广东省考生：ACCA考试成绩有效期是多久？

正确答案：
(b) Good Sports has pursued a conscious niche or focus differentiation strategy, seeking to serve a local market in a way that
isolates it from the competition of the large national sports good retailers competing on the basis of supplying famous brands
at highly competitive prices. Does it make strategic sense for Good Sports to make the heavy investment necessary to supply
goods online? Will this enhance its ability to supply their chosen market?
In terms of price, e-business is bringing much greater price transparency – the problem for companies like Good Sports is
that customers may use their expertise to research into a particular type and brand of sports equipment and then simply
search the Internet for the cheapest supply. Porter in an article examining the impact of the Internet argues that rather than
making strategy obsolete it has in fact made it more important. The Internet has tended to weaken industry profitability and
made it more difficult to hold onto operational advantages. Choosing which customers you serve and how are even more
critical decisions.
However the personal advice and performance side of the business could be linked to new ways of promoting the product
and communicating with the customer. The development of customer communities referred to above could be a real way of
increasing customer loyalty. The partners are anxious to avoid head-on competition with the national retailers. One way of
increasing the size and strength of the niche they occupy is to use the Internet as a means of targeting their particular
customers and providing insights into the use and performance of certain types of equipment by local clubs and users. There
is considerable scope for innovation that enhances the service offered to their customers. As always there is a need to balance
the costs and benefits of time spent. The Internet can provide a relatively cost effective way of providing greater service to
their customers. There is little in the scenario to suggest they have reached saturation point in their chosen niche market.
Overall there is a need for Good Sports to decide what and where its market is and how this can be improved by the use ofe-business.

正确答案：

 

As a result, Bill and Ben would each be better off by ￡15,005 (69,142 – 54,137). If the cash were extracted by way
of dividend.
Tutorial note: In this answer the employers’ national insurance liability on the salary has been ignored. Credit would be
given to a candidate who recognised this issue.

正确答案：
(b) The term ‘Efficient Market Hypothesis’ (EMH) refers to the view that share prices fully and fairly reflect all relevant available
information1. There are other kinds of capital market efficiency, such as operational efficiency (meaning that transaction costs
are low enough not to discourage investors from buying and selling shares), but it is pricing efficiency that is especially
important in financial management.
Research has been carried out to discover whether capital markets are weak form. efficient (share prices reflect all past or
historic information), semi-strong form. efficient (share prices reflect all publicly available information, including past
information), or strong form. efficient (share prices reflect all information, whether publicly available or not). This research has
shown that well-developed capital markets are weak form. efficient, so that it is not possible to generate abnormal profits by
studying and analysing past information, such as historic share price movements. This research has also shown that
well-developed capital markets are semi-strong form. efficient, so that it is not possible to generate abnormal profits by studying
publicly available information such as company financial statements or press releases. Capital markets are not strong form
efficient, since it is possible to use insider information to buy and sell shares for profit.
If a stock market has been found to be semi-strong form. efficient, it means that research has shown that share prices on the
market respond quickly and accurately to new information as it arrives on the market. The share price of a company quickly
responds if new information relating to that company is released. The share prices quoted on a stock exchange are therefore
always fair prices, reflecting all information about a company that is relevant to buying and selling. The share price will factor
in past company performance, expected company performance, the quality of the management team, the way the company
might respond to changes in the economic environment such as a rise in interest rate, and so on.
There are a number of implications for a company of its stock market being semi-strong form. efficient. If it is thinking about
acquiring another company, the market value of the potential target company will be a fair one, since there are no bargains
to be found in an efficient market as a result of shares being undervalued. The managers of the company should focus on
making decisions that increase shareholder wealth, since the market will recognise the good decisions they are making and
the share price will increase accordingly. Manipulating accounting information, such as ‘window dressing’ annual financial
statements, will not be effective, as the share price will reflect the underlying ‘fundamentals’ of the company’s business
operations and will be unresponsive to cosmetic changes. It has also been argued that, if a stock market is efficient, the timing
of new issues of equity will be immaterial, as the price paid for the new equity will always be a fair one.