CMA考试新考纲官方-pa

1,第四章：投资决策SectionD:InvestmentDecision,2,资本预算流程Topic1:CapitalBudgetingProcess,3,资本预算CapitalBudgeting,流动投资短期，当年结转冲销营运预算营运活动的收入和费用计划资本投资长期，初始现金流出随时间推移而逐渐摊销资本预算长期资产的提议支出所制定的计划Currentinvestmentshort-term,writtenoffinthesameyearOperatingbudgetplanforoperatingexpensesandrevenueCapitalinvestmentlong-term,initialcashoutlayreducedoveraperiodofyearsCapitalbudgetingplanofproposedoutlaysforlong-termasset,4,资本预算CapitalBudgeting,资本预算编制的应用分类扩张，重置，强制性，其他其他资本支出分类效率和/或收入的产生，竞争效果，法规，安全，健康和环境的要求CapitalBudgetingApplicationsCategoriesexpansion,replace,mandatory,otherAlternatecapitalclassificationefficiencyand/orrevenuegeneration,competitiveeffectiveness,regulatory,safety,health,andenvironmentrequirement,5,资本预算编制的项目纬度和时间纬度项目纬度时间纬度货币的时间价值，889页资本预算编制的阶段划分资本预算编制的阶段划分图表2D-1，889页ProjectandTimeDimensioninCapitalBudgetingProjectionDimensionTimeDimensiontimevalueofmoney,page377StageofCapitalBudgetingStagesofCapitalBudgetingfigure2D-1,page378,资本预算CapitalBudgeting,6,增量现金流IncrementalCashFlows,评价资本投资现金流的关键点890页资本预算项目阶段的现金流入和流出图表2D-2,891页直接效应现金流入，现金流出或承诺纳税效应由纳税收入和可扣除费用引起净效应Keypointsinevaluatingcapitalinvestmentcashflowspage378CashinflowsandoutflowduringaCapitalBudgetingProjectfigure2D-2,page379DirectEffectcashinflow,outfloworcommitmentTaxEffectcausedbythetaxabilityofrevenuesanddeductibilityofexpensesNetEffect,7,增量现金流IncrementalCashFlows,初始期现金流资本预算项目阶段的现金流入和流出图表2D-3，891页营运期现金流营运期的增量现金流图表2D-4，892页处置期现金流处置期的增量现金流图表2D-5,892页InitiationCashFlowsIncrementalCashFlowsatInitiationfigure2D-3,page380OperationCashFlowsIncrementCashFlowsDuringOperationfigure2D-4,page380DisposalCashFlowsIncrementCashFlowsatDisposalfigure2D-5,page381,8,增量现金流案例初始增量现金流图表2D-6，893页净营运收入预测图表2D-7，893页营运期和处置期的增量现金流图表2D-8，893页预期增量现金流图表2D-9，894页IncrementalCashFlowExampleIncrementalCashFlowatInitiationfigure2D-6,page382ProjectionsforNetOperationRevenuefigure2D-7,page382IncrementalCashFlowsfromOperationandDisposalfigure2D-8,page382ExpectedIncrementalCashFlowsfigure2D-9,page383,增量现金流IncrementalCashFlows,9,所得税考虑事项IncomeTaxConsideration,与折旧有关的税务规则存在的差异894页可税前扣除的折旧金额折旧基数在一定期限内为纳税目的而冲销的金额折旧期三种技术895页Taxrulespertainingtodepreciationdifferinthefollowingwaypage383DepreciationAmountAllowableDepreciablebasisamountthatcanbewrittenofffortaxpurposesoveraperiodofyearsDepreciationTimePeriodThreemaintechniquespage384,10,所得税考虑事项IncomeTaxConsideration,折旧模式直线折旧法895页加速折旧法年数总和法，896页，余额递减法，896页，MACRS，897页折旧税盾作用DepreciationPatternStraight-lineDepreciationpage385AcceleratedDepreciationsum-of-the-digits,page385,declining-balancedepreciation,page386,MACRS,page387Depreciationtaxshield,11,第二节：折现现金流分析Topic2:DiscountedCashFlowAnalysis,12,规定回报率RequiredRateofReturn,使用以下标准来评价资本投资初始现金流，预期未来现金流入和流出，规定回报率规定回报率选择一项投资时可接受的未来最低回报率Followingcriteriatoevaluateacapitalinvestmenttotalinitialcashflowfortheinvestment,expectedfuturecashinflowsandoutflow,requiredrateofreturnRequiredrateofreturnminimumfuturereceiptsthefirmswillacceptinchoosinganinvestment,13,规定回报率RequiredRateofReturn,最低回报率资本成本资本成本的公式902页加权平均资本成本公式902页MinimumRateofReturnCostofCapitalFormulaforthecostofcapitalpage392Formulafortheweightedaveragecostofcapitalpage392,14,净现值NetPresentValue,净现值未来现金流的现值减去项目的初始投资现值计算现值(PV)=现金流金额/(1+r)n1美元的部分复利现值系数表图表2D-11，903页NetPresentValuepresentvalueoffuturecashflowslesstheinitialinvestmentintheprojectPresentValueCalculationPresentValue(PV)=AmountofCashFlow/(1+r)nPartialPresentValueof$1InterestFactorTablefigure2D-11,page394,15,净现值NetPresentValue,净现值计算确定NPV的步骤904页均匀现金流的例子年金投资，图表2D-12，905页不均匀现金流的例子905页净现值解释NPV的解释906页NetPresentValueCalculationStepsindeterminingNPVpage395UniformNetCashFlowsExampleannuityinvestment,figure2D-12,page395UnevenCashFlowsExamplespage396NetPresentValueInterpretationNPVvaluesmaybeinterpretedpage397,16,内部回报率InternalRateofReturn,内部回报率（IRR）-一个使净现金流入的现值等于初始投资的折现率对内部回报率的解释两个基本步骤907页均匀净现金流的例子907页不均匀现金流的例子图表2D-14，2D-15，2D-16，908页Internalrateofreturn(IRR)discountratethatmakesthepresentvalueofnetcashinflowequaltotheinitialinvestmentInternalRateofReturnInterpretationTwofundamentalstepspage397UniformNetCashFlowsExamplepage397-398UnevenCashFlowsExamplepage398,figure2D-14,figure2D-15,figure2D-16,page399,17,NPV和IRR的比较ComparisonofNPVandIRR,NPV和IRR都考虑货币的时间价值，期初现金投资，初始投资后的所有现金两种方法都有可靠性方面的值得注意之处909页只要没有以下方面的不同，NPV和IRR方法一般会产生相似的结果909页BothNPVandIRRconsidertimevalueofmoney,initialcashinvestment,allcashflowafterinitialinvestmentBothmethodshavesomereliabilitycautionspage400NPVandIRRmethodswillyieldsimilarresultsaslongastherearenodifferencespage400,18,第三节：回收期和折现回收期Topic3:PaybackandDiscountedPayback,19,回收期法的使用UsesofPaybackMethod,均匀净现金流的例子912页不均匀现金流的例子912页回收期法的解释回收期法的优点和缺点回收期法的优点和缺点图表2D-18，913页UniformNetCashFlowsExamplepage404UnevenCashFlowsExamplepage405PaybackMethodInterpretationAdvantagesandDisadvantagesofthePaybackMethodAdvantageanddisadvantageofthePaybackMethodfigure2D-18,page406,20,折现回收期法DiscountedPayback,折现回收期法使用净现金流的现值，图表2D-19，914页Discountedpaybackmethodusesthepresentvaluesofnetcashinflows,figure2D-19,page406,21,第四节：投资项目排序Topic4:RankingInvestmentProjects,22,资本项目排序CapitalRationing,资本分配合理化企业的投资有某种约束，图表2D-20，410页获利指数法获利指数法图表2D-21，918页CapitalRationingsomeconstraintonafirmsinvestmentprogram,figure2D-20,page410ProfitabilityIndexProfitabilityIndexpage411,figure2D-21,page411,23,互斥项目MutuallyExclusiveProjects,因为项目之间存在如下的差异，不同的分析方法产生相冲突的结果现金流规模，净现金流模式，使用寿命比较项目投资时所面临的问题图表2D-22，919页Yieldconflictingresultsbecauseofprojectdifferencessizeofthecashflow,patternofthenetcashflows,lengthoftheusefullifeProblemsinComparingProjectInvestmentfigure2D-22,page412,24,其他排序方法AlternateRankingMethods,线性规划内部资本市场LinerProgrammingInternalCapitalMarkets,25,第五节：资本投资的风险分析Topic5:RiskAnalysisinCapitalInvestment,26,敏感性分析SensitivityAnalysis,敏感性分析用于回答以下的问题924页折现率的变化图表2D-23，925页Sensitivityanalysisusedtoanswerquestionssuchaspage418ChangesinDiscountRatefigure2D-23,page419,27,确定性等值CertaintyEquivalents,确定性等值预期现金流转换成实际上更可能实现的确定金额采取以下的步骤926页案例图表2D-24，927页CertaintyEquivalentusedtoconvertaprojectedcashflowintoacertaincashflowFollowingstepspage421Forexamplefigure2D-24,page421,28,其他风险处理方法OtherApproachtoDealingwithRisk,资本资产定价模型模拟CapitalAssetPricingModelSimulations,29,使用专门调整的利率UseofSpecificallyAdjustedRates,使用公司资本成本进行折现的问题好的低风险项目可能被拒绝，不好的高风险项目可能被接受Theproblemofusingfirmscostofcapitalrategoodlow-riskprojectsmayberejected,poorhigh-riskprojectsmaybeaccepted,30,资本投资的定性考虑事项QualitativeConsiderationinCapitalInvestment,定性的重要事项包括929页Followingimportantqualitativefactorspage424,31,第六节：估值Topic6:Valuation,32,价值元素ElementsofValue,商业价值商业价值包括持续经营价值，清算价值，每股清算价值，账面价值，每股账面价值，市场价值和内在价值现金流的度量933页BusinessofValueBusinessvalueinclude-going-concern,liquidationvalue,liquidationvaluepershare,bookvalue,bookvaluepershareofcommonstock,marketvalue,intrinsicvalue,Measureofcashflowpage428,33,规模，多样性和复杂性资产，收益和增长Scale,Diversity,andComplexityAssets,Earning,andGrowth,价值元素ElementsofValue,34,估价工具ValuationTools,BetaBeta与整个市场在某一特定期间的变动相比，特定股票在同一期间内价格变动情况,图表2D-25，934页BetaBetamovementofthepriceofaparticularstockcomparedwiththemovementofthemarketasawhole,figure2D-25,page430,35,估价工具ValuationTools,规定回报率规定回报率投资人预期可以从风险类似的其他资本投资中获得的回报，最低回报率折现现金流DCF计算-935RequiredRateofReturnRequiredrateofreturninvestorcouldexpecttoreceiveelsewhereforacapitalinvestmentofcomparablerisk,minimumrateDiscountedCashFlowDCFcalculatedpage231,36,资本资产定价模型资本资产定价模型分析证券（尤其是普通股）风险和回报率之间的关系风险溢价，Beta和SML图表2D-26，936页Ke=Rf+B(KmRf)，案例，936页CapitalAssetPricingModelCapitalassetpricingmodelanalyzingtherelationshipbetweenrisksandrateofreturnonsecurities,especiallycommonstock,RiskPremium,Beta,andSMLfigure2D-26,page432Ke=Rf+B(KmRf),forexample,page432,估价工具ValuationTools,37,现金流CashFlows,现金流的重要性营运活动投资活动融资活动附注ImportanceofCashFlowOperationActivitiesInvestingActivitiesFinancingActivitiesFootnotes,38,现金流CashFlows,未来收益的数量、质量和变动性收益质量收益质量的基本要素，938页收益持久性收益能力两个考虑，939页现金流预测间接法，939页Quantity,Quality,andVariabilityofFutureEarningsEarningQualitybasicfactorofearningquality,page434EarningPersistenceEarningPowertwoconsideration,page435ForecastingCashFlowsindirectmethods,page436,39,现金流CashFlows,折现率变化对现金流的影响使用资本成本作为折现所有新投资的准绳，双重问题，940页敏感性分析所得税的影响所得税在决策过程中的影响ImpactofChangingDiscountRatesTheuseofcostofcapitalasyardsticktodiscountcashflowonallnewinvestment,twoproblems,page436SensitivityAnalysisImpactofIncomeTaxesImpactofIncomeTaxesintheDecisionProcess,40,现金流CashFlows,使用股利折现模型现金流的度量预期持有期间预计股利模式UseoftheDividendDiscountModelMeasureofcashflowExpectedholdingperiodPatternofexpecteddividents,41,现金流CashFlows,基本股利折现模型942页固定股利增长率下的股利折现模型942页戈登模型的关键要点图表2D-27，943页BasicDividenddiscountModelpage439TheConstantGrowthDividendDiscountModelpage439GordonModelKeyPointsfigure2D-27,page440,42,估值模型ValuationModels,市盈率在相对估值中一个分析师944页市盈率=每股市价/EPSPricingEarningRatioInrelativevaluationananalystwillpage441PriceEarningRatio=market