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ACCA P4考试：Static Trade-Off Theory

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高顿财经ACCA ACCA P4考试：Static Trade-Off Theory

本文由高顿ACCA整理发布，转载请注明出处

1 Use of Debt Finance

The trade-off theory of capital structure refers to the idea that a company chooses how

much debt finance to use by balancing the relative costs and benefits of debt.

The relevant benefit of debt is the tax shield on interest payments.

The relative costs of using debt include:

Agency costs—as financial gearing rises, debt contracts include increasingly restrictive

covenants (e.g. forcing the firm to stay in low-risk projects or limiting dividend payments).

The resulting loss in potential shareholder wealth is referred to as agency costs.

Financial distress costs—when stakeholders perceive the level of gearing to be

dangerous the firm's cost of operating the business may rise as suppliers refuse credit, staff

leave, potential customers lose faith in products sold under warranty or guarantee, etc.

Bankruptcy costs—if a firm defaults on its debt it will either incur the costs of going

through a capital reconstruction scheme or the costs of being liquidated.

2 Comparison With MM and Pecking Order Theory

MM only considered the benefit of using debt (and hence concluded that the firm's

value would continuously rise with financial gearing). The static trade-off theory also

considers the costs and attempts to explain why, in practice, firms use less debt than

expected by MM.

The pecking order theory does not suggest that there is an optimal debt-to-equity ratio.

However, static trade-off theory suggests that there is an optimal point at which the

marginal cost of taking on more debt equals the marginal benefit.

3 Conclusion

高顿财经ACCA The conclusion of static trade-off theory is, therefore, that an optimal capital structure

does exist and the related cost of capital and valuation graphs would be similar to that of

the traditional view. However, the optimal debt-to-equity ratio suggested by static trade-off

theory would not necessarily be exactly the same as that of the traditional view of capital

structure.

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2014 ACCA考试(P4 高级财务管理)考前辅导13

2014 ACCA考试(P4 高级财务管理)考前辅导13

高顿财经ACCA 2014 ACCA考试（P4 高级财务管理）考前辅导13

本文由高顿ACCA整理发布，转载请注明出处

CONCLUSION

As a whole, Europe is not vastly indebted. If Europe works together then it should be

possible to overcome the current debt crisis. But at times of economic hardship it is not easy

for the nation states within Europe to put aside their own self-interest for the common

good.

Action to reduce the harmful levels of uncertainty has been taken and a full blown crisis

has so far been avoided. However, there is a need to ensure that the demands for austerity

do not extinguish the potential for much needed growth. Too much austerity could

condemn nations to persistent stagnation, the social cost of which should not be

underestimated. Youth unemployment in Spain is currently at about 40% I believe. While

within Europe there seems to be a political acceptance of these costs in support of the Euro

ACCA P4易错知识点解析

ACCA P4易错知识点解析

P4阶段的考试可以说是专业知识很强的。可能有好多小伙伴在这一科上失败过好多回，最终放弃了。见过的知识点经常出错，很多知识点老是得不到分数。下面中公财经小编就P4阶段的易错知识点该怎么答，给大家简单介绍一下吧;

Question1 – 50分(a) Comparison of the viewpointsof two directors and a discussion of

possible synergy benefits

易错点：关于directors的观点讨论这一块，有部分的考生只是重复这些directors的观点，并没有进行讨论。有些考生进一步解释了directors的观点，强调非系统性风险可以降低，但是只有少数考生指出机构投资者本身已经多元化了，因此不需要再进一步多元化。在synergy benefits这一块的作答相对比较好，但是考生还是需要对识别出的synergies提供更多的解释，而不应该仅仅提到规模经济，也需要进一步解释如何进行应用。

(b) How a combination of realoption methodology and net present value could

establish a reliable valuationof companies

易错点：作答大多缺乏深度，很少有答案与题目特定案例背景，即制药企业的估值联系起来。大多数考生只是提到实物期权的价值应该加到NPV计算的价值中，并且给出了一些实物期权的例子，这样只能拿到很少的分数。很多考生没有进一步讨论NPV方法的局限性以及关于实物期权的评价。

(c) Preparea report that assessed the valuation of the target and combined company

andwhether overall the acquisition would be beneficial for the acquiring

2020年3月ACCA考试P4高级财务管理真题

2020年3月ACCA考试P4高级财务管理真题

2020年3月ACCA考试P4高级财务管理真题

(总分：100.00，做题时间：195分钟)

一、案例分析题(总题数：0，分数：0.00)

二、Section A(总题数：1，分数：50.00)

Introduction

Westparley Co is a listed retailer, mainly selling food and

small household goods. It has outperformed its competitors over

the last few years as a result of providing high quality

products at reasonable prices, and also having a stronger

presence online. It has kept a control on costs, partly by

avoiding operating large stores on expensive city centre sites.

Instead, it has had smaller stores on the edge of cities and

towns, and a limited number of larger stores on convenient

out-of-town sites, aiming at customers who want their journeys

to shops to be quick. One of its advertising slogans has been:

‘We are where you want us to be.’

Westparley Co’s share price has recently performed better than

ACCA P4考试通关秘笈之考试技巧+考题解析

ACCA P4考试通关秘笈之考试技巧+考题解析

ACCA\CIMA\CFA成建制方向班、业余制班全国招生中___________________________________________________________________________________________ 1 ACCA P4考试通关秘笈之考试技巧+考题解析

12月的考试越来越近了，楷博君感受到一股强大的复习气流迎面而来......这两天深深的觉得紧张的不只是楷博学子们，还有这些可爱可敬的老师们。

eg：周六楷博君与P4科目带头人古丽老师讨论干货推文内容长短的相关问题时，她说了这样一句话，让我觉得特别的温暖——“为什么看【P4：外汇远期合同，期货和期权(上)】的同学比下篇的多?其实，第二篇才是考试的重点。我也不想分成两篇，但一篇推文实在装不下我对她们的爱”。

For September 2017 sitting, the global pass rate of P4 is about 35% which is reasonably acceptable. The main reasons given by the examiner for the poor performance can be summarized as:

考试技巧

Poor time management(超时，超时，超时！)

Not completing sufficient questions（空题，大忌！）

Poor exam technique（在擅长的题目上浓墨重彩，造成时间不足去完成剩下的题目！）

Lack of question practice under examination conditions（模考练习不够！）

Spending time on unnecessary introductions or definitions or reproducing figures already given in the question（想靠机械记忆在P段拿分！）