三月考季的钟声已经敲响，六月考季也正在翩翩而来！

P4三月份的通过率可以用惨淡来形容，以35%的成绩位列三月份难度榜的第三位，仅次于28%的P5和32%的P7。

P4考官也在分数公布的第一时间发出了考官报告，今天我们就跟着考官的思路分析下这门课，帮助各位ACCAer们顺利通过这门考试。

三月份P4考卷由两部分组成，Section A是一道50分的必答题，Section B有三道25分的选答题，考生需要从中挑选两题进行回答，总分100分，及格线是50分。

P4是F9的高级阶段，在这个阶段考生需要培养这样的能力：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，经常会考察考生在案例背景下提供合适的建议的能力，考生需要通过相关的Workings评估该项决策，并分析它对利益相关者的影响。

考生在做题时，要学会换位思考，站在Senior financial person的高度去思考问题，理解公司的目标并结合所学想办法去实现它。正如Senior financial person日程很紧凑一样，在P4考试中也需要考生安排好学习和考试时间。

能够得到高分的答案一般有这几种特点：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.

在这次考试中存在的问题有：

第一：基础知识薄弱，答题思路太窄

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：应试技巧不足，时间管理技巧欠缺

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：数学能力欠缺或未带计算器

Inability to perform basic arithmetical calculations;

第四：答题逻辑性不强，机构混乱

Written answers that were poorly structured.

第五：分析叙述能力不足

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

第六：不能平衡答案中计算跟分析的比重

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：读题不清，答非所问。

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.

作为一道50分的必答题，它的case scenario很复杂，考生需要迅速、准确的从题目中找到相关的信息点，做大量的计算并做出相关的分析。

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)中存在的最大问题是读题不清，答非所问，花费大量的时间和精力，却得到少的可怜的分数。最直接的例子就是有些考生把分析reverse takeover的优缺点误认为是让分析initial public offering(IPO)的优缺点。

P4考官曾经写了一篇关于reverse takeover的文章，认真阅读这篇文章的考生应该都拿到了不错的分数。

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.

针对以上如狂轰乱炸般的问题，很多考生终于顶不住压力，纷纷露出破绽。

很少由考生能够完整的编制The company’s post reconstruction statement of financial position；在用free cash flow model to estimate the equity value这方面也出现重重困难。很多基础性的知识点像the taxable profit的计算都有相当一部分考生出现错误，这部分考生需要在巩固基础知识的同时注重时间的合理分配，通过做真题来培养自己的解题思维，拿到应该拿到分数。

这部分依然有着那永恒的4分Professional marks。跟上次考试一样，很多考生因为没有用Report Format的格式去答题，或者答题结构不合理等原因与这4分失之交臂，很遗憾。

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.

这部分答得不好的原因是，大多数考生没有意识到为了让股价更有活力、股东的利益最大化，其他利益相关团体的利益往往就要被牺牲。

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.

这道题存在的问题主要有：

相当一部分考生虽然对某些知识点有一定理解，但只是对所学知识的书面挪用，没有结合案例背景进行分析，最后只得到很少的分数。

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.

很多学生犯了读题不清、答非所问的问题。

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.

知识架构不完善，对考官文章、历年考题重视不足。

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.

结合案例企业的财务环境对本题进行合理分析的考生基本都得到了好的分数。

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.

在这里有几个关键点是考生们表现不太好的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.

很多考生在选择call option or put option上出现了困难，在最后很多考生没有对whether the currency option is a preferred hedging method to a currency swap进行讨论，也因此失去了相当一部分分数。

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.

考生在计算the base case net present value时问题不大，但很多考生在计算the tax shield on loans and subsidiary benefits时出现了错误，甚至有考生花费大量时间去讨论assumptions，而这些是跟问题无关的。

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.

很多考生表现出对MM theories相关知识的不理解，而这个知识点是F9中的重点。

关注3月考试过程中考生的薄弱环节，检查自己学习的漏洞，同时全面复习大纲内容，真题反复看、反复做，近期的考官文章也是不容忽视的。做到这几点，相信大家都可以通过考试，祝大家早日出坑！

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