1、http:/ACCACIMACFA成建制方向班、业余制班全国招生中_1http:/ACCACIMACFA成建制方向班、业余制班全国招生中_2超实用 | ACCA F9 重要知识点讲解及考点分析http:/ACCACIMACFA成建制方向班、业余制班全国招生中_3考试题型 Section A 单选题 2*15Section B 综合单选题 10(每题 5 道选择）*3Section C 综合计算题 20 * 2核心练习真题 DEC 14 - Mar/Jun 16Specimen paper 2016Specimen paper 2014Part A Financial management fu
2、nctionhttp:/ACCACIMACFA成建制方向班、业余制班全国招生中_4Part B Financial management environment考试分布Section A 单选题 4-6 道考点类型基本概念,注意理解，运用到 scenario question； ratio 小计算（TSR）复习计划Exam Kit &历年真题：选择题（ Section A）考点总结1.讨论 Financialmanagement & objectiveObjectives ：maximization of shareholder wealth VS accounting profit计算能够反
3、映盈利能力和对股东财富的影响的 ratio常见 Ratio1）Shareholder wealthTSRDPS, Dividend yieldEPS, P/E ratio2）Financial performance：profitabilityROCEROE2. 激励高管实现股东财富最大化的目标a) Managerial reward schemes:Performance-related bonus, share,shareoptionb) corporate governancec) stock exchange market rule3. Objective setting in not
4、 forprofitorganizations 非盈利机构指标http:/ACCACIMACFA成建制方向班、业余制班全国招生中_5value for money(Economy，Efficiency ，Effetiveness)1）财政政策 Fiscal policy VS 货币政策 monetary policy Fiscal policy Monetary policyTaxation Interest rateGovernment expenditure (budget, government borrowing)VSMoney supply2)宏观经济目标 Macroeconomic
5、policy & targets： 3)政府干预competitionpolicy；government assistance；green policies；corporate governanceregulation 4. 货币市场 money VS 资本市场 capitalmarketsi) Role of financial intermediaries 金融中介作用ii) principal money market instruments 主要的货币市场工具Part C Working capitalmanagement考试分布 Section A 单选题 3-4 道 or Sect
6、ion A 单选题 2 道Section B 综合单选题 10 分Section C 综合计算题 20 分考点类型文字理论 WC management，inventory,receivables, payables, cash 管理工具计算复习计划Exam Kit &历年真题：选择题 &计算题考点总结1.objectivesof WC managementhttp:/ACCACIMACFA成建制方向班、业余制班全国招生中_6i) WC investment policy: aggressive/conservativeii) central role of WC managment infin
7、ancialmanagementiii) Factors determine the level ofworkingcapital investment结合行业特征，公司 working capital 管理策略及 operatingcycleiv) working capital financing policy 融资策略a)permanent andfluctuatingworking capitalb)Aggressive, Conservative,Matching2.Inventory management 存货管理i)计算 EOQ & 讨论 EOQassumption, disad
8、vantageii) 计算 Whether take Bulkpurchase discount：cost vs benefitiii)计算 Inventory level:buffer inventory/re-order level/averageinventoryiv) 讨论 Just-in-time3.Receivablesmanagement 应收账款管理i)Calculate and discuss of offeringcashdiscountii)Calculate and discuss of factorservice:recourse VS non-recource思考角
9、度：cost VS benefitiii) Factor considering to formulatereceivablepolicy 以及应收账款管理 3 个流程Credit analysis system, Creditcontrolsystem，Debt collectionsystem4.Cash managementi) cash balance status and investingchoiceii) cash budget & forcastiii) Baumol model and the Miller-Orr model5.Cash operating cyclei)
10、计算 ratio：Inventorydays, receivable days,payable days, operating cycleRatio analysis: current ratio, sales/networkingcapital,http:/ACCACIMACFA成建制方向班、业余制班全国招生中_7(ii) Cash flow budget(iii) Overtrading and overcapitalizationPart D Investment appraisal考试分布 Section A 单选题 2-3 道Section C 综合计算题 20 分复习计划Exam
11、Kit&历年真题：选择题&大题计算题考点总结1.Investment appraisal methods各种方法优缺点i) ROCE: accouting profitii) Payback periodiii) IRRiv)核心计算考点 NPV：注意inflation，relevantcashflow，working capital ,Timing for tax relief2.Risk & uncertaintyi) Difference between risk and uncertainty 文字理解ii) EV 计算 &优缺点iii)Sensitivity analysis 计算优
12、缺点3.Speical investment decisioni)Lease or buy 分析 Cost VS benefit, consider relevant cashflowii) Asset replacementhttp:/ACCACIMACFA成建制方向班、业余制班全国招生中_8iii) Capital rationing 解释 divisible VSnon-divisible project解释 soft VShard capital rationing计算 profitability indexPart E Business Finance考试分布 Section A 单
13、选题 2-3 道Section C 综合计算题 20 分考试核心知识点source of finance & costof financeWACC(Ke/Kd) 计算复习计划Exam Kit &历年真题：选择题 &计算题1.Source of finance常见文字题：Factors considering to choose finance（Debt & Equity）计算 ratio,评估公司现在的财务状态，选择最佳的融资方式Debt finance 和 equity finance 的选择对股东财富，资本结构，财务风险的影响结合 EPS，Share price，gearing， inte
14、rest cover 等 ratio不同融资类型的方式和特点 Short-term VS long-term(1) Short-term finance-overdraft-short-term loan(bank loan)-trade payable (interest-free finance VSloss of cashdiscount)-lease(operating lease)http:/ACCACIMACFA成建制方向班、业余制班全国招生中_9(2) long-termfinance1)Debt finance 债务融资2)Equity Finance常见对 Right iss
15、ue 计算讨论，注意 TERP 与 issue cost3)Venture Capital4)Islamic finance 名词代表的含义5)Dividend policy 掌握主要 theory 以及制定 policy 时需要考虑的因素i)Residue theoryii) Traditional theoryiii) Irrelevant theoryiv) other type of dividend6)Finance for SMEs (Article:Businessfinance for SMEs )关注 Crowdfunding/supplychain finance)2.Co
16、stof capital1) WACCi)KeDGM: ke= Do*(1+g)/P0+ g g = historicalgrowth or g = brDGM model 缺陷CAPM: Ke = Rf+ *(Rm- Rf)CAPM 优缺点Systematic risk & Unsystematic riskii) Kd （after-tax）Irredeemable debt: Kd(after-tax) =I*(1-T)/P0Redeemable debt & convertible loan note:IRRpreference shares: Kp = D/P0http:/ACCAC
17、IMACFA成建制方向班、业余制班全国招生中_102)project spcific Ke （adjustedrisk Ke）Ungeaing, regearing, CAPM, risk adjustedWACC文字描述 Adjusted Ke 的过程&缺陷WACC 何时适用于新项目 NPV 评估3)Capital structure theoryTranditional theoryMM with tax &without taxPecking order theoryPart F Business Valuation考试分布 Section A 单选题 2-3 道Section B 综合单选题 10 分考试形式计算部分：Valuation of Co.文字题：估值方法优缺点；Market efficiency 理论考试核心知识点1.Business Valuation掌握主要估值方式以及各种方法优缺点1)Valuation for Equitya. Asset basedHistorical basisReplacement valueRealizable valueb. Earnings baseP/E ratio Earningyield
