CFA Level 1 考试 Quicksheet公式表

CFA考试一级财务报表重点解析方法

全球最大的CFA(特许金融分析师)培训中心总部地址：上海市虹口区花园路171号A3幢高顿教育电话：400-600-8011网址：微信公众号：gaoduncfa 1CFA 考试一级财务报表重点解析方法在做现金流量表编制的相关题目时，对于新手而言，有时候很难一下子判断出各类资产负债表的增加或减少对于现金流量的影响。

在这里，我们介绍三种不同的方法进行快速判断。

比如：应收账款增加100元，对于经营现金流的影响是增加还是减少呢？方法一：逻辑推算法公司应收账款的增加说明别人欠本公司的钱增加了，换而言之就是本公司在当期应该有更多的钱但实际没有收到，因此是一种现金收入的减少。

所以应收账款增加100元，体现在经营现金流量表中是-100元。

方法二：基本公式法基本公式：Asset=Liability Equity变形公式：Cash non cash asset=Liability EquityCash=-non cash asset Liability Equity从上述公式，显而易见，非现金资产（红色部分）的增加对现金流产生减少的影响，而负债及权益（蓝色部分）的增加对现金流产生增加的影响。

因此，应收账款增加100元，体现在经营现金流量表是-100元。

方法三：口诀法资产增加是花钱，现金减少用减号资产减少是卖钱，现金增加用加号负债增加是借钱，现金增加用加号负债减少是还钱，现金减少用减号对应上述口诀，应收账款增加100元，是资产的增加，代表现金的减少，因此在现金流量表中用-100来表示。

各位考生，CFA 备考已经开始，为了方便各位考生能更加系统地掌握考试大纲的重点知识，帮助大家充分备考，体验实战，高顿网校开通了全免费的CFA 题库（包括精题真题和全真模考系统），题库里附有详细的答案解析，学员可以通过多种题型加强练习，通过针对性地训练与模考，对学习过程进行全面总结。

CFAL1一级公式汇总

CFAL1一级公式汇总CFA一级考试包含许多公式和概念，这些公式和概念涉及财务报表分析、投资组合管理、估值模型、公司财务等方面。

以下是一级考试中常见的一些公式的汇总：1.资本预算公式：净现值(Net Present Value, NPV) = 初始投资 + 现金流量的现值2.资本预算指标：报酬率(Return on Investment, ROI) = (净利润/投资额) × 100%财务杠杆(Financial Leverage) = 总资产/股东权益盈利杠杆(Earnings Leverage) = 净利润/营业利润财务杠杆乘以盈利杠杆(Financial Leverage × Earnings Leverage) = 杠杆系数(Leverage Factor)3.财务报表分析公式：流动比率(Current Ratio) = 流动资产/流动负债速动比率(Quick Ratio) = (流动资产 - 存货)/流动负债现金比率(Cash Ratio) = 现金/流动负债利息保障倍数(Interest Coverage Ratio) = 息税前利润/利息开支股东权益比率(Equity Ratio) = 股东权益/总资产股东权益报酬率(Return on Equity, ROE) = 净利润/股东权益4.会计公式：利润总额=营业收入-营业成本-营业税金-利润分享给优先股东-利润分享给普通股东净利润=利润总额-所得税总资产=股东权益+负债股东权益=资产-负债5.宏观经济指标公式：国内生产总值(Gross Domestic Product, GDP) = 消费者支出 + 投资 + 净出口通货膨胀率(Inflation Rate) = (物价指数现值 - 物价指数上期值)/物价指数上期值×100%6.估值模型公式：股票估值=(股票股利/折现率)+终值折现债券估值=公允价值-未来现金流量的现值现金流估值(Cash Flow Valuation) = 现金流量/折现率7.风险管理公式：标准差(Standard Deviation) = [(X1 - μ)^2 + (X2 - μ)^2 + (X3 - μ)^2 + ... + (Xn - μ)^2/(n-1)]^(1/2)协方差(Covariance) = [(X1 - μx)(Y1 - μy) + (X2 - μx)(Y2 - μy) + (X3 - μx)(Y3 - μy) + ... + (Xn - μx)(Yn - μy)]/(n-1)以上是CFA一级考试中一些常见的公式。

CFA公式汇总

CFA公式汇总CFA（Chartered Financial Analyst）考试是全球金融投资领域的一项专业资格认证考试，由CFA协会主办。

CFA考试涵盖了金融投资领域的各个方面，包括投资管理、估值、公司金融、金融市场、金融机构、金融分析等内容。

为了帮助考生更好地备考CFA考试，下面汇总了一些常用的CFA公式。

1. 股票估值模型（Dividend Discount Model）股票价格=下一年预期股息/(期望回报率-增长率)其中，期望回报率一般使用CAPM模型来计算，增长率一般使用历史平均增长率。

2. 市盈率（Price-to-Earnings Ratio）市盈率=股票价格/每股收益市盈率衡量了投资者愿意为每一单位收益支付多少。

3. 市净率（Price-to-Book Ratio）市净率=股票价格/每股净资产市净率衡量了投资者愿意为每一单位净资产支付多少。

4. 资本资产定价模型（Capital Asset Pricing Model，CAPM）期望回报率=无风险利率+系统风险溢价xβ其中无风险利率是指没有风险的投资所能获得的回报率；系统风险溢价是指投资者愿意为承担额外风险所支付的额外回报率；β是投资资产的风险系数，衡量了该资产相对于市场整体的波动性。

5. 有效前沿（Efficient Frontier）有效前沿是指在给定风险水平下，投资组合具有最大期望回报率的集合。

6. 夏普比率（Sharpe Ratio）夏普比率=(投资组合回报率-无风险利率)/投资组合标准差夏普比率衡量了每承受一单位总风险所获得的超额回报率。

7. 贝塔系数（Beta）贝塔系数衡量了投资资产相对于整个市场的波动性。

贝塔系数大于1表示资产波动性高于市场，小于1表示资产波动性低于市场。

8. 法国期权定价模型（Black-Scholes Option Pricing Model）看涨期权价格=当前股票价格xN(d1)-行权价格xe^(-rxt)xN(d2)看跌期权价格=行权价格xe^(-rxt)xN(-d2)-当前股票价格xN(-d1)其中，N(是标准正态分布函数，d1和d2分别计算如下：d1 = (ln(S/K) + (r + (σ^2/2)) x t) / (σ x √t)d2=d1-σx√t其中S是标的资产当前价格；K是期权的行权价格；r是无风险利率；σ是标的资产的波动率；t是期权的剩余期限。

CFA一级常用公式和学习笔记总结可以直接打印

CFA一级常用公式和学习笔记总结从第一次考CFA一级到今天，四年过去了，持证也已经是前年的事情了。

感谢，FRM，CFA，让我见识了更多不一样的人生。

记录自己考试前的公式总结，很怀念那些用word公式编辑器逐个编辑公式的日子，现在也在从事与CFA考试相关的工作，所以决定把它们重新发上来，希望可以帮助到更多的有志于此道的同路人。

Statistic (5)1.1 Standard error of the sample mean： (5)1.2Measure of performance (5)1.3远期利率公式： (6)1.4 Leptokurtotic: (6)1.5 Positive skewed (6)1.6 Holding period return(HPR) (7)1.7 arithmetic or mean return (7)1.8 Geometric Mean return (7)1.9 Money-weighted return or time-weighted return (8)1.10 quartiles/quintiles/deciles/percentiles (8)1.11 probability (9)1.12 ratio/ordinal/interval/nominal (9)1.13 Chebyshev’s Inequality (9)1.14 distribution (10)1.15 desirable properties of an estimator (10)1.16 Bayes’ formula (10)1.17 type I and type II error (10)1.18 hypothesis testing (11)1.19 technical analysis (13)derivatives (16)2.1 option portfolio (16)2.2 Put-call parity (16)2.3 backwardation \contango (16)Corporate finance (16)3.1 NPV (16)3.2 IRR(internal rate of return) (17)3.3 PBP（backed period） (17)3.4DPB(discounted backed period) (17)3.5 Profitable index(PI) (17)3.6 WACC (17)3.7 cost of debt (18)3.8 Cost of preferred stock (18)3.9 Cost of equity (18)3.10 Break point (20)3.11 Floatation cost (20)3.12 Degree of operating leverage (21)3.13 Degree of financial leverage(DFL) (21)3.14 Degree of total leverage(DTL) (21)3.15 Breakeven Analysis (22)3.16 working capital management (22)3.17 Liquidity ratios and turnover ratios (22)portfolio (23)4.1 nominal 与real之间的转换 (23)4.2 portfolio’s deviation (24)4.3 Many risk assets (24)4.4 MPT理论 (24)4.5 Capital allocating line(CAL) (25)4.6 beta : a measure of systematic risk (26)FINANCIAL REPORTING (27)5.1 应收应付/预收预付 (27)5.2 audit report (27)5.3 Footnotes/MD&A/proxy statement (28)5.4 美国准则和国际准则 (30)5.5 IFRS对sales of goods销售商品收入确认的方法 (31)5.6 IFRS对rendering of service？收入确认的方法 (32)5.7 Financial statement Elements (32)5.8 steps in the financial statement analysis framework (33)5.9 Revenue recognition criteria (33)5.10 Revenue recognition (34)5.11 installment sales and cost recovery method (35)5.12 accounting equation 有计算 (36)5.13 income statement其它处理 (37)5.14 income statement线下项目 (38)5.15 EPS计算 (39)5.16 comprehensive income (40)5.17 金融资产与负债的计量有计算 (40)5.18 bad debt计算坏账 (41)5.19 CFO直接法与间接法有计算 (41)5.20 CFI和CFF的计算 (42)5.21 FCFE和FCFF的计算 (43)5.22 CF中的其它知识点 (44)5.23 financial analysis techniques (44)5.24 inventory 理解 (47)5.25 depreciation 理解 (50)5.26 impairment 理解 (51)5.27 capitalized and expense 的理解 (52)5.28 investment property (new) (54)5.29 early repayment of bond (55)5.30 issuance cost of bond (56)5.31 debt security 理解 (57)5.32 defer tax 理解 (59)5.33 承租人和出租人理解 (64)5.34 off-balance sheet (66)5.35 ratio (68)5.37 cash management manipulation (68)Economics (70)6.1 Utility Theory and indifference Curves (70)6.2 Economic profit and accounting profit (70)6.3 elasticity (70)6.4 Cross elasticity of demand, (71)6.5 盈亏平衡点 (71)6.6 GDP的定义： (71)6.7 nation income (72)6.8 GDP deflator: GDP平减指数 (73)6.9 IS-LM model (74)6.10 LM曲线是指货币市场的均衡。

(完整版)cfa一级公式

Quantitative1010365/:D 360360:==360:1360A :(1)1Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV tr Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ =- ⨯⨯ =⨯=-⨯ =+-()12turn: r ln ln 1cc s HPR s ⎛⎫==+ ⎪⎝⎭23653651111(1)(1)21;;);1t tTime weighted Money weighted nini Arithmetic Weighted i i Geometric Geometric Arithmetic Harmonic ni i iy BEY HPY EAY R R IRR Xn X X W X X X X X n X L ⨯--===+=+=+=====<==∑∑∑(1)100y n +⨯2222111[()]2Excess kurtosis = Sample kurtosis - 3()();:;:;111nnniiii i i x X ks Range MaxValue MinValue XXXX MAD PopulationVariance SampleVariance s MAD n nn P k Coefficient of Variat μμσσ===-≤= ----===<-≥- ∑∑∑切比雪夫不等式：:;xp fpsion CV XR R Sharp Ratio σ=- =越大越好Excess Kurtosis=Sample Kurtosis 3()1()Odds of event=;Odds against of event=1()()()(|)()(|)();()()()()()=0()()()()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=⨯=⨯=+-=+=一般条件：互斥事件：；贝叶斯公式：(|)()()(1)()x x n xn P A B P B P x C P P P A -⨯=⋅⋅-=;贝努力实验：2221,2121,21111222212221122121,21;()[()()][()()]()[()()][()()]()();290% Confidence interval for X is 1.65 ; 95% for 1.96A B A B n p p i i i Cov Cov P A B P A E r P B E r P A B P A E r P B E r E R w E R w w w w Cov X s X s ρσσσσσ===⋅-⋅-+⋅-⋅-=⋅=++±±∑2) ; 95% for 2.58~(,),;()1()(Roy's Safety-first Ratio=;Minimum Acceptable Returnp LL pX sx X N Z F z F z E R R R μμσσσ±-=-=--=/2/20000000000Confidence interval: point Estimate;One tail:,;,;Two tail:,Reject :;F X Z X Z X Z H H H H H H H test statistic critical value αααααμμμμμμ=±≥<≤>== >中心极限定理：0ail to reject ::~(0,1);:~(1)H test statistic critical value X X Z test Z N t test t t n < -=-=-22221121222212121/222212121(1) :~(1);:(S S )~(1,1)Test for equality of means: t-statistic=(Sample Variances assumed unequal);t-statistic=PPs n s chi Square test x x n F test F F n n s x x x x s s s s n n n σ--=--=>----⎛⎫++ ⎪⎝⎭条件：1/222(equal)n ⎛⎫ ⎪⎝⎭Portfolio Management22221,21212221122121,2,,2()()():()[()]pM f p f pM i mkti i i mkt mktmkti f i M f p fpCov w w w w Cov E R R CML E R R Total Risk systematic Risk unsystematic RiskCov SML CAPM E R R E R R R R Sharpe Ratio ρσσσσσσσσβρσσβσ==++-⎡⎤:=+⎢⎥⎣⎦= + ==⨯=+-- =;()();'()()Mp f M f pp fp p f p M f pM Squared R R R R R R Treynor Measure Jensen s R CAPM R R R R σσαββ-=---- ==-=---Economics%;1,;1,%Pr %;0,normal good(0<<1,necessity good;>1,Luxury);e 0,inferior good%%%Price of related g p p i i i i QOwn price elasticity e elastic e inelasticice QIncome elasticity e e e IncomeQCross elasticity ∆- =><∆∆ =><∆∆ =∆;0,;0,oodbreakeven point if AR=ATC(Perfect competition);TR=TC(imperfect competition)shutdown point if AR<AVC(Perfect competition);TR<TVC(imperfect competition)TR=P Q;AR=TR/Q;c c e substitute e complement><⨯MR=TR/QTC=TFC+TVC;MC=TC/QAccounting profit = total revenue - total accounting costsEconomic profit = Accounting profit-implicit opportunity costs=total revenue-explicit costs-implicit costs Normal p ∆∆∆1110rofit = accounting profit - economic profit=;x y x nyNominal GDPGDP deflator=Real GDP ()()()();Fiscal budget deficit=Excess over dome xy yMRS n xQ P Base BaseQ P GDP C I G X M C S TG T S I X M ∆=-∆⨯⨯=⨯⨯=+++-=++-=---用替代，用1替代currentBase PeriodRe [stic investment+trade balance Price CPI=100Price 1Money multiplier =Reserve MV=PY;Real money supply Velocity of money=Price level Real GDP :Nom al Inflati requirementFisher Effect R R E ⨯ ⨯⨯ =+]1Fiscal multiplier =;Marginal propensity to consume1(1)Real Exchange Rate(d/f)=nominal forex rate 1domestic interst (d/f):(d/f)on MPC MPC t foreign CPIdomestic CPIForward No Arbitrage Forex Rate Spot =-- ⨯+- =rate 3601foreign interest rate 360tt ⨯+⨯Equity001111Trigger Price();Trigger ()11Pr ice Weighted Index=number of stocksPrice-changeEqual Weighted Index =(1+) Equal Weighted In ni i nii Arithmetic IM IMLong P price Short P MM MMPinitial index valuen==-+=⨯=⨯-+⨯∑∑1110dex current total market valueMarket capitalization-weighted index=base year index valuebase year total market valueOne-year DDM:;Multiple-y 11Geometric n ps pss s X initial index valueD P k D P P k k ⨯⨯==+++12020ear DDM:...1(1)(1)(1)FCFE=CFO-FCInv+net borrowing;FCFF=CFO-FCInv+Int(1-t)CFO=NI+Dep-Increase in working capital;net borrowing -debt principal+new debt issues P (1n n n ns s s s ns D P D D P k k k k FCFE k =++++++++==+0110100000111) :;(1);(1);:[()](1)///;/nni s s f i M f D DGordon Growth Model P D D g g RR ROE payout ratio ROE payout ratio k g EPSCAPM k R E R R P P D g E D E Payout Ratio Payout Leading P E Trailing P E E k g k g E k g β===⨯+=⨯=- ⨯ =-=+-+ === ===---∑(1)Enterprise Value=MV of common stock+MV of Pre-stock+MV of Debt-Cash and Investment Market Value of equity/;Common equity=total asset-total liabilities-pref Book Value of equityRatio g k g P B Ratio MV ⨯+- ==erred stockAlternativeNAV Per Share Assets - Per Share LiabilitiesProb (1)Appraisal price NOI /Market cap rate;NOI=Income-Operating Expense Market cap rate Benchmark NOI /Benchmark trans nSuccess nCF Venture Capital NPV CF i = =⨯-+==()()()()action price After Tax Net Income NOI D INT *1t After Tax Cash Flow ATNI D PRN principal repayment NOI TAX PRN INT =---=+-=--+Derivative()()floating rate at settlement forward rate 360notional principal 39361+floating rate at settlement 360 rincipal ( )360Option v days FRA FRA days daysNet Fixed Rate Payment P Fixed rate LIBOR ⎡⎤-⨯⎢⎥=⨯=⎢⎥⎢⎥⨯⎣⎦=⨯-⨯；期前，期后()0000alue intrinsic value time value /1covered call S ;Breakeven=S c;Maximum Gain= X (S c)protective put S ;Breakeven=S ;Maximum Loss= X (S )Tfc X R S pp p p =+++=+=---=++-+－cFixed Income112n tt=1t 0Full Price Clean PriceAccrued Interest Accrued interestt PVCF Macaulay duration=PVCF ()Macaulay duration Modified duration=1+periodic market yield Effective Duration=T CouponT T P P P P y+0/2Δy 21absolute yield spread Absolute yield spread =high yield-low yield;Relative yield spread=benchmark bond yieldsubject Yield ratioOptionbondoptionfree bondPut Call OptionP V V V STRIPS Maturity 10111(1)1 bond yield benchmark bond yieldTax Free YieldTax equivalent yield1tax rateOAS Z-spread - Option cost(Z-spread > Nominal Spread, if spot Yield is upward sloping)(1)(1)(1)(1);TT T S f f ff 00n 2N MRT 2Face valueZero coupon bond value=(interest rate risk )(1+)2Reinvestment Income=PV (1+r )-FV-Coupon Total percentage price change=duration effect + convexity effect [MD ()][Conv ()S i Py y P最大]Dollar duration duration bond price 1%(100)PVBPduration bond price 0.01%(1) [Duration PV ]bp bp 不求，算出两个相减也可计算FSAA=L+E; E=CC+R/E; R/E R/E +NI-Div; A=L+CC+R/E +Revenue-Expense-Div current assets Current ratio =current liabilitiescash + marketable securities + A/RQuick ratio =current liabilitiescash Cash ratio =E B B =+ marketable securitiescurrent liabilitiescash + marketable securities + A/RDefensive interval=Average daily expend annual salesReceivables turnover =A/R Inventory turnover =Payables turn COGSInventory over =A/P365Average receivables collection period =receivable turnover365Average inventory processing period =inventory turnover 365Average payment period =payable Cash conversion c turn yc overPurchasePretax margin =total debt total debtD/E ratio=;D/A le = collection period + inve ratio=Equtiy AssetRevenueWorking Capital turno ntory period - payme ver=;Working Ca Average Working Capital nt period EBT Sales pital=Current Asset-Current LiabilityInterest Coverage EBIT+Lease PaymentFixed Charge Coverage=Interest+Leasr Payment Return on assets (ROA) =Return on equity(ROE) Net =ROE=EBITInterestNIAsset NIEquity=Profit Margin Asset Turnover Financial Leverage Tax burden Interest burden EBIT Margin Asset Turnover Financial Leverage =ROE=EBT NI Sales AssetSales Asset EquityNI EBIT Sales Asset EBT EBIT Sales Asset Equit ⨯⨯⨯⨯⨯⨯⨯⨯=⨯⨯⨯⨯LIFO Reserve COGS LIFO Reserve taxable income tax rate=tax payableIncome tax expense=tax payable+DTL-DTAReported effec END BGN FIFO LIFO FIFO LIFO yInventory Inventory Purchase COGS Inventory Inventory COGS =+-=+=-∆⨯∆∆income tax expensetive tax rate=pretax incometax payableeffective tax rate=pretax incomeCorporate Finance120120101100...(1)(1)(1)(1)1(1):();;(1);nnniii d d ps ps c spsps s f m f s s Asse CF CF CF NPV CF k k k CF CF IRR NPVPI CF WACC W k t W k W k D k PCAPM k R R R D D D k g P g RR ROE payout ratio ROE payout ratio P k g EPSββ==+++++++=+=+=⨯-+⨯+⨯==+-=+==⨯=- ⨯ =-∑Pr ;[1(1)]1(1)cost of capital change :Break Point=weight of capital structure()();()()(Equityt oject Asset D t EDt EMCC Q P V S TVC EBIT Q P V FDOL DFL Q P V F S TVC F EBIT Interest Q P V F IQ P DTL DOL DFL βββ==⨯+-⋅+-⋅----====--------=⨯=)();365365365;//Net working capital=Current Asset-Current Liabilitie Breakeven OperatingBE V S TVCQ P V F I S TVC F IF I FQ Q P V P VCash Conversion Cycle Purchase Inv COGSCOGS Sales Purchase Inventory A R A PC --=------+==-- =+-=∆+365/()(1)11tdiscount ost of trade credit EAR discount=+--史上最全的CFA复习笔记，爱不释手T-bill rates是nominal risk-free ratesnominal risk-free rate= real risk-free rate + expected inflation ra te风险种类：default risk违约风险liquidity risk 流动性风险maturity risk 久期风险（利率风险）EAR=e^t-1贴现率=opportunity cost，required rate of return，cost of capital ordinary annuity在期末产生现金流annuity due在期初产生现金流永续年金perpetuity PV=PMT/(I/Y)对于同一个项目IRR和NPV结论相同：IRR大于必要收益率则NPV为正，否则NPV为负如果公司目标是权益所有人财富最大化，那么始终选择NPV（通常都是这样）HPR(持有期回报）=（期末值-期初值）/期末值或者（期末值-期初值+现金）/期末值Time-weighted rate of return时间的加权平均值，（1+HPR1)(1+HPR2)…即几何平均数如果组合处于高上涨期，时间加权平均会比金钱加权平均小，反之则大。

cfa1级公式表

cfa1级公式表1.认知领域1.1时间价值的公式：-未来现金流=现金流×(1+利率)^时间-现值=未来现金流/(1+利率)^时间-期末价值=期初价值×(1+利率)^时间1.2回报率的公式：-简单回报率=(期末价值-期初价值)/期初价值- 对数回报率 = ln(期末价值 / 期初价值)1.3淨现值的公式：-淨现值=Σ(未来现金流/(1+折现率)^时间)-初始投资2.金融报表分析2.1利润表的公式：-净收入=销售收入-成本费用-毛利润=销售收入-成本费用-净利润=毛利润-拨备-毛利率=毛利润/销售收入2.2资产负债表的公式：-总股东权益=资产-负债3.市场组合3.1市场组合的预期收益率：-市场组合的预期收益率=Σ(预期收益率×比例权重)3.2系统性风险的量化方法：-β系数=协方差(个别资产收益率,市场组合收益率)/方差(市场组合收益率)-投资组合的β系数=Σ(资产β系数×资产比例权重)4.证券投资4.1常见股票估值模型：-价格盈利比=股票价格/每股盈利-市净率=股票价格/每股净资产-股利贴现模型=(下一期股息/(折现率-成长率))4.2债券价格估值模型：-债券价格=Σ(每期现金流/(1+收益率)^时间)5.生产者理论5.1短期和长期成本和收益：-生产函数=技术水平×劳动力×资本-平均成本=总成本/产量-边际成本=总成本的变化/产量的变化-边际产品=产量的变化/劳动力的变化5.2规模报酬递增、不变和递减：-规模报酬递增=边际产品>平均产品-规模报酬不变=边际产品=平均产品-规模报酬递减=边际产品<平均产品以上只是CFA1级考试的一小部分公式和定义。

如果您需要详细了解所有公式，请参阅官方教材和考试指南。

cfa一级公式

Quantitative1010365/:D 360360:==360:1360A :(1)1Continuously compounded rate of re BD BD MM BD t P P CF Holding Period Yield HPY P FV P Bank Discount Yield r F t FV tr Money Market Yield r HPY t t r Effective nnual Yield EAY HPY -+ =- ⨯⨯ =⨯=-⨯ =+-()12turn: r ln ln 1cc s HPR s ⎛⎫==+ ⎪⎝⎭23653651111(1)(1)21;;);1t tTime weighted Money weighted nini Arithmetic Weighted i i Geometric Geometric Arithmetic Harmonic ni i iy BEY HPY EAY R R IRR Xn X X W X X X X X n X L ⨯--===+=+=+=====<==∑∑∑(1)100y n +⨯2222111[()]2Excess kurtosis = Sample kurtosis - 3()();:;:;111nnniiii i i x X ks Range MaxValue MinValue XXXX MAD PopulationVariance SampleVariance s MAD n nn P k Coefficient of Variat μμσσ===-≤= ----===<-≥- ∑∑∑切比雪夫不等式：:;xp fpsion CV XR R Sharp Ratio σ=- =越大越好Excess Kurtosis=Sample Kurtosis 3()1()Odds of event=;Odds against of event=1()()()(|)()(|)();()()()()()=0()()()()(|)()P E P E P E P E P AB P A B P B P B A P A P AorB P A P B P AB P AB P AorB P A P B P AB P B A P A ---=⨯=⨯=+-=+=一般条件：互斥事件：；贝叶斯公式：(|)()()(1)()x x n xn P A B P B P x C P P P A -⨯=⋅⋅-=;贝努力实验：2221,2121,21111222212221122121,21;()[()()][()()]()[()()][()()]()();290% Confidence interval for X is 1.65 ; 95% for 1.96A B A B n p p i i i Cov Cov P A B P A E r P B E r P A B P A E r P B E r E R w E R w w w w Cov X s X s ρσσσσσ===⋅-⋅-+⋅-⋅-=⋅=++±±∑2) ; 95% for 2.58~(,),;()1()(Roy's Safety-first Ratio=;Minimum Acceptable Returnp LL pX sx X N Z F z F z E R R R μμσσσ±-=-=--=/2/20000000000Confidence interval: point Estimate;One tail:,;,;Two tail:,Reject :;F X Z X Z X Z H H H H H H H test statistic critical value αααααμμμμμμ=±≥<≤>== >中心极限定理：0ail to reject ::~(0,1);:~(1)H test statistic critical value X X Z test Z N t test t t n < -=-=-22221121222212121/222212121(1) :~(1);:(S S )~(1,1)Test for equality of means: t-statistic=(Sample Variances assumed unequal);t-statistic=PPs n s chi Square test x x n F test F F n n s x x x x s s s s n n n σ--=--=>----⎛⎫++ ⎪⎝⎭条件：1/222(equal)n ⎛⎫ ⎪⎝⎭Portfolio Management22221,21212221122121,2,,2()()():()[()]pM f p f pM i mkti i i mkt mktmkti f i M f p fpCov w w w w Cov E R R CML E R R Total Risk systematic Risk unsystematic RiskCov SML CAPM E R R E R R R R Sharpe Ratio ρσσσσσσσσβρσσβσ==++-⎡⎤:=+⎢⎥⎣⎦= + ==⨯=+-- =;()();'()()Mp f M f pp fp p f p M f pM Squared R R R R R R Treynor Measure Jensen s R CAPM R R R R σσαββ-=---- ==-=---Economics%;1,;1,%Pr %;0,normal good(0<<1,necessity good;>1,Luxury);e 0,inferior good%%%Price of related g p p i i i i QOwn price elasticity e elastic e inelasticice QIncome elasticity e e e IncomeQCross elasticity ∆- =><∆∆ =><∆∆ =∆;0,;0,oodbreakeven point if AR=ATC(Perfect competition);TR=TC(imperfect competition)shutdown point if AR<AVC(Perfect competition);TR<TVC(imperfect competition)TR=P Q;AR=TR/Q;c c e substitute e complement><⨯MR=TR/QTC=TFC+TVC;MC=TC/QAccounting profit = total revenue - total accounting costsEconomic profit = Accounting profit-implicit opportunity costs=total revenue-explicit costs-implicit costs Normal p ∆∆∆1110rofit = accounting profit - economic profit=;x y x nyNominal GDPGDP deflator=Real GDP ()()()();Fiscal budget deficit=Excess over dome xy yMRS n xQ P Base BaseQ P GDP C I G X M C S TG T S I X M ∆=-∆⨯⨯=⨯⨯=+++-=++-=---用替代，用1替代currentBase PeriodRe [stic investment+trade balance Price CPI=100Price 1Money multiplier =Reserve MV=PY;Real money supply Velocity of money=Price level Real GDP :Nom al Inflati requirementFisher Effect R R E ⨯ ⨯⨯ =+]1Fiscal multiplier =;Marginal propensity to consume1(1)Real Exchange Rate(d/f)=nominal forex rate 1domestic interst (d/f):(d/f)on MPC MPC t foreign CPIdomestic CPIForward No Arbitrage Forex Rate Spot =-- ⨯+- =rate 3601foreign interest rate 360tt ⨯+⨯Equity001111Trigger Price();Trigger ()11Pr ice Weighted Index=number of stocksPrice-changeEqual Weighted Index =(1+) Equal Weighted In ni i nii Arithmetic IM IMLong P price Short P MM MMPinitial index valuen==-+=⨯=⨯-+⨯∑∑1110dex current total market valueMarket capitalization-weighted index=base year index valuebase year total market valueOne-year DDM:;Multiple-y 11Geometric n ps pss s X initial index valueD P k D P P k k ⨯⨯==+++12020ear DDM:...1(1)(1)(1)FCFE=CFO-FCInv+net borrowing;FCFF=CFO-FCInv+Int(1-t)CFO=NI+Dep-Increase in working capital;net borrowing -debt principal+new debt issues P (1n n n ns s s s ns D P D D P k k k k FCFE k =++++++++==+0110100000111) :;(1);(1);:[()](1)///;/nni s s f i M f D DGordon Growth Model P D D g g RR ROE payout ratio ROE payout ratio k g EPSCAPM k R E R R P P D g E D E Payout Ratio Payout Leading P E Trailing P E E k g k g E k g β===⨯+=⨯=- ⨯ =-=+-+ === ===---∑(1)Enterprise Value=MV of common stock+MV of Pre-stock+MV of Debt-Cash and Investment Market Value of equity/;Common equity=total asset-total liabilities-pref Book Value of equityRatio g k g P B Ratio MV ⨯+- ==erred stockAlternativeNAV Per Share Assets - Per Share LiabilitiesProb (1)Appraisal price NOI /Market cap rate;NOI=Income-Operating Expense Market cap rate Benchmark NOI /Benchmark trans nSuccess nCF Venture Capital NPV CF i = =⨯-+==()()()()action price After Tax Net Income NOI D INT *1t After Tax Cash Flow ATNI D PRN principal repayment NOI TAX PRN INT =---=+-=--+Derivative()()floating rate at settlement forward rate 360notional principal 39361+floating rate at settlement 360 rincipal ( )360Option v days FRA FRA days daysNet Fixed Rate Payment P Fixed rate LIBOR ⎡⎤-⨯⎢⎥=⨯=⎢⎥⎢⎥⨯⎣⎦=⨯-⨯；期前，期后()0000alue intrinsic value time value /1covered call S ;Breakeven=S c;Maximum Gain= X (S c)protective put S ;Breakeven=S ;Maximum Loss= X (S )Tfc X R S pp p p =+++=+=---=++-+－cFixed Income112n tt=1t 0Full Price Clean PriceAccrued Interest Accrued interestt PVCF Macaulay duration=PVCF ()Macaulay duration Modified duration=1+periodic market yield Effective Duration=T CouponT T P P P P y+0/2Δy 21absolute yield spread Absolute yield spread =high yield-low yield;Relative yield spread=benchmark bond yieldsubject Yield ratioOptionbondoptionfree bondPut Call OptionP V V V STRIPS Maturity 10111(1)1 bond yield benchmark bond yieldTax Free YieldTax equivalent yield1tax rateOAS Z-spread - Option cost(Z-spread > Nominal Spread, if spot Yield is upward sloping)(1)(1)(1)(1);TT T S f f ff 00n 2N MRT 2Face valueZero coupon bond value=(interest rate risk )(1+)2Reinvestment Income=PV (1+r )-FV-Coupon Total percentage price change=duration effect + convexity effect [MD ()][Conv ()S i Py y P最大]Dollar duration duration bond price 1%(100)PVBPduration bond price 0.01%(1) [Duration PV ]bp bp 不求，算出两个相减也可计算FSAA=L+E; E=CC+R/E; R/E R/E +NI-Div; A=L+CC+R/E +Revenue-Expense-Div current assets Current ratio =current liabilitiescash + marketable securities + A/RQuick ratio =current liabilitiescash Cash ratio =E B B =+ marketable securitiescurrent liabilitiescash + marketable securities + A/RDefensive interval=Average daily expend annual salesReceivables turnover =A/R Inventory turnover =Payables turn COGSInventory over =A/P365Average receivables collection period =receivable turnover365Average inventory processing period =inventory turnover 365Average payment period =payable Cash conversion c turn yc overPurchasePretax margin =total debt total debtD/E ratio=;D/A le = collection period + inve ratio=Equtiy AssetRevenueWorking Capital turno ntory period - payme ver=;Working Ca Average Working Capital nt period EBT Sales pital=Current Asset-Current LiabilityInterest Coverage EBIT+Lease PaymentFixed Charge Coverage=Interest+Leasr Payment Return on assets (ROA) =Return on equity(ROE) Net =ROE=EBITInterestNIAsset NIEquity=Profit Margin Asset Turnover Financial Leverage Tax burden Interest burden EBIT Margin Asset Turnover Financial Leverage =ROE=EBT NI Sales AssetSales Asset EquityNI EBIT Sales Asset EBT EBIT Sales Asset Equit ⨯⨯⨯⨯⨯⨯⨯⨯=⨯⨯⨯⨯LIFO Reserve COGS LIFO Reserve taxable income tax rate=tax payableIncome tax expense=tax payable+DTL-DTAReported effec END BGN FIFO LIFO FIFO LIFO yInventory Inventory Purchase COGS Inventory Inventory COGS =+-=+=-∆⨯∆∆income tax expensetive tax rate=pretax incometax payableeffective tax rate=pretax incomeCorporate Finance120120101100...(1)(1)(1)(1)1(1):();;(1);nnniii d d ps ps c spsps s f m f s s Asse CF CF CF NPV CF k k k CF CF IRR NPVPI CF WACC W k t W k W k D k PCAPM k R R R D D D k g P g RR ROE payout ratio ROE payout ratio P k g EPSββ==+++++++=+=+=⨯-+⨯+⨯==+-=+==⨯=- ⨯ =-∑Pr ;[1(1)]1(1)cost of capital change :Break Point=weight of capital structure()();()()(Equityt oject Asset D t EDt EMCC Q P V S TVC EBIT Q P V FDOL DFL Q P V F S TVC F EBIT Interest Q P V F IQ P DTL DOL DFL βββ==⨯+-⋅+-⋅----====--------=⨯=)();365365365;//Net working capital=Current Asset-Current Liabilitie Breakeven OperatingBE V S TVCQ P V F I S TVC F IF I FQ Q P V P VCash Conversion Cycle Purchase Inv COGSCOGS Sales Purchase Inventory A R A PC --=------+==-- =+-=∆+365/()(1)11tdiscount ost of trade credit EAR discount=+--史上最全的CFA复习笔记，爱不释手T-bill rates是nominal risk-free ratesnominal risk-free rate= real risk-free rate + expected inflation ra te风险种类：default risk违约风险liquidity risk 流动性风险maturity risk 久期风险（利率风险）EAR=e^t-1贴现率=opportunity cost，required rate of return，cost of capital ordinary annuity在期末产生现金流annuity due在期初产生现金流永续年金perpetuity PV=PMT/(I/Y)对于同一个项目IRR和NPV结论相同：IRR大于必要收益率则NPV为正，否则NPV为负如果公司目标是权益所有人财富最大化，那么始终选择NPV（通常都是这样）HPR(持有期回报）=（期末值-期初值）/期末值或者（期末值-期初值+现金）/期末值Time-weighted rate of return时间的加权平均值，（1+HPR1)(1+HPR2)…即几何平均数如果组合处于高上涨期，时间加权平均会比金钱加权平均小，反之则大。

2019年金融分析师考试必备资料CFA 2019 - Level 1 Schweser's Quicksheet

/C r it ic a l C o n c e pt s f o r t h e2019C F A®E x a mETHICAL AND PROFESSIONAL STANDARDSI Professionalism1(A) KnowledgeoftheLaw.1(B) IndependenceandObjectivity.1(C) Misrepresentation.1(D) Misconduct.II IntegrityofCapitalMarkets11(A) Material Nonpublic Information.11(B) Market Manipulation.III DutiestoClientsIII (A) Loyalty, Prudence, and Care.III(B) Fair Dealing.III(C) Suitability.III(D) Performance Presentation.III(E) Preservation of Confidentiality.IV DutiestoEmployersIV(A) Loyalty.IV(B) Additional Compensation Arrangements. IV(C) Responsibilities of Supervisors.V InvestmentAnalysis,Recommendations, and ActionsV(A) Diligence and Reasonable Basis.V(B) Communication with Clients andProspective Clients.V(C) Record Retention.VI ConflictsofInterestVI(A) Disclosure of Conflicts.VI (B) Priority of T ransactions.VI(C) Referral Fees.VII Responsibilities as a CFA InstituteMember or CFA CandidateVII(A) Conduct as Participants in CFA Institute Programs.VII(B) Reference to CFA Institute, the CFADesignation, and the CFA Program. Global Investment Performance Standards (GIPS®)• Compliance statement: “[Insert name of firm] has prepared and presented this report in compliance with the Global Investment PerformanceStandards (GIPS).” Compliance must be applied on a firm-wide basis.• Nine sections: fundamentals of compliance,input data, calculation methodology, composite construction, disclosures, presentation andreporting, real estate, private equity, and wrapfee/separately managed account portfolios. QUANTITATIVE METHODSTime Value of Money Basics• Future value (FV): amount to which investment grows after one or more compounding periods.• Future value: FV = PV(1 + I/Y)N.• Present value (PV): current value of some futurecash flow PV - FV/(1 + I/Y)N.• Annuities: series of equal cash flows that occur at evenly spaced intervals over time.• Ordinary annuity: cash flow at end-oFume. period.• Annuity due: cash flow at beginning-of-time period.• Perpetuities: annuities with infinite lives.PV .=PMT/(discountrate).perpetuity vRequired Rate of ReturnComponents:1.Real risk-free rate (RFR).2.Expected inflation rate premium (IP).3.Risk premium.E(R) = (1 + RFRreal)(l + IP)(1 + RP) — 1Approximation formula for nominal required rate:E(R) = RFR + IP + RPMeansArithmetic mean: sum of all observation values insample/population, divided by # of observations.Geometric mean: used when calculating investmentreturns over multiple periods or to measurecompound growth rates.Geometric mean return:Y*Rc=[(l + R1)x...x(l + RN)]/N — 1harmonic mean =NNEi=l,x[,Variance and Standard DeviationVariance: average of squared deviations from mean.N£(Xi—M)2population variance = cr2= —--------------NnE(x i-x)2sample variance = s =2 i=ln — 1Standard deviation: square root of variance.Holding Period Return (HPR)R P r-Pr-t+D ror _!Pt-1Pt-1Coefficient of V ariationCoefficient o f v ariation (C V): expresses how muchdispersion exists relative to mean of a distribution;allows for direct comparison of dispersion acrossdifferent data sets. CV is calculated by dividingstandard deviation of a distribution by the mean orexpected value of the distribution:CV = =XSharpe RatioSharpe ratio: measures excess return per unit of risk.c, •rP-r fbnarpe ratio = —------a…Roy's safety-first ratio:rp ^targetFor both ratios, larger is better.Expected Return/Standard DeviationExpected return: E(X) = ^^P(x j) xnE(X) =P(x1)x1+P(x2)x2+... + P(xn)x nProbabilistic variance:^2(x)=E p(xi)h-E(x)f= P(x1)[x1-E(X)f + P(x2)[x2-E(X)]:+ ... + P(xn)[x…—E(x)fStandard deviation: take square root of variance.Correlation and CovarianceCorrelation: covariance divided by product of thetwo standard deviations.corr R^R: =COV (Rj, RjExpected return, variance o f2-stock portfolio.E(R P) = w a E(Ra) +w b E(Rb)var(R p) = w2cr2(R A) + w2cr2(R B)+2w Aw B cr(RA)cr(R B)p(R A,R B)Normal DistributionsNormal distribution is completely described by itsmean and variance.68% of observations fall within ±I ct.90% fall within ±1.65a.95% fall within ±1.96a.99% fall within ± 2.58a.Computing Z-ScoresZ-score: “standardizes” observation from normaldistribution; represents # of standard deviations agiven observation is from population mean.observation — population meanz =x —flstandard deviation aBinomial ModelsBinomial distribution: assumes a variable can takeone of two values (success/failure) or, in the case ofa stock, movements (up/down). A binomial modelcan describe changes in the value of an asset orportfolio; it can be used to compute its expectedvalue over several periods.Sampling DistributionSampling distribution: probability distribution ofall possible sample statistics computed from a set ofequal-size samples randomly drawn from the samepopulation. The sampling distribution o f t he mean isthe distribution of estimates of the mean.Central Limit TheoremCentral lim it theorem: when selecting simplerandom samples of size n from population withmean p and finite variance a2, the samplingdistribution of sample mean approaches normalprobability distribution with mean p and varianceequal to a1 In as the sample size becomes large.Standard ErrorStandard error o f t he sample mean is the standarddeviation of distribution of the sample means.known population variance: a^ =aunknown population variance: s* =Confidence IntervalsConfidence interval: gives range of values the meanvalue will be between, with a given probability (say90% or 95%). With known variance, formula for aconfidence interval is:x ± zaa llZ aJ2Z =a llZ =a ll1.645 for 90% confidence intervals(significance level 10%, 5% in each tail)1.960 for 95% confidence intervals(significance level 5%, 2.5% in each tail)2.575 for 99% confidence intervals(significance level 1%, 0.5% in each tail)continued on next page...需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz786468331QUANTITATIVE METHODS continued...Null and Alternative HypothesesNull hypothesis (H{)): hypothesis that contains the equal sign (=, <, >); the hypothesis that is actually tested; the basis for selection of the test statistics. Alternative hypothesis (Ha): concluded if there is sufficient evidence to reject the null hypothesis. Difference Between One- and Two-Tailed Tests One-tailed test: tests whether value is greater than or less than a given number.Two-tailed test: tests whether value is equal to a given number.• One-tailed test: H0: p < 0 versus Ha: p > 0.• Two-tailed test: H0: p = 0 versus Ha p * 0.Type I and Type II Errors• Type I error: rejection of null hypothesis when it is actually true.• Type II error: failure to reject null hypothesis when it is actually false.Types of Hypothesis TestsUse t-statistic for tests involving the population mean (location of mean, difference in means, paired comparisons).Use chi-square statistic for tests of a single population variance.Use F-statistic for tests comparing two population variances.Technical AnalysisReversal p atterns: head and shoulders, inverse H&S, double/triple top or bottom.Continuation patterns: triangles, rectangles, pennants, flags.Price-based indicators: moving averages, Bollinger bands, momentum oscillators (rate of change, RSI, stochastic, MACD).Sentiment indicators: opinion polls, put/call ratio, VIX, margin debt, short interest ratio.Flow o f f unds indicators: TRIN, margin debt, mutual fund cash position, new equity issuance, secondary offerings.ECONOMICS1 ElasticityOwn price elasticity %A quantity demanded%A priceIf absolute value >1, demand is elastic.If absolute value <1, demand is inelastic.On a straight line dem and curve, total revenue is maximized where price elasticity = —1.%A quantity demanded%A incomeIf positive, the good is a normal good.If negative, the good is an inferior good.....%A quantity demanded Cross p rice elasticity=---------------------------------%A price of related goodIf positive, related good is a substitute.If negative, related good is a complement. Breakeven and ShutdownBreakeven: total revenue = total cost.Operate in short run if total revenue is greater than total variable cost but less than total cost.Shut down in short run if total revenue is less than total variable cost.Income elasticityMarket StructuresPerfect competition: Many firms with no pricing power; very low or no barriers to entry; homogeneous product.M onopolistic competition: Many firms; some pricing power; low barriers to entry; differentiated products; large advertising expense.Oligopoly: Few firms that may have significantpricing power; high barriers to entry; products maybe homogeneous or differentiated.Monopoly: Single firm with significant pricingpower; high barriers to entry; advertising used tocompete with substitute products.In all market structures, profit is maximized atthe output quantity for which marginal revenue =marginal cost.Gross Domestic ProductReal GDP = consumption spending + investment +government spending + net exports.Savings, Investment, Fiscal Balance, and TradeBalanceFiscal budget deficit (G - T) = excess of saving overdomestic investment (S - I) - trade balance (X - M)Equation of ExchangeMV = PY, where M = real money supply, V =velocity of money in transactions, P = price level,and Y = real GDP.Business Cycle PhasesExpansion; peak; contraction; trough.Economic IndicatorsLeading: Turning points occur ahead of peaks andtroughs (stock prices, initial unemployment claims,manufacturing new orders)Coincident: Turning points coincide with peaksand troughs (nonfarm payrolls, personal income,manufacturing sales)Lagging: Turning points follow peaks and troughs(average duration of unemployment, inventory/sales ratio, prime rate)Factors Affecting Aggregate DemandConsumers’ wealth; business expectations;consumers’ income expectations; capacityutilization; monetary and fiscal policy; exchangerates; global economic growth.Factors Affecting SR Aggregate SupplyInput prices; labor productivity; expectations foroutput prices; taxes and subsidies; exchange rates;all factors that affect LR aggregate supply.Factors Affecting LR Aggregate SupplySize of labor force; human capital; supply ofnatural resources; stock of physical capital; level oftechnology.Typ e s of UnemploymentFrictional: time lag in matching qualified workerswith job openings.Structural: unemployed workers do not have theskills to match newly created jobs.Cyclical: economy producing at less than capacityduring contraction phase of business cycle.Policy Multipliersmoney multiplier =-------------------------reserve requirementfiscal multiplier =--------------------l-M P C(l-t)where MPC = marginal propensity to consume,t = tax rate.Expansionary and Contractionary PolicyM onetary policy is expansionary when the policyrate is less than the neutral interest rate (real trendrate of economic growth + inflation target) andcontractionary when the policy rate is greater thanthe neutral interest rate.Fiscal p olicy is expansionary when a budgetdeficit is increasing or surplus is decreasing, andcontractionary when a budget deficit is decreasingor surplus is increasing.Balance of PaymentsCurrent account: merchandise and services; incomereceipts; unilateral transfers.Capital account: capital transfers; sales/purchases ofnonfinancial assets.Financial account: government-owned assetsabroad; foreign-owned assets in the country.Regional Trading AgreementsFree trade area: Removes barriers to goods andservices trade among members.Customs union: Members also adopt common tradepolicies with non-members.Common market: Members also remove barriers tolabor and capital movements among members.Economic union: Members also establish commoninstitutions and economic policy.M onetary union: Members also adopt a commoncurrency.Foreign Exchange RatesFor the exam, FX rates are expressed as pricecurrency / base currency and interpreted as thenumber of units of the price currency for each unitof the base currency.Real Exchange Ratebase currency CPI= nominal FX rate Xprice currency CPI yNo-Arbitrage Forward Exchange Rateforward 1 + price currency interest ratespot 1 + base currency interest rateExchange Rate RegimesFormal dollarization: country adopts foreigncurrency.M onetary union: members adopt common currency.Fixed p eg: ± 1 % margin versus foreign currency orbasket of currencies.Target zone: Wider margin than fixed peg.Crawling p eg: Pegged exchange rate adjustedperiodically.Crawling bands: Width of margin increases overtime.M anaged f loating: Monetary authority acts toinfluence exchange rate but does not set a target.Independently f loating: Exchange rate is market-determined.F in a n c ia l r e p o r t in g a n d.ANALYSISRevenue RecognitionTwo requirements: (1) completion of earningsprocess and (2) reasonable assurance of payment.Revenue Recognition Methods• Percentage-of-completion method.• Completed contract method.• Installment sales.• Cost recovery method.Converged Standards Issued May 2014Five-step revenue recognition model:1. Identify contracts2.Identify performance obligations3.Determine transaction price4.Allocate price to obligations5.Recognize when (as) obligations are satisfiedUnusual or Infrequent Items• Gains/losses from disposal of a business segment.• Gains/losses from sale of assets or investments insubsidiaries.• Provisions for environmental remediation.continued on next page...需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz786468331FINANCIAL REPORTING AND ANALYSIS continued...•Impairments, write-offs, write-downs, and restructuring costs.•Integration expenses associated with businesses recently acquired.Discontinued OperationsTo be accounted for as a discontinued operation, a business—assets, operations, investing, financing activities—must be physically/operationally distinct from rest of firm. Income/losses are reported net of tax after net income from continuing pute Cash Flows From Operations (CFO)Direct method : start with cash collections (cash equivalent of sales); cash inputs (cash equivalent of cost of goods sold); cash operating expenses; cash interest expense; cash taxes.Indirect method: start with net income, subtracting back gains and adding back losses resulting from financing or investment cash flows, adding back all noncash charges, and adding and subtracting asset and liability accounts that result from operations.Free Cash FlowFree cash flow (FCF) measures cash available for discretionary purposes. It is equal to operating cash flow less net capital expenditures.Critical RatiosCommon-size financial statement analysis:•Common-size balance sheet expresses all balance sheet accounts as a percentage of total assets.•Common-size incom e statement expresses all income statement items as a percentage of sales.•Common-size cash flow statement expresses each line item as a percentage of total cash inflows (outflows), or as a percentage of net revenue.Horizontal common-size f inancial statement analysis: expresses each line item relative to its value in a common base period.Liquidity ratios:current assetscurrent ratio =------------—7-77—current liabilitiescash + marketable securities + receivablescurrent liabilities cash + marketable securitiescurrent liabilities.... . cash + mkt. sec. + receivables defensive interval =--------------------------------------daily cash expendituresReceivables, inventory, payables turnover, and days'supply ratios—all o f w hich are used in the cash conversion cycle:. . . annual sales receivables turnover =------------------------quick ratio =cash ratio =inventory turnover =average receivables cost of goods sold average inventorypayables turnover ratio =purchases average trade payables days of sales outstanding =365days of inventory on hand = 7receivables turnover365number of days of payables =inventory turnover 365payables turnover ratiocash conversion cycle =days of inventoryon hand+days of sales number of days outstandingof payablesTotal asset, fixed-asset, and working capital turnover ratios:total asset turnover =revenueaverage total assets fixed asset turnover =revenue average fixed assetsworking capital turnover =revenueaverage working capitalGross, operating, and net p rofit margins:f, . gross profit gross profit margin = --------------revenue. operating profit EBIToperating profit margin =--------------------—revenue net sales net income net profit margin =revenueReturn on assets [return on total capital (ROTC)J:return on assets _ EBIT(total capital) average total capital Debt to equity ratio and total debt ratio:total debt debt-to-equity ratio =total equitytotal-debt-ratio =total debt total assetsInterest coverage andfix ed charge coverage:EBITinterest coverage = 7interestf, . .EBIT +lease paymentsfixed charge coverage = --------------------1------------interest + lease paymentsGrowth rate (g): g = RR x ROEdividends declaredretention rate — 1 —operating income after taxesLiquidity ratios indicate company’s ability to pay its short-term liabilities.Operating p erform ance ratios indicate how well management operates the business.DuPont AnalysisTraditional DuPont equation:return on equity =net income salesassetsk salesk assets,, equity,net profit asset equity margin turnover /multiplierYou may also see it presented as:return on equity =Extended DuPont equation further decomposes net profit margin:ROE =net income v ' EBT v ' EBIT 'EBT /A EBIT V /Arevenue xrevenue v avg. total assets avg. total assets A avg. equityYou may also see it presented as:ROE = tax burden x interest burden xEBIT margin x asset turnover x leverage Marketable Security ClassificationsHeld-for-trading: fair value on balance sheet; dividends, interest, realized and unrealized G/L recognized on income statement.Available-for-sale: fair value on balance sheet; dividends, interest, realized G/L recognized on income statement; unrealized G/L is other comprehensive income.Held-to-maturity: amortized cost on balancesheet; interest, realized G/L recognized on income statement.Inventory AccountingIn periods of rising prices and stable or increasing inventory quantities:LIFO results in: FIFO results in:Higher COGS Lower COGS Lower gross profit Higher gross profit Lower inventory Higher inventory balances balances Basic and Diluted EPSBasic EPS calculation does not consider effects of any dilutive securities in computation of EPS:net income — preferred dividends basic EPS =wtd. avg. no. of common shs. outstanding ... . adj. income avail, for common sharesdiluted EPS =------------------------------------------------—wtd. avg. common shares plus potentialcommon shares outstanding Therefore, diluted EPS is:net _ pfd income div convertible +preferred +dividends convertible'debt interest(1-t)wtdshares from sh ’ s from shares aw sh s +conversion of conv. pfd. sh’s +conversion conv. debt +issuable from stock options Long-Lived Assets Capitalizing vs. Expensing Capitalizing: lowers income variability andincreases near-term profits. Increase assets, equity. Expensing: opposite effect.Depreciationcost — residual valueStraight-line: ----------------------------useful lifeDouble declining balance:(cost — accum. depreciation)V useful life /Units o f p roduction:cost — salvage value * •useful life in unitsx output unitsRevaluation of Long-Lived AssetsIFRS: revaluation gain recognized in net income only to the extent it reverses previously recognized impairment loss; further gains recognized in equity as revaluation surplus. (For investment p roperty, all gains and losses from marking to fair value are recognized as income.)U.S. GAAP: revaluation is not permitted.Deferred Taxes•Created when taxable income (on tax return) ^pretax income (on financial statements) due to temporary differences.• D eferred tax liabilities are created when taxable income < pretax income. Treat DTL as equity if not expected to reverse.• D eferred tax assets are created when taxable income > pretax income. Must recognize valuation allowance if more likely than not that DTA will not be realized.Long-Term Liabilities• Premium bond: coupon rate > market rate at issuance.• Discount bond: coupon rate < market rate at issuance.• Interest expense equals book value at the beginning of the year multiplied by the market rate of interest at the time the bonds were issued.需要最新CFA 、FRM 、AQF 、ACCA 资料欢迎添加微信zyz786468331FINANCIAL REPORTING AND ANALYSIS continued.• •LeasesFinancial statement/ratio impact of lease accounting from the lessee perspective: capital leases result in:• Higher: assets, liabilities, CFO, debt/equity.• Lower: net income (early years), CFF, currentratio, working capital, asset turnover, ROA,ROE.• Same: total cash flow.PensionsD efined contribution: employer contribution expensed in period incurred.D efined benefit: overfunded plan recognized as asset, underfunded plan recognized as liability. CORPORATE FINANCEWeighted Average Cost of CapitalWACC = (wd)[kd(l-t)] + (wps)(kps) + (wce)(ks) Cost of Preferred StockPCost of Equity Capital■D,k« = y i+si0Cost of Equity Using CAPMk c= RFR + /}(Rm kl - RFR)Capital BudgetingNPV - CF0 + CFl . + CFz …+...+CFn(1 + k)1(1 + k):(1 + k)n IRR: discount rate that makes NPV equal to zero.Pure-Play Method Project BetaDelevered asset beta for comparable company:13a sset Passet ^equity X1 +(1-0DRelevered project beta for subject firm:DP nroiecr ^project asset Xi+(i-t)Measures of LeverageTotal leverage: percent change in net income from a given percent change in sales. Operating leverage: percent change in EBIT from a given percent change in sales.Financial leverage: percent change in net income from a given percent change in EBIT.breakeven quantity of sales =fixed operating & financing costsprice — variable costs per unitoperating breakeven quantity of sales =fixed operating costsprice — variable costs per unitWorking Capital ManagementPrimary sources ofiliquidity, cash balances,short-term funding, cash flow management of collections and payment.Secondary sources o f l iquidity, liquidating assets, negotiating debt agreements, bankruptcy protection.Cost of trade credit:1 +% discountl-% discount365days past discountCorporate GovernanceOne-tier board: Includes internal and externaldirectorsTwo-tier board: Supervisory board of externaldirectors, management board of internal directorsBoard committees:Audit: Financial reportingGovernance: Legal and ethics complianceNominations: Find Board candidatesRemuneration: Compensation for senior managersRisk: Firm risk tolerance and risk managementInvestment: Review large capital projects, assetpurchases, asset salesPORTFOLIO MANAGEMENTInvestment Policy StatementInvestment objectives:• Return objectives.• Risk tolerance.Constraints:• Liquidity needs.• Time horizon.• Tax concerns.• Legal and regulatory factors.• Unique needs and preferences.Combining Preferences with the Optimal Set ofPortfoliosMarkowitz efficient frontier is the set of portfoliosthat have highest return for given level of risk.Security Market Line (SML)Investors should only be compensated for riskrelative to market. Unsystematic risk is diversifiedaway; investors are compensated for systematic risk.The equation of the SML is the CAPM, which is areturn/systematic risk equilibrium relationship.total risk = systematic + unsystematic riskCAPM : E(R j) = RFR + (3- [E(Rmkt) - RFR]E(R.)The SML and EquilibriumIdentifying mispriced stocks:Consider three stocks (A, B, C) and SML.Estimated stock returns should plot on SML.• A return plot over the line is underpriced.• A return plot under the line is overpriced.E(R)Risk-Adjusted ReturnsSharpe ratio and M-squared measure excess returnper unit of total risk.Treynor measure and Jensens alpha measure excessreturn per unit of systematic risk.E(R)SECURITIES MARKETS,& EQUITY INVESTMENTSWell-Functioning Security Markets• Operational efficiency (lowest possibletransactions costs).• Informational efficiency (prices rapidly adjust tonew information).Margin PurchasesFor margin transactions:• Leverage factor =1 /margin percentage.• Levered return = HPR x leverage factor.Margin Call PriceP0 (1 — initial margin %)1 — maintenance margin%需要最新CFA、FRM、AQF、ACCA资料欢迎添加微信zyz786468331Securities Markets & Equity Investments continued... Computing Index Prices… . . , . T . stock pricesPrice-weighted Index =—-----------—----adjusted divisorValue-weighted Index^(current prices) (#shares)=-------------------^---------------------------X base valueXXbase year prices) (#base year shares)Types of OrdersExecution instructions: how to trade; e.g., market orders, limit orders.Validity instructions: when to execute; e.g., stop orders, day orders, fill-or-kill orders.Clearing instructions: how to clear and settle; for sell orders, specify short sale or sale of owned security. Market StructuresQuote-driven markets: investors trade with dealers. Order-driven markets: buyers and sellers matchedby rules.Brokered markets: brokers find counterparties. Forms of EMH• Weak f orm.Current stock prices f u lly reflectavailable security market info. Volumeinformation/past price do not relate to futuredirection of security prices. Investor cannotachieve excess returns using tech analysis.• Semi-strong f orm. Security prices instantly adjustto new public information. Investor cannot achieve excess returns using fundamental analysis.• Strong f orm. Stock prices fu lly reflect allinformation f rom public and p rivate sources.Assumes perfect markets in which all informationis cost free and available to everyone at the sametime. Even with inside info, investor cannotachieve excess returns..EQUITY INVESTMENTSIndustry Life Cycle StagesEmbryonic: slow growth, high prices, large investment needed, high risk of failure.Growth: rapid growth, falling prices, limited competition, increasing profitability.Shakeout: slower growth, intense competition, declining profitability, cost cutting, weaker firmsfail or merge.Mature: slow growth, consolidation, stable prices, high barriers to entry.Decline: negative growth, declining prices, consolidation.Five Competitive Forces1.Rivalry among existing competitors.2.Threat of entry.3.Threat of substitutes.4.Power of buyers.5.Power of suppliers.One-Period Valuation ModelP i(l+ kc)Be sure to use expected dividend Dj in calculation. Infinite Period Dividend Discount Models Supernormal g rowth m odel (multi-stage) DDM:V… =D,(1 +k_)++ D-+n(i+k e)n a+k erwhere: P… =D n+l" (k.-g e) Constant growth model:y=Do(1 + gc)=Di0 ke“gc ke~gc Critical relationship between k and g:•As difference between k and g c widens, value ofstock f alls.•As difference narrows, value of stock rises.•Small changes in difference between k and gcause large changes in stock’s value.Critical assumptions of infinite period DDM:•Stock pays dividends; constant growth rate.•Constant growth rate, g> never changes.• k must be greater than g c (or math will not work)Earnings Multiplier ModelDioEj k-payout ratiok^Price Multiplesleading P/E =price per sharetrailing P/E =forecast EPS next 12 mo,price per shareEPS previous 12 mo.P/B =P/S =price per sharebook value per shareprice per sharesales per shareP/CF =price per sharecash flow per shareFIXED INCOMEBasic Features of BondsIssuer. Sovereign, non-sovereign, quasi-government,supranational, corporate, SPE.Maturity. Money market (one year or less); capitalmarket (greater than one year).Par value. Bond’s principal value (face value).Coupon. Annual percent of par; fixed or floating.Divide by periodicity to get periodic rate.Currency. Single, dual, currency option.Indenture. Affirmative and negative covenants.Price, Yield, Coupon RelationshipsBond prices and yields are inversely related.Increase in yield decreases price; decrease in yieldincreases price.Coupon < yield: Discount to par value.Coupon > yield: Premium to par value.Constant-yield p rice trajectory: Price approachespar as bond nears maturity from amortization ofdiscounts and premiums. Capital gains and lossesare calculated relative to this trajectory.Cash Flow StructuresBullet: All principal repaid at maturity.Fully amortizing: Equal periodic payments includeboth interest and principal.Partially amortizing: Periodic payments includeinterest and principal, balloon payment at maturityrepays remaining principal.Sinking fu n d: Schedule for early redemption.Floating-rate: Coupon payments based on referencerate plus margin.Bond PricingThere are two equivalent ways to price a bond:•Constant discount rate applied to all cash flows(YTM) to find PV. This is a bond’s fla t p rice (doesnot include accrued interest).• Discount each cash flow using appropriate spotrate for each. This is a bond’s no-arbitrage price.Full p rice includes accrued interest. Governmentbonds use actual day counts; corporate bonds use30/360 method.full price = PV at last coupon date x (1 + YTM)r/Taccrued interest = coupon payment x (t/T)where:t = days from most recent coupon payment totrade settlementT = days in coupon payment periodMatrix p ricing: For illiquid bonds, use yields of bondswith same credit quality to estimate yield; adjust formaturity differences with linear interpolation.Bond MarketsNational bond market includes domestic bonds andforeign bonds.• Domestic bonds.Domestic issuer and currency.• Foreign bonds. Foreign issuer, domestic currency.Eurobond market is outside any one country, withbonds denominated in currencies other than thoseof countries in which bonds are sold.Global bonds trade in both a national bond marketand the eurobond market.Bond IssuanceUnderwritten offering: Investment banks buy entireissue, sell to public.Best efforts offering: Investment banks act as brokers.S helf r egistration: Register entire issue withregulators but sell over a period of time.Embedded OptionsCallable: Issuer may repay principal early. Increasesyield and decreases duration.Putable: Bondholder may sell bond back to issuer.Decreases yield and duration.Convertible: Bondholder may exchange bond forissuer’s common stock.Embedded warrants: Bondholder may buy issuer’scommon stock at exercise price.Yield MeasuresEffective y ield depends on periodicity. YTM =effective yield for annual-pay bonds.Semiannual bond basis: YTM = 2 x semiannualdiscount rate.Current y ield = annual coupon / price.Simple yield= current yield ±amortization.Yield to call is based on call date and call price.Yield to worst is lowest of a bond’s YTCs or YTM.M oney market y ields may be on a discount or addon basis and may use a 360- or 365-day year.Bond-equivalent yield is an annualized add-on yieldbased on a 365-day year.Forward and Spot RatesForward rate is a rate for a loan that begins at afuture date. “Iy3y” = 3-year forward rate 1 yearfrom today.Example of spot-forward relationship:(1 +s2)2=(1 +S^l+ly ly)Yield SpreadsG-spread: Basis points above government yield.I-spread: Basis points above swap rate.Z-spread: Accounts for shape of yield curve.Option-adjusted spread: Adjusts Z-spread for effectsof embedded options.Interest Rate RiskInterest rate risk has two components: reinvestment riskand market p rice risk from YTM changes. These riskshave opposing effects on an investor’s horizon yield.•Bond investors with short horizons are moreconcerned with market price risk.•Bond investors with long horizons are moreconcerned with reinvestment risk.•The horizon at which market price risk andreinvestment risk just offset is a bond’s Macaulayduration. This is the weighted average of timesuntil a bond’s cash flows are scheduled to be paid.continued on next page...。

常见的CFA考试公式表

一、经营成果指标部分CFA公式1、利润率＝利润总额÷营业收入×100％；2、资本金利润率＝利润总额÷资本金×100％；3、成本率＝总成本÷营业收入×100％；4、综合费用率＝营业费用÷(营业收入＋投资收益)×100%。

二、经营状况指标部分CFA公式1、流动比率＝流动资产÷流动负债×l00％；流动资产是指可以在一年内或者超过一年的一个营业周期内变现或者耗用的资产，包括现金及各银行在中央银行和专业银行的各种存款、短期贷款、短期投资、应收及预付款项等。

流动负债是指将在一年内或者超过一年的一个营业周期内偿还的债务，包括短期借款、活期存款、活期储蓄存款、应付票据、应付账款、应付工资、应交税金、应付利润、其他应付款、预提费用等。

2、速动比率=速动资产÷流动负债×100%；速动资产是指现金、短期投资和应收款项等项目的合计数，它们具有直接快速变现的能力，因此称为速动资产。

3、资本风险比率＝不良贷款÷资本金×100％；4、固定资产比率＝(固定资产净值＋在建工程)÷所有者权益（不含未分配利润）×100％；三、会计分析部分CFA公式1、负债比率＝负债总额÷资产总额×100%；2、权益比率（产权比率）＝所有者权益总额÷资产总额×100%；3、负债对所有者权益比率＝负债总额÷所有者权益×100%；4、流动资产比率＝流动资产÷资产总额×100%；5、贷款收息率＝贷款利息收入÷贷款年平均余额×100%；6、应收利息比率＝应收未收利息÷利息收入总额×100%；7、存款平均付息率＝存款利息支出总额÷各项存款年均余额×100%；8、拆入资金平均利率＝拆入资金利息支出额÷拆入资金年平均余额×100%；9、利润完成率＝当年实现利润总额÷本年计划利润×100%；10、利润增减率＝(本年实际利润——本年计划利润)÷本年计划利润总额×100%；11、资产利润率＝净利润÷资产平均余额×100%；12、资本(权益)收益率＝净利润÷资本总额×100%。

CFAlevel1公式总结考点中文总结

定量分析类财务：资金的时间价值。

投资：是对未来事件进行评估。

储蓄：是延迟的消费。

也即用现在的消费换取将来的消费。

一、单一现金流的计算：(1)(1)p pnp np FVFV PV i PV i =+⇒=+ sp i i m=p n m n =⨯ 利率（i ），收益率（r 或y ），增长率（g ），FV 未来现金值，PV 当前现金值，票面利率（s i ）又称年度回报率（APR i ）：s APR p i i mi ==实际年利率（EAR ）(1)1EARp m i i =+-二、连续复利求FV/PV ： ininFVFV PVe PV e =⇒=三、连续复利求有效年利率：1i EAR e =- [1]i APR Ln EAR ==+四、年金——相等的连续现金流终身年金的现值：10P PPMT PV I =普通年金的FV ：(1)1[]pn p p pi FV PMT i +-=五、年百分率：s p i APR m i ==⨯有效年利率：(1)1mpEAR i =+- 六、持有期收益率： 1V HPR V =-期末期初七、货币加权收益率=内部收益率(IRR)八、时间加权收益率=几何平均数九、银行贴现基准：十、实际年收益率：十一、货币市场收益率： =绝对频数相对频数样本总数十二、算术平均数：总体：-⎛⎫= ⎪⎝⎭0BD F P 360r F t =+-365/tEAY (1HPY)1⎛⎫= ⎪⎝⎭MM 360r HPY t 12NX X X Nμ++=1nii XX n==∑样本：几何平均数：加权平均数：投资组合的平均年回报率：十三、方差和标准差总体：样本：变异系数：或夏普比率：或十四、概率P(X)：事件X 发生的可能性特点：其中Xi 为一组互斥集体无遗漏事件概率分布的数字特征：期望/预期：方差、标准差——风险衡量()112NN X X X μ=1G r =112233123..................N NNw X w X w X w X w w w w μ+++=+++11tt t V R V -=-221()Nix i x xu N σ=-=∑x σ=221()1nii x xXS n =-=-∑x S =x xσμ=xS X =p Fp R R S -=p FpR R σ-=-=夏普比率P FXR R σ=XXσCV μ0P(X)1≤≤1()1Nii P X==∑()1()Ni i i E X X P X ==∑[]()()()2222221()()x Ni i i E X E X E X E X E XXP X σ==-=-⎡⎤⎣⎦=∑其中x σ=(){}1[[]][[]][,][][()]Nii i XY XE X Y E Y Cov X Y NE X E X Y E Y σ=--===--∑总体协方差：=XY XY X Y COV r σσ协方差和联合概率=XY XYX YCOV r σσ相关系数：投资组合的预期回报和方差 =++=++22222P 1122121,222221122121,212σw σw σ2w w COV w σw σ2w w r σσZ 值分布：Roy 安全第一条件——最佳投资是安全第一比率SFR 最大的组合总体均值的置信区间称为显著程度称为显著水平可以以总体平均值的样本估计值为中心构建置信区间α是显著性水平，等于1 -用%表示的置信水平。

CFA考试必备各类计算公式

CFA 考试必备各类计算公式CFA 涉及到了很多公式计算，每个公式都是考试的重点和难点，现在CFA小编就为大家详细的介绍一下：一、资产负债比例管理指标1、备付金比例＝备付金余额÷各项存款余额×100％——法定存款准备金比例；（标准：不得低于3％）备付金包括：现金、业务周转金、缴存存款准备金、存农业银行款项、存放其他同业款项、存放联社款项。

2、资产流动性比例＝流动性资产期末余额÷流动性负债期末余额×100％；（标准：不得低于25％）流动性资产是指资产负债表上的流动资产；流动性负债是指资产负债表上的流动负债。

3、存贷比例＝各项贷款余额÷各项存款余额×100％；（标准：年末不得高于80％）4、对流动负债依存率＝流动负债净额÷长期资产×100％；（标准：不得高于30％）流动负债净额＝流动负债——流动资产；长期资产是指资产负债表上的长期资产。

5、中长期贷款比例＝一年期以上中长期贷款余额÷一年期以上存款余额×100％；（标准：不得高于120％）一年期以上中长期贷款是指资产负债表上的中长期贷款；一年期以上存款是指资产负债表上的长期存款和长期储蓄存款。

6、拆借资金比例①拆（调）入资金比例＝拆（调）入资金余额÷各项存款余额×100％；（标准：不得高于4％）②拆（调）出资金比例＝拆（调）出资金余额÷各项存款余额×100％；（标准：不得高于8％）③净拆（调）入资金比例＝净拆（调）入资金余额÷流动负债×100％；（标准：不得高于4％）拆（调）入资金包括：银行业拆入、金融性公司拆入、调入调剂资金，拆入资金余额不得超过各项存款余额的4％；拆（调）出资金包括：拆放银行业、拆放金融性公司、调出调剂资金，拆出资金余额不得超过各项存款余额的8％；净拆（调）入资金是指拆（调）入资金与拆（调）出资金的差额。

cfa 公式

CFA公式在不同的章节中有所不同。

在经营成果指标部分，有利润率=利润总额÷营业收入×100%；资本金利润率=利润总额÷资本金×100%；成本率=总成本÷营业收入×100%；综合费用率=营业费用÷(营业收入+投资收益)×100%等。

在经营状况指标部分，有流动比率=流动资产÷流动负债×l00%；速动比率=速动资产÷流动负债×100%；资本风险比率=不良贷款÷资本金×100%；固定资产比率=(固定资产净值+在建工程)÷所有者权益(不含未分配利润)×100%等。

还有加权平均资金成本公式，具体如下：W ACC=(E/V)×Re+(D/V)×Rd×(1-Tc)。

其中Re = 股本成本，是投资者的必要收益率；Rd = 债务成本；E = 公司股本的市场价值；D = 公司债务的市场价值；V = E + D 是企业的市场价值；E/V = 股本占融资总额的百分比，资本化比率；D/V = 债务占融资总额的百分比，资产负债率。

Tc = 企业税率。

希望以上CFA公式能够帮助到您。

超详尽,CFA考试备考复习资料全科公式分享

超详尽，CFA考试备考复习资料全科公式分享在cfa的考生中，许多考生都走过非常多的坎坷。

大量的知识，汇集着多而密集的知识点串联成一个个解题方式。

为了帮助考生们可以更好的记忆公式，高顿网校cfa小编将一二三的公式都做了一番整理。

以备大家考试时用。

一、经营状况指标部分CFA公式1、流动比率＝流动资产÷流动负债×l00％；流动资产是指可以在一年内或者超过一年的一个营业周期内变现或者耗用的资产，包括现金及各银行在中央银行和专业银行的各种存款、短期贷款、短期投资、应收及预付款项等。

流动负债是指将在一年内或者超过一年的一个营业周期内偿还的债务，包括短期借款、活期存款、活期储蓄存款、应付票据、应付账款、应付工资、应交税金、应付利润、其他应付款、预提费用等。

2、速动比率=速动资产÷流动负债×100%；速动资产是指现金、短期投资和应收款项等项目的合计数，它们具有直接快速变现的能力，因此称为速动资产。

3、资本风险比率＝不良贷款÷资本金×100％；4、固定资产比率＝(固定资产净值＋在建工程)÷所有者权益（不含未分配利润）×100％；二、经营成果指标部分CFA公式1、利润率＝利润总额÷营业收入×100％；2、资本金利润率＝利润总额÷资本金×100％；3、成本率＝总成本÷营业收入×100％；4、综合费用率＝营业费用÷(营业收入＋投资收益)×100%。

三、资产负债比例管理指标部分CFA公式1、备付金比例＝备付金余额÷各项存款余额×100％——法定存款准备金比例；（标准：不得低于3％）备付金包括：现金、业务周转金、缴存存款准备金、存农业银行款项、存放其他同业款项、存放联社款项。

2、资产流动性比例＝流动性资产期末余额÷流动性负债期末余额×100％；（标准：不得低于25％）流动性资产是指资产负债表上的流动资产；流动性负债是指资产负债表上的流动负债。

2006 CFA L1 一级公式汇总

σ
2 =
n % E (Y ) = p(Y | I ) Y + ggg + p(Yn | I ) Yn = p(Y | I ) Yi 1 1 i =1 i
Properties of Normal Distribution: 1. Completely described by mean and variance ( , 2) 2. It is symmetric with skewness measure of 0, i.e., mean = mode = median 3. Kurtosis = 3. Forms benchmark. 4. Linear combinations of normal random variables are normally distributed.
1 f ( y) = yU − y L 0 for y L ≤ y ≤ yU
Variance (based on probability distribution) =σ =
2
p Y s =1 i i
n
Conditional Expectation =
% p Y − E (Y ) i =1 i i
n
FVADT = Future Value of Annuity Due T [(1 + r ) −1] = PMT x = (1 + r ) r
STATISTICAL CONCEPTS AND MARKET RETURNS
P + CF 1 Gross Return = R = 1 P0
Average gross return=(R1 x R2 x ... x RT)1/T Arithmetic Mean = Y = Weighted Mean =

CFA温习用这10个CFA公式通过CFA考试

CFA温习：用这10个CFA公式通过CFA考试下面一名CFA高分学员分享了如何通过CFA考试的体会，希望对预备2018年CFA考试的考生有所帮忙。

1.一个方式论死记硬背的成效总归可不能太好，而且记得快，忘得也快。

成年人记忆的规律，老是要在明白得的基础上经历，如此记得才会加倍牢靠。

简单来讲，花十倍的时刻去硬背公式，不如花一倍的时刻去推导一下公式。

再次强调，是在考前推导，不是在考场上！在推导的进程中，既加深了对每一个字母参数的明白得，又增强了自己对金融灵敏的感觉。

只是要推导公式，最好先去大致地把一些基础的知识给过一遍：简单的微积分、等差数列和等比数列等。

先辈说看到LIFO和cash flow，就要条件反射式地想到，若是用LIFO，那么cash flow相关于FIFO偏大，至于什么缘故造成的，考场上没必要深究。

我感觉这种思想的精华本质上仍是适当的明白得，再加上点到为止即可。

2.一个技术CFA过来人曾经分享过一个比较好的经历方式：用经历函数曲线图来取代字面经历。

举个例子，在固定收益中，有可赎回债券和可卖回债券，它们的价钱是会随着rate的变更而改变的。

那么那个变更进程的曲线即能够先用图画的形式表达出来，再结合一些convexity等相关的概念来辅助经历。

总之，在公式经历这种场合，形象思维的效率有时是高于逻辑思维的。

公式在你脑海中的画面感越强，经历的成效就越好。

公式的推导的目的仍是为了帮忙你更好地经历。

3.一个大体点公式和解题速度都是练出来的。

因此成心识地去找一些题目来练练手，就显得比较关键了。

至于选择什么样的习题，推荐官方Sample和Mock exams，其他的有时刻再做。

习题要会做！光背QuickSheet效率太低，碰到不懂的题目再回查就行。

目录中的LOS，你看一眼就明白每一个LOS的要点在哪里，功夫就算下得差不多了。

练手的，建议历年的模拟题5~7套；巩固的，建议CFA官网提供的全真模拟题1~2套；冲刺的，建议做高顿CFA持证无忧打算的押题密卷，若是都能做完，大体上也就没啥大问题了，量变产生质变。

吐血整理,超全CFA考试公式大汇总

吐血整理，超全CFA考试公式大汇总一、经营状况指标部分CFA公式1、流动比率＝流动资产÷流动负债×l00％；流动资产是指可以在一年内或者超过一年的一个营业周期内变现或者耗用的资产，包括现金及各银行在中央银行和专业银行的各种存款、短期贷款、短期投资、应收及预付款项等。

流动负债是指将在一年内或者超过一年的一个营业周期内偿还的债务，包括短期借款、活期存款、活期储蓄存款、应付票据、应付账款、应付工资、应交税金、应付利润、其他应付款、预提费用等。

2、速动比率=速动资产÷流动负债×100%；速动资产是指现金、短期投资和应收款项等项目的合计数，它们具有直接快速变现的能力，因此称为速动资产。

3、资本风险比率＝不良贷款÷资本金×100％；4、固定资产比率＝(固定资产净值＋在建工程)÷所有者权益（不含未分配利润）×100％；二、经营成果指标部分CFA公式1、利润率＝利润总额÷营业收入×100％；2、资本金利润率＝利润总额÷资本金×100％；3、成本率＝总成本÷营业收入×100％；4、综合费用率＝营业费用÷(营业收入＋投资收益)×100%。

三、资产负债比例管理指标部分CFA公式1、备付金比例＝备付金余额÷各项存款余额×100％——法定存款准备金比例；（标准：不得低于3％）备付金包括：现金、业务周转金、缴存存款准备金、存农业银行款项、存放其他同业款项、存放联社款项。

2、资产流动性比例＝流动性资产期末余额÷流动性负债期末余额×100％；（标准：不得低于25％）流动性资产是指资产负债表上的流动资产；流动性负债是指资产负债表上的流动负债。

3、存贷比例＝各项贷款余额÷各项存款余额×100％；（标准：年末不得高于80％）4、对流动负债依存率＝流动负债净额÷长期资产×100％；（标准：不得高于30％）流动负债净额＝流动负债——流动资产；长期资产是指资产负债表上的长期资产。

CFA考试必备各类计算公式

CFA考试必备各类计算公式CFA涉及到了很多公式计算，每个公式都是考试的重点和难点，现在CFA小编就为大家详细的介绍一下：一、资产负债比例管理指标1、备付金比例＝备付金余额÷各项存款余额×100％——法定存款准备金比例；（标准：不得低于3％）备付金包括：现金、业务周转金、缴存存款准备金、存农业银行款项、存放其他同业款项、存放联社款项。

2、资产流动性比例＝流动性资产期末余额÷流动性负债期末余额×100％；（标准：不得低于25％）流动性资产是指资产负债表上的流动资产；流动性负债是指资产负债表上的流动负债。

3、存贷比例＝各项贷款余额÷各项存款余额×100％；（标准：年末不得高于80％）4、对流动负债依存率＝流动负债净额÷长期资产×100％；（标准：不得高于30％）流动负债净额＝流动负债——流动资产；长期资产是指资产负债表上的长期资产。

5、中长期贷款比例＝一年期以上中长期贷款余额÷一年期以上存款余额×100％；（标准：不得高于120％）一年期以上中长期贷款是指资产负债表上的中长期贷款；一年期以上存款是指资产负债表上的长期存款和长期储蓄存款。

6、拆借资金比例①拆（调）入资金比例＝拆（调）入资金余额÷各项存款余额×100％；（标准：不得高于4％）②拆（调）出资金比例＝拆（调）出资金余额÷各项存款余额×100％；（标准：不得高于8％）③净拆（调）入资金比例＝净拆（调）入资金余额÷流动负债×100％；（标准：不得高于4％）拆（调）入资金包括：银行业拆入、金融性公司拆入、调入调剂资金，拆入资金余额不得超过各项存款余额的4％；拆（调）出资金包括：拆放银行业、拆放金融性公司、调出调剂资金，拆出资金余额不得超过各项存款余额的8％；净拆（调）入资金是指拆（调）入资金与拆（调）出资金的差额。