三月考季的鐘聲已經(jīng)敲響，六月考季也正在翩翩而來！

P4三月份的通過率可以用慘淡來形容，以35%的成績位列三月份難度榜的第三位，僅次于28%的P5和32%的P7。

P4考官也在分數(shù)公布的第一時間發(fā)出了考官報告，今天我們就跟著考官的思路分析下這門課，幫助各位ACCAer們順利通過這門考試。

三月份P4考卷由兩部分組成，Section A是一道50分的必答題，Section B有三道25分的選答題，考生需要從中挑選兩題進行回答，總分100分，及格線是50分。

P4是F9的高級階段，在這個階段考生需要培養(yǎng)這樣的能力：Candidates will be required to demonstrate their ability to read and digest quickly,comprehensive and detailed questions,apply relevant knowledge and skills and exercise the professional judgement expected of a senior financial person,in recommending or making financial management decisions that arelikely to affect the entire business organisation.。

在P4 Section A中，經(jīng)常會考察考生在案例背景下提供合適的建議的能力，考生需要通過相關(guān)的Workings評估該項決策，并分析它對利益相關(guān)者的影響。

考生在做題時，要學會換位思考，站在Senior financial person的高度去思考問題，理解公司的目標并結(jié)合所學想辦法去實現(xiàn)它。正如Senior financial person日程很緊湊一樣，在P4考試中也需要考生安排好學習和考試時間。

能夠得到高分的答案一般有這幾種特點：A reasoned structure,appropriate narrative discussions that are succinct,clear and relevant to the question asked and easy to follow numerical workings supported where appropriate by brief notes.Achieving this in a P4 exam will ensure a candidate is on track to passing it.

在這次考試中存在的問題有：

第一：基礎(chǔ)知識薄弱，答題思路太窄

Not answering parts of questions due to a lack of detailed knowledge of the syllabus areas.Many candidates were not able to comprehensively answer the questions attempted because they had not used resources such as study texts,to learn and understand that area of the syllabus in sufficient depth;

第二：應(yīng)試技巧不足，時間管理技巧欠缺

Too much time spent in carrying out relatively simple calculation tasks or

writing much on what essentially is only a single point。

Too much effort often being put into answering question parts worth only a few marks whilst less effort made in answering question parts worth more marks.

第三：數(shù)學能力欠缺或未帶計算器

Inability to perform basic arithmetical calculations;

第四：答題邏輯性不強，機構(gòu)混亂

Written answers that were poorly structured.

第五：分析敘述能力不足

Presenting discursive answers in brief,bullet point format,with no adequate explanation and often as incomplete sentences。

第六：不能平衡答案中計算跟分析的比重

Focussing more on either the numerical or discursive parts of the examination.Candidates need to be aware that a balanced approach is required to achieve a pass

第七：讀題不清，答非所問。

Not carefully reading the requirements of a question and therefore not answering the question that was asked;

Question One：

This question required candidates to assess whether the corporate restructuring programme suggested is the appropriate strategy to ease the company’s financial difficulties.

作為一道50分的必答題，它的case scenario很復雜，考生需要迅速、準確的從題目中找到相關(guān)的信息點，做大量的計算并做出相關(guān)的分析。

Part a)of the question required candidates to explain what a reverse takeover means and whether it is better method for the company to be listed rather than going through an initial public offering(IPO).

Part a)中存在的最大問題是讀題不清，答非所問，花費大量的時間和精力，卻得到少的可憐的分數(shù)。最直接的例子就是有些考生把分析reverse takeover的優(yōu)缺點誤認為是讓分析initial public offering(IPO)的優(yōu)缺點。

P4考官曾經(jīng)寫了一篇關(guān)于reverse takeover的文章，認真閱讀這篇文章的考生應(yīng)該都拿到了不錯的分數(shù)。

Part b)asked candidates to write a report that includes an assessment of the financial position of the company and an estimated value to the equity shareholders,after having carried out the restructuring programme.

Candidates were then asked to explain the valuation method that they have used and the assumptions made in estimating the company’s equity value.Candidates were finally required to discuss the impact of the restructuring programme on the company and on one of its key shareholder groups.

針對以上如狂轟亂炸般的問題，很多考生終于頂不住壓力，紛紛露出破綻。

很少由考生能夠完整的編制The company’s post reconstruction statement of financial position；在用free cash flow model to estimate the equity value這方面也出現(xiàn)重重困難。很多基礎(chǔ)性的知識點像the taxable profit的計算都有相當一部分考生出現(xiàn)錯誤，這部分考生需要在鞏固基礎(chǔ)知識的同時注重時間的合理分配，通過做真題來培養(yǎng)自己的解題思維，拿到應(yīng)該拿到分數(shù)。

這部分依然有著那永恒的4分Professional marks。跟上次考試一樣，很多考生因為沒有用Report Format的格式去答題，或者答題結(jié)構(gòu)不合理等原因與這4分失之交臂，很遺憾。

Part c)required candidates to discuss why the company’s attention to its stakeholders represented on the supervisory board may change once the company is listed.

這部分答得不好的原因是，大多數(shù)考生沒有意識到為了讓股價更有活力、股東的利益最大化，其他利益相關(guān)團體的利益往往就要被犧牲。

Question Two

Question Two tested candidates on their ability to

1.describe the factors that determine the optimal financing mix and structure within a specified business context;

2.identify the investment risks and describe the controls to manage them;

3.discuss the issues when communicating information to external finance providers;

4.to evaluate the impact of behavioural finance on the company’s share price.

這道題存在的問題主要有：

相當一部分考生雖然對某些知識點有一定理解，但只是對所學知識的書面挪用，沒有結(jié)合案例背景進行分析，最后只得到很少的分數(shù)。

A significant number of candidates suggested general risks and controls thus earning less marks than if they had specifically addressed the scenario in the question.

很多學生犯了讀題不清、答非所問的問題。

Question Two asked them to discuss issues such as confidentiality and transparency that could determine the kind of information the company communicates;not what kind of information needs to be communicated.

知識架構(gòu)不完善，對考官文章、歷年考題重視不足。

Most candidates revealed a lack of knowledge and understanding of how and why behavioural finance affects share prices,even though a published technical article covered this topic area.

Question Three

Question Three required candidates to demonstrate their knowledge of how to use currency swap and over-the counter currency options as tools to hedge an organisation’s financial risks.

Part a)required candidates to discuss the advantages and drawbacks of using the currency swap as a hedging instrument.

結(jié)合案例企業(yè)的財務(wù)環(huán)境對本題進行合理分析的考生基本都得到了好的分數(shù)。

Candidates were required in part b)to calculate the annual interest savings from using a currency swap and then evaluate the financial viability of accepting the rail franchise.

在這里有幾個關(guān)鍵點是考生們表現(xiàn)不太好的the swap mechanism process,net present value evaluation which involves a currency swap arrangement and forecast exchange rates,the estimation of future exchange rates based on predicted inflation rates。

Part c)required candidates to hedge a receivable using an over-the-counter currency option.

很多考生在選擇call option or put option上出現(xiàn)了困難，在最后很多考生沒有對whether the currency option is a preferred hedging method to a currency swap進行討論，也因此失去了相當一部分分數(shù)。

Question Four

This question required candidates to apply the adjusted present value technique to appraise an investment decision that includes a significant change in the organisation’s financial structure.It also required candidates to assess the impact of financing and capital structure upon the organisation’s value.

Part a)required candidates to recommend whether the project should be accepted after applying the adjusted present value technique.

考生在計算the base case net present value時問題不大，但很多考生在計算the tax shield on loans and subsidiary benefits時出現(xiàn)了錯誤，甚至有考生花費大量時間去討論assumptions，而這些是跟問題無關(guān)的。

Candidates were required in part c)to discuss their knowledge of Modigliani-Miller’s(MM)capital structure theories with reference to the non-executive director’s comment in the question.

很多考生表現(xiàn)出對MM theories相關(guān)知識的不理解，而這個知識點是F9中的重點。

關(guān)注3月考試過程中考生的薄弱環(huán)節(jié)，檢查自己學習的漏洞，同時全面復習大綱內(nèi)容，真題反復看、反復做，近期的考官文章也是不容忽視的。做到這幾點，相信大家都可以通過考試，祝大家早日出坑！

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