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CFA II Corporate Finance 笔记

2023-03-31 09:05:29   0  举报

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CFA二级公司金融笔记，适用于考前查漏补缺，形成思维体系

学习笔记

考研考证

读书笔记

金融

知识管理

模版推荐

作者其他创作

大纲/内容

Internal Issue

Investment Decision -Capital Budgeting

基本概念

Capital projects

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Basic principles★★

Based on Cash flows

Incremental cash flows增量现金流

Ignore:Sunk costs and Financing costs

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Include:Externalities(Cannibalization) Opportunity costs 蚕食替代

Timing of cash flows is important

Cash flow are analyzed on an after tax basis

Financing costs are reflect in the project's required rate of return

了解inflation影响

If inflation is higher than expected

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Profitability is lower than expected

Reduces the real tax savings of depreciation

Increases the corporations real taxes

Decreases the value of bondholders

MACRS

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Capital Rationing

有限资本下选择 project

Independent Projects

Mutually Exclusive Projects

常见projects分析

Expansion project

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Replacement proiect

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Mutually exclusive projects with different lives

.Least common multiple of lives approach .Equivalent annual annuity (EAA)approach

计算

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Capital rationing

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注意：多项目组合时不互斥，NPV加总即可

Projects With Real Options

分类

Timing options

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Sizing options

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Flexibility options

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Fundamental options依赖于基本面，如石油价格

计算

DCF without considering options

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Use decision trees

Use option pricing models

Other Valuation Models

Economic income Vs.Accounting income

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Economic profit approach

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Residual income approach

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Claims valuation approach归属价值

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风险评估

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Financing Decision -Capital Structure

Capital Structure Objective

.minimize the firm's WACC .maximize the firm's value

●not maximum EPS or ROE

Capital Structure Theory

MM's proposition

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Static trade-off theory

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optimal proportion of debt

Costs Of Financial Distress

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Pecking order theory

managers prefer to make financing choices that are least likely to send signals to investors

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Pecking order(most favored to least favored)

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Practical Issues In Capital Structure Policy

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Distribution Decision -Dividends and Share Repurchases

Dividends

Dividend 分类

Cash dividends

影响

decrease of assets and equity.

no effect on shareholder wealth

分类

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Stock dividends

影响

.Increase：Number of shares outstanding

.Decrease：Stock price,EPS,and dividends per share

Constant

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Dividend Policy

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Dividend policy does not matter

MM theory

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Dividend policy matters

Bird in hand argument

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Tax aversion

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Clientele effect

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影响偏好的角度

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怎么决定分红前卖还是分红后卖

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Signaling

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Agency issues

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Effective tax rate

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Share Repurchases

Three Methods For Share Repurchase

Buy in the open market

Buy a fixed number of shares at a fixed price 要约回购

Repurchase by direct negotiation （Dutch Auction）

Financial Statement Effects Of Repurchases

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Rationales for share repurchase

Tax advantages

Share price support/signaling

Added flexibility

share repurchases are not a long-term commitment. managers have discretion over "market timing"repurchases.

Offsetting dilution from employee stock options

Increase financial leverage

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Foundation of Corporate Finance -Corporate Governance

Ownership Structures

Conflicts within Different Ownership Structures

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Types of Influential (有影响力的)Shareholders

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Evaluating Corporate Governance

评价标准

1.Board Policies and Practices 董事会

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2.Executive Remuneration 高管薪酬

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3.Shareholder voting rights

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Esg-related Risks And Opportunities

ESG factors

Environmental risk Social risk Governance risk

Challenges

Imformation

Most ESG-related disclosures are voluntary for many companies,and the level of voluntary disclosure varies.

ESG information and metrics may be reported inconsistently by companies.

Materiality

Some companies may use the term "material"in emphasizing positive ESG information.In contrast,a company may minimize or not report negative ESG information that investors might consider material

Investment Horizon

Some ESG issues may affect a company's performance in the short term,whereas other issues may be more long term in nature

ESG integration

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GreenBond

Advantages

can command a premium over comparable conventional bonds Lower cost of capital due to green bond premium

Disadvantages

Additional costs related to the monitoring and reporting of the use of the bond's proceeds Lack of liquidity of green bonds when purchased and held by buy-and hold investors

External Issue

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Basic Concept

Classifications Of Mergers

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Additional Classifications

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Merger motivations

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不同生命周期阶段并购目的

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Form of acquisition