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The proposal was endorsed by the majority of members.A.rejectedB.approvedC.submittedD.cons

The proposal was endorsed by the majority of members.

A.rejected

B.approved

C.submitted

D.considered

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第1题

Section A – This ONE question is compulsory and MUST be attemptedCocoa－Mocha－Chai （CMC) Co

Section A – This ONE question is compulsory and MUST be attempted

Cocoa-Mocha-Chai (CMC) Co is a large listed company based in Switzerland and uses Swiss Francs as its currency. It imports tea, coffee and cocoa from countries around the world, and sells its blended products to supermarkets and large retailers worldwide. The company has production facilities located in two European ports where raw materials are brought for processing, and from where finished products are shipped out. All raw material purchases are paid for in US dollars (US$), while all sales are invoiced in Swiss Francs (CHF).

Until recently CMC Co had no intention of hedging its foreign currency exposures, interest rate exposures or commodity price fluctuations, and stated this intent in its annual report. However, after consultations with senior and middle managers, the company’s new Board of Directors (BoD) has been reviewing its risk management and operations strategies.

The following two proposals have been put forward by the BoD for further consideration:

Proposal one

Setting up a treasury function to manage the foreign currency and interest rate exposures (but not commodity price fluctuations) using derivative products. The treasury function would be headed by the finance director. The purchasing director, who initiated the idea of having a treasury function, was of the opinion that this would enable her management team to make better decisions. The finance director also supported the idea as he felt this would increase his influence on the BoD and strengthen his case for an increase in his remuneration.

In order to assist in the further consideration of this proposal, the BoD wants you to use the following upcoming foreign currency and interest rate exposures to demonstrate how they would be managed by the treasury function:

(i) a payment of US$5,060,000 which is due in four months’ time; and

(ii) a four-year CHF60,000,000 loan taken out to part-fund the setting up of four branches (see proposal two below). Interest will be payable on the loan at a fixed annual rate of 2·2% or a floating annual rate based on the yield curve rate plus 0·40%. The loan’s principal amount will be repayable in full at the end of the fourth year.

Proposal two

This proposal suggested setting up four new branches in four different countries. Each branch would have its own production facilities and sales teams. As a consequence of this, one of the two European-based production facilities will be closed. Initial cost-benefit analysis indicated that this would reduce costs related to production, distribution and logistics, as these branches would be closer to the sources of raw materials and also to the customers. The operations and sales directors supported the proposal, as in addition to above, this would enable sales and marketing teams in the branches to respond to any changes in nearby markets more quickly. The branches would be controlled and staffed by the local population in those countries. However, some members of the BoD expressed concern that such a move would create agency issues between CMC Co’s central management and the management controlling the branches. They suggested mitigation strategies would need to be established to minimise these issues.

Response from the non-executive directors

When the proposals were put to the non-executive directors, they indicated that they were broadly supportive of the second proposal if the financial benefits outweigh the costs of setting up and running the four branches. However, they felt that they could not support the first proposal, as this would reduce shareholder value because the costs related to undertaking the proposal are likely to outweigh the benefits.

Additional information relating to proposal one

The current spot rate is US$1·0635 per CHF1. The current annual inflation rate in the USA is three times higher than Switzerland.

The following derivative products are available to CMC Co to manage the exposures of the US$ payment and the interest on the loan:

Exchange-traded currency futures

Contract size CHF125,000 price quotation: US$ per CHF1

Section A – This ONE question is compulsory and MU

It can be assumed that futures and option contracts expire at the end of the month and transaction costs related to these can be ignored.

Over-the-counter products

In addition to the exchange-traded products, Pecunia Bank is willing to offer the following over-the-counter derivative products to CMC Co:

(i) A forward rate between the US$ and the CHF of US$ 1·0677 per CHF1.

(ii) An interest rate swap contract with a counterparty, where the counterparty can borrow at an annual floating rate based on the yield curve rate plus 0·8% or an annual fixed rate of 3·8%. Pecunia Bank would charge a fee of 20 basis points each to act as the intermediary of the swap. Both parties will benefit equally from the swap contract.

Required:

(a) Advise CMC Co on an appropriate hedging strategy to manage the foreign exchange exposure of the US$ payment in four months’ time. Show all relevant calculations, including the number of contracts bought or sold in the exchange-traded derivative markets. (15 marks)

(b) Demonstrate how CMC Co could benefit from the swap offered by Pecunia Bank. (6 marks)

(c) As an alternative to paying the principal on the loan as one lump sum at the end of the fourth year, CMC Co could pay off the loan in equal annual amounts over the four years similar to an annuity. In this case, an annual interest rate of 2% would be payable, which is the same as the loan’s gross redemption yield (yield to maturity).

Required: Calculate the modified duration of the loan if it is repaid in equal amounts and explain how duration can be used to measure the sensitivity of the loan to changes in interest rates. (7 marks)

(d) Prepare a memorandum for the Board of Directors (BoD) of CMC Co which:

(i) Discusses proposal one in light of the concerns raised by the non-executive directors; and (9 marks)

(ii) Discusses the agency issues related to proposal two and how these can be mitigated. (9 marks)

Professional marks will be awarded in part (d) for the presentation, structure, logical flow and clarity of the memorandum. (4 marks)

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第2题

Paul Straussmann, retired vice president of Xerox,, indicates in his book Information Pay-

off that" almost half of the U. S. information workers are in executive, managerial, administrative and professional positions. " He further states that "managers and professionals spend more than half of their time in communicating with each other. "

In other words ,people are a corporation's most expensive resource. For a typical office, over 90 percent of the operating budget is for salaries, benefits and over head. With this investment, is it any wonder that managers are focusing more and more attention on employee productivity？ They realize that the paper jungle cannot be tamed simply by hiring more people. To receive a return on their investment, wise corporate executive officers are realizing what industrialists and agriculturists learned long ago--efficient tools are essential for increased productivity.

A direct relationship exists between efficient flow of information and the quality and speed of the output of the end product. For those companies using technology, the per document cost of information processing is only a fraction of what it was a few years ago. The decreasing cost of computers and peripherals(equipment tied to the computer) will continue to make technology a cost-effective tool in the future. An example of this type of saving is illustrated in the case of the Western Division of General Telephone and Electronics Company(GTE). By making a one-time investment of $10 million to automate its facilities, management estimates an annual saving of $ 8.5 million for the company. This savings is gained mainly through the elimination of support people once needed for proposal projects. Through a telecommunications network that supports 150 computer terminals with good graphics capabilities, the engineers who conceptualize the projects are now direct participants. They use the graphics capacities of the computer rather than rely on drafters to prepare drawings, they enter their own text rather than employ typists, and they use the network to track project progress rather than conducting meetings.

In the first paragraph,the author quotes Straussmann's words in order to make clear

A．the importance of communicative capability in business

B．the need for people of higher positions in a company

C．the importance of assigning people to proper positions

D．the necessity for people in higher positions to know information science

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第3题

When looking for love, people may go to some extreme lengths. They might go on blind dates

set up by family and friends. They might write personal ads to place in newspapers. Or they might use a computer to help them in their search for a soul mate by joining an online dating services. Some people have even tried to find their perfect match through game shows on television. Many of these TV dating shows, including The Bachelor and Who Wants to Marry a Millionaire？ have proved to be ratings blockbusters, with millions of viewers watching each week to find out which of the contestants will find true love. Of all these game shows, perhaps the one with the most unexpected ending was Mr. Right, which was shown in England in 2002. On the show, a bachelor, thirty-five-year-old Lance Gerrard-Wright, dated fifteen women to find the one who was his ideal partner. The host of the show was Ulrika Johnson, an English celerity originally from Sweden. For seven weeks on the show, Gerrard-Wright took turns going on dates with each of the women, taking them to expensive restaurants and exotic locations. He even met the women’s families and introduced them to his own. Then at the end of each episode, he would choose between one and three of the contestants with whom he had felt the least compatible, and say goodbye to them. At one point during the series, one contestant volunteered to leave because she said she didn’t find him attractive. After two dates she said she had had enough, and she couldn’t see it working. “He wasn’t my cup of tea.” In another episode the woman he was on a date with burst into tears when he called her by another contestant’s name. “You called me by another girl’s name. I can’t believe you did that. I really liked you,” she sobbed. But in the final episode, the woman he eventually chose decided she didn’t want to marry him after all. “I think you’ve chosen me because you have to choose someone,” she said. Maybe this was because she already knew he had fallen in love---with the show’s host! After leaving the show, Gerrard-Wright and Johnson were seen dining together and attending parties around London more and more often. Finally, on May 1, 2003, Gerrard-Wright proposed to Johnson on the steps of St. Paul’s Cathedral. And she accepted his proposal right away, although it was a conditional acceptance. Johnson has two children from previous relationships—an eight-year-old son, Cameron, and a two-year-old daughter, Bo. She had to make sure that they agreed to the marriage. Luckily, they did. Gerrard-Wright said, “In the end the show did work for me. I grabbed an opportunity to get a girlfriend and I did. Ulrika’s gorgeous.” Questions 1-3 Complete the following sentences with information given in the passage in a maximum of 2 words for each blank. 1. Lance Gerrard-Wright went to ____ to go on the show Mr. Right in order to find his perfect match. 2. On the show, Lance had the opportunity to date many gorgeous women among whom there might be one that he was almost ____. 3. Ulrika accepted Lance’s proposal ____ that her children agreed to their marriage as well. Questions 4-5 Choose the best answer according to the passage. 4. Which of the following did NOT happen on the show？ A. Lance went on dates with several women. B. The candidates went to some very good restaurants. C. Ulrika consulted her parents before she made her decision. D. The women met Lance’s family. 5. What happened after seven weeks of doing the show？ A. All of the women found their beloved. B. Lance started to date with the show’s host. C. One of the women on the show couldn’t help crying. D. Ulrika asked Lance to marry her.

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第4题

He did not () on my proposal about the new project.

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第5题

6：Reading Comprehension Paul Straussmann, retired vice president of Xerox, indicates in hi

s book Information Pay-off that "almost half of the U. S. information workers are in executive, managerial, administrative and professional positions". He further states that "managers and professionals spend more than half of their time in communicating with each other". In other words, people are a corporation's most expensive resource. For a typical office, over 90% of the operating budget is for salaries, benefits and over head. With this investment, is it any wonder that managers are focusing more and more attention on employee productivity？ They realize that the paper jungle cannot be tamed simply by hiring more people. To receive a return on their investment, wise corporate executive officers are realizing what industrialists and agriculturists learned long ago—efficient tools are essential for increased productivity. A direct relationship exists between efficient flow of information and the quality and speed of the output of the end product. For those companies using technology, the per document cost of information processing is only a fraction of what it was a few years ago. The decreasing cost of computers and peripherals (equipment tied to the computer) will continue to make technology a cost-effective tool in the future. An example of this type of savings is illustrated in the case of the Western Division of General Telephone and Electronics Company (GTE). By making a one-time investment of $10 million to automate its facilities, management estimates an annual saving of $8.5 million for the company. This savings is gained mainly through the elimination of support people once needed for proposal projects. Through a telecommunications network that supports 150 computer terminals with good graphics capabilities, the engineers who conceptualize the projects are now direct participants. They use the graphics capacities of the computer rather than rely on drafters to prepare drawings, they enter their own text rather than employ typists, and they use the network to track project progress rather than conducting meetings. In the first paragraph, the author quotes Straussmann's words in order to make clear ______.

A.the importance of communicative capability in business

B.the need for people of higher positions in a company

C.the importance of assigning people to proper positions

D.the necessity for people in higher positions to know information science

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第6题

If you _____ to the proposal, we will take it into consideration.A.adaptB.attachC.stick

If you _____ to the proposal, we will take it into consideration.

A.adapt

B.attach

C.stick

D.get