2017_cfa二级基础班_corporate finance_hj_hb

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1、www.gfedu.netCorporateFinance2017CFA二级培训项目讲师：洪波1-215www.gfedu.netTopicWeightingsinCFALevelIISessionNO.ContentWeightingsStudySession1-2Ethics&ProfessionalStandards10-15StudySession3QuantitativeMethods5-10StudySession4EconomicAnalysis5-10StudySession5-6FinancialStatementAnaly

2、sis15-20StudySession7-8CorporateFinance5-15StudySession9-11EquityAnalysis15-25StudySession12-13FixedIncomeAnalysis10-20StudySession14DerivativeInvestments5-15StudySession15AlternativeInvestments5-10StudySession16-17PortfolioManagement5-102-215www.gfedu.netSS7:CorporateFina

3、nceFramework•R21:CapitalBudgeting•R22:CapitalStructureCorporateFinance•R23:DividendsandShareRepurchases:AnalysisSS8:CorporateFinance:FinancingandControlIssues•R24:CorporatePerformance,Governance,andBusinessEthics•R25:CorporateGovernance•R26:MergersandAcquisitions3-215www.g

4、fedu.netReviewofLevelIbasics&LinkswithLevelIICorporateFinanceHowtocreateInvestmentInvestinproject–Capitalbudgetingwealth?decisionInvestincompany–M&AHowtofundtheFinancingDebtorequityfinance–Capitalinvestment?decisionstructureHowtoDividendDistributeorretain–Dividendanddistrib

5、utethedecisionsharerepurchasewealth?4-215www.gfedu.netReading21CapitalBudgeting5-215www.gfedu.net1.Capitalbudgetingprojectevaluation2.InflationeffectsoncapitalbudgetingFramework3.Mutuallyexclusiveprojectswithdifferentlives4.Projectriskanalysis5.UsingtheCAPMincapitalbudgetin

6、g6.Evaluatingprojectswithrealoptions7.Commoncapitalbudgetingpitfalls8.Alternativemeasuresofincomeandvaluationmodels9.Othervaluationmodels6-215www.gfedu.netCashflowprojectionCapitalprojectscanbeclassifiedasReplacementprojectstomaintainthebusinessReplacementprojectsforcost

7、reductionExpansionprojectsNewproductormarketMandatoryinvestmentOtherprojectsPrinciplesofcapitalbudgetingDecisionarebasedonCF(incremental),notaccountingincomeSunkcosts(notincluded)&Externalities(included)CashflowarebasedonopportunitycostsThetimingofcashflowsisimport

8、antCashflowareanalyzedonanaftertaxbasisFinancingcostsarereflectedintheproject‘sr