超实用ACCAF9重要知识点讲解及考点分析.docx

http:/www.kbfinancial.com.cnACCACIMACFA成建制方向班、业余制班全国招生中_超实用|ACCAF9重要知识点讲解及考点分析考试题型SectionA单选题2*15SectionB综合单选题10(每题5道选择）*3SectionC综合计算题20*2核心练习真题DEC14-Mar/Jun16Specimenpaper2016Specimenpaper2014PartAFinancialmanagementfunctionPartBFinancialmanagementenvironment考试分布SectionA单选题4-6道考点类型基本概念,注意理解，运用到scenarioquestion；ratio小计算（TSR）复习计划ExamKit&历年真题：选择题（SectionA）考点总结1.讨论Financialmanagement&objectiveObjectives：maximizationofshareholderwealthVSaccountingprofit计算能够反映盈利能力和对股东财富的影响的ratio常见Ratio1）ShareholderwealthTSRDPS,DividendyieldEPS,P/Eratio2）Financialperformance：profitabilityROCEROE2.激励高管实现股东财富最大化的目标a)Managerialrewardschemes:Performance-relatedbonus,share,shareoptionb)corporategovernancec)stockexchangemarketrule3.Objectivesettinginnotforprofitorganizations非盈利机构指标valueformoney(Economy，Efficiency，Effetiveness)1）财政政策FiscalpolicyVS货币政策monetarypolicyFiscalpolicyVSMonetarypolicyTaxationInterestrateGovernmentexpenditure(budget,governmentborrowing)Moneysupply2)宏观经济目标Macroeconomicpolicy&targets：3)政府干预competitionpolicy；governmentassistance；greenpolicies；corporategovernanceregulation4.货币市场moneyVS资本市场capitalmarketsi)Roleoffinancialintermediaries金融中介作用ii)principalmoneymarketinstruments主要的货币市场工具PartCWorkingcapitalmanagement考试分布SectionA单选题3-4道orSectionA单选题2道SectionB综合单选题10分SectionC综合计算题20分考点类型文字理论WCmanagement，inventory,receivables,payables,cash管理工具计算复习计划ExamKit&历年真题：选择题&计算题考点总结1.objectivesofWCmanagementi)WCinvestmentpolicy:aggressive/conservativeii)centralroleofWCmanagmentinfinancialmanagementiii)Factorsdeterminethelevelofworkingcapitalinvestment结合行业特征，公司workingcapital管理策略及operatingcycleiv)workingcapitalfinancingpolicy融资策略a)permanentandfluctuatingworkingcapitalb)Aggressive,Conservative,Matching2.Inventorymanagement存货管理i)计算EOQ&讨论EOQassumption,disadvantageii)计算WhethertakeBulkpurchasediscount：costvsbenefitiii)计算Inventorylevel:bufferinventory/re-orderlevel/averageinventoryiv)讨论Just-in-time3.Receivablesmanagement应收账款管理i)Calculateanddiscussofofferingcashdiscountii)Calculateanddiscussoffactorservice:recourseVSnon-recource思考角度：costVSbenefitiii)Factorconsideringtoformulatereceivablepolicy以及应收账款管理3个流程Creditanalysissystem,Creditcontrolsystem，Debtcollectionsystem4.Cashmanagementi)cashbalancestatusandinvestingchoiceii)cashbudget&forcastiii)BaumolmodelandtheMiller-Orrmodel5.Cashoperatingcyclei)计算ratio：Inventorydays,receivabledays,payabledays,operatingcycleRatioanalysis:currentratio,sales/networkingcapital,(ii)Cashflowbudget(iii)OvertradingandovercapitalizationPartDInvestmentappraisal考试分布SectionA单选题2-3道SectionC综合计算题20分复习计划ExamKit&历年真题：选择题&大题计算题考点总结1.Investmentappraisalmethods各种方法优缺点i)ROCE:accoutingprofitii)Paybackperiodiii)IRRiv)核心计算考点NPV：注意inflation，relevantcashflow，workingcapital,Timingfortaxrelief2.Risk&uncertaintyi)Differencebetweenriskanduncertainty文字理解ii)EV计算&优缺点iii)Sensitivityanalysis计算优缺点3.Speicalinvestmentdecisioni)Leaseorbuy分析CostVSbenefit,considerrelevantcashflowii)Assetreplacementiii)Capitalrationing解释divisibleVSnon-divisibleproject解释softVShardcapitalrationing计算profitabilityindexPartEBusinessFinance考试分布SectionA单选题2-3道SectionC综合计算题20分考试核心知识点sourceoffinance&costoffinanceWACC(Ke/Kd)计算复习计划ExamKit&历年真题：选择题&计算题1.Sourceoffinance常见文字题：Factorsconsideringtochoosefinance（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Debtfinance和equityfinance的选择对股东财富，资本结构，财务风险的影响结合EPS，Shareprice，gearing，interestcover等ratio不同融资类型的方式和特点Short-termVSlong-term(1)Short-termfinance-overdraft-short-termloan(bankloan)-tradepayable(interest-freefinanceVSlossofcashdiscount)-lease(operatinglease)(2)long-termfinance1)Debtfinance债务融资2)EquityFinance常见对Rightissue计算讨论，注意TERP与issuecost3)VentureCapital4)Islamicfinance名词代表的含义5)Dividendpolicy掌握主要theory以及制定policy时需要考虑的因素i)Residuetheoryii)Traditionaltheoryiii)Irrelevanttheoryiv)othertypeofdividend6)FinanceforSMEs(Article:BusinessfinanceforSMEs)关注Crowdfunding/supplychainfinance)2.Costofcapital1)WACCi)KeDGM:ke=Do*(1+g)/P0+gg=historicalgrowthorg=brDGMmodel缺陷CAPM:Ke=Rf+*(Rm-Rf)CAPM优缺点Systematicrisk&Unsystematicriskii)Kd（after-tax）Irredeemabledebt:Kd(after-tax)=I*(1-T)/P0Redeemabledebt&convertibleloannote:IRRpreferenceshares:Kp=D/P02)projectspcificKe（adjustedriskKe）Ungeaing,regearing,CAPM,riskadjustedWACC文字描述AdjustedKe的过程&缺陷WACC何时适用于新项目NPV评估3)CapitalstructuretheoryTranditionaltheoryMMwithtax&withouttaxPeckingordertheoryPartFBusinessValuation考试分布SectionA单选题2-3道SectionB综合单选题10分考试形式计算部分：ValuationofCo.文字题：估值方法优缺点；Marketefficiency理论考试核心知识点1.BusinessValuation掌握主要估值方式以及各种方法优缺点1)ValuationforEquitya.AssetbasedHistoricalbasisReplacementvalueRealizablevalueb.EarningsbaseP/EratioEarningyieldc.Cashflowbased-DVM/DGM-DiscountedCF2)ValuationforDebt-Irredeemabledebt-Redeemabledebt-Convertibledebt-Preferenceshare2.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（abnormalreturn）WeakformSemi-strongStrongPartGRiskmanagement考试分布SectionA单选题3-4道SectionB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，forwardcontract&moneymarkethedge1.foreignexchangerisk1)typespfrisk-transactionrisk-translationrisk-economicrisk2)causeofchangefour-wayequivalence-PPPT:inflationrateVSfuturespotrate-S1=S0*(1+hc)/(1+hb)-IRPT:interestrateVSforwardrate-Fo=S0*(1+ic)/(1+ib)-expectationtheory-internationFishereffect3)hedgetoolsinternalmethods掌握原理特征-invoiceinhomecurrency-matching:foreigncurrencyreceipt&payment-netting:netriskexpose-savetransactioncost-leading&lagging:(paymentinadvanceordelay)flexiblesettlementdateexternalmethods计算+原理+优缺点-forwardexchangecontract-Moneymarkethedge原理+优缺点-futurecontract:standarizedcontracttobuyorsellspecifiedquantity-option：arighttobuyorsellforeigncurrencyfutures-swaps:2.interestrisk1)Risk-GapexposureinterestmovementisadversetoCo.interest-sentitiveliabilityinterest-sensitiveasset=negativeCashflow-Basisrisk2)causeofmovement-yieldcurveliquiditypreferencetheoryExpectiontheoryMarketsegementationtheory3)hedgetools原理+优缺点internal-matching:asset&liabilitywithcommoninterestrate-smoothing:balanceoffixedrate&floatingrate-Asset&liabilitymanagement:matchingdurationofinterestofasset&liabilityexternal-forwardrateagreement:fixedinterestrate-IRG：optiononFRA-interestratefuture-optionsoninterestfuture-swaps:exchangefixedrateorfloatingrate更多ACCA考试干货，欢迎登录楷博财经官网获取。楷博财经ACCA，官方授权ACCA黄金级培训机构，在校人数7000+，考试通过率超全球平均通过率30%，培养25+“全球第一名”和”全国第一名”学生，资深专业讲师为你ACCA学习保驾护航。楷博财经ACCACIMACFA成建制方向班、业余制班全国招生中，欢迎了解14