F9FinancialFormatoftheTheexamisathree-hourpaperdividedintotwosections.SectionAconsistsof20multiplechoicequestionsoftwomarkseach.ThesequestionscanbeonanypartoftheSectionBconsistsofthreequestionsof10markseachandtwoquestionsof15markseach.The10-markquestionscanbeonanypartofthesyllabus.The15-markquestionswillcovertwoofPartsC,DandEofthesyllabus.Allquestionsarecompulsory.InSectionB,answerstothequestionswillrequireamixtureofcalculationsanddiscussion.Youalsohave15minutesforreading TheexamwillcoverasmuchofthesyllabusasBusinessvaluationsBusinessBusinessvaluationsBusinessfinanceRiskmanagementFinancialFinancialmanagementInvestmentappraisal PartAFinancialmanagementFinancialmanagementandfinancialPartBFinancialmanagementTheeconomicenvironmentforFinancialmarkets,moneymarketsandPartCWorkingcapitalWorkingManagingworkingWorkingcapitalPartDInvestmentInvestmentInvestmentappraisalusingDCFAllowingforinflationandProjectappraisalandSpecificinvestmentPartEBusinessSourcesofGearingandcapitalThecostofCapitalPartFBusinessBusinessMarketPartGRiskForeigncurrencyInterestrateStatementoffinancialpositionCurrentTrade TotalCurrentTradeOrdinary\7%TotalcovertwoofPartsC,DandEofthe和考題編制講義教授大家。大家跟隨學習。課后必住，計算部分必須要能夠脫離答案獨立完成。這樣就已經兩周大家再用最近幾次的來練習測試。PartAFinancialmanagementPartCWorkingcapitalPartDInvestmentPartEBusinessPartFBusinessPartGRiskF9 Firmand Part1Part4Businessfinance&Part5RiskDiscusstheobjectivesofworkingcapitalTheobjectivesofworkingcapitalmanagementaretakentobeprofitabilityandProfitabilityisalliedtothefinancialobjectiveof shareholderwealth,whileliquidityisneededinordertosettleliabilitiesastheyfalldue.A musthavesufficientcashtomeetitsliabilities,sinceotherwiseitmayfail. Discussthereasonswhysmallandmedium-sizedentities(SMEs)mightexperienceless betweentheobjectivesofshareholdersanddirectorsthanlargelistedcompanies.(4marks) betweentheobjectivesofshareholdersanddirectorsinalisted isassociatedwiththeagencyproblem,whichhasthreemaincauses.First,theobjectivesofshareholdersanddirectorsmaybeSecond,thereisasymmetryofinformation,sothatshareholdershaveaccesstolessinformationaboutthethandirectors,makingithardforshareholderstomonitortheactionsanddecisionsofdirectors.Third,thereisaseparationbetweenownershipandcontrol,shareholdersanddirectorsaredifferent 對F9的影2014/06(a)Ex in‘riskappetite’and‘riskawareness’,anddiscusshowBob’sriskappetitemightaffecthischoiceofinvestments.(8marks)ChoiceofIfBobisgenerallyriskaverse,hewillseekoutinvestmentswhichhavelowlevelsofuncertaintyandpredictablelevelsofreturn.The‘price’ofthiscertaintyisusuallyalowerreturnovertimethanamoreriskyinvestment.Typicallower-riskinvestmentsare bonds(long-termloanstoa atanagreedrateofinterest)or,presumedtobeevenlowerrisk, ernmentbonds.Theseareissuedwhenacountry’snationaldebtisfinancedbyindividualloansatanagreedannualrateoverafixednumberofyears.ChoiceofIfBobisgenerallyriskseeking,itislikelyhewantsgreaterreturnsandispreparedtobearahigherriskinordertoachievethem.Hewillaccordinglyseekoutinvestmentswhichhavegreaterlevelsofuncertaintyandmorevolatilelevelsofreturn.Thesearelikelytobesharesincompaniesincomplexormoreturbulentenvironments,possiblylessdiversified,andwithapossibilityofsubstantiallossaswellascapitalChoiceofLargercompanieswithdiversifiedinterestsandarelativelypredictablelong-termlevelofreturnarelesslikelytobeakeypartofarisk-seeker’sinvestment.Heorsheismorelikelytooptforsmallercompanies,thoseinemergingmarketsorthoseingrowthsectorswhichcouldmakeasubstantiallong-termreturncomparedtomoreestablishedalternatives.Betafactorsareonewayofmeasuringandas