下题出自2014年6月考题，该题是分值20分的题目。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，将部分Part（a）题目省略，题目如下：

Reproduction of exam question

相关内容摘自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.和往常一样，首先你应该从阅读题目要求开始。在这道题目中，很明确要求考生结合相关计算给出建议（‘advise, using suitable calculations…’）。诸如此类题目，不运用计算加以说明就无法给出建议（‘advise’），相应的回答也只能得到很少的分值。而题目要求中的此类用语有提示作用。在transfer pricing题目中，有时候会要求计算单个产品transfer price的定价或范围。然而，这道题要求计算total transfer price for the internal sales。你没有充足的信息计算出price per unit。

2.分配你的时间。鉴于这是一道分值为10分的题目，在3小时的考试中，这道题的总耗时应为18分钟。

3.在通读题目的scenario时，标出或用下划线画出要点。解答Part （a）时，你已经注意到C Co出售产品给Gearbox Division的销售额为$7.55m（你要注意buying division及selling division分别是谁）。然后，Part （b）中，scenario中的第一句话“C Co is currently working to full capacity”告诉你C Co目前正满负荷生产。标出这句话，这是关键点，你现在应该知道了。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.”阐明了两个部门必须在与集团外部交易之前，先进行部门间相互交易。再次，这也是一个关键点，它告诉你，除非公司考虑更改政策，否则C Co将要满足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.”你被告知部门间可以协商transfer prices，据此知道你应建议的价格将完全基于谈判。

最后，题目scenario给出了帮助你计算maximum and minimum transfer prices信息。题目告诉你Gearbox division可以从external supplier购买零件，比C Co售卖给他们的价格便宜5%。因此，你可以计算出buying division愿意为该零件支付的maximum price。接着，题目给你的信息有关于制造gearboxes产生的marginal cost，外部销售需求水平，以及销售给外部客户的售价。你要用所有这些数字进行计算，但这些计算都非常基础。这些数字能使你算出C Co想要销售的minimum prices，这个minimum prices有两个不同情况的数值，当你计算这些数字的时候，会清楚的看到，如果C Co只销售给外部市场，仍会有些spare capacity来生产销售给Gearbox division。因此，销售给Gearbox division的交易中，部分交易的机会成本是零，而其他部分交易是含有机会成本的。

4.积极通读scenario后，你现在准备开始写下你的解答。你应该按逻辑顺序解题。既要从C Co角度（the minimum transfer price）考虑转移交易，然后也要从Gearbox division角度（the maximum transfer price）来考虑，而两者哪个首先处理并不重要。给你书写的段落加上标题，这样使你的应答不仅仅只是词海。而且，每段话都加标题能帮助你首先保持集中在该观点的全面讨论上。最后，考虑整体立场，在这道例题中要建议一个明智的transfer prices范围进行销售，没有唯一明确的答案，但是通常，一组价格区间是符合题意的。解题建议在下面列示。

要记住你应该只列示那些实际与答案相关的计算。在该场考试中，许多考生计算无关的数字，这类计算不会得分。

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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