F9考官亲自陈述ACCA考试报告--Question Four （a）

　　Question Four （a）

　　This part of question 4 asked candidates to calculate the value of a company using four different methods. Most candidates were able to calculate correctly the market capitalisation （equity market value） of the company by calculating the number of shares and multiplying this total by the market value per share. Occasional errors that arose were incorrect calculations of the number of shares and adding the value reserves to the calculated market capitalisation. Many students were not able to calculate correctly the net asset value on a liquidation basis. Some answers calculated the net asset value from the current statement of financial position information, rather than on a liquidation basis. A common error was to fail to subtract non-current liabilities, or current liabilities, or both from the revised figure for total assets. The price/earnings ratio valuation method was often calculated correctly, although some answers began by dividing earnings by the number of shares to give earnings per share, and ended by multiplying share price by number of shares to give company value, representing an unnecessary dip into and out of share-based values. Some candidates had difficulty calculating the average historical dividend growth rate, although either the arithmetic or geometric average would have been accepted. Most answers were able to offer a dividend growth model value, even when the calculated growth rate was incorrect.

　　The second dividend growth model valuation required the dividend growth rate to be calculated using Gordon’s growth model, as the product of the retention ratio and the return on equity. It was common to see the retention ratio calculated correctly, only to be multiplied by the cost of equity instead of the return on equity.