CMA考试新考纲官方-parttwo2知识讲解.ppt

CMA考试新考纲官方-parttwo2知识讲解.ppt*第二章:公司金融SectionB:CorporateFinance*第一节:风险和回报Topic1:RiskandReturn*风险Risk风险–不能从投资中获得回报的可能性,不确定的程度,回报的波动Risk–probabilityofnotreceivingexpectedreturnformaninvestment,degreeofuncertainty,variabilityinreturn*风险和回报的关系RiskandReturnRelationship国库券的风险和回报–违约风险债券的风险和回报–债券的价格和利率之间存在方向关系股票的风险和回报–大大高于国库券或债券的回报率,普通股高于优先股的回报率RiskandReturnsformTreasurybills–defaultriskRiskandReturnsfromBonds–inverserelationbetweenthemovementofbondspricesandinterestratesRiskandreturnsforstocks–significanthigherthanT-monstockhigherthanpreferredstocks*风险和回报的关系RiskandReturnRelationship风险和回报的态度股东财富–市场资本总额股东财富最大化–企业的主要目标确定性等值–确定性等值系数用于将预计现金流转换为确定性现金流,图表2B-1,660页RiskandReturnAttitudeShareholderwealth–marketcapitalizationShareholderwealthmaximization–oalofafirmCertaintyequivalent(CE)–certaintyequivalentfactorisusedtoconvertaprojectedcashflowintoacertaincashflow,figure2B-1,page97*风险和回报的关系RiskandReturnRelationship概率分布、风险和回报期望回报–案例,661页标准差–案例,661页变异系数–案例,662页ProbabilityDistributionandRiskandReturnExpectedreturn–forexample,page97Standarddeviation–forexample,page98Coefficientofvariation–forexample,page99*投资组合的风险和回报RiskandReturninaPortfolioContext投资组合的风险协方差–案例,663页相关系数–案例,664页组合的回报组合的回报–665页PortfolioRiskCovariance–forexample,page100Correlation–forexample,page101-102PortfolioReturnPortfolioreturn–page102-103*分散化Diversification分散化–在组合中持有各种不同的投资,降低组合的波动性分散化和组合风险–图表2B-2,665页Diversification–holdingawiderangeofdifferentinvestmentinaportfolio,reducethevariabilityofaportfolioDiversificationandPortfolioRisk–figure2B-2,page103*分散化Diversification系统性和非系统性投资组合风险组合风险的降低–图表2B-3,666页系统风险–与基于市场的整体回报有关,对所有的投资者都是一样的非系统风险–只同特定公司或行业有关,非系统风险是通过分散化得以避免的,667页SystematicandUnsystematicPortfolioRiskPortfolioRiskReduction–figure2B-3,page104SystematicRisk–montoanentireclassofinvestmentUnsystematicRisk–panyorindustry,unsystematicriskisavoidablethroughdiversification,figure2B-4,page105