高頓財(cái)經(jīng)研究中心龔玲玲博士
 
Part A Financial management function(出Section A的選擇題,2分/題,4-5題)
?考點(diǎn)1財(cái)務(wù)管理的目標(biāo)是maximize shareholder wealth
?考點(diǎn)2四大財(cái)務(wù)目標(biāo)Financial objectives的計(jì)算(通過ratio的計(jì)算來評(píng)價(jià)是否objective達(dá)成了,要掌握ratio的計(jì)算)
(1)shareholder wealth maximization(掌握Dividend yield,dividend cover,EPS,P/E ratio,Total shareholder return的計(jì)算)
(2)profit maximization(掌握gross profit margin,operating profit margin,ROCE,ROE的計(jì)算)
(3)liquidity(掌握current ratio,Acid test ratio,working capital cycle-inventory period,receivable period,payable periods的計(jì)算)
(4)gearing(gearing ratio,interest cover的計(jì)算)
?考點(diǎn)3 MAS管理層獎(jiǎng)勵(lì)機(jī)制management reward schemes(三種方法:和profit掛鉤profit related pay,股權(quán)激勵(lì)share,期權(quán)激勵(lì)option)
?考點(diǎn)4 Corporate governance–用來保障financial objective(board的設(shè)置)
?考點(diǎn)5 Not for profit organization用value for money 3Es來measures objective是否達(dá)成了
Part B Financial management environment(出Section A的選擇題,2分/題,4-5題)
?考點(diǎn)1 Marco-實(shí)現(xiàn)宏觀經(jīng)濟(jì)目標(biāo)的policy
(1)fiscal policy(2)monetary policy(3)exchange rate policy.(考法:每個(gè)policy包含的內(nèi)容/答題技巧:只要記住government spending和tax policy是fiscal policy;exchange rate policy只講exchange rate;剩下都是monetary policy).
?考點(diǎn)2 Micro-微觀指financial markets and institutions
(1)Direct直接vs.Indirect間接
  其中financial institutes是financial intermediaries;role of financial intermediaries是高頻考點(diǎn),記憶技巧是MAP-maturity transformation,aggregation of funds,pooling losses
(2)Monetary market貨幣市場(chǎng)(短期)vs.capital market資本市場(chǎng)(長(zhǎng)期)
Monetary market的融資渠道的種類和特點(diǎn)要記住
?考點(diǎn)3 Risk and return
高風(fēng)險(xiǎn)高回報(bào)(熱門考法:給你不同金融產(chǎn)品,讓你按照risk或者return進(jìn)行排序)
Part C Working capital management(兩種出題可能行:一種是section A選擇題2-3道,Section B根據(jù)同一個(gè)案例考5個(gè)選擇題,每題2分,共計(jì)10分;一種是Section A選擇題2-3道,搭配Section C題目6-8分左右)
?考點(diǎn)1 Nature of working capital
(1)Profitability vs.liquidity要balance
(2)Cash operating cycles的計(jì)算是高頻考點(diǎn)
(3)用Sales/WC的比值來forecast WC,判斷是overtrading(sales增長(zhǎng)過快)還是overcapitalization(WC過剩).
?考點(diǎn)2 Working capital management(考計(jì)算,可能出section B的題,也可能section C大題6-8分)
(1)inventory management
主要兩種考法:一是optimal quantity的計(jì)算(EOQ,with bulk discount);二是inventory level的計(jì)算(max,min,reorder,average inventory level)
(2)Receivable management(考計(jì)算,可能出section B的題,也可能section C大題6-8分)
主要兩種考法:一是換一種新的credit term,看看是不是對(duì)公司更有利
二是factoring,根據(jù)factory提供的條件,看看對(duì)公司是否有利
答題技巧:都是用cost vs.benefit analysis的方法
(3)Cash management
主要兩種考法:一是optimal quantity的計(jì)算用Baumol model;二是target level的計(jì)算用Miller-Orr model
?考點(diǎn)3 Working capital financing(考理論,section A的題目)
三種working capital financing的strategies:aggressive,conservative,moderate.
  Part D Investment appraisal(section A的選擇題2-3道,section C的大題14-16分)
?考點(diǎn)1 Non-discounted cash flow
計(jì)算ROCE(ROCE=average annual profit form investment/average investment),relevant cash flow,payback period
Comments各種方法有什么缺陷
?考點(diǎn)2 Discounted cash flow(計(jì)算NPV,IRR,Discounted payback period)
(1)NPV的計(jì)算proforma(Section C的大題目14-16分)
 
?考點(diǎn)3 Risk and uncertainty(Section A的題目)
Risk(能估計(jì)probability)與uncertainty(不能估計(jì)probability)不同
EV的計(jì)算和優(yōu)缺點(diǎn)
Sensitivity的計(jì)算和優(yōu)缺點(diǎn)
?考點(diǎn)4 Specific investment decision(Section A題目,或section C題目4分左右)
(1)Asset replacement(用EAC model)
(2)Lease or buy(用cost vs.benefit analysis)
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