任务制2.0网课-mike introduction of f9备考16年3月

F9FinancialFormatoftheTheexamisathree-hourpaperdividedintotwosections.SectionAconsistsof20multiplechoicequestionsoftwomarkseach.ThesequestionscanbeonanypartoftheSectionBconsistsofthreequestionsof10markseachandtwoquestionsof15markseach.The10-markquestionscanbeonanypartofthesyllabus.The15-markquestionswillcovertwoofPartsC,DandEofthesyllabus.Allquestionsarecompulsory.InSectionB,answerstothequestionswillrequireamixtureofcalculationsanddiscussion.Youalsohave15minutesforreading TheexamwillcoverasmuchofthesyllabusasBusinessvaluationsBusinessBusinessvaluationsBusinessfinanceRiskmanagementFinancialFinancialmanagementInvestmentappraisal PartAFinancialmanagementFinancialmanagementandfinancialPartBFinancialmanagementTheeconomicenvironmentforFinancialmarkets,moneymarketsandPartCWorkingcapitalWorkingManagingworkingWorkingcapitalPartDInvestmentInvestmentInvestmentappraisalusingDCFAllowingforinflationandProjectappraisalandSpecificinvestmentPartEBusinessSourcesofGearingandcapitalThecostofCapitalPartFBusinessBusinessMarketPartGRiskForeigncurrencyInterestrateStatementoffinancialpositionCurrentTrade TotalCurrentTradeOrdinary\7%TotalcovertwoofPartsC,DandEofthe和考题编制讲义教授大家。大家跟随学习。课后必住，计算部分必须要能够脱离答案独立完成。这样就已经两周大家再用最近几次的来练习测试。PartAFinancialmanagementPartCWorkingcapitalPartDInvestmentPartEBusinessPartFBusinessPartGRiskF9 Firmand Part1Part4Businessfinance&Part5RiskDiscusstheobjectivesofworkingcapitalTheobjectivesofworkingcapitalmanagementaretakentobeprofitabilityandProfitabilityisalliedtothefinancialobjectiveof shareholderwealth,whileliquidityisneededinordertosettleliabilitiesastheyfalldue.A musthavesufficientcashtomeetitsliabilities,sinceotherwiseitmayfail. Discussthereasonswhysmallandmedium-sizedentities(SMEs)mightexperienceless betweentheobjectivesofshareholdersanddirectorsthanlargelistedcompanies.(4marks) betweentheobjectivesofshareholdersanddirectorsinalisted isassociatedwiththeagencyproblem,whichhasthreemaincauses.First,theobjectivesofshareholdersanddirectorsmaybeSecond,thereisasymmetryofinformation,sothatshareholdershaveaccesstolessinformationaboutthethandirectors,makingithardforshareholderstomonitortheactionsanddecisionsofdirectors.Third,thereisaseparationbetweenownershipandcontrol,shareholdersanddirectorsaredifferent 对F9的影2014/06(a)Ex in‘riskappetite’and‘riskawareness’,anddiscusshowBob’sriskappetitemightaffecthischoiceofinvestments.(8marks)ChoiceofIfBobisgenerallyriskaverse,hewillseekoutinvestmentswhichhavelowlevelsofuncertaintyandpredictablelevelsofreturn.The‘price’ofthiscertaintyisusuallyalowerreturnovertimethanamoreriskyinvestment.Typicallower-riskinvestmentsare bonds(long-termloanstoa atanagreedrateofinterest)or,presumedtobeevenlowerrisk, ernmentbonds.Theseareissuedwhenacountry’snationaldebtisfinancedbyindividualloansatanagreedannualrateoverafixednumberofyears.ChoiceofIfBobisgenerallyriskseeking,itislikelyhewantsgreaterreturnsandispreparedtobearahigherriskinordertoachievethem.Hewillaccordinglyseekoutinvestmentswhichhavegreaterlevelsofuncertaintyandmorevolatilelevelsofreturn.Thesearelikelytobesharesincompaniesincomplexormoreturbulentenvironments,possiblylessdiversified,andwithapossibilityofsubstantiallossaswellascapitalChoiceofLargercompanieswithdiversifiedinterestsandarelativelypredictablelong-termlevelofreturnarelesslikelytobeakeypartofarisk-seeker’sinvestment.Heorsheismorelikelytooptforsmallercompanies,thoseinemergingmarketsorthoseingrowthsectorswhichcouldmakeasubstantiallong-termreturncomparedtomoreestablishedalternatives.Betafactorsareonewayofmeasuringandas