CMA考试新考纲官方-parttwo(1)
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6
增量现金流 初始期现金流
Incremental Cash Flows
资本预算项目阶段的现金流入和流出 – 图表2D-3，891页 营运期现金流 营运期的增量现金流 – 图表2D-4，892页 处置期现金流 处置期的增量现金流 – 图表2D-5,892页
Initiation Cash Flows
Projection Dimension Time Dimension – time value of money, page 377
Stage of Capital Budgeting
Stages of Capital Budgeting – figure 2D-1, page 378
5
增量现金流
13
净现值
Net Present Value
净现值 – 未来现金流的现值减去项目的初始投资
现值计算
现值(PV) = 现金流金额/(1+r)n
1美元的部分复利现值系数表 – 图表2D-11，903页 Net Present Value – present value of future cash flows less the initial investment in the project
8
Incremental Cash Flow Example
所得税考虑事项
Income Tax Consideration
与折旧有关的税务规则存在的差异 – 894页
可税前扣除的折旧金额
折旧基数 – 在一定期限内为纳税目的而冲销的金额
三种技术 – 895页
折旧期
Tax rules pertaining to depreciation differ in the following way – page 383 Depreciable basis – amount that can be written off for tax purposes over a period of years Three main techniques – page 384
3
资本预算 资本预算编制的应用
Capital Budgeting
分类 – 扩张，重置，强制性，其他 其他资本支出分类 – 效率和/或收入的产生，竞争效果， 法规，安全，健康和环境的要求 Categories – expansion, replace, mandatory, other Alternate capital classification – efficiency and/or revenue generation, competitive effectiveness, regulatory, safety, health, and environment requirement
Net Present Value Interpretation
NPV values may be interpreted – page 397
15
内部回报率
Internal Rate of Return
内部回报率（IRR）- 一个使净现金流入的现值等于初始 投资的折现率
对内部回报率的解释
两个基本步骤 – 907页 均匀净现金流的例子 – 907页 不均匀现金流的例子–图表2D-14，2D-15，2D-16，908页 Internal rate of return (IRR) – discount rate that makes the present value of net cash inflow equal to the initial investment
Incremental Cash Flows
评价资本投资现金流的关键点 – 890页 资本预算项目阶段的现金流入和流出 – 图表2D-2,891页 直接效应 – 现金流入，现金流出或承诺 纳税效应 – 由纳税收入和可扣除费用引起 净效应 Key points in evaluating capital investment cash flows – page 378 Cash inflows and outflow during a Capital Budgeting Project – figure 2D-2, page 379 Direct Effect – cash inflow, outflow or commitment Tax Effect – caused by the taxability of revenues and deductibility of expenses Net Effect
9
Depreciation Amount Allowable
Depreciation Time Period
Байду номын сангаас
所得税考虑事项 折旧模式
Income Tax Consideration
直线折旧法 – 895页
加速折旧法 – 年数总和法，896页，余额递减法，896页， MACRS，897页
折旧税盾作用 Straight-line Depreciation – page 385 Accelerated Depreciation – sum-of-the-digits, page 385, declining-balance depreciation, page 386, MACRS, page 387 Depreciation tax shield
规定回报率 – 选择一项投资时可接受的未来最低回报率
Following criteria to evaluate a capital investment – total initial cash flow for the investment, expected future cash inflows and outflow, required rate of return Required rate of return – minimum future receipts the firms will accept in choosing an investment
Capital Budgeting Applications
4
资本预算
Capital Budgeting
资本预算编制的项目纬度和时间纬度
项目纬度 时间纬度 – 货币的时间价值，889页
资本预算编制的阶段划分
资本预算编制的阶段划分 – 图表2D-1，889页
Project and Time Dimension in Capital Budgeting
12
规定回报率 最低回报率 资本成本
Required Rate of Return
资本成本的公式 – 902页 加权平均资本成本公式 – 902页
Minimum Rate of Return
Cost of Capital
Formula for the cost of capital – page 392 Formula for the weighted average cost of capital – page 392
Present Value Calculation
Present Value (PV) = Amount of Cash Flow/(1+r)n
Partial Present Value of $1 Interest Factor Table – figure 2D-11, page 394
14
Depreciation Pattern
10
第二节：折现现金流分析 Topic 2: Discounted Cash Flow Analysis
11
规定回报率
Required Rate of Return
使用以下标准来评价资本投资 – 初始现金流，预期未来 现金流入和流出，规定回报率
16
NPV和IRR的比较
Comparison of NPV and IRR
NPV和IRR都考虑 – 货币的时间价值，期初现金投资，初 始投资后的所有现金
两种方法都有可靠性方面的值得注意之处 – 909页 只要没有以下方面的不同，NPV和IRR方法一般会产生相似 的结果 – 909页 Both NPV and IRR consider – time value of money, initial cash investment, all cash flow after initial investment Both methods have some reliability cautions – page 400
净现值 净现值计算
Net Present Value
确定NPV的步骤 – 904页 均匀现金流的例子 – 年金投资，图表2D-12，905页 不均匀现金流的例子 – 905页
净现值解释
NPV的解释 – 906页
Net Present Value Calculation
Steps in determining NPV – page 395 Uniform Net Cash Flows Example – annuity investment, figure 2D-12, page 395 Uneven Cash Flows Examples – page 396
第四章：投资决策
Section D: Investment Decision
1
资本预算流程 Topic 1: Capital Budgeting Process
2
资本预算
Capital Budgeting
流动投资 – 短期，当年结转冲销 营运预算 – 营运活动的收入和费用计划 资本投资 – 长期，初始现金流出随时间推移而逐渐摊销 资本预算 – 长期资产的提议支出所制定的计划 Current investment – short-term, written off in the same year Operating budget – plan for operating expenses and revenue Capital investment – long-term, initial cash outlay reduced over a period of years Capital budgeting – plan of proposed outlays for long-term asset
Incremental Cash Flows at Initiation – figure 2D-3, page 380 Increment Cash Flows During Operation – figure 2D-4, page 380 Increment Cash Flows at Disposal – figure 2D-5, page 381
Internal Rate of Return Interpretation
Two fundamental steps – page 397 Uniform Net Cash Flows Example – page 397-398 Uneven Cash Flows Example – page 398, figure 2D-14, figure 2D-15, figure 2D-16, page 399
Operation Cash Flows
Disposal Cash Flows
7
增量现金流 增量现金流案例
Incremental Cash Flows
初始增量现金流 – 图表2D-6，893页
净营运收入预测 – 图表2D-7，893页
营运期和处置期的增量现金流 – 图表2D-8，893页 预期增量现金流 – 图表2D-9，894页 Incremental Cash Flow at Initiation – figure 2D-6, page 382 Projections for Net Operation Revenue – figure 2D-7, page 382 Incremental Cash Flows from Operation and Disposal – figure 2D-8, page 382 Expected Incremental Cash Flows – figure 2D-9, page 383
增量现金流 初始期现金流
Incremental Cash Flows
资本预算项目阶段的现金流入和流出 – 图表2D-3，891页 营运期现金流 营运期的增量现金流 – 图表2D-4，892页 处置期现金流 处置期的增量现金流 – 图表2D-5,892页
Initiation Cash Flows
Projection Dimension Time Dimension – time value of money, page 377
Stage of Capital Budgeting
Stages of Capital Budgeting – figure 2D-1, page 378
5
增量现金流
13
净现值
Net Present Value
净现值 – 未来现金流的现值减去项目的初始投资
现值计算
现值(PV) = 现金流金额/(1+r)n
1美元的部分复利现值系数表 – 图表2D-11，903页 Net Present Value – present value of future cash flows less the initial investment in the project
8
Incremental Cash Flow Example
所得税考虑事项
Income Tax Consideration
与折旧有关的税务规则存在的差异 – 894页
可税前扣除的折旧金额
折旧基数 – 在一定期限内为纳税目的而冲销的金额
三种技术 – 895页
折旧期
Tax rules pertaining to depreciation differ in the following way – page 383 Depreciable basis – amount that can be written off for tax purposes over a period of years Three main techniques – page 384
3
资本预算 资本预算编制的应用
Capital Budgeting
分类 – 扩张，重置，强制性，其他 其他资本支出分类 – 效率和/或收入的产生，竞争效果， 法规，安全，健康和环境的要求 Categories – expansion, replace, mandatory, other Alternate capital classification – efficiency and/or revenue generation, competitive effectiveness, regulatory, safety, health, and environment requirement
Net Present Value Interpretation
NPV values may be interpreted – page 397
15
内部回报率
Internal Rate of Return
内部回报率（IRR）- 一个使净现金流入的现值等于初始 投资的折现率
对内部回报率的解释
两个基本步骤 – 907页 均匀净现金流的例子 – 907页 不均匀现金流的例子–图表2D-14，2D-15，2D-16，908页 Internal rate of return (IRR) – discount rate that makes the present value of net cash inflow equal to the initial investment
Incremental Cash Flows
评价资本投资现金流的关键点 – 890页 资本预算项目阶段的现金流入和流出 – 图表2D-2,891页 直接效应 – 现金流入，现金流出或承诺 纳税效应 – 由纳税收入和可扣除费用引起 净效应 Key points in evaluating capital investment cash flows – page 378 Cash inflows and outflow during a Capital Budgeting Project – figure 2D-2, page 379 Direct Effect – cash inflow, outflow or commitment Tax Effect – caused by the taxability of revenues and deductibility of expenses Net Effect
9
Depreciation Amount Allowable
Depreciation Time Period
Байду номын сангаас
所得税考虑事项 折旧模式
Income Tax Consideration
直线折旧法 – 895页
加速折旧法 – 年数总和法，896页，余额递减法，896页， MACRS，897页
折旧税盾作用 Straight-line Depreciation – page 385 Accelerated Depreciation – sum-of-the-digits, page 385, declining-balance depreciation, page 386, MACRS, page 387 Depreciation tax shield
规定回报率 – 选择一项投资时可接受的未来最低回报率
Following criteria to evaluate a capital investment – total initial cash flow for the investment, expected future cash inflows and outflow, required rate of return Required rate of return – minimum future receipts the firms will accept in choosing an investment
Capital Budgeting Applications
4
资本预算
Capital Budgeting
资本预算编制的项目纬度和时间纬度
项目纬度 时间纬度 – 货币的时间价值，889页
资本预算编制的阶段划分
资本预算编制的阶段划分 – 图表2D-1，889页
Project and Time Dimension in Capital Budgeting
12
规定回报率 最低回报率 资本成本
Required Rate of Return
资本成本的公式 – 902页 加权平均资本成本公式 – 902页
Minimum Rate of Return
Cost of Capital
Formula for the cost of capital – page 392 Formula for the weighted average cost of capital – page 392
Present Value Calculation
Present Value (PV) = Amount of Cash Flow/(1+r)n
Partial Present Value of $1 Interest Factor Table – figure 2D-11, page 394
14
Depreciation Pattern
10
第二节：折现现金流分析 Topic 2: Discounted Cash Flow Analysis
11
规定回报率
Required Rate of Return
使用以下标准来评价资本投资 – 初始现金流，预期未来 现金流入和流出，规定回报率
16
NPV和IRR的比较
Comparison of NPV and IRR
NPV和IRR都考虑 – 货币的时间价值，期初现金投资，初 始投资后的所有现金
两种方法都有可靠性方面的值得注意之处 – 909页 只要没有以下方面的不同，NPV和IRR方法一般会产生相似 的结果 – 909页 Both NPV and IRR consider – time value of money, initial cash investment, all cash flow after initial investment Both methods have some reliability cautions – page 400
净现值 净现值计算
Net Present Value
确定NPV的步骤 – 904页 均匀现金流的例子 – 年金投资，图表2D-12，905页 不均匀现金流的例子 – 905页
净现值解释
NPV的解释 – 906页
Net Present Value Calculation
Steps in determining NPV – page 395 Uniform Net Cash Flows Example – annuity investment, figure 2D-12, page 395 Uneven Cash Flows Examples – page 396
第四章：投资决策
Section D: Investment Decision
1
资本预算流程 Topic 1: Capital Budgeting Process
2
资本预算
Capital Budgeting
流动投资 – 短期，当年结转冲销 营运预算 – 营运活动的收入和费用计划 资本投资 – 长期，初始现金流出随时间推移而逐渐摊销 资本预算 – 长期资产的提议支出所制定的计划 Current investment – short-term, written off in the same year Operating budget – plan for operating expenses and revenue Capital investment – long-term, initial cash outlay reduced over a period of years Capital budgeting – plan of proposed outlays for long-term asset
Incremental Cash Flows at Initiation – figure 2D-3, page 380 Increment Cash Flows During Operation – figure 2D-4, page 380 Increment Cash Flows at Disposal – figure 2D-5, page 381
Internal Rate of Return Interpretation
Two fundamental steps – page 397 Uniform Net Cash Flows Example – page 397-398 Uneven Cash Flows Example – page 398, figure 2D-14, figure 2D-15, figure 2D-16, page 399
Operation Cash Flows
Disposal Cash Flows
7
增量现金流 增量现金流案例
Incremental Cash Flows
初始增量现金流 – 图表2D-6，893页
净营运收入预测 – 图表2D-7，893页
营运期和处置期的增量现金流 – 图表2D-8，893页 预期增量现金流 – 图表2D-9，894页 Incremental Cash Flow at Initiation – figure 2D-6, page 382 Projections for Net Operation Revenue – figure 2D-7, page 382 Incremental Cash Flows from Operation and Disposal – figure 2D-8, page 382 Expected Incremental Cash Flows – figure 2D-9, page 383