下载此文档

CMA考试新考纲官方-parttwo2.ppt


文档分类:资格/认证考试 | 页数:约112页 举报非法文档有奖
1/112
下载提示
  • 1.该资料是网友上传的,本站提供全文预览,预览什么样,下载就什么样。
  • 2.下载该文档所得收入归上传者、原创者。
  • 3.下载的文档,不会出现我们的网址水印。
1/112 下载此文档
文档列表 文档介绍
CMA考试新考纲官方-parttwo2
*
投资组合的风险和回报
Risk and Return in a Portfolio Context
投资组合的风险
协方差 – lternative to CAPM
套利定价理论
法玛-弗伦奇三因素模型
Arbitrage Pricing Theory (APT)
Fama French Three-Factor Model
*
第二节:管理财务风险
Topic 2: Managing Financial Risk
*
经营风险 Business Risk
经营风险 – 融资决策前其经营中的固有风险,可保风险
营运杠杆系数
营运杠杆系数 – 营运收入变化的百分比除以销售变化的百分比
DOL = 边际贡献/营业收益,案例,672页
Business risk – inherent with a firm’s operating before the financing decision, insurable risk
Degree of Operating Leverage
Degree of operating leverage – percentage change in operating income give a percentage change in sales
DOL = Contribution Margin/Operation Income, for example, page 113
*
财务风险 Financial Risk
财务风险 – 债务融资和优先股融资相关的风险
财务杠杆系数
财务杠杆系数 – EPS变动百分比除以营业收益变动百分比
DFL = 营运收益
营运收益-利息-优先股股利/(1-税)
Financial Risk – associated with using debt and/or preferred stock financing
Degree of Financial Leverage
Degree of financial leverage – percent change in EPS given a percent change in operating income
DFL = Operating Income
operating income – interest – preferred stock dividend/(1-tax)
*
财务风险 Financial Risk
财务杠杆系数
总杠杆系数 = DOL×DFL
DTL = 边际贡献
营运收益-利息-优先股股利/(1-税)
Degree of Financial Leverage
Degree of total leverage = DOL × DFL
DTL = Contribution Margin
operating income – interest – preferred stock dividend/(1-tax)
*
管理财务风险 Managing Financial Risk
套期保值,套利,期限匹配和投机
套期保值 – 降低价格、利率或汇率不利波动的风险敞口的方法
套利 – 在一个市场买入一个投资工具,同时在另一市场卖出
Hedging, Arbitrage, Maturity Matching, Speculation
Hedging – reducing exposure to adverse fluctuations in price, interest rate or foreign exchange rate
Arbitrage – simultaneous purchase of an investment instrument in one market and the sales in another
*
管理财务风险 Managin

CMA考试新考纲官方-parttwo2 来自淘豆网www.taodocs.com转载请标明出处.

非法内容举报中心
文档信息
  • 页数112
  • 收藏数0 收藏
  • 顶次数0
  • 上传人我是药仙
  • 文件大小1.35 MB
  • 时间2022-05-20