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7.Assume you were Jack, Director of International Investment. Briefly explain the ranking principle for capital allocation when the capital is limited, and calculate the present value index for Project A, Project B, and Project C. With a total investment of 1 billion Hong Kong dollars (HKD 1 000 000 000), determine the available combinations of project investment options.Lastly, suggest to the management the best investment decision and provide a reason to support your decision.
Answers:
(1) Under the ranking principle for capital allocation when the capital is limited, the limited capital should be allocated to the project that has a higher present value index.
(2)
Present value index for Project A is
(9 091 +12 396 +8 264 +12 977 + 9 934)/50 000 =52 662/50 000 =1.05
Preysent value index for Project B is
(12 727 +9 090 +11 270 +10 928 +9 314)/50 000 =53 329/50 000 =1.07
Present value index for Project C is
(8 182 +12 396 +13 523 +10 245 +8 693)/50 000 =53 039/50 000 =1.06
(3) There are three investment portfolios available, namely Project A and B, Project A and C, and Project B and C.
(4)The best investment decision is to choose portfolio of Project B and C.
Reason: The ranking of present value index from high to low is Project B, Project C, and Project A.Therefore, the combination of Project B and C should be selected.
8.根据资料三，针对内部控制审计报告初稿中的不妥之处，指出正确的修改建议并说明理由。
答：
不妥之处1：
报告中对“2011年度”表述有误。
修改建议：将“2011年度”修改为“2011年12月31日”。
理由：内部控制审计报告是对特定基准日的内部控制进行审计，是时点数，而非时期数，因此报告对于审计基准日理解有误。
不妥之处2：
报告中对审计对象“内部控制自我评价报告”表述有误。
修改建议：将“内部控制自我评价报告”修改为“财务报告内部控制”。
理由：内部控制审计报告是对内部控制的有效性进行审计，是直接报告，而非基于内部控制自我评价报告的基础上间接报告。
不妥之处3：
注册会计师责任中有关“对内部控制的有效性发表审计意见”表述有误。
修改建议：将“内部控制的有效性”修改为“财务报告内部控制的有效性”。
理由：内部控制审计报告并非对被审计单位的所有内部控制发表审计意见，而是对与财务报告相关的内部控制发表审计意见。
不妥之处4:
报告对于内部控制审计中“非财务报告内部控制的重大缺陷”的关注责任存在遗漏。
修改建议：在注册会计师责任段最后增加“并对注意到的非财务报告内部控制的重大缺陷进行披露”表述。
理由：在内部控制审计过程中注意到的非财务报告内部控制的重大缺陷，要求在内部控制审计报告中予以披露。
不妥之处5：
报告中审计结论“公司在2011年度按照《企业内部控制基本规范》和相关规定实施的内部控制在所有重大方面未发现导致无效的任何事项”表述有误。
修改建议：将“公司在2011年度按照《企业内部控制基本规范》和相关规定实施的内部控制在所有重大方面未发现导致无效的任何事项”修改为“公司于2011年12月31日按照《企业内部控制基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制”。
理由：内部控制审计要求注册会计师在实施审计工作的基础上，获取充分、适当的证据，对财务报告内部控制的有效性发表的意见并提供合理保证，而非有限保证，应当发表积极式的审计结论，而非以消极方式提出。
9.根据资料四，列举构成重大资产重组的适用标准。指出本次振华公司发行股份购买Sobright公司股权资产方案是否构成重大资产重组，并说明理由;以及是否应当提交上市公司并购重组审核委员会审核通过，并说明理由。
答：
(1)根据《上市公司重大资产重组管理办法》，上市公司及其控股或者控制的公司购买、出售资产，达到下列标准之二的，构成重大资产重组：
购买、出售的资产总额占上市公司最近1个会计年度经审计的合并财务会计报告期末资产总额的比例达到50%以上。
购买、出售的资产在最近1个会计年度所产生的营业收入占上市公司同期经审计的合并财务会计报告营业收入的比例达到50%以上。
购买、出售的资产净额占上市公司最近1个会计年度经审计的合并财务会计报告期末净资产额的比例达到50%以上，且超过5000万元人民币。
(2)构成重大资产重组行为。
理由：购买资产Sobright公司最近一期的合并营业收入占振华公司合并营业收入比例为252/400=63%，超过《上市公司重大资产重组管理办法》规定的50%。
(3)不必提交上市公司并购重组审核委员会审核通过。
理由：购买资产Sobright公司最近一期的合并资产总额占振华公司合并资产总额比例为126/350=36%，低于有关规定要求的70%。
10.根据资料四，指出本次振华公司发行股份购买Sobright公司股权资产的行为是否需要提供拟购买资产的盈利预测报告，并说明理由。若重大资产重组实施后，上市公司相关股权重组资产实际实现的利润未达到盈利预测报告预测金额的情形下，简要分析其对上市公司及相关会计师事务所的影响。
答：
(1)必须提供拟购买资产的盈利预测报告，予以披露。
理由：根据《上市公司重大资产重组管理办法》的有关规定，上市公司购买资产的，应当提供拟购买资产的盈利预测报告。
(2)重大资产重组实施完毕后，凡不属于上市公司管理层事前无法获知且事后无法控制的原因，则上市公司或者购买资产实现的利润未达到盈利预测报告预测金额的80%，应当在上市公司披露年度报告的同时，在同一报刊上作出解释，并向投资者公开道歉;
实现利润未达到预测金额50%的，可以对相关机构及其责任人员采取监管谈话、出具警示函、责令定期报告等监管措施。
11. Briefly describe the five elements of an effective enterprise internal control in accordance with the“Basic Standard for Enterprise Internal Control”《企业内部控制基本规范》.Based on the information provided in Materials 4(资料四)in relation to Sobright Company, identify the major risks that the Company exposes to in its fund management activities.
Answers：
(1)In accordance with the“Basic Standard for Enterprise Internal Control”, the five elements of internal control are:
1.Internal environment: Internal environment lays the foundation for the application of internal control. This typically includes the following aspects: the corporate governance framework; organization structure and allocation of authorities and responsibilities; internal audit; human resource polices; corporate culture etc.
2. Risk assessment: Risk assessment is the timely identification and systematic analysis of risks that affect either business activities or the accomplishment of established internal control objectives together with the formulation of reasonable responses to identified risks.
3. Control activities: Control activities are the steps taken by an enterprise in response to its risk assessment, in order to manage identified risks within the respective risk tolerance level.
4. Information and communication: Information and communication refers to the timely; and accurate gathering and dissemination of internal control related information to enable the effective communication of such information within and outside the entity.
5.Internal monitoring: Internal monitoring relates to an enterprise’s monitoring of the internal control it has designed and put into operation, the assessment of the enterprise’s internal control effectiveness in design and operation, and the mitigation taken by the enterprise to rectify any identified control weaknesses in a timely manner.
(2) Major risks in the fund management activities:
Inappropriate financing decisions are made, which would result in ineffective financing or unbalanced capital structure. This could lead to overly high financing costs or debt crisis.
Inappropriate investment decisions are made, which would result in unplanned expansion or loss of development opportunities. This could lead to cash flow problems or inefficient use of funds.
Inappropriate flow and management of funds, which would lead to financial difficulties or surplus of funds on hand.
Controls over fund management are ineffective, which would lead to unauthorized use or misappropriation of funds, or even fraud.
12.Based on the information provided in Materials 4 (资料四) , measure the performance of White Appliances and Black Appliances separately by using both Residual Income Method(剩余收益法) and Economic Value Added Method (经济增加值法). Based on the results, evaluate whether the business of White Appliances or Black Appliances performs better.
Answers :
(1) Using the Residual Income Method:
For White Appliances, residual income =7 000-12%×40 000 = USD 22 million
For Black Appliances, residual income =7 400 -13%×42 000 = USD 19.4 million
Under this method, White Appliances performs better than Black Appliances.
(2) Using the Economic Value Added Method:
Economic value added for White Appliances :(7 000 +1 800)- 12%× (40 000 +1 800) = USD37.84 million
Economic value added for Black Appliances :(7 400 +2 400)- 13%× (42 000 +2 400) = USD40.28 million
Under this method, Black Appliances performs better than White Appliances.
13.Based on the financial data provided in the materials, use Zhen Hua Company as the comparable entity. Evaluate the value (per share) of Sobright Company using the three different valuation models: Price-to-earnings ratio (P/E) model; price-to-book ratio (P/B) model; and price-to-sales ratio (P/S) model, respectively.Besides, indicate the limitations of using P/B Model.
Answers :
(1) Using the P/E model:
Zhen Hua Company’s current P/E = [50%×(1+8%) ]÷(10% -8%)=27
Sobright Company’s estimated value = 0.5×27 = USD 13.5/share
(2) Using the P/B model:
Zhen Hua Company’s current P/B = [20%×50%× (1+8%)] / (10%-8%) =5.4
Sobright Company’s estimated value = 1.25×5.4 = USD6.75/share
(3) Using the P/S model:
Zhen Hua Company’s current P/S= [5%×50% (1 +8%) ] / ( 10% - 8%) = 1.35
Sobright Company’s estimated value = 10×1.35 = USD 13.50/share
(4) The P/B model has the following limitations:
The book value is subject to the impact of-accounting policies selected. If a company selects and uses different accounting standards or accounting policies, the P/B ratio comparison will lack of comparability.
P/B ratios do not have practical applicability in services and high-tech industries that usually have small amount of fixed assets, because the net asset does not have a strong relationship with the value of such companies.
For companies that have negative net assets(accumulated deficit), the P/B ratio is meaningless and cannot be used for comparison purposes.
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