P4 Advanced financial management-高级财务管理 复习篇（一）

本周为学员们精选了一下答疑板中其他学员提的一些问题，希望学员们在复习的过程中，从中选看自己是否也存在同样的问题，通过文章起到查漏补缺的效果。

1. 学员问题，“2010年12月第一题 为什么proposal3中的depreciation 还以200做基础？200是120asset加上80的investment,当fridge division关闭后投资应该是80*1/3=26.7才对啊,而且asset中的2/3应该也属于fridge division也应该减除（the part division is half the size of the fridge division in terms of the asset and liabilities attribute to it)”

答复：“您看一下答案部分,这是答案里面做的假设：

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. 学员问题，“2010年12月第一题关于MBO中，management购买的shares是如何处理的？如何计算management 需要购买多少的股权，答案中amt of MBO funds needed to pay shareholders 60m是不是由50c*100m shares*1.2(premium)计算出来的？这么说management需要购买所有的股份是吗？”

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

3. 学员问题，“2010年12月第一题proposal2,shares的discount:总投资是210，总股数是310，应该是67.7c Per $1啊，答案为什么没有加入原股东的股数？投资210m中也是含了股东投资的40的”

答复：“在proposal 2 中，对于投资，只需要调整Machinery and equipment中的数字，加上80即可，所以total investment in fixed asset就是200;对于share capital 来说，题目中说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.所以在第二种方法下，只有上面绿色的两部分是share capital.原来的普通股以及那个被注销了。”