講稿2021-09考經(jīng)2016年5,6月份p2

1、一、1、A.定義相關(guān)成本Relevant cost is also called incremental costs, marginal costs, ordifferential costs, is differ among options and is future oriented.B.并列舉相關(guān)成本/不相關(guān)成本（結(jié)合題目）沒有案例，所以不好判斷涉及到 make or buy，那么相關(guān)成本： DM、DL、variable cost andavoidable fixed cost不相關(guān)成本：unavoidable fixed cost2、To define explicit cost an

2、d implicit costExplicit costs are those requiring actual cash disbursements. For thisreason, they are sometimes called out-of-pocket or outlay costs.Implicit cost are those costs not recognized in a concern s formalaccounting records.3、make or buy 的流程A、Determination of relevant costIncremental cost

3、of insourcing = direct material + direct labor +variable manufacturinerhead + avoidable fixed cost + variablemarketing expense( if involved)Incremental cost of outsourcing = number of units purchased * price -contribution margin generated by utilizing idle capacityB、JudgmentIncrementalcostofinsourci

4、ngincrementalcostofoutsourcingoutsourcingIncrementalcostofinsourcingincrementalcostofoutsourcinginsourcing4、A.make or buy 的計算按上述的步驟，從題目中找數(shù)據(jù)B.問影響決策的 3 個 non-fiananl factorsOutsourcing can improve the quality of the products.【可能外購的產(chǎn)品質(zhì)量更好，品質(zhì)的比成本的節(jié)省更為重要】Outsourcing can be good to the companys fame【品質(zhì)的會帶

5、動品牌效應(yīng)】Outsourcing will make an impact the capacity of research anddevelopment.【外購也存在一定風(fēng)險，比如過度依賴會弱化的研發(fā)能力】5、A.sunk cost 的定義Sunk cost are past costt is unavoidabecausethey cannot bechanged no matter whtion is taken6、current ratio 的計算current ratio = current assets / current liabilities7、公司高管接賂，決定從供應(yīng)商產(chǎn)品，

6、了 IMA ethic什么原則？egrity【原因，抄原文】【1、只要有利益那就了egrity；2、沒有達(dá)到專業(yè)的水平或者之前沒有接觸過類似工作職能的了 competence3、通過非ity（authorized）行為披露信息4、披露的信息不公正，不公正，了 credibility】二、決策分析的題目,打算在us 還是 mexico 開廠1、計算每一年的折現(xiàn)凈現(xiàn)金流特別注意 0 時點(diǎn)和最后一年的現(xiàn)金流計算，中間的幾年差別不會很大0 時點(diǎn)=initial investment + initial working capital requirement +after-tax proceeds fr

7、om disal of old equipmenterim incremental net cash flows = (revenues operating expenses depretion expenses) (1 tax rate) + depretion expenses =(revenue operating expenses) (1 tax rate) 【after tax annual cashflow 稅后凈現(xiàn)金流】+ depretion expenses tax rate【depretiontax shield 折舊費(fèi)用稅盾】Terminal-year incrementa

8、l net cashflow = (revenue operatingexpenses) (1 tax rate) + depretion expenses tax rate +working capital collected （ 一定了加回來）+ After-taxproceeds from disal of new equipment2、計算 WACCRe= Cost of equityRd= Cost of debtE= Market value of the firms equityD= Market value of the firms debtT= Corporate tax r

9、ateV= D + E= Capital used to generate profits3、計算項目折現(xiàn)回收期并列舉折現(xiàn)回收期的優(yōu)缺點(diǎn)用初始投資和每年的折現(xiàn)凈現(xiàn)金流（discounted cash flows）來算.每一年的 discounted cash flow 累加，直到達(dá)到初始投資額為止?！咀⒁饷恳荒甑默F(xiàn)金流是在年初還是年底收到的】Advantages：The method considers the time value of money.Disadvantages:This method loses the simplicity of the basic payback meth

10、odThe discounted-payback rule still takes no account of any cashflows after the cutoff date.4、IRR 的優(yōu)缺點(diǎn)AdvantageIt is one of the indicators to ring the project if there is capitalrational in place.It can clearly reflect the efficiency of the project.DisadvantageA potential problem with the IRR method

11、 ist multipleernalrates of return aresible.With the IRR method, the implicitreinvestment rate will differdepending on the cash-flow streamfor each investment proader consideration.5、NPV 的優(yōu)點(diǎn)AdvantageThe NPV method always provides correct rings of mutuallyexclusive investment projects, whereas the IRR

12、 method sometimedoes not.6、應(yīng)該用那種 method，explain why【學(xué)員根據(jù)題意進(jìn)行作答，題目可能提到回到互斥，或者有多個 IRR等情況，如果是這樣的話，就選擇用 NPV】7、定義敏感性分析并說明該如何應(yīng)用（結(jié)合案例）Sensitivityysis is a type of “what if” uncertayysis inwhich variables or amptions are changed from a base case in orderto determine their impact on a projects measured resul

13、ts, such asNPV or IRR（yearly change in net operating revenue）“在其他條件不變時”，明確哪些變量或指標(biāo)對項目的最終結(jié)果會產(chǎn)生最大影響8、本量利分析計算Breakeven number of units =FC / CMUBreakeven revenue = FC / CM%三、題目大概給出產(chǎn)品組合的 price, variable cost, sales mix。之后問其中一個產(chǎn)品外購賣出。1、現(xiàn)金持有的三個Tranions motive: to meet payment, such as purchases, wages,taxe

14、s, and dividends, arisinghe ordinary course of businessSpeculative motive: to take advantage of temporary opportunity,such as a sudden declinehe price of a raw materialPrecautionary motive: to maain a safety cushion or buffer to meetunexpected cash needs2、舞弊三角Opportunity：it relates to the ability to

15、rson not only to petratebut also to conceal a fraud. It is created by inadequateernalcontrols, lack of enforcement of those controls. t is the onlyone ofcharacteristics of fraudt can be controlled by management of theanizationPrere ： it is thes reason or need for committing fraud,usually is the need

16、 for the cash, the biggest motivation for a manageris theprofit.Rationalization ：isrsons ability to justify actions as consistentwith his or hersonal code of ethics. It is the reason of theemployee who wants to prove himselft his behavior isconsistentwith the code.3、A.多產(chǎn)品BEP 計算【根據(jù)題目給出的數(shù)據(jù)算即可】Breakeve

17、nty:CMU ASQ %ACMU B SQ%BWACMU =TBEQ = Fixed cost / WACMUBEQ of A = TBEQ *SQ(A)%BEQ of B = TBEQ * SQ (B)%Breakeven revenues : CMASRACMBSRWACM %BTBER = Fixed cost / WACM%BER of A = TBER*SR(A)%BER of B = TBER*SR(B)%4.中供應(yīng)商給商的提成未計入，了哪個標(biāo)準(zhǔn)egrityMitigate actuals oferest.【抄原文】CredibilityCommunicate informati

18、on is not fairly and objectively.【抄原文】四、公司有多余現(xiàn)金進(jìn)行投資，要求回報率高，流通性好，安全。4種投資為 CDs, U.S.treasury bill, preferred stock of domestic company,common stock of foreign company1.default risk, marketability , maturity 解釋The riskt a companyc (or an individual) will not beable to payerest or principal on debt obli

19、gations.is definedas theabilityto sellasignificantvolume of securities in a short period of timehesecondary market without significant price conis the life of a security; the amount of time beforetheprincipal amount of a securityes due2.從以上三個方面評估 4 種投資方式Lower default risk.Highly marketable if ied by

20、 a large.Most mature betn one and three months;some can beforseveral years.They are free of default risk because they are backed by thefullfaind credits of the U.Senment.They are highly marketable.The mature is within one or ten yearssome have maturitied longern ten years.Holdersgeneralllyreceiveafi

21、xeddividendontheirinvestment.The risk is lowerncommon stock but highernU.S.treasury bill and CDs.They are better marketable.No maturity date.Have high default risk because is no guarantee or returnThey are better marketable.No maturity date.3.分析哪種投資方式符合公司目標(biāo)Preferred stock of domestic company公司有多余現(xiàn)金進(jìn)

22、行投資，要求回報率高，流通性好，安全.(抄原文)Holders generallly receive a fixed dividend on their investment.Therisk is lowern common stock but highern U.S.treasury bill andCDs.Common stock of foreign company may have exchange rate risk andpoliticalrisk.Suchaschangesaxlawsorenvironmentalregulations or from expropriation

23、 of assets.4、3 種 non-finanl 方式，具體怎么問的記不得了，我答的是 tradecredit, salary, account payable.【這個老師真的回天乏術(shù)了，無從下手啊，要是抽到這題的寶寶老師只能祝福你，另外，記得回來告訴我，到底在問什么可好】五、案例是一家公司生產(chǎn)network 的，存貨著火了，想向另一家公司某一型號存貨。另一家公司好像是生產(chǎn) camera 的，full capacity，給了兩種產(chǎn)品假設(shè) A 和 B 的成本信息，變動、固定，生產(chǎn)時間。A是 spel order，B 是自己的產(chǎn)品。如果接收訂單以后可能有繼續(xù)業(yè)務(wù)合作。1、A.contribu

24、tion margin 定義The difference betn total revenues and total variable costs iscalled contribution marginB.計算生產(chǎn)產(chǎn)品 B 的 Contribution marginContribution margin = Revenue - variable cost2、計算如果生產(chǎn) A 產(chǎn)品要至少定價多少Relevant cost （ Price ） = direct material + direct labor + variablemanufacturinerhead + variable mark

25、eting expense（一般不計算在內(nèi)，除非題目有特殊強(qiáng)調(diào)這筆訂單需要銷售費(fèi)用） +opportunitycost(when operating at full capacity，如果接受這筆訂單，需要放棄生產(chǎn) B 所帶來的機(jī)會成本)3、如果生產(chǎn) A 產(chǎn)品要考慮哪些 non-finanl 的Accepting the spel order may bring more chance of corporations inthe future.【如果接收訂單以后可能有繼續(xù)業(yè)務(wù)合作,抄原文】The corporations can be good to the companys famehe i

26、ndustry.【合作會帶動企業(yè)在這個行業(yè)的品牌效應(yīng)】4、案例中哪些風(fēng)險，每種風(fēng)險給出一種 responseThe company will face the risk of running out of stock (stockout).Response：a safety stockes advisable.【目前從條件中只能看出這一個風(fēng)險】六、案例是生產(chǎn)兩種產(chǎn)品，給出了預(yù)計銷量，售價和變動成本，總固定成本。1、計算 breakeven poty；如果改變兩種產(chǎn)品銷量比會如何變化（不需要計算）Breakeventy:：WACMU=CMUa *SQ%a +CUMb *SQ%b （銷售量百分比）

27、TBEQ = fixed costs/WACMU【將計算的步驟用文字的形式描述出來】2、解釋margin of safety 及如何應(yīng)用, 計算 margin of safetyratioMargin of safety is sensitivityysis ,it means how far can they fallbelow budget before the breakeven pois reached or the loss occur.Margin of safety = budgeted revenues breakeven revenuesMargin of safety is

28、 a simple approach to recognizinguncertay,which is thefrom an expected amount.Margin of safety ratio = margin of safety/planned revenue3、兼并的三種方式A vertical merger, whereby a company expands either forwardsibilityt an actual amount will deviatetoward the ultimate consumer or backward toward the sourof

29、 rawmaterial, may also bring about economiesThere are few operating economies in a conglomerate merger,combinino companies in unrelated lines of business.Horizontal merger, combinino companieshe same line ofbusiness.4、案例中屬于哪種合并并寫出一個優(yōu)點(diǎn)Horizontal merger【原因抄原文】eliminating duplicate facilities【消除重復(fù)設(shè)備】of

30、fering a broadroduct line 【拓寬產(chǎn)品生產(chǎn)】increasing total supply.【總供給上升】七、第一道是有關(guān)資本的，大概是因為產(chǎn)品的需求增加，企業(yè)決定新建一個生產(chǎn)線。題目說初始投入大約是 3million，每年的稅后凈收入是 0.12million，不需要額外的營運(yùn)資本的投入。然后給了 debt和 equity 各自的比例是 50%，告知debt 的稅前的成本，和 equity 的了t-auditor,想要用 sensitivityysis資本成本，然后管理者和 real option 去減少不確定.1、求 WACC，和 NPVa.計算每一年的折現(xiàn)凈現(xiàn)金流

31、特別注意 0 時點(diǎn)和最后一年的現(xiàn)金流計算，中間的幾年差別不會很大0 時點(diǎn)=initial investment + initial working capital requirement +after-tax proceeds from disal of old equipmenterim incremental net cash flows = (revenues operating expenses depretion expenses) (1 tax rate) + depretion expenses =(revenue operating expenses) (1 tax rate)

32、 【after tax annual cashflow 稅后凈現(xiàn)金流】+ depretion expenses tax rate【depretiontax shield 折舊費(fèi)用稅盾】Terminal-year incremental net cashflow = (revenue operatingexpenses) (1 tax rate) + depretion expenses tax rate +working capital collected （ 一定了加回來） + After-taxproceeds from disal of new equipmentb.計算 WACCRe=

33、 Cost of equityRd= Cost of debtE= Market value of the firms equityD= Market value of the firms debtT= Corporate tax rateV= D + E= Capital used to generate profits2、是利率怎么樣影響 NPV，敏感性的應(yīng)用aIferest rate increases, NPV will decrease.【利率越大，年金現(xiàn)值系數(shù)和復(fù)利現(xiàn)值系數(shù)減少，凈現(xiàn)值減少】bSensitivityysis is a type of “what if” uncertayysisinwhich variables or amptions are changed from a base case in orderto determine their impact on