河北省考生进行ACCA报考的具体流程是什么样的

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(b)(i)Price/earningsratiomethodEarningspershareofNGN=80cpersharePrice/earningsratioofKFPCo=8SharepriceofNGN=80x8=640cor$6·40NumberofordinarysharesofNGN=5/0·5=10millionsharesValueofNGN=6·40x10m=$64millionHowever,itcanbearguedthatareductionintheappliedprice/earningsratioisneededasNGNisunlistedandthereforeitssharesaremoredifficulttobuyandsellthanthoseofalistedcompanysuchasKFPCo.Ifwereducetheappliedprice/earningsratioby10%(othersimilarpercentagereductionswouldbeacceptable),itbecomes7·2timesandthevalueofNGNwouldbe(80/100)x7·2x10m=$57·6million(ii)DividendgrowthmodelDividendpershareofNGN=80cx0·45=36cpershareSincethepayoutratiohasbeenmaintainedforseveralyears,recentearningsgrowthisthesameasrecentdividendgrowth,i.e.4·5%.Assumingthatthisdividendgrowthcontinuesinthefuture,thefuturedividendgrowthratewillbe4·5%.Sharepricefromdividendgrowthmodel=(36x1·045)/(0·12–0·045)=502cor$5·02ValueofNGN=5·02x10m=$50·2million(c)Adiscussionofcapitalstructurecouldstartfromrecognisingthatequityismoreexpensivethandebtbecauseoftherelativeriskofthetwosourcesoffinance.Equityisriskierthandebtandsoequityismoreexpensivethandebt.Thisdoesnotdependonthetaxefficiencyofdebt,sincewecanassumethatnotaxesexist.Wecanalsoassumethatasacompanygearsup,itreplacesequitywithdebt.Thismeansthatthecompany’scapitalbaseremainsconstantanditsweightedaveragecostofcapital(WACC)isnotaffectedbyincreasinginvestment.Thetraditionalviewofcapitalstructureassumesanon-linearrelationshipbetweenthecostofequityandfinancialrisk.Asacompanygearsup,thereisinitiallyverylittleincreaseinthecostofequityandtheWACCdecreasesbecausethecostofdebtislessthanthecostofequity.Apointisreached,however,wherethecostofequityrisesataratethatexceedsthereductioneffectofcheaperdebtandtheWACCstartstoincrease.Inthetraditionalview,therefore,aminimumWACCexistsand,asaresult,amaximumvalueofthecompanyarises.ModiglianiandMillerassumedaperfectcapitalmarketandalinearrelationshipbetweenthecostofequityandfinancialrisk.Theyarguedthat,asacompanygearedup,thecostofequityincreasedataratethatexactlycancelledoutthereductioneffectofcheaperdebt.WACCwasthereforeconstantatalllevelsofgearingandnooptimalcapitalstructure,wherethevalueofthecompanywasatamaximum,couldbefound.Itwasarguedthattheno-taxassumptionmadebyModiglianiandMillerwasunrealistic,sinceintherealworldinterestpaymentswereanallowableexpenseincalculatingtaxableprofitandsotheeffectivecostofdebtwasreducedbyitstaxefficiency.Theyrevisedtheirmodeltoincludethistaxeffectandshowedthat,asaresult,theWACCdecreasedinalinearfashionasacompanygearedup.Thevalueofthecompanyincreasedbythevalueofthe‘taxshield’andanoptimalcapitalstructurewouldresultbygearingupasmuchaspossible.Itwaspointedoutthatmarketimperfectionsassociatedwithhighlevelsofgearing,suchasbankruptcyriskandagencycosts,wouldlimittheextenttowhichacompanycouldgearup.Inpractice,therefore,itappearsthatcompaniescanreducetheirWACCbyincreasinggearing,whileavoidingthefinancialdistressthatcanariseathighlevelsofgearing.Ithasfurtherbeensuggestedthatcompanieschoosethesourceoffinancewhich,foronereasonoranother,iseasiestforthemtoaccess(peckingordertheory).Thisresultsinaninitialpreferenceforretainedearnings,followedbyapreferencefordebtbeforeturningtoequity.TheviewsuggeststhatcompaniesmaynotinpracticeseektominimisetheirWACC(andconsequentlymaximisecompanyvalueandshareholderwealth).TurningtothesuggestionthatdebtcouldbeusedtofinanceacashbidforNGN,thecurrentandpostacquisitioncapitalstructuresandtheirrelativegearinglevelsshouldbeconsidered,aswellastheamountofdebtfinancethatwouldbeneeded.Earliercalculationssuggestthatatleast$58mwouldbeneeded,ignoringanypremiumpaidtopersuadetargetcompanyshareholderstoselltheirshares.Thecurrentdebt/equityratioofKFPCois60%(15m/25m).Thedebtofthecompanywouldincreaseby$58minordertofinancethebidandbyafurther$20maftertheacquisition,duetotakingontheexistingdebtofNGN,givingatotalof$93m.Ignoringotherfactors,thegearingwouldincreaseto372%(93m/25m).KFPCowouldneedtoconsiderhowitcouldservicethisdangerouslyhighlevelofgearinganddealwiththesignificantriskofbankruptcythatitmightcreate.ItwouldalsoneedtoconsiderwhetherthebenefitsarisingfromtheacquisitionofNGNwouldcompensateforthesignificantincreaseinfinancialriskandbankruptcyriskresultingfromusingdebtfinance.

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(iv) Problems with delegation can be overcome by careful selection and training, an open communication system, the establishment of an appropriate control system and a system that rewards effective delegation.

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(b) The contributions payable by Savage to the trustees will not count as an asset for the purposes of the valuation of the fund.
IAS19 (paragraph 103) states that plan assets should not include unpaid contributions due from the reporting entity to the
fund. Thus in the financial statements of Savage the contributions would be shown as an amount payable to the trustees
and there may be legal repercussions if the amount is not paid within a short period of time. Following the introduction of
changes to a defined benefit plan, a company should recognise immediately past service costs where the benefit has vested.
In the case where the benefits have not vested then the past service costs will be recognised as an expense over the averageperiod until the benefits vest. The company will therefore recognise $125 million at 1 November 2004.

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(c) Corporate governance provisions varying by country
There is a debate about the extent to which corporate governance provisions (in the form. of either written codes, laws or
general acceptances) should be global or whether they should vary to account for local differences. In this answer, Vincent
Viola’s view is critically evaluated.
In general terms, corporate governance provisions vary depending on such factors as local business culture, businesses’
capital structures, the extent of development of capital funding of businesses and the openness of stock markets. In Germany,
for example, companies have traditionally drawn much of their funding from banks thereby reducing their dependence on
shareholders’ equity. Stock markets in the Soviet Union are less open and less liquid than those in the West. In many
developing countries, business activity is concentrated among family-owned enterprises.
Against Vincent’s view
Although business cultures vary around the world, all business financed by private capital have private shareholders. Any
dilution of the robustness of provisions may ignore the needs of local investors to have their interests adequately represented.
This dilution, in turn, may allow bad practice, when present, to exist and proliferate.
Some countries suffer from a poor reputation in terms of endemic corruption and fraud and any reduction in the rigour with
which corporate governance provisions are implemented fail to address these shortcomings, notwithstanding the fact that they
might be culturally unexpected or difficult to implement.
In terms of the effects of macroeconomic systems, Vincent’s views ignore the need for sound governance systems to underpin
confidence in economic systems. This is especially important when inward investment needs are considered as the economic
wealth of affected countries are partly underpinned by the robustness, or not, of their corporate governance systems.
Supporting Vincent’s view
In favour of Vincent’s view are a number of arguments. Where local economies are driven more by small family businesses
and less by public companies, accountability relationships are quite different (perhaps the ‘family reasons’ referred to in the
case) and require a different type of accounting and governance.
There is a high compliance and monitoring cost to highly structured governance regimes that some developing countries may
deem unnecessary to incur.
There is, to some extent, a link between the stage of economic development and the adoption of formal governance codes.
It is generally accepted that developing countries need not necessarily observe the same levels of formality in governance as
more mature, developed economies.
Some countries’ governments may feel that they can use the laxity of their corporate governance regimes as a source of
international comparative advantage. In a ‘race to the bottom’, some international companies seeking to minimise the effects
of structured governance regimes on some parts of their operations may seek countries with less tight structures for some
operations.