acca全新課程1階段網(wǎng)課p4文字題總結(jié)

Valueat 風(fēng)險(xiǎn)價(jià)值（置信區(qū)間的概念modernapproachtofyingriskinvolvesestimatingthelikelychangeinthevalueofaninvestmentbyusingtheconceptofanormaldistribution.TheVARprovidesanindicationofthepotentialriskinessofaproject.Forexample,ifAinvestsinprojectBthenitcanbe95%confidentthatthepresentvaluewillnotfallbymore€1,471,000overitslife.Hencetheprojectwillstillproduceapositivepresentvalue.However,thereisa5%chancethatthelosscouldbegreaterthan€1,471,000.WithprojectC,thepotentiallossinvalueissmallerandthereforeitislessrisky.ItshouldbenotedthattheVARcalculationsindicatethattheinvestmentsinvolvedifferentrisk.However,thecashflowsarediscountedatthesamerate,whichtheyshouldnotbe,sincetheriskdiffersbetweenthem.(題目:2014-12-Q3，2012-06-計(jì)算假設(shè)taxshield的折現(xiàn)率使用borrowingrate，但有些爭(zhēng)議argue是使用riskrate。此外，Amoreaccuratemethodwouldbetoassesstheyieldcurvebasedonfuturerisk-ratesandcreditspreadsforthe 在APV的計(jì)算中，taxshield常常跟投資的（新的）舉債能力有關(guān)，而不是已經(jīng)使用的。因?yàn)檫@方面信息沒有?供，假設(shè)舉債能力的?高=適用的新 。3）計(jì)算中用到的數(shù)據(jù)，諸如稅率，capitalallowancerate,收入和各類成本的數(shù)據(jù)，生產(chǎn)和銷售的預(yù)估值，通脹率，基于力平價(jià)算出來的匯率值，假定都是正確的，change/volatility都會(huì)引起不同程度的結(jié)果。所以需要使用sensitivityysisandscenarioysis來幫助評(píng)估。(題目：Pilot-Q1,2014-12-Q2，2013-06-資方式。這樣，在估算時(shí)，先僅僅考慮商業(yè)風(fēng)險(xiǎn)（用Kei折現(xiàn)；其次才考慮債以及因融資方式帶來的好處。APVmethodseparatestheinvestmentdecisionfromthefinancingdecision.Thiswillallow toevaluatethegainorlossassociatedwiththecostsandbenefitsofthenewfinance.Thevalueoftheprojectisinitiallyassessedconsideringonlythebusinessriskinvolvedinundertakingtheproject.Thediscountrateusedisbasedontheassetbetawhichmeasuresonlythebusinessriskof TheimpactofdebtfinancingandthesubsidybenefitarethenInthisway,the canassessthevaluecreateditsinvestmentactivityandthentheadditionalvaluecreatedfromthemannerinwhichtheprojectisfinanced.不同不同折算率，商業(yè)風(fēng)險(xiǎn)用Kei,用Kd。Itallowseachdifferenttypeofcashflowtobediscountedataratespecifictoriskofthatcashflow.當(dāng)融資情況較復(fù)雜時(shí)，此法適用ItalsoallowstheeffectsofmorecomplexfinancingsituationstobeconsideredKeiCAPMCAPM的理論缺陷。DiscountedrateusedinbaseonCAPM,whichhasnumberoftheoreticalweakness.具體是那些不現(xiàn)實(shí)的假設(shè)：Zeroinsolvencycosts零成本；投資市場(chǎng)有效；投資人有多樣化的投資組合；完美資本市場(chǎng)；且很難確定excessreturn,riskrate&B值。海外投資項(xiàng)目 ernment&business新是否有remittance限制？這樣折現(xiàn)率不同，導(dǎo)致項(xiàng)目APV變化realoption(題目：Pilot-Q1,2014-12-Q3，2011-06-項(xiàng)目DiscussionDiscussionpapertotheBODofXXX;空行）DiscussionpapercompliedbyXXX;(空行）Date3.Backgound題目簡(jiǎn)述Projectassessment/Target evaluation:基于dividendvaluationmodel測(cè)算公司marketcapitalisation，即公司價(jià)值。該項(xiàng)目將令公司的價(jià)值?升12%，Areasforfurtherdiscussion:針對(duì)可能產(chǎn)生的問題，BOD的應(yīng)對(duì)方式。比如針對(duì)Adviseand mendation:比如若使用對(duì)沖，各個(gè)effectiverate比較，各Triplebottomlineapproachtativesummaryeconomic/financialimpact,對(duì)環(huán)境的影響impactonenvironmentimpactonsocialperformance。公司/項(xiàng)目的發(fā)展balancebetweeneconomic/profitsocialpeople和自然環(huán)境environment/nt的利益，要具有可持續(xù)性，不能以犧牲其他關(guān)鍵要素而僅僅3個(gè)要素會(huì)?高股東價(jià)值，corporatecitizen,從而?高了公司的聲譽(yù)，來吸引各種優(yōu)質(zhì)資源，包括有天(題目:Pilot- Black- 定價(jià)模型【背SuitableforEuropeanstyleoptionsthereforeitassumedthatthewarrantsareoftheEuropeanstyle該是歐式，即在到期前不可實(shí)施。Therearenotaxedortransactioncosts市場(chǎng)無摩擦，即不存在和成本，Theshareiscontinuouslytradedandsharepricehasalog-normaldistribution股VolatilityofreturnswillremainConstantInterestratesareconstantandcertaincalloption為例PePa,volatility,timetoexpire,riskrate同（題目:2014-06-等額付款A(yù)nnuity(8%,4years)=3.312,Annuitypayableperyearonloan=$30/3.312=$9.057Interestpayableperyear=$30*8%=$2.4closingloanbalance=opening+interest-repaid計(jì)算 的MaculayDuration,以及它的意義【背如果知道BondMVcouponrateparvalue,則可以計(jì)算grossredemptionyield(GRY)5%coupon&redemptionvalueMVI，用10%MV2MV，則可用幾何法得出GRYGRYBondcoupon&redemptionvalue,MV，得duration.思路：期間流入現(xiàn)金流*時(shí)間權(quán)重*Kd折現(xiàn)率/期初流出現(xiàn)金流PVofoutcashflows(即NPV+initialinvestment)意義：Duration反映的是bondpricechangeininterestrate的敏感性，主要取決于贖回時(shí)間redemptionrates.對(duì)于贖回時(shí)間較久的bond通常對(duì)于利率波動(dòng)更敏感，也就更具風(fēng)險(xiǎn)。Duration測(cè)量的是一個(gè)債券支付利息和本金的平均時(shí)期更快；因此，它們對(duì)利息的變化不這么敏感，即有較低的duration。圖像：BondValue跟Interestrate關(guān)系的圖形是凸向原點(diǎn)的曲線convexcurvetoDuration時(shí)，duration法是有用的。利息上漲，債券價(jià)格下降，但它們的關(guān)系并非線性non-linear.Durationbond價(jià)格的關(guān)系是線性。所以，當(dāng)利息波動(dòng)很duration預(yù)測(cè)到的債券價(jià)格要低于實(shí)際債券價(jià)格。這種應(yīng)用的局限性也durationGRYshapeoftheyieldcurve變化，則基于原GRY計(jì)算得到的duration無法再用于評(píng)估bondvalue跟interestrate的變 ModifiedDuration的計(jì)算及意義ModifiedDuration=(MaculayDuration)/(1+grossredemptionTheequationlinkingmodifiedduration(D),andtherelationshipbetweenthechangeininterestrates(Ui)andchangeinpriceorvalueofabondorloan(UP)isgivenasfollows:UP=[-D*Ui*P](Pisthecurrentvalueofaloanorbondandisaconstant)Thesizeofthemodifieddurationwilldeterminehowmuchthevalueofabondorloanwillchangewhenthereisachangeininterestrates.Ahighermodifieddurationmeansthatthefluctuationsinthevalueofabondorloanwillbegreater,hencethevalueof2.42meansthatthevalueoftheloanorbondwillchangeby2.42timesthechangeininterestratesmultipliedbytheoriginalvalueofthebondorloan.實(shí)際上，債權(quán)的價(jià)格和收益率的真實(shí)關(guān)系是一條凸向convexity原點(diǎn)的曲線。這Infact,theactualrelationshipbetweenpriceandyieldisgivenbythelineastotheoriginal.Theimpactofconvexity(ienon-linearrelationship)willbethatthemodifieddurationwilltendtooverstatethefallinabond'spriceandunderstatetherise.Theproblemofconvexityonly esanissuewithmoresubstantialfluctuationsintheyield.Industryrisk:評(píng)估了公司所在的產(chǎn)業(yè)industrysector在經(jīng)濟(jì)變化中的彈性cyclicalpeaktroughs時(shí)期有demandEarningsprotection:評(píng)估了怎樣在變化的環(huán)境中維持或者保護(hù)它的收益？2）customerbasediversity3）profitmarginsandreturnoncapital評(píng)估各種融資和可行3）目前的debtconvenants上的性指標(biāo)達(dá)標(biāo)情況以及限制operatingEvaluationof 公司的計(jì)劃control，以及financialstrategy2）管理層的更替計(jì)劃successionnqualification& EstimatethecreditThecostofabondwilldevelopontwoTheyieldcurveshowshowtheyieldon ernmentbondsvaryaccordingtothetermofborrowings.Normallyitisupwardslo.向上陡坡Thereareanumberofexnationsoftheyieldcurve;thesearenotcompetingexnations,andatanyonetimemaybeinfluencingtheshapeoftheyieldcurve對(duì)于收益率曲線的的形狀，Expectationstheory預(yù)期理論-thecurvereflectsexpectationsthatinterestrateswillriseinthefuture,sotheernmenthastoofferhigherreturnsonlong-term）Liquiditypreferencetheory-thecurvereflectsthecompensationthatinvestorsrequirehigherreturnsforsacrificingliquidityonlong-datedbonds.）Marketsegmentationtheory市場(chǎng)分割理論-shortdatedbondstendtobemorepopularwithbanksandlong-datedbondsaremorepopularwithpensionfunds.Ifdemandforbondsishigherinoneofthesemarketstheernmentcanofferlowerreturns.Thecreditpremium-derivedfromthebond'screditrating根據(jù)信用來，一般題目會(huì)告知Costofdebtcapital=(1-taxrate)*(riskrate+creditspread)EVAEVA=NetOperatingProfitsAfterTaxes-WACC*CapitalEmployed=(ROIC-WACC)*CapitalEmployed注意interesttaxValueoffirm=Valueofinvestedcapital+sumofdiscountedCostofcapital反映了股東要求的最小回報(bào)。所以只要大于WACC*CapitalEmployed的任何盈余都可以視為股東增加。如果持有人收到一個(gè)固定的利息，那么多余的價(jià)值都將歸于股東。EVA關(guān)注的是創(chuàng)造了股東價(jià)值。EVACapitalEmployedEVA用數(shù)字來衡量績(jī)效，如果是正表示股東增加。如果用比率的話，則率的項(xiàng)目，因沒有在頭幾年呈現(xiàn)高回報(bào)，會(huì)被放棄。只關(guān)注每年的EVA會(huì)給MVAMVA：顯示了管理層對(duì)于資本投資者給的錢，增值了多少。MVA是PVoffutureEVAsof .MVA=MarketValueofDebt+MarketValueofEquity–capital的增值。 ysis評(píng)估賣公司是否劃算，沒有思路，就可用ratioysis；有行業(yè)平均值，還需要OperatingProfitMargin=PBIT/EarningsPerShare=ProfitAfterTax/PERatio=SharePrice/EarningsPerAnnualRevenueGrowthGearing=Debt/(Debt+InterestCover=PBIT/FinanceAverageFinancingCost增長(zhǎng)率AssetTurnover=Revenue/CapitalEmployedCurrentRatio=CA/CLQuickRatio=(CA-LDividendYield=Dividendpershare/shareSharepriceDividendcover=Profitaftertax/(題目：2015-06-Q2，2014-12-Q4，2012-06-Q2)那么對(duì)于維持和原公司其他部門的關(guān)系來看，是最好的式。優(yōu)點(diǎn)：MBO成本較低，不用花錢做 MBOcostmaybelesscomparedwithotherformsofdisposalsuchassellingindividualassetsofthedivisionorsellingittoathirdparty.Itmaybethequickestmethodinraisingfundscomparedtotheothermethods.3）Therewouldbelessfromthemanagementandemployeesmakingtheprocesssmootherandeasierto plishthanifbothdivisionsweretobecloseddown.Itmayofferabetterprice.Thecurrentmanagementandemployeespossiblyhavethebestknowledgeofthedivisionandareabletomakeitsuccessful.Thereforetheymaybewillingtopaymoreforit.Managershavedetailedknowledgeofthebusinessandits 計(jì)劃；如果引入VC的 ，那么會(huì)有VC的人擔(dān)任董事會(huì)代表，參與管TaxandlegalDifficultiesindecidingonafairpricetobeConvincingemployeesoftheneedtochangeworkingInadequatecashflowtofinancethemaintenanceandrecementoftangiblefixedassetsThemaintenanceofpreviousemple’pensionAcceptingtheboardrepresentationrequirementthatmanysourcesoffundswillinsistuponThelossifkeyemployeesifthe movesgeographically,orwageratesaredecreasedtoofar,oremploymentconditionsareunacceptableintoherways9）Lacknewideastorejuvenatethebusiness(題目：pilot-Q3,2015-06-Q3,2011-12-Q4償債優(yōu)先順序Creditorhierarchy:fixed資產(chǎn)抵押>floating資產(chǎn)抵押>Unsecuredcreditors>PreferenceShareholders>OrdinaryShareholdersopentenderthroughanintermediary2）Highlevelofdiscretionarerequiredinthesearchprocess，確保公司的價(jià)值防止競(jìng)爭(zhēng)對(duì)手的pricewar讓價(jià)格降低，這樣處置的資產(chǎn)就會(huì)打折扣，一旦確認(rèn)了潛在買家，需要配合他們做盡職duediligence.最近更新duediligence，確公司的法律團(tuán)隊(duì)要評(píng)估合同，員工權(quán)利/義務(wù)的轉(zhuǎn)移，無形資產(chǎn)的轉(zhuǎn)操（題目：Pilot-Organicgrowth優(yōu)缺點(diǎn)（題目：2014-06-JointVenture優(yōu)缺點(diǎn)和補(bǔ)貼。幅的關(guān)系，解決問題。 JV合作模式可能會(huì)讓本地的管理層行動(dòng)不自由，因?yàn)椴皇撬蝗俗鲋?，有共同決定，可能讓這些管理層不樂意（題目：2014-06-直接投資存在一些機(jī)遇，如實(shí)物follow-on海外投資的常見風(fēng)險(xiǎn)：政治風(fēng)險(xiǎn)、文化風(fēng)險(xiǎn)和風(fēng)險(xiǎn)。Licensing可以（題目：2015-05-Acquisition的SynergyRevenuesynergyexistswhentheacquisitionofthetarget willresultinhigherrevenuesfortheacquiring ,higherreturnonequityoralongerperiodofgrowth.Revenuesynergiesarisefrom:Increasedmarket MarketingsynergiesStrategicsynergiesAcostsynergyresultsprimarilyfromtheexistenceofeconomiesofscale.Asthelevelofoperationincreases,themarginalcostfallsandthiswillbemanifestedingreateroperatingmarginsforthecombinedentity.Theresultingcostsfromeconomiesofscalearenormallyestimatedtobesubstantial.cashslack現(xiàn)金松弛：Whenafirmwithsignificantexcesscashacquiresafirm,withgreatprojectsbutinsufficientcapital,thecombinationcancreateTaxbenefits效益：Thetaxpaidbytwofirmscombinedtogethermaybelowerthanthetaxespaidbythemasindividualfirms.Ifoneofthefirmshastaxdeductionsthatitcannotusebecauseitislosingmoney,whiletheotherfirmhas eonwhichitpayssignificanttaxes,thecombiningofthetwofirmscanleadtotaxbenefitsthatcanbesharedbythetwofirmsDebtcapacity舉債能力：Bycombingtwofirms,eachofwhichhaslittleornocapacitytocarrydebt,itispossibletocreateafirmthatmayhavethecapacitytoborrowmoneyandcreatevalue.Diversificationwillleadtoanincreaseindebtcapacityandanincreaseinthevalueofthefirm.AdditionalvaluefromAMVe=*BMVeestimateFCFE*（1+g）Keg)A+BvalueestimateFCFE1+FCFE2+Synergybenefit*倍數(shù)（題目告Valueaddedpart3-1-2AB如果有新項(xiàng)目開展，新項(xiàng)目需要用projectriskadjustedKeWACC2014-12-Q1薦可以?高公司的信用，降低costofcapital。不過這一點(diǎn)是由爭(zhēng)議的。sovereignfunds主權(quán)基金可以支持整個(gè)項(xiàng)得到全面?升，那么對(duì)于A和B的合并而言是有利可圖的。potentialbenefit（題目：2014-12-Q1薦可以執(zhí)行一個(gè)項(xiàng)目后審計(jì)來尋找A公司之前的收購都失敗的原因。ApletionauditmayhelptoidentifythereasonsbehindwhysomanyofVogelCosacquisitionshavefailedtocreatevalue.一旦發(fā)現(xiàn)了原因，就要需要履行一定的流程來評(píng)估收購價(jià)值，預(yù)防收購付的太多。Proceduresneedtobeestablishedtoensurethattheacquisitionisnotoverpaid.公司需幫助實(shí)現(xiàn)。Properduediligenceoftheperceivedbenefitsisundertakenpriortotheofferbeingmade.另外，公司需要確認(rèn)最高可以承受的溢價(jià)，即確收購不成被認(rèn)為是個(gè)人能力的，有損害公司聲譽(yù)，而且也是為了不浪費(fèi)之前duediligence和最初談判所花費(fèi)的時(shí)間和精力。syndergy效率降低，比2套管理班長(zhǎng)，各自自治?？傊?，要時(shí)刻銘記在心，確保雙方的管（題目：2014-06-MethodsofdefenceGoldenparachute黃金降落傘：Largecompensationpaymentsmadetothetopmanagementofthetargetfirmiftheirpositionsareeliminatedduetohostiletakeover.Thismayincludecashorbonuspayments,stockoptionsoracombinationofthese.一旦收購，就要支付被收購公司的大筆補(bǔ)償金，包括現(xiàn)金、獎(jiǎng)金、股權(quán)或組合方案等，以此來打消敵意收購的意圖。Poisonpill毒丸計(jì)劃：Thisisanattempttomakea normallybygivingtherighttoexistingshareholderstobuysharesataverylowprice.以非常低的價(jià)格像現(xiàn)有股東增發(fā)，這樣公司就不那么吸引Whiteknightsandwhitesquires白衣騎士/白衣侍從：Thiswouldinvolveinvitingafirmthatwouldrescuethetargetfromtheunwantedbidder.Thewhiteknightwouldactasafriendlycounter-bidder.Awhitesquireissimilartoawhiteknightbuttheformerdoesnottakecontrolofthetargetfirm.與其Crownjewels王冠珠寶：Thefirmsmostvaluableassetsmaybethemainreasonthatthefirmbecameatakeovertargetinthefirstce.Bysellingtheseorenteringintoarrangementssuchassaleandleaseback,thefirmismakingitselflessattractiveasatarget.把收購公司感的資產(chǎn)賣了，或Pacmandefence防御（反收購：Thisdefenceiscarriedoutbymoutingacounter-bidfortheattacker.ThePacmandefenceisanaggressiveratherthandefensivetacticandwillonlyworkwheretheoriginalacquirerisa withdiverseshareholding.Thistacticalsoappearstosuggestthatthe smanagementareinfavoroftheacquisitionbuttheydisagreeaboutwhich shouldbeincontrol.對(duì)收購公司進(jìn)行反收購，是一種性的防守戰(zhàn)術(shù)，但也說明收購公司是他們感的，只是不想被控制權(quán)（大家都想做Litigationorregulationdefence 防護(hù)：Invitinginvestigationby orCourts要求 InasimilarmannertotheCompetitionandMarketsAuthorityintheUK,theEuropeanUnionEUwillassesssignificantmergersandquo’(M&Asimpactoncompetitionwithinaotrysmarket.影響當(dāng)?shù)厥袌?chǎng)的競(jìng)爭(zhēng)格局Itwill,forexample,usetestssuchasworldwideturnoverandEuropeanturnoverofthegroupaftertheM&A.ItmayblocktheM&A,ifisfeelsthattheM&Awillgivethemonopolisticpowersorenableittocarveoutadominantpositioninthemarketsoastonegativelyaffectconsumerchoiceandprices.是否合并的公司規(guī)模太大，地位，這樣消費(fèi)者就沒有選擇權(quán)和定價(jià)權(quán)。SometimestheEUmayaskforthe tosellsomeofitsassetstoreduceitsdominantpositionratherthannotallowanM&Atoproceed.ItwouldappearthatthismaybethecasebehindtheEUsconcernandthereasonforitssuggestedaction.（題目：2014-12-Mandatory-bidconditionEachofthethreeconditionsaimstoensurethatshareholdersaretreatedfairlyandequitably.是保證所有股東都被公平公正對(duì)待。Selloutrights售出權(quán)力（強(qiáng)買權(quán)利）：Themandatory-bidconditionthroughselloutrightsallowsremainingshareholderstoexitthe atafairpriceoncethebidderhasaccumulatedacertainnumberofshares.Theamountofsharesaccumulatedbeforetheruleappliesvariesbetweencountries.Thebiddermustofferthesharesatthehighestshareprice,asaminimum,whichhadbeenpaidbythebidderpreviously.Themainpurposeforthisconditionistoensurethattheacquirerdoesnotexploittheirpositionofpowerattheexpenseofminorityshareholders.當(dāng)收購方的達(dá)到一定比率后（比如90%），則剩余的股東各個(gè)國家有不同規(guī)定，收購方必須是以過去N個(gè)月的最高報(bào)價(jià)來收購剩余股Principleofequaltreatment待遇原理：Theprincipleofequaltreatmentconditionstipulatesthatallshareholdergroupsmustbeofferedthesameterms,andthatnoshareholdergroupstermsaremoreorlessfavourablethananothergroupsterms,Themainpurposeofthisconditionistoensurethatminorityshareholdersareofferedthesamelevelofbenefits,asthepreviousshareholdersformwhomthecontrollingstakeinthetarget wasobtained.待遇Squeeze-outrights擠出權(quán)利（強(qiáng)賣權(quán)利）：Thesqueeze-outrightsconditionallowsthebiddertominorityshareholderstoselltheirstake,atafairprice,oncethebidderhasacquiredaspecificpercentageofthetarget equity.Thepercentagevariesbetweencountriesbuttypicallyrangesbetween80%and95%.Themainpurposeofthisconditionistoenabletheacquirertogain100%stakeofthetarget andpreventproblemsarisingfromminorityshareholderslater.收購方可以強(qiáng)制少數(shù)股東賣出他們的，以一個(gè)合理的價(jià)格，一旦收購方達(dá)到一定股比后。不同國家股比要求不同，在80%—95%之間。主要目的是確保收購方可以獲得100%的目標(biāo)公司股權(quán)，從（題目：2015-12-Q1,2012-12-Itisthesaleofpartofa asanentityorasseparateassetstoathirdpartyforanagreedamountoffundsorvalue.Thisvaluemaycompriseofcashanon-cashbasedassets.The canthenutilisethefundsgainedinalternative,value-enhancingactivities.公司賣了部分或者單獨(dú)資產(chǎn)給第，以約定的價(jià)格。 Asell-offcanacttoprotecttherestofabusinessformatake-over,bysellingoffapartthatisparticularlyattractivetoabuyerItcanalsoprovidecash,enablingtheremainingbusinesstoinvestfurtherwithouttheneedforworseningitsgearingbyobtainingmoredebtfinance.Itwouldalsoenable Ademergeristhesplittingupofacorporatebodyintotwoormoreseparateandindependentbodies.Itisnotasaleoftheseparatebodiesthemselves,astheoriginalshareholdershavesharesinbothcompanies.2個(gè)或多個(gè)單Thesplitdoesenableyststounderstandthetwobusinessfully,whenthetwomaindivisionsareindifferentThetwodivisionsarelikelytohavedifferentriskprofiles,andsplittingthemupenablesshareholderstoadjusttheproportionoftheirholdingsbetweenthetwodifferentcompanies.對(duì)于資產(chǎn)和的承擔(dān)，雙方會(huì)有，一方甚至融資有問題Restrictive Bookvalueofequity(c/f)=equityshare+retainedearningsBookvalueofdebt=NCLGearing=Donerous個(gè)股東跟VC都滿意的共識(shí)cfinancecfinanceoperatesundertheprinciplethatthereshouldbealinkbetweentheeconomicactivitythatcreatesvalueandthefinancingofthatactivity.金融Murabaha：類似于商業(yè)信用/Tradecredit/loan，利潤預(yù)先約定，無利息，借方賣了產(chǎn)品，借方和貸方收益。Pre-arrangedmarkupforconvenienceoflaterpayment,nointerestMusharaka：類似投Venturecapital,收益共享，無分紅，損失的話，按照Profitsharepercontract,nodividends,lossespercapitalcontribution,bothpartiesparticipateMudaraba:Equity，利潤預(yù)先約定，無分紅，損失的話，全部由出錢的人承擔(dān)。Profitsharepercontract,nodividends,lossesbornebycapitalprovider,organisationrunsbusinessIjara:類似于租賃Leasing，擁有所有權(quán)并承擔(dān)主要風(fēng)險(xiǎn)，需要負(fù)責(zé)大修和重要。Whatevertheotherfeatures,LessorremainsassetownerandincursrisksofSukukBondsdebt債券性/售后回租）或者資產(chǎn)（化）Underlyingtangibleassetinwhichholdersharesmaybeasset-basedsale/leaseback)orasset-backed(securitisation)SalamForwardcontract，商品約定未來某日賣，但現(xiàn)金可以折現(xiàn)到當(dāng)下，預(yù)先付款。Commoditysoldforfuturedelivery,Cashreceivedatdiscountfromfinancialinstitution,paymentsreceivedinadvanceIstisna：類似于分期付款Phasedpayments，用于項(xiàng)目籌措，先付首付款，然后用項(xiàng)目進(jìn)行的錢再支付分期款。ProjectfundinginitialPaymentandtheninstalmentsfrombusinessundertakingtheproject.cfinance全球發(fā)售cfundsareavailableGharar(uncertainty,riskspeculation)isnotallowedExcessiveprofiteeringisnot銀行不能使用過度的杠桿BankscannotuseexcessiveAllpartiestakealong-term在sharia教教法的解釋沒有國際共識(shí)NointernationalconsensusonShariainterpretations沒有標(biāo)準(zhǔn)的Shariaa模型，從而導(dǎo)致較高的成本NostandardShaiaamodel,whichleadstohighertransactioncosts額外的合規(guī)工作增加成本Additionalcomplianceworkincreasestransaction銀行不能通過對(duì)沖降低風(fēng)險(xiǎn)cbankscannotminimiseriskthrough一些產(chǎn)品可能不符合金融的規(guī)定SomecproductsmaynotbecompatiblewithfinancialregulationsLimitedtradinginSukukDarkPoolnetwork中的暗允許anonymously，不受公眾監(jiān)督publicscrutiny.在發(fā)生前，不會(huì)有。只有當(dāng)完成后，量和價(jià)格才會(huì)公布降低了成本，基本上價(jià)是bid和offer的中間價(jià)。因?yàn)閎rokerdarkpoolexchange結(jié)合案例：該筆量占了全部的4.5%，一旦一次出手，則會(huì)造成市通過darkpoolnetwork，賣方可以維持股價(jià)的完好無損intact，也可能降低temporarilyartificially巨Margin&mark-to-market【背】Bothmark-to-marketandmarginsareusedbymarketstoreduce(eliminate)theriskofnon-paymentbypurchasersofthederivativeproductsifpricesmoveagainstthem.保證金和日盯式都是為了避免衍生品方的違約風(fēng)險(xiǎn)，萬一價(jià)格逆Mark-to-marketclosesalltheopendealsattheendofeachdayatthatdyssettlementprice,andopensthemagainatthestartofthefollowingday.Thenotionalprofitorlossonthedealsisthencalculatedandthemarginaccountis正?，F(xiàn)金流，其他活動(dòng)的可能不夠。Iflossesaremade,thenthemayhavetodepositextrafundswithitsbrokerifthemarginaccountfallsbelowthemaintenancemarginlevel.Thismayaffectthe sabilitytonadequayandensureithasenoughfundsforotheractivities.Ontheotherhanc,extracashaccuringfromthenotionalprofitscanbewithdrawnfromthebrokeraccountofneeded.Eachtimeamarket-tradedderivativeproductisopened,thepurchaserneedstodepositamargin(initialmargin)withthebroker,whichconsistsoffundstobekeptwiththebrokerwhilethepositionisopen.broker需要公司在開倉后存在賬戶上的一度的，低于保證金時(shí)，需要及時(shí)填補(bǔ)。Asstatedabove,thisamountmaychangedailyandwouldaffectDaikonCosabilitytonforitscashrequirementsbutalsoopenpositionsrequirethatfundsaretieduptosupportthesepositionsandcannotbeusedforotherpurposesbythe （題目：2015-06-RiskManagementRiskcanbemanagedinseveraldifferent平。Forexamplecurrencyriskandinterestrisk.Hedginginvolvestakingactionstomakean emorecertain.樣化的方式就是收購/合并。Thisiseffectivelythepreventionof“pungallyoureggsinonebaset.Aprotfolioofdifferentinvestmentswithvaryingdegreesofrisk,shouldhelptoreducetheoverallriskofthebusiness.Onewayofachievingdiversificationisviaacquisitionormerger.股東承擔(dān)的是系統(tǒng)風(fēng)險(xiǎn)，這是無論如何都無法避免的。可結(jié)合的水平。Thisinvolvesputtingcontrolproceduresincetoavoidinvestmentsinprojectswhoseriskisabovetheshhlde’requiredlevel.管理層會(huì)存在agencyissues，需要適當(dāng)?shù)募?lì)和監(jiān)督，實(shí)現(xiàn)管理層和股東的目標(biāo)一致goalcongruence.Compensationpackages應(yīng)該保證管理層實(shí)現(xiàn)了企業(yè)價(jià)值后得到相應(yīng)的。Communication是雙向的，下面的認(rèn)清楚上頭的意思，上頭要確保下面的人接IPOinUK【背】Itwillbeimportanttoconformtolocalregulations.TakingwhentheLondonStockExchangeinusedasanoverseasexchange,therelevantregulationsare:AtleastthreeyearsofauditedpublishedaccountsAtleast25%of ssharesmustbeinpublichandswhentradingMinimummarketcapitalizationof￡700,000700,000AprospectusmustbepublishedcontainingaforecastofexpectedInadditionthe willhavetobeintroducedbyasponsoringfirmandtocomplywiththelocalcorporateernancerequirements.此外，該公司將必須由一家贊助公司推出，并符合當(dāng)?shù)氐墓局卫硪?。（book-building詢價(jià)圈購）（題目：2013-06-Themainreasongivenforthepubliclistingistousethefundsraisedtoeliminatethedebtinthe .Thereareotherreasonswhya mayundertakeapubliclisting.公開上市的主要原因是利用募金，以消除公司的。此外，Theseinclude:gainingahigherreputationbybeinglistedonarecognizedstockexchangeandthereforereducingthecostsofcontractingwithstakeholders;beingabletoraisefundsmoreeasilyinthefuturetoundertakenewprojects;thelistingwillprovidethecurrentownerswithavaluefortheirequitystake;andthelistingmayenablethecurrentownerstoselltheirequitystakesandgainfromthevalueintheorganization.在被認(rèn)可的所上市，從而獲得更高的聲譽(yù)，因此降低將為目前的股東，賦予他們的股權(quán)價(jià)值；上市可能使目前的股東他們的（題目：2013-06-如果只有20%的公開，那么這些的股東就是少數(shù)股東minority折現(xiàn)價(jià)格反映投資于一家公司作為一個(gè)少數(shù)股東的額外風(fēng)險(xiǎn)。Thediscountedsharepricewouldreflecttheadditionalriskofinvestingina aminorityshareholder.一旦上市，就處于公眾監(jiān)督publicscrutiny之下，公司的行為要更加遵守ethicalandaccountabilitycode.大多數(shù)上市公司都公布了行為守則，當(dāng)?shù)赖赂蚪坏酪猼ransparent，絕對(duì)不能briberyorillegalpractice。所做Sharebuybackscheme最大的優(yōu)點(diǎn)是利于控制transactioncost和管理taxliabilities.因?yàn)楣蓶|可以是否講手頭賣給公司，這樣能夠控制cashreceived.有成本。公司股本降低，earningspershare會(huì)上升，股價(jià)會(huì)上升，那么未的Syndicatedloan銀團(tuán)【背】Thistypeofloaninvolvesagroupofbanksprovidingfundsbutwithoutjointliability.Thereisnormallyaleadbankwhichthensyndicatestheloantoseveralotherbanks.是指由一家或數(shù)家銀行牽頭，多家銀行參與組成的銀行，由兩位或以上人按相同的條件、以不同的分工，共同向一位或以上借款人?供，并簽署同一協(xié)議的業(yè)務(wù)。Themainadvantageofasyndicatedloanistatlagerloanscanbearrangedthanthoughasinglebank.Thismeansthatthe doesnothavetoraisedifferentloansfromdifferentbanks.最大的優(yōu)勢(shì)是大筆可以通過一家銀行（）來Ittendstobemoreflexibleandcanbetailoredto sspecificTheleadbankmayrequireahigherinterestratetocoveritsriskofoneofhtesyndicatebanksdefaultingontheloan.牽頭銀行可能需要更高的利率來彌補(bǔ)其中一家（加）銀行拖欠的風(fēng)險(xiǎn)。優(yōu)點(diǎn)：Itmayappeartobeanattractivemeansofarisinglargeamountsofcapitalfor缺點(diǎn)：therearelargeissuecostsinvolvedandthereistheriskthattheissuewillbeunder-subscribed.成本高，且有不足的風(fēng)險(xiǎn)。Mezzaninedebt夾心【背Itisamethodoffinancingwherethedebthasembeddedequityinstrumentsattached.Thisincreasesthevalueofthedebt.夾層融資是一種無擔(dān)保的長(zhǎng)期， itoffersmoreflexibilityintermsofcouponrates.Providersofmezzaninefinancetendtobelong-terminvestorsratherthanthosetryingtomakeaquickreturnthereforetheyarelesslikelytodemandveryhighcouponrates.它的利率更靈活。Italsoprovidesthe withameansofrisingfinanceforventuresthatmightnotbeattractivetocommercialbanks.也?供給了企業(yè)其他的融資，當(dāng)Thevalueofcurrentequityhole’holdingwillereducedbythewarrants.Theextentofthisproblemwilldependontheamountbywhichthevalueoftheislikelytoriseifheprojetproceedsusingthesuggestedmethodoffinancing.Thelendersmayinsistonsomedegreeofrestrictivecovenants,suchasrestrictionsonthefutureborrowingormeetingtargetsoncertainfinancialratios.貸EuropeanUnion(EU)AtradearealiketheEuropeanUnion(EU)aimstoremovebarrierstotradeandallowdomofmovementofproductionresourcessuchascapitalandlabour.TheEUalsohasanoverarchingcommonlegalstructureacrossallmembercountriesandtriestolimitanydiscriminatorypracticeagainstcompaniesoperatinginthesecountries.Furthermore,theEUerectscommonexternalbarrierstotradeagainstcountrieswhicharenotmemberstates.RiviereComaybenefitfromoperatingwithintheEUinanumberofwaysasitcurrentlytradeswithinit.歐盟自由貿(mào)易區(qū)，旨在降低貿(mào)易壁員國企業(yè)間的。但對(duì)于非歐盟國家，則建立了壁壘。equaltermswithrivalcompanieswithintheEU.CompaniesoutsidetheEUmayfinditdifficulttoentertheEUmarketsduetobarrierstotrade.legalstructureshouldensurethatstandardsoffoodqualityandpackagingapplyequallyacrossallthemembercountries.食品的物流方面的盡職相對(duì)而言是比較好開展的，因?yàn)橥瑯拥暮弦?guī)要求。Duediligenceoflogisticnetworksusedtotransportthefoodmaybeeasiertoundertakebecauseofcommoncompliancerequirements.而且建立EU內(nèi)的，也相對(duì)容易找到資本和人力。HavingaccesstocapitalandlabourwithintheEUmaymakeiteasierforthe tosetupbranchesinsidetheEU,ifitwantsto歐盟或許還有一些補(bǔ)貼政策，對(duì)于EU內(nèi)建立的公司。The mayalsobeabletoaccessanytrantswhichareavailabletocompaniesbasedwithintheEU.端的機(jī)制。如果成員了規(guī)則，世界貿(mào)易組織將處以罰款。Tosupportthedevelopmentofinternationaltrade,theWTOprovidesamechanismforidentifyingandreducingtradebarriersandresolvingtradedisputes.WTOwillimposefines,ifmembersareinreachoftheirrules.給另一個(gè)國家的關(guān)稅降低的政策惠及所有成員國。TheWorldTradeOrganization(WTO）wassetuptocontinuetoimplementtheGeneralAgreementonTariffsandTrade(GATT),anditsmainaimsaretoreducethebarrierstointernationaltrade.Itdoesthisbyseekingtopreventprotectionistmeasuresuchastariffs,quotasandotherimportrestrictions.Italsoactsasaformfornegotiationandofferingsettlementprocessestoresolvedisputesbetweencountries.TheWTOencouragestradebyapplyingthemostfavourednationprinciplebetweenitsmembers,wherereductionintariffsofferedtoonecountrybyanothershouldbeofferedtoallmembers.定和控制。WhereastheWTOhashadnotablesuccess,someprotectionistmeasuresbetweengroupsofcountriesareneverthelessallowedandsomeprotectionistmeasures,especiallynon-tariffbasedones,havebeenhardertoidentifyandcontrol.某些保護(hù)主義政策的目的是為了防止商品“傾銷”（題目：2013-12-Tosupportstabilityoftheinternationalmonetarysystembyprovidingsupporttocountrieswithbalanceofpaymentproblem.為國際收支不平衡的國家?供幫助，Whenamemberishavingdifficulties ingbalanceofpaymentsproblem,theIMFwillofferadviceoneconomicandlendmoneyatsubsidizedrates.當(dāng)一個(gè)成員在克服國際收支平衡問題時(shí)有，IM