注会综合阶段经验及知识点归纳 - 图文(26)

In my opinion, the operational techniques have less risk than the derivatives.

Please allow me to introduce the specific operational techniques.

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Currency of invoice

Either the exporter or the importer can avoid any exchange risk to deal in his domestic currency.

leading and lagging of receipts and payments

Companies might try to use:

? Lead payments（payments in advance）

? Lagged payments（delaying payments beyond their due date） In order to take advantage of foreign exchange rate movements. With a lead payment, paying in advance of the due date, there is a finance cost to consider. This is the interest cost on the money used to make the payment, but early settlement discounts may be available. Netting

Netting is a process in which credit balances are netted off against debit balances so that only the reduced net amounts remain due to be paid by actual currency flows.

The objective is simply to save transactions costs by netting off inter-company balances before arranging payment.

Where related companies located in different countries trade with one another, there is likely to be inter-company indebtedness denominated in different currencies.

Whether we exercise one or more of the methods above to deal with exchange rate risk largely depends on the balance between the costs and the benefits.

I really hope to help our company to deal with the exchange rate risk. Please feel free to contact me, if you still have some problems about the issue. Yours

Faithfully 模拟题5

问题1： Briefly introduce three most commonly used valuation models of relative price method in business valuation, including their driving factors, applicability, merits, demerits one by one. Please judge which method can be applied to Company M’s business valuation. 您未做该题 正确答案：

（1）P/E ratio Model

Driving factors Potential growth、dividend payout ratio、cost of equity，and potential growth is the key factor

applicability P/E ratio method can be applied to the entity with continuous profit and β approximating to 1

Merits （1）Data can be available easily and P/E calculation is very simple.

（2）It reflects the relationship between input and output directly （3）It considers the effect of the risk compensation rate, growth rate, payout ratio, that is a comprehensive indicator.

Demerits （1）P/E ratio is useless if the earnings are negative （2）Besides influenced by the entity itself, P/E is also influenced by the macro-economic situation. The entity with β＞1 will be valued exaggeratedly in prosperity; vice versa. For cyclical entities, their valuation may be distorted. （2）P/B ratio Model

Driving factors Equity to net profit ratio, dividend payout ratio、growth rate , risk，and equity to net profit ratio is the key factor applicability Suitable for entities with large assets and positive net assets

Merits （1）P/B is rarely negative, which applies to most entities （2）Book value of net assets can be available easily and understandable.

（3）Book value of net assets is relatively stable and cannot be manipulated easily as profit.

（4）The changes of P/B can reflect the changes in the value of entities given the accounting standards and policies are adopted consistently.

Demerits （1）Book value will be influenced by the adoption of accounting policies. P/B cannot be comparable given entities adopt different accounting standards or accounting policies. （2）Usually the entities employ less non-current assets in Services Industry and High-tech Industry. Net assets are almost irrelevant with the value of the enterprise. It is pointless to compare the P/B between companies.

（3）The net assets of a few enterprises are negative, under this condition, the P/B is pointless and cannot be used to compare. （3） Income multiplier Model

Driving factors Net profit ratio, dividend payout ratio, growth rate, cost of equity, and net profit ratio is the key factor applicability Suitable for the service entities with low cost-sale ratio, or for the entities with similar cost-sale ratio in the traditional industry

Merits （1）It is impossible to be negative. So it is also suitable for the entities making loss or insolvent.

（2）It is relatively stable and reliable, which is difficult to manipulate.

（3）It is sensible to the changes from pricing policies and strategy, and accordingly, it can reflect the result arising from such changes.

Demerits It cannot reflect the changes of cost. However, cost is one of the most important factors affecting the cash flows and

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value.

Because company M is operating at a loss, so income multiplier model or P/B ratio Model

can be applied to the business valuation, not P/E ratio Model . 【答疑编号10408089,点击提问】

问题2、Suppose you work in the marketing department of the company M. The company M is ready to launch a new kind of cell phone. You are required to write a memo to your superior to explain how to make decisions in pricing. 正确答案： Dear, sir

Our company is ready to launch a new kind of cell phone, and we know there are two main kinds of pricing, that is, penetration pricing and premium pricing

Penetration pricing is the pricing technique of setting a relatively low initial entry price, often lower than the eventual market price, to attract new customers. The strategy works on the expectation that customers will switch to the new brand because of the lower price.

The advantages of penetration pricing to the firm are:

It can result in fast diffusion and adoption. This can achieve high market penetration rates quickly. This can take the competition by surprise, not giving them time to react.

It creates cost control and cost reduction pressures fro …… 此处隐藏：4722字，全部文档内容请下载后查看。喜欢就下载吧 ……