Corporate Finance 公司财务
Broad Learning Objectives
总体学习目标
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.
考生应了解公司财务的基本组成部分，比如公司财务的目标、公司估值、贴现现金流、资本预算以及长、短期投融资决策等。本章需要掌握与资本结构、股息政策、合并和收购相关的基本理论以及重要的财务决策，并理解其在实际环境中的应用。基于CIIA的全球性，应试者应增进对国际企业融资理论的深入了解并学以致用。本章最后回顾了企业环境下的价值创造组织。
1 Corporate Finance and Value Creation
1 公司财务与价值创造
2 Investment Mechanisms
2 投资机制
2.1 Basics of cash flow analysis
2.1 现金流分析基本原理
2.2 The net initial investment (NINV)
2.2.1 Replacement projects
2.2.2 Expansion project
2.2 净初始投资(NINV)
2.2.1 替代性项目
2.2.2 扩张性项目
2.3 Operating cash flows
2.3.1 Depreciation
2.3.2 Net operating cash flows
2.3 经营现金流
2.3.1 折旧
2.3.2 净营运现金流
2.4 Terminal cash flows
2.4 期末现金流
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 现金流的终值
2.5.1 永续年金
2.5.2 年金
2.5.3 稳定增长模型
2.5.4 不规则现金流
3 Investment Discount Rate
3 投资贴现率
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 加权平均资本成本(WACC)
3.1.1 债券资本成本
3.1.2 股权资本成本
3.1.3 加权平均资本成本(WACC)
3.1.4 国际资本预算
3.2 Optimisation of weighted average cost of capital
3.2.1 Leverage and the value of the firm
3.2 加权平均资本成本的优化
3.2.1 杠杆作用与公司价值
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 股息类型
3.3.2 股票回购
3.3.3 不相关定理
3.3.4 委托效应
3.3.5 信号传输模型
3.3.6 当地市场股息政策
4 Investment Decision Criteria
4 投资决策准则
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 净现值(NPV)
4.1.2 内部收益率(IRR)
4.1.3 回收期规则
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 资本预算
4.2.1 投资提案排序法
4.2.2 资金资源配给
4.2.3 常见的错误
4.3 The link between the value of an investment and enterprise value
4.3 投资价值与企业价值之间的联系
5 Mergers and Acquisitions
5 兼并和收购
5.1 Valuation issues
5.1.1 Valuation of the target
5.1.2 Motives for mergers
5.1 估值问题
5.1.1 目标企业估值
5.1.2 合并动机
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 收购方式
5.2.1 接管
5.2.2 经批准的收购
5.2.3 逐步接管
5.2.4 消除少数股东的权益
5.2.5 私有化和资本重组
5.2.6 杠杆收购(LBO)
5.2.7 管理层收购(MBO)
5.2.8 管理层换购(MBI)
5.3 Strategies for the acquirer
5.3.1 Aggressive or agreed
5.3 收购策略
5.3.1 恶意收购或者协议收购
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 预防性策略与反应性策略
5.4.2 预防性(长期)策略
5.4.3 预防性(短期)策略
5.5 Liquidation and reorganisation
5.5.1 Bankruptcy liquidation
5.5.2 Bankruptcy reorganization
5.5 清算与重组
5.5.1 破产清算
5.5.2 破产重组
6 Project Financing
6 项目融资
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 长期融资
6.1.1 从投资者角度看项目评价
6.1.2 从贷款方角度看项目评价
6.2 Leasing
6.2.1 Leasing contracts
6.2 租赁
6.2.1 租赁合同
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 短期融资决策
6.3.1 短期融资
6.3.2 现金管理
6.3.3 短期借贷
7 The Organisation of Value Creation
7 价值创造组织
7.1 The history of corporate governance
7.1 公司治理的历史
7.2 The four key players in corporate governance
7.2 公司治理中的四个关键角色
7.3 The current main topics of discussion
7.3.1 Management remuneration
7.3 当前主要议题讨论
7.3.1 管理层报酬
