你知道会计ACCA是什么？

正确答案：
(c) A management buyout represents a change in ownership rather than a change in strategy. However it should, as suggested
above, lead to a comprehensive review of the customers and product groups the firm chooses to supply and the basis on
which it seeks to achieve competitive advantage. In terms of the strategy pursued prior to the buyout, Bonar Paint seems to
be trying to achieve a differentiation focus strategy but without being able to achieve the higher profit margins associated with
the successful implementation of such a strategy.
If as seems likely Bonar Paint chooses to become a more focused company through product range reduction and serving fewer
customers, implementation of such a strategy will have clear implications for the whole of the organisation. Using the
McKinsey 7S model strategy change will lead to changes in the structure of the organisation. The departure of Bill and Jim
Bonar will have major repercussions for the roles taken by the three senior managers. Decisions will be needed on who is to
lead the company and the responsibilities of the other two managers. Bonar Paint has a very traditional functional structure
with the managers being responsible for discrete areas of activity. The change in ownership gives a major opportunity to see
whether this structure continues to be an appropriate one for handling the challenges of an increasingly competitive
environment. Any significant change to the product and/or customer portfolio as proposed by Tony Edmunds will need to be
implemented through a change to the structure. Product divisions may need to be set up if there is a decision to enter the
market for D-I-Y paints.
Systems will also need to change to accommodate any reduction in the product range and numbers of customers. Reference
has already been made to the impact on the production side of the business of such a strategic decision and the associated
consequences for areas such as sales and finance. Clearly, the lack of marketing information on product sales, customers and
profitability needs to be quickly addressed before any divestment decisions are taken. Making strategic decisions using poor
or inadequate information is a recipe for disaster. Decisions on new product development also will require a system that better
integrates the interests and information of the key functional areas.
Staff are the critical resource without which the buyout will not succeed. The change in ownership will cause uncertainty and
the buyout managers will need to spell out the changes that are both necessary and needed. Changes to the product and
customer portfolio will have a significant impact on some members of staff. Issues of redundancy/redeployment are best
addressed early, along with opportunities the change in strategy will create. Closely linked to staff are the skills those staff
will need to implement chosen strategy. The need to have a greater awareness of customer and competitor activity will require
new skills in the marketing area. Any investment in new production technology will affect the type of skills needed to use it.
The links between strategic decisions and human resource strategy need to be appreciated.

Style. concerns the way the three buyout managers carry out their new roles and communicate with staff. There is a significant
difference between leading and managing the business and each of the buyout managers will need to communicate a clear
sense of where the firm is going and inspiring staff to follow their vision and mission. This links closely with the concept of
shared values and the overall culture of the firm. The exit of the founders of the business could potentially create a cultural
void, which could lead to staff uncertainty. Unless quickly addressed good staff may leave the firm and adversely affect the
strategic change the new owners and managers are trying to introduce.
In implementing a chosen strategy there is a danger that the ‘hard’ Ss of strategy, structure and systems are attended to while
the soft Ss of staff, skills, style. and shared values are largely ignored. There is compelling evidence to suggest that it is thesoft Ss which will determine the success or otherwise of the management buyout.

正确答案：

(c) The type of payment might influence the success of the bid. Paxis is proposing a share for share exchange which offers a continuation in ownership of the entity, albeit as part of the successful bidder. However, relative share prices will change during the period of the bid, and the owner of shares in the potential victim company will not know the precise postacquisition value of the bid. An alternative might be cash payments which provides a known, precise sum, and might be favoured for this reason. However, in some countries payment in cash might lead to an immediate capital gains tax liability for the investor.

The effective price offered would of course be a major influence. Paxis would need to offer a premium over the existing share price, but the size of the premium that would be acceptable is unknown. Informal discussions with major shareholders of Wragger might assist in determining this (subject to such discussions being permitted by the regulatory authorities).

正确答案：

(ii) The budgeted corporation tax liability for the year ending 30 June 2008
Following the proposed restructuring, Rapier Ltd will be carrying on four separate trades. The current year loss arising
in the Dirk trade can be offset against its total profits. Its three subsidiaries will be dormant and will not be associates
for the purpose of determining the rate of corporation tax.