P4 Advanced financial management-高級財務管理 復習篇（一）

本周為學員們精選了一下答疑板中其他學員提的一些問題，希望學員們在復習的過程中，從中選看自己是否也存在同樣的問題，通過文章起到查漏補缺的效果。

1. 學員問題，“2010年12月第一題 為什么proposal3中的depreciation 還以200做基礎？200是120asset加上80的investment,當fridge division關閉后投資應該是80*1/3=26.7才對啊,而且asset中的2/3應該也屬于fridge division也應該減除（the part division is half the size of the fridge division in terms of the asset and liabilities attribute to it)”

答復：“您看一下答案部分,這是答案里面做的假設：

Note: It is assumed that, as before, the depreciation and the amount of capital investment needed are roughly equal. It is assumed that no additional investment in NCA or working capital is needed, even though sales revenue is increasing. It is assumed that additional initial working capital requirement is part of the new venture investment of 50m.”

2. 學員問題，“2010年12月第一題關于MBO中，management購買的shares是如何處理的？如何計算management 需要購買多少的股權，答案中amt of MBO funds needed to pay shareholders 60m是不是由50c*100m shares*1.2(premium)計算出來的？這么說management需要購買所有的股份是嗎？”

答復：“是的，答案中的amount of management buyout funds needs to pay shareholders 60m=10m*50c*(1+20%).題目中只是交代re-purchase the shares at a premium of 20%，所以應該是所有的股份。”

3. 學員問題，“2010年12月第一題proposal2,shares的discount:總投資是210，總股數(shù)是310，應該是67.7c Per $1啊，答案為什么沒有加入原股東的股數(shù)？投資210m中也是含了股東投資的40的”

答復：“在proposal 2 中，對于投資，只需要調整Machinery and equipment中的數(shù)字，加上80即可，所以total investment in fixed asset就是200;對于share capital 來說，題目中說The existing ordinary shares will be cancelled and ordinary shareholders will be issued with 40 million new $1ordinary shares in exchange for a cash payment at par. The existing unsecured bonds will be cancelled and replaced with 270 million of $1 ordinary shares.所以在第二種方法下，只有上面綠色的兩部分是share capital.原來的普通股以及那個被注銷了。”