超实用accaf重要知识点讲解及考点分析

1、超实用| ACCA F9重要知识点讲解及考点分析-式2喧CHnance (E)R ur EunjgumMit g)Financing融资决策涉及到*Source 3 finance融冬耒i,厚Cost of apital资金成本Business valuation 公司怙值*Risk nridnageiTiert风险管理Investment涉及到叮appaisl投理央策分析#Working ma n ag em e*Business valuationDividend股利分配史策涉及到+Pay out or reinvest(Dividend polity)*Business Finance考

2、试题型Section A 单选题Section B 综合单选题Section C综合计算题核心练习真题DEC 14 - Mar/Jun 16Specimen paper 2016Specimen paper 20142 *1510(每题5道选择)*320* 2Part A Financial management functionPart B Financial management environment考试分布Section A 单选题4-6道考点类型基本概念，注意理解，运用到 scenario question ;ratio 小计算(TSR)复习计划Exam Kit & 历年真题：选择题

3、(Section A )考点总结1.讨论 Financialmanagement & objectiveObjectives : 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RatioShareholder wealthTSRDPS, Dividend yieldEPS, P/E ratioFinancial performance : profitabilityROCEROE激励高管实现股东财富最大化的目标Managerial reward schemes:Performa

4、nce-related bonus, share,shareoptioncorporate governancestock exchange market rule非盈利机构指标Objective setting in not forprofitorganizationsvalue for money(EconomyEfficiencyEffetiveness)1)财政政策 Fiscal policy VS 货币政策 monetary policyFiscal policyVSMonetary policyTaxationInterest rateGovernment expenditure

5、(budget, government borrowing)Money supply2)宏观经济目标 Macroeconomicpolicy & targets3)政府干预 competitionpolicy ;government assistance ; green policies ;corporate governanceregulation4.货币市场money VS 资本市场capitalmarketsRole of financial intermediaries金融中介作用principal money market instruments主要的货币市场工具Part C Wor

6、king capitalmanagement考试分布Section A单选题3-4道or Section A 单选题2道Section B综合单选题10Section C综合计算题20考点类型文字理论WC management,inventory,receivables, payables, cash管理工具计算复习计划Exam Kit & 历年真题：选择题 &计算题考点总结1.objectivesof WC managementWC investment policy: aggressive/conservativeiii) Capital rationing(ii) Cash flow b

7、udgetcentral role of WC managment infinancialmanagementFactors determine the level ofworkingcapital investment结合行业特征，公司 working capital 管理策略及operatingcycleworking capital financing policy融资策略a)permanent andfluctuatingworking capitalb)Aggressive, Conservative,Matchingnventory management 存货管理计算 EOQ &

8、讨论 EOQassumption, disadvantage计算 Whether take Bulkpurchase discount ： cost vs benefit计算 Inventory level:buffer inventory/re-order level/averageinventory讨论 Just-in-time.Receivablesmanagement 应收账款管理i)Calculate and discuss of offeringcashdiscountii)Calculate and discuss of factorservice:recourse VS non

9、-recource思考角度： cost VS benefitFactor considering to formulatereceivablepolicy 以及应收账款管理3 个流程Credit analysis system, Creditcontrolsystem， Debt collectionsystem.Cash managementcash balance status and investingchoicecash budget & forcastBaumol model and the Miller-Orr model.Cash operating cycle计算 ratio

10、： Inventorydays, receivable days,payable days, operating cycleRatio analysis: current ratio, sales/networkingcapital,(iii) Overtrading and overcapitalizationPart D Investment appraisal考试分布Section A 单选题2-3道Section C综合计算题 20分复习计划Exam Kit&历年真题：选择题 &大题计算题考点总结1.Investment appraisal methods各种方法优缺点ROCE: ac

11、couting profitPayback periodIRRiv)核心计算考点 NPV :注意 inflation , relevantcashflowworking capital ,Timing for tax relief2.Risk & uncertaintyDifference between risk and uncertainty文字理解EV计算&优缺点iii)Sensitivity analysis计算优缺点3.Speical investment decisioni)Lease or buy分析 Cost VS benefit, consider relevant cash

12、flowii) Asset replacement(2) long-termfinance解释 divisible VSnon-divisible project解释 soft VShard capital rationing计算 profitability indexPart E Business Finance考试分布Section A 单选题 2-3道Section C综合计算题20分考试核心知识点source of finance & costof financeWACC(Ke/Kd)计算复习计划Exam Kit & 历年真题：选择题 &计算题1.Source of finance常见

13、文字题：Factors considering to choose finance ( Debt & Equity )计算ratio,评估公司现在的财务状态，选择最佳的融资方式Debt finance 和equity finance的选择对股东财富，资本结构，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 VS long-term Short-term finance-overdraft-short-term loan(bank loan)-trade payable (in

14、terest-free finance VSloss of cashdiscount)-lease(operating lease)1)Debt finance 债务融资2)Equity Finance常见对 Right issue 计算讨论，注意TERP 与 issue cost3)Venture Capital4)Islamic finance名词代表的含义5)Dividend policy掌握主要theory 以及制定 policy 时需要考虑的因素i)Residue theoryTraditional theoryIrrelevant theoryother type of divid

15、end6)Finance for SMEs (Article:Businessfinance for SMEs )关注 Crowdfunding/supplychain finance)2.Costof capitalWACCi)KeDGM: ke= Do*(1+g)/P0+ g g = historicalgrowth or g = brDGM model 缺陷CAPM: Ke = Rf+3*(Rm- Rf)CAPM 优缺点Systematic risk & Unsystematic riskKd ( after-tax )Irredeemable debt: Kd(after-tax) =

16、I*(1-T)/P0Redeemable debt & convertible loan note:IRRpreference shares: Kp = D/P02)project spcific Keadjustedrisk Ke )Ungeaing, regearing, CAPM, risk adjustedWACC文字描述Adjusted Ke 的过程&缺陷WACC何时适用于新项目NPV评估3)Capital structure theoryTranditional theoryMM with tax &without taxPecking order theoryPart F Bus

17、iness Valuation考试分布单选题2-3道综合单选题10分考试形式计算部分：Valuation of Co.文字题：估值方法优缺点；Market efficiency 理论考试核心知识点1.Business Valuation掌握主要估值方式以及各种方法优缺点1)Valuation for EquityAsset basedHistorical basisReplacement valueRealizable valueEarnings baseP/E ratio Earningyieldc.Cash flow based-DVM/DGM-Discounted CF2)Valuati

18、on for DebtIrredeemable debtRedeemable debtConvertible debtPreference share2.EMH选择题中常以case出现，什么样的市场反应什么样的信息什么样的投资方法能够帮我们获益(abnormal return )Weak formSemi-strongStrongPart G Risk management考试分布单选题3-4道综合单选题 10分考试形式文字题：基本概念，掌握成因理论及主要的风险规避工具计算题： IRPT ， PPPT ， forward contract & money market hedge1.forei

19、gnexchange risk1)types pf risk- transaction risk- translation risk- economic risk2)cause of changefour-way equivalence- PPPT: inflation rate VS futurespotrate- S1 = S0*(1+hc)/(1+hb)- IRPT:interest rate VS forwardrate- Fo= S0*(1+ic)/(1+ib)- expectation theory- internation Fisher effect3)hedge toolsin

20、ternal methods 掌握原理特征-invoice in home currencymatching:foreign currency receipt &paymentnetting:net risk expose - savetransactioncostleading & lagging:(payment in advanceordelay) flexible settlement dateexternal methods计算 + 原理 + 优缺点forward exchange contract- Money market hedge原理 + 优缺点- future contract: standarized contract tobuy orsell specified quantity- option ： a right to buy orsell foreign currency futures - swaps:2.interestriskRisk- Gap exposureinterest movement is adverse toCerest -sentitive liabili