CFA II Corporate Finance 笔记
2023-03-31 09:05:29 0 举报AI智能生成
CFA二级公司金融笔记，适用于考前查漏补缺，形成思维体系
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Capital projects
Incremental cash flows增量现金流
Ignore:Sunk costs and Financing costs
Include:Externalities(Cannibalization) Opportunity costs 蚕食替代
Based on Cash flows
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
Basic principles★★
Profitability is lower than expected
Reduces the real tax savings of depreciation
Increases the corporations real taxes
Decreases the value of bondholders
If inflation is higher than expected
了解inflation影响
MACRS
Independent Projects
Mutually Exclusive Projects
有限资本下选择 project
Capital Rationing
基本概念
Expansion project
Replacement proiect
常见projects分析
.Least common multiple of lives approach .Equivalent annual annuity (EAA)approach
计算
注意：多项目组合时不互斥，NPV加总即可
Capital rationing
Mutually exclusive projects with different lives
Timing options
Sizing options
Flexibility options
Fundamental options依赖于基本面，如石油价格
分类
DCF without considering options
Use decision trees
Use option pricing models
Projects With Real Options
Economic income Vs.Accounting income
Economic profit approach
Residual income approach
Claims valuation approach归属价值
Other Valuation Models
风险评估
Investment Decision -Capital Budgeting
.minimize the firm's WACC .maximize the firm's value
●not maximum EPS or ROE
Capital Structure Objective
MM's proposition
Costs Of Financial Distress
optimal proportion of debt
Static trade-off theory
Pecking order(most favored to least favored)
managers prefer to make financing choices that are least likely to send signals to investors
Pecking order theory
Capital Structure Theory
Practical Issues In Capital Structure Policy
Financing Decision -Capital Structure
decrease of assets and equity.
no effect on shareholder wealth
影响
Cash dividends
.Increase：Number of shares outstanding
Constant
Stock dividends
Dividend 分类
MM theory
Dividend policy does not matter
Bird in hand argument
Tax aversion
Dividend policy matters
影响偏好的角度
怎么决定分红前卖还是分红后卖
Clientele effect
Signaling
Agency issues
Effective tax rate
Dividend Policy
Dividends
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）
Three Methods For Share Repurchase
Financial Statement Effects Of Repurchases
Tax advantages
Share price support/signaling
share repurchases are not a long-term commitment.managers have discretion over \"market timing\"repurchases.
Added flexibility
Offsetting dilution from employee stock options
Increase financial leverage
Rationales for share repurchase
Share Repurchases
Distribution Decision -Dividends and Share Repurchases
Conflicts within Different Ownership Structures
Types of Influential (有影响力的)Shareholders
Ownership Structures
1.Board Policies and Practices 董事会
2.Executive Remuneration 高管薪酬
3.Shareholder voting rights
评价标准
Evaluating Corporate Governance
Environmental risk Social risk Governance risk
ESG factors
ESG information and metrics may be reported inconsistently by companies.
Imformation
Some companies may use the term \"material\
Materiality
Investment Horizon
Challenges
ESG integration
can command a premium over comparable conventional bonds Lower cost of capital due to green bond premium
Advantages
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
Disadvantages
GreenBond
Esg-related Risks And Opportunities
Foundation of Corporate Finance -Corporate Governance
Internal Issue
Classifications Of Mergers
Additional Classifications
不同生命周期阶段并购目的
Merger motivations
Form of acquisition
如何选择支付方式★
Method of payment
Basic Concept
Friendly merger
Tender offer
Proxy battle
如果失败
Bear hug 绕过CEO找董事会
Hostile merger offers
Pre-offer Takeover Defense
Post-offer defense mechanisms
应对悉意并购
Attitude of target management
discounted cash flow analysis
comparable company analysis
comparable transaction analysis
方法
Valuing a target company
重组原因
Corporate Restructuring
External Issue
Corporate Finance
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