ACCAF9FMFinancialManagementFM全套笔记大合集.docx

1、ACCAF9FMFinancialManagementFM全套笔记大合集全套笔ACCA F9 FM Financial Management (FM)记大合集今天将之前发过的 F9笔记稍微整理了一下合成一篇推送，并且修改了一些错漏和格式问题。Part A Financial Management and Financial ObjectivesI.Three key decisions 财务管理的三大决策1)InvestmentCapital assets ( 考虑 return&risk)Working capital (balance the risk of insolvency agai

2、nst the cost of funding)2)Finance (需 要融 资多少totally funding required ,从哪 儿融资 internally vs. externally ,用债还是权益 debt vs. equity ,长短期 long term vs. short term)(eg. Restriction on the company s level of gearing, profit retention, a target for operating profitability)-Non-financial objectives*market shar

3、e increase is a non-financial object3.Stakeholders 利益相关者-Agency theory-agency problemThe divorce of ownership and control-Conflict of interest1.Takeovers 并购2.Time horizon3.Risk4.Reward解决方法：1)Managerial reward schemesPerformance related payRewarding managers with sharesExecutive share option plans(ES

4、OPS)-ESOPS优缺点-Advantages :Goal congruenceImprove staff motivation and retention 保留 and thus lower expensive staff turnover costs-Disadvantages:不定能仓造 extra share value可能不是有主要影响的因素2)Regulatory requirementsCorporate governance (内治)(目标和规则？)Stock exchange listing regulations (外治)4.Not for profit organiza

5、tionValue for money1.Economy given output, input 最小化2.Efficiency given input, output 最大化3.Effectiveness goals are achievedPart B Financial Management EnvironmentEconomic policy-The principle objectives1)Full employment2)Price stability3)Economic growth/living standard4)Balance of payments (exports a

6、nd imports)-Economic policies1)MonetaryRate of interestMoney supply2)FiscalGovernment spendingTaxation3)Exchange rate4)External trade2.Competition policyFair Trading ActThe Competition Commission25% or more of market share3.Green policy-AdvantagesCustomersPublic/local communitiesInvestments funds4.F

7、inancial market and institutions-Financial intermediaries-Financial markets classifications1)Capital markets and money markets(interest bearing instrument, discount instruments and derivatives衍生产品)2)Exchange markets and over the countermarkets3)Primary and secondary marketsPart C Working Cap4tjil Ma

8、 nKpnwnrt计为思常分1.EvdluAte wMth&f th* prap&cal ts factor “川电共电前61 it financially 5号tK 口。时而电咐电工 in1receivables man*gemtm willi K cceptab4c/ if KX Co wMI benefit nnanclail by th* offer of the ettriy lertlenentN XX Ce will bonorri n name kill by aceophng the Her af Iho *Mry “ft 峥 ,博 eounU the milk purcha

9、sedbftcauntbulk purchaseunits$wtien Q=10000purchase cost9CXXXX)(Mdering cost24001bolding cost5000total cost907400 Jwhen Q=30000purchase cost867600ordering cost800 jholding cost33000total cost901400change in cost6000Z.Calculate the value of the factors offer:(i)on a with*rcours basis：(ii)on a non-rec

10、ourse basis.|x 别：save in bad debt it tfCostHibenofit3.Calculato the cash balance at th。ond of each monthCash budget 模板 il W cash inflow & cash outflow,2个月的 closing balance 即为卜个月的 opening balanceJanE5iMarcM$)opening balance40000370000710000add: cash inflowsales revenue96000010000001092000loan receive

11、d300000total cash inflow96000010000001392000less: cash outflowraw matenal500000520000560000variable OH & wages130000140000150000machine400000total cash outflow6300006600001110000closing balance370000710000 9920004.Calculato the fcxocast current ratio Current ratioCA/CLcurrent ratioCA/CLthe end of Ma

12、rch($)cash992000receivable1176000Inventory750000CA2918000 1pavabletCL)600000current ratio4.863333)Part I) Investment Appnisil计算题点分1.Calculate the net present value of investing in the new machine and advise whether the investment is financially acceptable.NPV候板year0(5)1($)2($)34($厂5($6($)sales reven

13、ue16000001600000160000016000001600000less: vanablo cost11000001100000110000011000001100000Ims: incremental FC160000160000160000160000160000taxable profit340000340000340000340000340000Ims: tax 30%102000J102000102000102000102000irwtiai cost-WXXJUUscrap value40000WC9000090000rwt cash flow-8900003400002

14、38000238000238000366000-102000DR 11%10.9010.8120731Q6590 5930.535,PV.*890000.3063401032561739761S6842218224-54570.NPV104070comment Since the NPV is S1040700. the Investment 0 financialry acceptatte.h it RHcontribution 的情猊year0($)K5)2($)3($)4(1)5($)conmounon(taxate profit)9195009717151026790 410M879I

15、M6： tax 30%275850291514.5308037.1325463.7add: tax saving262500196875147ft56 34429688initial cost350800WC-250000.-11250-11756 312285 28-12838 1scrap value0net cash flow3750000.9082509466088919865.57911660 1117505DR 10%0.9090.82607510.6830.621PV-3750000825599.3781898.8690819.04622663.872970.63NPV-7560

16、48 4W1year1($)2($)3($)4pRe-即=EiirkW eqwly rUK prcmluE3)1 VKdat HUIURRK&卅yearCFDR fi.PVDR 3，PV0-1CM.51-104.51-IM-5 .1-64.S5.07624.B7245.41726.5433c1 0三OJJfi曲aOfl37即，肥5-1 29T6lRR=Kdar0.7503203现Cat cf bank loan* inreretta修中/jS)Cct cf preferenceKp MW Pccoupon rpte , nominal yqIu oth?rvJtx div MV of % hr

17、w )AACC 咻的皿3)+ Kdj-m(E*mm.(i几钟洋资力茂则由几恒4州强Part F Business ValuationCapital market efficiency I.IMarket efficiency hypothesis 1)operational efficiency 2)allocative efficiency3)information processing efficiency1.2Different forms of market efficiency1)The weak formHistorical information, random2)The sem

18、i-strong formHistorical and all publicly available information3)the strong formAll available information, whether public or private1.3Technical and fundamental analysis1)Technical analysisPredict future share price and share price trend, clear implying that a relation between past and future prices2)Fundamental analysisUse public information to calculate a fundamental value and then offers investment advice by comparing the fundamental value with the