超实用ACCAF9重要知识点讲解及考点分析Word下载.docx
- 文档编号:14527352
- 上传时间:2022-10-23
- 格式:DOCX
- 页数:12
- 大小:127.67KB
超实用ACCAF9重要知识点讲解及考点分析Word下载.docx
《超实用ACCAF9重要知识点讲解及考点分析Word下载.docx》由会员分享,可在线阅读,更多相关《超实用ACCAF9重要知识点讲解及考点分析Word下载.docx(12页珍藏版)》请在冰豆网上搜索。
objective
Objectives
:
maximization
of
shareholder
wealth
VS
accounting
profit
计算能够反映盈利能力和对股东财富的影响的ratio
常见Ratio
1〕Shareholder
wealth
TSR
DPS,
Dividend
yield
EPS,
P/E
ratio
2〕Financial
performance:
profitability
ROCE
ROE
2.
鼓励高管实现股东财富最大化的目标
a)
Managerial
reward
schemes:
Performance-related
bonus,
share,shareoption
b)
corporate
governance
c)
stock
exchange
market
rule
3.
Objective
setting
in
not
forprofitorganizations非盈利机构指标
value
for
money(Economy,Efficiency,Effetiveness)
1〕财政政策Fiscal
policy
货币政策monetary
Fiscal
policy
VS
Monetary
Taxation
Interest
rate
Government
expenditure
(budget,
government
borrowing)
Money
supply
2)宏观经济目标Macroeconomicpolicy
targets:
3)政府干预petitionpolicy;
assistance;
green
policies;
governanceregulation
4.
货币市场money
资本市场capitalmarkets
i)
Role
financial
intermediaries金融中介作用
ii)
principal
money
instruments主要的货币市场工具
单项选择题3-4道or
单项选择题2道
综合单项选择题10分
综合计算题20分
文字理论WC
management,inventory,receivables,
payables,
cash管理工具计算
选择题&
计算题
1.objectivesof
WC
management
investment
policy:
aggressive/conservative
central
role
managment
infinancialmanagement
iii)
Factors
determine
the
level
ofworkingcapital
investment
结合行业特征,公司working
capital管理策略及operatingcycle
iv)
working
capital
financing
融资策略
a)permanent
andfluctuatingworking
capital
b)Aggressive,
Conservative,Matching
2.Inventory
management
存货管理
i)计算EOQ
讨论EOQassumption,
disadvantage
计算Whether
take
Bulkpurchase
discount:
cost
vs
benefit
iii)计算Inventory
level:
buffer
inventory/re-order
level/averageinventory
讨论Just-in-time
3.Receivablesmanagement应收账款管理
i)Calculate
and
discuss
offeringcashdiscount
ii)Calculate
factorservice:
recourse
non-recource
思考角度:
Factor
considering
to
formulatereceivablepolicy
以及应收账款管理3个流程
Credit
analysis
system,
Creditcontrolsystem,Debt
collectionsystem
4.Cash
cash
balance
status
investingchoice
budget
forcast
Baumol
model
Miller-Orr
model
5.Cash
operating
cycle
计算ratio:
Inventorydays,
receivable
days,payable
days,
Ratio
analysis:
current
ratio,
sales/networkingcapital,
(ii)
Cash
flow
budget
(iii)
Overtrading
overcapitalization
Part
D
Investment
appraisal
单项选择题2-3道
Kit&
大题计算题
1.Investment
appraisal
methods
各种方法优缺点
ROCE:
accouting
Payback
period
IRR
iv)核心计算考点NPV:
注意inflation,relevantcashflow,working
Timing
tax
relief
2.Risk
uncertainty
Difference
between
risk
uncertainty
文字理解
EV计算&
优缺点
iii)Sensitivity
analysis计算优缺点
3.Speical
decision
i)Lease
or
buy
分析Cost
benefit,
consider
relevant
cashflow
Asset
replacement
Capital
rationing
解释divisible
VSnon-divisible
project
解释soft
VShard
rationing
计算profitability
index
E
Business
Finance
考试核心知识点
source
finance
costof
financeWACC(Ke/Kd)
计算
1.Source
finance
常见文字题:
choose
finance〔Debt
Equity〕
计算ratio,评估公司现在的财务状态,选择最正确的融资方式
Debt
finance和equity
finance的选择对股东财富,资本构造,财务风险的影响
结合EPS,Share
price,gearing,interest
cover等ratio
不同融资类型的方式和特点Short-term
long-term
(1)
Short-term
--overdraft
--short-term
loan(bank
loan)
--trade
payable
(interest-free
VSloss
cashdiscount)
--lease(operating
lease)
(2)
long-termfinance
1)Debt
债务融资
2)Equity
常见对Right
issue计算讨论,注意TERP与issue
cost
3)Venture
Capital
4)Islamic
名词代表的含义
5)Dividend
掌握主要theory以及制定policy时需要考虑的因素
i)Residue
theory
Traditional
Irrelevant
other
type
dividend
6)Finance
SMEs
(Article:
Businessfinance
)
关注Crowdfunding/supplychain
finance)
2.Costof
1)
WACC
i)Ke
DGM:
ke=
Do*(1+g)/P0+
g
=
historicalgrowth
br
DGM
model缺陷
CAPM:
Ke
Rf+
β*(Rm-
Rf)
CAPM优缺点
Systematic
Unsystematic
risk
Kd
〔after-tax〕
Irredeemable
debt:
Kd(after-tax)
=I*(1-T)/P0
Redeemable
debt
convertible
loan
note:
preference
shares:
Kp
D/P0
2)project
spcific
〔adjustedrisk
Ke〕
Ungeaing,
regearing,
CAPM,
adjustedWACC
文字描述Adjusted
Ke的过程&
缺陷
WACC何时适用于新工程NPV评估
3)Capital
structure
Tranditional
MM
with
without
tax
Pecking
order
F
Valuation
考试形式
计算局部:
Valuation
Co.
文字题:
估值方法优缺点;
Market
effici
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 实用 ACCAF9 重要 知识点 讲解 考点 分析