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CFA考试视频
2017 CFA Level I - Corporate F...

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CFA Level I考试时间

2017年6月3日



CFA Level I考试报名

CFA考试代报名


名师开讲

Quinn Leung (执行董事/风控经理)CFAmember 林肯大学金融学博士生,产业经济学、国际经济学双硕士,2年培训机构CFP资格授课经验,曾供职于世界500强会计部门,知名内资咨询公司执行董事、 内控项目总监,对CFA考点分析透彻,讲解清晰。主讲一级道德、经济学、财务分析、公司金融、固定收益,二级道德、经济学、财务分析。

Corporate Finance

2016 CFA Level I

考点大纲

Reading 35 Capital Budgeting 点击试听


The candidate should be able to:

a describe the capital budgeting process and distinguish among the various categories of capital projects;


b describe the basic principles of capital budgeting;


c explain how the evaluation and selection of capital projects is affected by mutually exclusive projects, project sequencing, and capital rationing;


d calculate and interpret net present value (NPV), internal rate of return (IRR), payback period, discounted payback period, and profitability index (PI) of a single capital project;


e explain the NPV profile, compare the NPV and IRR methods when evaluating independent and mutually exclusive projects, and describe the problems associated with each of the evaluation methods;


f describe expected relations among an investment’s NPV, company value, and share price.

Reading 36 Cost of Capital


The candidate should be able to:

a calculate and interpret the weighted average cost of capital (WACC) of a company;


b describe how taxes affect the cost of capital from different capital sources;


c describe the use of target capital structure in estimating WACC and how target capital structure weights may be determined;


d explain how the marginal cost of capital and the investment opportunity schedule are used to determine the optimal capital budget;


e explain the marginal cost of capital’s role in determining the net present value of a project;


f calculate and interpret the cost of debt capital using the yield-to-maturity approach and the debt-rating approach;


g calculate and interpret the cost of noncallable, nonconvertible preferred stock;


h calculate and interpret the cost of equity capital using the capital asset pricing model approach, the dividend discount model approach, and the bond-yield-plus risk-premium approach;


i calculate and interpret the beta and cost of capital for a project;j describe uses of country risk premiums in estimating the cost of equity;


k describe the marginal cost of capital schedule, explain why it may be upward-sloping with respect to additional capital, and calculate and interpret its break-points;


l explain and demonstrate the correct treatment of flotation costs.

Reading 37 Measures of Leverage


The candidate should be able to:

a define and explain leverage, business risk, sales risk, operating risk, and financial risk and classify a risk;


b calculate and interpret the degree of operating leverage, the degree of financial leverage, and the degree of total leverage;


c analyze the effect of financial leverage on a company’s net income and return on equity;


d calculate the breakeven quantity of sales and determine the company’s net income at various sales levels;


e calculate and interpret the operating breakeven quantity of sales.

Reading 38 Dividends and Share Repurchases: Basics


The candidate should be able to:

a describe regular cash dividends, extra dividends, liquidating dividends, stock dividends, stock splits, and reverse stock splits, including their expected effect on shareholders’ wealth and a company’s financial ratios;


b describe dividend payment chronology, including the significance of declaration, holder-of-record, ex-dividend, and payment dates;


c compare share repurchase methods;


d calculate and compare the effect of a share repurchase on earnings per share when 1) the repurchase is financed with the company’s excess cash and 2) the company uses debt to finance the repurchase;


e calculate the effect of a share repurchase on book value per share;


f explain why a cash dividend and a share repurchase of the same amount are equivalent in terms of the effect on shareholders’ wealth, all else being equal.

Reading 39 Working Capital Management


The candidate should be able to:

a describe primary and secondary sources of liquidity and factors that influence a company’s liquidity position;


b compare a company’s liquidity measures with those of peer companies;


c evaluate working capital effectiveness of a company based on its operating and cash conversion cycles and compare the company’s effectiveness with that of peer companies;


d describe how different types of cash flows affect a company’s net daily cash position;


e calculate and interpret comparable yields on various securities, compare portfolio returns against a standard benchmark, and evaluate a company’s short-term investment policy guidelines;


f evaluate a company’s management of accounts receivable, inventory, and accounts payable over time and compared to peer companies;


g evaluate the choices of short-term funding available to a company and recommend a financing method.

Reading 40 The Corporate Governance of Listed Companies: A Manual for Investors


The candidate should be able to:

a define corporate governance;


b describe practices related to board and committee independence, experience, compensation, external consultants, and frequency of elections and determine whether they are supportive of shareowner protection;


c describe board independence and explain the importance of independent board members in corporate governance;


d identify factors that an analyst should consider when evaluating the qualifications of board members;


e describe responsibilities of the audit, compensation, and nominations committees and identify factors an investor should consider when evaluating the quality of each committee;


f describe provisions that should be included in a strong corporate code of ethics;


g evaluate, from a shareowner’s perspective, company policies related to voting rules, shareowner sponsored proposals, common stock classes, and takeover defenses.


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