江西财经大学开学为什么不能从会计ACCA转入普...

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.

正确答案：D

The substance is that there is no ‘free’ finance; its cost, as such, is built into the selling price.

正确答案：
(iii) If attendance = 100 then management would opt for room size A which would produce a contribution of ￡832,000 x
0·2 = ￡166,400.
If attendance = 200 then management would opt for room size B which would produce a contribution of ￡2,163,200
x 0·5 = ￡1,081,600.
If attendance = 400 then management would opt for room size D which would produce a contribution of ￡6,656,000
x 0·3 = ￡1,996,800.
Therefore the expected value of perfect information would be the sum of the expected values of the three possible
outcomes which amounts to ￡3,244,800. Thus, if the information is correct then management should be willing to pay
up to ￡3,244,800 – ￡1,497,600 = ￡1,747,200 for the information. In practice, it is unlikely that perfect information
is obtainable. The management of Envico Ltd are really buying an information system that will provide them with a signal
which may prove to be correct or incorrect! For example, the consultants may predict that demand will be for 300
seminar places, however there still remains the fact that there is a likelihood of actual demand being for either 100,
200 or 400 seminar places. One should be mindful that imperfect information which may be, say only 75% reliable,
might still be worth obtaining. Other than when the value of imperfect and perfect information are equal to zero, the
value of perfect information will always be greater than the value of imperfect information.

正确答案：
(ii) Ensuring capital treatment
For the capital treatment to apply, a number of conditions need to be satisfied such that the following points need to be
confirmed.
– The business of Acrux Ltd consists wholly or mainly of the carrying on of a trade as opposed to the making of
investments.
– Spica is UK resident and ordinarily resident despite living in both the UK and Solaris.
– The transaction is being carried out for the purpose of the company’s trade and is not part of a scheme intended
to avoid tax. This is likely to be the case as HMRC accept that a management disagreement over the running of
the company has an adverse effect on the running of the business.
In addition, Spica must have owned the shares for at least five years so the transaction must not take place until
1 October 2008.