CMA考试新考纲官方-parttwo(1)

1第四章：投资决策SectionD:InvestmentDecision2资本预算流程Topic1:CapitalBudgetingProcess3资本预算CapitalBudgeting流动投资–短期，当年结转冲销营运预算–营运活动的收入和费用计划资本投资–长期，初始现金流出随时间推移而逐渐摊销资本预算–长期资产的提议支出所制定的计划Currentinvestment–short-term,writtenoffinthesameyearOperatingbudget–planforoperatingexpensesandrevenueCapitalinvestment–long-term,initialcashoutlayreducedoveraperiodofyearsCapitalbudgeting–planofproposedoutlaysforlong-termasset4资本预算CapitalBudgeting资本预算编制的应用分类–扩张，重置，强制性，其他其他资本支出分类–效率和/或收入的产生，竞争效果，法规，安全，健康和环境的要求CapitalBudgetingApplicationsCategories–expansion,replace,mandatory,otherAlternatecapitalclassification–efficiencyand/orrevenuegeneration,competitiveeffectiveness,regulatory,safety,health,andenvironmentrequirement5资本预算编制的项目纬度和时间纬度项目纬度时间纬度–货币的时间价值，889页资本预算编制的阶段划分资本预算编制的阶段划分–图表2D-1，889页ProjectandTimeDimensioninCapitalBudgetingProjectionDimensionTimeDimension–timevalueofmoney,page377StageofCapitalBudgetingStagesofCapitalBudgeting–figure2D-1,page378资本预算CapitalBudgeting6增量现金流IncrementalCashFlows评价资本投资现金流的关键点–890页资本预算项目阶段的现金流入和流出–图表2D-2,891页直接效应–现金流入，现金流出或承诺纳税效应–由纳税收入和可扣除费用引起净效应Keypointsinevaluatingcapitalinvestmentcashflows–page378CashinflowsandoutflowduringaCapitalBudgetingProject–figure2D-2,page379DirectEffect–cashinflow,outfloworcommitmentTaxEffect–causedbythetaxabilityofrevenuesanddeductibilityofexpensesNetEffect7增量现金流IncrementalCashFlows初始期现金流资本预算项目阶段的现金流入和流出–图表2D-3，891页营运期现金流营运期的增量现金流–图表2D-4，892页处置期现金流处置期的增量现金流–图表2D-5,892页InitiationCashFlowsIncrementalCashFlowsatInitiation–figure2D-3,page380OperationCashFlowsIncrementCashFlowsDuringOperation–figure2D-4,page380DisposalCashFlowsIncrementCashFlowsatDisposal–figure2D-5,page3818增量现金流案例初始增量现金流–图表2D-6，893页净营运收入预测–图表2D-7，893页营运期和处置期的增量现金流–图表2D-8，893页预期增量现金流–图表2D-9，894页IncrementalCashFlowExampleIncrementalCashFlowatInitiation–figure2D-6,page382ProjectionsforNetOperationRevenue–figure2D-7,page382IncrementalCashFlowsfromOperationandDisposal–figure2D-8,page382ExpectedIncrementalCashFlows–figure2D-9,page383增量现金流IncrementalCashFlows9所得税考虑事项IncomeTaxConsideration与折旧有关的税务规则存在的差异–894页可税前扣除的折旧金额折旧基数–在一定期限内为纳税目的而冲销的金额折旧期三种技术–895页Taxrulespertainingtodepreciationdifferinthefollowingway–page383DepreciationAmountAllowableDepreciablebasis–amountthatcanbewrittenofffortaxpurposesoveraperiodofyearsDepreciationTimePeriodThreemaintechniques–page38410所得税考虑事项IncomeTaxConsideration折旧模式直线折旧法–895页加速折旧法–年数总和法，896页，余额递减法，896页，MACRS，897页折旧税盾作用DepreciationPatternStraight-lineDepreciation–page385AcceleratedDepreciation–sum-of-the-digits,page385,declining-balancedepreciation,page386,MACRS,page387Depreciationtaxshield11第二节：折现现金流分析Topic2:DiscountedCashFlowAnalysis12规定回报率RequiredRateofReturn使用以下标准来评价资本投资–初始现金流，预期未来现金流入和流出，规定回报率规定回报率–选择一项投资时可接受的未来最低回报率Followingcriteriatoevaluateacapitalinvestment–totalinitialcashflowfortheinvestment,expectedfuturecashinflowsandoutflow,requiredrateofreturnRequiredrateofreturn–minimumfuturereceiptsthefirmswillacceptinchoosinganinvestment13规定回报率RequiredRateofReturn最低回报率资本成本资本成本的公式–902页加权平均资本成本公式–902页MinimumRateofReturnCostofCapitalFormulaforthecostofcapital–page392Formulafortheweightedaveragecostofcapital–page39214净现值NetPresentValue净现值–未来现金流的现值减去项目的初始投资现值计算现值(PV)=现金流金额/(1+r)n1美元的部分复利现值系数表–图表2D-11，903页NetPresentValue–presentvalueoffuturecashflowslesstheinitialinvestmentintheprojectPresentValueCalculationPresentValue(PV)=AmountofCashFlow/(1+r)nPartialPresentValueof$1InterestFactorTable–figure2D-11,page39415净现值NetPresentValue净现值计算确定NPV的步骤–904页均匀现金流的例子–年金投资，图表2D-12，905页不均匀现金流的例子–905页净现值解释NPV的解释–906页NetPresentValueCalculationStepsindeterminingNPV–page395UniformNetCashFlowsExample–annuityinvestment,figure2D-12,page395UnevenCashFlowsExamples–page396NetPresentValueInterpretationNPVvaluesmaybeinterpreted–page39716内部回报率InternalRateofReturn内部回报率（IRR）-一个使净现金流入的现值等于初始投资的折现率对内部回报率的解释两个基本步骤–907页均匀净现金流的例子–907页不均匀现金流的例子–图表2D-14，2D-15，2D-16，908页Internalrateofreturn(IRR)–discountratethatmakesthepresentvalueofnetcashinflowequaltotheinitialinvestmentInternalRateofReturnInterpretationTwofundamentalsteps–page397UniformNetCashFlowsExample–page397-398UnevenCashFlowsExample–page398,figure2D-14,figure2D-15,figure2D-16,page39917NPV和IRR的比较ComparisonofNPVandIRRNPV和IRR都考虑–货币的时间价值，期初现金投资，初始投资后的所有现金两种方法都有可靠性方面的值得注意之处–909页只要没有以下方面的不同，NPV和IRR方法一般会产生相似的结果–909页BothNPVandIRRconsider–timevalueofmoney,initialcashinvestment,allcashflowafterinitialinvestmentBothmethodshavesomereliabilitycautions–page400NPVandIRRmethodswillyieldsimilarresultsaslongastherearenodifferences–page40018第三节：回收期和折现回收期Topic3:PaybackandDiscountedPayback19回收期法的使用UsesofPaybackMethod均匀净现金流的例子–912页不均匀现金流的例子–912页回收期法的解释回收期法的优点和缺点回收期法的优点和缺点–图表2D-18，913页UniformNetCashFlowsExample–page404UnevenCashFlowsExample–page405PaybackMethodInterpretationAdvantagesandDisadvantagesofthePaybackMethodAdvantageanddisadvantageofthePaybackMethod–figure2D-18,page40620折现回收期法DiscountedPayback折现回收期法–使用净现金流的现值，图表2D-19，914页Discountedpaybackmethod–usesthepresentvaluesofnetcashinflows,figure2D-19,page406