ACCAF9FMFinancialManagementFM全套笔记大合集Word格式文档下载.docx
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ACCAF9FMFinancialManagementFM全套笔记大合集Word格式文档下载.docx
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--Economicpolicies
1)Monetary
Rateofinterest
Moneysupply
2)Fiscal
Governmentspending
Taxation
3)Exchangerate
4)Externaltrade
2.Competitionpolicy
FairTradingAct
TheCompetitionCommission
25%ormoreofmarketshare
3.Greenpolicy
--Advantages
Customers
Public/localcommunities
Investmentsfunds
4.Financialmarketandinstitutions
--Financialintermediaries
--Financialmarketsclassifications
1)Capitalmarketsandmoneymarkets
(interestbearinginstrument,discountinstrumentsandderivatives
衍生产品)
2)Exchangemarketsandoverthecounter
markets
3)Primaryandsecondarymarkets
PartCWorkingCap4tjilManKpnwnrt
计为思常分
1.EvdluAtewMth&
fth*prap&
caltsfactor“川电・共电前^61^itfinancially5号tK口『。
时而电咐电工in1
receivablesman*gemtmwilliK>
cceptab4c/ifKXCowMIbenefitnnanclail^byth*offeroftheettriylertlenent
…NXXCewillbonorrinnamekillbyaceophngthe©
HerafIho*«
Mry“ft峥,博eounUthemilkpurchase
dbftcaunt
bulkpurchase
units
$
wtienQ=
10000
purchasecost
9CXXXX)
(Mderingcost
24001
boldingcost
5000
totalcost
907400J
whenQ=
30000
867600
orderingcost
800j
holdingcost
33000
901400
changeincost
6000
Z.Calculatethevalueofthefactor'
soffer:
(i)onawith*r»
cours«
basis:
(ii)onanon-recoursebasis.
|x别:
saveinbaddebtittfCostHibenofit
3.Calculatothecashbalanceatth。
ondofeachmonth
Cashbudget模板ilWcashinflow&
cashoutflow,2个月的closingbalance即为卜个月的openingbalance
Jan⑸
E5i
MarcM$)
openingbalance
40000
370000
710000
add:
cashinflow
salesrevenue
960000
1000000
1092000
loanreceived
300000
totalcashinflow
1392000
less:
cashoutflow
rawmatenal
500000
520000
560000
variableOH&
wages
130000
140000
150000
machine
400000
totalcashoutflow
630000
660000
1110000
closingbalance
992000
4.CalculatothefcxocastcurrentratioCurrentratio>
CA/CL
currentratio^CA/CL
theendofMarch($)
cash
receivable
1176000
Inventory
750000
CA
29180001
pavabletCL)
600000]
currentratio
4.863333)
PartI)InvestmentAppnisil
计算题点分
1.Calculatethenetpresentvalueofinvestinginthenewmachineandadvisewhethertheinvestmentisfinanciallyacceptable.
NPV候板
year
0(5)
1($)
2($)
3⑸
4($厂
5($[
6($)
1600000
vanablocost
1100000
Ims:
incrementalFC
160000
taxableprofit
340000
tax@30%
102000
J102000
irwtiaicost
-WXXJUU
scrapvalue
WC
•90000
90000
rwtcashflow
-890000
238000
366000
-102000
DR@11%
1
0.901
0.812
0731
Q659
0593
0.535,
PV.
*890000.
306340
103256
173976
1S6842
218224
-54570.
NPV
104070
commentSincetheNPVisS104070>
0.theInvestment0financialryacceptatte.
hitRHcontribution的情猊
0($)
K5)
3($)
4
(1)
5($)
conmounon(taxat>
eprofit)
919500
971715
10267904
10M879
IM6:
275850
291514.5
308037.1
325463.7
taxsaving
262500
196875
147ft563
4429688
initialcost
350800
-250000.
-11250
-117563
•1228528
-128381
netcashflow
•3750000.
908250
9466088
919865.57
9116601
117505
DR@10%
[
0.909
0.826
0751
0.683
0.621
PV
-3750000
825599.3
781898.8
690819.04
622663.8
72970.63
-7560484
W1
4<
5)
sp/unit(2.5%)
2.1
2.205
2.31525
2.4310125
sc/unit(004.5%)
0042
00441
0.046305
00486203
ivcrunlt(08.4%)
0832
086528
0899891
09358868
contnbuborVunrt
1.226
1.29562
1.369054
1.4465054
demand
7SOOOO
contribution
1026790
10M879.1
HW!
sp.=4thvc给r第零叶的.用前年的怛给「年年的.川与年的2束
W2WC
1(s)
2(S)
3(5)
4($)1
WCneeded(4.5%)
250000
261250
273006.3
28529153
298129.7
WCcashflow
二250000
-11756.3
-1228528
-12638.1
W3taxsavingfromCA
■
CF
taxsaving@30%
bme
cost
3500000
CA@25%
875000
2
2625000
CAe25%
656250
3
I
1968750
CA©
25%
492187.5
1476563
4
I4
balance
5
2.Calculatetheinternalrateofreturnofinvestinginthenewmachineandadvisewhethertheinvestmentisfinanciallyacceptable.
ilPIRR:
,前一»
8M碇卜内取一个DR求NPV.III»
A*rf-JRRHCostofcapitalItK.大的话就可取
IRR-L*(NPVL/(NPVLNPVH)r(H4.)
3.WhetherXXXCoshouldleaseorbuytheXXX柑哦不何剧・比较前KPVofc8t
Ifbuy
氏$)
2(8)
4($)
inrtiBiinvestment
residualvaluo
•100000爬柴流入niAft
taxsavingfromCA(W1)
•75000
-56250
42187.5
•965625
licensefco
104000
108160
112486.4
110985.9
taxsavingfromlicensefee
•31200
■32448
-33745.9
-350958
1960
23788.4
-58947.6
-131658
DR©
6%(W2)
0.943
0.89
0.84
0.792
0747
98072
17444
199S2256
-466B6.5
-983487
PVo(cost
974763.47
Iflease
1(5)
“$)
rental
380000
taxsavingfromrental@30%
-114000
•114000
-114X)0
-114000]
266000
•114XX)
DR@6%(W2)
0943
089
084
0792
0.7471
380000J
358340
238740
223440
-90?
88
-85158J
PVotcost
1023074
PartESourceofFiiiaiicc
“尊题部分
1.iiPrevisedEPS的团路
RevisedEPS・revisedPAT/revisedno.
Revisedno."
Issueno.♦currentno.
ReviMdPAT«
currontPAT♦increaMdPATCurrentPAT«
currentEPS*currentno.
IncreasedPAT
Ait-ithmcreasedPBITrtih
increasedPBIT(e)
2600000
Less:
Increasedinterest(^)
increasedPBT(€)
2080000
LessIncreasedtax@30%
624000
increasedPAT(e)
1456000
spotrate
1.3
increasedPAT(S)
1120000二
方法二:
V节的PAT朱门哪里?
如:
建的侑分得到saveininterest
redeemedno.ofdebenture
800000
savedinterestperdebenture
8
totalmterostsaved
6400000
InaMsedPAT
4480000
痴(14脚耳机后的
2.itWreviseds/hwealth的JBKl
Revised»
/hwealth•revisedsp*revisedno.
*revisedEPS-P/EratioTevisedno.
RevisedEPS-revisedPAT/revisedno.
RevisedEPS计”方法她上
3.WACCi|。
母蹄
nnn共几种眼赛方式
$,
1.MVofequity
37600000
2.MVoforeferencoshare1200000
4MVofb«
^ikkMn
S.toMMV
42035000
I(JKtcoatofequity
*0.口西陋村之的桢型
NogrowthmodelKe=CWPo
ConstantgrowthmMei
Ke^71+gyPtftg
=口//+0
计用■
1)”[currentdividend?
dividendn.ycare殖。
网1陋卜+
3)Q-r'
b^ROEorARRd[1-payouiratki|-ROEorAfiR-(PAT'
dividvndXPAT)
人认工CAPM就小贺产士价枚型
K”Rf+(RmRf>
'
p
Re-即=EiirkWeqwlyrUKprcmluE
3)1VKdatHU^IURR
K&
卅
DR@fi.
DR@3,
-1CM.5
-104.5
-IM-5.
1-6
4.S
5.076
24.B724
5.417
26.5433
c
10三
OJJfi
曲a
Ofl37
即,肥5
-129T6
lRR=Kdar
0.«
7503203
现Catcfbankloan*inrerett『a修中/j
S)Cc»
tcfpreference
KpMWPc
■couponrpte,nominalyqIu«
o『th?
rvJtxdivMVof%»
h>
rw«
)AACC咻的皿"
3)+Kdj-[m(E*mm..
(i几钟洋资力茂则由几恒4州强
PartFBusinessValuation
「CapitalmarketefficiencyI.IMarketefficiencyhypothesis1)operationalefficiency2)allocativeefficiency
3)informationprocessingefficiency
1.2Differentformsofmarketefficiency
1)Theweakform
Historicalinformation,random
2)Thesemi-strongform
Historicalandallpubliclyavailableinformation
3)thestrongform
Allavailableinformation,whetherpublicorprivate
1.3Technicalandfundamentalanalysis
1)Technicalanalysis
Predictfuturesharepriceandsharepricetrend,clearimplyingthatarelationbetweenpastandfutureprices
2)Fundamentalanalysis
Usepublicinformationtocalculateafundamentalvalueandthenoffersinvestmentadvicebycomparingthefundamentalvaluewiththe
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