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
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
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Method of payment
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如何选择支付方式★
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Attitude of target management
分类
Friendly merger
Hostile merger offers
Bear hug 绕过CEO找董事会
如果失败
Tender offer
Proxy battle
应对悉意并购
Pre-offer Takeover Defense
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Post-offer defense mechanisms
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Valuing a target company
方法
discounted cash flow analysis
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comparable company analysis
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计算
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comparable transaction analysis
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计算
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Corporate Restructuring
重组原因
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