cma考试新考纲官方-parttwo2.ppt

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第二章:公司金融
Section B: Corporate Finance
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第一节:风险和回报
Topic 1: Risk and Return
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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 – probability of not receiving expected return form an investment, degree of uncertainty, variability in return
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计算回报率 Calculating Rate of Return
回报率–从一项投资获得的金额,持有一段时间,相对于初始投资金额之比
R = (Pt – Pt-1) +Dt,案例,658页
Pt-1
Rate of Return – amount received on an investment, holding for a period of time, relative to the amount of the initial investment
R = (Pt – Pt-1) +Dt, for example, page 95
Pt-1
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风险和回报的关系 Risk and Return Relationship
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
Risk and Returns form Treasury bills – default risk
Risk and Returns from Bonds – inverse relation between the movement of bonds prices and interest rates
Risk and returns for stocks – significant higher than T-bills or bonds, common stock higher than preferred stocks
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风险和回报的关系 Risk and Return Relationship
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
Risk and Return Attitude
Shareholder wealth – market capitalization
Shareholder wealth maximization – major goal of a firm
Certainty equivalent (CE) – certainty equivalent factor is used to convert a projected cash flow into a certain cash flow, figure 2B-1, page 97
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风险和回报的关系 Risk and Return Relationship
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
Probability Distribution and Risk and Return
Expected return – for example, page 97
Standard deviation – for example, page 98
Coefficient of variation – for example, page 99
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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–案例,663页
相关系数–案例,664页
组合的回报
组合的回报– 665页
Portfolio Risk
Covariance – for example, page 100
Correlation – for example, page 101-102
Portfolio Return
Portfolio return – page 102-103
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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 – holding a wide range of different investment in a portfolio, reduce the variability of a