高顿网校小编提示：以下则是SOA北美精算师考试之真题Course8F（最后一部分），请认真看官方大纲，不妨多看几遍，加深印象。
　　14. (6 points) You are the CFO of a mid-sized, publicly traded U.S. corporation that
　　develops software for the retail industry. The firm has been in existence for twenty years.
　　Initial growth was explosive, but over the last four to six years both your firm’s and the
　　industry’s growth rates have stabilized. Thanks to your efficient management, the firm
　　has shown consistent profits over this period.
　　The CEO has expressed an interest in instituting a dividend for the first time.
　　(a) Compare and contrast the signaling model and agency cost model for corporate
　　dividends. Describe what outcomes would be predicted under each if your firm
　　instituted a dividend.
　　(b) Describe the firm-specific factors to be considered in deciding whether or not to
　　institute a dividend. Relate these factors to your firm’s situation and indicate
　　whether or not they support the CEO’s idea.
　　(c) Recommend a dividend policy for the corporation and support your answer.
　　COURSE 8: Fall 2005 - 15 - STOP
　　Finance Segment
　　Afternoon Session
 
　　15. (5 points) You are the CFO for TUNA Life Insurance Company. TUNA has three major
　　blocks of business: an annuity line, a life insurance line, and an individual disability line.
　　Below are statistics for the three lines of business:
　　Line of
　　Business Pre-tax Return
　　on Assets (ROA)
　　Allocated
　　Debt
　　Capital
　　Allocated
　　Equity Capital
　　Annuity 9% $90 million $10 million
　　Life Insurance 10% $70 million $30 million
　　Individual Disability 11% $50 million $50 million
　　TUNA currently pays 7% to service its debt. Equity investors require a 13% return. The
　　marginal tax rate for TUNA is 30%.
　　(a) Calculate the Economic Value Added (EVA) for each business unit. Show your
　　work.
　　(b) TUNA’s chief actuary wants to implement product pricing changes so that all
　　lines of business have a positive EVA. Assuming that the allocated debt and
　　equity capital do not change, establish minimum ROAs for each business line to
　　achieve. Show your work.
　　(c) Explain the advantages and disadvantages of an EVA financial management
　　system for monitoring business line performance.
　　**END OF EXAMINATION**
　　AFTERNOON SESSION
　　高顿网校之为人处世：国家有优良的公民，那么这个国家就一定会强盛起来。 —— 沃纳