ACCAF9考前串讲
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structure exists) ⑨ How to use inflations to forecast exchange rates ⑩ How to use interest rate to forecast exchange rates
复习要点
Financial management function
5
复习要点
Investment appraisal
① Payback period ② ARR ③ NPV ④ IRR ⑤ Sensitivity margin = NPV/PV of relevant CF ⑥ Asset replacement: compare EAC ⑦ Lease or buy: company PV of cost ⑧ Capital rationing: hard vs soft
2018-5-25
复习要点
Risk management
• Exchange rate risk ① Type – translation, transaction, economic ② Hedging (internal) – invoice in local currency, matching receipt and payments, matching asset and liabilities, leading and lagging, netting ③ Hedging (external) – forward contract, money market hedging ④ Interest rate parity theory(IRPT) ⑤ Purchase power parity theory (PPPT)
① 3 decisions : investment, finance, dividend ② Financial objective: maximise shareholders’ wealth ③ NFP’s objective measurement: value for money (economy, efficiency,
7
复习要点
Ratios
• ROCE=PBIT/CE • ROE=PAT/shareholders’ fund • Asset turnover = Revenue/asset employed • Profit margin = profit/revenue • Operating gear = contribution/PBIT • Financial gear = D/E • Interest cover = PBIT/interest • Current ratio = CA/CL
2018-5-25
6月8日要考 F9了， 你准备好了吗？
ACCA F9 Financial Management
考前讲座
苏毅仪 MSc, FCCA
1
讲座主题
• 考试规则 • 考试答题技巧 • 考试Tips • 文字讨论题热点 • 复习要点 • CBE操作技能 - 在线演示September/December 2017 真题
just in time ③ Cash – Miller-Orr model, Baumol model, cash budget ④ Working capital funding policy (conservative, moderate, aggressive) ⑤ Overtrading (under-capitalisation)
考试Tips
• Section A 将考核考纲中的任意知识点 • Section B
1. Business valuation 2. Risk management 3. Asset replacement, lease or buy, capital rationing • Section C 主要考核 1. Working capital management (early settlement discount, factoring, EOQ) 2. NPV, IRR, ARR, payback period 3. WACC (Ke, Kd, MV of E, MV of D) 4. Source of finance
复习要点
Working capital management
① Receivables – early settlement discount, factoring ② Inventory – EOQ, total holding cost, total ordering cost, total cost,
• Interest rate risk ① Cause of interest rate fluctuations (yield curves, expectation theory,
liquidity preference theory, market segmentation) ② Hedging – matching assets and liability, smoothing (balance of fixed rate
effectiveness)
4
2018-5-25
复习要点
Financial management environment
① Macroeconomic policy target ( economic growth, control inflation, full employment, balance of payment)
② Fiscal policy: taxation, government borrowing, government spending ③ Monetary policy: interest rate, exchange rate, money supply ④ Capital market: medium and long term financial instrumnets ⑤ Money market: short term financial instrument
and floating rate loan) , FRA
6
2018-5-25
复习要点
Business finance
① WACC (Kd, Ke, Kp, MV of debt, MV of equity) ② Risk adjusted WACC (ungear, regear) ③ TERP ④ Capital structure theories (traditional theory, M&M without tax, M&M with tax,
8
2018-5-25
在线演示September/December 201ห้องสมุดไป่ตู้ 真题
Keep Calm And
Pass the exam!
9
pecking order theory) ⑤ Dividend irrelevant hypothesis ⑥ Islamic finance
复习要点
Business valuation
① Efficient market hypothesis (EMH) – weak, semi-strong, strong ② Valuation method – net assets valuation, P/E ratio, earning yield, DGM, FCFF
2018-5-25
复习要点
• Quick ratio = (CA-inventory)/CL • Inventory days = inventory/credit purchase*365 • Receivable days= receivable/credit sales*365 • Payable days = payables/credit purchase*365 • Operating cycle = inventory days + receivables days – payables days • EPS = PAT/No of shares • P/E ratio = share price/EPS = MV of equity/PAT • Dividend cover = PAT/dividend • Dividend yield = DPS/share price = total dividend/MV of equity • Total shareholders’ return = (D+(P1-P0))/P0
2018-5-25
考试规则
• 答题时间：3小时20分钟 • 总分：110分 = 100分（算入成绩内）+10分（不算入成绩内） • 题型
Section A：15小题 x 2分=30分 Section B：3大题 x （5小题题x2分）=30分 Section C：2综合题 x 20分=40分 种子题：5小题 x 2分 = 10分 （可能在section A或section B,不计入总分，不会提示
哪些是种子题）
2
2018-5-25
考试答题技巧
• 答题顺序： Section A --> Section B ---> Section C • 使用自己带的计算器和考场发的草稿纸解答Section A 和 Section B 的问题 • 使用考试提供的电子表格和文字处理程序解答Section C • Section A每小题耗时不得超过3分钟 • Section B 每个案例耗时不得超过18分钟 • Section C 按照1.5分钟每分算解答时间 • 遇到难题，或一时无法解答的题目，一定要学会暂时放弃 （注意：考试前一定要多做几次ACCA官网提供的CBE，熟悉答题的操作方法！！）
3
2018-5-25
文字讨论题热点
① Key factors to formulate a working capital funding policy ② Key areas of account receivable management ③ Ways of incorporating risk into the investment appraisal process ④ Natures, causes and solutions of capital rationing ⑤ Benefits of convertible debt ⑥ Why the cost of equity is greater than the cost of debt ⑦ When current WACC could be used in investment appraisal of a project ⑧ Whether or not WACC can be reduced to a minimum level (optimum capital
复习要点
Financial management function
5
复习要点
Investment appraisal
① Payback period ② ARR ③ NPV ④ IRR ⑤ Sensitivity margin = NPV/PV of relevant CF ⑥ Asset replacement: compare EAC ⑦ Lease or buy: company PV of cost ⑧ Capital rationing: hard vs soft
2018-5-25
复习要点
Risk management
• Exchange rate risk ① Type – translation, transaction, economic ② Hedging (internal) – invoice in local currency, matching receipt and payments, matching asset and liabilities, leading and lagging, netting ③ Hedging (external) – forward contract, money market hedging ④ Interest rate parity theory(IRPT) ⑤ Purchase power parity theory (PPPT)
① 3 decisions : investment, finance, dividend ② Financial objective: maximise shareholders’ wealth ③ NFP’s objective measurement: value for money (economy, efficiency,
7
复习要点
Ratios
• ROCE=PBIT/CE • ROE=PAT/shareholders’ fund • Asset turnover = Revenue/asset employed • Profit margin = profit/revenue • Operating gear = contribution/PBIT • Financial gear = D/E • Interest cover = PBIT/interest • Current ratio = CA/CL
2018-5-25
6月8日要考 F9了， 你准备好了吗？
ACCA F9 Financial Management
考前讲座
苏毅仪 MSc, FCCA
1
讲座主题
• 考试规则 • 考试答题技巧 • 考试Tips • 文字讨论题热点 • 复习要点 • CBE操作技能 - 在线演示September/December 2017 真题
just in time ③ Cash – Miller-Orr model, Baumol model, cash budget ④ Working capital funding policy (conservative, moderate, aggressive) ⑤ Overtrading (under-capitalisation)
考试Tips
• Section A 将考核考纲中的任意知识点 • Section B
1. Business valuation 2. Risk management 3. Asset replacement, lease or buy, capital rationing • Section C 主要考核 1. Working capital management (early settlement discount, factoring, EOQ) 2. NPV, IRR, ARR, payback period 3. WACC (Ke, Kd, MV of E, MV of D) 4. Source of finance
复习要点
Working capital management
① Receivables – early settlement discount, factoring ② Inventory – EOQ, total holding cost, total ordering cost, total cost,
• Interest rate risk ① Cause of interest rate fluctuations (yield curves, expectation theory,
liquidity preference theory, market segmentation) ② Hedging – matching assets and liability, smoothing (balance of fixed rate
effectiveness)
4
2018-5-25
复习要点
Financial management environment
① Macroeconomic policy target ( economic growth, control inflation, full employment, balance of payment)
② Fiscal policy: taxation, government borrowing, government spending ③ Monetary policy: interest rate, exchange rate, money supply ④ Capital market: medium and long term financial instrumnets ⑤ Money market: short term financial instrument
and floating rate loan) , FRA
6
2018-5-25
复习要点
Business finance
① WACC (Kd, Ke, Kp, MV of debt, MV of equity) ② Risk adjusted WACC (ungear, regear) ③ TERP ④ Capital structure theories (traditional theory, M&M without tax, M&M with tax,
8
2018-5-25
在线演示September/December 201ห้องสมุดไป่ตู้ 真题
Keep Calm And
Pass the exam!
9
pecking order theory) ⑤ Dividend irrelevant hypothesis ⑥ Islamic finance
复习要点
Business valuation
① Efficient market hypothesis (EMH) – weak, semi-strong, strong ② Valuation method – net assets valuation, P/E ratio, earning yield, DGM, FCFF
2018-5-25
复习要点
• Quick ratio = (CA-inventory)/CL • Inventory days = inventory/credit purchase*365 • Receivable days= receivable/credit sales*365 • Payable days = payables/credit purchase*365 • Operating cycle = inventory days + receivables days – payables days • EPS = PAT/No of shares • P/E ratio = share price/EPS = MV of equity/PAT • Dividend cover = PAT/dividend • Dividend yield = DPS/share price = total dividend/MV of equity • Total shareholders’ return = (D+(P1-P0))/P0
2018-5-25
考试规则
• 答题时间：3小时20分钟 • 总分：110分 = 100分（算入成绩内）+10分（不算入成绩内） • 题型
Section A：15小题 x 2分=30分 Section B：3大题 x （5小题题x2分）=30分 Section C：2综合题 x 20分=40分 种子题：5小题 x 2分 = 10分 （可能在section A或section B,不计入总分，不会提示
哪些是种子题）
2
2018-5-25
考试答题技巧
• 答题顺序： Section A --> Section B ---> Section C • 使用自己带的计算器和考场发的草稿纸解答Section A 和 Section B 的问题 • 使用考试提供的电子表格和文字处理程序解答Section C • Section A每小题耗时不得超过3分钟 • Section B 每个案例耗时不得超过18分钟 • Section C 按照1.5分钟每分算解答时间 • 遇到难题，或一时无法解答的题目，一定要学会暂时放弃 （注意：考试前一定要多做几次ACCA官网提供的CBE，熟悉答题的操作方法！！）
3
2018-5-25
文字讨论题热点
① Key factors to formulate a working capital funding policy ② Key areas of account receivable management ③ Ways of incorporating risk into the investment appraisal process ④ Natures, causes and solutions of capital rationing ⑤ Benefits of convertible debt ⑥ Why the cost of equity is greater than the cost of debt ⑦ When current WACC could be used in investment appraisal of a project ⑧ Whether or not WACC can be reduced to a minimum level (optimum capital