下題出自2014年6月考題，該題是分值20分的題目。Part（a）占10分，考察了divisional performance measurement，Part（b）占10分考察transfer pricing。本篇分析中，將部分Part（a）題目省略，題目如下：

Reproduction of exam question

相關(guān)內(nèi)容摘自Part （a）

The Rotech group comprises two companies, W Co and C Co.

W Co is a trading company with two divisions: the design division, which designs wind turbines and supplies the designs to customers under licences and the Gearbox division, which manufactures gearboxes for the car industry.

C Co manufactures components for gearboxes. It sells the components globally and also supplies W Co with components for its Gearbox manufacturing division.

The financial results for the two companies for the year ended 31 May 2014 are as follows:

（b） C Co is currently working to full capacity. The Rotech group’s policy is that group companies and divisions must always make internal sales first before selling outside of the group. Similarly, purchases must be made from within the group wherever possible. However, the group divisions and companies are allowed to negotiate their own transfer prices without interference from head office.

C Co has always charged the same price to the Gearbox division as it does to its external customers. However, after being offered a 5% lower price for the similar components from an external supplier, the manager of the Gearbox division feels strongly that the transfer price is too high and should be reduced. C Co currently satisfies 60% of the external demand for its components. Its variable costs represent 40% of the total revenue for the internal sales of the components.

Required:

Advise, using suitable calculations, the total transfer price or prices at which the components should be supplied to the Gearbox division from C Co. （10 marks）

Approach

1.和往常一樣，首先你應(yīng)該從閱讀題目要求開始。在這道題目中，很明確要求考生結(jié)合相關(guān)計(jì)算給出建議（‘advise, using suitable calculations…’）。諸如此類題目，不運(yùn)用計(jì)算加以說明就無法給出建議（‘advise’），相應(yīng)的回答也只能得到很少的分值。而題目要求中的此類用語有提示作用。在transfer pricing題目中，有時候會要求計(jì)算單個產(chǎn)品transfer price的定價或范圍。然而，這道題要求計(jì)算total transfer price for the internal sales。你沒有充足的信息計(jì)算出price per unit。

2.分配你的時間。鑒于這是一道分值為10分的題目，在3小時的考試中，這道題的總耗時應(yīng)為18分鐘。

3.在通讀題目的scenario時，標(biāo)出或用下劃線畫出要點(diǎn)。解答Part （a）時，你已經(jīng)注意到C Co出售產(chǎn)品給Gearbox Division的銷售額為$7.55m（你要注意buying division及selling division分別是誰）。然后，Part （b）中，scenario中的第一句話“C Co is currently working to full capacity”告訴你C Co目前正滿負(fù)荷生產(chǎn)。標(biāo)出這句話，這是關(guān)鍵點(diǎn)，你現(xiàn)在應(yīng)該知道了。接下去，“The Rotech group’s policy is that group companies and divisions must always make internal sales first before selling outside of the group.”闡明了兩個部門必須在與集團(tuán)外部交易之前，先進(jìn)行部門間相互交易。再次，這也是一個關(guān)鍵點(diǎn)，它告訴你，除非公司考慮更改政策，否則C Co將要滿足Gearbox division所有需求。

接下去，“However, the group divisions and companies are allowed to negotiate their own transfer prices without interference from head office.”你被告知部門間可以協(xié)商transfer prices，據(jù)此知道你應(yīng)建議的價格將完全基于談判。

最后，題目scenario給出了幫助你計(jì)算maximum and minimum transfer prices信息。題目告訴你Gearbox division可以從external supplier購買零件，比C Co售賣給他們的價格便宜5%。因此，你可以計(jì)算出buying division愿意為該零件支付的maximum price。接著，題目給你的信息有關(guān)于制造gearboxes產(chǎn)生的marginal cost，外部銷售需求水平，以及銷售給外部客戶的售價。你要用所有這些數(shù)字進(jìn)行計(jì)算，但這些計(jì)算都非常基礎(chǔ)。這些數(shù)字能使你算出C Co想要銷售的minimum prices，這個minimum prices有兩個不同情況的數(shù)值，當(dāng)你計(jì)算這些數(shù)字的時候，會清楚的看到，如果C Co只銷售給外部市場，仍會有些spare capacity來生產(chǎn)銷售給Gearbox division。因此，銷售給Gearbox division的交易中，部分交易的機(jī)會成本是零，而其他部分交易是含有機(jī)會成本的。

4.積極通讀scenario后，你現(xiàn)在準(zhǔn)備開始寫下你的解答。你應(yīng)該按邏輯順序解題。既要從C Co角度（the minimum transfer price）考慮轉(zhuǎn)移交易，然后也要從Gearbox division角度（the maximum transfer price）來考慮，而兩者哪個首先處理并不重要。給你書寫的段落加上標(biāo)題，這樣使你的應(yīng)答不僅僅只是詞海。而且，每段話都加標(biāo)題能幫助你首先保持集中在該觀點(diǎn)的全面討論上。最后，考慮整體立場，在這道例題中要建議一個明智的transfer prices范圍進(jìn)行銷售，沒有唯一明確的答案，但是通常，一組價格區(qū)間是符合題意的。解題建議在下面列示。

要記住你應(yīng)該只列示那些實(shí)際與答案相關(guān)的計(jì)算。在該場考試中，許多考生計(jì)算無關(guān)的數(shù)字，這類計(jì)算不會得分。

Reproduction of answer

From C Co’s perspective:

C Co transfers components to the Gearbox division at the same price as it sells components to the external market. However, if C Co were not making internal sales then, given that it already satisfies 60% of external demand, it would not be able to sell all of its current production to the external market. External sales are $8,010,000, therefore unsatisfied external demand is （[$8,010,000/0.6] – $8,010,000） = $5,340,000.

From C Co’s perspective, of the current internal sales of $7,550,000, $5,340,000 could be sold externally if they were not sold to the Gearbox division. Therefore, in order for C Co not to be any worse off from selling internally, these sales should be made at the current price of $5,340,000, less any reduction in costs that C Co saves from not having to sell outside the group （perhaps lower administrative and distribution costs）。

As regards the remaining internal sales of $2,210,000 （$7,550,000 – $5,340,000）， C Co effectively has spare capacity to meet these sales. Therefore, the minimum transfer price should be the marginal cost of producing these goods. Given that variable costs represent 40% of revenue, this means that the marginal cost for these sales is $884,000. This is, therefore, the minimum price which C Co should charge for these sales.

In total, therefore, C Co will want to charge at least $6,224,000 for its sales to the Gearbox division.

From the Gearbox division’s perspective:

The Gearbox division will not want to pay more for the components than it could purchase them for externally. Given that it can purchase them all for 95% of the current price, this means a maximum purchase price of $7,172,500.

Overall:

Taking into account all of the above, the transfer price for the sales should be somewhere between $6,224,000 and $7,172,500.

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