acca全新课程1阶段网课p4知识要点汇总

问题1.MIRRhastheadvantageoverIRRthatitassumesthereinvestmentrateisthe’scostofcapital.IRRassumesthatthereinvestmentratisMIRR【背2.InmanycaseswherethereisbetweentheNPVandIRRmethods,theMIRRwillgivethesameindicationasNPV.经常NPV和IRR给了决策者相悖的指引，但MIRRNPV是一致的。2014-12-2012-06-1.Itsuffersformtheproblemthatitmayleadaninvestortorejectaprojectwhichhasalowerrateofreturnbut,becauseofitssize,generatesa2.Inthesameway,ahigh-returnprojectwithashortlifemaybepreferredoveralower-returnprojectwithalongerlife.同上，MIRRstandardpropertiesofanormaldistributioncurvecanbeseenbyysingthenormaldistributiontable(查表VAR(overtheproject’s99%valueatrisk=2.326×annualstandarddeviationofproject×√(timeperiodofthe95%valueatrisk=1.645×annualstandarddeviationofproject×√(timeperiodoftheValueatrisk风90%valueatrisk=1.282×annualstandarddeviationofproject×√(timeperiodofthe2014-12-2012-06-TheVARprovidesanindicationofthepotentialriskinessofaproject.Forexample,ifAinvestsinprojectBthenitcanbe95%confidentthatthevaluewillnotfallbymorethan€1,471,000overitslife.Hencetheprojectwillstillproduceapositivenetpresentvalue.However,thereisa5%thatthelosscouldbegreaterthan€1,471,000.WithprojectC,thepotentiallossinvalueissmallerandthereforeitislessrisky.ItshouldbenotedtheVARcalculationsindicatethattheinvestmentsinvolvedifferentrisk.However,thecashflowsarediscountedatthesamerate,whichtheyshouldbe,sincetheriskdiffersbetween+2014-12- MonicaProfitbeforetaxRevenueVCFC-进口零部件(转化货币确认折现率,APV用Keiadditionalcontribution1-T)oppotunitycost1-T),按Kd来折现curvebasedonfuturerisk- ratesandcreditspreadsforthe 。sensitivityysisandscenarioysis来帮助评估。2013-06-investmentdecisionfromthefinancingdecision.Thiswillallowtoevaluatethegainorlossassociatedwiththecostsandbenefitsof Thevalueoftheprojectisinitiallyassessedconsideringonlythebusinessriskinvolvedinundertakingtheproject.Thediscountrateusedisbasedontheassetbetawhichmeasuresonlythebusinessriskofthat.2014-12-【背TheimpactofdebtfinancingandthesubsidybenefitarethenInthisway,thecanassessthevaluecreatedfromitsinvestmentactivityandthentheadditionalvaluecreatedfromthemannerinwhichprojectis 用KdItallowseachdifferenttypeofcashflowtobediscountedataratespecifictotheriskof MonicacashKeiCAPMCAPM的理论缺陷。DiscountedrateusedinbaseonCAPMwhichhasnumberof&Bexcessreturn,risk2ProfitbeforetaxRevenueVCFC-进口零部件(转化货币目-确认折现率,NPV用WACC ysisand =CashflowafterTaxRevenuePartscostVariablecostFixedcost-计算Workingcapital&other-06-4.Cashflow= Monica6.计算其他本地现金流=Contributionfromparts 费-taxonContribution Assumptions:就计算工程中涉及的数据和分Itisassumedsalesrevenue,costs,royalties,initialinvestmentcost,workingcapitalandcostsofcapitalandinflation数据都是正确的。这些估计都有不确定性，任何一个变动都会导致项目测算结果变化很大。需要做进一步的sensitivityysisandscenarioysis来分析，才可以假定在USA2年(根据题意)没有显示该项目一定会在4年后结束。虽然目前的测算只有4年，但很可能会继续，这将产生附加收益。没有说明土地产房在项目结束后的处置，如果变卖，这部分residualvalue也会增加e。Transferprice的增长直接增加了本土公司的contribution。这可能不是一个合理的假设。很多对企业内部transferprice有限制，假设跟negotiations比较成功，所以可以接受增长的transferpriceandroyalty为什么CF用项目specificdiscountrate12%折旧没有解释清楚。这是否是一个正确的合理的估计？这个值的由来需要进一步假设汇率波动是跟inflation一致，但事实上，这种一致不是完全一致movefullyinline2015-06-2013-12-2012-06-海外投资项目Pilot-ernment2011-06- Monica价值ᨀ12%，证明该项目是有利可图的。2016-06-TriplebottomTBL报告是一份量化总结tativesummary,关于企业的economic/financialimpact,对环境的影响impactonenvironment,以及社会表现impactonRealOptiontoexpand(Call):ifsuccessful,technologyorbrandnamewillbeusedinotherOptiontodelay(Call):couldmeanthatvaluablenewbusinessinformationisOptionto–assetscaneasilybeswitchedfromoneprojectto4.Optionto(Put)–easytosellassetsiftheprojectfails,orlowclear-up2016-06-2014-06-2013-12-2012-06-2011-06- MonicaBlack-ScholesvaluationtechniquestorealoptionssimulationmethodsaretypicallyusedtoetheproblemofestimatingBlack-Scholes【背SuitableforEuropeanstyleoptionsthereforeitassumedthatthewarrantsareoftheEuropeanstyle Therearenotaxedortransactioncosts市场无摩擦，即不存 Interestratesareconstantandcertain利率是一定且恒定的价值分析(calloption为例)：PePa,volatility,timetoexpire,riskrate同2014-06-Inthemoney,intrinsicvalue赚钱；atthemoney，intrinsicvalue盈亏点；outofmoney，intrinsicvalueDelta,即BSOP求得的N(d1)：changeincalloptionprice/changeinvalueofshare股价变化对Callopotion价格影响；Delta涉及所有衍生品Thismeansthatthedeltaisconstantlychangingwhenthevolatilityortimetoexpirychange.Thereforeevenwhenthedeltaandhedgeratioareuseddeterminethenumberofoptioncontractsneeded,thisnumberneedstobeupdatedperiodicallytoreflectthenew希腊字【背longcalloption/shortputoption01longputoption/shortcalloption为-10Whenthelongcalloptionisat-the-money,thedeltais0.5butalsochangesrapidly.2016-06-2014-06-2013-12-2013-06-5.Vegaisthechangeinvalueofanoption(callorput)resultingfroma1%pointchangeinitsvolatility.价格对波动的敏感度。波动越大 Monica Delta【背Thewriterofacalloptioncanusedeltahedgingtomanageitsexposuretotherisktheassetincreasinginvalue.Acalloptionwillincreaseinvalueinarisingmarketasitfixesalowerstrikepriceallowingtheholdertobuyatacheaperprice.Adeltahedgeensuresthattheoptionwriteralsoownstheunderlyingassetwhichwillshowagainasthepricerises.N(d1)isthenumberofsharesthatatraderwillbuyeachtimeacalloptionissold,thepurchaseoftheunderlyingtohedgetheirpositioniscalledadeltaTheformulaforadeltahedgeis:Assetsheldbyoptionwriter=Delta×optionswritten,Wheredelta=CostofZiwaCo’sungearedcostofequityrepresentsthereturnZiwaCo’sshareholderswouldrequireifZiwaCowasfinancedentirelybyequityandhadnodebt.Thereturnwouldcompensatethemforthebusinessriskundertakenbythe.ThisrequiredrateofreturnwouldcompensateMlimaCo’sshareholdersaswellbecause,sincebothcompaniesareinthesameindustry,theyfacethesamebusinessrisk. 。ThisrateisthenusedasMlimaCo’scostofbecauseoftheassumptionthatMlimaCowillnotissueanydebtandfacesnofinancialrisk.Thereforeitscostofequity(ungeared)isitscostof2013-06-A’sWACCistheaverageoftheafter-taxcostsofthedifferencesourcesoffinancethatituses,weightedinproportiontothemarketvaluesofthosefunds.WACC来折现；WACCcanbeusedasadiscountratetoevaluatethe’spotentialprojectsprovided-Thereisnosignificantchangeinthecapitalstructureoftheasaresultofthe-Theoperatingriskofthenewprojectisthesameasthe’sexistingsystematic等额付Annutiy(8%,4years)=3.312,Annutiypayableperyearonload=$30/3.312=$9.057Interestpayableperyear=$30*8%=$2.4每年的closingloanbalanceopeninginterest2015-06-Bond的如果知道Bond的MV,couponrate,以及parvalue,grossredemptionyield(GRY)。比如用5%折现coupon&redemptionvalue得到MV1,+Pilot-2014-06- Monica【背3.意义：Durationbondpricechangeininterestrateredemptiondates.bond通相较于付较低利息的，赎回期更快；因此，它们对利息的变化不这么敏感，即有较低的duration。4.图像：BondValueInterestrate关系的图形是凸向原点的曲线convexcurvetoorigin(形状类似于无差异曲线)，Duration是那根切线。所以，changeininterestrates(Δi)andchangeinpriceorvalueofabondorloan(ΔP)isgivenasfollows:ΔP=[–D×Δi×P](Pisthecurrentvalueofaloanbondandisadurationwilldeterminehowmuchthevalueofabondorloanwillchangewhenthereisachangeininterestrates.Ahighermodifieddurationmeansthatthefluctuationsinthevalueofabondorloanwillbegreater,hencethevalueof2•42meansthatthevalueoftheloanorbondwillchangeby2•422014-06-【背timesthechangeininterestratesmultipliedbytheoriginalvalueofthebondorasconvextotheoriginal.Theimpactofconvexity(ienon-linearrelationship)willbethatthemodifieddurationwilltendtooverstatethefallinapriceandunderstatetherise.Theproblemofconvexityonlyesanissuewithmoresubstantialfluctuationsinthe公司信用级,credit需要考虑的因3)profitmarginsandreturnon Monica4.Evaluationofmanagement则考虑了管理层是如何管理并规划公司发展的。EstimatetheThecostofabondwilldependontwoTheyieldcurveshowshowtheyieldon ernmentbondsvaryaccordingtothetermoftheborrowing.Normallyitisupwardslo .向上陡坡Thereareanumberofex nationsoftheyieldcurve;thesearenotcompetingex nations,andatanyonetimeallmaybeinfluencingtheshapeoftheyield ，任何时候任一因素都会影响yieldcurve的形状。Expectationstheory预期理论–thecurvereflectsexpectationsthatinterestrateswillriseinthefuture,sotheernmenthastoofferhigheronlong-termLiquiditypreferencetheory流动性偏好理论thecurvereflectsthecompensationthatinvestorsrequirehigherreturnsforsacrificingliquidityonlong-datedbonds.Marketsegmentationtheoryshort-datedbondstendtobemorepopularwithbanksandlong-datedbondsaremorepopularwithpensionfunds.Ifdemandforbondsishigherinoneofthesemarketstheernmentcanofferlowerreturns.2.Thecreditriskpremium–derivedfromthebond’screditrating根据信用来，一般题目会告Costofdebtcapital=(1–taxrate)*(riskrate+creditNetassetNetassetvaluation=NCA*变率*MV估值折扣率设备的变现能力Realisationof2016-06-2015-06-2014-06-2013-12- Monica常见的为AB1.计算公司的earningspershare$128/90股数2.计算公司的PE2016-06-PE2014-06-2013-12-Valueoffirm=Valueofinvestedcapital+sumofdiscountedEVA2014-12-2013-06- MonicaEVAEVA的长期趋势，则可以克服这个缺点。MVAMVA=MarketValueofDebt+MarketValueofEquity–BookValueofEquity，如果部分的MV=BV，则MVA测量commonstock&equitycapital1.FCFF=RevenueafteroperatingcostsandtaxPBITtaxaddDepn'Dividendsfromforeignaffiliatesandless(NetinvestmentinNCA&addNetWCdecreases&Salvagevaluereceived)2.riskadjustedcostofcapital(即WACC)Pilot-2015-12-Valueattributableto收购方=新valueoffirmcurrentMVofequityMVofdebt)PremiumValuetoshareholders=MVof2014-06-2013-12-6.评价：如果公司估值>MBOraise的钱,则MBO2012-06-2011-06-FCFE=DividendsthatcouldbepaidtoaddDepn'Dividendsfromforeignaffiliatesandless(NetinvestmentinNCA&2016-06-2014-12-2012-12-FCFE=FCFF-(Netinterest+赎回的)+taxbenifitfromdebt(netinterest*tax3.评估equity=FCFE*(1+g)/(Ke- Monica4.Valueofthefirm=valueofequity+valueofdebt1计算RetainearingsPBITinteresttaxworkingcapital需求extraNCA投入investmentin2016-06-2013-06-(%)，r是ROCEprofit影响4.项目开展后的公司估值=Y1+Y2+Y3的NPV+Y4~Yn的NPV(CF4*(1+g)/(Ke-g)/(1+Ke)^3)2016-06-2015-06-ysis2015-06- Monica司评1.OperatingProfitmargin=2.ROCE=PBIT/CapitalEarningspershare=Profitaftertax/PEratio=shareprice/EarningsperAnnualrevenuegrowth1.Gearing=Debt/Interestcover=PBIT/financeAssetturnover=Revenue/CapitalemployedCurrentratio=CA/CLQuickratio=(CA-Dividendyield=Dividendpershare/sharepriceSharepriceDividendcover=Profitaftertax/2014-12-2012-06-【背优点：MBO成本较低，不用花钱做，公开招标，或者资产一个个单独卖；也比较快；管理层和员工的较少；价格较好，原员工和MBOcostsmaybelesscomparedwithotherformsofdisposalsuchassellingindividualassetsofthedivisionorsellingittoathirdItmaybethequickestmethodinraisingfundscomparedtotheotherTherewouldbelessfromthemanagersandemployeesmakingtheprocesssmootherandeasiertoplishthanifbothdivisionsweretobecloseddown.Itmayofferabetterprice.Thecurrentmanagementandemployeespossiblyhavethebestknowledgeofthedivisionandareabletomakesuccessful.ThereforetheymabbewillingtopaymoreforManagershavedetailedknowledgeofthebusinessandits2015-06-2011-12- Monica缺点：税务和问题；难以确定一个合理的收购价；很难说服员工改变他们现在的工作习惯；现金流不充足, 求；维持原员工的计划；如果引入VC的,那么会有VC的人担任董事会代表,参与管理；如果公司迁址,或者工资调整,或者工作环境变化等,人员会流失；维持目前的供应商和客户关系；缺乏使公司充满的新构思。TaxandlegalDifficultiesindecidingonafairpricetobeConvincingemployeesoftheneedtochangeworkingInadequatecashflowtofinancethemaintenanceandrecementoftangiblefixedAcceptingtheboardrepresentationrequirementthatmanysourcesoffundswillinsistThelossofkeyemployeesifthemovesgeographically,orwageratesaredecreasedtoofar,oremploymentconditionsareunacceptableinotherwaysMaintainingcontinuityofrelationshipswithrsandlacknewideastorejuvenatethe (扣掉变卖资产所得后)+需要收购的股东部分+新投资 Pilot-MBI外部管理Managementbuy-in(MBI)involvespurchasingabusinessbyamanagementteambroughtinfromoutsidethebusiness.其他公司的管理层来这个Anewmanagementteam,throughtheirskillsandexperienceacquiredelsewhere,maybringfreshideasintotheItmaybethattheexternalmanagementteamalreadyhastherequisiteleveloffinanceincetomovequicklyandmoreThemanagementteamshaddisagreementsinthepastandthetwoteamsmaynotbeabletoworktogetherinthefutureiftheyneedto.ItmaythataMBIistheonlywayforwardforOkazuCotosucceedinthe2015-06-Creditorhierarchy：fixedfloatingUnsecuredcreditorsPreferenceshareholdersOrdinaryPilot-寻找合适的买家,opentender或throughanintermediary due Pilot- Monica Organic优缺【背2014-06-【背 2014-06- 2015-06- Monica3.A收购B公司，意味着A拥有了B的管理团队，这是这群人带领了B了高速发展的道路。他们或以帮助合并的顺利进行，或者给Acquisition缺4AB，可能有ACB，那么会影响AC2016-06-:Revenuesynergyexistswhentheacquisitionofthetargetwillresultinhigherrevenuesfortheacquiring,higherreturnonequityorlongerperiodofgrowth.Revenuesynergiesarise(aIncreasedmarketpowerᨀ高市场上的话语权/(bMarketingsynergiesAcquisition(cStrategicsynergies2013-06-【背costsynergyresultsprimarilyfromtheexistenceofeconomiesofscale.Asthelevelofoperationincreases,themarginalcostfallsandthiswillmanifestedingreateroperatingmarginsforthecombinedentity.Theresultingcostsfromeconomiesofscalearenormallyestimatedtobe1)Cashslack现金松弛：Whenafirmwithsignificantexcesscashacquiresafirm,withgreatprojectsbutinsufficientcapitalthecombinationcan MonicadeductionsthatitcannotusebecauseitislosingmoneywhiletheotherfirmhaseonwhichitpayssignificanttaxesthecombiningofthetwofirmscanleadtotaxbenefitsthatcanbesharedbythetwofirmsAcquisition的从卖家来看，一大笔收入可能构成CGT。但收益固定了，不再收到股价波动影响。方法1.直接用换股价格折算，2.(totalequityvaluesynergysavings)/shareexpectedsharepriceofcombined2016-06-2012-12-A公司MVe=*A+BvalueestimateFCFE1FEFE2Synergybenifitx倍数(题目告知Valueaddedpart3-1-2,按照题意看A和B2014-12-荐公司的多样化略，采用收购估值公司，是，B的价值将得到全面ᨀ升，那么对于A和BStrategy,A2014-12-成功 Monica降低收购风【背2014-06-Goldenparachute黄金降落伞：Largecompensationpaymentsmadetothetopmanagementofthetargetfirmiftheirpositionsareeliminateddue2.Poisonpill丸计划：Thisisanattempttomakeaunattractivenormallybygivingtherighttoexistingshareholderstobuysharesata3.WhiteknightsandwhiteSquires白衣骑士/白衣侍从：Thiswouldinvolveinvitingafirmthatwouldrescuethetargetfromtheunwantedbidderwhiteknightwouldactasafriendlycounter-bidder.Awhitesquireissimilartoawhiteknightbuttheformerdoesnottakecontrolofthetargetfirm.【背4.Crownjewels王冠珠宝：Thefirm'smostvaluableassetsmaybethemainreasonthatthefirmbecameatakeovertargetinthefirstce.Bysellingtheseorenteringintoarrangementssuchassaleandleaseback,thefirmismakingitselflessattractiveasatarget.把收购公司感的资产卖了，或者2015-12-2011-06-Pacmandefence防御(反收购)：Thisdefenceiscarriedoutbymountingacounter-bidfortheattacker.ThePacmandefenceisanratherthandefensivetacticandwillonlyworkwheretheoriginalacquirerisapublicwithdiverseshareholdings.Thistacticalsoappearssuggestthatthe'smanagementareinfavoroftheacquisitionbuttheydisagreeaboutwhichshouldbeincontrol.对收购公司进行 Monica需要考虑的InasimilarmannertotheCompetitionandMarketsAuthorityintheUK,theEuropeanUnion(EU)willassesssignificantmergersand(M&Asimpactoncompetitionwithinacountry’smarket.ItwillforexampleusetestssuchasworldwideturnoverandEuropeanturnoverofthegroupaftertheM&A.ItmayblocktheM&A,ifitfeelsthattheM&Awillgivethemonopolisticpowersorenableittocarveoutadominantpositioninthemarketsoastonegativelyaffectconsumerchoiceandprices.是否合并的公司规模太大，地位，这样消费者就没有选择权和定价权。SometimestheEUmayaskforthetosellsomeofitsassetstoreduceitsdominantpositionratherthannotallowanM&Atoproceed.It2014-12-condition强制【背selloutrights售出权利(强买权利)：Themandatory-bidconditionthroughselloutrightsallowsremainingshareholderstoexittheatafairpriceoncethebidderhasaccumulatedacertainnumberofsharesTheamountofsharesaccumulatedbeforetheruleappliesvariesbetweencountries.Thebiddermustofferthesharesatthehighestshareprice,asaminimumwhichhadbeenpaidbythebidderpreviouslyThemainpurposeforthisconditionistoensurethattheacquirerdoesnotexploittheirpositionofpowerattheexpenseofminorityshareholders.当收购方的达到一定比率后Principleofequaltreatment待遇原理：Theprincipleofequaltreatmentconditionstipulatesthatallshareholdergroupsmustbeofferedthesameterms,andthatnoshareholdergroup’stermsaremoreorlessfavourablethananothergroup’sterms.Themainpurposeofthisconditionistoensurethatminorityshareholdersareofferedthesamelevelofbenefits,asthepreviousshareholdersfromwhomthecontrollingstakeinthetargetwasobtained. Squeeze-outrights挤出权利(强卖权利)：Thesqueeze-outrightsconditionallowsthebiddertominorityshareholderstoselltheirstake,atafairprice,oncethebidderhasacquiredaspecificpercentageofthetarget’sequity.Thepercentagevariesbetweencountriesbuttypicallyrangesbetween80%and95%.Themainpurposeofthisconditionistoenabletheacquirertogain100%stakeofthetargetandpreventproblems2015-12-2012-12-DilutionofEPS：MaybeafallinEPSattributabletoexistingshareholdersifpurchaseconsiderationisinequitysharesEPSCosttothe:Loanstocktobackcashoffer:taxreliefoninterest,lowercostthanequity.Maybelowercouponifconvertible发债的话有节税势2013-12- MonicaGearing：Highlygearedmaynotbeabletoissuefurtherloanstockforcashoffer发债过多杠杆太Controlcouldchangeconsiderablyiflargenumberofnewsharesissued如果一下子很多，那么股权就大大稀释Authorisedsharecapitalincrease：Mayberequiredifconsiderationisinformofshares.ThiswillinvolvecallingaGeneralMeetingtopasstheBorrowinglimitsincrease：GeneralMeetingresolutionrequiredifborrowinglimitsneedtochangeTaxation：Ifconsiderationiscash,manyinvestorsmaysufferCGT一大笔现金可能e：Ifconsiderationisnotcash,arrangementmustmeanexistingeismaintainedorbecompensatedbysuitablecapitalgainorreasonablegrowthexpectations非现金的安排需要，在当前的收入基础上，继续享受预期增长Futureinvestments：Shareholderswhowanttoretainstakeintargetbusinessmayprefershares形式可以继续享受公司的未来增长的收Shareprice：Ifconsiderationissharesrecipientswillwanttobesurethatsharesretaintheirvalues 变【背Itisthesaleofpartofaasanentityorasseparateassetstoathirdpartyforanagreedamountoffundsorvalue.Thisvaluemaycompriseofcashandnon-cashbasedassets.Thecanthenutilisethefundsgainedinalternative,value-enhancingactivities.公司卖了部分或者单独资产给Asell-offcanacttoprotecttherestofabusinessformatake-over,bysellingoffapartthatisparticularlyattractivetoaItcanalsoprovidecash,enablingtheremainingbusinesstoinvestfurtherwithouttheneedforworseningitsgearingbyobtainingmoredebtItwouldalsoenabletoconcentrateonwhatitperceivestobeitscore2015-12-Demergers【背AdemergeristhesplittingupofacorporatebodyintotwoormoreseparateandindependentbodiesItisnotasaleoftheseparatebodiesthemselves,astheoriginalshareholdershavesharesinbothcompanies.分拆就是把公司拆成2个或多个单独的实体，原股东继续持有现在多家公司。Thesplitdoesenableyststounderstandthetwobusinessesfully,particularlywhenthetwomaindivisionsareinThetwodivisionsarelikelytohavedifferentriskprofiles,andsplittingthemupenablesshareholderstoadjusttheproportionoftheirholdingsbetweenthetwodifferentcompanies.2013-12-2012-12- Monica Bookvalueofequity(c/f)=equityshare+RetainedearningsBookvalueofdebtc/f)=NCL3.Gearing= 2015-06-2011-12-c【背cfinanceoperatesundertheprinciplethatthereshouldbealinkbetweentheeconomicactivitythatcreatesvalueandthefinancingofthat 收益。Pre-arrangedmarkupconvenienceoflaterpayment,nocontribution,bothpartiesparticipatebycapitalprovider,organisationrunsbusinessandincursrisksof能是基于资产(销售/售后回租)或资产(化)Underlyingtangibleassetinwhichholdersharesmaybeasset-based(sale/leaseback)orasset-backedreceivedatdiscountfromfinancialinstitution,paymentsreceivedinadvance2015-12-2014-12-2013-12-2013-12- Monicac特【背全球发售cfundsareavailableAllpartiestakealong-termEmphasisonmutualinterestandco- 的规定SomecproductsmaynotbecompatiblewithfinancialLimitedtradinginSukukDark量和价格才会公布。2个主要原因： 的4.5%，一旦一次出手，则会造成 预期的回报了。通过darkpoolnetwork,卖方可以维持股价的完好无损intact，也可能降低费。 2015-06-2012-06-Bothmark-to-marketandmarginsareusedbymarketstoreduce(eliminate)theriskofnon-paymentbypurchasersofthederivativeproductsifMargin&Mark-to-marketclosesalltheopendealsattheendofeachdayatthatday’ssettlementprice,andopensthemagainatthestartofthefollowingmark-to-Thenotionalprofitorlossonthedealsisthencalculatedandthemarginaccountisadjustedaccordinglyonadailybasis.2015-06-【背 可能不够。lossesaremade,thenthemayhavetodepositextrafundswithitsbrokerifthemarginaccountfallsbelowthemaintenancemarginThismayaffect ’sability n yandensureithasenoughfundsforotheractivities.Ontheotherhand,extracashaccruing Monicathenotionalprofitscanbewithdrawnfromthebrokeraccountifneeded.如果账户，则可以取现补充公司账户现金流Eachtimeamarket-tradedderivativeproductisopened,thepurchaserneedstodepositamargin(initialmargin)withthebroker,whichconsistsoffundstobekeptwiththebrokerwhilethepositionisopen.保证金则是broker需要公司在开仓后存在账户上的一 Asstatedabove,thisamountmaychangedailyandwouldaffectDaikonCo’sabilitytonforitscashrequirements,butalsoopenpositionsthatfundsaretieduptosupportthesepositionsandcannotbeusedforotherpurposesbythe.综上所述，是每日结算，所以会影响公司的RiskcanbemanagedinseveraldifferentHedging对冲，比如汇率风险和利率风险可以通过对冲，将风险降低到一定水平。ForexamplecurrencyriskandinterestrateriskHedgingtakingactionstomakeanemore中一种获得多样化的方式是收购/合并。ThisiseffectivelythepreventionofputtingallyoureggsinonebasketAportfolioofdifferentwithvaryingdegreesofrisk,shouldhelptoreducetheoverallriskofthebusiness.OnewayofachievingdiversificationisviaacquisitionorRiskmitigation风险减轻，这需要公司有控制流程来避免投资风险不超过股东可结合的水平。Thisinvolvesputtingcontrolproceduresinceavoidinvestmentsinprojectswhoseriskisabovetheshareholders’required2014-12-2014-06-2012-06--Mitigation机制包括monitor目标和战略的实现。当外部环境发生改变时，允许调整战略2013-06-IPOinItwillbeimportanttoconformtolocalregulations.TakingwhentheLondonStockExchangeisusedasanoverseasexchange,therelevantregulations1Atleastthreeyearsofauditedpublishedaccounts2013-06- MonicaIPO【背折 的原【背上市公司scheme好处银

Atleast25%of ’ssharesmustbeinpublichandswhentradingbegins至少25%的公司 Minimummarketcapitalisationof Inaddition willhavetobeintroducedbyasponsoringfirmandtocomplywiththelocal Themainreasongivenforthepubliclistingistousethefundsraisedtoeliminatethedebtinthe .Thereareotherreasonswhya undertakeapubliclisting.公开上市的主要原因是利用募 Theseinclude:gainingahigherreputationbybeinglistedonarecognisedstockexchangeandthereforereducingthecostsofcontractingstakeholdersbeingabletoraisefundsmoreeasilyinthefuturetoundertakenewprojectsthelistingwillprovidethecurrentownerswithavaluefortheirequitystakeandthelistingmayenablethecurrentownerstoselltheirequitystakesandgainfromthevalueintheorganisation.在被认可的 价值；上市可能使目前的股东 价格反映了投资于一家公司作为一个少数股东的额外风险。Thediscountedsharepricewouldreflecttheadditionalriskofinvestinginaasaminorityshareholder.或者说服给当地人创造其他就业，或者工厂给当地人ᨀ跟打交道要transparent，绝对不能briberyorillegalpractice。所做的决定应该是为了公司和当地社会更好的发展，而不是为了个人利transactioncoststaxliabilities.因为股东可以是否将手头卖给公司，这样能够控制cashreceived。他地方，就会有成本。公司股本降低，earningspershare会上升，股价会上升，那么未的价值会上涨，对其他股东而言也是有利的。Thistypeofloaninvolvesagroupofbanksprovidingfundsbutwithoutjointliability.Thereisnormallyaleadbankwhichthensyndicatestheloan Monica

2013-06-2013-06-2013-06-2013-06-【背 Themainadvantageofasyndicatedloanistatlagerloanscanbearrangedthanthoughasinglebank.Thismeansthatthedoesnothave Ittendstobemoreflexibleandcanbetailoredtothe’sspecificneeds它更加灵活，可以根据公司的具体需求定制。Theleadbankmayrequireahigherinterestratetocoveritsriskofoneofthesyndicatebanksdefaultingontheloan. Bondissue公司【背优点：Itmayappeartobeanattractivemeansofarisinglargeamountsofcapitalforinvestmentpurposes.这是募集大量用于投资用途的一种有吸缺点：Therearelargeissuecostsinvolvedandthereistheriskthattheissuewillbe Mezzanine夹Itisamethodoffinancingwherethedebthasembeddedequityinstrumentsattached.Thisincreasesthevalueofthedebt.夹层融资是一种无担保的长 Itoffersmoreflexibilityintermsofcouponrates.Providersofmezzaninefinancetendtobelong-terminvestorsratherthanthosetryingtomakeaItalsoprovidesthewithameansofraisingfinanceforventuresthatmightnotbeattractivetocommercialbanks.也ᨀ供给了企业其他的融Thevalueofcurrentequityholdersholdingwillbereducedbythewarrants.Theextentofthisproblemwilldependontheamountbywhichthevalueoftheislikelytoriseiftheprojetproceedsusingthesuggestedmethodoffinancing.当前股权持有人持有的价值将由权证降低。这个问题的Thelendersmayinsistonsomedegreeofrestrictivecovenants,suchasrestrictionsonthefutureborrowingormeetingtargetsoncertain欧盟易优【背 tradearealiketheEuropeanUnion(EU)aimstoremovebarrierstotradeandallow domofmovementofproductionresourcessuchascapitalandlabour.TheEUalsohasanoverarchingcommonlegalstructureacrossallmembercountriesandtriestolimitanydiscriminatorypracticeagainstcompaniesoperatinginthesecountries.Furthermore,theEUerectscommonexternalbarrierstotradeagainstcountrieswhicharenotmemberstates.2014-12-2014-12- MonicacompeteonequaltermswithrivalcompanieswithintheEU.CompaniesoutsidetheEUmayfinditdifficulttoentertheEUmarketsduetobarrierstopackagingapplyequallyacrossallthemember 相对而言是比较好开展的，因为同样的合规要求。Duediligenceoflogisticnetworksusedtotransportthefoodmaybeeasiertoundertakebecauseofcommoncompliancerequirements.upbranchesinsidetheEU,ifitwantsto.欧盟或许还有一些补贴政策，对于EU内建立的公司。ThemayalsobeabletoaccessanygrantswhichareavailabletocompaniesbasedwithintheEU.Tosupportthedevelopmentofinternationaltrade,theWTOprovidesamechanismforidentifyingandreducingtradebarriersandresolvingdisputes.WTOwillimposefines,ifmembersareinbreachoftheir员国。TheWorldTradeOrganisationWTO)wassetuptocontinuetoimplementtheGeneralAgreementonTariffsandTradeGATT)anditsmainaretoreducethebarrierstointernationaltrade.Itdoesthisbyseekingtopreventprotectionistmeasuressuchastariffs,quotasandotherrestrictions.Italsoactsasaforumfornegotiationandofferingsettlementprocessestoresolvedisputesbetweencountries.TheWTOencourages世界贸易组tradebyapplyingthemostfavourednationprinciplebetweenitsmembers,wherereductionintariffsofferedtoonecountrybyanothershould2013-12-【背offeredtoallallowedandsomeprotectionistmeasures,especiallynon-tariffbasedones,havebeenhardertoidentifyand Monica Tosupportstabilityoftheinternationalmonetarysystembyprovidingsupporttocountrieswithbalanceofpaymentproblem.【背金Whenamemberishavingdifficultiesingbalanceofpaymentsproblem,theIMFwillofferadviceoneconomicandlendmoneyatsubsidized2012-12-央【背NormallyhavecontroloverinterestratesandsupportthestabilityofthefinancialsystemCollaborationbetweencentralbanksissupportedbythebankofinternationalsettlements.银行的银行，通常对利率有控制权，支持金融体系的稳定性。之间的合作是由国际银行来支持的。World世界银【背世界银行是ᨀ供的机构PartiallyfundedbytheIMF,existstofundreconstructionandredevelopmentandtoeliminatepoverty.Loansarenormallymadedirectlyto ernments,forperiodof10-20yearsandtiedtospecificprojects.部分由国际 ，为期10-20年，绑定到特定的项目上。2016-06-Euro欧【背Eurobondsarelong-termloansraisedbyinternationalcompaniesorotherinstitutionsandsoldtoinvestorsinseveralcountriesatthesametime.Eurobondsarenormallyrepaidafter5-15years,andareformajoramountsofcapitalie$10mormore.欧元债券是由国际公司或其他机构发起的长期 )InterestispaidgrossandthishasmeantthatEurobondshavebeenusedbyinvestorstoavoidtax.利息是按照总收入给付(未扣除税金)，这意味着欧Theyareoftencheaperthanaforeigncurrencybankloanbecausetheycanbesoldonbytheinvestor,whowillthereforeacceptaloweryieldinreturnforthisgreaterliquidity.他们往往比一个外币银行 Theyarealsoextremelyflexible.Mosteurobondsarefixedratebuttheycanbefloatingrateorlinkedtothefinancialsuccessofthe.他们也Theyaretypicallyissuedbycompanieswithexcellentcreditratingsandarenormallyunsecured,whichmakesiteasierforcompaniestoraise Eurobondissuesarenotnormallyadvertisedbecausethey cedwithinstitutionalinvestorsandthisreducesissuecosts.欧债 Monica Likeanyformofdebtfinancetherewillbeissuecoststoconsider y2%offundsraisedinthecaseofEurobonds)andtheremayalso Ab