战略投资管理留学硕士考试题目

战略投资管理留学硕士考试题目

来源:www.51fabiao.org作者:cinq发布时间:2014-02-09 18:24
计算的净现值( NPV )和内部收益率在全球分销网络拟投资( IRR) ,考虑到通货膨胀和税收的影响(没有可用的资本免税额) 。你还应当提供一个简短的评论,指出投资是否值得。

 

论文题目:Consider the importance of risk assessment at all stages of the investment process and the application of a variety of risk management techniques
论文语种:英文
您的研究方向:战略投资评估
是否有数据处理要求:否
您的国家:英国
您的学校背景:重点一流大学
要求字数:2800
论文用途:硕士考试题目
是否需要盲审(博士或硕士生有这个需要):否
补充要求和说明:Recognise the role of accounting and finance within the strategic planning process Demonstrate problem solving and decision making skills through the selection and application of appropriate tools, and control processes, for strategic project appraisal Consider the importance of risk assessment at all stages of the investment process and the application of a variety of risk management techniques Appreciate the importance of the cost of capital, and the influences upon it, within the strategic investment appraisal process
 
IBM硕士 
 战略和财务决策 
MSc IBM
 Strategic and Financial Decision-making
 
The assignment is based on HYPOTHETICAL scenarios related to Bang & Olufsen A/S.
 
Task 1
 
Bang & Olufsen (B&O) are expanding their distribution network the BRIC countries, starting with Russia. Savings from the closure of “unproductive” stores in the rest of Europe and forecasted growth in BRIC countries will occur due to a more streamlined distribution network. As a key part of the company’s “Leaner, Faster, Stronger” strategy, the geographic expansion is nonetheless being evaluated periodically. 
 
The initial investment in stores in Russia are being managed as a single project which requires an outlay of DKK125 million. The following cash flows related to the project (in current or nominal rubles) are then predicted to rise over the next five years (which has been selected as a prudent time span over which to build an investment model due to the coincidence of this period with the country’s 5-year economic development plan). The ruble/crown (RUB/DKK) exchange rate is expected to be 5.9 (Year 0), 6.3 (Year 1), 6.0 (Year 2), 5.8 (Year 3), 5.8 (Year 4) and 5.5 (Year 5).
 
Year 1 2 3 4 5
Cash Savings (DKK million) 32.5 60 105 97.5 75
Cash Operational Outflows (Rubles million) 62.5 150 250 216.25 187.5
 
It is anticipated that over the next 5 years:
Inflation on Cash Savings will be 6.5% per annum
Inflation on Cash Outflows will be 5% per annum
The general rate of inflation in the economy will be 6% per annum.
 
The central finance team predicts a tax rate of 35% on the net cash flows during the 5 years, and the team is aware that the investors will require an overall after- tax REAL rate of return of 10%.
Required:
 
Calculate the Net Present Value (NPV) and Internal Rate of Return (IRR) of the proposed investment in the global distribution network, taking into account the impact of inflation and taxation (there are no capital allowances availablewww.51fabiao.org/dxassignment/ ). You should also provide a brief comment on your answer indicating whether or not the investment is financially worthwhile.                                                                                   (2.5 marks)
 
Anne Rasmussen, a Manager at the B&O Head Office indicates that she and her assistant, Thi Pham (who studied finance at undergraduate level) have been looking at a distribution network in that other BRIC country which the company has not yet entered, i.e., India, and which confusingly, upon investigation, has a lower NPV and higher IRR, than the expansion into Russia. Therefore, they are not sure how this is possible or which methodology they should follow.You are required to provide a considered response to their query.                                                                (1.5 marks)
 
Task 2
 
The assistant finance manager of Bang & Olufsen is interested in your capital investment appraisal calculations and mentions that when she was a student she can remember using the Capital Asset Pricing Model in order to calculate a suitable cost of capital for use in determining an appropriate discount factor. She also remembers that the cost of capital for a corporation relies upon the size of the company’s beta factor.
 
With this in mind she says to you, “I am rather confused by beta as it seems to be rather random. If I look at the beta for two well-known KPX-registered organisations such as Top Danmark and Danske Bank, they are 0.50 and 2.02 respectively (Reuters.com, accessed 29/10/13). How can it be possible that two such companies can have such different betas?
 
You are required to provide a response discussing explicitly why the betas of the two companies (Bang & Olufsen and a competing company in its industry or sector) may have such different beta factors and what the implications of this difference are. 
                                                   (2.5 marks)
 
 
 
Task 3
 
In response to the above debate with regard to project appraisal, Bang & Olufsen's assistant finance manager attends a two-day course on the use of Real Options Analysis.
 
The following quote was brought to her attention at the development session: "When estimating project value, planners need to include the economic value of flexibility in project strategies." (Ford and Bhargav, 2006, p275)
 
During the course the trainer went on to emphasise this point and said, "It is suggested that Real Options Analysis can be used to allow for the benefit of flexibility and to direct management attention to particular strategic issues, as opposed to the sole use of Net Present Value calculations which assume certainty."
 
The assistant finance director finds this to be a confusing topic, especially in the context of the country choices the company faces. She turns to you for help.
 
You are therefore required to prepare a brief report in order to consider the points made above and to particularly comment on the issues of flexibility and management attention directing, which are the supposed benefits of Real Options Analysis.                                       (3.5 marks)
 
(Total 10 marks)
Further Information  2,700 words excluding calculations).
 
Learning Outcomes Assessed:
 
Recognise the role of accounting and finance within the strategic planning process
Demonstrate problem solving and decision making skills through the selection and application of appropriate tools, and control processes, for strategic project appraisal
Consider the importance of risk assessment at all stages of the investment process and the application of a variety of risk management techniques
Appreciate the importance of the cost of capital, and the influences upon it, within the strategic investment appraisal process
 
Assignments will be graded according to the following criteria:
 
The generic postgraduate assessment criteria, plus:
Evidence of critical judgement in selecting, ordering and analysing content in order to present a sound argument.
The demonstration and understanding of relevant concepts and models.
The demonstration of insight and originality in responding to the assignment.
The extent and level of research undertaken and the degree to which this research is appropriately referenced.