CMA习题总结P3.docVIP

SATOC focuses on identifying the place in the production process where total required hours exceed the available hours, not the reverse. This place is called the bottleneck.Benchmarking is undertaking best practice analysis to cut costs, boost output, and achieve their strategic goals.DBR: the constrained process is the drum and a sequence f processes prior to the constraint is the rope. The objective is to balance the flow of production through the rope by timing and scheduling activity for all processes leading up to the drum.4 organizational levels: corporate level, business unit level, division level.Business-level involves decisions about what products should be offered and which customer groups.决定生产产品及消费对象。Functional-level strategies are developed to improve the effectiveness of a companys operations.改进效率，配置相关服务人员。Primary activities: marketing and sales Support activities, Information system, infrastructure基础建设The mission statement defines why the cor. exists and prioritizes and communicates its overall objectives.Five Force Model: bargaining power of suppliers, the closeness of substitutes to a cor.s products, the risk of entry by potential competitors.TQM的分析方法：Control chart, histogram, and Pareto diagramTOC: Drum-Buffer-Rope diagramFragmented industries are composed of many small and medium-sized businesses such as motels or restaurants；Low entry barriers, diseconomies of scale and a constant stream of new competitors to their industries.获得比较优势的4个方面4 factors created competitive advantage: efficiency ,quality, innovation, customer responsiveness.比较优势的含义：有高于行业平均利润的利润率。说一家公司成功的拥有比较优势而其他对手失败是指：the strategies that the successful company pursues have a strong impact on its performance relative to its rivals.优于其他人的战略并对他人造成了影响。JIT requires: lean production精益生产, each worker is able to operate all machinery and perform all supporting tasks, work cells.Productivity system: FMS,CAD, CAMAnalytical modeling: DSS used for what-if analysis, sensitivity analysis, goal-seeking analysis, optimization analysis.Porter of HBS set forth 3 generic strategies: cost leadership, differentiation, focus or competitive scope.Kansan in Japanese means visual record”. Its a simple parts movement in which cards are used to keep track of inventory.1960s 诞生 at Toyota. Kaizen :持续改进。Contingency planning or scenario planning considers alternatives that enable the cor. to respond quickly and capably to future, external, generally unpredictable events.3个利润的基本来源因素：The costs of creating the cor.s products; the price that the cor. charges for its products; the amount of value placed on the companys products.Life-cycle strategies include harvest the product, max market share, max profit.不包括superior responsiveness to customers.这个是4 factors to have competitive advantage.S-BElectronic marketing is becoming more and more successful in reaping additional profits for companies while building customer relationship in a very cost-effective manner particularly compared to a direct mail campaign.Marketing communication mix is made up of AD, sales promotion, public relation and publicity, personal selling, and direct and interactive marketing.Consumer goods 包括：Unsought goods, convenience goods, specialty goods.Market penetration 市场渗透pricing is when a company wants max its market share and believes that a higher sales volume will lead to lower unit costs and higher long-term.Price skimming involves setting a high introductory price.先设定高价格，然后降价吸引新顾客。skimming max revenues from the different market segments.特点：1. Customers must perceive the product worth its price; 2.cost of producing small volumes is low 3, competitors can not easily enter the market.Sales promotion:目标源于marketing objectives,包括a variety of short-term incentives, foster support of new models and products.Customer relationship management (CRM): customer databases, datmining, database marketing. customer advantage是间接关系。Require life-cycle strategies: growth stage, introduction stage, maturity stage. 品牌：A brand can convey up to 6 levels of meaning: attributes, benefits, culture, personality and type of user.Brand bonding 是让顾客有一个全面积极地体验with the COR. In the delivery of its contract, or promise.Products and services are traditionally classified on the basis of durability, tangibility. Shopping goods 是consumer goodsStrategic Group is a group of companies that follows a similar strategy in the same target market.Product mix is also called product assortment, thiss the complete set of all products and services that a company offers.4Ps: product, price, place, promotion.The tactical marketing plan addresses: promotion, product features, customers service as well as merchandising, pricing and sales channels.Major trends in product support services particular in the area of customer service: equipment mfg are adding modularity; companies are increasing the quality of their call centers, third-party organizations are increasingly servicing more equipment.Industrial goods: supplies and business services, capital items, materials and parts.The need for Real-time information is greater: the growth of global marketing from national marketing, a new focus on customers wants (not needs), which has shifted from buyer needs and the trend toward non-price competitionPrice adjustment strategy: geographical pricing, psychological pricing.CRM: Survey management software, call center software, contact management software.Marketing strategy中，STP：Segmentation, targeting and positioning.选择市场的步骤：Demand measurement and forecasting, marketing segmentation, market targeting, and market positioning. Technology capability 是ability to serve consumers.公司拥有的competencies are the companys strengths that enable product differentiation and lower costs .Resources: the Cor.s capital or financial endowments, physical, human, technological and organizational factor endowments that create customer values.(包括人力、技术、财力)Capabilities include skills at coordinating and effectively using the firms skills.Market segmentation: niche marketing, micromarketing, mass marketingThe forces that influence the companys marketing strategy include: technological-natural environment, demographic-economic environment, social-cultural environment, and political-legal environment.Globalization:市场和产品全球化is bringing about a fundamental change in the world economy. The results include more intense rivalries, increased innovation and shorter product life cycles以及the lowering of barriers to trade and investment across borders has produced a profound effect.更激烈的竞争，加速革新，更短的产品寿命。A few consolidated oligopolies within a national market being forced to change into segments of fragmented global organizations fighting for market share in country after country.定价政策：Competitors prices, price controls, market size.Cost leadership is a business model choice, not a strategy.在产品衰退期，所有方面都在下降。R&D ,AD, sales promotion and selling support in the hope that sales will hold up anyway 都要缩减。5 Patterns of target market selection: selective specialization, single-segment concentration, product specialization.3 ways to manage these activities: global organization, the international division, the export department.AD require a 5-step(5M) course of action:1,Setting the AD objectives; 2, creating a budget;3,selecting the message;4,determining the appropriate AD media;5, appraising the results or measurement.Select strategy for a AD message, a 4-step process: message generation, evaluation and selection of the message, execution and review of social responsibility.公共关系能影响：Packaging, labeling, laws, pollution, and resources.marketing mix 4Ps 要素：product, price, promotion and placeMichael Porters 3 generic strategies: cost leadership, differentiation, focus.Positioning strategy: unique sell proposition, double-benefit, and triple-benefit.Harvest strategy收割战略Consumer goods 包括：Unsought goods,非渴求物品 convenience goods便利品 , specialty goods.产品定位策略（Product positioning strategy): unique sell proposition独特的销售主张, double-benefit, duced by a natural process(如水，石油)SCshort-term financing and working capitalshort-selling:买方，借来债券现买出，在交割的时候再买入。Working capital management requires balancing the risk of insolvency with the benefits of longer-term, higher-return investments.Marketable security: short term, highly liquid investments,(U.S.Treasury bills,Eurdollars,commerical paper) Convertible bonds 通常是长期CD: Negotiable CD are less risky than bankers acceptances 銀行承兌的商業匯票，經銀行承兌的匯票，票據的主債務人為承兌銀行，承兌銀行有付款的責任。and commercial paper.因此利率也低。Holding cash的理由：Maintain adequate cash needed for transactions, meet future needs, and satisfy compensating balance requirements.Commercial paper:没有二级市场，usually has a maturity of less than 270 days,比treasure bills 更风险收益就更高，用Commercial paper market for short-term financing的好处：The borrower avoids the expense of maintaining a compensating balance with a commercial bank; the market provides more funds at lower rates than other methods provide, the market provides a broad distribution for borrowing.Trade credit-小公司的大额短期借款 installment loan通常不是短期A draft check 银行汇票the payables float is increased because it takes additional time after the payment has been received by the supplier before the money is deducted from the payers account.短期现金管理的目的是保持流动性和安全。当短期financing 相对于长期融资增加，the greater the risk that it will be unable t meet principal and interest payment.增大了来不及付本金和利息的风险。Secured short-term financing only example is a warehouse receipt.Credit terms :提供信用期当1,the company needs cash and the interest rate from the cash discount is lower than the available for borrowing;2, the competitors offered them and customers expect such a discount.信用政策的存在是为了防范潜在的违约风险。Ease its credit policy= give more credit to more consumer; it will increase to accommodate higher sales levels.衡量working capital management: Acid-test ratio, inventory turnover ratio, and average collection period ratio.AP是自发的融资。Prepaid assets 也是短期资产 Float: check- deposit day安全库存取决于：1,the variability of the lead time;2,the variability of the demand of the product;3,the cost of stockout.Carrying cost: storage and handling, obsolescence and deterioration恶化, insurance and taxes.ordering cost 主要组成是production set-upObligations issued by federal agencies other than the US. treasury department are guaranteed by the agency issuing由代理结构发行，没有政府担保。81.计算sales day=15*.2+.4*30+.2*45 2/15,net 3092，98概念discounted interest贴现利率VS.票面利率104，111，68，74.Q：5.WHY12. premium account,standard account?43.48,53，71,76为什么要/2?85算流动比率包括（prepaid expense?）94,一周不是2次吗？一周加速2天？99，我用Credit sales 算出来的才是答案，不是应该用sales嘛？SC-2 long-term financing0息票据：Interest can be amortized annually on a straight-line but is a noncash outlay.公司信用债debenture: Is a type of bond that has no collateral behind them。 Theyre supported only by the company with their faith and credit.Poison pill a defense in which the shareholders of the company have the option to buy the shares of the merged company at a reduced price. As the potential dilution of ownership through this discounted sale of shares, an acquiring company will be less likely to buy the company.优先股retired的方式：Sinking fund, call provision, conversion.Warrant：权证的种类分为认购权证（买权）和认沽权证（卖权）权证分为按行权期限的不同，权证可以分为美式权证（American Style Warrant）、欧式权证（European Style Warrant）和百慕大式权证（Bermuda Style Warrant）。 百慕大权证介于欧式权证和美式权证之间，百慕大权证具有多个行权日或是一段行权期，如到期日前5日。权证按发行人可分为两类：股本权证(Equity Warrant)和备兑权证(Derivative Warrant) 股本权证通常由上市公司自行发行，也可以通过券商、投行等金融机构发行，标的资产通常为上市公司或其子公司的股票。目前绝大多数股本权证都是欧式认购权证。兑权证由上市公司以外的第三者发行。发行人通常都是资信卓著的金融机构，或是持有大量的认股对象公司股票以供投资者到时兑换，或是有雄厚的资金实力作担保，能够依照备兑权证所列的条款向投资者承担责任。 Income bond: pay interest only if the issuing company has earned the interest, or when there have been profits to pay the interest from储架注册制度(Shelf Registration System)允许发行人在注册说明书生效后连续多次发行证券,简化了注册程序,提高了融资灵活性,降低了融资成本,提高了证券市场的效率. It enables a company to register shares, but not immediately issue them, the Cor. make a large registration and then sell the shares as they are needed instead of making many smaller registrations.After-tax weighted marginal cost of bond=实际利率*(1-t)减少票面利率：change in rating from AA to AAA; sinking fund, conversion option(赎回)Call provision 召回保护发行方当公司破产时insolvent意味资不抵债,either liquidated or reorganized.要么清算要么重组资本成本：the time value of money should be incorporated; all costs should be expressed as after-tax cost;以加权方式表示。计算包括了时间价值，在税后Financial structure 是financing sources of the assets of a firm. Traditionally, the financial structure consists of current liabilities, long-term debt,RE,and stock.目标是max the net worth of the firm.Ex-dividend date :is the date when the right to a dividend expires到期 .公司最佳资本结构的目标是：Min weighted-average cost of capital, max the price of the firms stock影响公司价值决策：sale a risky division that will now increase the credit rating of the entire company, investment in a project, use of a more highly leveraged capital structure that resulted in a lower cost of capital.以上都会增加公司价值。Covenant 是限制条款：The company cannot acquire or sell major asset without prior creditor approval.分红：Usually exhibit greater stability than earnings.Marginal cost of capital 约等于WA of the cost of debt and equity优先股特点：No voting rights, no principal repayments, a superior claim to CS equity, dividend payments not tax deductible. Because equity carries no guarantee of a return, investors typically demand a higher yield to compensate for the higher risk.Sinking fund require for retirement of the bonds mature.Book value of common stock=（common stock +RE+ APIC)/数量flotation costs 筹资成本与CAPM无关利息保障倍数=息税前利润利息费用 在股利增长模型中，股票价格由投资者得要求报酬率决定。Option:83, 95.the value of the share ex-rights=market price - value of rights on priceThe theory underlying the cost of capital is based primarily on the cost of long-term funds and acquisition of new funds, it concerned with the cost of long-term funds and new funds.资本成本主要是关注长期资产和新资金。短期融资的目标是meet the working capital needsLess leveraged firm have less volatile EPSJunk bonds are securities rated at less than investment grade.看待dividends 的2种理论：The residual part: earnings should be retained and reinvested as long as profitable projects are available. an active policy strategy: the COR. believes that the payment of dividends provides information on the cor. to the market. Therefore, the cor. will be very careful and specific with the amount that they pay as dividends each period.124. Maturity matching or equalizing the life of an asset and the debt instrument used to finance that asset is a hedging approach. The basic concept if that the company has the entire life of the asset to recover the amount invested before having to pay the lender.？欧洲债券:公司更喜欢Eurobonds rather than the domestic bonds is the costs is less because of the absence of government regulation.没有政府监管Venture capital特点:have a period of no liquidity after the investment is made; the use of common stock for most placements; initial private placement for the majority of issues.一般不超过5年。Underwriting spread: the difference between the price the investment banker pays for a new security issue and the price at which the securities are resold. Thiss the profit that is earned by the underwriter on the transaction.做资本预算时，原则是increase output until marginal cost equals marginal revenue. The optimal capital budget is determined by calculating the point at which marginal cost of capital and the marginal efficiency of investment intersect.边际成本等于投资回报率下的利润最大项目。106,62，74，24,97，120，29,63，44销售百分比法算筹资总额。敏感项目的资产-负债（AR, Cash, Inve .Fixed非饱和-AP ,taxes wages）为非敏感项目：mortgage bonds无形资产长期资产固定资产饱和长期负债，权益，短期借款。相关性不大。股东权益计划又称“毒丸计划”(poison pills) :a defense in which the shareholders of the company have the option to buy the shares of the merged company at a reduced price. As the potential dilution of ownership through this discounted sale of shares, an acquiring company will be less likely to buy the company.看待dividends 的2种理论：The residual part: earnings should be retained and reinvested as long as profitable projects are available. an active policy strategy: the COR. believes that the payment of dividends provides information on the cor. to the market. Therefore, the cor. will be very careful and specific with the amount that they pay as dividends each period.115.trade rights-on for 50,? rights-on V=(50-40)/(4+1)Q:4.currently yielding5%?12.理解？2122.best efforts issue:?只有个这个，公司才能卖出五担保的债券25.coupon rate?31.equity as the debt-to-equity ration increase?40.解释下57,common stock or 权益50%?是我对题目理解有误还是？7685回购的不一般是普通股吗96,ex-right rights-on含股权的价格？124?why say so?RISK:有效组合portfolio is defined as one that is in the feasible set of portfolios and either offers the highest possible expected return for a given level of risk or offers the lowest possible risk for a given level of expected return.抵消既定风险下的高收益或既定期望收益下的低风险。The coefficient of variation is= standard deviation/ rate of return 较高者风险大期货Future：The long party of a future contract is to buy the underlying asset as a protection against a possible increasing price of the actual financial instrument. Buyers and sellers dont usually take delivery the underlying asset. They offset their positions by the delivery date.远期Forward：a forward contract is settled at maturity by the sale and purchase of the commodity or other asset.由原来的双方完成交易。Expected risk premium=bate*(Rm-Rf) 风险溢价 SML的斜率是RM-RF，beta是X.7,11,25,54Bate 系数：measures how sensitive the stocks return is to changes in the markets return; is the slope of the regression line that relates the return of an individual security to the return of its benchmark