvestorsreceiveareducedAsriskrises,themarketvalueofthesecuritywillrisetoensurethatinvestorsreceiveanincreasedAsriskrises,themarketvalueofthesecuritywillrisetoensurethatinvestorsreceiveareduced ：Businessvaluations-ThevaluationofdebtandotherfinancialWhichofthefollowingwouldyouexpecttobetheresponsibilityoffinancialProducingannualProducingmonthlymanagementAdvisingoninvestmentinnon-currentDecidingpayratesfor ：Financialmanagementfunction-Thenatureandpurposeoffinancialmanagement-Therelationshipbetweenfinancialmanagementandfinancialandmanagementaccounting.PeachCo’slatestresultsareasProfitbeforeinterestandProfitbeforeProfitafterInaddition,extractsfromitslateststatementoffinancialpositionareasNon-currentWhatisPeachCo’sreturnoncapitalemployedA. B. C. D. ROCE=OperatingProfit/CapitalOperatingProfit即Profitbeforeinterestandtaxation而CapitalEmployedEquityNon-currentliabilities10,0002,50012,500；则ROCE=2,500/12,500=20%。因此选择C。知识点 ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-MeasuringachievementofcorporateobjectivesWhichofthefollowingstatementsisOneoftheproblemswith isingaccountingprofitasafinancialobjectiveisthataccountingprofitcanbemanipulatedAtargetforaminimumlevelofdividendcoverisatargetforaminimumdividendpayoutThewelfareofemployeesisafinancialOnereasonshareholdersareinterestedinearningspershareisthataccountingprofittakesaccountofrisk ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-Identifyanddescribeavarietyoffinancialobjectives𝑬−𝑫𝑎𝑣𝑫= 𝐷𝑣𝒗𝑫= uWhichofthefollowingstatementsareThesensitivityofaprojectvariablecanbecalculatedbydividingtheprojectnetpresentvaluebythepresentvalueofthecashflowsrelatingtothatprojectvariableTheexpectednetpresentvalueisthevalueexpectedtooccurifaninvestmentprojectwithseveralpossibleesisundertakenonceThediscountedpaybackperiodisthetimetakenforthecumulativenetpresentvaluetochangefromnegativetopositive1and21and32and31,2and 表述(1)描述的是敏感性分析的计算，即NPV除以项目变量对应现金流的PV，是正确的；知识点：InvestmentappraisalAdjustingforriskanduncertaintyininvestmentWhichofthefollowingstatementsareCapitalmarketsecuritiesareassetsforthesellerbutliabilitiesfortheFinancialmarketscanbeclassifiedintoexchangeandover-the-counterAsecondarymarketiswheresecuritiesareboughtandsoldby1and21and32and31,2and ：Financialmanagementenvironment-Thenatureandroleoffinancialmarketsand

Money1

Primary

nmodel

Capital

Secondary

OTC(over-the-counter)无固定交WhichofthefollowingstatementsareInterestrateoptionsallowthebuyertotakeadvantageoffavourableinterestrateAforwardrateagreementdoesnotallowaborrowertobenefitfromadecreaseininterestBorrowershedgingagainstaninterestrateincreasewillbuyinterestratefuturesnowandsellthematafuturedate1and21and32and31,2andExternalhedgingBorrower(担心利率上涨 价格下跌 价格上涨 Sellthen Buythen BuyPut BuyCallCapor Buya Buya Buyacapandsella BuyafloorandsellaInternalhedging Assetandliability ：RiskManagement-Hedgingtechniquesforinterestraterisk-interestrateTKQCohasjustpaidadividendof21centspershareanditssharepriceoneyearagowas$3.10pershare.Thetotalshareholderreturnfortheyearwas19.7%.Whatisthecurrentshare TotalshareholderreturnPPDividends)P(P3.100.21)/3.10则P期末 ：Financialmanagementfunction-Financialobjectivesandtherelationshipwithcorporatestrategy-IdentifyanddescribeavarietyoffinancialobjectivesWhichofthefollowingstatementsisAbonusissuecanbeusedtoraisenewequityAsharerepurchaseschemecanincreasebothearningspershareandMillerandModiglianiarguedthatthefinancingdecisionismoreimportantthanthedividendShareholdersusuallyhavethepowertoincreasedividendsatannualgeneralmeetingsofNumberofShareEarningsperRightBonusShare ：Businessfinance-Identifyanddiscussinternalsourcesoffinance–thedividendAninvestorbelievesthattheycanmakeabnormalreturnsbystudyingpastsharepricemovements.Intermsofcapitalmarketefficiency,towhichofthefollowingdoestheinvestor’sbeliefrelate? Operational Semi-strongform ：Businessvaluation-EfficientMarketHypothesisInformationInefficientWeakformSemi-strongStrongformHistoricalPublicInsideTechnicalanmakeanabnodystwillrmalgainnotmakeaOnlyystBothtechnicalAninvestorcouldonlymakeabnormalgainsbyluckystn willnotmakeanabnormalgain.OnlyinsideinformationcanmakeabnormalabnormalWhichofthefollowingstatementsis/areFactoringwithrecourseprovidesinsuranceagainstbadTheexpertiseofafactorcanincreasetheefficiencyoftradereceivablesmanagementfor21Neither1nor1and ：Workingcapitalmanagement-Discuss,applyandevaluatetheuseofrelevanttechniquesinmanagingaccountsreceivable-Usingfactoring常见的Benefit和

FactoringwithFactoringwith

司提供了坏账

FactoringwithoutFactoringwithout Whichofthefollowingis/areAconservativeworkingcapitalinvestment impliesahigherproportionofpermanentcurrentassetstofluctuatingcurrentassetsLong-termfinanceisgenerallycheaperthanshort-term1onlyis2onlyis1and2are1and2are ：Workingcapitalmanagement-Determiningworkingcapitalneedsandfundingstrategies–thelevelofworkingcapitalinvestmentincurrentassetsWorkingcapitalinvestmentWorkingcapital 𝒗𝒓𝒗𝒗𝒓𝒗𝑫𝒗−𝒗𝑫𝒗×𝒓𝒗𝒗𝒄𝒓𝒄A istoenterintoasaleandrepurchaseagreementonthemoney hasagreedtosell$10moftreasurybillsfor$9.6mandwillbuythembackin50days'timefor$9.65m.Assumea365-dayWhatistheimplicitannualinterestrateinthistransaction(tothenearest Increaseinvalue=$9.65m–$9.6m=Asapercentageoftheoriginalvalue=$0.05m/$9.6m=Annualisingthisvalue0.52🙕365/503.80% ：Financialmanagementenvironment-Thenatureandroleofmoneymarkets-Moneymarketinstrumentsu

daystoTheValueoftheCDonmaturity=Facevalue+Facevalue×couponrate×daysintheReporateReporate

Repurchaseprice–Sellingprice daysintheyearSellingprice ×daystomaturityuYieldoncommercialpaper=Sellingprice−Purchaseprice×daysinthePurchase daysSectionThefollowingscenariorelatestoquestionsTulipCoisalarge withanequitybetaof1.05.The nstoexpandexistingbusinessbyacquiringanewfactoryatacostof$20m.Thefinancefortheexpansionwillberaisedfromanissueof3%loannotes,issuedatnominalvalueof$100perloannote.TheseloannoteswillberedeemableafterfiveyearsatnominalvalueorconvertibleatthattimeintoordinarysharesinTulipCowithavalueexpectedtobe$115perloannote.The rateofreturnis2.5%andtheequityriskpremiumisTulipCoisseekingadditionalfinanceandisconsideringusing cfinanceand,inparticular,wouldrequireaformwhichwouldbesimilartoequityfinancing.SectionWhatisthecostofequityofTulipCousingthecapitalassetpricing Therisk- rateofreturn2.5%，Theequityriskpremiumis7.8%，Equitybeta1.05，则ke=2.5%+(1.05x7.8%)=10·7%。 ：Businessfinance-Estimatingthecostofcapital–thelevelofworkingcapitalEstimatethecostofequitySectionUsingestimatesof5%and6%,whatisthecostofdebtoftheconvertibleloan SectionCashflow01-5Kdat=5%+3.15+1.45×（6%–5%）= ：Businessfinance-EstimatingthecostofcapitalthelevelofworkingcapitalEstimatethecostofdebtSection是after-taxcostofdebt即Kdat，现金流也是税后的；应，所以折现率用的是before-taxcostofdebt即Kd，现金流也用的是税前的SectionInrelationtousingthedividendgrowthmodeltovalueTulipCo,whichofthefollowingstatementsisThemodelassumesthatallshareholdersofTulipCohavethesamerequiredrateofThemodelassumesaconstantsharepriceandaconstantdividendgrowthforTulipThemodelassumesthatcapitalmarketsaresemi-strongformThemodelassumesthatTulipCo’sinterimdividendisequaltothefinal ：Businessvaluation-Modelsforthevaluationofshares–DividendvaluationSectionWhichofthefollowingstatementsaboutequityfinanceisEquityfinancereservesrepresentcashwhichisavailableto toAdditionalequityfinancecanberaisedbyrightsissuesandbonusRetainedearningsareasourceofequityEquityfinanceincludesbothordinarysharesandpreference 选项A：留存收益代表企业可以用于投资的现金，说法错误，因为reserveNetprofitdividend，很明显profit和cashflow不是一个概念，企业有多少reserve并不代表有多少现金； ：Businessfinance-Sourcesof,andraising,businessfinance–equitySectionRegardingTulipCo’sinterest cfinance,whichofthefollowingstatementsis/areMurabahacouldbeusedtomeetTulipCo’sfinancingMudarabainvolvesaninvestingpartnerandamanagingorworking12Both1andNeither1nor ：Businessfinance-Sourcesof,andraising,businessfinance– cfinancialSectionThefollowingscenariorelatestoquestionsRingCohasinissueordinaryshareswithanominalvalueof$0.25pershare.Thesesharesaretradedonanefficientcapitalmarket.Itisnow20X6andthe hasjustpaidadividendof$0.450pershare.Recentdividendsofthe areasfollows:DividendperRingCoalsohasinissueloannoteswhichareredeemableinsevenyears’timeattheirnominalvalue$100perloannoteandwhichpayinterestof6%perThefinancedirectorofRingCowishestodeterminethevalueof RingCohasacostofequityof10%peryearandabefore-taxcostofdebtof4%peryear.Thepayscorporationtaxof25%peryear.SectionUsingthedividendgrowthmodel,whatisthemarketvalueofeachordinary 4Historicaldividendgrowthrate 0.370−1=Shareprice

0.450 =10%− ：Businessvaluation-Modelsforthevaluationofshares–DividendvaluationSectionWhatisthemarketvalueofeachloanCashCash67 ：Businessvaluation-Thevaluationofdebtandotherfinancialassets–RedeemableSectionThefinancedirectorofRingCohasbeenadvisedtocalculatethenetassetvalue(NAV)of.WhichofthefollowingformulaecalculatescorrectlytheNAVofRingTotalassetslesscurrentNon-currentassetsplusnetcurrentNon-currentassetspluscurrentassetslesstotalNon-currentassetslessnetcurrentassetslessnon-current ：Businessvaluation-Modelsforthevaluationofshares–Asset-basedvaluationSectionWhichofthefollowingstatementsaboutvaluationmethodsisTheearningsyieldmethodmultipliesearningsbytheearningsTheequitymarketvalueisnumberofsharesmultipliedbyshareprice,plusthemarketvalueofThedividendvaluationmodelmakestheunreasonableassumptionthataveragedividendgrowthisTheprice/earningsratiomethoddividesearningsbytheprice/earnings 以earningsyield； ：Businessvaluation-ModelsforthevaluationofSectionWhichofthefollowingstatementsaboutcapitalmarketefficiencyis/areInsiderinformationcannotbeusedtomakeabnormalgainsinastrongformefficientcapitalInaweakformefficientcapitalmarket,RingCo’ssharepricereactstonewinformationthedayafteritisannouncedRingCo’ssharepricereactsquicklyandaccura ytonewly-releasedinformationinasemi-strongformefficientcapitalmarket1and21and331,2and 表述(1)：在强势有效市场当中，信息不能用于获取超额回报，说法正确；表述(2)：在弱势有效过去的信息；表述(3)：在半强有效市场当中，股价准确地对新信息进行调整，说法正确。知识点：BusinessvaluationEfficientMarketHypothesisSectionThefollowingscenariorelatestoquestionsMarigoldCoisbasedinacountrywhichusesthedollar($)asitshomecurrency.MarigoldCohasawholly-ownedsubsidiarybasedinacountrywhichusestheMshilling(MS)asitscurrency.Thesubsidiary'sfinancialstatementsarepreparedinMS.Duetoeconomicuncertaintyinbothcountries,anexchangelossof$100,000isexpectedtooccurafterconsolidatingtheresultsofthesubsidiaryintoMarigoldCo'sgroupaccounts.MarigoldCoisexpectingareceiptofMS300,000fromthesubsidiaryinthreemonthswhichitwishestoprotectagainstexchangeratemovement.Thefollowinginformationisavailable:Exchange MSperSpot -1.1250Three-monthforward -1.1125MoneyMarketAnnualAnnual%%$SectionWhattypeofexchangerateriskwouldMarigoldCoexperiencewiththe$100,000lossinitsconsolidatedfinancialstatements? ：RiskManagement-Thenatureandtypesofriskandapproachestoriskmanagement-DescribeanddiscussdifferenttypesofforeigncurrencyriskSectionIfMarigoldCousestheforwardmarkettohedgetheMSreceipt,whatamountwillbereceived(tothenearest$)? 1.0850-1.1125MS/$。由于MarigoldCo是收MS，需要换成 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–SectionMatchtheappropriatevaluetotherelevanttargetinordertoreflectwhatamountMarigoldCowillborrowanddepositifitusesthemoneymarkettohedgetheMSreceipt.

AmounttoborrowMS297,030MS$$

Amountto$$MSMS解析：题 的 对冲的相关计算借：借外币MS，使用MS对应的借款利率Borrowingratepro-ratedforthreemonths=4%🙕3/12=1%;Amounttoborrow=MS300,000/(1+1%)=换：将借来的外币MS换成本币$.Amounttodeposit=297,030/1.1250=同时可以收 的本息和：$264,027🙕(1+6%🙕3/12)=知识 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–moneymarketSectionMarigoldCoisnowconsideringtheuseofanoptiontohedgethecurrencyriskontheMSreceipt.Itsbankhasofferedanover-the-counteroptionwithanexercisepriceofMS1.1250per$.WhichTWOofthefollowingstatementsconcerningtheoptionareTheoptionwillbemoreexpensivetosetupcomparedwitheithertheforwardcontractormoneymarkethedgeAnimperfecthedgewillresultastheoptionwillbeforastandardamountofcurrencyandonlyawholenumberofcontractsmaybeusedIfthe$wastostrengthenagainsttheMS,MarigoldCoislikelytobeworseoffbyusingtheoptioncomparedtoeithertheforwardcontractormoneymarkethedgeUsinganoptionhedgewillmeanthatMarigoldCoisobligatedtoexercisetheoptioninthreemonthsirrespectiveofthespotrateonthedaySection 对冲相比，MarigoldCo使用 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–over-the-counterSectionMarigoldCoisunsurewhethertouseaforwardcontractoramoneymarkethedgeandiscomparingtherelativeadvantagesanddisadvantagesofthetwo.WhichofthefollowingstatementsisTheforwardcontracthastheadvantageofbeingtailoredpreciselytoMarigoldCo'srequirementsbutthemoneymarkethedgewillbeastandardisedinstrumentresultinginanimperfecthedgeTheforwardcontractwillresultinMarigoldCoreceivingthedollarequivalentoftheMSreceiptinthreemonths'time,whereasthemoneymarkethedgewillprovideMarigoldCowithdollarreceiptstodayTheforwardcontractwillresultintheeffectiverateofexchangebeingfixedwhereasthemoneymarkethedgewillallowMarigoldCotobenefitfromfavourablemovementintheexchangerateMarigoldCowillbeobligatedtofulfiltheforwardcontractinthreemonths'timewhereasthemoneymarkethedgecouldbetradedonanexchangetoanotherpartybeforesettlementSection 选项B：远期合同将导致MarigoldCo在三个月后收到MS收据的 天提供给MarigoldCo 对冲将使MarigoldCo受益于汇率的有利变 选项D：MarigoldCo将有义务在三个月的时间内履行远期合同，但是MarigoldCo可以将 ：RiskManagement-Hedgingtechniquesforforeigncurrencyrisk–forwardcontractvsamoneymarkethedgeSectionPinksCoisalarge listedonamajorstockexchange.Inrecentyears,theboardofPinksCohasbeencriticisedforweakcorporate ernanceandtwoofthe ’snon-executivedirectorshavejustresigned.ArecentstoryinthefinancialmediahascriticisedtheperformanceofPinksCoandclaimsthattheisfailingtosatisfytheobjectivesofitskeyPinksCoisappraisinganinvestmentprojectwhichithopeswillboostitsperformance.Theprojectwill$20m,payableinfullatthestartofthefirstyearofoperation.Theprojectlifeisexpectedtobefouryears.Forecastsalesvolumes,sellingprice,variablecostandfixedcostsareasfollows:1234SalesSellingpriceVariablecostFixedcostsSectionSellingpriceandcostinformationareincurrentpriceterms,beforeapplyingsellingpriceinflationof5%peryear,variablecostinflationof3·5%peryearandfixedcostinflationof6%peryear.PinksCopayscorporationtaxof26%,withthetaxliabilitybeingsettledintheyearinwhichitarises.Thecanclaimtax-allowabledepreciationonthefullinitialinvestmentof$20mona25%reducingbalancebasis.Theinvestmentprojectisexpectedtohavezeroresidualvalueattheendoffouryears.PinksCohasanominalafter-taxcostofcapitalof12%andarealafter-taxcostofcapitalof8%.Thegeneralrateofinflationisexpectedtobe3.7%peryearfortheforeseeablefuture.CalculatethenominalnetpresentvalueofPinksCo’sinvestmentproject.(8CalculatetherealnetpresentvalueofPinksCo’sinvestmentprojectandcommentonyourfindings.(4(b)DiscussFOURwaystoencouragemanagerstoachievestakeholderobjectives.(8Section(a)(i)NominaltermsappraisaloftheinvestmentThenominaltermsapproachtoinvestmentappraisalinvolvesdiscountingnominalcashflowswithanominalcostofcapitalincalculatingtheNPVofaninvestmentproject.01234FixedInitialAftertaxcashDCF@NPV=-20,000+10,510+14,989+21,568+6,280=33,347Section1234SellingpriceInflatedby5%/SalesvolumeSalesrevenueInflatedby3.5%/SalesvolumeFixedcostsInflatedby6%/TADbenefits($000)atSection(ii)RealtermsappraisaloftheinvestmentTherealtermsapproachtoinvestmentappraisalinvolvesdiscountingrealcashflowswitharealcostofcapitalincalculatingtheNPVofaninvestmentproject.Itmustbeemphasisedthatrealcashflowsarefoundbyinflatingusingspecificinflationandthendeflatingbythegeneralrateofinflation.Onlywhenthereisnospecificinflation,whichwasnotthecasehere,cangeneralinflationbeThecorrectapproachtocalculatingtherealbefore-taxcashflowswastodeflatethenominalbefore-taxcashflowsusingthegeneralrateofinflation.RealRealbefore−taxcash=Nominalbefore−taxcash1+generalrateof+𝒄𝑫𝒓𝒄 +𝒗𝒄𝒓𝑫𝒓×+𝒗𝒗𝒓𝒗𝒓𝒗Section0123NominalcashflowsRealcashflowsbeforeInitialAftertaxcashDCF@RealNPV=-20,000+10,553+15,046+21,629+6,494=33,722TherealtermsappraisalgivesalmostthesamepositiveNPVasthenominaltermsappraisal,thedifferencebeingduetothedifferentdiscountratebeingappliedtothesameTADbenefits.AstheNPVispositive,theinvestmentprojectisfinanciallyacceptable.Section ShareoptionTheagencyproblemarisesduetotheseparationofownershipandcontrol,andmanagerspursuingtheirownobjectives,ratherthantheobjectivesofshareholders,specificallytheobjectiveof isingshareholderwealth.Managerscanbeencouragedtoachievestakeholderobjectivesbybringingtheirownobjectivesmoreinlinewiththeobjectivesofstakeholderssuchasshareholders.Thisincreasedgoalcongruencecanbeachievedbyturningthemanagersintoshareholdersthroughshareoptionschemes,althoughthecriteriabywhichsharesareawardedneedverycarefulconsideration. 计划的优点（如bringingtheirownobjectivesmoreinlinewiththeobjectivesofSectionPartoftheremunerationofmanagerscanbemadeconditionalupontheirachievingspecifiedperformancetargets,sothatachievingtheseperformancetargetsassistsinachievingstakeholderobjectives.Achievingaspecifiedincreaseinearningspershare,forexample,couldbeconsistentwiththeobjectiveof shareholderwealth.Achievingaspecifiedimprovementinthequalityofemissionscouldbeconsistentwithaernmentobjectiveofmeetinginternationalenvironmentaltargets.However,PRPperformanceobjectivesneedverycarefulconsiderationiftheyaretobeeffectiveinencouragingmanagerstoachievestakeholdertargets.Inrecenttimes,long-term ns(LTIPs)havebeenacceptedasmoreeffectivethanespeciallywhere ’sperformanceis arkedagainstthatofits写出绩效工资的定义，可以写出一些常见的考核指标如文中的Achievingaspecifiedincreaseearningspershare/AchievingaspecifiedimprovementinthequalityofSection ernancecodesofbestCodesofbestpracticehavedevelopedovertimeintorecognisedmethodsofencouragingmanagerstoachievestakeholderobjectives,applyingbestpracticetomanykeyareasofcorporate ernancerelatingtoexecutiveremuneration,riskassessmentandriskmanagement,auditing,internalcontrol,executiveresponsibilityandboardaccountability.Codesofbestpracticehaveemphasisedandsupportedthekeyroleyedbynon-executivedirectorsinsupportingindependentjudgementandinfollowingthespiritof ernance写出公司治理可以帮助实现目标的具体方式如文中的executiveremuneration,riskassessmentriskmanagement,auditing,internalcontrol,executiveresponsibilityandboardSectionStockexchangelistingTheseregulationsseektoensureafairandefficientmarketfortrading securitiessuchassharesandloannotes.Theyencouragedisclosureofprice-sensitiveinformationinsupportingpricingefficiencyandhelptodecreaseinformationasymmetry,oneofthecausesoftheagencyproblembetweenshareholdersandmanagers.Decreasinginformationasymmetryencouragesmanagerstoachievestakeholderobjectivesasthequalityand tyofinformationavailabletostakeholdersgivesthemaclearerpictureoftheextenttowhichmanagersareattendingtotheirobjectives. 写出SectionNesudCohascreditsalesof$45millionperyearandonaveragesettlesaccountswithtradepayablesafter60days.Oneofits rshasofferedthe anearlysettlementdiscountof0.5%forpaymentwithin30days.Administrationcostswillbeincreasedby$500peryeariftheearlysettlementdiscountistaken.NesudCobuyscomponentsworth$1.5millionperyearfromthis Fromadifferent r,NesudCopurchases$2.4millionperyearofComponentKatapriceof$5percomponent.ConsumptionofComponentKcanbeassumedtobeataconstantratethroughouttheyear.Theorderscomponentsatthestartofeachmonthinordertomeetdemandandthecostof cingeachorderis$248.44.TheholdingcostforComponentKis$1.06perunitperThefinancedirectorofNesudCoisconcernedthatapproximay1%ofcreditsalesturnintoirrecoverabledebts.Inaddition,shehasbeenadvisedthatcustomersofthe takeanaverageof65daystosettletheiraccounts,eventhoughNesudCorequiressettlementwithin40days.NesudCofinancesworkingcapitalfromanoverdraftcosting4%peryear.Assumethereare360daysinaSectionEvaluatewhetherNesudCoshouldaccepttheearlysettlementdiscountofferedby (4EvaluatewhetherNesudCoshouldadoptaneconomicorderComponentK.

tyapproachtoordering(6CriticallydiscusshowNesudCocouldimprovethemanagementofitstrade

(10(20Section 增加的融资成本=(给予折扣之前的应付账款水平-给予折扣之后的应付账款水平)🙕Relevanttradepayablesbeforediscount=1,500,000🙕60/360=$250,000Relevanttradepayablesafterdiscount=1,500,000🙕30/360=$125,000Reductionintradepayables=250,000–125,000=$125,000(Morequickly,reductionintradepayables=1,500,000🙕(60–30)/360=$125,000)Thefinanceneededtoreducethetradepayableswillincreasetheoverdraft.Increaseinfinancecost=125,000🙕4%=$5,000Administrationcostincrease=$500 Discount r=$1,500,000🙕0.5%=Netbenefits=Totalbenefits-TotalNetbenefitofdiscount=7,500–5,000–500=$2,000perOnfinancialgrounds,NesudCoshouldaccept r’searlysettlementdiscountSection当前订货策略的总成本Annualdemand=2,400,000/5=480,000unitsperEachmonth,NesudCoorders480,000/12=40,000Currentorderingcost=12🙕248.44=$2,981perTheholdingcostforComponentK=$1.06perunitperyear.AverageinventoryofComponentK=40,000/2=20,000unitsCurrentholdingcost=20,000🙕1.06=$21,200peryearTotalcostofcurrent =2,981+21,200=SectionEconomic ty 2🙕248.44🙕480,000=15,000unitsperNumberofordersperyear=480,000/15,000=32ordersperOrderingcost=32🙕248.44=$7,950perAverageinventoryofComponentK=15,000/2=7,500Holdingcost=7,500🙕1.06=$7,950perTotalcostofEOQ =7,950+7,950=Onfinancialgrounds,NesudCoshouldadoptanEOQapproachtoorderingComponentKasthereisareductionincostof$8,281.Section本题目 的是改进应收账款管理的方法，总分10分，文字题基本上一个关键点是2Managementoftradereceivablescanbeimprovedbyconsidering ysis,creditcontrolandcollectionamountsowing.Managementoftradereceivablescanalsobeoutsourcedtoafactoring ,ratherthanbeingmanagedin-house. 信用分析答题要点Offeringcredittocustomersexposes totheriskofbaddebtsandthisshouldbeminimisedthroughysisorassessingcreditworthiness.Thiscanbedonethroughcollectingandysinginformationaboutpotentialcreditcustomers.Relevantinformationincludesbankreferences,tradereferences,reportsfromcreditreferenceagencies,recordsofprevioustransactionswithpotentialcustomers,annualreports,andsoon.A mightsetupitsowncreditscoringsysteminordertoassessthecreditworthinessofpotentialcustomers.Wheretheexpectedvolumeoftradejustifiesit,avisittoa canbemadetogainabetterunderstandingofitsbusinessandprospects.SectionCredit信用控制答题要点写出信用控制的方法，比如账龄分析anagedtrade ysis和信贷使用报告creditutilisationTheaccountsofcustomerswhohavebeengrantedcreditmustbemonitoredregularlytoensurethatagreedtradetermsarebeingfollowedandthataccountsarenotgettingintoarrears.Animportantmonitoringdevicehereisanagedtradereceivablesysis,identifyingaccountsandamountsinarrears,andtheextenttowhichamountsareoverdue.Acreditutilisationreportcanassistmanagementinunderstandingtheextenttowhichcreditisbeingused,identifyingcustomerswhomaybenefitfromincreasedcredit,andassessingtheextentandnatureofa ’sexposuretotradereceivables.SectionCollectionofamounts shouldensurethatitstradereceivablesarekeptinformedabouttheiraccounts,amountsoutstandingandamountsingdue,andthetermsoftradetheyhaveaccepted.An shouldberaisedwhenasaleismade.Regularstatementsshouldbesent,forexample,onamonthlybasis.Customersshouldbeencouragedtosettletheiraccountsontimeandnoteoverdue.Offeringadiscountforearlysettlementcouldhelptoachievethis.Overdueaccou