题目内容

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)

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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。

3 On 1 June 2005, Egin, a public limited company, was formed out of the re-organisation of a group of companies with
foreign operations. The directors require advice on the disclosure of related party information but are reluctant to
disclose information as they feel that such transactions are a normal feature of business and need not be disclosed.
Under the new group structure, Egin owns 80% of Briars, 60% of Doye, and 30% of Eye. Egin exercises significant
influence over Eye. The directors of Egin are also directors of Briars and Doye but only one director of Egin sits on the
management board of Eye. The management board of Eye comprises five directors. Originally the group comprised
five companies but the fifth company, Tang, which was a 70% subsidiary of Egin, was sold on 31 January 2006.
There were no transactions between Tang and the Egin Group during the year to 31 May 2006. 30% of the shares
of Egin are owned by another company, Atomic, which exerts significant influence over Egin. The remaining 40% ofthe shares of Doye are owned by Spade.
During the current financial year to 31 May 2006, Doye has sold a significant amount of plant and equipment to
Spade at the normal selling price for such items. The directors of Egin have proposed that where related party
relationships are determined and sales are at normal selling price, any disclosures will state that prices charged to
related parties are made on an arm’s length basis.
The directors are unsure how to treat certain transactions relating to their foreign subsidiary, Briars. Egin purchased
80% of the ordinary share capital of Briars on 1 June 2005 for 50 million euros when its net assets were fair valued
at 45 million euros. At 31 May 2006, it is established that goodwill is impaired by 3 million euros. Additionally, at
the date of acquisition, Egin had made an interest free loan to Briars of $10 million. The loan is to be repaid on
31 May 2007. An equivalent loan would normally carry an interest rate of 6% taking into account Briars’ credit rating.
The exchange rates were as follows:
Euros to $
1 June 2005 2
31 May 2006 2·5
Average rate for year 2·3
Financial liabilities of the Group are normally measured at amortised cost.
One of the directors of Briars who is not on the management board of Egin owns the whole of the share capital of a
company, Blue, that sells goods at market price to Briars. The director is in charge of the production at Briars and
also acts as a consultant to the management board of the group.
Required:
(a) (i) Discuss why it is important to disclose related party transactions, explaining the criteria which determine
a related party relationship. (5 marks)
(ii) Describe the nature of any related party relationships and transactions which exists:
– within the Egin Group including Tang (5 marks)
– between Spade and the Egin Group (3 marks)
– between Atomic and the Egin Group (3 marks)
commenting on whether transactions should be described as being at ‘arm’s length’.

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网络A的WWW服务器上建立了一个 Web站点，对应的域名是www.abc.edu。DNS服务器1上安装 Windows Server 2003操作系统并启用 DNS服务。为了解析 WWW服务器的域名，在图2-2所示的对话框中，新建一个区域的名称是（1）；在图2-3所示的对话框中，添加的对应的主机“名称”为（2）。