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1、2011CFALevel1Session21CorporateFinance公司金融ByCFAREAL道德和不业准败5ao英化方法225a0经济学a05a626a5-25月1-闹干余余仪吴招P【壬。曼:cJE525554535455525/”.m本章概览2Capitalbudgeting6“孛揭NPV,IRR等投资决策持标资本预答2CostofCapita12“WACCRbeta的概念和计答资本成本3MeasureofLeverage5Leverige的梁念及计答杨杆街量4DMidends&5hareRepurchieses|6,货利与股晓吊购胡腔伶的影咨股利与股权四购s玖5、WorkingC
2、apitaManagemem7。流动资全管理基本概念及计算流动资全管理6、FinancalStatementAnalysis1社郭财务分析7、CorporateGovermance7“公司治理的基本原败公司治理啊入末蓄檐罐惶xj恩DuoDuo.org2011CFALevel1Session11CorporateFinance公司金融R44CapitalBudgeting公司预算ByCFAREALZJinDuoDuo.org本节概览E2东一口巳解释投资预算过程及项目科类b.讨论投资预算的基本原则及现全洪的硝定常租以下情冯下的资木预答2)狩立与五斥项目;2)项目排序;3)无限资全5有限资伟|山计算
3、并解租奶下众符指祖NPy,lRRFFe薰糠N刚誓鲫皋萼眠膈林el下描述通常资本央雾万法及鳙释NPv与公司价憧和股幂价格的关系J0uelueproExplainthecapitalbudgetingprocessyincudingthetypicalstepsofthepm【essanddistinguishamongthevariouscategoriesofcapitalprojects绪及不同的项目类别*什么是CapitalBudgeting及实践中的应用Capitalbudgetingistheprocessthatcompaniesusefordeciionmakingoncapita
4、lprojects一projectswithallijeofayearormore长期投资项目的投资冲笆。CapitalBudgetingProcessSteponegeheanngliea:寻技技芸顽目Steptwoanabzingindividualproposals:分杨尽佩项月报茵友仅Stapresplanningthecaphalbudget孙林顺日报许Stepjourmanitonngandpostauditing完范项身扬彤口仪多或怡绍|JinDuoDuo.0rgExplainthecapitalbudgetingprocessyincudingthetypicalstepsof
5、theprocessanddistinguishamongthevariouscategoriesofcapitalprojects;解释投资预算过程及不同的项目类别Replacementprojects替代类项目;ExpansionProject扩建项目NewProductsandservices新产品Regulatorysafety,andenvironimentalprojectsOthers其他(不能用NPV方法分析的JinDuoDuo.0rgDiscussthebasicprinciplesofcapitalbudgeting,includingthechoiceoftheoperc
6、ashflows;基本原则及选择合适的现金流:。Decisionsarebasedoncashflows。TimingofcashflowiscrucialCashflowsarebasedonopportunitycost。Cashflowsareanalyzedonaniafter-taxbasis。FinancingcostsareignoredJinDuoDuo.orgDiscussthebasicprinciplesofcapitalbudgeting,includingthechoiceofthepropercashflows;|讨论资木预算的。SunkCost沉没成本Anopportunitycost机会成本。Anincrementalcashflow增量现金流(有无对比法)。AnexternalityCannibalization):外在影响。人conventionalcashflow:传统项目
