VCP的全称是()
A.Value Compliance Program
B.Vendor Compliance Program
C.VAS Compliance Program
A.Value Compliance Program
B.Vendor Compliance Program
C.VAS Compliance Program
第1题
A.Value at Risk
B.Vector Auto-regression
C.Variable
D.Video Assistant Referee
第5题
At what amount should the non-controlling interests in Square Co be valued in the consolidated statement of financial position of the Pyramid group as at 30 September 20X5?
A、$26,680,000
B、$7,900,000
C、$7,780,000
D、$12,220,000
第8题
(b) (i) Explain the matters you should consider, and the evidence you would expect to find in respect of the
carrying value of the cost of investment of Dylan Co in the financial statements of Rosie Co; and
(7 marks)
第10题
向Applet传递参数的正确描述是()。
A.<param name=age,value=20>
B.<applet code=Try.class width=100,height=100,age=33>
C.<name=age,value=20>
D.<applet code=Try.class name=age,value=20>
第11题
The statement of financial position of BKB Co provides the following information:
BKB Co has an equity beta of 1·2 and the ex-dividend market value of the company’s equity is $125 million. The ex-interest market value of the convertible bonds is $21 million and the ex-dividend market value of the preference shares is $6·25 million.
The convertible bonds of BKB Co have a conversion ratio of 19 ordinary shares per bond. The conversion date and redemption date are both on the same date in five years’ time. The current ordinary share price of BKB Co is expected to increase by 4% per year for the foreseeable future.
The overdraft has a variable interest rate which is currently 6% per year and BKB Co expects this to increase in the near future. The overdraft has not changed in size over the last financial year, although one year ago the overdraft interest rate was 4% per year. The company’s bank will not allow the overdraft to increase from its current level.
The equity risk premium is 5% per year and the risk-free rate of return is 4% per year. BKB Co pays profit tax at an annual rate of 30% per year.
Required:
(a) Calculate the market value after-tax weighted average cost of capital of BKB Co, explaining clearly any assumptions you make. (12 marks)
(b) Discuss why market value weighted average cost of capital is preferred to book value weighted average cost of capital when making investment decisions. (4 marks)
(c) Comment on the interest rate risk faced by BKB Co and discuss briefly how this risk can be managed. (5 marks)
(d) Discuss the attractions to a company of convertible debt compared to a bank loan of a similar maturity as a source of finance. (4 marks)
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