XXXXCFA一级强化班企业理财

CFACFA级培训项目强化班级培训项目强化班CFACFA一级培训项目强化班一级培训项目强化班CtFiCtFiCorporateFinanceCorporateFinance汤震宇博士CFAFRMCTPCAIACMARFP金程教育首席培训师地点：■上海□北京□深圳地点：■上海□北京□深圳汤震宇汤震宇¾金程职称：博士,金程教育首席培训师，上海交通大学继续教育学院客座教授，综合开发研究院（中国·深圳）培训中心副教授，南京大学中国机构投资者研究中心专家，CFA（注册金融分析师），FRM（金融风险管理师），CTP（国际财资管理师）,CAIA（另类投资分析师）,CMA（美国管理会计师），RFP（美国注册财务策划师）（另类投资分析师）,CMA（美国管理会计师），RFP（美国注册财务策划师）¾教授课程：财务突破、投资学、理财规划¾教育背景及资历：中国人民大学投资系学士，复旦大学国际金融系硕士毕业，复旦大学管理学院博士学管理学院博士¾相关工作背景：本科毕业后在大型企业财务公司从事投资项目评估工作，93年参加全国证券知识大赛获全国金奖，参与成立证券营业部并任部门经理；硕士毕业后任职于某民营公司，参与海外融资和资金管理工作；毕业于复旦大学管理学院财务学系，主某民营公司，参与海外融资和资金管理工作；毕业于复旦大学管理学院财务学系，主要进行投资和财务学研究；为金程教育讲授CFA一级达二百多个班次、CFA二级六十多班次，CFA三级十个班次，为复旦大学管理学院IMBA班和美国某电子商务公司讲授过《公司财务》，为中国CFP标准委员会讲授《投资学》和《理财规划原理》，为中国银行、建设银行讲授《理财规划》和《财务突破》，并深受学员的欢迎和赞誉，还为银行、建设银行讲授《理财规划》和《财务突破》，并深受学员的欢迎和赞誉，还为上海证券交易所、中国工商银行总行、中国银行、交通银行、招商银行、长盛基金、华夏基金、太平洋保险、摩根士丹利等国内外金融机构提供培训课程。¾出版及合作出版：《固定收益证券定价理论》、《财务报表分析技术》、《公司财出版及合作出版：《固定收益证券定价理论》、《财务报表分析技术》、《公司财务》、《衍生产品定价理论》、《商业银行管理学》，在《经济研究》和《开放导报》发表多篇学术论文。¾联系方式：电话：[phone]邮箱：[e-mail]22--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalism¾新浪微博：汤震宇CFA_金程教育TopicWeightingsinCFALevelISessionNO.ContentWeightingsStdSession1Ethics&ProfessionalStandards15StudySession1Ethics&ProfessionalStandards15StudySession2-3QuantitativeAnalysis12Ei10StudySession4-6Economics10StudySession7-10FinancialReportingandAnalysis20StudySession11CorporateFinance8StudySession12PortfolioManagementandWealthPlanning5StudySession13-14EquityInvestment10StudySession15-16FixedIncome12StudySession17Derivatives5StudySession18AlternativeInvestments333--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismSummaryofReadings&Framework¾StudySession11zR36:CapitalBudgetingzR37:CostofCapitalzR38:Measuresofleverage*zR39:DividendsandShareRepurchases:Basics*zR40:WorkingCapitalManagementzR41:TheCorporateGovernanceofListedCompanies:AManualfItforInvestors44--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismR.36.1TheBasicofCapitalBudgeting¾CapitalprojectscanbeclassifiedaszReplacementprojects9ReplacementdecisiontomaintainthebusinessDetailedli9ReplacementdecisionforcostreductionpurposezExpansionprojectsanalysisrequired9Expansionprojectsforexistingproduct9ExpansionprojectsfornewproductornewserviceszMandatoryinvestment:regulatory,safety,andenvironmentalprojectzOtherprojects:projectsarenoteasilyanalyzedthroughthecapitalbudgetingprocess55--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismR.36.2BasicPrinciplesofCapitalBudgeting¾DecisionsarebasedonCashflows,notaccountingincomezIncrementalcashflows:Cashflowswillchangeiftheprojectisundertaken.zIgnore:9Sunkcosts(anycoststhatcannotbeavoided,eveniftheprojectisnotundertaken,consultingfee,advertisementcosts).9Financingcosts/interestcost(financingcostsareincludedintheprojectcostofcapitalorWACC).zInclude:zInclude:9Externalities„Apositiveexternalities(theproductbenefitssalesofafirm’sotherproductlines)„AnegativeexternalitiesÆCannibalization（侵蚀效应）(Newprojecttakessalesfromanexistingproduct)gp)¾CashflowsarebasedonOpportunitycostszOpportunitycost（cashflowsthatafirmwilllosebyundertakingthe）66--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismproject,generallyanassetthefirmalreadyowns）R.36.2BasicPrinciplesofCapitalBudgeting¾ThetimingofcashflowsisimportantÆTimevalueofmoneyzCashflowsreceivedearlierareworthmorethancashflowstobereceived(accelerateddepreciation).¾CashflowareanalyzedonanaftertaxbasiszAdecisionshouldconsidertheimpactoftaxesThevalueofthefirmisnonezAdecisionshouldconsidertheimpactoftaxes.Thevalueofthefirmisnoneofgovernment’sbusiness.¾Financingcostsarereflectintheproject’srequiredrateofreturnzOnlyprojectsthatareexceptedtoreturnmorethanthecostofthecapitalneededtofundthemwillincreasethevalueofthefirm.77--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismR.36.3MutuallyExclusivevs.IndependentProject¾IndependentProjectszProjectsareunrelatedtoeachotherandallowforeachprojecttobejpjevaluatedbasedonitsownprofitability¾MutuallyExclusiveProjectszOnlyoneofseveralpotentialprojectscanbechosen.zRankallalternativesandselectthebestone.¾ProjectSequencingzSomeprojectsmustbeundertakeninacertainorder,sothatinvestinginaprojecttodaycreatestheopportunitytoinvestinotherprojectsinthefutureprojecttodaycreatestheopportunitytoinvestinotherprojectsinthefuture.¾UnlimitedFundsvs.CapitalRationingzUnlimitedfunds:companycanraisethefundsitwantsforallprofitabilitypypyprojectszManyfirmshaveconstraintsontheamountofcapitaltheycanraise,andtitltii(hfitbilitjt)88--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismmustusecapitalrationing(choosemoreprofitabilityprojects).R.36.4ProjectEvaluationMethods1.Netpresentvalue(NPV)2.Internalrateofreturn(IRR)3.Paybackperiod(PBP)3.Paybackperiod(PBP)4Discountpaybackperiod(DBP)4.Discountpaybackperiod(DBP)5.Profitabilityindex(PI)99--9393100%ContributionBreedsProfessionalism100%ContributionBreedsProfessionalismR.36.4ProjectEvaluationMethods-NPV¾SelectionzForinde