超实用 ACCA F9重要知识点讲解及考点分析

超实用 | ACCA F9重要知识点讲解及考点分析考试题型Section A 单选题 2’*15Section B 综合单选题 10'(每题5道选择）*3 Section C 综合计算题 20' * 2核心练习真题DEC 14 - Mar/Jun 16Specimen paper 2016Specimen paper 2014Part 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（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Ratio1）Shareholder wealthTSRDPS, Dividend yieldEPS, P/E ratio2）Financial performance：profitabilityROCEROE2. 激励高管实现股东财富最大化的目标a) Managerial reward schemes:Performance-related bonus, share,shareoptionb) corporate governancec) stock exchange market rule3. Objective setting in not forprofitorganizations非盈利机构指标value for money(Economy，Efficiency，Effetiveness)1）财政政策Fiscal policy VS 货币政策monetary policyFiscal policy VS Monetary policy Taxation Interest rate Government expenditure (budget, government borrowing)Money supply3)政府干预competitionpolicy；government assistance；green policies；corporate governanceregulation4. 货币市场money VS 资本市场capitalmarketsi) Role of financial intermediaries金融中介作用ii) principal money market instruments主要的货币市场工具Part C Working 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 10分Section C 综合计算题 20分考点类型文字理论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 managementi) WC investment policy: aggressive/conservativeii) central role of WC managment infinancialmanagementiii) Factors determine the level ofworkingcapital investment结合行业特征，公司working capital管理策略及operatingcycleiv) working capital financing policy 融资策略a)permanent andfluctuatingworking capitalb)Aggressive, Conservative,Matching2.Inventory management 存货管理i)计算 EOQ & 讨论EOQassumption, disadvantageii) 计算Whether take Bulkpurchase discount：cost vs benefitiii)计算Inventory level:buffer inventory/re-order level/averageinventoryiv) 讨论Just-in-time3.Receivablesmanagement应收账款管理i)Calculate and discuss of offeringcashdiscountii)Calculate and discuss of factorservice:recourse VS non-recource思考角度：cost VS benefitiii) Factor considering to formulatereceivablepolicy 以及应收账款管理3个流程 Credit analysis system, Creditcontrolsystem，Debt collectionsystem4.Cash managementi) cash balance status and investingchoiceii) cash budget & forcastiii) Baumol model and the Miller-Orr model5.Cash operating cyclei) 计算ratio：Inventorydays, receivable days,payable days, operating cycle Ratio analysis: current ratio, sales/networkingcapital,(ii) Cash flow budget(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i) ROCE: accouting profitii) Payback periodiii) IRRiv)核心计算考点NPV：注意inflation，relevantcashflow，working capital ,Timing for tax relief2.Risk & uncertaintyi) Difference between risk and uncertainty 文字理解ii) 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 cashflowii) Asset replacementiii) Capital rationing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(1) Short-term finance--overdraft--short-term loan(bank loan)--trade payable (interest-free finance VSloss of cashdiscount)--lease(operating lease)(2) long-termfinance1)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 theoryii) Traditional theoryiii) Irrelevant theoryiv) other type of dividend6)Finance for SMEs (Article:Businessfinance for SMEs )关注Crowdfunding/supplychain finance)2.Costof capital1) WACCi)KeDGM: ke= Do*(1+g)/P0+ g g = historicalgrowth or g = brDGM model缺陷CAPM: Ke = Rf+ β*(Rm- Rf)CAPM优缺点Systematic risk & Unsystematic riskii) Kd （after-tax）Irredeemable debt: Kd(after-tax) =I*(1-T)/P0Redeemable debt & convertible loan note:IRRpreference shares: Kp = D/P02)project spcific Ke （adjustedrisk 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 Business Valuation考试分布Section A 单选题 2-3道Section B 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 Equitya. Asset basedHistorical basisReplacement valueRealizable valueb. Earnings baseP/E ratio Earningyieldc.Cash flow based- DVM/DGM- Discounted CF2)Valuation for Debt- Irredeemable debt- Redeemable debt- Convertible debt- Preference 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Section A 单选题 3-4道Section B 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.foreignexchange 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 toolsinternal methods 掌握原理特征-invoice in home currency- matching:foreign currency receipt &payment- netting:net risk expose -- savetransactioncost- leading & 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.interestrisk1) Risk-- Gap exposureinterest movement is adverse toCo.interest -sentitive liability> interest- sensitive asset ==>negative Cashflow -- Basis risk2)cause of movement- yield curveliquidity preference theoryExpection theoryMarket segementation theory3)hedge tools 原理+优缺点internal- matching : asset & liability withcommoninterest rate- smoothing: balance of fixed rate&floating rate- Asset & liabilitymanagement:matching duration of interest of asset & liabilityexternal- forward rate agreement: fixedinterestrate- IRG： option on FRA- interest rate future- options on interest future- swaps : exchange fixed rate orfloatingrate更多ACCA考试干货，欢迎登录楷博财经官网获取。