串讲提分专场一带上课笔记

PartFinancialManagementFinancialManagementPartFinancialManagementFinancialManagementandFinancial•Chapter考试类 分 难Section 2SectionChapterChapterMindFinancialobjectivesandtherelationshipwithcorporate(1)Maximiseshareholders'Financialobjectivesandtherelationshipwithcorporate(1)Maximiseshareholders'•ThewealthoftheshareholdersinacompanycomesDividendsMarketvalueofthe•Ashareholder'sreturnoninvestmentisobtainedintheformDividendsCapitalgainsfromincreasesinthemarketvalueoftheirFinancialobjectivesandtherelationshipwithcorporate(1)Maximiseshareholders'Financialobjectivesandtherelationshipwithcorporate(1)Maximiseshareholders'•TotalshareholderreturnisameasurewhichcombinestheincreaseinsharepricedividendspaidandcanbecalculatedP1-P0+TSRP0-isthesharepriceatthebeginningoftheperiodP1-isthesharepriceattheendofperiodD1-isthedividend Financialobjectivesandtherelationship Financialobjectivesandtherelationshipwithcorporate(2)Profit•Profitmaximizationisanotherfinancialobjective,butitisnotthekeyconsiderationfinancial•ProblemswithadoptinganobjectiveofprofitAccountingprofitscanbemanipulatedtosomeextentbychoicesofaccountingTheobjectiveofprofitmaximisationdoesnottakeaccountofProfitstakenoaccountofthevolumeofProfitsmeasuresofshort-termFinancialobjectivesFinancialobjectivesandtherelationshipwithcorporateNon-financialThewelfareofThewelfareofThefulfilmentofresponsibilitiestowardsThefulfilmentofresponsibilitiestowardsSocialMeasuringtheachievementofcorporateMeasuringtheachievementofcorporate•RatioscanbegroupedintothefollowingfourProfitabilityandDebtandShareholders'investmentratios('stockmarketCapitalemployed=Shareholders'fundspluslong-term=TotalassetslessCapitalemployed=Shareholders'fundspluslong-term=TotalassetslesscurrentProfitmargin×Assetturnover=SalesSalesrevenue·Capital=CapitalReturnonequity=EarningsattributabletoordinaryShareholders'Returnoncapitalemployed CapitalDebtand(1)•Financialgearing(oftensimplyDebtand(1)•Financialgearing(oftensimplyreferredtoas'gearing')istheamountofdebtacompanyusesrelativetoitsequityMVorBVofGearing=MVorBVofdebt+MVorBVofMVorBVofdebtGearing=MVorBVofequity(2)InterestInterestcover=Quickratio=Currentasset-CurrentShareholders'investment(1)ThedividendDividendpershareDividendyield=Ex−divmarketpriceperShareholders'investment(1)ThedividendDividendpershareDividendyield=Ex−divmarketpricepershare(2)EarningspershareEarningspershare=ProfitattributabletoordinaryNumberofordinary(3)ThepriceearningsPriceearningsratio=MarketpriceofAgencyAgencyAgencyAgency•Agencyrelationship:adescriptionoftherelationshipbetweenmanagementandshareholdersexpressingtheideathatmanagersactasagentsfortheshareholder,usingdelegatedpowerstorunthecompanyintheshareholders'best•Shareholdersownthecompany,butmanagers(directors)controlit.Thismeansthemanagerwilloftenmakedecisionstomaximisetheirownwealthratherthanthe4.3Solvingthe4.3Solvingtheagency4.3.1ManagerialrewardschemestominimisetheExecutiveshareoptionplansInashareoptionscheme,selectedemployeesaregivenanumberofshareoptions,eachofwhichgivestheholdertherightafteracertaindatetosubscribeforsharesinthecompanyatafixedprice.Thevalueofanoptionwillincreaseifthecompanyissuccessfulanditssharepricegoesup.Performance-relatedPayorbonusesareusuallyrelatedtothesizeofprofits,butotherperformanceindicatorsmaybeused.Solvingtheagency•Solvingtheagency•AdvantagesanddisadvantagesofGoalcongruence:aligntheobjectivesofmanagersandImprovestaffmotivationandretentionandthuslowerstaffturnoverSolvingtheSolvingtheagency•Advantagesanddisadvantagesof(2)ThereislittleevidenceofapositivecorrelationbetweenshareoptionschemesandthecreationofextrasharevalueSharepricesfrequentlymoveforreasonsthatarenothingtodowiththeactionsofShareoptionswillonlybepartofthetotalremunerationpackagebutmaybethemajorinfluenceonmanagerialdecisionSolvingtheagencySolvingtheagency(1)CorporateGoodcorporategovernanceinvolvesensuringtheeffectivenessofriskmanagementandinternalcontrol,accountabilitytoshareholdersandotherstakeholders,andconductingbusinessinanethicalandeffectiveway.BoardofKeySeparateCEO&Minimum50%non-executiveNEDsshouldbeRemunerationPay&incentivesofexecutiveAuditRiskNEDsNominationChoiceofnewSolvingtheagencySolvingtheagency(2)StockexchangelistingAstockexchangeisanorganisationthatprovidesamarketplaceinwhichtotradeshares.Italsosetsrulesandregulationstoensurethatthestockmarketoperatesbothefficientlyandfairlyforallpartiesinvolved.Tobelistedonstockexchange,astockmustmeetthelistingrequirementslaiddownbythatexchangeinitsapprovalprocess.EachexchangehasitsownparticularlistingNotforprofitNotforprofit•Manyorganizationsarenot-for-profit,inthiscase,amoreappropriateobjectiveistomakesurethattheorganizationisgettinggoodvalueformoney:economy,efficiency,•Valueformoneycanbedefinedasgettingthebestpossiblecombinationofservicesfromtheleastresources,whichmeansmaximisingthebenefitsforthelowestpossibleNotforprofit•Notforprofit•Thisisusuallyacceptedasrequiringtheapplicationofeconomy,effectivenessandefficiency(sometimesknownasthe3Es).(a)Economyisattainingtheappropriatequantityandqualityofinputsatthelowestcosttoachieveacertainlevelofoutputs.(spendingmoneyfrugally)(b)Efficiencyistherelationshipbetweeninputsand(gettingoutasmuchaspossibleforwhatgoes(c)Effectivenessistheextenttowhichdeclaredobjectives/goalsare(gettingdone,bymeansof(a)and(b),whatwassupposedtobeThank感谢您选择高顿ACCA本节结束！Thank感谢您选择高顿ACCA本节结束！PartFinancialManagementPartFinancialManagement••ChapterChapterTheEconomicEnvironmentforFinancialMarkets,MoneyMarketsandChapterTheEconomicEnvironmentChapterTheEconomicEnvironmentfor Section 2SectionChapterChapterMind1.•Theprincipalobjectives1.•TheprincipalobjectivesofmacroeconomicpolicywillbetoachievetheobjectivesofLow(FullBalanceofLow•Totrytoachieveitsobjectives,agovernmentwilluse•Totrytoachieveitsobjectives,agovernmentwilluseanumberofdifferenttoolsorpolicyinstruments.TheseincludetheEconomicEconomicpolicies,includingmonetarypoliciesandfiscalpolicies,areusedtomanageaggregatedemand.Aggregatedemand,inanotherword,equalsGDPoraggregatesupply.AndGDPcanbemeasuredbytheformulabelow:GDP=G+C+I+ConsumerspendingNX:Net1.1.1MonetaryMonetarypolicyreferstoactions1.1.1MonetaryMonetarypolicyreferstoactionsthatthegovernmentundertakesindirectlythroughandfinancial•MoneyThequantityofmoneyavailableinaneconomyiscalledthemoneysupply.Theinthequantityofmoneyistheprimarydeterminantoftheinflation•InterestInterestrateaffectstheeconomy’sinvestment1.1.1Monetary•1.1.1Monetary•ExchangeExchangeratepolicyisalsoamonetarypolicy.Governmentcanintervenetoinfluencetheexchangerate,forexample,byadjustinginterestrates,bycontrollinginternationalcapitalflowandsoon.Therearethreekindsofexchangeratepolicy,fixed,floatingandin-between.Thein-betweenpolicyismorecommoninthecountries.However,exchangeratesaredeterminedbysupplyanddemand,evenunderthefixedexchangerateregime.1.1.2FiscalFiscalpolicyistocollect1.1.2FiscalFiscalpolicyistocollectmoneyintaxorspenditdirectlybygovernment,inorderinfluencetheconditionofthenational•GovernmentGovernmentspendingisfinancedbytaxorgovernmentborrowing,Governmentcanspendmoreonpublicworks,suchas,schools,hospitalsand•Taxationreductionsimulatesconsumptionand,ontheotherhand,taxationdiscouragesTwokindsTwokindsofTwokindsof•Therearetwokindsofpolicyapproaches,expansionaryandTwokindsof•Therearetwokindsofpolicyapproaches,expansionaryandExpansionaryEffecttoEffecttoMonetaryMoney↑MaycauseIncentiveconsumerspending-BetterInterest↓IncentiveinvestmentInvestorstransfermoreinvestmentfromfixedincomeinstrumentstoequityandinvestmentlikerealestateagainstinflationIncentivetheusingofCreditMorelikelytousedebtAveragefinancecostbecomeBetterfinanceExchange↓PossiblycausedbylowerinterestIncentiveexportandde-motiveExportmarketbecomeOverseassupplierbecomeTwokindsof•Therearetwokindsofpolicyapproaches,Twokindsof•Therearetwokindsofpolicyapproaches,expansionaryandExpansionaryEffecttoEffecttoFiscal↑-Increasegovernmentspending-Biddingforgovernment↓-Incentiveconsumerspending-MoresalesandprofitforNote:Fortheterm‘direction’,↑meansincreasingand↓meansOther•MarketisnotOther•Marketisnotperfect.Marketfailureoccurswhenthemarketmechanism–theunseenhandfailstoresultineconomicinefficiencyandleadtosub-optimaloutcome.Therearevariousformsofmarketfailureincluding,ofwhichthefollowingcanmostlybeaddressedbyregulationofmarket:ImperfectSocialcost(orImperfect•Other•Other•Aswellasthegeneralmeasurestoimpactbusinessoperationsdiscussedabove,govermentscanalsotakemorespecificmeasurestoregulatebusiness.ThesemeasureswillcoveraspectssuchCompetitionGovernmentassistanceforGreenCorporategovernance•Thank感谢您选择高顿ACCA本节结束！Thank感谢您选择高顿ACCA本节结束！ChapterFinancialMarkets,ChapterFinancialMarkets,MoneyMarketsand考试类 分 难Section 2SectionChapterMindChapterMind1.Financial1.FinancialDirectIndirect1.FinancialSecuritizationistheprocessofconvertingilliquidassetsintomarketableasset-backedsecurities.These1.FinancialSecuritizationistheprocessofconvertingilliquidassetsintomarketableasset-backedsecurities.Thesesecuritiesarebackedbyspecificassetsandarenormallycalledasset-backedsecuritiesThedevelopmentofsecuritisationhasledtodisintermediationandareductioninthedaytodayroleoffinancialintermediaries,asborrowerscanreachlendersdirectlyafter2FinancialTypical2FinancialTypicalfinancialintermediariesCommercialSavingsandloanPensionLifeinsuranceMutualFinance2.Financial2.2Thebenefits2.Financial2.2Thebenefitsoffinancial•RiskandcostRiskforindividuallendersisreducedbypooling.Sincefinancialintermediarieslendtoalargenumberofindividualsandorganisations,anylossessufferedthroughdefaultbyborrowersorcapitallossesareeffectivelypooledandborneascostsbytheintermediary.Suchlossesaresharedamonglendersin•AggregationofTheycanaggregatesmallersavingsdepositedbysaversandlendontoborrowerslarger2.Financial2.2The2.Financial2.2Thebenefitsoffinancial•MaturityFinancialintermediaries,mostimportantly,providematuritytransformation,ieborrowingmoneyonshortertimeframesthantheylendout.Theybridgethegapbetweenthewishofmostlendersforliquidityandthedesireofmostborrowersforloansoverlonger•Withtheirpoolingofinformationandexpertise,intermediariesareabletoprovideadvicetoborrowersandlendersontheiroptionsdependingupontheirindividual2.Financial2.2Thebenefits2.Financial2.2Thebenefitsoffinancial•Theyprovideobviousandconvenientwaysinwhichalendercansavemoney.Insteadofhavingtofindasuitableborrowerfortheirmoney,thelendercandeposittheirmoneywithafinancialintermediary.Allthelenderhastodoisdecideforhowlongtheymightwanttolendthemoney,andwhatsortofreturntheyrequire,andtheycanthenchooseafinancialintermediarythatoffersafinancialinstrumenttosuittheir•Thereisheavyregulationinplacetoprotectinvestorsagainstnegligenceor3.The3.Therisk-returntrade-•Thereisatrade-offbetweenriskandreturn.Investorsinriskierassetsexpecttobecompensatedfortherisk.Aninvestorhasthechoicebetweendifferentformsof(1)Theinvestormayearninterestbydepositingfundswithafinancialintermediary.(2)Alternatively,theinvestormayinvestdirectlyinacompanybypurchasingsharesorbondsinit.•RiskandreturnofRiskandreturnofdifferent•GovernmentTheriskofdefaultis•CompanyThereissomeriskofdefaultoncompanybonds,corporatetheyareoftensecuredRiskandreturnRiskandreturnofdifferent•Thesearegenerallyriskierthanbondssincetheyrankbehinddebtintheeventofaliquidation,althoughtheyrankaheadofordinaryshares.ThereturntakestheformofafixedpercentagedividendbasedontheparvalueoftheOrdinaryOrdinarysharescarryahighlevelofDividendsarepaidoutofdistributableprofitsafterallotherliabilitieshavebeenpaidandcanbesubjecttolargefluctuationsfromyeartoyear.However,thereisthepotentialforsignificantcapitalappreciationintimesofgrowth.•Thereverseyield•BecausedebtinvolvesThereverseyield•Becausedebtinvolveslowerriskthanequityinvestment,wemightexpectyieldsondebttobelowerthanyieldsonshares.Moreusually,however,theoppositeappliesandtheyieldsonsharesarelowerthanonlow-riskdebt;thissituationisknownasareverseyieldgap.Areverseyieldgapcanoccurbecauseshareholdersmaybewillingtoacceptlowerreturnsontheirinvestmentintheshortterm,inanticipationthattheywillmakecapitalgainsinthefuture.•••Bythematurityoftheinstrumentsinthe•Bythematurityoftheinstrumentsinthemarkets,financialmarketscouldbeasmoneymarketsandcapitalCapitalmarketsaremarketsforlong-termMoneymarketsaremarketsforshort-term•DifferencesinmaturitybetweenshorttermandlongShort-Long-10QuestionRankthefollowingfromhighestQuestionRankthefollowingfromhighestrisktolowestriskfromtheinvestor'sPreferenceshareOrdinarysharesTreasurybillsJunk2,1,4,5,1,2,4,5,2,1,5,4,5,2,1,4,InternationalmoneyandInternationalmoneyandcapital•Largercompaniesareabletoborrowfundsontheeurocurrencymarkets(whichareinternationalmoneymarkets)andonthemarketsforeurobonds(internationalcapitalEurocurrencyiscurrencywhichisheldbyindividualsandinstitutionsoutsidethecountryofissueofthatcurrency.Forexample,ifaUKcompanyborrowsUS$50,000fromitsbank,theloanwillbea'eurodollar'loan.Theeurocurrencymarketsinvolvethedepositingoffundswithabankoutsidethecountryofthecurrencyinwhichthefundsaredenominatedandre-lendingthesefundsforafairlyshortterm,typicallythreemonths.Mosteurocurrencytransactionsinfacttakeplacebetweenbanksofdifferentcountriesandtaketheformofnegotiablecertificatesofdeposit.••Internationalmoneyandcapital•AstronginternationalInternationalmoneyandcapital•Astronginternationalmarkethasbuiltupwhichallowsverylargecompaniestoborrowinthisway,longtermorshortterm.Aswellaseurobonds,thereisalsoalesshighlydevelopedmarketininternationalequityshareissues('euro-equity').Aeurobondisabonddenominatedinacurrencywhichoftendiffersfromthatofthecountryofissue.Eurobondsmaybethemostsuitablesourceoffinanceforalargeorganisationwithanexcellentcreditrating,suchasalargesuccessfulmultinationalcompany,which:Requiresalong-termloantofinanceabigcapitalexpansionprogramme;theloanmaybeforatleast5andupto20years.Requiresborrowingwhichisnotsubjecttothenationalexchangecontrolsofanygovernment•••By•Byexistencepurposefordealersinthemarkets,financialmarketscouldbeclassifiedasprimarymarketsandsecondarymarketsThefinancialmarketsservetwomainAsprimarymarketstheyenableorganisationstoraisenewfinance,byissuingnewsharesornewbonds.IntheUK,acompanymusthavepubliccompanystatus(beapubliclylistedcompany,or'plc')tobeallowedtoraisefinancefromthepubliconacapitalmarket.Assecondarymarketstheyenableexistinginvestorstobuyandsellexistinginvestments,shouldtheywishtodoso.Themarketabilityofsecuritiesisaveryimportantfeatureofthecapitalmarkets,becauseinvestorsaremorewillingtobuystocksandsharesiftheyknowthattheycouldsellthemeasily,shouldtheywishto.•Transaction•BytransactionTransaction•Bytransactionmodel,secondaryfinancialmarketscouldbeclassifiedasExchangesOTC(over-the-counter)2.3.1•Exchangesaremarketswherebuyersandsellersofsecuritiesbuyandsellsecuritiesinonelocation,theexchange.ExamplesofexchangestheLondonStockExchangetheNewYorkStockExchangeforthetradingoftheChicagoBoardofTradeforthetradingofcommoditiesandderivatives,theLondonInternationalFinancialFuturesandOptionsExchange(LIFFE)forthetradingof•4.3Transaction4.3TransactionAlternatively,secondarymarketscanoperateasoverthecounter(OTC)markets,wheretransactionsdonotinvolvebuyingandsellingthroughanexchange,butcustomersnegotiateindividualtransactions,usuallywithafinancialintermediarysuchasabank.Securitiesthatareissuedinanoverthecountermarketcanbenegotiableornon-NegotiablesecuritiescanbeNon-negotiablesecuritiescannotbe5.Moneymarket•Moneymarketinstrumentsincludeinterest-bearing5.Moneymarket•Moneymarketinstrumentsincludeinterest-bearinginstruments,discountinstrumentsderivativesandcanbeeithernegotiableornon-DiscountMoneyMarketCertificateofDepositBanker'sAcceptanceRepurchaseAgreementCommercialPaper5.1Interest-bearing•Arepurchaseagreementisanagreementbetweentwocounterpartiesunderwhichonecounterpartyagreestosellafinancialinstrumenttotheotheronanagreeddateforanagreedprice,and5.1Interest-bearing•Arepurchaseagreementisanagreementbetweentwocounterpartiesunderwhichonecounterpartyagreestosellafinancialinstrumenttotheotheronanagreeddateforanagreedprice,andsimultaneouslyagreestobuybacktheinstrumentfromthecounterpartyatalaterdateforanagreedhigherprice.Thetypicaltermisupto180daysbutisoftenmuchshorter.Itisanattractiveinstrumentbecauseitcanaccommodateawidespectrumofshort-term••RepoRepo•RepoRepoThank感谢您选择高顿ACCA本节结束！Thank感谢您选择高顿ACCA本节结束！Part•Part••••ChapterChapterChapterChapterGeneralinvestmentApplicationofSpecificinvestmentappraisalRiskandUncertaintyChapterChapter Section 2Section 0ChapterChapterGeneralInvestment1ReturnoncapitalemployedEstimatedaverageannualaccountingprofits·ROCEEstimatedaverageAverageinvestment1ReturnoncapitalemployedEstimatedaverageannualaccountingprofits·ROCEEstimatedaverageAverageinvestment=Capitalcost+Disposal2Theothers𝑹𝑹𝑹𝑹𝑹𝑹𝑹𝑹= Estimatedtotal ×100%EstimatedinitialQuestionBrendaandEddieareconsideringexpandingtheirrestaurantbusinessQuestionBrendaandEddieareconsideringexpandingtheirrestaurantbusinessthroughpurchaseoftheParkwayDiner,whichwillcost£350,000totake-overthebusinessandafurther£150,000torefurbishthepremiseswithnewTheequipmentwillbedepreciatedtozeroresalevalueoverthesameperiodand,afterthesixthyear,BrendaandEddieconfidentlyexpectthattheycouldsellthebusinessfor£350,000.CalculatetheROCEofthisinvestment(usingtheaverageinvestmentmethod)Cashflow123456QuestionAverageannualprofit=45,000+45,000+55,000+75,000+75,000+=6ROCE=425,000=QuestionAverageannualprofit=45,000+45,000+55,000+75,000+75,000+=6ROCE=425,000=Cashflow1234561Returnoncapital1Returnoncapitalemployed•AdvantagesanddisadvantagesofAquickandsimpleConsistentwithmethodsusedtoevaluatethecompanyasaRelativescore(%)iseasytoConsidersthewholelifeofthe1Returnoncapital1ReturnoncapitalemployedAdvantagesanddisadvantagesofIgnoresthetimingoftheprofitsfromanItisbasedonaccountingprofits,butnotcashArelativemeasureratherthananabsolutemeasureandtakesnoaccountofthesizeoftheinvestmentIttakesnoaccountofthelengthoftheWorsenifasmallamountofextracashisearnedinanextra2Relevantcash•••Non-cashflowexpenses2Relevantcash•••Non-cashflowexpenses(eg:depreciation,centrally-allocatedSunkcost(eg:marketHistoricalcostofIfmaterialsareusedbyaprojectthentheywillneedtobereplaced,sothereplacementcostisthecashflow,theywon’t,sothecostiszero,lostrevenueiftheycouldhavebeensoldasOnlyusethehistoriccostofmaterialsiftheseotherissuesarenotmentionedina3Payback•Paybackperiodovercomesoneoftheweaknessesofreturnoncapitalemployed(ROCE),whichisnotbasedonaccountingprofitbutusingrelevantcashflow.Thepaybackperiodisthetimetakenfortheinitial3Payback•Paybackperiodovercomesoneoftheweaknessesofreturnoncapitalemployed(ROCE),whichisnotbasedonaccountingprofitbutusingrelevantcashflow.Thepaybackperiodisthetimetakenfortheinitialinvestmenttoberecoveredinthecashinflowsfromtheproject.Thepaybackperiodofproject<thetargetperiod，theprojectisworthytobe••PaybackPeriod=3+18/40=012345netcashcashflowbalancecashflowbalance3PaybackAdvantagesand3PaybackAdvantagesanddisadvantagesofPaybackAsimplewaytoscreeningoutprojectsthatlookstooUsefulwhencompanyhascashflowUsecashflow,whichislessopentoEasyto3PaybackAdvantages3PaybackAdvantagesanddisadvantagesofPaybackIgnoretimevalueofIgnorethecashflowafterthepaybackUnabletodistinguishbetweenprojectswiththesamepaybackChoosingofanycut-offpaybackperiodwillbeTakenoaccountofvariabilityofcash4Timevalueof4.2PresentAfteroneyear100£100×(1+10%)=100After4Timevalueof4.2PresentAfteroneyear100£100×(1+10%)=100Aftertwoyear£100×(1+10%)2=100Afterthreeyear£100×(1+10%)3=100=100×(1+AfterNyear£100×(1+11+rPresentvalue=Futurevalue••Where:isdiscountThisistheprocessofdiscounting,whichisthereversalof4TimevalueofCashPVfactorPVofcash$$14TimevalueofCashPVfactorPVofcash$$12344TimevalueofPVofannuity=30,000×0.909+30,000×0.826+30,000×=30,000=30,000×𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝐂𝐂𝐚𝐚𝐂𝐂𝐂𝐂𝐨𝐨4TimevalueofPVofannuity=30,000×0.909+30,000×0.826+30,000×=30,000=30,000×𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝐂𝐂𝐚𝐚𝐂𝐂𝐂𝐂𝐨𝐨𝐨𝐨𝐟×𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚(0.909+0.826+CashPVfactorPVofcash$$12344Timevalue4Timevalueof4Timevalueof•0++3214Timevalueof•0++321假设折现率为PV=𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝐂𝐂𝐚𝐚𝐂𝐂𝐂𝐂𝐨𝐨𝐟𝐨𝐟𝐟×𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚 Timevalueof•…假设折现率为2301n1+++ …1…+𝐂𝐂𝐚𝐚𝐂𝐂𝐂𝐂𝐨 Timevalueof•…假设折现率为2301n1+++ …1…+𝐂𝐂𝐚𝐚𝐂𝐂𝐂𝐂𝐨𝟑𝟑𝟑𝟑,𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐩𝐩𝐩𝐩𝐟𝐟𝐩𝐩𝐩𝐩𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚 𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐩𝐩𝐩𝐩𝐟𝐟𝐩𝐩𝐩𝐩𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝟑𝟑𝟑𝟑𝟑𝟑, Timevalueof•Delayed假设折现率为0241351++1 Timevalueof•Delayed假设折现率为0241351++11 Timevalueof•Delayed假设折现率为0241351++++11𝐏𝐏𝐏𝐏 Timevalueof•Delayed假设折现率为0241351++++11𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐃𝐃𝐩𝐩𝐟𝐟𝐚𝐚𝐚𝐚𝐩𝐩𝐃𝐃𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝑹𝑹𝑪𝑪𝑪𝑪𝑪𝑪𝒇𝒇𝒇𝒇𝒇𝒇𝒇𝒇×(𝑨𝑨𝑨𝑨𝒏𝒏-1𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐃𝐃𝐩𝐩𝐟𝐟𝐚𝐚𝐚𝐚𝐩𝐩𝐃𝐃𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚=𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×𝑨𝑨𝑨𝑨𝟓𝟓-𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×𝑨𝑨𝑨𝑨𝟐𝟐=𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×3.791-𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑× =𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×(3.791-=4Timevalueof•Delayed假设折现率为0241531+14Timevalueof•Delayed假设折现率为0241531+1+1=𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×𝟐𝟐.𝟒𝟒𝟒𝟒𝟒𝟒=PV’1+PV’2+PV’3=𝟑𝟑𝟑𝟑,𝟑𝟑𝟑𝟑𝟑𝟑×4Timevalueof•Annuity𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚4Timevalueof•Annuity𝐏𝐏𝐏𝐏𝐨𝐨𝐨𝐨𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐚𝐃𝐃𝐚𝐚𝐩𝐩=𝟏𝟏𝟑𝟑𝟑𝟑×=𝟏𝟏𝟑𝟑𝟑𝟑×𝟑𝟑.𝟏𝟏𝟒𝟒𝟑𝟑+=01234Cash5Netpresent•TheNPVmethodcomparesthepresentvalue(PV)of5Netpresent•TheNPVmethodcomparesthepresentvalue(PV)ofallthecashinflowsfromaninvestmentwiththepresentvalueofallthecashoutflowsfromaninvestment.TheNPVisthuscalculatedasthePVofcashinflowsminusthePVofcash•RuleofNPV> TheprojectisfinanciallyNPV< TheprojectisnotfinanciallyNPV= Theprojectbreaks5NetpresentEg:Aprojectcosts$100million,netcashflowforeachyearisasfollows.Itlastsforyears,andthediscountrateis5NetpresentEg:Aprojectcosts$100million,netcashflowforeachyearisasfollows.Itlastsforyears,andthediscountrateis+++++012345NPV=5Netpresent5NetpresentAdvantagesanddisadvantagesofConsidertimevalueofmoney(unlikeROCEandTheyfocusonrelevantcashflow,whichislessopentoAbsoluteTheoreticallymostsound.AlignwithshareholderswealthTheylookatthecashflowsoverthewholelifeoftheproject(unlikepayback5Netpresent5NetpresentAdvantagesanddisadvantagesofDifficulttopredictfuturecashflows,especiallywhenthereisriskandDifficulttodeterminecostofcapital,andcostofcapitalmaychangeoverthelifeoftheprojectNPVmethodignorethepossibilityofcapital6Internalrateofreturn01234Cash1116Internalrateofreturn01234Cash1116Internalrateofreturn0CostofCostof6Internalrateofreturn0CostofCostof6InternalrateofreturnWhencostofcapital6InternalrateofreturnWhencostofcapitalincreases,theNPVamountwilldecrease.Itmightcausetheamountchangefrompositivetonegative.Theinternalrateofreturn(IRR)ofaninvestmentisthecostofcapitalatwhichitsNPVwouldbeexactly$0.ThismethodistoacceptinvestmentwhoseIRRexceedsatargetrateof0CostofSimilaritiesofNPVSimilaritiesofNPVandBothNPVandIRRaresuperiormethodsforinvestmentsappraisalcomparedtotechniquescoveredinthepreviouschapterTheyaccountforthetimevalueofmoney(unlikeROCEandTheyfocusonrelevantcashflows(unlikeTheylookatthecashflowsoverthewholelifeoftheproject(unlikepaybackDifferencesbetweenNPVandAdvantagesDifferencesbetweenNPVandAdvantagesofIRRgivesthe%returnofaproject;thisconceptiseasyfornon-financialmanagerstounderstand.ItdoesnotrequirethecalculationofacostofDisadvantagesofNon-conventionalcashReinvestmentNotsuitableformutuallyexclusiveNon-conventionalcash5%10%15%20%25%30%35%40%45%50%55%Non-conventionalcash5%10%15%20%25%30%35%40%45%50%55%60%65%70%75%80%85%90%95%-CostofCash0123Thank感谢您选择高顿ACCA本节结束！Thank感谢您选择高顿ACCA本节结束！Chapter08ApplicationofNPVChapter08ApplicationofNPV Section 2Section 9~19ChapterChapterApplicationof1Formatof012345SalesVariableFixedTaxablecashTaxAfter-taxcashCAPEX(CapitalScrapNetcashDiscountatPresent1Formatof012345SalesVariableFixedTaxablecashTaxAfter-taxcashCAPEX(CapitalScrapNetcashDiscountatPresent2Sales,costswillincreasewithinflationImpactsoncashCostofcapitalwill2Sales,costswillincreasewithinflationImpactsoncashCostofcapitalwillalsoImpactsoncostofKeyRealtermsorcurrentIgnoringNominalorIncludingImpactoncash1234Nominal$×(1+$×(1+$×(1+$×(1+Sales××××Impactoncash1234Nominal$×(1+$×(1+$×(1+$×(1+Sales××××1234SellingNominal$×(1+$×(1+$×(1+$×(1+Sales××××Impactoncash1234FixedImpactoncash1234FixedInflatedfixed$×(1+$×(1+$×(1+$×(1+ImpactoncostofThefisherImpactoncostofThefisher(1+realrate)*(1+inflationrate)=1+nominalIfallitemsareinthesameinflationrate,wecanchooseusingreal3Taxonprofit3TaxonprofitTaxsavedoncapitalallowanceTaxeffectoncostofcapital(Part3•Whencompanies3•Whencompaniesearnprofit,taxmustbechargedonprofit.Intheexam,thetimepayingtaxshouldbefocused•TaxsavedoncapitalAscompanieshavecapitalallowance,itcangivethemtaxbenefitoncapitalApproachtocalculatetaxsavedoncapitalCalculatetheamountofcapitalMakingthebalancingCalculatethetaxsaved,notingthetimingoftaxNPV—taxin01234InitialScrapFixedNPV—taxin01234InitialScrapFixedAftertaxcashDCF@×××××PresentNPV—taxin012345InitialScrapFixedAftertaxcashNPV—taxin012345InitialScrapFixedAftertaxcashDCF@××××××PresentNPV—taxsaveoncapitalInitialinvestmentcost=Scrapvalue=Tax-allowabledepreciationon25%reducingCorporationtax=123NPV—taxsaveoncapitalInitialinvestmentcost=Scrapvalue=Tax-allowabledepreciationon25%reducingCorporationtax=1234ClosingNPV—taxsaveoncapital012345FixedAftertaxcashNPV—taxsaveoncapital012345FixedAftertaxcashInitialScrapNetcashDCF@××××××Present4Workingcapital012345WorkingcapitalWorkingcapital01234WorkingcapitalWorkingcapital4Workingcapital012345WorkingcapitalWorkingcapital01234WorkingcapitalWorkingcapitalNPV=(890,000)+306,340+193,256+173,978+156,842+218,224+(54,570)=0123456$$$$$$$InitialScrapFixedAftertaxcashNPV=(890,000)+306,340+193,256+173,978+156,842+218,224+(54,570)=0123456$$$$$$$InitialScrapFixedAftertaxcashDCF@1PresentThank感谢您选择高顿ACCA本节结束！Thank感谢您选择高顿ACCA本节结束！ChapterSpecificInvestmentChapterSpecificInvestment 2Section 5ChapterChapterSpecificInvestment1Isitworthpaying1Isitworthpayingmoreforanassetthathasalongerexpectedlife?Howfrequentlyshouldanassetbereplaced?1JapaneseGerman1JapaneseGerman57$30,000$28,6001012345Cash012345Cash1012345Cash012345Cash1E×annuityfactor=012345CashEEEEE1E×annuityfactor=012345CashEEEEE×××××Present1E×3.791=PVof=150,000=Eannuity0121E×3.791=PVof=150,000=Eannuity012345CashEEEEEPresent1012345Cash012345Cash1012345Cash012345Cash1JapaneseGerman57$39,5671JapaneseGerman57$39,567$41,0851Assetreplacement•The1Assetreplacement•Thesolutiontotheseissuesisequivalentannualcost(EAC