CFA二级培训项目：前导班_框架介绍_财报理财权益其他衍生_打印版.docx

前导课CFA二级培训项目讲:TOM喳Clwa6Ia期虫UNF®TOM工作职称：金程教角资深培训好i教育背景：南京大学外国语学院主修英语专业、副修国际金融专业：通过CFA三级、中国注册会计部（CPA）、H券从业责格工作背IL0就职于安永华明会计牌事务所审计部、普华永道企业并购雇务部.从事各类公司的收购量并工作8现担任某上市公司投资部经理，及贵各类大健康行业并购Jli目.K计谋时超过5000小时课程清新易憎，深受学员欢迎.讲授课程：CFA财报、权益、企业、衍生CPA会计、财管服务客户:农业锻行.2-74中国银行、广发证券、中国建设银行、中国工商银行、交通银行、招商银行、上海银行.太平洋保险.平安证券、富国泰科安等.SSliMSflffItflTopicWeightingsinCFALevelIISessionNO.ContentWeightingsIStudySession1Ethics&ProfessionalStandards1015StudySession2-3QuantitativeMethods5-10StudySession4EconomicsS-IOStudySession5-6FinancialReportingandAnalysis10-15StudySession7-8CorporateFinance5-1。StudySession9-11EquityValuationIoT5StudySession12-13FixedIncomeIO-15StudySession14DerivativesS-IOStudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement10-153-74wa三lieFinancialReportingandAnalysis4-74Suu * tra FrameworkF.R.A> SS6 Financial Reporting and Analysis (2) Reading 17 Evaluating Quality of Financial Reporting Reading 18 Integration of Financial Statement Analysis TechniquesSS5 Financial Reporting and Analysts (1) Reading 13 Intercorporate Investments Reading 14 Employee Compensation: Post Employment and Share-based Reading 15 Multinational Operations Reading 16 Analysis of Financial Institutions5-74MU Sllf MSFramework>SSSFinancialReportingandAnalysis(1)R13IntercorporateIn'/estments/Overview/InvestmentsinFinancialAssets:IFRS9/Associate/Jointventures/ControllinginterestinvestmentEffectofthemethods/Businesscombination/SPEandVlEFrameworkASS5FinancialReportingandAnalysis(1)R14EmployeeCompensation:Post-EmploymentandShare-BasedIIiustrationofDB/Post-retirementplanoverview/Balancesheetpresentation，Pensiondisclosure/Share-basedcompensation7-74FrameworkASSSFinancialReportingandAnalysis(1)R15MultinationalOperationsForeigncurrencytransactions/Classificationofcurrency/TranslationofforeigncurrencyFS/Translationofentit/sFSinaHyperinflationaryeconomy/Taximplicationsofmultinationaloperations8-74/Revenuegrowthissueandforeignexchangerisks专Iu!祖辞！Framework>SSSFinancialReportingandAnalysis(1)R16AnalysisofFinancialInstitutions/Thedifferencebetweenfinancialinstitutionsandothercompanies/CAMELSapproachtoanalyzeabank/Otherfactorsconsideredtoanalyzeabank/Keyratiosandotherfactorsconsideredtoanalyzeaninsurancecompany雪变SlNT【Framework>SS6FinancialReportingandAnalysis(2)R17EvaluatingQualityofFinancialReports/Thequalityoffinancialreports/Earningsqualityindicators/Cashflowqualityindicators/BalancesheetqualityindicatorsSourcesofinformationaboutrisk1074-&M-tFrameworkASS6FinancialReportingandAnalysis(2)R18IntegrationofFinancialStatementAnalysisTechniques/DefineaPurposefortheAnalysis/Collectinput/Processdata/AnalyzeOrinterPretthedata/Developandcommunicateconclusionsandrecommendations/Followup11-74/Casestudy互理aw-tnCategorizationofInvestment:OverviewFinancialassetsAssociatesBusinesscombinationsJointventuresDegreeofinfluenceNosignificantSignificantControllingSharedcontrolTypicalownership%<20%20%-50%>50%VariesInvesteeN/AAssociateSubsidiaryN/ANewfinancialreporting(postIFRS9takingeffect)FVthroughP/LFVthroughOQAmortizedcostEquitymethodConsolidationEquitymethodU.S.GAAPTradingsecurityAFSHTMAPercentageofinterestsheldbyinvestorsisnotthesolecriterion,degreeofinfluenceismorepersuasiveOtherfactorsshouldbeconsidered,suchas,involvementinpolicyanddecisionmaking.m皿囹WfMH Recognize the cost of invesUn ent at inception; One-line consolidation;Int ertiansaction.1/S: a gain is recognized = current years net profit of the investee* percentage of Iiterest owned; (usually separate dfi'om operating inco me)13 74亏业创新 1值冷 Controlling interest investm, ent202TCFA&FRM持续更新微信Vj rec°Xl 8 】&Jnt |888S and balance wh ich accounts for the net ProditS and net assets ot¾csubsi±aies owned by the minority sha*eholders;MI is regarded as an isolated ite m. Goodwill： lull goodwill /partial goodwill14-71亏业创新潜值* Funded status of a pension planFunded status= Plan assets PBOPlan AssetsPBo+ E mployercontributions+ Actual return-Bencm Paid to employee+ +十Pe:o at the end <rf, the year PBO at the beginning of the year Current sendee cost Interest costsPast sendee st (planamend ments during the ycari+ Actuainal lossesJPlan asset > PB 0 Overfun Plan asset < PBO亏业创新谗值Foreigncurrencytransactions16-74ASummaryofimpactduetochangesinforeigncurrencyTransactionsType,ofExposureForeignCurrencyAppreciationDepreciationExportsalesAsset(AR)GainLossImportpurchaseUability(AP)LossGain-&m-tTranslationofforeigncurrencyFSScenadoTreatmentrequiredApplicablemethodLocalcurrencyisthefunctionalcurrencyTranslationonlyCurrentratemethodFunctionalcurrencyisthereportingcurrencyRe-measurementonlyTemporalmethodNeitherofaboveBothtranslationandremeasurementTemporalmethodfirstthencurrentratemethod17-74mmQHFmCAMELSapproach>CAMELSCapitaladequacy;Assetquality;Managementcapabilities;Earningssufficiency;Liquidityposition;Sensitivitytomarketrisk.APurposeofCAMELSapproachEvaluateabankcductsananalysis;Equityordebtinvestmentanalysisofbanks.-1*-traCorporateFinance19-74aw - at* * it*(S) FrameworkCorporate Finance /> SS7: Corporate Finance (1) R19: Capital Budgeting R20: Capital Structure R21: Analysis of Dividends and Share Repurchases> SS8: Corporate Finance (2) R22 Corporate Governance and Other ESG Considerations in Investment Analysis R23: Mergers and AcquisitionsFramework>SS7CorporateFinance(1)R19CapitalBudgeting/Capitalbudgetingprojectevaluation/Inflationeffectsoncapitalbudgeting/Mutuallyexclusiveprojectswithdifferentlives/Projectriskanalysis/UsingtheCAPMincapitalbudgeting/Evaluatingprojectswithrealoptions/Commoncapitalbudgetingpitfalls/Alternativemeasuresofincomeandvaluationmodels/Othervaluationmodelsufs三mFrameworkASS7CofporateFinance(1)R20CapitalStructure/Capitalstructureobjectiveandtheory/Costsandtheirpotentialeffectonthecapitalstructure/Implicationsformanagerialdecisionmaking，CapitalstructurepolicyandvaluationR21AnalysisofDividendsandShareRepurchases/Differentdividendtypes,thedividendpolicyandthefirmvalue/Factorsaffectingdividendpolicy/Payoutpolicies/AnalysisofdividendsafetySharerepurchasing2274MM囱断iFramework>SS8CovporateFinance(2)R22CorporateGovernanceandOtherESGConsiderationsinInvestmentAnalysis/GlobalVariationsinOwnershipStructuresEvaluatingCorporateGovernancePoliciesandProcedures/IdentifyingESG-ReIatedRisksandOpportunities/EvaluatingESG-ReIatedRisksandOpportunitiesSUKaw-IBSFramework>SS8CorporateFinance(2)R23MergersandAcquisitionsCategorizemergerandacquisitionactivities/Btstrapping，Teindustrylifecycleandmergermotivations/Keydifferencesbetweenformsofacquisition/MethodsofpaymentandUSantitrustlegislation/Takeoverdefensemechanisms:pre-offerandpostoffer/TheHerfindahl-HirschmanIndex(HHI)/Valuingatargetcompany:threebasicmethods/EvaluatingamergerbidDownsizingoperationsthroughcorporaterestructuring雪业国WflBll，Cashflowprojection-expansionprojectCashflowprojection-replacementproject>ReplacementprojectTerminatinInitialOperatingCFWCSaleOfOIdFACAPEXW.C.investmentCashcollectedTNOCF=NWCInv+SaJCF=(S-C-D)(1-T)+D一T(Sal一)Initialoutlay=FQnv+NWeInV-SaI0-T(SaI0-B0)=(S-Q(l-t)*D*TIncrementalsales;IncrementalcostIncrementaldepreciation.2674与世出却"MutuallyexclusiveprojectswithdifferentlivesATheissueCanNOTassessdirectlybycomparingwiththeNPVof2projectsWithlivesAssumethatthe2projectsarerepeatedOVRrthRIimehorizon>TwomethodstocompareprojectswithunequallivesthatareexceptedtoberepeatedindefinitelyLeastcommonmultipleoflivesapproach/EXtRndStheIiVRSOfthePlQjRCtSsothatthelivesdivideequallyintothechosentimehorizon.Equivalentannualannuity(EAA)approach/EAAistheannuitypayment(seriesofequalannualpaymentsovertheprojectslife)thatisequivalentinvaluetotheNPV/Thedecisionrule:tochsetheinvestmentchainthathasthehighestEAA.Thetwoapproachesarelogicallyequivalentandwillresultinthesamedecision.MK&wr!11Capitalstructul1eobjectiveEDVdD:marketvalueofdebt2871DividendpolicyandcompanyvaluetheoryBirdinhand;*Taxaversion:Clienteleeffect;>2021CFA&FRM持续更新微信：xuebajun888s29-74PayoutpoliciesofdividendpoliciEpStabledividendpolicy；Constantdividendpayoutratiopolicy(seldomused);ResidualdividendpolicyStabledividendpollRegulardividendsarepaidthatgenerallydonotreflectshort-termvolatilityinearnings;Ta,getpayoutadjustmEmtmodelAtargetpayoutratioisagoalthatrepresentstheproportionCfearningsthatthecompanyintendstodistribute(payout)toshareholdersasdividendsoverthelongterm;TheCXP?Ct.d山CIFCISinCIiDidI'nd、(EXDCCItjdCarninUsxtarqctpayoutratioprkiviousdividend)Xadiusicr11factorAdjustwentfactorisonedividedbythenumberofyearsoverwhichtheadjustmentindividendsshouldtakeplaceCategorizemergerandacquisitionactivitiesATypesofmergersInahorizontalmerger,theacquirercompanyandthemergingcompaniesareinthesamekindofbusiness,usuallyascompetitors./MotivationsThepursuitofeconomiesofscale;Toincreasemarketpower.Inaverticalmerger,theacquirerbuysanothercompanyinthesameproductionchain./AverticalmergermayprovidegreatercontroloverteProdUetionprocess,Inaconglomeratemerger,anacquirerpurchasesanothercompanythatisunrelatedtoitscorebusiness./SynergiesfromcombiningthetwocompaniesReducethevolatilityoftheconglomeratestotalcashflows;Companyleveldiversificationisnotnecessarilyintheshareholders'bestinterests.3174W.r.KeydifferencesbetweenformsofacquisitionMajorDifferencesofStockversusAssetPurchasesStockpurchaseAssetpurchasePaymentTargetshareholdersreceivecompensationinexchangefortheirshares.Paymentismadetotesellingcompanyratherthandirectlytotheshareholders.ApprovalShareholderapprovalrequired.Shareholderapprovalmightnotberequired.Tax:corporateNocorporateleveltax.Targetcompanypaystaxesonanycapitalgains.Tax:shareholderTargetcompan/sshareholdersaretaxedontheircapitalgains.Nodirecttaxconsequencefortargetcompany,sshareholders.LiabilitiesoftargetAcquirerassumesthetargetsliabilities.Acquirergenerallyavoidstheassumptionofliabilities.SUrQffir僵Mind-setoftargetmanagement>AttitudeoftargetmanagementInafriendlymerger,theacquirerwillgenerallystarttheprocessbyapproachingtargetmanagementdirectly./Thenegotiationsrevolvearoundtheconsiderationtobereceivedbythetargetcompan/sshareholdersandthetermsOfthetransactionaswellasotheraspects,suchasthepost-mergermanagementstructure;/Thedefensivemergeragreementcontansthedetailsofthetransaction,includingtheterms,warranties,conditions,terminationdetails,andtherightsofallparties;/Thetargetshareholdersapprovingthestockpurchaseortheacquirershareholdersapprovingtheissuanceofasignificantnumberofnewshares,thematerialfactsateprovidedtotheappropriateshareholdersinapublicdocumentcalledproxystatement;/Targetshareholdersreceivetheconsiderationagreeduponunderthetermsofthetransaction,andthecompaniesareofficiallyandlegallycombined.UM-a三*!Btt，Mind-setoftargetmanagement>Attitudeoftargetmanagement:Hostilemergeroffers/Bearhuginahostilemerger,whichisamergerthatisopposedbythetargetcompany,smanagement,theacquirermaydecidetocircumventthetargetmanagementsobjectionsbysubmittingamergerproposaldirectlytothetargetcompany'sboardofdirectorsandbypassingtheCEO./Ifthebearhugisnotsuccessful,thenthehopefulacquirerwillattempttoappealmoredirectlytothetargetcompany,sshareholders.Tenderoffertheacquirerinvitestargetshareholderstosubmittheirsharesinreturnfortheproposedpayment;Proxybattleacompanyorindividualseekstotakecontrolofacompanythroughashareholdervote.“a号M囹断【Methodofpayment>MethodofpaymentAsecuritiesoffering,acashoffering,andcombinationofthetwo./Inasecuritiesoffering,thetargetshareholdersreceivesharesoftheacquirersCommonstockascompensation;Inacashoffering,thecashmightcomefromtheacquiringcompany,sexistingassetsorfromadebtissue.ExchangeratioZDefinitionTheexchangeratiodeterminesthenumberofsharesthatstockholdersinthetargetcompanyreceiveinexchangeforeachoftheirsharesinthetargetcompany./Becausesharepricesareconstantlyfluctuating,exchangeratiosaretypicallynegotiatedinadvanceforarangeofstockprices;/Theacquirer'scostistheproductoftheexchangeratio,thenumberofoutstandingsharesofthetargetcompany,andthevalueofthestockgiventotargetshareholders.35"M理囹好.tnEquityValuationFrameworkEquityInvestments>SSll:EquityValuation(3)R28FreeCashFlowValuationASS9:EquityValuation(1)R24EquityValuation:ApplicationsandProcessesR25ReturnConcepts>SSlO:EquityValuation(2)R26IndustryandCompanyAnalysisR27DiscountedDividendR29Market-BasedValuation:PriceandValuationEnterpriseValueMultiplesR30ResidualIncomeValuation37-74R31PrivateCompanyValuationmt>ff-ma*Framework>SS9:ValudtionConceptsR24:EquityValuation:ApplicationsandProcesses/Valuationprocess/Quantitativeandqualitativefactorsinvaluation/Intrinsicvalueandalpha/TypesofvaluationmodelsR25:ReturnConcepts/Returnconcepts/Equityriskpremium/Requiredreturnonequity/Internationalconsideration/WACC38-74/DiscountrateselectioninrelationtocashflowMlW盅IiftraFramework>SSlO:IndustryandCompanyAnalysisandDiscountedDividendValuationR26:IndustryandCompanyAnalysis/Approachesforequityvaluationmodels/CompetitivepositionbasedonaPorter,sfiveforces/Forecastsalesandcostssubjecttopriceinflationanddeflation/Effectsoftechnologicaldevelopment/forecasthorizon/Sales-basedproformacompanymodelR27:DiscountedDividendValuation/DDMformula/TheGordongrowthmodel/Discountedcashflowmodels/Multistagedividenddiscountmodels/Growthphase,transitionalphase,andmaturityphase/Equityanalysis三we三.mFramework>SSll:FreeCashFlowandOtherValuationModRISR28:FreeCashFlowValuation/Introductiontofreecashflows/FCFFandFCFEvaluationapproaches/Forecastingfreecashflow/Freecashflowmodelvariations/SensitivityanalysisinFCFFandFCFE/ApproachesforcalculatingtheterminalvalueR29:Market-BasedValuation:PriceandEnterpriseValueMultiples，Pricemultiples«Comparablemethodusingpricemultiples/Momentumvaluationindicators40-74/Centraltendencyofagroupofmultiples互业Mt“Framework>SSll:FreeCashFlowandOtherValuationModelsR30ResidualIncomeValuation/Conceptofresidualincome/Residualincomevaluationmodel/Acco