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投资银行真对MBA生的面试问题及参考答案

投资银行真对MBA生的面试问题及参考答案Source: EfinancialCareersBelow are a collection of real questions that were asked of investment bankingcandidates at the MBA level, along with suggested answers that they later put together. If you find yourself on a ‘superday’ interview at a big bank, you can bet thatyou’ll be asked at least of few of these questions. Disagree with an answer? Let us know in the comments below.Explain an LBO (leveraged buyout) to my grandmother, who knows nothing about financeAn LBO is a transaction in which a party purchases a business and brings it private. The transaction is funded using a large portion of debt. Three main characteristics of LBOs – 1) high debt, which is intended to be paid down, 2) incentives, managers are given greater stake in business, 3) private ownership, many LBOs go public again once debt has been paid down.If a company was looking to raise debt or equity, what are the 3 most important questions to ask?1) Whether they will generate enough cash flows to cover interest obligations. How many multiples in excess of current interest payments is their operations generating in cash flow?2) What is their current capital structure and can they bring on more debt and leverage the company further without being too levered versus industry and peers so that their credit rating and stock price isn’t negatively impacted.3) What is the current equity value? If the stock price is appropriately valued or has a potentially high value, then equity might be better.How does FED change the interest rates?The FED can adjust the Federal Funds Rate which is the interbank overnight rate at which the FED lends money. The lower the Federal Funds Rate, the lower real interest rates. The FED can also adjust the money supply through the purchase or sale of government bonds, whereby affecting inflationary expectations which will adjust nominal interest rates.What would be the difference between the interest coverage rate of a senior board vs. junior debt?Interest coverage rate is operating income divided by interest expense(EBIT/interest). This basically measures how much leadway a company has between its earnings and interest payments (a hurdle they must keep jumping to avoid default).In event of bankruptcy, the senior debt would have to be paid before the junior. However, when using the interest coverage ratio to analyze a company’s ability to keep up with their debt payments, I would look at the EBIT divided by ALL forms of debt as a failure to make payments for any form of debt results in default.How does Net Income flow into the Balance Sheet, Income Statement and Statement of Cash Flows?The Net Income on the bottom line of the income statement gets added into the retained earnings on the balance sheet. The net income from the income statement is also the starting line of the statement of cash flows.How do you value a company?There are five common valuation methodologies.▪Trading Range (the range the stock has been trading in during the past 52‐weeks). If we trust the market we should assume this is a reasonable place to start ouranalysis.▪Discounted Cash Flow (DCF), also called Intrinsic Value, seeks to find a present value of all future cash flows of the firm that are available to stakeholders.This can be done using WACC (weighted average cost of capital) or APV(adjusted present value).▪Public Comparables looks at peer companies to determine how the market values companies in the same or similar businesses using multiples including P/Eand EV/EBITDA.▪Acquisition Comparables, also called Deal Comps or Precedent Transactions, looks to see how much acquirers recently paid for similar businesses.▪Asset Value, also called liquidation or breakup value, examines what you can sell the company’s assets for (including real estate).In addition, valuation can be framed through:▪Leveraged Buyout looks at what a financial sponsor could pay considering a target IRR (internal rate of return) and the debt capacity of the firm.▪Merger Consequences Analysis is actually an affordability analysis (what can an acquirer pay) rather than an analysis of the value of a target.Describe how to value a privately held companyValuation for a private company is the same as the valuation of a public company with some complications, particularly as it relates to DCF (discounted cash flow). Because a private company has no publicly traded equity, a beta cannot be directly computed.To find the cost of equity (KE)1. Estimate the total value of the private company based on comparables (use average EV/EBITDA)2. Deduct the value of the debt to get estimated “market” value of equityor internal use only3. Get the average levered beta from the comparables and unlever it4. Re-lever the beta for the private company based on the target D/E (debt-to-equity) ratio5. Calculate Ke based on CAPM (capital asset pricing model)To find the cost of debt (Kd)1. Some privately held companies have publicly traded debt – so look up trading yields to estimate Kd2. Alternatively, estimate what the credit rating of the company would be based on comparables (look at credit statistics)3. For estimated credit ratings, use current market yields for similarly rated companies to determine KdThen calculate WACC as normal and DCF as normalSuppose your client had significant excess cash on the balance sheet. How would you recommend its use?First, you must define what you think is significant excess cash. For companies that are in cyclical industries, paying out large amounts of cash might leave the company unprepared for a subsequent market downturn. Once you have established that your client does indeed have excess cash on the books, there are a few tried and testeduses for excess cash.▪Invest in positive net present value (NPV) projects (acquisitions, CapEx, R&D)▪Return money to shareholders in the form of share repurchases, dividends, and debt repayments▪Must take into account Kd, Ke, WACC, and tax considerationsWhy might two companies have a different cost of equity?They have different betas. The beta of a stock measu res that stock’s sensitivity to movements in the overall stock market. More volatile stocks have a beta higher than one; less volatile stocks have a beta less than one.In an all-stock transaction, a company with a lower P/E is buying a company with a higher P/E. What is the effect of this transaction? What happens if you usedebt/cash to make part of the above transaction? Why?The point of this question is to get you to say whether the acquisition is accretive or dilutive. Generally, companies do not want dilutive acquisitions since they destroy shareholder value. The combined company’s ratio will have a higher P/E than the acquirer originally did (but lower than the seller, obviously). However, since more shares will have to be issued by the lower P/E company (than would have been needed if the acquirer had a higher P/E ratio), the combined company will have a lower EPS (dilutive acquisition). Typically, the company with the higher growth rate and growth potential commands a higher P/E . The opposite is true for companies with lower P/E ratios. If you throw in debt/cash, fewer shares will be needed for the acquisition, thus the transaction will be less dilutive, and potentially accretive.If a company changes its method of inventory valuation from LIFO to FIFO in an inflationary environment, what is the impact on the three financial statements?If a company changes its method of inventory valuation from LIFO (last in, first out) to FIFO (first in, first out) in an inflationary environment, it means that the cost of goods sold (COGS) will fall, since goods purchased earlier are being charged to COGS and ending balance of inventory will rise since recently purchased goods will now be reflected in ending inventory. This means that income will rise in the I/S, and value of assets will increase in the B/S.Of the three main valuation methods (DCF, Public comparables and transaction comparables), rank them in terms of which gives you the highest price. Which one typically yields the highest valuation?Simple answer – it depends. Depends on discount rate in DCF model, depends on the comparable companies used, depends on whether the market is hot/cold and the companies are overvalued/undervalued for no good reason. Generally, however, transaction comps would give the highest valuation, since a transaction value would include a premium for shareholders over the actual value. The second highest valuation would probably be the DCF, since there are a lot more assumptions that are involved (growth rate, discount rate, terminal value, tax rates, etc), but it can also be the most accurate depending on how good the assumptions are.If you had to pick one statement to look at (balance sheet, cash flow, income statement), which one would it be and way?No right answer – can go with whichever one you like. Each has its advantages: income statement – shows the profitability of a company, trends in sales/expenses, margins, etc; balance sheet is a great way to see what items make up the company’sassets and who the company needs to pay back for those assets. Personally, I would go with the cash flow statement. At the end of the day, cash is king. A company that has positive income but very little cash is in deep trouble. Cash flows are used forDCF models, not net income. The cash flow statement allows observing important performance metrics from both income statements and balance sheets such as net income, depreciation, sources and uses of funds, changes in assets and liabilities. Name two common ways companies can manage their earnings?1) Changing accounting practices under GAAP (e.g. switching between S‐L Depreciation and Double Declining Balance; changing between LIFO and FIFO; etc…).2) “Big bath” (taking negative hits in an already bad year and basically just writing the ye ar off) or “Cookie Jar Accounting” (reducing top‐line revenues in good years and keeping them on reserve for bad years).What type of a company would be a good candidate for an LBO?It is difficult to define the characteristics of a typical LBO candidate, but the following things are very important:▪Good management (MOST IMPORTANT): could be new or old, but they need to bemotivated, competent, qualified, and correctly incentive.If the management is old, you probably want to give them some equity interest in the company as an incentivizing tool. If the management is new, you need to find the rightincentives.▪Strong cash flow: cash flow should be healthy, steady, and predictable to allow foreasy borrowing from creditors.▪Massive required cash outflows f or CapEx and R&D shouldn’t be necessary to theongoing success of the company.▪Exit strategy: Financial sponsor should have a strategy for exiting the company within an appropriate timeframe by either: selling the company to a strategic or financial buyer or IPOing the company. The exit multiple should be at least the acquisition multiple assuming the sponsor has improved the profitabilityof the profitability of the portfolio company.▪Market niche: good niche in the markets for their product lines.▪Steady stream of revenues and a client base that is not overly dependent on a fewlarge customers.▪Steady growth pattern, as growth in profitability will accelerate the repayment of debt; growth will also help the valuation of the company if the sponsor islooking to IPO the company.▪Work force: must be flexible and willing to participate, as business plans change and assets are often redeployed after an LBO.▪Skeletons in the boardroom: litigation or environmental concerns could be dealbreakers since these issues could make it difficult to attain financing.▪Technology: state‐of‐the‐art technology helps ensure maximum efficiency and profitability; also decreases need for large CapEx in the future.▪Buried treasure: deal‐makers are always looking for untapped or hidden resources such as, real estate, exclusive licenses, rights, patents, contracts, franchises,etc… from which maximum value has yet to be unleashed.▪Costs: a company must have the capacity and willingness to cut costs.Define Beta for a laymanBeta tells you how much the price of a given security moves relative to movementsin the overall market.A Beta of 1 means that if the market moves, the stock moves in unison with the market.A Beta < 1 means that if the market moves a certain amount, the stock will move less than that amountA Beta >1 means that if the market moves a certain amount, the stock will move more than that amount.What kind of multiples should I use to do a comparable company analysis on ABC company? How would I calculate them?Common ratios used to compare equity performance:▪Price / EPS▪Market Value / Net Income▪Market Value / Book Value▪Price to Earnings / Growth Rate (“PEG Ratio”)Common ratios used to compare enterprise performance:▪Enterprise Value (EV) / EBITDA▪EV / EBIT▪EV / Sales (generally only appropriate for volume driven businesses or those with negative earnings)How would you evaluate the credit worthiness of a company if you were a bank?A creditor’s measure of an individual’s or company’s ability to meet debt obl igations. Lenders will trade off the cost/benefits of a loan according to its risks and the interest charged. But interest rates are not the only method to compensate for risk. Protective covenants are written into loan agreements that allow the lender some controls. These covenants may:▪Limit the borrower’s ability to weaken their balance sheet voluntarily e.g., by buying back shares, or paying dividends, or borrowing further.▪Allow for monitoring the debt requiring audits and monthly reports▪Allow the lender to decide when he can recall the loan based on specific events or when financial ratios like debt/equity, or interest coverage deteriorate.Credit scoring models also form part of the framework used by banks or lending institutions to grant credit to clients. For corporate and commercial borrowers, these models generally have qualitative and quantitative sections outlining various aspects of the risk including, but not limited to, operating experience, management expertise, asset quality, and leverage and liquidity ratios, respectively.Visualize the income statement of any company you have audited. Take me through its key line items.▪Revenues: Source of income that arises from the sale of goods and/or services and is recorded when it is earned.▪Expenses: Costs incurred by a business over a specified period of time to generate therevenues earned during that same period of time. Commonly includesCOGS and SG&A.▪Net Income: Revenue minus expenses.How do you value companies in emerging markets other than DCF?There are three major ways to valuation:▪Comparable Companies▪Precedent Transactions▪DCF AnalysisOther methodologies:▪Liquidation Valuation –valuing company’s assets assuming they are sold off then subtracting liabilities to determine how much capital an equity investorreceives.▪Replacement Value – based on cost of replacing assets.▪LBO Analysis – determine how much a PE firm could pay for a company to hit a target IRR in the range of 20‐25%.Valuations in emerging markets. How would you value a bond issued by a company in an emerging market?▪Comparable companies and their bonds▪Study economic trends – inflation, GDP growth▪Determine risk and associated risk premium bond purchasers willing to pay in that marketAdvise a client how to expand into the consumer market in Mexico. (Valuation issues, whose WACC would you use etc.).▪Use acquirer’s WACC▪Study economic trends – inflation, GDP growth – and government involvement▪Review different industries within the consumer market▪Determine which company/industry has the lowest risk▪Company comparables▪Review debt possibilitiesDCF issues – difficult to project over 10-year period。

MBA《会计学》——对外投资

MBA《会计学》——对外投资1. 简介在当今全球化的经济环境中，对外投资成为企业发展的重要策略之一。

对外投资是指企业将资金、技术、人才等资源投向国外市场，以拓展市场份额、获得先进技术和管理经验、实现资源优化配置等为目的的行为。

在这种背景下，MBA《会计学》课程对于理解和应用对外投资方面的知识和技能非常重要。

本文将从以下几个方面介绍MBA《会计学》在对外投资中的应用和意义。

2. 对外投资的背景与重要性对外投资是企业发展战略中的重要组成部分。

随着全球经济一体化的加深，企业面临的市场竞争越来越激烈，单一国内市场已经无法满足企业的发展需求。

通过对外投资，企业可以扩大市场份额、获得先进技术和管理经验、实现资源优化配置等，从而提升企业的竞争力和发展潜力。

对外投资还可以帮助企业降低经济风险。

通过在多个国家和地区开展业务，企业可以分散和平衡经济风险，避免在单一市场上的过度依赖。

3. MBA《会计学》中的对外投资知识在MBA《会计学》课程中，学生将学习到以下对外投资相关的知识：3.1 国际会计准则（IAS）MBA《会计学》课程将重点介绍国际会计准则（International Accounting Standards，IAS），学生将学习到如何根据IAS进行对外投资项目的财务报告。

了解和掌握国际会计准则对于准确披露对外投资项目的财务状况和业绩表现至关重要。

3.2 外币会计对外投资通常涉及不同国家和地区的货币。

MBA《会计学》课程中的外币会计将帮助学生了解外汇市场和外币会计的基本原理和方法。

学生将学习到如何根据不同国家和地区的货币进行核算和披露。

3.3 盈利管理对外投资可能面临不同国家和地区的法规和税收政策，学生将学习到如何进行盈利管理，以降低税收和法律风险。

MBA《会计学》课程将介绍如何进行税务规划，合法降低企业的税负。

3.4 风险管理对外投资具有较高的风险性，学生将学习到如何进行风险管理。

MBA《会计学》课程将介绍风险管理的基本概念和方法，并帮助学生了解如何在对外投资项目中进行风险评估和控制。

四川大学MBA投资学

• 不难看出协方差越大;两个变量之间的变动就越相关;
• 但协方差受计量单位的影响;相互间无法进行比较;为此我们将协方差标准化：引入相关系数
correlation coefficient
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44
相关系数correlation coefficient
• 相关系数correlation coefficient
29
历史投资收益的计算
• 在实践中;我们常用历史收益来推测期望收益 • 历史投资收益的计算：
Rt=Pt – Pt1/Pt1
• 如果是股票;计算收益时还需要考虑分红配股等因素;需要对分红配股后的股价进行复权;然后再进行计算;
Rt=Pt – Pt1+D/Pt1
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历史投资收益的计算
• 风险意味着损失;同时也意味着更大的收益 • 对一个理性的投资者来说;可能的损失带来
的痛苦要比可能的收益带来的快乐大一些; 所以他们不愿意玩公平游戏
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回避风险续
• 风险回避使投资者在其他情况相同时;总是选择风险最小的投资;
• 风险爱好 risk seeking • 马柯威茨均值方差模型就是在上述两个假
标准差的含义正态分布情况下
偏离平均值的距离
μ ＋/ 1σ μ ＋/ 2σ μ ＋/ 3σ
落在该范围内的数值的比例
68％ 95％ 99 7％
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投资者对于收益和风险的态度
投资者是不知足nonsatiation的和厌恶风险的risk averse;即投资者总是希望期望收益率越高越好;而风险越小越好;

MBA财务管理课件：项目投资管理

MBA财务管理课程
2．实际现金流量原则
实际现金流量原则是指在计量投资项目的成本和收益时，是用现金流量而不是会计收益。因为在会计收益的计算中还包含了一些非现金因素，如固定资产的折旧、无形资产的摊销等。除此之外，还应注意剔除收益中的非现金项目。实际现金流量原则的另一层含义是项目未来的现金流量不是用现在的价格和成本计算，而必须用预计未来的价格和成本计算。
MBA财务管理课程
5.1.4 项目投资资金的投入方式
从时间特征上看，投资主体将原始总投资注入具体项目的投入方式包括一次投入和分次投入两种形式。
MBA财务管理课程
5.2 现金流量测算
在整个项目投资决策过程中，估计或预测投资项目的现金流量是非常关键的，是项目投资评价的首要环节，也是最重要、最困难的步骤之一。现金流量所包含的内容是否完整，预测结果是否准确，直接关系到投资项目的决策结果。
MBA财务管理课程
三是：要考虑投资方案对企业其他部门的影响
当我们采纳一个新的项目后，该项目可能对企业的其他部门造成有利或不利的影响。例如，若新建车间生产的产品上市后，原有其他产品的销路可能减少，而且整个企业的销售额也许不增加甚至减少。有时也可能发生相反的情况。当然，这类影响事实上是很难准确计量的，但决策时仍要将其考虑在内。
MBA财务管理课程
不同类型的投资项目，其现金流量的具体内容存在差异。
1．单纯固定资产投资项目的现金流量
(1)现金流入量。包括：增加的营业收入和回收固定资产余值等内容。 (2)现金流出量。包括：固定资产投资、新增经营成本和增加的各项税款等内容。
2．完整工业投资项目的现金流量
(1)现金流入量。包括：营业收入、补贴收入、回收固定资产余值和回收流动资金。 (2)现金流出量。包括：建设投资、流动资金投资、经营成本、营业税金及附加、维持运营投资和调整所得税。

MBA财务管理四

1.实际现金流量原则-投资项目的现金流量必须按它们实际发生
时间测量
2.相关／不相关原则-相关现金流量仅仅是指那些由于投资决策
而引起的公司全面的未来现金状况变化的现金流量。
MBA财务管理四财务管理四
第二节现金流量分析
二、现金流量的构成
-这里的“现金”是广义的现金，它不仅包括各种货币资金，还包括项目需要投入企业所拥有的非货币资源的变现价值。
ko
k0
MBA财务管理四财务管理四
【例5-4 】假定投资者要求的最大可接受的回收期为3年，根据选择标准，可以接受A方案，不能接受B方案。
期间
投资项目 A
税后收益净现金流量
0
（ 200000）
1
20000
70000
2
20000
70000
3
15000
65000
4
5000
55000
60000
60000
2、内部投资额预测的基本方法（1）逐项测算法（2）单位生产能力估算法（3）装置能力指数法（以上方法均比较简单，不在举例）（三）对外投资额的预测 1、对外联营投资额的预测 2、对外证券投资额的预测（以上方法也比较简单，不再举例）
MBA财务管理四财务管理四
第二节现金流量分析
一、现金流量分析的意义和基本原则（一）意义
70000
70000
N CFt
累积净现金流量（ 2 0 0 0 0 0 ）
m
NCF t
t 0
（ 130000）
（ 60000）
3 65000
5000
4 55000
6000
－60000
PP=2+ 5000－（－60000)=2.92

MBA投资学第3讲

(1)货币供应量

直接影响：改变了市场上原有的资金与证券的比例，
引发了证券价格的波动。

间接影响：引起通货膨胀水平的变动，会对各种证
券价格产生持续性影响。
(2)公开市场操作

公开市场操作是指中央银行在证券市场上公开买卖
各种政府债券，以调节货币供应量的活动。
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货币政策与股市涨跌的关系
(1)紧缩性货币政策
23
财政政策影响股票市场的途径

国家预算的影响

国家税收的影响

国家公债的影响

转移支付的影响

财政补贴的影响
24
财政政策与股市涨跌的关系 (1)短期财政政策与股市涨跌的关系

(2)中长期财政政策与股市涨跌的关系

25
一般而言，利率与证券市场表现为负相关。
利率上升对证券市场的影响：
5
人们一般把经济运行的周期分为三个阶段：经济的持续增长阶段为经济的繁荣阶段，也称作景气阶段；经济增长放慢，一旦连续3个月增长率小于0，或出现负增长，经
济就进入衰退阶段；经济停止衰退，开始有正的增长，但增长率还比较低，这时称作
经济的复苏阶段；如果经济增长的比率进一步加快，一旦经济达到衰退前的最高点，
17
货币政策的主要内容

货币政策是指货币当局为实现既定的经济目标，运用
各种工具调节货币供应和利率，进而影响宏观经济的运行
状态的各类方针和措施的总和。

货币政策由信贷政策、利率政策、汇率政策构成。

实施货币政策所运用的工具有：调整法定存款准备金
率、变更再贴现率和公开市场业务。

InvestmentsMBA536.ppt

Chapter 5: Introduction to Risk and Return
V. KEY ISSUES REGARDING INTEREST RATES
A. Does US Gov’t borrowing affect rates? B. What impact do foreign rates have on domestic rates? C. What other exogenous events affect interest rates? D. Do shortages in the commodities markets affect rates?
Chapter 5: Introduction to Risk and Return
IV. EQUILIBRIUM INTEREST RATE A. Equilibrium ≡ point at which markets clear (no excess supply or demand).
1. Question: Is an equilibrium point observable? 2. Question: Is equilibrium an important concept?
Investments MBA 536
Dr. David P Echevarria Cameron School of Business University of North Carolina Wilmington
Unit 2: Risk and Return
❖ Unit 2 begins our journey into the fundamental analysis of risk and return. As we delve into the statistical nature of risk measurement, we must remind ourselves that the market is always and everywhere an expectations phenomenon. We don’t really know a lot about the future. We know quite a bit about the past and attempt to use it as a guide to discerning the future. A caution is warranted as we observe the elaborate mathematical and statistical models that purport to explain the market’s behavior. We note with interest the disclaimer in every prospectus; “…past performance is no guarantee of future performance, investigate before you invest…”

InvestmentsMBA536-25页精选文档

Chapter 5: Introduction to Risk and Return
II. DEMAND FOR [LOANABLE] FUNDS A. Households
1. Consumption and saving a function of income 2. Consumption above current income levels financed with
B. Risk Premium
1. The difference between the return on a risky investment and the risk free rate
2. Example: The 40-year average return on the SP500 is approximately 11%. The 30-day T-Bill has average about 5% for the same period. That suggests a risk premium of about 6% for the SP500. (T-Bill assumed to be risk-free – well almost!)
1. Assumes we have linked risk tolerance, objective time horizon, and opportunity sets
from the expected return
B. Measuring risk
1. Standard deviation: statistical measure of dispersion around a mean.
2. Range: the difference between the highest and lowest values.

InvestmentsMBA536共25页文档

Chapter 5: Introduction to Risk and Return
IV. EQUILIBRIUM INTEREST RATE A. Equilibrium ≡ point at which markets clear (no excess supply or demand).
1. Question: Is an equilibrium point observable? 2. Question: Is equilibrium an important concept?
Chapter 5: Introduction to Risk and Return
I. STUDENT LEARNING OBJECTIVES A The role of supply and demand for funds B The concept of market equilibrium C How does the government affect supply and demand? D Can we predict future interest rates? E The risk premium concept
borrowing.
B. Business
1. Finance asset expansion (20% using external capital)
C. Government
1. Demand for funds Inelastic with respect to rates.
D. Foreign
B. Changes in the Equilibrium Interest Rate
1. Change in response to changes in supply of funds 2. Change in response to changes in demand for funds

MBA《会计学》资产对外投资

金融资产投资的种类
交易性金融资产
指企业为了近期内出售而持有的金融资产，如企业以赚取差价为目的从二级市场购入的股票、债券、基金等。
持有至到期投资
指企业有明确意图并有能力持有至到期的非衍生金融资产。
可供出售金融资产
指企业没有划分为以公允价值计量且其变动计入当期损益的金融资产、持有至到期投资、贷款和应收款项的金融资产。
金融资产投资的处置
企业出售交易性金融资产时，应将售价与账面价值之间的差额确认为投资收益，并调整公允价值变动损益。
企业处置持有至到期投资时，应将售价与账面价值之间的差额确认为投资收益。
企业出售可供出售金融资产时，应将售价与账面价值之间的差额确认为投资收益，同时将可供出售金融资产持有期间累计产生的其他综合收益转出，计入投资收益。
提升企业盈利能力
通过对外投资，企业可以获得更多的投资回报，从而提升盈利能力。
拓展企业业务范围
通过资产对外投资，企业可以拓展自身的业务范围，增强自身的市场竞争力。
资产对外投资的种类
股权投资
其他投资
企业通过购买其他企业的股权，成为被投资企业的股东，分享其经营成果。
如房地产投资、金融衍生品投资等。
持有至到期投资
以摊余成本进行后续计量，并确认利息收入。
其他资产对外投资的处置
长期股权投资
按照账面价值与实际取得价款的差额确认投资收益或损失。
可供出售金融资产
按照账面价值与实际取得价款的差额确认投资收益或损失。
交易性金融资产
按照公允价值与账面价值的差额确认投资收益或损失。
持有至到期投资
按照账面价值与实际取得价款的差额确认投资收益或损失。
mba《会计学》资产对外投资

InvestmentsMBA536-25页PPT资料

The short answer to the above questions: How do these things affect investor perceptions of economic risk? Once we have settled the risk question (and its time frame dimension) we can begin to understand how rates are set and how these rates influence economic activity.
1. Additional sources of risk – exchange rate volatility
Chapter 5: Introduction to Risk and Return
III. SUPPLY OF LOANABLE FUNDS A. Households are net suppliers of funds. B. The supply of funds is a function of risk and return. C. The supply of funds is also subject to investor preferences. D. Governments may also supply funds (credit or specie).
1. Assumes we have linked risk tolerance, objective time horizon, and opportunity sets
E. The Normal Distribution of Events Fallacy (Taleb’s Ludic Fallacy)

mba投资管理培训资料

投资分析方法
03
基本分析
宏观经济因素
包括经济增长、通货膨胀、利率、汇率等。
行业趋势
关注行业生命周期、竞争格局、政策影响等。
公司财务状况
分析财务报表、盈利能力、偿债能力等。
技术分析
01
02
03
图表类型
包括K线图、蜡烛图、点数图等。
趋势识别
通过识别趋势线、支撑位、阻力位等来判断价格走势。
部分。
债券种类与特点
债券可分为国债、企业债、金融债等，每种债券具有不同的风险和收益特点。
债券交易规则
债券交易通常通过银行间市场或证券交易所进行，遵循一定的交易规则和监管制度。
债券市场风险
投资者在债券市场中需关注利率风险、信用风险和流动性风
险。
期货与衍生品市场
期货与衍生品市场概述
期货与衍生品市场风险
通过基本面分析、技术分析等方法，优化投资组合中的股票选择。
设置合理的止损点和止盈点，控制投资组合的回撤和波动，降低风险。
投资组合再平衡
01
02
03
04
定期调整
定期对投资组合进行调整，包括资产配置和股票选择的调整。
市场环境变化应对
根据市场环境的变化，及时调整投资组合，以保持与目标的一致性。
外汇市场是各国货币兑换的场所，是全球最大的金融市场之一。
外汇交易通常通过银行间市场进行，遵循一定的交易规则和监管制度。
外汇投资策略
外汇市场风险
投资者在外汇市场中可采用多种投资策略，如套汇交易、借差交易、利率套利等。
外汇市场存在汇率风险、利率风险和政治风险，投资者需关注全球经济形势和政策变化，以降低投资风险。

InvestmentsMBA536-PPT文档资料

Chapter 5: Introduction to Risk and Return
I. STUDENT LEARNING OBJECTIVES
A B C D
The role of supply and demand for funds The concept of market equilibrium How does the government affect supply and demand? Can we predict future interest rates?
B.
Business
1.
C.
Government
1.
D.
Foreign
1.
Additional sources of risk – exchange rate volatility
Chapter 5: Introduction to Risk and Return
III. SUPPLY OF LOANABLE FUNDS
A. B. C. D.
Does US Gov’t borrowing affect rates? What impact do foreign rates have on domestic rates? What other exogenous events affect interest rates? Do shortages in the commodities markets affect rates? The short answer to the above questions: How do these things affect investor perceptions of economic risk? Once we have settled the risk question (and its time frame dimension) we can begin to understand how rates are set and how these rates influence economic activity.

投资学讲义 MBA课件

Portfolio of long-term Treasury bonds?
Assume that the dividends and the interest payments are reinvested in the asset
Wealth Accumulation of Stocks and Bonds (1926-2002)
Denmark Poland Russia
Sw itzerland Spain Peru Cuba
Sw eden Hungary
Turkey Czech Australia New Zealand Argentina Canada Brazil Japan (1) Norw ay Egypt (1) South Africa Singapore Hong Kong Greece (1)
What About Taxes?
The government taxes interest, dividend income, and realized capital gains
How much do taxes affect our wealth accumulations?
I assumed that dividends and interest income is taxed at the marginal tax rate of the average stock and bond holder and that capital gains are not taxed
This future value is possibly uncertain
Investment Environment and Investment Process

MBA课程投资组合理论第十讲：投资风险管理

医疗保险可以满足其退休后所有的医疗费用，没有其他负债和开销计划。市场通胀预期年率3.5%
2020/5/12
金统学院
13
第十讲金融投资风险管理
分析 B律师目前可支配总资产：投入股市资产200万元退休年金现值 20万元房屋装修支出 10万元捐赠支出 70万元合计资产 240万元，则B律师的期望、也是必须
投资表现
持续监控
金统学院
5
第十讲金融投资风险管理
§10.1 权衡的艺术
—从投资场景分析到资产组合的建立
个人投资者场景分析在整个资产组合管理流程中，最为关键的就是对投资者背景、投资偏好和投资限制的综合考衡后，分析投资政策声明。
➢ 投资政策声明的构件投资目标（Investment Objectives） ✓ 风险承受度（Risk Tolerance） ✓ 回报目标（Return Objectives）
The 2nd stage is k years from year n+1 to n+k (Working before retirement)
The 3rd stage is (Life time following his retirement , retirement period)
2020/5/12
——税前回报（Before-tax Return）
——税后回报（After-tax Return）
2020/5/12
金统学院
12
第十讲金融投资风险管理
案例10-2
现年65岁B律师刚退休，单身。约积累财富300万
元（包括一次性领取的退休金），目前全部投资在小市值的股票上。B打算在近三个月内装修住房约需10万元，下一月还打算为当地社区捐助70 万元修葺阅览室和扩大藏书。B在工作期间买入的退休年金计划现在开始以每月2千元付给，该年金现值估计20万元。B要求现在生活标准和在职时一样，年度开销15万元。此外，B所购买的