CFAL1公司理财最权威讲义以及习题(Corporate Finance Kevin).pdf

‐ 25%
‐ 15%
‐ 15%
   5%
    15%
2
 
2
 
    5%
国际财经教育中国先行者
2
‐ 15%
 
10%
‐ 15%
‐
Level
 
Level
 
<
‐ 30%
 
=
 
    5%
   5%
‐ 10%
    5%
Level
2
‐ 15%
2
 
 
2
5%
 
 
 
<
 
20%
    20%
10%
   5%
 
2
    5%
2
 
2
8%
 
 
2
Level
 
Level
 
Level
 
 
<
>
 
<
 
 
Level
Level
 
占一级考试的比例
Level
3%
 
 
 
Level
5%
<
 
>
 
 
>
10%
 
 
=
Finance  
 
 
Statements  
Management
 
10%
12%
 
15%
 
12%
 
Finance  
Ethics  
Quant
Economics  
Corporate
Financial
Equity
Bond
Derivatives
Alternatives
Portfolio  
 
 
 
 
 
 
 
 
 
 
1
1
1
1
1
1
1
1
1
1
 
 
 
 
 
 
 
 
 
 










Level
Level
Level
Level
Level
Level
Level
Level
Level
Level
•
•
•
•
•
•
•
•
•
Corporate  
•
版权所有,未经许可不得用于商业用途
What’s Ahead?
• Capital Budgeting
• Cost of Capital
• Working Capital Management
• Financial Statement Analysis
• The Corporate Governance of panies
国际财经教育中国先行者融仕国际教育 FA网
Capital Budgeting (a)
Capital Budgeting Process is the process panies use for decision making on
capital projects-those projects with a life of a year or more.
AdministrativeAdministrative StepsSteps CategoriesCategories
1. Generating Ideas; . Replacement projects (1.
2. Analyzing Individual Proposal; maintain the business; 2. cost
3. Planning capital budget; reduction)
. Expansion projects;
4. Monitoring and Post-auditing 
. New products and Service;
. Regulatory, safety and
environmental projects;
. Other Projects;
国际财经教育中国先行者融仕国际教育 FA网
Capital Budgeting (b)
Basic principles of Capital Budgeting Process
1 Decisions are based on cash flows.
. Incremental cash flow: realized because of a decision.
. Suck cost: already been incurred.