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关于ACCA的考试COREPAPER内容的整理
tes, free cash flows, CAPM, portfolio theory.
A Objectives and strategy formulation
清楚题 04/6 Wurrall:很清楚，蛮全的，可以多看几次
99/6 Hanme: APPENDIX的计算可以再看看，用来练手
01/12 Wickern:挺清楚的，可以再看
03/12 Snowwell: 挺清楚的，可以再看
关于财务战略的题，以前的考试也都考过，但现在多些文字，再多些RATE的计算，拿下：）
Turnover
(operating costs before depreciation)
Balance
(Tax allowable depreciation)
Earning before interest and tax
(Net interest payable)
Profit on ordinary activities before tax
(Tax on ordinary activities)
Profit after tax
(Dividends)
Amount transferred to reserves
会要求写假设，再写假设的局限。其实这样的题型比较完整的应该是出现在PART E里，我再后面会再提及，这个部分还是比较侧重于财务管理的一些常规公式:profitability, gearing, liquidity ,working capital, stock market
B Investment decisions and risk analysis
清楚题 99/6 Tovell: APPENDIX的计算可以再看看
00/12 Fuelit:挺好的，弄明白了，看看
04/6 Zendeck:纯关于WACC
03/6 Hasder: 多看看，与98/6Phantom放在一起看，理解公式
04/12 Trosoft:挺好，多看看，APV
简单整理：
⑴Time value of money: FV=PV*(1+n)n
⑵Discount factor:题目给，或者（1+r）-n
⑶Annuities:
PV of deferred annuity=annual cash flow*annuity factor*PV factor
⑷Perpetuities:
PV of a perpeturity=P0=annual cash flow/discount rate
⑸NPV:
时间1 时间2 时间3 时间4
Receipts:
Payments:
(wages)
(materials)
(variable/fixed overheads)
(administration/distribution expenses)
(capital allowances/tax allowable depreciation)
Taxable profits(EBIT)
(Tax)
Add back: capital allowances/tax allowable depreciation
(initial outlay)
NRV
Working capital 0-/n+
Net cash flow
Discount rate
PV
NPV
Free cash flows=EBIT(1-t)+capital investment+/-change in WC
可考虑的factor: social responsibility, risk, technical, economic, fiscal, CAPM limitation, reliability, sensitivity analysis，
未来的现金流不包括沉没成本，非现金支出（折旧等），在做决定前已经发生的费用支出等。
⑹Fisher equation: (1+money rate)=(1+real rate)*(1+general inflation rate)
⑺WACC= Ke*E+ Kd(1-t)*D
E+D E+D
注意其他的相关公式如Ke \Kd \real rate的计算及相关的assumption: inflation rate 等等
⑻EVA=NOPAT-capital employed*cost of capital
注意EVA的优缺点
⑼Dividend valuation model: P0=D0(1+g)
Ke-g
注意相关的assumption
⑽the returns on a two-asset portfolio: Rp=RaXa+ RbXb
the risk on a two-asset portfolio:δp=√δ2aX2+δ2b(1-x)2+2x(1-x)Pabδaδb
correlation coefficient=COVab/δaδb
⑾Modigliani and Miller’s theory: MVg= MVu + Dt
⑿CAPM: required return=risk free return+ systematic risk premium
注意assumption/limitation
⒀the arbitrage price model
⒁APV: Base case NPV
(Issue costs)
PV of the tax shield
PV of interest savings on subsidized loan
APV
C Corporate expansion and reorganization
清楚题 03/12 Megasal: APPENDIX可以看看
01/6 Laceto
00/6 Romage
03/6 Evertalk
Advantage/disadvantage/who benefits/financial aspects
The max sum pay for a target company: PV of target company cash flow+ synergy\
Synergy: economies of scale/scope/vertical integration, operating, head office, management, financial tax shield, market power
Problem to achieve Synergy
Methods: cash/equity shares/preference shares/loan stock
Regulation of takeovers
Defend against a takeover bid: pre-bid/post bid
P/E ratio/dividend valuation model\
D Foreign exchange and interest rate risk
清楚题 00/6 Retilon: 此题后附解题思路（helping hand），蛮清楚的，掌握方法
02/6 NTC:结合上题所附方法，多做几遍
02/12 与上题同理，结合看
99/12 HYK 思路很清楚，用来加强巩固
01/12 Shawter 三种避险工具的利弊，挺好的
Foreign exchange risk: transaction risk/economic risk/translation risk
Hedge避险工具: Forward market/ Money market/Futures/currency options
这部分题型比较固定，但也比较容易记乱了，多练练就好,就把每个类型中我复习时觉得比较特别的点拎出来
Forward market：payment:找最小的rate/receipts:找最大的rate
左买右卖
Money market:
payment: invest foreign currency
invested amount + interest on investment =payment required
receipt: borrow foreign currency
borrowed amount + interest on borrowing =receipt expected
Futures/option这个就是传说中的期货期权拉：
Buy for payment ,sell for receipt
Unhedged
Tick size: contract size*0.0001
Basis
时间系数
Futures大致步骤：buy or sell
Number of contracts
Choose a date
Calculate profit or loss
Conclusion
option大致步骤：Number of contracts
Calls or puts?
Contracts costs
Hedge outcome
interest rate risk: fixed rate loan/variable rate loan
Hedge: forward rate agreement/interest rate guarantees/interest rate futures/exchange traded interest rate options
Futures: buy a future—deposit money
sell a future—borrow money
basis risk
options: buy: buy the right to buy or buy the right to sell
call: right to buy the futures
put: right to sell the futures
deposits-- buy the futures—buy calls
loan-- sell the futures—buy puts
每种避险工具的advantage/disadvantage
SWAP: interest SWAP/currency SWAP
Advantage/risk
这部分我一直也不太明白，但也会一直考到，找些典型题，硬着头皮做吧~
Black scholes option pricing model:去年REVISION上52-55题都与此有关
E The global environment
清楚题 pilot Novoroast:此题关于limitation,other factor蛮完整的
03/12 Avto: 后面的分析好好看看，架构，格式，结尾
02/12 Intergrand:看看，模式蛮不一样，比较怪
DCF appraisal基本格式：
YEAR
Total contribution 需要计算的
(Fixed costs(with inflation))
(Tax allowable depreciation)
Taxable profit
(Tax)
Add back depreciation
Net after-tax cash flow from operations
Investment cash flows
(Land and buildings) 关注末年的回转
(Plant and machinery)
(Working capital) 掌握计算
Cash remittable from/to **
Exchange rate 掌握计算
**cash remittable
Contribution from sale
(Tax on contribution)
(additional tax)
Net cash flow
Discount factor 掌握计算
PV
NPV
注意PPPT，real option,两国所得税差额的补足等
注意分析的assumption, limitation
文字题结合案例，主要关注的为海外投资各种方法的优缺点，可行性，限制，对策等,有套路可循，思路开阔些。
F Corporate dividend policy
01/02年考过，考的不多
A Objectives and strategy formulation
清楚题 04/6 Wurrall:很清楚，蛮全的，可以多看几次
99/6 Hanme: APPENDIX的计算可以再看看，用来练手
01/12 Wickern:挺清楚的，可以再看
03/12 Snowwell: 挺清楚的，可以再看
关于财务战略的题，以前的考试也都考过，但现在多些文字，再多些RATE的计算，拿下：）
Turnover
(operating costs before depreciation)
Balance
(Tax allowable depreciation)
Earning before interest and tax
(Net interest payable)
Profit on ordinary activities before tax
(Tax on ordinary activities)
Profit after tax
(Dividends)
Amount transferred to reserves
会要求写假设，再写假设的局限。其实这样的题型比较完整的应该是出现在PART E里，我再后面会再提及，这个部分还是比较侧重于财务管理的一些常规公式:profitability, gearing, liquidity ,working capital, stock market
B Investment decisions and risk analysis
清楚题 99/6 Tovell: APPENDIX的计算可以再看看
00/12 Fuelit:挺好的，弄明白了，看看
04/6 Zendeck:纯关于WACC
03/6 Hasder: 多看看，与98/6Phantom放在一起看，理解公式
04/12 Trosoft:挺好，多看看，APV
简单整理：
⑴Time value of money: FV=PV*(1+n)n
⑵Discount factor:题目给，或者（1+r）-n
⑶Annuities:
PV of deferred annuity=annual cash flow*annuity factor*PV factor
⑷Perpetuities:
PV of a perpeturity=P0=annual cash flow/discount rate
⑸NPV:
时间1 时间2 时间3 时间4
Receipts:
Payments:
(wages)
(materials)
(variable/fixed overheads)
(administration/distribution expenses)
(capital allowances/tax allowable depreciation)
Taxable profits(EBIT)
(Tax)
Add back: capital allowances/tax allowable depreciation
(initial outlay)
NRV
Working capital 0-/n+
Net cash flow
Discount rate
PV
NPV
Free cash flows=EBIT(1-t)+capital investment+/-change in WC
可考虑的factor: social responsibility, risk, technical, economic, fiscal, CAPM limitation, reliability, sensitivity analysis，
未来的现金流不包括沉没成本，非现金支出（折旧等），在做决定前已经发生的费用支出等。
⑹Fisher equation: (1+money rate)=(1+real rate)*(1+general inflation rate)
⑺WACC= Ke*E+ Kd(1-t)*D
E+D E+D
注意其他的相关公式如Ke \Kd \real rate的计算及相关的assumption: inflation rate 等等
⑻EVA=NOPAT-capital employed*cost of capital
注意EVA的优缺点
⑼Dividend valuation model: P0=D0(1+g)
Ke-g
注意相关的assumption
⑽the returns on a two-asset portfolio: Rp=RaXa+ RbXb
the risk on a two-asset portfolio:δp=√δ2aX2+δ2b(1-x)2+2x(1-x)Pabδaδb
correlation coefficient=COVab/δaδb
⑾Modigliani and Miller’s theory: MVg= MVu + Dt
⑿CAPM: required return=risk free return+ systematic risk premium
注意assumption/limitation
⒀the arbitrage price model
⒁APV: Base case NPV
(Issue costs)
PV of the tax shield
PV of interest savings on subsidized loan
APV
C Corporate expansion and reorganization
清楚题 03/12 Megasal: APPENDIX可以看看
01/6 Laceto
00/6 Romage
03/6 Evertalk
Advantage/disadvantage/who benefits/financial aspects
The max sum pay for a target company: PV of target company cash flow+ synergy\
Synergy: economies of scale/scope/vertical integration, operating, head office, management, financial tax shield, market power
Problem to achieve Synergy
Methods: cash/equity shares/preference shares/loan stock
Regulation of takeovers
Defend against a takeover bid: pre-bid/post bid
P/E ratio/dividend valuation model\
D Foreign exchange and interest rate risk
清楚题 00/6 Retilon: 此题后附解题思路（helping hand），蛮清楚的，掌握方法
02/6 NTC:结合上题所附方法，多做几遍
02/12 与上题同理，结合看
99/12 HYK 思路很清楚，用来加强巩固
01/12 Shawter 三种避险工具的利弊，挺好的
Foreign exchange risk: transaction risk/economic risk/translation risk
Hedge避险工具: Forward market/ Money market/Futures/currency options
这部分题型比较固定，但也比较容易记乱了，多练练就好,就把每个类型中我复习时觉得比较特别的点拎出来
Forward market：payment:找最小的rate/receipts:找最大的rate
左买右卖
Money market:
payment: invest foreign currency
invested amount + interest on investment =payment required
receipt: borrow foreign currency
borrowed amount + interest on borrowing =receipt expected
Futures/option这个就是传说中的期货期权拉：
Buy for payment ,sell for receipt
Unhedged
Tick size: contract size*0.0001
Basis
时间系数
Futures大致步骤：buy or sell
Number of contracts
Choose a date
Calculate profit or loss
Conclusion
option大致步骤：Number of contracts
Calls or puts?
Contracts costs
Hedge outcome
interest rate risk: fixed rate loan/variable rate loan
Hedge: forward rate agreement/interest rate guarantees/interest rate futures/exchange traded interest rate options
Futures: buy a future—deposit money
sell a future—borrow money
basis risk
options: buy: buy the right to buy or buy the right to sell
call: right to buy the futures
put: right to sell the futures
deposits-- buy the futures—buy calls
loan-- sell the futures—buy puts
每种避险工具的advantage/disadvantage
SWAP: interest SWAP/currency SWAP
Advantage/risk
这部分我一直也不太明白，但也会一直考到，找些典型题，硬着头皮做吧~
Black scholes option pricing model:去年REVISION上52-55题都与此有关
E The global environment
清楚题 pilot Novoroast:此题关于limitation,other factor蛮完整的
03/12 Avto: 后面的分析好好看看，架构，格式，结尾
02/12 Intergrand:看看，模式蛮不一样，比较怪
DCF appraisal基本格式：
YEAR
Total contribution 需要计算的
(Fixed costs(with inflation))
(Tax allowable depreciation)
Taxable profit
(Tax)
Add back depreciation
Net after-tax cash flow from operations
Investment cash flows
(Land and buildings) 关注末年的回转
(Plant and machinery)
(Working capital) 掌握计算
Cash remittable from/to **
Exchange rate 掌握计算
**cash remittable
Contribution from sale
(Tax on contribution)
(additional tax)
Net cash flow
Discount factor 掌握计算
PV
NPV
注意PPPT，real option,两国所得税差额的补足等
注意分析的assumption, limitation
文字题结合案例，主要关注的为海外投资各种方法的优缺点，可行性，限制，对策等,有套路可循，思路开阔些。
F Corporate dividend policy
01/02年考过，考的不多