73（)A. application B. connection C. stream D. acknowledg

ankruptcy by the creditors of Hangle Garment Co and designated a bankruptcy administrator. The bankruptcy administrator found that:

(i) Hangle Garment Co had given up a credit of RMB 500,000 yuan owed by its affiliate enterprise in August 2013;

(ii) Some shareholders of Hangle Garment Co failed to make full capital contributions as prescribed in the articles of association of the company;

(iii) There was a contract between Hangle Garment Co and Bright Department Store, which was concluded before the bankruptcy application was accepted and had been partly performed.

Required:

In accordance with the Enterprise Bankruptcy Law of China:

(a) State whether the action of giving up credit could be revoked during the process of liquidation. (2 marks)

(b) State how the lack of full capital contributions by some of the shareholders of the company should be dealt with. (2 marks)

(c) State what right the bankruptcy administrator has regarding the partly-performed contract between Hangle Garment Co and Bright Department Store. (2 marks)

A. 23.7A

B. 50A

C. 53A

D. 73A

A.71A 81A 201A 301A

B.72A 82A 202A 302A

C.73A 83A 203A 303

D./

A.175/88A175/74A

B.174/86A174/73A

C.175/88B175/74B

D.175/88B175/73B

Due to the failure to settle the debts due, Jianshe Garment Trading Co Ltd (Jianshe Co) was declared bankrupt by its creditors. In October 2010 the court rendered an order to accept the application of bankruptcy and designated a bankruptcy administrator. During the process of bankruptcy liquidation the bankruptcy administrator found that Jianshe Co had given up a credit of RMB 200,000 yuan owed by its affiliate enterprise in August 2009.

The bankruptcy administrator also found that some shareholders of Jianshe Co failed to made full capital contributions as prescribed in the agreement of incorporation.

Required:

Answer the following questions in accordance with the Enterprise Bankruptcy Law of China, and give your reasons for your answer:

(a) (i) State whether the action of giving up credit can be revoked during the process of liquidation; (4 marks)

(ii) State whether the court should grant an order to revoke the act of giving up credit. (3 marks)

(b) State how to deal with the matter of the lack of full capital contributions by some of the shareholders of Jianshe Co. (3 marks)

Dalie Limited Liability Co (Dalie Co) applied to the people’s court for bankruptcy due to its poor business operations. On 30 April 2012, the people’s court rendered an order to accept the bankruptcy application and designated a bankruptcy administrator. At this moment, Dalie Co faced the following key financial matters:

(i) Construction Company had brought a lawsuit against Dalie Co for its delay to pay the construction price due, but the case was still pending for trial;

(ii) Dalie Co owed a loan totalling RMB 20 million yuan to Industry Bank, of which RMB 12 million yuan was secured by a guarantee agreement on the buildings of Dalie Co;

(iii) Dalie Co had provided a guarantee to Merchant Bank for a loan of RMB 10 million yuan borrowed by Jiqing Company. The loan has matured but Jiqing Company failed to repay the principal and interest.

Required:

Answer the following questions in accordance with the Enterprise Bankruptcy Law of China, and give your reasons for your answers:

(a) state how to deal with the pending disputes between Construction Company and Dalie Co; (3 marks)

(b) state how to deal with the loan of RMB 20 million yuan owed to Industry Bank; (3 marks)

(c) state whether Merchant Bank was entitled to declare the credit and join the bankruptcy procedure. (4 marks)

The chief executive officer (CEO) of Faoilean Co has just returned from a discussion at a leading university on the ‘application of options to investment decisions and corporate value’. She wants to understand how some of the ideas which were discussed can be applied to decisions made at Faoilean Co. She is still a little unclear about some of the discussion on options and their application, and wants further clarification on the following:

(i) Faoilean Co is involved in the exploration and extraction of oil and gas. Recently there have been indications that there could be significant deposits of oil and gas just off the shores of Ireland. The government of Ireland has invited companies to submit bids for the rights to commence the initial exploration of the area to assess the likelihood and amount of oil and gas deposits, with further extraction rights to follow. Faoilean Co is considering putting in a bid for the rights. The speaker leading the discussion suggested that using options as an investment assessment tool would be particularly useful to Faoilean Co in this respect.

(ii) The speaker further suggested that options were useful in determining the value of equity and default risk, and suggested that this was why companies facing severe financial distress could still have a positive equity value.

(iii) Towards the end of the discussion, the speaker suggested that changes in the values of options can be measured in terms of a number of risk factors known as the ‘greeks’, such as the ‘vega’. The CEO is unclear why option values are affected by so many different risk factors.

Required:

(a) With regard to (i) above, discuss how Faoilean Co may use the idea of options to help with the investment decision in bidding for the exploration rights, and explain the assumptions made when using the idea of options in making investment decisions. (11 marks)

(b) With regard to (ii) above, discuss how options could be useful in determining the value of equity and default risk, and why companies facing severe financial distress still have positive equity values. (9 marks)

(c) With regard to (iii) above, explain why changes in option values are determined by numerous different risk factors and what ‘vega’ determines. (5 marks)

一台三相绕线异步电动机，额定数据为：P_e=40kW，U_1e=380V，I_1e=73A，f_1e=50Hz，n_e=980r/min，转子电阻R₂=0.013Ω，过载能力λ_m=2.0。该电动机用于起重机起动重物，试求：

Your company has an Active Directory Domain Servic es (AD DS) domain. All servers run Windows Server 2008 R2. All client computers run Windows 7. Your environment includes Microsoft Application Virtualization (App - V), Microsoft Enterprise Desktop Virtualization (MED - V), and Remote Desktop Services.You hav e three applications that are in one package and require authorization to run.You need to deploy the applications for offline use.What should you do？（）

A.Configure a MED - V revertible workspace policy.

B.Configure the Remote Desktop Connection Broker (RD Co nnection Broker). Create a Group Policy object (GPO) to configure the Configure server authentication for client setting.

C.Use Microsoft Application Virtualization for Desktops. On each client computer, set the client cache configuration settings to Use f ree disk space threshold and configure the ApplicationSourceRoot registry key.

D.Use Microsoft Application Virtualization for Desktops. On each client computer, configure the AutoLoad Triggers, AutoLoadTarget andRequireAuthorizationIfCached registry paramet ers. Then launch any one of the applications while logged in with the computer user is credentials.

dren, which has a built-in tracking device. The shoes are expected to have a life cycle of two years, at which point Shoe Co hopes to introduce a new type of Smart Shoe with even more advanced technology. Shoe Co plans to use life cycle costing to work out the total production cost of the Smart Shoe and the total estimated profit for the two-year period.

Shoe Co has spent $5·6m developing the Smart Shoe. The time spent on this development meant that the company missed out on the opportunity of earning an estimated $800,000 contribution from the sale of another product.

The company has applied for and been granted a ten-year patent for the technology, although it must be renewed each year at a cost of $200,000. The costs of the patent application were $500,000, which included $20,000 for the salary costs of Shoe Co’s lawyer, who is a permanent employee of the company and was responsible for preparing the application.

The following information is also available for the next two years:

Shoe Co is still negotiating with marketing companies with regard to its advertising campaign, so is uncertain as to what the total marketing costs will be each year. However, the following information is available as regards the probabilities of the range of costs which are likely to be incurred:

Required:

Applying the principles of life cycle costing, calculate the total expected profit for Shoe Co for the two-year period.

(10 marks)