重点知识框架 CFA一级框架图 Corporate Finance

Corporate Finance 2015CFA一级知识框架图 Capital Budgeting Reading 36 Capital budgeting Idea generation Analyzing project proposals Create capital budget Monitoring decisions and conducting a post audit 基本过程Capital projects 常见常见 项目项目 Replacement projects Expansion projects Mandatory investment Other projects based on Cash flows Incremental cash flows Ignore Sunk costs Financing costs Include Externalities Cannibalization Opportunity costs timing of cash flows is important Cash flow are analyzed on an after tax basis Financing costs are reflect in the project s required rate of return Basic principles Capital Rationing 有限资本下选择有限资本下选择project Independent ProjectsMutually Exclusive Projects Project Evaluation Methods 选择选择 方法方法 公式公式筛选筛选AdvantageDisadvantage NPV NPV 0 Shows gains as currency amount NPV adds value to the firm rather than creditors Included opportunity cost Size of projects ignored IRR Re IRR Reflect the profitability Reinvestment at IRR No IRR multiple IRR Conflicting ranking results with NPV PBP PBP full year until recovery unrecovered cost cash flow 互斥 最 短PBP 独立 benchm ark PBP Simple An indication of a project s risk and liquidity Ignores time value of money Ignores cash flows after the payback period Ignores project profitability n n k CF k CF k CF CFNPV 1 1 1 2 2 1 1 0 0 1 1 1 2 2 1 1 0 n n IRR CF IRR CF IRR CF CF 选择选择 方法方法 公式公式筛选筛选AdvantageDisadvantage DBP the number of years it takes for the cumulative discounted cash flows from a project to equal the original investment 互斥 最 短DBP 独立 1 0 Measures profitability of the project Not reflect the absolute amount of profit gain of the project 00 PV of future cash folowNPV PI 1 CFCF NPV is superior to IRR 不同类型公司选择项目决策方法有偏好 了解不同类型公司选择项目决策方法有偏好 了解 Cost of Capital Reading 37 1 After Tax Cost of Debt K d 1 t interest rate tax saving Use the market interest rate not coupon rate Yield to maturity approach Debt rating approach 2 Cost of Preferred Stock ps ps D k P 3 Cost of Equity CAPM approach ks rf rm rf 估计非上市估计非上市 公司公司 1 1 1 assetequity D t E 去杠杆去杠杆 加杠杆加杠杆 1 1 equityasset D t E Country equity risk premium Kce Rf E Rmkt Rf CRP Annualized standard deviation of equity index of developing country Sovereign yield spread Annualized standard deviation of sovereign bond market in terms of the developing CRP market currency Gordon growth modelP0 D1 Kce g Bond Yield Plus Risk Premium Approachkce bond yield risk premium 1 ddpspsces WACCwktwkwk 应该用应该用project risk 对应的折现率对应的折现率 If a project s risk firm s risk NPV overestimated if using WACC If a project s risk firm s risk NPV underestimated if using WACC 衡量其他成本衡量其他成本 Marginal Cost of Capital MCC amount of capital at which the component s cost of capital changes Break point weight of the component in the capital structure Flotation Cost 1 e 0 D r g P F floatation costs are a cash flow at the initiation of the project consider as CF0 or Measures of leverage Reading 38 Leverage Operating leverage fixed operating cost Financial leverage debt financing Business risk Sales risk Operating risk Financial risk Leverage基本概念基本概念 常见leverage 杠杆杠杆定义定义计算计算 DOL DFL DTL EBIT percentage changein EBIT EBIT DOL Q percentage changein sales Q Q P VCSTVC DOL Q P VCFCSTVCFC EPS percentage changein EPS EPS DFL EBIT percentage changein EBIT EBIT InterestEBIT EBIT DFL Q P VCSTVC DTL Q P VCFCISTVCFCI sales EPS EBIT EPS sales EBIT DTL DFLDOLDTL 计算计算 Breakeven Analysis BE fixed operating costs fixed financial costs Q Price Variable cost per unit Dividends and Share Repurchases Basics Reading 39 Dividend Payment Chronology 常见分红及影响常见分红及影响 区分变大变小区分变大变小 The declaration date The ex dividend dateHolder of record date 2 days Date of payment IndicatorCash div Stock div Stock splitRepurchase No of sharesNo changesIncreaseIncreaseDecrease Stock priceEx divEx div pro rata Pro rata decreaseIncreased if signal is positive EPSNo changeDecreaseDecreaseUncertain 区分 区分 P EDecreaseNo changeNo changeUncertain Market valueDecrease by cash paidNo changeNo changeDecreased by cash paid Share owned by individualNo changesIncreaseIncreaseDepends Ownership valueDecrease in value but same in of ownershipNo changesNo changeIncrease Working Capital Management Reading 40 Primary sources of liquidity 正常流动性来源正常流动性来源 Secondary sources of liquidity 影响公司发展影响公司发展 Current Assets less Current Liabilities Net Working Capital Inventory Accounts Receivable Cash Accounts Payable Working capital 概念概念Liquidity measures Working Capital Turnover Purchase Sale Cash In Pay for Inventory Cash tied up InventoryA R A P Cash out Pay by customer Cash on hand Proceeds from the sale of marketable securities Drags on liquidity when receipts lag creating pressure from the decreased available funds Pulls on liquidity disbursements are paid too quickly or trade credit availability is limited requiring companies to expand fund before the sales fund comes to cover the liability Liquidity ratios 公式公式 Current ratio Quick ratio Cash ratio Receivable turnover No of days receivable current assets current ratio current liabilities cash short term marketable securities receivables quick ratio current liabilities cash short term marketable securities cash ratio current liabilities 365 number of days receivable receivable turnover sreceivableaverage salescredit turnoversreceivable Liquidity ratios 公式公式 Inventory turnover No of days inventory Payables turnover No of days payable Operating cycleOperating cycle days of inventory days of receivable Cash conversion cycle Cash conversion cycle days of inventory days of receivable days of payable 365 number of days inventory inventory turnover cost of goods sold inventory turnover average inventory 365 number of days of payables paybles turnover ratio purchases payables turnover ratio average trade payables WC Management管理方法管理方法 Inventory management Calculating Average days of inventory and Inventory turnover ratios Make comparison Within the same industry and business strategies Payable Management Term s of 2 10 net 60 计算计算 Cash Management 计算计算 percentage discount from face value discount basis yield The money market yield The bond equivalent yield 365 t discount cost of trade credit 1 1 1 discount FV P discount FV FV P360 discount basis yield FVt 360 discount t mm F P360360 R HPR Ptt F P365365 BEY HPR Ptt WC Management Short Term Funding The risk short term investment Credit risk Market risk Sources of Short term Funding SourceDefinition from Banks Lines of credit Uncommitted Line of credit bank may refuse to extend an offer of credit Committed Line of credit bank charges a fee for making a commitment for short term lending more reliable A revolving line of credit a commitment for longer term lending more reliable than Committed term lending collateral for borrowings Pledge assets as collateral for bank borrowings Banker s acceptancesmainly used by firms that export goods who get guarantee from the buyer s bank Factoringsale A R to bank Non Bank Sources Expensive for smaller firms Commercial paperLarge and creditworthy companies can issue short term debt securities Liquidity risk Foreign exchange risk The Corporate Governance of Listed Companies A Manual for Investors Reading 41 Corporate governance 解决解决A principal agent problem potential conflicts Managers and shareholdersDirectors and shareholders Management may act for their own interests rather than those of shareholders Directors should help ensure that management is acting in shareholders best interest Directors may align more with management interests rather those of shareholders Corporate governance The system of internal controls processes and procedures by which individual Companies are managed Provides a framework that defines the rights roles and responsibilities of management the board of directors and shareholders within an organization Corporate Governance 内容框架内容框架 Board of directors Management Shareholder rights Independence Qualification Board committees Board of directors Independence 了解独立性相了解独立性相 关规定关规定 A majority of the board of directors is comprised of independent members not management The board meets regularly outside the presence of management Board members are not closely aligned with a firm supplier customer share option plan or pension adviser Segregation of duty the chairman of the board is not the CEO or former CEO of the firm Independent board members have a primary or leading board member in cases where the chairman is not independent Considering the Frequency of Board Elections Considering other policies to ensure independence Qualification 了解胜任性相了解胜任性相 关规定关规定 When considering the qualifications of board members consider whether board members Can make inform