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ACCA FM知识点：评估融资方案例题
文章来源：ACCA全球官网
发布时间：2021-11-18 15:04
阅读：426次
多年来，财务管理领域普遍要求为公司分析合适的融资方案。这是财务管理教学大纲中的一个关键领域，该要求可能占较大的分值。上一篇我们介绍了Recommendation of a suitable financing method，本文我们继续讲解Suitable financing sources。
Suitable financing sources
Students must ensure that they can suggest suitable financing sources.For each source,students should know how and when it could be raised,the nature of the finance and its potential advantages and disadvantages.Combined with a consideration of the factors given above,this knowledge will allow students to recommend and justify a source of finance for any particular scenario.A discussion of each finance source is outside the scope of this article,but students can read up on this area in any good study manual.
Worked example
The following forecast financial position statement as at 31 May 20X2 refers to Refgun Co,a stock exchange-listed company,which is seeking to spend$90m in cash on a permanent expansion of its existing trade.
Notes:
The long-term borrowings are 8%bonds that were issued 16 years ago with a 20-year term
The current assets include$18m of cash,of which$15m is held on deposit
Refgun Co has consistently grown its profits and dividends in real terms
No new finance has been raised in recent years
The sector average financial gearing(debt/equity on a book value basis)is currently 85%
The sector average interest cover is currently 2.9 times
The company estimates that it could borrow at a pre-tax rate of 7.2%per year
The company pays tax on its pre-tax profits at a rate of 28%
Required:
Recommend a suitable method of raising the finance required by Refgun Co,supporting your evaluation with both analysis and critical discussion.
Prior to reading the suggested solution students should carry out their own evaluation of the forecast financial performance and the current and forecast financial position.A consideration of the factors discussed earlier should lead students to a justified recommendation.
Suggested solution
Refgun Co is seeking to spend$90m on a permanent expansion of its existing trade.It should be noted that the company has significant retained earnings,$15m of which is held in cash on deposit.This could presumably be used to help fund the expansion and,if this is the case,the need for additional finance would be reduced to$75m.However,the company may have a reason for holding cash–for example,to meet budgeted cash payments in the near future.
Forecast financial performance
The interest charge for 20X2 is assumed to be(70 x 8%)=$5.6m.If debt finance is used the interest charge from 20X3 onwards is assumed to be(70 x 8%)+(75 x 7.2%)=$11.0m
Note:While it would be good to forecast the income statement for each year,time pressure may mean this is not possible.
This analysis shows that the growth in revenue caused by the expansion is exceeded by the growth in operating profit due to a steady rise in the operating margin of the company.This may be a result of the company benefiting from economies of scale as a result of the expansion.Whether debt finance or equity finance is used,both the returns to all investors(operating profit)and the return to the equity investors(profit after tax)both show considerable growth.
Current and forecast financial position
The gearing(D/E)is currently 70/146=47.9%on a book value basis.If debt finance is raised this would rise to(70+75)/146=99.3%,while if equity finance was used it would fall to 70/(146+75)=31.7%.Even if debt finance was raised the gearing level would rapidly fall again as the company makes and retains profits.
The interest cover is currently 24.4/5.6=4.4 times.If debt finance is used then this would fall to 28.5/11.0=2.6 times in 20X3.However,by 20X5 it would have recovered to 37.1/11.0=3.4 times.If equity finance were to be used the interest cover would consistently improve.
Refgun Co currently has less financial risk than the sector average and the financial risk would decline even further if equity finance was used.If debt finance is used then the financial risk would initially rise slightly above the sector average but would soon return to the sector average level or below.
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考试问答
Ariel
讲师认证：
CICPA会员（非执业），ACCA准会员，某世界五百强汽车企业多年财务部门工作经历，从事总账会计财务分析等多个岗位，参与共享中心建设、报表自动化合并等多项大型集团项目。实战经验丰富，业务能力扎实，主要教授公司战略与风险管理/财务成本管理，授课思路清晰严谨，又不失趣味。善于以生动有趣的案例讲解复杂的知识，帮助同学们理清知识点脉络，把握课程要点。
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