1、 ACCAPaper P4Advanced financial managementEssential textBritish library cataloguinginpublication data A catalogue record for this book is available from the British Library. Published by: Kaplan Publishing UK Unit 2 The Business Centre Molly Millars Lane Wokingham Berkshire RG41 2QZ ISBN 97818471055
2、16 Kaplan Financial Limited, 2008 Printed and bound in Great Britain. Acknowledgements We are grateful to the Association of Chartered Certified Accountants and the Chartered Institute of Management Accountants for permisssion to reproduce past examination questions. The answers have been prepared b
3、y Kaplan Publishing. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission of Kaplan Publishing. ii KAPLAN PUBLI
4、SHINGContents Page Chapter 1 Stakeholders 1Chapter 2 Financial strategy development 25Chapter 3 Dividend policy 39Chapter 4 Capital structure and raising finance 51Chapter 5 Risk management 65Chapter 6 Investment appraisal I DCF and the use of free cash flows 77Chapter 7 Investment appraisal II the
5、impact of financing and adjusted present value 129Chapter 8 Investment appraisal III option pricing 157Chapter 9 International investment and financing decisions 181Chapter 10 Capital investment and financial reporting 213Chapter 11 Acquisitions and mergers 225Chapter 12 Valuations 261Chapter 13 Cor
6、porate reconstruction and reorganisation 297Chapter 14 The economic environment for multinationals 331Chapter 15 International money markets and complex financial instruments 351Chapter 16 Hedging foreign exchange risk 373Chapter 17 Hedging interest rate risk 409Chapter 18 Managing other forms of ri
7、sk 433Chapter 19 Dividend policy and transfer pricing in multinationals 451Chapter 20 Emerging issues in business finance 479Chapter 21 Questions & Answers 491KAPLAN PUBLISHING iiiiv KAPLAN PUBLISHINGPaper Introduction vchapterIntroductionHow to Use the Materials These Kaplan Publishing learning mat
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18、o ensure that the topic is understood.For more details about the syllabus and the format of your exam please see your Complete Text or go online.Online subscribers Paper background Syllabus objectivesPaperbased examination tips KAPLAN PUBLISHING viiStudy skills and revision guidancePreparing to stud
19、y Effective studyingFurther reading You can find further reading and technical articles under the student section of ACCAs website.Introductionviii KAPLAN PUBLISHINGKAPLAN PUBLISHING ix MATHEMATICAL TABLES Formulae and tables Modigliani and Miller Proposition 2 (with tax) ke= kie+ (1 T)(kie kd) edVV
20、Two asset portfolio sp= baabba2b2b2a2assrww2swsw + The Capital Asset Pricing Model E(ri) = Rf+ i(E(rm) Rf) The asset beta formula a= +ddededee)T1(VV)T1(V)T1(VV(V The Growth Model )gr()g1(DPeoo+= Gordons growth approximation g = breThe weighted average cost of capital )T1(kVVVkVVVWACCddededee+= The F
21、isher formula (1+i) = (1+r)(1+h) Purchasing power parity and interest rate parity )h1()h1(xSsbco1+= )i1()i1(xsfbco0+= x KAPLAN PUBLISHING The Black-Scholes option pricing model The forex modified Black-Scholes option pricing model c = PaN(d1) PeN(d2)ertWhere: tst)s5.0r()P/P(Ind2ea1+= tsdd12= c = ert
22、F0N(d1) XN(d2) Or p = ertXN(d2) F0N(d1) Where: Ts2/Ts)X/F(n1d201+= and Tsdd12= The Put Call Parity relationship p = c Pa+ PeertKAPLAN PUBLISHING xi Present value table Present value of 1, i.e. (1 + r)nWhere r = discount rate n = number of periods until payment Discount rate (r) Periods (n) 1% 2% 3%
23、4% 5% 6% 7% 8% 9% 10% 1 0.990 0.980 0.971 0.962 0.962 0.943 0.935 0.926 0.917 0.909 2 0.980 0.961 0.943 0.925 0.907 0.890 0.873 0.857 0.842 0.826 3 0.971 0.942 0.915 0.889 0.864 0.840 0.816 0.794 0.772 0.751 4 0.961 0.924 0.888 0.855 0.823 0.792 0.763 0.735 0.708 0.683 5 0.951 0.906 0.863 0.822 0.78
24、4 0.747 0.713 0.681 0.650 0.621 6 0.942 0.888 0.837 0.790 0.746 0.705 0.666 0.630 0.596 0.564 7 0.933 0.871 0.813 0.760 0.711 0.665 0.623 0.583 0.547 0.513 8 0.923 0.853 0.789 0.731 0.677 0.627 0.582 0.540 0.502 0.467 9 0.914 0.837 0.766 0.703 0.645 0.592 0.544 0.500 0.460 0.424 10 0.905 0.820 0.744
25、 0.676 0.614 0.558 0.508 0.463 0.422 0.386 11 0.896 0.804 0.722 0.650 0.585 0.527 0.475 0.429 0.388 0.350 12 0.887 0.788 0.701 0.625 0.557 0.497 0.444 0.397 0.356 0.319 13 0.879 0.773 0.681 0.601 0.530 0.469 0.415 0.368 0.326 0.290 14 0.870 0.758 0.661 0.577 0.505 0.442 0.388 0.340 0.299 0.263 15 0.
26、861 0.743 0.642 0.555 0.481 0.417 0.362 0.315 0.275 0.239 Discount rate (r) Periods (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 2 0.812 0.797 0.783 0.769 0.756 0.743 0.731 0.718 0.706 0.694 3 0.731 0.712 0.693 0.675 0.658 0.641 0.624 0.60
27、9 0.593 0.579 4 0.659 0.636 0.613 0.592 0.572 0.552 0.534 0.516 0.499 0.482 5 0.593 0.567 0.543 0.519 0.497 0.476 0.456 0.437 0.419 0.402 6 0.535 0.507 0.480 0.456 0.432 0.410 0.390 0.370 0.352 0.335 7 0.482 0.452 0.425 0.400 0.376 0.354 0.333 0.314 0.296 0.279 8 0.434 0.404 0.376 0.351 0.327 0.305
28、0.285 0.266 0.249 0.233 9 0.391 0.361 0.333 0.308 0.284 0.263 0.243 0.225 0.209 0.194 10 0.352 0.322 0.295 0.270 0.247 0.227 0.208 0.191 0.176 0.162 11 0.317 0.287 0.261 0.237 0.215 0.195 0.178 0.162 0.148 0.135 12 0.286 0.257 0.231 0.208 0.187 0.168 0.152 0.137 0.124 0.112 13 0.258 0.229 0.204 0.18
29、2 0.163 0.145 0.130 0.116 0.104 0.093 14 0.232 0.205 0.181 0.160 0.141 0.125 0.111 0.099 0.088 0.078 15 0.209 0.183 0.160 0.140 0.123 0.108 0.095 0.084 0.074 0.065 xii KAPLAN PUBLISHING Annuity Table Present value of an annuity of 1, i.e. rrn+ )1(1Where r = discount rate n = number of periods until
30、payment Discount rate (r) Periods (n) 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 1 0.990 0.980 0.971 0.962 0.952 0.943 0.935 0.926 0.917 0.909 2 1.970 1.942 1.913 1.886 1.859 1.833 1.808 1.783 1.759 1.736 3 2.941 2.884 2.829 2.775 2.723 2.673 2.624 2.577 2.531 2.487 4 3.902 3.808 3.717 3.630 3.546 3.465 3.387 3
31、.312 3.240 3.170 5 4.853 4.713 4.580 4.452 4.329 4.212 4.100 3.993 3.890 3.791 6 5.795 5.601 5.417 5.242 5.076 4.917 4.767 4.623 4.486 4.355 7 6.728 6.472 6.230 6.002 5.786 5.582 5.389 5.206 5.033 4.868 8 7.652 7.325 7.020 6.733 6.463 6.210 5.971 5.747 5.535 5.335 9 8.566 8.162 7.786 7.435 7.108 6.8
32、02 6.515 6.247 5.995 5.759 10 9.471 8.983 8.530 8.111 7.722 7.360 7.024 6.710 6.418 6.145 11 10.368 9.787 9.253 8.760 8.306 7.887 7.499 7.139 6.805 8.495 12 11.255 10.575 9.954 9.385 8.863 8.384 7.943 7.536 7.161 6.814 13 12.134 11.348 10.635 9.986 9.394 8.853 8.358 7.904 7.487 7.103 14 13.004 12.10
33、6 11.296 10.563 9.899 9.295 8.745 8.244 7.786 7.367 15 13.865 12.849 11.938 11.118 10.380 9.712 9.108 8.559 8.061 7.606 Discount rate (r) Periods (n) 11% 12% 13% 14% 15% 16% 17% 18% 19% 20% 1 0.901 0.893 0.885 0.877 0.870 0.862 0.855 0.847 0.840 0.833 2 1.713 1.690 1.668 1.647 1.626 1.605 1.585 1.56
34、6 1.547 1.528 3 2.444 2.402 2.361 2.322 2.283 2.246 2.210 2.174 2.140 2.106 4 3.102 3.037 2.974 2.914 2.855 2.798 2.743 2.690 2.639 2.589 5 3.696 3.605 3.517 3.433 3.352 3.274 3.199 3.127 3.058 2.991 6 4.231 4.111 3.998 3.889 3.784 3.685 3.589 3.498 3.410 3.326 7 4.712 4.564 4.423 4.288 4.160 4.039
35、3.922 3.812 3.706 3.605 8 5.146 4.968 4.799 4.639 4.487 4.344 4.207 4.078 3.954 3.837 9 5.537 5.328 5.132 4.946 4.772 4.607 4.451 4.303 4.163 4.031 10 5.889 5.650 5.426 5.216 5.019 4.833 4.659 4.494 4.339 4.192 11 6.207 5.938 5.687 5.453 5.234 5.029 4.836 4.656 4.486 4.327 12 6.492 6.194 5.918 5.660
36、 5.421 5.197 4.968 4.793 4.611 4.439 13 6.750 6.424 6.122 5.842 5.583 5.342 5.118 4.910 4.715 4.533 14 6.982 6.628 6.302 6.002 5.724 5.468 5.229 5.008 4.802 4.611 15 7.191 6.811 6.462 6.142 5.847 5.575 5.324 5.092 4.876 4.675 KAPLAN PUBLISHING xiii Standard Normal Distribution Table 0.01 0.02 0.03 0
37、.04 0.05 0.06 0.07 0.08 0.09 0.0 0.1 0.2 0.3 0.4 .0000 .0398 .0793 .1179 .1554 .0040 .0438 .0832 .1217 .1591 .0080 .0478 .0871 .1255 .1628 .0120 .0517 .0910 .1293 .1664 .0160 .0557 .0948 .1331 .1700 .0199 .0596 .0987 .1368 .1736 .0239 .0636 .1026 .1406 .1772 .0279 .0675 .1064 .1443 .1808 .0319 .0714
38、 .1103 .1480 .1844 .0359 .0753 .1141 .1517 .1879 0.5 0.6 0.7 0.8 0.9 .1915 .2257 .2580 .2881 .3159 .1950 .2291 .2611 .2910 .3186 .1985 .2324 .2642 .2939 .3212 .2019 .2357 .2673 .2967 .3238 .2054 .2389 .2703 .2995 .3264 .2088 .2422 .2734 .3023 .3289 .2123 .2454 .2764 .3051 .3315 .2157 .2486 .2794 .30
39、78 .3340 .2190 .2517 .2823 .3106 .3365 .2224 .2549 .2852 .3133 .3389 1.0 1.1 1.2 1.3 1.4 .3413 .3643 .3849 .4032 .4192 .3438 .3665 .3869 .4049 .4207 .3461 .3686 .3888 .4066 .4222 .3485 .3708 .3907 .4082 .4236 .3508 .3729 .3925 4099 .4251 .3531 .3749 .3944 .4115 .4265 .3554 .3770 .3962 .4131 .4279 .3
40、577 .3790 .3980 .4147 .4292 .3599 .3810 .3997 .4162 .4306 .3621 .3830 .4015 .4177 .4319 1.5 1.6 1.7 1.8 1.9 .4332 .4452 .4554 .4641 .4713 .4345 .4463 .4564 .4649 .4719 .4357 .4474 .4573 .4656 .4726 .4370 .4484 .4582 .4664 .4732 .4382 .4495 .4591 .4671 .4738 .4394 .4505 .4599 .4678 .4744 .4406 .4515
41、.4608 .4686 .4750 .4418 .4525 .4616 .4693 .4756 .4430 .4535 .4625 .4699 .4761 .4441 .4545 .4633 .4706 .4767 2.0 2.1 2.2 2.3 2.4 .4772 .4821 .4861 .4893 .4918 .4778 .4826 .4864 .4896 .4920 .4783 .4830 .4868 .4898 .4922 .4788 .4834 .4871 .4901 .4925 .4793 .4838 .4875 .4904 .4927 .4798 .4842 .4878 .490
42、6 .4929 .4803 .4846 .4881 .4909 .4931 .4808 .4850 .4884 .4911 .4932 .4812 .4854 .4887 .4913 .4934 .4817 .4857 .4890 .4916 .4936 2.5 2.6 2.7 2.8 2.9 .4938 .4953 .4965 .4974 .4981 .4940 .4955 .4966 .4975 .4982 .4941 .4956 .4967 .4976 .4982 .4943 .4957 .4968 .4977 .4983 .4945 .4959 .4969 .4977 .4984 .4
43、946 .4960 .4970 .4978 .4984 .4948 .4961 .4971 .4979 .4985 .4949 .4962 .4972 .4980 .4985 .4951 4963 .4973 .4980 .4986 .4952 .4964 .4974 .4981 .4986 3.0 .4987 .4987 .4987 .4988 .4988 .4989 .4989 .4989 .4990 .4990 This table can be used to calculate N(di), the cumulative normal distribution functions n
44、eeded for the Black-Scholes model of option pricing. If d1 0, add 0.5 to the relevant number above. If d1 0, subtract the relevant number above from 0.5. xiv KAPLAN PUBLISHING 20152015年ACCAACCA考试内部资料，点击链接：http:/ learning objectivesUpon completion of this chapter you will be able to: explain the foll
45、owing concepts and their relevance for corporate governance: the separation of ownership and control transaction cost theory agency theory explain the ways in which the behaviour of those charged with corporate governance may give rise to a conflict of interest with stakeholders identify the potenti
46、al conflicts between stakeholders and those charged with corporate governance in a specific scenario identify, explain and recommend the alternative approaches that may be adopted to resolve the conflicts of interests between those charged with governance and stakeholders describe, compare and contr
47、ast the emerging governance structures and policies in the UK, the US and Europe, with respect to corporate governance in general and the role of the financial manager in particular list and define the ethical principles governing members of the association explain the importance of establishing an
48、ethical financial policy for the financial management of the firm (incorporating the ethical principles of the association and the principles of good corporate governance) and describe the role and responsibility of senior financial executives/advisors with regard to its development describe the way
49、s in which the ethical framework of a firm could be undermined by agency effects and/or stakeholder conflicts1chapter1 identify and analyse the areas in a scenario where the ethical framework of the firm may be undermined by agency effects and/or stakeholder conflicts and recommend strategies for dealing with them
