超實(shí)用ACCAF9重要知識(shí)點(diǎn)講解及考點(diǎn)分析

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ACCA

F9重要知識(shí)點(diǎn)講解及考點(diǎn)分析考試題型Section

A

單項(xiàng)選擇題2’*15Section

B

綜合單項(xiàng)選擇題10'(每題5道選擇〕*3Section

C

綜合計(jì)算題20'

*

2核心練習(xí)真題DEC

14

-

Mar/Jun

16Specimen

paper

2016Specimen

paper

2014考試分布Section

A

單項(xiàng)選擇題4-6道考點(diǎn)類(lèi)型根本概念,注意理解，運(yùn)用到scenario

question；ratio

小計(jì)算〔TSR〕復(fù)習(xí)方案Exam

Kit

&歷年真題：選擇題〔Section

A〕考點(diǎn)總結(jié)1.討論Financialmanagement

&

objectiveObjectives

：maximization

of

shareholder

wealth

VS

accounting

profit計(jì)算能夠反映盈利能力和對(duì)股東財(cái)富的影響的ratio常見(jiàn)Ratio1〕Shareholder

wealthTSRDPS,

Dividend

yieldEPS,

P/E

ratio2〕Financial

performance：profitabilityROCEROE2.

鼓勵(lì)高管實(shí)現(xiàn)股東財(cái)富最大化的目標(biāo)a)

Managerial

reward

schemes:Performance-related

bonus,

share,shareoptionb)

corporate

governancec)

stock

exchange

market

rule3.

Objective

setting

in

not

forprofitorganizations非盈利機(jī)構(gòu)指標(biāo)value

for

money(Economy，Efficiency，Effetiveness)1〕財(cái)政政策Fiscal

policy

VS

貨幣政策monetary

policy

Fiscal

policyVSMonetary

policyTaxationInterest

rateGovernment

expenditure

(budget,

government

borrowing)Money

supply2)宏觀經(jīng)濟(jì)目標(biāo)Macroeconomicpolicy

&

targets：3)政府干預(yù)petitionpolicy；government

assistance；green

policies；corporate

governanceregulation

4.

貨幣市場(chǎng)money

VS

資本市場(chǎng)capitalmarketsi)

Role

of

financial

intermediaries金融中介作用ii)

principal

money

market

instruments主要的貨幣市場(chǎng)工具考試分布Section

A

單項(xiàng)選擇題3-4道or

Section

A

單項(xiàng)選擇題2道Section

B

綜合單項(xiàng)選擇題10分Section

C

綜合計(jì)算題20分考點(diǎn)類(lèi)型文字理論WC

management，inventory,receivables,

payables,

cash管理工具計(jì)算復(fù)習(xí)方案Exam

Kit

&歷年真題：選擇題&計(jì)算題考點(diǎn)總結(jié)1.objectivesof

WC

managementi)

WC

investment

policy:

aggressive/conservativeii)

central

role

of

WC

managment

infinancialmanagementiii)

Factors

determine

the

level

ofworkingcapital

investment結(jié)合行業(yè)特征，公司working

capital管理策略及operatingcycleiv)

working

capital

financing

policy

融資策略a)permanent

andfluctuatingworking

capitalb)Aggressive,

Conservative,Matching2.Inventory

management

存貨管理i)計(jì)算EOQ

&

討論EOQassumption,

disadvantageii)

計(jì)算Whether

take

Bulkpurchase

discount：cost

vs

benefitiii)計(jì)算Inventory

level:buffer

inventory/re-order

level/averageinventoryiv)

討論Just-in-time3.Receivablesmanagement應(yīng)收賬款管理i)Calculate

and

discuss

of

offeringcashdiscountii)Calculate

and

discuss

of

factorservice:recourse

VS

non-recource思考角度：cost

VS

benefitiii)

Factor

considering

to

formulatereceivablepolicy

以及應(yīng)收賬款管理3個(gè)流程Credit

analysis

system,

Creditcontrolsystem，Debt

collectionsystem4.Cash

managementi)

cash

balance

status

and

investingchoiceii)

cash

budget

&

forcastiii)

Baumol

model

and

the

Miller-Orr

model5.Cash

operating

cyclei)

計(jì)算ratio：Inventorydays,

receivable

days,payable

days,

operating

cycleRatio

analysis:

current

ratio,

sales/networkingcapital,(ii)

Cash

flow

budget(iii)

Overtrading

and

overcapitalizationPart

D

Investment

appraisal考試分布Section

A

單項(xiàng)選擇題2-3道Section

C

綜合計(jì)算題20分復(fù)習(xí)方案Exam

Kit&歷年真題：選擇題&大題計(jì)算題考點(diǎn)總結(jié)1.Investment

appraisal

methods各種方法優(yōu)缺點(diǎn)i)

ROCE:

accouting

profitii)

Payback

periodiii)

IRRiv)核心計(jì)算考點(diǎn)NPV：注意inflation，relevantcashflow，working

capital

,Timing

for

tax

relief2.Risk

&

uncertaintyi)

Difference

between

risk

and

uncertainty

文字理解ii)

EV計(jì)算&優(yōu)缺點(diǎn)iii)Sensitivity

analysis計(jì)算優(yōu)缺點(diǎn)3.Speical

investment

decisioni)Lease

or

buy

分析Cost

VS

benefit,

consider

relevant

cashflowii)

Asset

replacementiii)

Capital

rationing

解釋divisible

VSnon-divisible

project解釋soft

VShard

capital

rationing計(jì)算profitability

indexPart

E

Business

Finance考試分布Section

A

單項(xiàng)選擇題2-3道Section

C

綜合計(jì)算題20分考試核心知識(shí)點(diǎn)source

of

finance

&

costof

financeWACC(Ke/Kd)

計(jì)算復(fù)習(xí)方案Exam

Kit

&歷年真題：選擇題&計(jì)算題1.Source

of

finance常見(jiàn)文字題：Factors

considering

to

choose

finance〔Debt

&

Equity〕計(jì)算ratio,評(píng)估公司現(xiàn)在的財(cái)務(wù)狀態(tài)，選擇最正確的融資方式Debt

finance和equity

finance的選擇對(duì)股東財(cái)富，資本構(gòu)造，財(cái)務(wù)風(fēng)險(xiǎn)的影響結(jié)合EPS，Share

price，gearing，interest

cover等ratio不同融資類(lèi)型的方式和特點(diǎn)Short-term

VS

long-term(1)

Short-term

finance--overdraft--short-term

loan(bank

loan)--trade

payable

(interest-free

finance

VSloss

of

cashdiscount)--lease(operating

lease)(2)

long-termfinance1)Debt

finance

債務(wù)融資2)Equity

Finance常見(jiàn)對(duì)Right

issue計(jì)算討論，注意TERP與issue

cost3)Venture

Capital4)Islamic

finance

名詞代表的含義5)Dividend

policy

掌握主要theory以及制定policy時(shí)需要考慮的因素i)Residue

theoryii)

Traditional

theoryiii)

Irrelevant

theoryiv)

other

type

of

dividend6)Finance

for

SMEs

(Article:Businessfinance

for

SMEs

)關(guān)注Crowdfunding/supplychain

finance)2.Costof

capital1)

WACCi)KeDGM:

ke=

Do*(1+g)/P0+

g

g

=

historicalgrowth

or

g

=

brDGM

model缺陷CAPM:

Ke

=

Rf+

β*(Rm-

Rf)CAPM優(yōu)缺點(diǎn)Systematic

risk

&

Unsystematic

riskii)

Kd

〔after-tax〕Irredeemable

debt:

Kd(after-tax)

=I*(1-T)/P0Redeemable

debt

&

convertible

loan

note:IRRpreference

shares:

Kp

=

D/P02)project

spcific

Ke

〔adjustedrisk

Ke〕Ungeaing,

regearing,

CAPM,

risk

adjustedWACC文字描述Adjusted

Ke的過(guò)程&缺陷WACC何時(shí)適用于新工程N(yùn)PV評(píng)估3)Capital

structure

theoryTranditional

theoryMM

with

tax

&without

taxPecking

order

theoryPart

F

Business

Valuation考試分布Section

A

單項(xiàng)選擇題2-3道Section

B

綜合單項(xiàng)選擇題10分考試形式計(jì)算局部：Valuation

of

Co.文字題：估值方法優(yōu)缺點(diǎn)；Market

efficiency理論考試核心知識(shí)點(diǎn)1.Business

Valuation掌握主要估值方式以及各種方法優(yōu)缺點(diǎn)1)Valuation

for

Equitya.

Asset

basedHistorical

basisReplacement

valueRealizable

valueb.

Earnings

baseP/E

ratio

Earningyieldc.Cash

flow

based-

DVM/DGM-

Discounted

CF2)Valuation

for

Debt-

Irredeemable

debt-

Redeemable

debt-

Convertible

debt-

Preference

share

2.EMH選擇題中常以case出現(xiàn)，什么樣的市場(chǎng)反響什么樣的信息什么樣的投資方法能夠幫我們獲益〔abnormal

return〕Weak

formSemi-strongStrongPart

G

Risk

management考試分布Section

A

單項(xiàng)選擇題3-4道Section

B

綜合單項(xiàng)選擇題10分考試形式文字題：根本概念，掌握成因理論及主要的風(fēng)險(xiǎn)躲避工具計(jì)算題：IRPT，PPPT，forward

contract

&

money

market

hedge1.foreignexchange

risk1)types

pf

risk--

transaction

risk--

translation

risk--

economic

risk2)cause

of

changefour-way

equivalence--

PPPT:

inflation

rate

VS

futurespotrate-->

S1

=

S0*(1+hc)/(1+hb)--

IRPT:interest

rate

VS

forwardrate-->

Fo=

S0*(1+ic)/(1+ib)--

expectation

theory--

internation

Fisher

effect3)hedge

toolsinternal

methods

掌握原理特征-invoice

in

home

currency-

matching:foreign

currency

receipt

&payment-

netting:net

risk

expose

--

savetransactioncost-

leading

&

lagging:(payment

in

advanceordelay)

flexible

settlement

dateexternal

methods計(jì)算+原理+優(yōu)缺點(diǎn)-

forward

exchange

contract-

Money

market

hedge原理+優(yōu)缺點(diǎn)-

future

contract:

standarized

contract

tobuy

orsell

specified

quantity-

option：a

right

to

buy

orsell

foreign

currency

futures-

swaps:2.interestrisk1)

Risk--

Gap

exposureinterest

movement

is

adverse

toCerest

-sentitive

liability>

interest-

sensitive

as