关于ACCA的考试COREPAPER内容的整理

(Tax)
Add back: capital allowances/tax allowable depreciation
(initial outlay)
NRV
Working capital  0-/n+                      
Net cash flow
Discount rate
PV
NPV
Free cash flows=EBIT(1-t)+capital investment+/-change in WC
可考虑的factor: social responsibility, risk, technical, economic, fiscal, CAPM limitation,  reliability, sensitivity analysis，
未来的现金流不包括沉没成本，非现金支出（折旧等），在做决定前已经发生的费用支出等。
⑹Fisher equation: (1+money rate)=(1+real rate)*(1+general inflation rate)
⑺WACC= Ke*E+ Kd(1-t)*D
       E+D     E+D
注意其他的相关公式如Ke \Kd \real rate的计算及相关的assumption: inflation rate 等等
⑻EVA=NOPAT-capital employed*cost of capital
注意EVA的优缺点
⑼Dividend valuation model: P0=D0(1+g)
                                 Ke-g
注意相关的assumption
⑽the returns on a two-asset portfolio: Rp=RaXa+ RbXb
  the risk on a two-asset portfolio:δp=√δ2aX2+δ2b(1-x)2+2x(1-x)Pabδaδb
  correlation coefficient=COVab/δaδb
⑾Modigliani and Miller’s theory: MVg= MVu + Dt
⑿CAPM: required return=risk free return+ systematic risk premium
注意assumption/limitation
⒀the arbitrage price model
⒁APV:    Base case NPV
            (Issue costs)
            PV of the tax shield
            PV of interest savings on subsidized loan
        APV                                     
C Corporate expansion and reorganization
清楚题  03/12 Megasal: APPENDIX可以看看
        01/6 Laceto
        00/6 Romage
        03/6 Evertalk
Advantage/disadvantage/who benefits/financial aspects
The max sum pay for a target company: PV of target company cash flow+ synergy\
Synergy: economies of scale/scope/vertical integration, operating, head office, management, financial tax shield, market power
Problem to achieve Synergy
Methods: cash/equity shares/preference shares/loan stock
Regulation of takeovers
Defend against a takeover bid: pre-bid/post bid
P/E ratio/dividend valuation model\
D Foreign exchange and interest rate risk
清楚题  00/6 Retilon: 此题后附解题思路（helping hand），蛮清楚的，掌握方法
        02/6 NTC:结合上题所附方法，多做几遍
        02/12 与上题同理，结合看
        99/12 HYK 思路很清楚，用来加强巩固
        01/12 Shawter 三种避险工具的利弊，挺好的
Foreign exchange risk: transaction risk/economic risk/translation risk
Hedge避险工具: Forward market/ Money market/Futures/currency options
这部分题型比较固定，但也比较容易记乱了，多练练就好,就把每个类型中我复习时觉得比较特别的点拎出来
  Forward market：payment:找最小的rate/receipts:找最大的rate
  Money market:
payment: invest foreign currency
invested amount + interest on investment =payment required
receipt: borrow foreign currency
borrowed amount + interest on borrowing =receipt expected
     Futures/option这个就是传说中的期货期权拉：
Buy for payment ,sell for receipt
Unhedged