Corporate Finance 公司財務

Broad Learning Objectives

總體學習目標

Candidates should understand the fundamental component parts of corporate finance, such as objectives, valuation, discounted cash flow and capital budgeting within a corporate setting, together with decision making, both from a short term and long term perspective. The important financial decisions together with the underlying theories associated with capital structure, dividend policy and mergers and acquisitions should be understood in some detail within this topic area together with their applications to practical settings. Given the global nature of the CIIA designation, an in depth knowledge of international corporate finance should be developed and applied. The topic area concludes with a review of the organisation of value creation within a corporate setting.

考生應了解公司財務的基本組成部分，比如公司財務的目標、公司估值、貼現現金流、資本預算以及長、短期投融資決策等。本章需要掌握與資本結構、股息政策、合并和收購相關的基本理論以及重要的財務決策，并理解其在實際環境中的應用?；贑IIA的全球性，應試者應增進對國際企業融資理論的深入了解并學以致用。本章最后回顧了企業環境下的價值創造組織。

1 Corporate Finance and Value Creation

1 公司財務與價值創造

2 Investment Mechanisms

2 投資機制

2.1 Basics of cash flow analysis

2.1 現金流分析基本原理

2.2 The net initial investment (NINV)

2.2.1 Replacement projects

2.2.2 Expansion project

2.2 凈初始投資(NINV)

2.2.1 替代性項目

2.2.2 擴張性項目

2.3 Operating cash flows

2.3.1 Depreciation

2.3.2 Net operating cash flows

2.3 經營現金流

2.3.1 折舊

2.3.2 凈營運現金流

2.4 Terminal cash flows

2.4 期末現金流

2.5 Future value of cash flows

2.5.1 Perpetuity

2.5.2 Annuity

2.5.3 Constant growth model

2.5.4 A stream of irregular cash flow

2.5 現金流的終值

2.5.1 永續年金

2.5.2 年金

2.5.3 穩定增長模型

2.5.4 不規則現金流

3 Investment Discount Rate

3 投資貼現率

3.1 Weighted average cost of capital (WACC)

3.1.1 Cost of debt

3.1.2 The cost of equity capital

3.1.3 Weighted average cost of capital (WACC)

3.1.4 International capital budgeting

3.1 加權平均資本成本(WACC)

3.1.1 債券資本成本

3.1.2 股權資本成本

3.1.3 加權平均資本成本(WACC)

3.1.4 國際資本預算

3.2 Optimisation of weighted average cost of capital

3.2.1 Leverage and the value of the firm

3.2 加權平均資本成本的優化

3.2.1 杠桿作用與公司價值

3.3 Dividend policy

3.3.1 Types of dividends

3.3.2 Repurchase of stock

3.3.3 Irrelevance theorem

3.3.4 The clientele effect

3.3.5 Signalling model

3.3.6 Dividend policy in local markets

3.3 股息政策

3.3.1 股息類型

3.3.2 股票回購

3.3.3 不相關定理

3.3.4 委托效應

3.3.5 信號傳輸模型

3.3.6 當地市場股息政策

4 Investment Decision Criteria

4 投資決策準則

4.1 Major methods

4.1.1 Net present value (NPV)

4.1.2 Internal rate of return (IRR)

4.1.3 Payback rules

4.1 主要方法

4.1.1 凈現值(NPV)

4.1.2 內部收益率(IRR)

4.1.3 回收期規則

4.2 Capital budgeting

4.2.1 Method for ranking investment proposals

4.2.2 Capital resource rationing

4.2.3 Common pitfalls

4.2 資本預算

4.2.1 投資提案排序法

4.2.2 資金資源配給

4.2.3 常見的錯誤

4.3 The link between the value of an investment and enterprise value

4.3 投資價值與企業價值之間的聯系

5 Mergers and Acquisitions

5 兼并和收購

5.1 Valuation issues

5.1.1 Valuation of the target

5.1.2 Motives for mergers

5.1 估值問題

5.1.1 目標企業估值

5.1.2 合并動機

5.2 Forms of acquisition

5.2.1 Takeovers

5.2.2 Approved acquisitions

5.2.3 Creeping take-overs

5.2.4 Eliminating minority interests

5.2.5 Going private and capital restructuring operations

5.2.6 Leverage buyout (LBO)

5.2.7 Management buyout (MBO)

5.2.8 Management buy in (MBI)

5.2 收購方式

5.2.1 接管

5.2.2 經批準的收購

5.2.3 逐步接管

5.2.4 消除少數股東的權益

5.2.5 私有化和資本重組

5.2.6 杠桿收購(LBO)

5.2.7 管理層收購(MBO)

5.2.8 管理層換購(MBI)

5.3 Strategies for the acquirer

5.3.1 Aggressive or agreed

5.3 收購策略

5.3.1 惡意收購或者協議收購

5.4 Defensive strategies

5.4.1 Pre-emptive versus reactive

5.4.2 Pre-emptive (long-term) strategies

5.4.3 Pre-emptive (short-term) strategies

5.4 防御策略

5.4.1 預防性策略與反應性策略

5.4.2 預防性(長期)策略

5.4.3 預防性(短期)策略

5.5 Liquidation and reorganisation

5.5.1 Bankruptcy liquidation

5.5.2 Bankruptcy reorganization

5.5 清算與重組

5.5.1 破產清算

5.5.2 破產重組

6 Project Financing

6 項目融資

6.1 Long-term financing

6.1.1 Project evaluation from the investors’ perspective

6.1.2 Project evaluation from the lenders’ perspective

6.1 長期融資

6.1.1 從投資者角度看項目評價

6.1.2 從貸款方角度看項目評價

6.2 Leasing

6.2.1 Leasing contracts

6.2 租賃

6.2.1 租賃合同

6.3 Short-term finance decisions

6.3.1 Short-term financing

6.3.2 Cash management

6.3.3 Short-term lending and borrowing

6.3 短期融資決策

6.3.1 短期融資

6.3.2 現金管理

6.3.3 短期借貸

7 The Organisation of Value Creation

7 價值創造組織

7.1 The history of corporate governance

7.1 公司治理的歷史

7.2 The four key players in corporate governance

7.2 公司治理中的四個關鍵角色

7.3 The current main topics of discussion

7.3.1 Management remuneration

7.3 當前主要議題討論

7.3.1 管理層報酬