题目内容

4 Diverse Holdings Plc has five wholly-owned subsidiary companies. These are:
(i) Organic Foods Ltd (OFL) which is involved in the production and sale of organically grown fruit and vegetables.
OFL has built up a very good reputation as a supplier of quality produce.
(ii) Haul-Trans Ltd (HTL) which was acquired on 1 December 2005 and is involved in transporting a range of
products on behalf of third parties.
(iii) Kitchen Appliances Ltd (KAL) which is involved in the manufacture and sale of small, manually-operated kitchen
appliances. KAL has recently suffered from squeezed margins as a consequence of competition from low cost
imports.
(iv) Paper Supplies Ltd (PSL) which manufactures and sells a narrow range of stationery products to two distributors.
(v) Office Products Ltd (OPL) which manufactures and sells computer workstations with unique design features
which are highly regarded by health and safety experts.
The management accountant of Diverse Holdings Plc has gathered the following actual and forecast information
relating to the five subsidiaries:
Required:
(a) Identify and comment on FOUR advantages that may be gained as a result of the adoption of a formal system
of strategic planning. (4 marks)

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《特种设备安全监察条例》所称特种设备包括电梯、起重机械、厂内机动车辆、游艺机和游乐设施等。()

2 A proposal has been put to the board of directors of Semer plc that the company should increase its capital gearing
to at least 50%, in order to reduce the company’s cost of capital and increase its market value.
The managing director of Semer is not convinced by the logic of the proposal, or the accuracy of the calculations, but
is unable to explain the reasons for his reservations.
A summary of the proposal and its implications is shown below.
Proposal to increase the capital gearing of Semer plc
The company’s current weighted average cost of capital is estimated to be 10·6%. If the proportion of debt is
increased to 50% of total capital, by the repurchase of ordinary shares at their current market value, the cost of capital
may be reduced to 9·9%. A reduced cost of capital means that the value of the company will increase which will be
welcomed by our shareholders. Calculations supporting the above proposal are shown below:
(ii) The current price of Semer’s ordinary shares is 410 pence.
(iii) The market price of one 8% debenture 2010 is ￡112.
(iv) The market return is 10·5% and the risk free rate 4·0%.
(v) Semer’s equity beta is 1·2.
(vi) Semer currently pays ￡15 million in dividends.
(vii) The corporate tax rate is 30%.
(viii) The company currently generates a free cash flow of ￡60 million per year, which is expected to increase by
approximately 3% per year.
Required:
(a) What, if any, are the mistakes in the proposal？ Correcting for any mistakes produce revised estimates of the
company’s current cost of capital and current value. Brief explanation of the reasons for any revisions should
be included. (15 marks)

平层是指在平层区域内，使轿厢地坎与层门地坎达到同一平面的运动，称之为平层。()

【问题 1】（5 分）
根据以上说明设计的 E-R 图如图 2-1所示，请指出地址簿与用户、电子邮件帐号与邮件、邮件与附件之间的联系类型。