acca全新课程1阶段网课p4文字题总结

Valueat 风险价值（置信区间的概念modernapproachtofyingriskinvolvesestimatingthelikelychangeinthevalueofaninvestmentbyusingtheconceptofanormaldistribution.TheVARprovidesanindicationofthepotentialriskinessofaproject.Forexample,ifAinvestsinprojectBthenitcanbe95%confidentthatthepresentvaluewillnotfallbymore€1,471,000overitslife.Hencetheprojectwillstillproduceapositivepresentvalue.However,thereisa5%chancethatthelosscouldbegreaterthan€1,471,000.WithprojectC,thepotentiallossinvalueissmallerandthereforeitislessrisky.ItshouldbenotedthattheVARcalculationsindicatethattheinvestmentsinvolvedifferentrisk.However,thecashflowsarediscountedatthesamerate,whichtheyshouldnotbe,sincetheriskdiffersbetweenthem.(题目:2014-12-Q3，2012-06-计算假设taxshield的折现率使用borrowingrate，但有些争议argue是使用riskrate。此外，Amoreaccuratemethodwouldbetoassesstheyieldcurvebasedonfuturerisk-ratesandcreditspreadsforthe 在APV的计算中，taxshield常常跟投资的（新的）举债能力有关，而不是已经使用的。因为这方面信息没有ᨀ供，假设举债能力的ᨀ高=适用的新 。3）计算中用到的数据，诸如税率，capitalallowancerate,收入和各类成本的数据，生产和销售的预估值，通胀率，基于力平价算出来的汇率值，假定都是正确的，change/volatility都会引起不同程度的结果。所以需要使用sensitivityysisandscenarioysis来帮助评估。(题目：Pilot-Q1,2014-12-Q2，2013-06-资方式。这样，在估算时，先仅仅考虑商业风险（用Kei折现；其次才考虑债以及因融资方式带来的好处。APVmethodseparatestheinvestmentdecisionfromthefinancingdecision.Thiswillallow toevaluatethegainorlossassociatedwiththecostsandbenefitsofthenewfinance.Thevalueoftheprojectisinitiallyassessedconsideringonlythebusinessriskinvolvedinundertakingtheproject.Thediscountrateusedisbasedontheassetbetawhichmeasuresonlythebusinessriskof TheimpactofdebtfinancingandthesubsidybenefitarethenInthisway,the canassessthevaluecreateditsinvestmentactivityandthentheadditionalvaluecreatedfromthemannerinwhichtheprojectisfinanced.不同不同折算率，商业风险用Kei,用Kd。Itallowseachdifferenttypeofcashflowtobediscountedataratespecifictoriskofthatcashflow.当融资情况较复杂时，此法适用ItalsoallowstheeffectsofmorecomplexfinancingsituationstobeconsideredKeiCAPMCAPM的理论缺陷。DiscountedrateusedinbaseonCAPM,whichhasnumberoftheoreticalweakness.具体是那些不现实的假设：Zeroinsolvencycosts零成本；投资市场有效；投资人有多样化的投资组合；完美资本市场；且很难确定excessreturn,riskrate&B值。海外投资项目 ernment&business新是否有remittance限制？这样折现率不同，导致项目APV变化realoption(题目：Pilot-Q1,2014-12-Q3，2011-06-项目DiscussionDiscussionpapertotheBODofXXX;空行）DiscussionpapercompliedbyXXX;(空行）Date3.Backgound题目简述Projectassessment/Target evaluation:基于dividendvaluationmodel测算公司marketcapitalisation，即公司价值。该项目将令公司的价值ᨀ升12%，Areasforfurtherdiscussion:针对可能产生的问题，BOD的应对方式。比如针对Adviseand mendation:比如若使用对冲，各个effectiverate比较，各Triplebottomlineapproachtativesummaryeconomic/financialimpact,对环境的影响impactonenvironmentimpactonsocialperformance。公司/项目的发展balancebetweeneconomic/profitsocialpeople和自然环境environment/nt的利益，要具有可持续性，不能以牺牲其他关键要素而仅仅3个要素会ᨀ高股东价值，corporatecitizen,从而ᨀ高了公司的声誉，来吸引各种优质资源，包括有天(题目:Pilot- Black- 定价模型【背SuitableforEuropeanstyleoptionsthereforeitassumedthatthewarrantsareoftheEuropeanstyle该是欧式，即在到期前不可实施。Therearenotaxedortransactioncosts市场无摩擦，即不存在和成本，Theshareiscontinuouslytradedandsharepricehasalog-normaldistribution股VolatilityofreturnswillremainConstantInterestratesareconstantandcertaincalloption为例PePa,volatility,timetoexpire,riskrate同（题目:2014-06-等额付款Annuity(8%,4years)=3.312,Annuitypayableperyearonloan=$30/3.312=$9.057Interestpayableperyear=$30*8%=$2.4closingloanbalance=opening+interest-repaid计算 的MaculayDuration,以及它的意义【背如果知道BondMVcouponrateparvalue,则可以计算grossredemptionyield(GRY)5%coupon&redemptionvalueMVI，用10%MV2MV，则可用几何法得出GRYGRYBondcoupon&redemptionvalue,MV，得duration.思路：期间流入现金流*时间权重*Kd折现率/期初流出现金流PVofoutcashflows(即NPV+initialinvestment)意义：Duration反映的是bondpricechangeininterestrate的敏感性，主要取决于赎回时间redemptionrates.对于赎回时间较久的bond通常对于利率波动更敏感，也就更具风险。Duration测量的是一个债券支付利息和本金的平均时期更快；因此，它们对利息的变化不这么敏感，即有较低的duration。图像：BondValue跟Interestrate关系的图形是凸向原点的曲线convexcurvetoDuration时，duration法是有用的。利息上涨，债券价格下降，但它们的关系并非线性non-linear.Durationbond价格的关系是线性。所以，当利息波动很duration预测到的债券价格要低于实际债券价格。这种应用的局限性也durationGRYshapeoftheyieldcurve变化，则基于原GRY计算得到的duration无法再用于评估bondvalue跟interestrate的变 ModifiedDuration的计算及意义ModifiedDuration=(MaculayDuration)/(1+grossredemptionTheequationlinkingmodifiedduration(D),andtherelationshipbetweenthechangeininterestrates(Ui)andchangeinpriceorvalueofabondorloan(UP)isgivenasfollows:UP=[-D*Ui*P](Pisthecurrentvalueofaloanorbondandisaconstant)Thesizeofthemodifieddurationwilldeterminehowmuchthevalueofabondorloanwillchangewhenthereisachangeininterestrates.Ahighermodifieddurationmeansthatthefluctuationsinthevalueofabondorloanwillbegreater,hencethevalueof2.42meansthatthevalueoftheloanorbondwillchangeby2.42timesthechangeininterestratesmultipliedbytheoriginalvalueofthebondorloan.实际上，债权的价格和收益率的真实关系是一条凸向convexity原点的曲线。这Infact,theactualrelationshipbetweenpriceandyieldisgivenbythelineastotheoriginal.Theimpactofconvexity(ienon-linearrelationship)willbethatthemodifieddurationwilltendtooverstatethefallinabond'spriceandunderstatetherise.Theproblemofconvexityonly esanissuewithmoresubstantialfluctuationsintheyield.Industryrisk:评估了公司所在的产业industrysector在经济变化中的弹性cyclicalpeaktroughs时期有demandEarningsprotection:评估了怎样在变化的环境中维持或者保护它的收益？2）customerbasediversity3）profitmarginsandreturnoncapital评估各种融资和可行3）目前的debtconvenants上的性指标达标情况以及限制operatingEvaluationof 公司的计划control，以及financialstrategy2）管理层的更替计划successionnqualification& EstimatethecreditThecostofabondwilldevelopontwoTheyieldcurveshowshowtheyieldon ernmentbondsvaryaccordingtothetermofborrowings.Normallyitisupwardslo.向上陡坡Thereareanumberofexnationsoftheyieldcurve;thesearenotcompetingexnations,andatanyonetimemaybeinfluencingtheshapeoftheyieldcurve对于收益率曲线的的形状，Expectationstheory预期理论-thecurvereflectsexpectationsthatinterestrateswillriseinthefuture,sotheernmenthastoofferhigherreturnsonlong-term）Liquiditypreferencetheory-thecurvereflectsthecompensationthatinvestorsrequirehigherreturnsforsacrificingliquidityonlong-datedbonds.）Marketsegmentationtheory市场分割理论-shortdatedbondstendtobemorepopularwithbanksandlong-datedbondsaremorepopularwithpensionfunds.Ifdemandforbondsishigherinoneofthesemarketstheernmentcanofferlowerreturns.Thecreditpremium-derivedfromthebond'screditrating根据信用来，一般题目会告知Costofdebtcapital=(1-taxrate)*(riskrate+creditspread)EVAEVA=NetOperatingProfitsAfterTaxes-WACC*CapitalEmployed=(ROIC-WACC)*CapitalEmployed注意interesttaxValueoffirm=Valueofinvestedcapital+sumofdiscountedCostofcapital反映了股东要求的最小回报。所以只要大于WACC*CapitalEmployed的任何盈余都可以视为股东增加。如果持有人收到一个固定的利息，那么多余的价值都将归于股东。EVA关注的是创造了股东价值。EVACapitalEmployedEVA用数字来衡量绩效，如果是正表示股东增加。如果用比率的话，则率的项目，因没有在头几年呈现高回报，会被放弃。只关注每年的EVA会给MVAMVA：显示了管理层对于资本投资者给的钱，增值了多少。MVA是PVoffutureEVAsof .MVA=MarketValueofDebt+MarketValueofEquity–capital的增值。 ysis评估卖公司是否划算，没有思路，就可用ratioysis；有行业平均值，还需要OperatingProfitMargin=PBIT/EarningsPerShare=ProfitAfterTax/PERatio=SharePrice/EarningsPerAnnualRevenueGrowthGearing=Debt/(Debt+InterestCover=PBIT/FinanceAverageFinancingCost增长率AssetTurnover=Revenue/CapitalEmployedCurrentRatio=CA/CLQuickRatio=(CA-LDividendYield=Dividendpershare/shareSharepriceDividendcover=Profitaftertax/(题目：2015-06-Q2，2014-12-Q4，2012-06-Q2)那么对于维持和原公司其他部门的关系来看，是最好的式。优点：MBO成本较低，不用花钱做 MBOcostmaybelesscomparedwithotherformsofdisposalsuchassellingindividualassetsofthedivisionorsellingittoathirdparty.Itmaybethequickestmethodinraisingfundscomparedtotheothermethods.3）Therewouldbelessfromthemanagementandemployeesmakingtheprocesssmootherandeasierto plishthanifbothdivisionsweretobecloseddown.Itmayofferabetterprice.Thecurrentmanagementandemployeespossiblyhavethebestknowledgeofthedivisionandareabletomakeitsuccessful.Thereforetheymaybewillingtopaymoreforit.Managershavedetailedknowledgeofthebusinessandits 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TaxandlegalDifficultiesindecidingonafairpricetobeConvincingemployeesoftheneedtochangeworkingInadequatecashflowtofinancethemaintenanceandrecementoftangiblefixedassetsThemaintenanceofpreviousemple’pensionAcceptingtheboardrepresentationrequirementthatmanysourcesoffundswillinsistuponThelossifkeyemployeesifthe movesgeographically,orwageratesaredecreasedtoofar,oremploymentconditionsareunacceptableintoherways9）Lacknewideastorejuvenatethebusiness(题目：pilot-Q3,2015-06-Q3,2011-12-Q4偿债优先顺序Creditorhierarchy:fixed资产抵押>floating资产抵押>Unsecuredcreditors>PreferenceShareholders>OrdinaryShareholdersopentenderthroughanintermediary2）Highlevelofdiscretionarerequiredinthesearchprocess，确保公司的价值防止竞争对手的pricewar让价格降低，这样处置的资产就会打折扣，一旦确认了潜在买家，需要配合他们做尽职duediligence.最近更新duediligence，确公司的法律团队要评估合同，员工权利/义务的转移，无形资产的转操（题目：Pilot-Organicgrowth优缺点（题目：2014-06-JointVenture优缺点和补贴。幅的关系，解决问题。 JV合作模式可能会让本地的管理层行动不自由，因为不是他一人做主，有共同决定，可能让这些管理层不乐意（题目：2014-06-直接投资存在一些机遇，如实物follow-on海外投资的常见风险：政治风险、文化风险和风险。Licensing可以（题目：2015-05-Acquisition的SynergyRevenuesynergyexistswhentheacquisitionofthetarget willresultinhigherrevenuesfortheacquiring ,higherreturnonequityoralongerperiodofgrowth.Revenuesynergiesarisefrom:Increasedmarket MarketingsynergiesStrategicsynergiesAcostsynergyresultsprimarilyfromtheexistenceofeconomiesofscale.Asthelevelofoperationincreases,themarginalcostfallsandthiswillbemanifestedingreateroperatingmarginsforthecombinedentity.Theresultingcostsfromeconomiesofscalearenormallyestimatedtobesubstantial.cashslack现金松弛：Whenafirmwithsignificantexcesscashacquiresafirm,withgreatprojectsbutinsufficientcapital,thecombinationcancreateTaxbenefits效益：Thetaxpaidbytwofirmscombinedtogethermaybelowerthanthetaxespaidbythemasindividualfirms.Ifoneofthefirmshastaxdeductionsthatitcannotusebecauseitislosingmoney,whiletheotherfirmhas eonwhichitpayssignificanttaxes,thecombiningofthetwofirmscanleadtotaxbenefitsthatcanbesharedbythetwofirmsDebtcapacity举债能力：Bycombingtwofirms,eachofwhichhaslittleornocapacitytocarrydebt,itispossibletocreateafirmthatmayhavethecapacitytoborrowmoneyandcreatevalue.Diversificationwillleadtoanincreaseindebtcapacityandanincreaseinthevalueofthefirm.AdditionalvaluefromAMVe=*BMVeestimateFCFE*（1+g）Keg)A+BvalueestimateFCFE1+FCFE2+Synergybenefit*倍数（题目告Valueaddedpart3-1-2AB如果有新项目开展，新项目需要用projectriskadjustedKeWACC2014-12-Q1荐可以ᨀ高公司的信用，降低costofcapital。不过这一点是由争议的。sovereignfunds主权基金可以支持整个项得到全面ᨀ升，那么对于A和B的合并而言是有利可图的。potentialbenefit（题目：2014-12-Q1荐可以执行一个项目后审计来寻找A公司之前的收购都失败的原因。ApletionauditmayhelptoidentifythereasonsbehindwhysomanyofVogelCosacquisitionshavefailedtocreatevalue.一旦发现了原因，就要需要履行一定的流程来评估收购价值，预防收购付的太多。Proceduresneedtobeestablishedtoensurethattheacquisitionisnotoverpaid.公司需帮助实现。Properduediligenceoftheperceivedbenefitsisundertakenpriortotheofferbeingmade.另外，公司需要确认最高可以承受的溢价，即确收购不成被认为是个人能力的，有损害公司声誉，而且也是为了不浪费之前duediligence和最初谈判所花费的时间和精力。syndergy效率降低，比2套管理班长，各自自治。总之，要时刻铭记在心，确保双方的管（题目：2014-06-MethodsofdefenceGoldenparachute黄金降落伞：Largecompensationpaymentsmadetothetopmanagementofthetargetfirmiftheirpositionsareeliminatedduetohostiletakeover.Thismayincludecashorbonuspayments,stockoptionsoracombinationofthese.一旦收购，就要支付被收购公司的大笔补偿金，包括现金、奖金、股权或组合方案等，以此来打消敌意收购的意图。Poisonpill毒丸计划：Thisisanattempttomakea normallybygivingtherighttoexistingshareholderstobuysharesataverylowprice.以非常低的价格像现有股东增发，这样公司就不那么吸引Whiteknightsandwhitesquires白衣骑士/白衣侍从：Thiswouldinvolveinvitingafirmthatwouldrescuethetargetfromtheunwantedbidder.Thewhiteknightwouldactasafriendlycounter-bidder.Awhitesquireissimilartoawhiteknightbuttheformerdoesnottakecontrolofthetargetfirm.与其Crownjewels王冠珠宝：Thefirmsmostvaluableassetsmaybethemainreasonthatthefirmbecameatakeovertargetinthefirstce.Bysellingtheseorenteringintoarrangementssuchassaleandleaseback,thefirmismakingitselflessattractiveasatarget.把收购公司感的资产卖了，或Pacmandefence防御（反收购：Thisdefenceiscarriedoutbymoutingacounter-bidfortheattacker.ThePacmandefenceisanaggressiveratherthandefensivetacticandwillonlyworkwheretheoriginalacquirerisa withdiverseshareholding.Thistacticalsoappearstosuggestthatthe smanagementareinfavoroftheacquisitionbuttheydisagreeaboutwhich shouldbeincontrol.对收购公司进行反收购，是一种性的防守战术，但也说明收购公司是他们感的，只是不想被控制权（大家都想做Litigationorregulationdefence 防护：Invitinginvestigationby orCourts要求 InasimilarmannertotheCompetitionandMarketsAuthorityintheUK,theEuropeanUnionEUwillassesssignificantmergersandquo’(M&Asimpactoncompetitionwithinaotrysmarket.影响当地市场的竞争格局Itwill,forexample,usetestssuchasworldwideturnoverandEuropeanturnoverofthegroupaftertheM&A.ItmayblocktheM&A,ifisfeelsthattheM&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。SometimestheEUmayaskforthe tosellsomeofitsassetstoreduceitsdominantpositionratherthannotallowanM&Atoproceed.ItwouldappearthatthismaybethecasebehindtheEUsconcernandthereasonforitssuggestedaction.（题目：2014-12-Mandatory-bidconditionEachofthethreeconditionsaimstoensurethatshareholdersaretreatedfairlyandequitably.是保证所有股东都被公平公正对待。Selloutrights售出权力（强买权利）：Themandatory-bidconditionthroughselloutrightsallowsremainingshareholderstoexitthe atafairpriceoncethebidderhasaccumulatedacertainnumberofshares.Theamountofsharesaccumulatedbeforetheruleappliesvariesbetweencountries.Thebiddermustofferthesharesatthehighestshareprice,asaminimum,whichhadbeenpaidbythebidderpreviously.Themainpurposeforthisconditionistoensurethattheacquirerdoesnotexploittheirpositionofpowerattheexpenseofminorityshareholders.当收购方的达到一定比率后（比如90%），则剩余的股东各个国家有不同规定，收购方必须是以过去N个月的最高报价来收购剩余股Principleofequaltreatment待遇原理：Theprincipleofequaltreatmentconditionstipulatesthatallshareholdergroupsmustbeofferedthesameterms,andthatnoshareholdergroupstermsaremoreorlessfavourablethananothergroupsterms,Themainpurposeofthisconditionistoensurethatminorityshareholdersareofferedthesamelevelofbenefits,asthepreviousshareholdersformwhomthecontrollingstakeinthetarget wasobtained.待遇Squeeze-outrights挤出权利（强卖权利）：Thesqueeze-outrightsconditionallowsthebiddertominorityshareholderstoselltheirstake,atafairprice,oncethebidderhasacquiredaspecificpercentageofthetarget equity.Thepercentagevariesbetweencountriesbuttypicallyrangesbetween80%and95%.Themainpurposeofthisconditionistoenabletheacquirertogain100%stakeofthetarget andpreventproblemsarisingfromminorityshareholderslater.收购方可以强制少数股东卖出他们的，以一个合理的价格，一旦收购方达到一定股比后。不同国家股比要求不同，在80%—95%之间。主要目的是确保收购方可以获得100%的目标公司股权，从（题目：2015-12-Q1,2012-12-Itisthesaleofpartofa asanentityorasseparateassetstoathirdpartyforanagreedamountoffundsorvalue.Thisvaluemaycompriseofcashanon-cashbasedassets.The canthenutilisethefundsgainedinalternative,value-enhancingactivities.公司卖了部分或者单独资产给第，以约定的价格。 Asell-offcanacttoprotecttherestofabusinessformatake-over,bysellingoffapartthatisparticularlyattractivetoabuyerItcanalsoprovidecash,enablingtheremainingbusinesstoinvestfurtherwithouttheneedforworseningitsgearingbyobtainingmoredebtfinance.Itwouldalsoenable Ademergeristhesplittingupofacorporatebodyintotwoormoreseparateandindependentbodies.Itisnotasaleoftheseparatebodiesthemselves,astheoriginalshareholdershavesharesinbothcompanies.2个或多个单Thesplitdoesenableyststounderstandthetwobusinessfully,whenthetwomaindivisionsareindifferentThetwodivisionsarelikelytohavedifferentriskprofiles,andsplittingthemupenablesshareholderstoadjusttheproportionoftheirholdingsbetweenthetwodifferentcompanies.对于资产和的承担，双方会有，一方甚至融资有问题Restrictive Bookvalueofequity(c/f)=equityshare+retainedearningsBookvalueofdebt=NCLGearing=Donerous个股东跟VC都满意的共识cfinancecfinanceoperatesundertheprinciplethatthereshouldbealinkbetweentheeconomicactivitythatcreatesvalueandthefinancingofthatactivity.金融Murabaha：类似于商业信用/Tradecredit/loan，利润预先约定，无利息，借方卖了产品，借方和贷方收益。Pre-arrangedmarkupforconvenienceoflaterpayment,nointerestMusharaka：类似投Venturecapital,收益共享，无分红，损失的话，按照Profitsharepercontract,nodividends,lossespercapitalcontribution,bothpartiesparticipateMudaraba:Equity，利润预先约定，无分红，损失的话，全部由出钱的人承担。Profitsharepercontract,nodividends,lossesbornebycapitalprovider,organisationrunsbusinessIjara:类似于租赁Leasing，拥有所有权并承担主要风险，需要负责大修和重要。Whatevertheotherfeatures,LessorremainsassetownerandincursrisksofSukukBondsdebt债券性/售后回租）或者资产（化）Underlyingtangibleassetinwhichholdersharesmaybeasset-basedsale/leaseback)orasset-backed(securitisation)SalamForwardcontract，商品约定未来某日卖，但现金可以折现到当下，预先付款。Commoditysoldforfuturedelivery,Cashreceivedatdiscountfromfinancialinstitution,paymentsreceivedinadvanceIstisna：类似于分期付款Phasedpayments，用于项目筹措，先付首付款，然后用项目进行的钱再支付分期款。ProjectfundinginitialPaymentandtheninstalmentsfrombusinessundertakingtheproject.cfinance全球发售cfundsareavailableGharar(uncertainty,riskspeculation)isnotallowedExcessiveprofiteeringisnot银行不能使用过度的杠杆BankscannotuseexcessiveAllpartiestakealong-term在sharia教教法的解释没有国际共识NointernationalconsensusonShariainterpretations没有标准的Shariaa模型，从而导致较高的成本NostandardShaiaamodel,whichleadstohighertransactioncosts额外的合规工作增加成本Additionalcomplianceworkincreasestransaction银行不能通过对冲降低风险cbankscannotminimiseriskthrough一些产品可能不符合金融的规定SomecproductsmaynotbecompatiblewithfinancialregulationsLimitedtradinginSukukDarkPoolnetwork中的暗允许anonymously，不受公众监督publicscrutiny.在发生前，不会有。只有当完成后，量和价格才会公布降低了成本，基本上价是bid和offer的中间价。因为brokerdarkpoolexchange结合案例：该笔量占了全部的4.5%，一旦一次出手，则会造成市通过darkpoolnetwork，卖方可以维持股价的完好无损intact，也可能降低temporarilyartificially巨Margin&mark-to-market【背】Bothmark-to-marketandmarginsareusedbymarketstoreduce(eliminate)theriskofnon-paymentbypurchasersofthederivativeproductsifpricesmoveagainstthem.保证金和日盯式都是为了避免衍生品方的违约风险，万一价格逆Mark-to-marketclosesalltheopendealsattheendofeachdayatthatdyssettlementprice,andopensthemagainatthestartofthefollowingday.Thenotionalprofitorlossonthedealsisthencalculatedandthemarginaccountis正常现金流，其他活动的可能不够。Iflossesaremade,thenthemayhavetodepositextrafundswithitsbrokerifthemarginaccountfallsbelowthemaintenancemarginlevel.Thismayaffectthe sabilitytonadequayandensureithasenoughfundsforotheractivities.Ontheotherhanc,extracashaccuringfromthenotionalprofitscanbewithdrawnfromthebrokeraccountofneeded.Eachtimeamarket-tradedderivativeproductisopened,thepurchaserneedstodepositamargin(initialmargin)withthebroker,whichconsistsoffundstobekeptwiththebrokerwhilethepositionisopen.broker需要公司在开仓后存在账户上的一度的，低于保证金时，需要及时填补。Asstatedabove,thisamountmaychangedailyandwouldaffectDaikonCosabilitytonforitscashrequirementsbutalsoopenpositionsrequirethatfundsaretieduptosupportthesepositionsandcannotbeusedforotherpurposesbythe （题目：2015-06-RiskManagementRiskcanbemanagedinseveraldifferent平。Forexamplecurrencyriskandinterestrisk.Hedginginvolvestakingactionstomakean emorecertain.样化的方式就是收购/合并。Thisiseffectivelythepreventionof“pungallyoureggsinonebaset.Aprotfolioofdifferentinvestmentswithvaryingdegreesofrisk,shouldhelptoreducetheoverallriskofthebusiness.Onewayofachievingdiversificationisviaacquisitionormerger.股东承担的是系统风险，这是无论如何都无法避免的。可结合的水平。Thisinvolvesputtingcontrolproceduresincetoavoidinvestmentsinprojectswhoseriskisabovetheshhlde’requiredlevel.管理层会存在agencyissues，需要适当的激励和监督，实现管理层和股东的目标一致goalcongruence.Compensationpackages应该保证管理层实现了企业价值后得到相应的。Communication是双向的，下面的认清楚上头的意思，上头要确保下面的人接IPOinUK【背】Itwillbeimportanttoconformtolocalregulations.TakingwhentheLondonStockExchangeinusedasanoverseasexchange,therelevantregulationsare:AtleastthreeyearsofauditedpublishedaccountsAtleast25%of ssharesmustbeinpublichandswhentradingMinimummarketcapitalizationof￡700,000700,000AprospectusmustbepublishedcontainingaforecastofexpectedInadditionthe willhavetobeintroducedbyasponsoringfirmandtocomplywiththelocalcorporateernancerequirements.此外，该公司将必须由一家赞助公司推出，并符合当地的公司治理要求。（book-building询价圈购）（题目：2013-06-Themainreasongivenforthepubliclistingistousethefundsraisedtoeliminatethedebtinthe .Thereareotherreasonswhya mayundertakeapubliclisting.公开上市的主要原因是利用募金，以消除公司的。此外，Theseinclude:gainingahigherreputationbybeinglistedonarecognizedstockexchangeandthereforereducingthecostsofcontractingwithstakeholders;beingabletoraisefundsmoreeasilyinthefuturetoundertakenewprojects;thelistingwillprovidethecurrentownerswithavaluefortheirequitystake;andthelistingmayenablethecurrentownerstoselltheirequitystakesandgainfromthevalueintheorganization.在被认可的所上市，从而获得更高的声誉，因此降低将为目前的股东，赋予他们的股权价值；上市可能使目前的股东他们的（题目：2013-06-如果只有20%的公开，那么这些的股东就是少数股东minority折现价格反映投资于一家公司作为一个少数股东的额外风险。Thediscountedsharepricewouldreflecttheadditionalriskofinvestingina aminorityshareholder.一旦上市，就处于公众监督publicscrutiny之下，公司的行为要更加遵守ethicalandaccountabilitycode.大多数上市公司都公布了行为守则，当道德跟打交道要transparent，绝对不能briberyorillegalpractice。所做Sharebuybackscheme最大的优点是利于控制transactioncost和管理taxliabilities.因为股东可以是否讲手头卖给公司，这样能够控制cashreceived.有成本。公司股本降低，earningspershare会上升，股价会上升，那么未的Syndicatedloan银团【背】Thistypeofloaninvolvesagroupofbanksprovidingfundsbutwithoutjointliability.Thereisnormallyaleadbankwhichthensyndicatestheloantoseveralotherbanks.是指由一家或数家银行牵头，多家银行参与组成的银行，由两位或以上人按相同的条件、以不同的分工，共同向一位或以上借款人ᨀ供，并签署同一协议的业务。Themainadvantageofasyndicatedloanistatlagerloanscanbearrangedthanthoughasinglebank.Thismeansthatthe doesnothavetoraisedifferentloansfromdifferentbanks.最大的优势是大笔可以通过一家银行（）来Ittendstobemoreflexibleandcanbetailoredto sspecificTheleadbankmayrequireahigherinterestratetocoveritsriskofoneofhtesyndicatebanksdefaultingontheloan.牵头银行可能需要更高的利率来弥补其中一家（加）银行拖欠的风险。优点：Itmayappeartobeanattractivemeansofarisinglargeamountsofcapitalfor缺点：therearelargeissuecostsinvolvedandthereistheriskthattheissuewillbeunder-subscribed.成本高，且有不足的风险。Mezzaninedebt夹心【背Itisamethodoffinancingwherethedebthasembeddedequityinstrumentsattached.Thisincreasesthevalueofthedebt.夹层融资是一种无担保的长期， itoffersmoreflexibilityintermsofcouponrates.Providersofmezzaninefinancetendtobelong-terminvestorsratherthanthosetryingtomakeaquickreturnthereforetheyarelesslikelytodemandveryhighcouponrates.它的利率更灵活。Italsoprovidesthe withameansofrisingfinanceforventuresthatmightnotbeattractivetocommercialbanks.也ᨀ供给了企业其他的融资，当Thevalueofcurrentequityhole’holdingwillereducedbythewarrants.Theextentofthisproblemwilldependontheamountbywhichthevalueoftheislikelytoriseifheprojetproceedsusingthesuggestedmethodoffinancing.Thelendersmayinsistonsomedegreeofrestrictivecovenants,suchasrestrictionsonthefutureborrowingormeetingtargetsoncertainfinancialratios.贷EuropeanUnion(EU)AtradearealiketheEuropeanUnion(EU)aimstoremovebarrierstotradeandallowdomofmovementofproductionresourcessuchascapitalandlabour.TheEUalsohasanoverarchingcommonlegalstructureacrossallmembercountriesandtriestolimitanydiscriminatorypracticeagainstcompaniesoperatinginthesecountries.Furthermore,theEUerectscommonexternalbarrierstotradeagainstcountrieswhicharenotmemberstates.RiviereComaybenefitfromoperatingwithintheEUinanumberofwaysasitcurrentlytradeswithinit.欧盟自由贸易区，旨在降低贸易壁员国企业间的。但对于非欧盟国家，则建立了壁垒。equaltermswithrivalcompanieswithintheEU.CompaniesoutsidetheEUmayfinditdifficulttoentertheEUmarketsduetobarrierstotrade.legalstructureshouldensurethatstandardsoffoodqualityandpackagingapplyequallyacrossallthemembercountries.食品的物流方面的尽职相对而言是比较好开展的，因为同样的合规要求。Duediligenceoflogisticnetworksusedtotransportthefoodmaybeeasiertoundertakebecauseofcommoncompliancerequirements.而且建立EU内的，也相对容易找到资本和人力。HavingaccesstocapitalandlabourwithintheEUmaymakeiteasierforthe tosetupbranchesinsidetheEU,ifitwantsto欧盟或许还有一些补贴政策，对于EU内建立的公司。The mayalsobeabletoaccessanytrantswhichareavailabletocompaniesbasedwithintheEU.端的机制。如果成员了规则，世界贸易组织将处以罚款。Tosupportthedevelopmentofinternationaltrade,theWTOprovidesamechanismforidentifyingandreducingtradebarriersandresolvingtradedisputes.WTOwillimposefines,ifmembersareinreachoftheirrules.给另一个国家的关税降低的政策惠及所有成员国。TheWorldTradeOrganization(WTO）wassetuptocontinuetoimplementtheGeneralAgreementonTariffsandTrade(GATT),anditsmainaimsaretoreducethebarrierstointernationaltrade.Itdoesthisbyseekingtopreventprotectionistmeasuresuchastariffs,quotasandotherimportrestrictions.Italsoactsasaformfornegotiationandofferingsettlementprocessestoresolvedisputesbetweencountries.TheWTOencouragestradebyapplyingthemostfavourednationprinciplebetweenitsmembers,wherereductionintariffsofferedtoonecountrybyanothershouldbeofferedtoallmembers.定和控制。WhereastheWTOhashadnotablesuccess,someprotectionistmeasuresbetweengroupsofcountriesareneverthelessallowedandsomeprotectionistmeasures,especiallynon-tariffbasedones,havebeenhardertoidentifyandcontrol.某些保护主义政策的目的是为了防止商品“倾销”（题目：2013-12-Tosupportstabilityoftheinternationalmonetarysystembyprovidingsupporttocountrieswithbalanceofpaymentproblem.为国际收支不平衡的国家ᨀ供帮助，Whenamemberishavingdifficulties ingbalanceofpaymentsproblem,theIMFwillofferadviceoneconomicandlendmoneyatsubsidizedrates.当一个成员在克服国际收支平衡问题时有，IM