CFA二级培训项目：前导班_框架介绍_财报理财权益其他衍生.docx

CFA二级培训项目讲师：ToM空,8相依行56ysW中Uio哽WTopicWeightingsinCFALevelIISessionNO.ContentWeightingsIStudySession1Ethics&ProfessionalStandards10-15StudySession2-3QuantitativeMethods5-10StudySession4Economics5-10StudySession5-6FinancialReportingandAnalysis10-15StudySession7-8CorporateFinance5-10StudySession9-11EquityValuation10-15StudySession12-13FixedIncome10-15StudySession14Derivatives5-10StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement10-153-74专业.创新ISIi三三-iwS-S>>euvPUe6三rodx-.suue三u.Ss.I.三wSUoDn七一SUl-BPUBUizO-s-BU<91CTSUO-IBJBdO-PUo-IBU4-n工LnT6U-PBXPaSBqIaIBqSPUBIULUAo-dluLJJJsod-UoABSUduJOuAo-dluLU寸H6U.PBQrSIULUlS>UIoooml(I)夏一eu<PUe6*三tod-.三vueuizSSSSnbE-slS-BU<IUUJEBlS-PPUPU一LL.JOUOAgOalUI8一6-PPCTto-BPUBWLL-Jo->ZlBU-PBBH(Z)SM-EUVPUe6三rod-ra»ucmcz9SSVaU-OMEelt®Am三-W9IJJ>pueLUdsUoAeu-qluoSS三sn00SPolE一o:PajLLlSIUUJIS>u-lsJIu-6£=。IUoU、SamIU>luor、9PPoSS<、6SHLL'I一SIss<-PPUBUlzU0ulu>ui、M>>0SIUIUIS>UIleOd-OUaUImIaa-SA-euPUB6*三todH-BPIIBUHSSSAOMEeltM三I套三=l加寸EUo-IBsUBdIJUOU-'v-、FISOPS-PUo万Ud、uo+3BlUSaJd一2U、M>>0udCUJ(DJJsod、SCUOUOAB-QSn=I'-oro'PUBIUUJAo-duuujJS0d-Uo-WSUdujouAo-dluuj寸IHa-SA-euPUB6ujodVEQCZSSSAoi三sM三I套三=l加寸ZSjS一u×U6-JojPUBBnSS-UlMO-IB>SSUoABJdo-BUOAeUR-PIEOsu04B-dE-XB1、AuJoUo2-euo-l-JUH3d>-c-B-S'-lUJouo。、su-AuuDU-OJOU04SUB=、AUUaLIrDJoUO4B2三SSBDSUoWPSUBIAuunuCO-OV-OM-S020-o-SIa(T)-SA-euvPUB6ujoda-eplleuZSSSAo三sFrameworkASS5FinancialReportingandAnalysis(1)R16AnalysisofFinancialInstitutions/Thedifferencebetweenfinancialinstitutionsandothercompanies/CAMELSapproachtoanalyzeabank/Otherfactorsconsideredtoanalyzeabank/Keyratiosandotherfactorsconsideredtoanalyzeaninsurancecompany#袈.添花留X-OI/F户noqpUonP,I4wooSjalpojP.sp11bABOqS°UPpgwoe£pnbMeg0Sjo+->EOJP.S,SMUPJJBgsodaW°UPUyAQypnbOqJwoaRJDURIy昌Pno,M-sro>ZIMSSISAfeUVPUPupJEod七dupu9gs00MUm工Framework>SS6FinancialReportingandAnalysis(2)R18IntegrationofFinancialStatementAnalysisTechniques/DefineaPurposefortheAnalysis/Collectinput/Processdata/Analyzeorinterpretthedata/Developandcommunicateconclusionsandrecommendations/Followup/CasestudyCategorizationofInvestment:OverviewFinancialassetsAssociatesBusinesscombinationsJointventuresDegreeofinfluenceNosignificantSignificantControllingSharedcontrolTypicalownership%<20%20%-50%>50%VariesInvesteeN/AAssociateSubsidiaryN/ANewfinancialreporting(postIFRS9takingeffect)FVthroughP/LFVthroughOCIAmortizedcostEquitymethodConsolidationEquitymethodU.S.GAAPTradingsecurityAFSHTMAPercentageofinterestsheldbyinvestorsisnotthesolecriterion,degreeofinfluenceismorepersuasive.Otherfactorsshouldbeconsidered,suchas,involvementinpolicyanddecisionmaking.12-741.M专业创新憎值AssociateAAssociates:significantinfluenced(20%-50%)AEquitymethod-basicRecognizethecostofinvestmentatinception;One-lineconsolidation;>B/S:carryingamountofinvestment=costofinvestment+(adj.accumulatednetprofitoftheinvestee-accumulateddividendsdeclaredbytheinvestee)*percentageofinterestowned;adj.accumulatednetprofitoftheinvestee/FVappreciation;/Inter-transaction.AI/S:againisrecognized=currentyear,snetprofitoftheinvestee*percentageofinterestowned;(usuallyseparatedfromoperatingincome)ControllinginterestinvestmentAAcquisitionmethod:frameworkTheB/SandI/Softhesubsidiaryandparentareincludedintheconsolidatedfinancialstatements;InVeStmentintheSUbSidiarieS(itemonParentsB/S)areeliminated;Alltransactionsamongtheentitiesconsolidateareeliminated.MinorityIntereStS(MI)arerecognizedbothintheincomestatementsandbalancewhichaccountsforthenetprofitsandnetassetsofthesubsidiariesownedbytheminorityshareholders;/MIisregardedasanisolateditem.Goodwill:fullgoodwill/partialgoodwillFundedstatusofapensionplanFundedstatus=Planassets-PBOPlan AssetsFair value at the end of the year =Fair value at the beginning of the year+ Employer contributions+ Actual return-Benefit paid to employeePBOPBO at the end of the year =PBO at the beginning of the year + Current service cost + Interest costs + Past service cost (plan amendments during the year) + Actuarial losses-Actuarial gains during the year-Benefit paid to employeePlanasset>PBO-OverfundedPlanasset<PBO一UnderfundedForeigncurrencytransactionsASummaryOfimpactduetochangesinforeigncurrencyTransactionsTypesofExposureForeignCurrencyAppreciationDepreciationExportsalesAsset(AR)GainLossImportpurchaseLiability(AP)LossGainTranslationofforeigncurrencyFSLocalRe-measurementFunctionalTranslationCurrencyTemporalCurrencyCurrentratemethodmethod>Adoptionof2methodsReportingCurrencyScenarioTreatmentrequiredApplicablemethodLocalcurrencyisthefunctionalcurrencyTranslationonlyCurrentratemethodFunctionalcurrencyisthereportingcurrencyRe-measurementonlyTemporalmethodNeitherofaboveBothtranslationandremeasurementTemporalmethodfirst,thencurrentratemethod*S三wW-IS>UBqJo-SA-BUPIuBUJlSBAU-IqBP0三.SAueUBSJnPUOU>upqD>IPe。.JddeSlUJIAmoQsod.mdA>lsclUJOI>o三sodA'p-nb-jsoUPUJnSCTro三=qBdgUJ6pup、=BnbIssv5BnbPB-B七dBuSlLuoA1.PeOJddeJWS5三!5S三wW61ucmcz£eodou Fram e w orkCorporate FinanceSS7:CorporateFinance(1)*R19:CapitalBudgeting*R20:CapitalStructure*R21:AnalysisofDividendsandShareRepurchasesS58:CorporateFinance(2)*R22:CorporateGovernaneeandOtherESGCons!derationsinInvestmentAnalysisR23:MergersandAcquisitions芸业创新.增值*S三wW-,IMSPOLUUO4B11-B>一一IIoS-POEUo-IB-p>PUBUJoUU-OSaJnSBUJ-qE<>S=Wd6*-¾6pnq-oCOEEOUSsuoldo-BJIp-MSp0d6U4B-B>LJJ、6wl6pnq-Bi一dBuU-n-<u56£Srl、->|Syp6Jd、Sy-IUaIaJ-PIll一MSIU6dSnpX-Pmnw、6£16pnq-roou。SlUJUO-W-JUI、Uo4pn-B>3Uafb-Jd6l6pnq-uS号号g-EdS61HaUEraczWB。-。U卜SSAo三sFrameworkASS7CorporateFinance(1)R20CapitalStructure/Capitalstructureobjectiveandtheory/Costsandtheirpotentialeffectonthecapitalstructure/Implicationsformanagerialdecisionmaking/CapitalstructurepolicyandvaluationR21AnalysisofDividendsandShareRepurchases/Differentdividendtypes,thedividendpolicyandthefirmvalue/Factorsaffectingdividendpolicy/Payoutpolicies/Analysisofdividendsafety/Sharerepurchasing三!5S三wS*ntroddoPUPV-ra-io6u-%-p>LLlSSWuntoddoPUBs>ls三->oBfAJAUBPI、SaJnPUCMdPUBs-od>oo-BJOd-JCO->、SaJnUrUlSdES-IBUMOU-SUo-B>-Bqo-D、S-SA-BUVE>-ol-ooDsLLJ&qloPUBuE>oolB-lod-JODNNH(Z)SUBUzSEOdIOU8ssA*OMOEeIJLFrameworkSS8CorporateFinance(2)R23MergersandAcquisitions/Categorizemergerandacquisitionactivities/Bootstrapping/Theindustrylifecycleandmergermotivations/Keydifferencesbetweenformsofacquisition/MethodsofpaymentandUSantitrustlegislation/Takeoverdefensemechanisms:pre-offerandpost-offer/TheHerfindahl-HirschmanIndex(HHI)/Valuingatargetcompany:threebasicmethods/Evaluatingamergerbid/Downsizingoperationsthroughcorporaterestructuring与盟创新鹰值Cashflowprojection一expansionprojectOperatingstageInitialOperatingCFTerminatinOCFWCFACAPEXW.C.investmentInitialoutlay=FCInv+NWCInvOCF=(S-C-D)(I-T)+DTNOCF=NWCInv+Sal-T(Sal-B)=(S-C)(I-T)+D*Tt=0:Initialoutlayt=t:OCFtt=T:OCFReturnofWCSaleofoldassetsInitialTNOCF = NWCInv + SalCF = (S-C-D)(1-T) + D CAPEX W.C. investment Cash collectedOCFWCSale of old FAA Replacement projectTerminatinstageInitial outlay = (S-C)(l-t) + D*TCashflowprojection-replacementproject-T(Sal-B)FCInv + NWCInv-Sal0 - T(SalO- B0)Incrementalsales;Incrementalcost;Incrementaldepreciation.专业-创新增值MutuallyexclusiveprojectswithdifferentlivesATheissueCanNOTassessdirectlybycomparingwiththeNPVof2projectsWithdifferentlives:Assumethatthe2projectsarerepeatedOVerthetimehorizon.>TwomethodstocompareprojectswithunequallivesthatareexceptedtoberepeatedindefinitelyLeastcommonmultipleoflivesapproach/EXtendStheIiVeSOfthePrOjeCtSsothatthelivesdivideequallyintothechosentimehorizon.Equivalentannualannuity(EAA)approach/EAAistheannuitypayment(seriesofequalannualpaymentsovertheprojectslife)thatisequivalentinvaluetotheNPV./Thedecisionrule:tochoosetheinvestmentchainthathasthehighestEAA.Thetwoapproachesarelogicallyequivalentandwillresultinthesamedecision.三8I套司=lllW-NUJo。SdwEnE×elu&£SyBlUIeqlcoqlAouS-<mt5n4=S-e-deu-eulnd。三IewpsouQq三AUJJM=一JoBn-P>一WPuJ>AIDb-Sjep-OlIaIPlISO-p>一-BuJIqpO>E父)+(工)XML)HUus.->S、一U-J一ON-E-XroEPUBDD<M'E上J一-UJ'EJU三MlBUPUefJAI-CIbPUBIqPOUo-t-odRd-BLU-IdO一WuJ一P0一S-Uo-SPPalnbrutn-B,dBU'AUBdlUOU3Jot(qoA>t5qo3u三-e三deu三!g套三l三lllEW-0IUoO。1E-0EBSBPUp>pPUBSISoUAuU6<u=eu6-Sif七jlu=u03>BXB一-OUBIlWsC11BUJIoUSOQ三e>AuBduloupu(Aw-odC><三oHA>o-三e>AUedlUOUPUeAu-OdPUOP>QPayoutpoliciesATypesofdividendpoliciesStabledividendpolicy;Constantdividendpayoutratiopolicy(seldomused);Residualdividendpolicy.AStabledividendpolicyRegulardividendsarepaidthatgenerallydonotreflectshort-termvolatilityinearnings;Targetpayoutadjustmentmodel/Atargetpayoutratioisagoalthatrepresentstheproportionofearningsthatthecompanyintendstodistribute(payout)toshareholdersasdividendsoverthelongterm;/Theexpectedincreaseindividends=(ExpectedSarningSXtargetPayC)Utratio-PreViOIISdividend)Xadjustmentfactor/Adjustmentfactorisonedividedbythenumberofyearsoverwhichtheadjustmentindividendsshouldtakeplace.CategorizemergerandacquisitionactivitiesATypesofmergersInahorizontalmerger,theacquirercompanyandthemergingcompaniesareinthesamekindofbusiness,usuallyascompetitors./MotivationsThepursuitofeconomiesofscale;Toincreasemarketpower.Inaverticalmerger,theacquirerbuysanothercompanyinthesameproductionchain./Averticalmergermayprovidegreatercontrolovertheproductionprocess.Inaconglomeratemergeranacquirerpurchasesanothercompanythatisunrelatedtoitscorebusiness./SynergiesfromcombiningthetwocompaniesReducethevolatilityoftheconglomerate'stotalcashflows;Companyleveldiversificationisnotnecessarilyintheshareholders'bestinterests.3174号攻创新憎值KeydifferencesbetweenformsofacquisitionMajorDifferencesofStockversusAssetPurchasesStockpurchaseAssetpurchasePaymentTargetshareholdersreceivecompensationinexchangefortheirshares.Paymentismadetothesellingcompanyratherthandirectlytotheshareholders.ApprovalShareholderapprovalrequired.Shareholderapprovalmightnotberequired.Tax:corporateNocorporateleveltax.Targetcompanypaystaxesonanycapitalgains.Tax:shareholderTargetcompany,sshareholdersaretaxedontheircapitalgains.Nodirecttaxconsequencefortargetcompany'sshareholders.LiabilitiesoftargetAcquirerassumesthetarget,sliabilities.Acquirergenerallyavoidstheassumptionofliabilities.专观创新憎值Mind-setoftargetmanagementAAttitudeoftargetmanagementInafriendlymerger,theacquirerwillgenerallystarttheprocessbyapproachingtargetmanagementdirectly./Thenegotiationsrevolvearoundtheconsiderationtobereceivedbythetargetcompany,sshareholdersandthetermsofthetransactionaswellasotheraspects,suchasthepost-mergermanagementstructure;/Thedefensivemergeragreementcontainsthedetailsofthetransaction,includingtheterms,warranties,conditions,terminationdetails,andtherightsofallparties;/Thetargetshareholdersapprovingthestockpurchaseortheacquirershareholdersapprovingtheissuanceofasignificantnumberofnewshares,thematerialfactsareprovidedtotheappropriateshareholdersinapublicdocumentcalledproxystatement;/Targetshareholdersreceivetheconsiderationagreeduponunderthetermsofthetransaction,andthecompaniesareofficiallyandlegallycombined.Mind-setoftargetmanagementAAttitudeoftargetmanagement:Hostilemergeroffers/Bearhug:inahostilemerger,whichisamergerthatisopposedbythetargetcompany'smanagement,theacquirermaydecidetocircumventthetargetmanagement'sobjectionsbysubmittingamergerproposaldirectlytothetargetcompany'sboardofdirectorsandbypassingtheCEO./Ifthebearhugisnotsuccessful,thenthehopefulacquirerwillattempttoappealmoredirectlytothetargetcompany,sshareholders.Tenderoffer:theacquirerinvitestargetshareholderstosubmittheirsharesinreturnfortheproposedpayment;Proxybattle:acompanyorindividualseekstotakecontrolofaCompanythroughashareholdervote.专观创新-憎值MethodofpaymentAMethodofpaymentAsecuritiesoffering,acashoffering,andcombinationofthetwo./Inasecuritiesoffering,thetargetshareholdersreceivesharesoftheacquirer'scommonstockascompensation;/Inacashoffering,thecashmightcomefromtheacquiringcompany'sexistingassetsorfromadebtissue.Exchangeratio/DefinitionTheexchangeratiodeterminesthenumberofsharesthatstockholdersinthetargetcompanyreceiveinexchangeforeachoftheirsharesinthetargetcompany./Becausesharepricesareconstantlyfluctuating,exchangeratiosaretypicallynegotiatedinadvanceforarangeofstockprices;/Theacquirer'scostistheproductoftheexchangeratio,thenumberofoutstandingsharesofthetargetcompany,andthevalueofthestockgiventotargetshareholders.35-74三三-三iwUoAe=e>3三bUJ三三.S.Il01Pn-p>PilP>QouzzxS-SA-BUXXAUBduJoDPUBA=SnPUl9zkSU。一Wn-B>mnbLLlOISSASldUUODEBSZ工SSSSO-JdPUBsu-dd<olBn-B>Al-FlbwsuolBre>mnbUJsssAUo一一Bn-BAAUBdUJOU>n-ImHUO-IBn-BAUJoUul-BnP-S&OmH->BPUe。d-uo-l3n-B>PbsbSJBWBW6z-Uo4pn-P>M-uLlSPDu2suore>至nbIXIXTSSAS3UE1S