Corporate Finance

公司財(cái)務(wù)

Broad Learning Objectives

總體學(xué)習(xí)目標(biāo)

Candidates should understand the fundamental component parts of corporate finance, such as objectives, valuation, discounted cash flow and capital budgeting within a corporate setting, together with decision making, both from a short term and long term perspective. The important financial decisions together with the underlying theories associated with capital structure, dividend policy and mergers and acquisitions should be understood in some detail within this topic area together with their applications to practical settings. Given the global nature of the CIIA designation, an in depth knowledge of international corporate finance should be developed and applied. The topic area concludes with a review of the organisation of value creation within a corporate setting.

考生應(yīng)了解公司財(cái)務(wù)的基本組成部分，比如公司財(cái)務(wù)的目標(biāo)、公司估值、貼現(xiàn)現(xiàn)金流、資本預(yù)算以及長、短期投融資決策等。本章需要掌握與資本結(jié)構(gòu)、股息政策、合并和收購相關(guān)的基本理論以及重要的財(cái)務(wù)決策，并理解其在實(shí)際環(huán)境中的應(yīng)用。基于CIIA的全球性，應(yīng)試者應(yīng)增進(jìn)對(duì)國際企業(yè)融資理論的深入了解并學(xué)以致用。本章最后回顧了企業(yè)環(huán)境下的價(jià)值創(chuàng)造組織。

1   Corporate Finance and Value Creation

1  公司財(cái)務(wù)與價(jià)值創(chuàng)造

2   Investment Mechanisms

2  投資機(jī)制

2.1   Basics of cash flow analysis

2.1  現(xiàn)金流分析基本原理

2.2   The net initial investment (NINV)

2.2.1   Replacement projects

2.2.2   Expansion project

2.2  凈初始投資(NINV)

2.2.1  替代性項(xiàng)目

2.2.2  擴(kuò)張性項(xiàng)目

2.3   Operating cash flows

2.3.1   Depreciation

2.3.2   Net operating cash flows

2.3  經(jīng)營現(xiàn)金流

2.3.1  折舊

 2.3.2  凈營運(yùn)現(xiàn)金流

2.4   Terminal cash flows

2.4  期末現(xiàn)金流

2.5   Future value of cash flows

2.5.1   Perpetuity

2.5.2   Annuity

2.5.3   Constant growth model

2.5.4   A stream of irregular cash flow

2.5  現(xiàn)金流的終值

 2.5.1  永續(xù)年金

 2.5.2  年金

 2.5.3  穩(wěn)定增長模型

 2.5.4  不規(guī)則現(xiàn)金流

3   Investment Discount Rate

3  投資貼現(xiàn)率

3.1   Weighted average cost of capital (WACC)

3.1.1   Cost of debt

3.1.2   The cost of equity capital

3.1.3   Weighted average cost of capital (WACC)

3.1.4   International capital budgeting

3.1  加權(quán)平均資本成本（WACC）

 3.1.1  債券資本成本

 3.1.2  股權(quán)資本成本

 3.1.3  加權(quán)平均資本成本（WACC）

 3.1.4  國際資本預(yù)算

3.2   Optimisation of weighted average cost of capital

3.2.1   Leverage and the value of the firm

3.2  加權(quán)平均資本成本的優(yōu)化

3.2.1  杠桿作用與公司價(jià)值

3.3   Dividend policy

3.3.1   Types of dividends

3.3.2   Repurchase of stock

3.3.3   Irrelevance theorem

3.3.4   The clientele effect

3.3.5   Signalling model

3.3.6   Dividend policy in local markets

3.3  股息政策

3.3.1  股息類型

3.3.2  股票回購

3.3.3  不相關(guān)定理

3.3.4  委托效應(yīng)

3.3.5  信號(hào)傳輸模型

3.3.6  當(dāng)?shù)厥袌龉上⒄?/p>

4   Investment Decision Criteria

4  投資決策準(zhǔn)則

4.1   Major methods

4.1.1   Net present value (NPV)

4.1.2   Internal rate of return (IRR)

4.1.3   Payback rules

4.1  主要方法

4.1.1  凈現(xiàn)值（NPV）

4.1.2  內(nèi)部收益率（IRR）

4.1.3  回收期規(guī)則

4.2   Capital budgeting

4.2.1   Method for ranking investment proposals

4.2.2   Capital resource rationing

4.2.3   Common pitfalls

4.2  資本預(yù)算

4.2.1  投資提案排序法

4.2.2  資金資源配給

4.2.3  常見的錯(cuò)誤

4.3   The link between the value of an investment and enterprise value

4.3  投資價(jià)值與企業(yè)價(jià)值之間的聯(lián)系

5   Mergers and Acquisitions

5  兼并和收購

5.1   Valuation issues

5.1.1   Valuation of the target

5.1.2   Motives for mergers

5.1  估值問題

5.1.1  目標(biāo)企業(yè)估值

5.1.2  合并動(dòng)機(jī)

5.2   Forms of acquisition

5.2.1   Takeovers

5.2.2   Approved acquisitions

5.2.3   Creeping take-overs

5.2.4   Eliminating minority interests

5.2.5   Going private and capital restructuring operations

5.2.6   Leverage buyout (LBO)

5.2.7   Management buyout (MBO)

5.2.8   Management buy in (MBI)

5.2  收購方式

5.2.1  接管

5.2.2  經(jīng)批準(zhǔn)的收購

5.2.3  逐步接管

5.2.4  消除少數(shù)股東的權(quán)益

5.2.5  私有化和資本重組

5.2.6  杠桿收購（LBO）

5.2.7  管理層收購（MBO）

5.2.8  管理層換購（MBI）

5.3   Strategies for the acquirer

5.3.1   Aggressive or agreed

5.3  收購策略

5.3.1  惡意收購或者協(xié)議收購

5.4   Defensive strategies

5.4.1   Pre-emptive versus reactive

5.4.2   Pre-emptive (long-term) strategies

5.4.3   Pre-emptive (short-term) strategies

5.4  防御策略

5.4.1  預(yù)防性策略與反應(yīng)性策略

5.4.2  預(yù)防性（長期）策略

5.4.3  預(yù)防性（短期）策略

5.5   Liquidation and reorganisation

5.5.1   Bankruptcy liquidation

5.5.2   Bankruptcy reorganization

5.5  清算與重組

5.5.1  破產(chǎn)清算

5.5.2  破產(chǎn)重組

6   Project Financing

6  項(xiàng)目融資

6.1   Long-term financing

6.1.1   Project evaluation from the investors’ perspective

6.1.2   Project evaluation from the lenders’ perspective

6.1  長期融資

6.1.1  從投資者角度看項(xiàng)目評(píng)價(jià)

6.1.2  從貸款方角度看項(xiàng)目評(píng)價(jià)

6.2   Leasing

6.2.1   Leasing contracts

6.2  租賃

6.2.1  租賃合同

6.3   Short-term finance decisions

6.3.1   Short-term financing

6.3.2   Cash management

6.3.3   Short-term lending and borrowing

6.3  短期融資決策

6.3.1  短期融資

6.3.2  現(xiàn)金管理

6.3.3  短期借貸

7   The Organisation of Value Creation

7  價(jià)值創(chuàng)造組織

7.1   The history of corporate governance

7.1  公司治理的歷史

7.2   The four key players in corporate governance

7.2  公司治理中的四個(gè)關(guān)鍵角色

7.3   The current main topics of discussion

7.3.1   Management remuneration

7.3  當(dāng)前主要議題討論

7.3.1  管理層報(bào)酬