ch17[1]Investment Analysis
财务管理选择题(Ch17)(201406)
财务管理选择题Ch1总论一、单项选择题1. 财务管理的最佳目标是（）。
A．总产量最大化B．利润最大化C．收入最大化D．股东财富最大化2. 企业同其所有者之间的财务关系反映的是（）。
A．经营权与所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系3. 企业同其债权人之间的财务关系反映的是（）。
A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系4. 企业同其被投资单位的财务关系反映的是（）。
A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系5. 财务管理的对象是（）。
A．财务关系B．货币资产C．实物资产D．资金运动6. 没有风险和通货膨胀情况下的利率是指（）。
A．名义利率B．纯利率C．票面利率D．资本成本率7. 企业同其债务人的财务关系反映的是（）。
A．经营权和所有权关系B．债权债务关系C．投资与受资关系D．债务债权关系8.（）企业组织形式最具优势，成为企业普遍采用的组织形式。
A．普遍合伙企业B．独资企业C．公司制企业D．有限合伙企业答案：D；A；D；C；D；B；B；C二．多选选择题1. 企业的财务活动包括（）。
A．企业筹资引起的财务活动B．企业投资引起的财务活动C．企业经营引起的财务活动D．企业分配引起的财务活动E．企业管理引起的财务活动2. 企业的财务关系包括（）。
A．企业同其所有者之间的财务关系B．企业同其债权人之间的财务关系C．企业同被投资单位的财务关系D．企业同其债务人之间的财务关系E．企业与税务机关的财务关系3. 在不存在任何关联交易的前提下，下列各项中，无法直接由企业资金营运活动形成的财务关系包括（）。
A．企业同其投资者之间的关系B．企业同受资者之间的关系C．企业同政府之间的关系D．企业同职工之间的关系E．企业与客户之间的关系4. 完善中小股东利益保护的机制主要有（）。
A．完善上市公司的治理机构B．规范上市公司的信息披露制度C．约束大股东所占比例D．发展基金投资机构E．完善上市发行制度5. 在经济繁荣阶段，市场需求旺盛，企业应（）。
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环氧树脂的温度不得超过125°C 。
通过安装，应保护电线免受机械损坏，例如使用导管。
本证书不包括带有DIN 连接器的选项M515。
如果不使用金属导管，则应使用外部接地螺钉（M460选项）。
电气导管配件螺纹连接：M20 X 1.5，最小啮合7个螺纹。
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根据检测到的介质，可能需要额外的泄漏检测方法。
使用时候，即使是波动非常大的系统中,极限值也不能超过铭 牌标注的耐压值*，偶尔的话可以接受（比如启动和测试时）。
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*耐压值：压力开关偶尔出现的最大压力，不会造成永久性损害 （比如启动和测试时）（可能会要求设定调整） **超量程压力-压力传感器可连续承受的压力值，不会造成损坏，同时保持设定值重复性。
17 CVP Analysis
Ch17 CVP Analysis1. CVP Analysis and Breakeven PointCost-volume-profit（CVP）/breakeven analysis is the study of the interrelationships between cost, volume and profit at various levels of activity.（1）The breakeven point which is the activity level at which there is neither profit nor loss;（2）The amount by which actual sales can fall below anticipated sales, without a loss being incurred.（3）FormulaTraditional CVP analysis assumes that costs can be split into fixed and variable components and that fixed costs do not vary once the volume of output remains in the 'relevant range'. Under these assumptions the break-even point for a single productcosts.手写板图示1301-01手写板图示1301-02手写板图示1301-03（4）The Profit/Volume （P/V）Ratio）ratio.The P/V Ratio is a measure of how much contribution is earned from each $1 of sales.手写板图示1301-04（5）The Margin of SafetyThe margin of safety is the difference in units between the budgeted sales volume and the breakeven sales volume and it is sometimes expressed as a percentage of the budged sales volume.手写板图示1301-05（6）S=V+FS-V=FTotal contribution = fixed costs手写板图示1301-06（7）Target profitsS= V+F+PS-V = F+PTotal contribution = F + P手写板图示1301-07手写板图示1301-08手写板图示1301-09手写板图示1301-10（8）Total profit is maximized when the total contribution is at its maximum.2. Breakeven Charts, Contribution Charts and Profit/Volume Charts （1）Breakeven chart手写板图示1301-11手写板图示1301-12The value of breakeven chartsTo plan the production of a company’s productsTo market a company’s productsTo give a visual display of breakeven arithmetic（2）Contribution chartOne of the advantages of the contribution chart is that is shows clearly the contribution for different levels of production as the‘wedge’ shape between the sales revenue line and the variable costs line. At the breakeven point, the contribution equals fixed costs exactly. At levels of output above the breakeven point, the contribution is larger, and not only covers fixed costs, but also leaves a profit. Below the breakeven point, the loss is the amount by which contribution fails to cover fixed costs.（3）P/V ChartThe advantage of the P/V chartThe P/V chart shows clearly the effect on profit and breakeven point of any changes in selling price, variable cost, fixed cost and/or sales demand.手写板图示1302-013.The multi-product breakeven and P/V chart5.24Since most companies sell more than one product, a multi-product chart of some type might be required.5.25 A very serious limitations of breakeven charts is that they can show the costs, revenues, profits and margins of safety for a single product only, or for a single ‘sales mix’ of products.5.26For example suppose that Farmyard Ltd sells three products, X, Y and Z, which have variable unit costs of ￡3, ￡4 and ￡5 respectively. The sales price of X is ￡8, the price of Y is ￡6 and the price of Z is ￡6. Fixed costs per annum are ￡10,000.5.27 A breakeven chart cannot be drawn, because we do not know the proportions of X, Y and Z in the sales mix. （If you are not sure about this point, you should try to draw a breakeven chart with the information given. It should not be possible.）5.28If, however, we now assume that budgeted sales are as follows:X 2,000 unitsY 4,000 unitsZ 3,000 unitsa breakeven chart can be drawn. The chart would make the assumption thatoutput and sales of X, Y and Z are in the proportions 2,000 :4,000:3,000 at all levels of activity, in other words that the sales mix is 'fixed' in these proportions. ~ （a）WorkingsBudgetedcosts Costs Budgeted Revenuerevenue￡Variable costs of X （2,000×￡3）6,000 X （2,000×￡8）16,000Variable costs of Y （4,000×￡4）16,000 Y （4,000×￡6）24,000Variable costs of Z （3,000×￡5）15,000 Z （3,000×￡6）18,000Total variable costs 37,00058,000Fixed costs10,000Total budgeted costs47,090（b）The breakeven chart can now be drawn.5.29The same information could be shown on a P/V chart, as follows.5.30The breakeven point is approximately ￡27,500. This may either be read from the breakeven chart or computed mathematically. The budgeted P/V ratio for all three products together iscontributi on/sales=￡(58,000-37,000)/ ￡58,000=36.21%The required contribution to break even is ￡10,000, the amount of fixed costs. The breakevenpoint is￡10,000/36.21%=￡27,500 （approx）in sales revenue5.31An addition to the PN chart would now be made to show furtherinformation about the comribution earned by each product individually, so that their performance and profitability can be compared.5.32By convention, the products are shown individually on a PN chart from left to right, in order of the size of their P/V ratio. In this example, product X will be plotted first, then product y and finally product Z. A dotted line is used to show the cumulative profit/loss and the cumulative sales as each product's sales and contribution in turn are added to the sales mix.Product Cumulative CumulativeSales profit￡￡X16,000（￡10,000-￡10,000）X andY40,0008,000X, Y and Z58,00011,000You will see on the graph which follows that these three pairs of data are used to plot the dotted line, to indicate the contribution from each product. The solid line which joins the two ends of this dotted line indicates the average profit which will be earned from sales of the three products in this mix.5.33 From this diagram, it may be apparent that since X is the most profitable in terms of P/V ratio, it might be worth considering an increase in the sales of X, even if there is a consequent fall in the sales of Z. Alternatively, the pricing structure of the products should be reviewed and a decision made as to whether the price of product Z should be raised so as to increase its P/V ratio （although an increase is likely to result in some fall in sales volume）.手写板图示1302-02The multi-product P/V chart is therefore helpful in identifying the following:The overall company breakeven pointWhich products should be expanded in output and which should be discontinued How changes in selling price/sales volume will effect the company’s breakeven point/profit手写板图示1302-034.Limitations of CVP AnalysisBreakeven analysis is a useful technique for managers. Breakeven arithmetic can provide simple and quick estimates. Breakeven charts provide a graphical representation of breakeven arithmetic. Breakeven analysis has a number of limitations.（1）It can only apply to a single product or a single mix of a group of products.（2）A breakeven chart may be time-consuming to prepare.（3）It assumes fixed costs are constant at all levels of output.（4）It assumes that variable costs are the same per unit at all levels of output.（5）It assumes that sales prices are constant at all levels of output.（6）Is assumes production and sales are the same （stock levels are ignored）.（7）It ignores the uncertainty in the estimates of fixed costs and variable cost per unit.。
ch17 第十七章 iZAP Application
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AmRoad Technology Ltd.
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安潤科技股份有限公司6
投资理财投资分析PPT
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Intermediate Accounting (New Mexico State University)ch17
Trading Securities
Available for Sale
Held-toMaturity
Record at fair value
M.V.changes recorded as part of income
Record at fair value
M.V.changes recorded as part of equity
Unrealized gains or losses at date of transfer are recognized in income.
Transfers Between Categories
Type of Transfer
From Available for Sale to Trading
Chapter 17: Investments
After studying this chapter, you should be able to:
1. Identify the three categories of debt securities and describe the accounting and reporting treatment for each category. 2. Understand the procedures for discount and premium amortization on bond investments. 3. Identify the categories of equity securities and describe the accounting and reporting treatment for each category.
乔普拉《供应链管理(第7版英文版)》教学课件CH17
• Every company and supply chain faces the challenge of the tragedy of the commons as it operates in a global environment
• Difficult to imagine a sustainable solution emerging without some intervention
Copyright © 2019, 2016, 2013 Pearson Education, Inc. All Rights Reserved
Key Pillars of Corporate Social Responsibility
• Measuring performance along all three pillars may be required to evaluate the impact of sustainability-related efforts – Environmental – Social – Governance
As supply chains have globalized and emerging countries have grown, it has become increasingly clear that the world’s resources and environment will not be able to support this growth unless supply chains become more sustainable. Besides the need to make the world more sustainable, an increased focus on sustainability can allow supply chains to reduce risk, become more efficient, and attract some customers who value these efforts.
ch17 垄断和垄断行为
p( y*)
k 1 1
k 1
税收对垄断企业的影响
征收从量税后，垄断企业的定价：
p( yt ) (k t) 1
消费者承担部分： p (yt)-p(y*)
p( yt ) p( y*) (k t) k t 1 1 1
价格歧视
第三类价格歧视（third-degree price discrimination）：不同 消费者组别内价格是完全相同的， 不同组别之间的价格可能是不同的 。如，老年人优惠价格、学生优惠 价格等。
第一类价格歧视
每一个单位产品的销售价格都不一样， 不同消费者所获得的价格是不同的。
这就要求垄断企业能够区分不同消费 者对产品价值的预期或保留价格，向 产品价值预期高的消费者卖高价，低 的卖低价。
价格歧视
第一类价格歧视（first-degree price discrimination），也叫完 全价格歧视（perfect price discrimination）：每一个单位产 品的销售价格都不一样，不同消费者 所获得的价格是不同的。
价格歧视
➢ 第二类价格歧视（seconddegree price discrimination） ，也叫非线性定价（non-linear pricing）：每一个消费者获得的 价格因其购买数量的变化而变化， 所有消费者所面临的定价机制是一 样的。如，批量折扣价（买得越多 越便宜）。
结论：在一个垄断的市场中，P高于MC，且P 高于最低ATC.
垄断的不效率
收入转移。垄断加剧了收入的不均等。 垄断企业和竞争性生产者面临的成本可能是不
同的。 —规模经济可能使垄断企业的单位成本低于竞争
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Value versus Growth
• Growth-oriented investor will:
– focus on EPS and its economic determinants – look for companies expected to have rapid EPS growth – assumes constant P/E ratio
Methods of Index Portfolio Investing
• Index Funds
– Attempt to replicate a benchmark index
• Exchange-Traded Funds
– EFTs are depository receipts that give investors a pro rata claim on the capital gains and cash flows of the securities that are held in deposit by a financial institution that issued the certificates
• Replicate the performance of an index • May slightly underperform the target index due to fees and commissions • Costs of active management (1 to 2 percent) are hard to overcome in risk-adjusted performance • Many different market indexes are used for tracking portfolios
Technical Strategies
• Contrarian investment strategy • Price momentum strategy • Earnings momentum strategy
Value versus Growth
• Growth stocks will outperform value stocks for a time and then the opposite occurs
Passive versus Active Management
• Passive equity portfolio management
– – – – Long-term buy-and-hold strategy Usually tracks an index over time Designed to match market performance Manager is judged on how well they track the target index
Style
• Construct a portfolio to capture one or more of the characteristics of equity securities • Small-capitalization stocks, low-P/E stocks, etc… • Value stocks appear to be underpriced
Sampling
• Buys a representative sample of stocks in the benchmark index according to their weights in the index • Fewer stocks means lower commissions • Reinvestment of dividends is less difficult • Will not track the index as closely, so there will be some tracking error
Sector Rotation
• Position a portfolio to take advantage of the market’s next move • Screening can be based on various stock characteristics:
– – – – – Value Growth P/E Capitalization Sensitivity to economic variables
– price/book or price/earnings
• Growth stocks enjoy above-average earnings per share increases
Questions to be answered: • What are the two generic equity portfolio management styles? • What are three techniques for constructing a passive index portfolio? • How does the goal of a passive equity portfolio manager differ from the goal of an active manager? • What is a portfolio’s tracking error and how is it useful in the construction of a passive equity investment?
Index Portfolio Strategy Construction Techniques
• Full replication
• Sampling
• Quadratic optimization or
programming
Full Replication
• All securities in the index are purchased in proportion to weights in the index • This helps ensure close tracking • Increases transaction costs, particularly with dividend reinvestment
500
400
300
200
100
0
Number of Stocks
Quadratic Optimization (or programming techniques)
• Historical information on price changes and correlations between securities are input into a computer program that determines the composition of a portfolio that will minimize tracking error with the benchmark • This relies on historical correlations, which may change over time, leading to failure to track the index
– Transactions costs must be offset – Risk can exceed passive benchmark
Fundamental Strategies
• Top-down versus bottom-up approaches • Asset and sector rotation strategies
• Active equity portfolio management
– Attempts to outperform a passive benchmark portfolio on a risk-adjusted basis
An Overview of Passive Equity Portfolio Management Strategies
An Overview of Active Equity Portfolio Management Strategies
• Goal is to earn a portfolio return that exceeds the return of a passive benchmark portfolio, net of transaction costs, on a risk-adjusted basis • Practical difficulties of active manager
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Chapter 17
Chapter 17 - Equity Portfolio Management Strategies
Chapter 17 - Equity Portfolio Management Strategies
• What is the difference between an index mutual fund and an exchange-traded fund? • What are the three themes that active equity portfolio managers can use? • What stock characteristics differentiate valueoriented and growth-oriented investment styles? • What is style analysis and what does it indicate about a manager’s investment performance?