2016年12月ACCA考试商务分析真题(总分：150.00，做题时间：150分钟)案例分析题Section A为必做题，Section B任意选两题。Section A This ONE question is compulsory and MUST be attemptedIntroductionMan Lal relaxed in business class as the aircraft skimmed across the Uril Mountains. Generally he considered himself a contented man. He had successfully built his company, Ling, to be the largest light bulb manufacturing company in the world, with global revenues of $750m. From its factories in Lindisztan it supplied a worldwide market for LED (light emitting diodes) light bulbs. Lal congratulated himself on the fact that he had quickly spotted the potential of LED light bulbs and had entered large-scale production whilst his rivals were still focusing their production on candescent and halogen bulbs. The world now realised that LED light bulbs provided a cheaper, more energy efficient, greener solution than all of its alternatives. To that end, many countries had passed legislation requiring domestic and business consumers to replace candescent light bulbs with greener equivalents. In fact, he was on his way right now to Skod, a country which had passed efficient lighting legislation which, from 2017, banned the use of candescent bulbs in commercial premises and outlawed their production and importation after that date. Domestic consumers were expected to replace their candescent bulbs with newer technology as their bulbs failed. Man Lal confidently expected that LED would be, for many, the newer technology of choice.The visit to Skod was of great significance to Man Lal because it was here that he did his business studies degree at Skodmore University. Indeed, he was due to give a lecture to the staff and students of the university the following day and he felt great personal pride in returning to describe the extent of his success and the fulfilment of his personal ambitions. He was also planning to visit a company called Flick which Ling was considering acquiring. This would be a new growth method for Ling. Up to now its worldwide expansion had been achieved by establishing wholly owned distribution companies in each targeted country. All production had remained in Lindisztan. However, for various reasons, Ling was now considering entering the Skod market by acquiring one of its light bulb producers, Flick.In fact, remembering this brought a slight frown across Man Lals face. To help fund his global expansion, he had sold 49% of Ling to institutional investors. These institutional investors required growth and high dividends and he was having difficulty meeting their demands. There was now very little growth in the domestic Lindisztan market and the distribution approach used to expand into foreign countries was taking a long time to mature. The investors were demanding quicker growth and acquisitions appeared to promise this. Despite paying high dividends over the last few years, the company still had significant retained profits and this was another issue for the institutional shareholders. They felt that this money should be used to promote growth and have agreed to a $400m acquisition fund. So, thought Man Lal, what better place to start those acquisitions than Skod, the place where I studied as a poor overseas student so many years ago. However, he had to admit to himself, he was still much happier with organic growth through setting up his own distribution companies. Ling had made a few acquisitions in Lindisztan, but had never bought a foreign company and he was worried about the risk of failure.Turbulence buffeted the aircraft as it made its final descent into the capital of Skod. To distract himself, Man Lal picked up the latest copy of Lighting Tomorrow, the research magazine of the light bulb industry. He skim read an article on tubular daylight lighting which promised to reduce the need for electric lighting by introducing more daylight into a building. Effective daylighting (it said) is achieved through the strategic placement of skylights and windows, as well as lighting controls which monitor available daylight and respond as needed to decrease or increase electric lighting. Perhaps I need to look into this, thought Man Lal.At the airport, Man Lal took a taxi to his hotel. He could not help but notice that Skod was not as neat and tidy as it used to be. A lot of shops and buildings had been closed down and there was graffiti across many buildings and bridges. Skod for Skodders, said one, Skod jobs for Skod people, said another. Man Lal remembered now that the Skod nationalist movement had become increasingly popular. He mentioned this to the taxi driver. Yes, he said, Most people are fed up with Skod being pushed around by the International Financing Consortium (IFC), we want prosperity and jobs for people who grew up here.Slightly unnerved, Man Lal, checked in at the hotel. He switched on the television. He watched with interest as Niklas Perch, the newly elected nationalist leader of the Skod govern