ACCA2011年6月份考試大綱(P4)(11)

　　隨著ACCA2010年12月份考試的結束，考生正式進入ACCA2011年6月份的考試備考當中，為幫助廣大考生迅速掌握考試要點，定位好備考重點，正保會計網校本著服務廣大考生、努力讓廣大考生的復習、備考事半功倍的宗旨，將陸續公布2011年6月份ACCA考試大綱和學習指南，以饗考生！該大綱和學習指南旨在幫助考生規劃學習，并為每一部分的考點提供詳細的信息。

　　D ACQUISITIONS AND MERGERS

　　1.Acquisitions and mergers versus other growth strategies

　　a)Discuss the arguments for and against the use of acquisitions and mergers as a method of corporate expansion.^[2]

　　b)Evaluate the corporate and competitive nature of a given acquisition proposal.^[3]

　　c)Advise upon the criteria for choosing an appropriate target for acquisition.^[3]

　　d)Compare the various explanations for the high failure rate of acquisitions in enhancing shareholder value.^[3]

　　e)Evaluate,from a given context,the potential for synergy separately classified as:^[3]

　　i)Revenue synergy

　　ii)Cost synergy

　　iii)Financial synergy.

　　2.Valuation for acquisitions and mergers

　　a)Outline the argument and the problem of overvaluation.^[1]

　　b)Estimate the potential near-term and continuing growth levels of a company's earnings using both internal and external measures.^[3]

　　c)Assess the impact of an acquisition or merger upon the risk profile of the acquirer distinguishing:^[3]

　　i)Type 1 acquisitions that do not disturb the acquirer's exposure to financial or business risk

　　ii)Type 2 acquisitions that impact upon the acquirer's exposure to financial risk

　　iii)Type 3 acquisitions that impact upon the acquirer's exposure to both financial and business risk.

　　d)Advise on the valuation of a type 1 acquisition of both quoted and unquoted entities using:^[3]

　　i)'Book value-plus'models

　　ii)Market relative models

　　iii)Cash flow models,including EVATM,MVA.

　　e)Advise on the valuation of type 2 acquisitions using the adjusted net present value model.^[3]

　　f)Advise on the valuation of type 3 acquisitions using iterative revaluation procedures.^[3]

　　g)Demonstrate an understanding of the procedure for valuing high growth start-ups.^[2]

　　3.Regulatory framework and processes

　　a)Demonstrate an understanding of the principal factors influencing the development of the regulatory framework for mergers and acquisitions globally and,in particular,be able to compare and contrast the shareholder versus the stakeholder models of regulation.^[2]

　　b)Identify the main regulatory issues which are likely to arise in the context of a given offer and

　　i)assess whether the offer is likely to be in the shareholders'best interests

　　ii)advise the directors of a target company on the most appropriate defence if a specific offer is to be treated as hostile.^[3]

　　4.Financing acquisitions and mergers

　　a)Compare the various sources of financing available for a proposed cash-based acquisition.^[3]

　　b)Evaluate the advantages and disadvantages of a financial offer for a given acquisition proposal using pure or mixed mode financing and recommend the most appropriate offer to be made.^[3]

　　c)Assess the impact of a given financial offer on the reported financial position and performance of the acquirer.^[3]