acca考前沖刺-p4筆記總結(jié)

Valueatrisk風(fēng)險價值(置信區(qū)間的概念量化風(fēng)險的一個現(xiàn)代方法包括使用正態(tài)分布的概念估計投資價值的可能變化。Amodernapproachtofyingriskinvolvesestimatingthelikelychangeinthevalueofaninvestmentbyusingtheconceptofanormaldistribution.VAR的意義：VaR提供一個項目的潛在風(fēng)險的指示。TheVARprovidesanindicationofthepotentialriskinessofaproject.Forexample,ifAinvestsinprojectBthenitcanbe95%confidentthatthepresentvaluewillnotfallbymorethan€1,471,000overitslife.Hencetheprojectwillstillproduceapositivenetpresentvalue.However,thereisa5%chancethatthelosscouldbegreaterthan€1,471,000.WithprojectC,thepotentiallossinvalueissmallerandthereforeitislessrisky.ItshouldbenotedthattheVARcalculationsindicatethattheinvestmentsinvolvedifferentrisk.However,thecashflowsarediscountedatthesamerate,whichtheyshouldnotbe,sincetheriskdiffersbetweenthem.（題目：2014-12-Q3，2012-06-評估海外投資項目-計算假設(shè)taxshield的折現(xiàn)率使用borrowingrate,但有些爭議argue是使用riskfreerate.此外，Amoreaccuratemethodwouldbetoassesstheyieldcurvebasedonfuturerisk-freeratesandcreditspreadsforthecompany.計算中用到的數(shù)據(jù),諸如稅率,capitalallowancerate,收入和各類成本的數(shù)據(jù),生產(chǎn)和銷售的預(yù)估值,通是不現(xiàn)實的。而且常常是一點波動change/volatility都會引起不同程度的結(jié)果。所以需要使用sensitivityysisandscenarioysis來幫助評估。（題目：Pilot-Q1，2014-12-Q2，2013-06-APV原理&優(yōu)缺點【背】算時，先僅僅考慮商業(yè)風(fēng)險(用Kei折現(xiàn))；其次才考慮融資和補貼帶來的好處(節(jié)稅，省息)。這樣公司可以評估投資活動的價值，以及因融資方式帶來的好處。APVmethodseparatestheinvestmentdecisionfromthefinancingdecision.Thiswillallowcompanytoevaluatethegainorlossassociatedwiththecostsandbenefitsofthenewfinance.Thevalueoftheprojectisinitiallyassessedconsideringonlythebusinessriskinvolvedinundertakingtheproject.ThediscountrateusedisbasedontheassetbetawhichmeasuresonlythebusinessriskofthatTheimpactofdebtfinancingandthesubsidybenefitarethenInthisway,thecompanycanassessthevaluecreatedfromitsinvestmentactivityandthentheadditionalvaluecreatedfromthemannerinwhichtheprojectisfinanced.優(yōu)點discountedataratespecifictotheriskofthatcashflow.Italsoallowstheeffectsofmorecomplexfinancingsituationstobe缺點KeiCAPMCAPM的理論缺陷。DiscountedrateusedinbaseonCAPMwhichhasnumberoftheoreticalweakness.具體是那些不現(xiàn)實的假設(shè)：Zeroinsolvencycosts零成本；投資市場有效；投資人有多樣化的投資組合；完美資本市場；且很難確定excessreturn,riskfreerate&B值。（題目：2014-12-海外投資項目 結(jié)合案例：（題目：Pilot-Q1，2014-12-Q3，2011-06-Discussion sessment/companyevaluation:基于dividendvaluationmodel測算公司marketcapitalisation，即公司價值。該項目將令公司的價值提升12%，證明該項目是有利可圖的。Areasforfurtherdiscussion：針對可能產(chǎn)生的問題，BODDGM模型，BODAdviseand mendation：比如若使用對沖，各個effectiverate比較，各自優(yōu)缺點，哪個更（題目：2016-06-TBL報告是一份量化總tativesummary,economic/financialimpact,對環(huán)境的影響impactonenvironment,以及社會表現(xiàn)impactonsocialperformance。公司/項目的發(fā)展要兼顧自身balanceaabetweeneconomic/profits、socialpeople和自然環(huán)境environmental/planet的利益,要具有可持續(xù)性,不能以犧牲其他關(guān)鍵要比如,如果公司可以報告新產(chǎn)品對社會環(huán)境的影響,將被認(rèn)為是一個好的公民企業(yè)corporate（題目：Pilot-Q1，2011-12-Black- 定價模型【背SuitableforEuropeanstyleoptionsthereforeitassumedthatthewarrantsareoftheEuropeanstyle該期Theshareiscontinuouslytradedandthesharepricehasalog-normaldistribution價格行為服從對Interestratesareconstantandcertain利率是一定且恒定的價值分析(以calloption為例)：Pe（題目：2014-06-等額付款A(yù)nnutiy(8%,4years)=3.312,Annutiypayableperyearonload=$30/3.312=$9.057Interestpayableperyear=$30*8%=$2.4closingloanbalanceopeninginterest（題目：2015-06-計算Bond的MaculayDuration,以及它的意義【背BondMV,couponrate,以及parvalue,則可以計算grossredemptionyield(GRY)思路：期間流入現(xiàn)金流*時間權(quán)重*Kd折現(xiàn)率/PVofoutcashflows(NPVinitial意義：Durationbondpricechangeininterestrate的敏感性，主要取決于贖回時間redemptiondates.bond通常對于利率波動更敏感，也就更具風(fēng)險。Duration測付較低利息的，贖回期更快；因此，它們對利息的變化不這么敏感，即有較低的duration。圖像：BondValueInterestrateconvexcurvetoorigin(形狀類似于無差異曲線)，Duration是那根切線。所以，僅當(dāng)利息變化較小時，duration法是有用的。利息上漲，durationGRYshapeoftheyieldcurveGRY計算得到的duration無法再用于評估bondvalue跟interestrate的變化關(guān)系。（題目：Pilot-Q4，2014-06-Q1，2011-12-ModifiedDuration的計算及意義【背Theequationlinkingmodifiedduration(D),andtherelationshipbetweenthechangeininterestrates(Δi)andchangeinpriceorvalueofabondorloan(ΔP)isgivenasfollows:ΔP=[–D×Δi×P](Pisthecurrentvalueofaloanorbondandisaconstant)債券價格波動2.42倍。Thesizeofthemodifieddurationwilldeterminehowmuchthevalueofabondorloanwillchangewhenthereisachangeininterestrates.Ahighermodifieddurationmeansthatthefluctuationsinthevalueofabondorloanwillbegreater,hencethevalueof2?42meansthatthevalueoftheloanorbondwillchangeby2?42timesthechangeininterestratesmultipliedbytheoriginalvalueofthebondorloan.Infact,theactualrelationshipbetweenpriceandyieldisgivenbythelineasconvextotheoriginal.Theimpactofconvexity(ienon-linearrelationship)willbethatthemodifieddurationwilltendtooverstatethefallinabond'spriceandunderstatetherise.Theproblemofconvexityonly esanissuewithmoresubstantialfluctuationsintheyield.（題目：2014-06-公司信用credit需要考慮的因素profitmarginsandreturnon管理層的qualification&財務(wù)和非財務(wù)的實現(xiàn)情況（題目：Pilot-Q4，2011-12-EstimatethecreditThecostofabondwilldependontwoTheriskfreeratederivedfromtheyieldcurveforabondofthatspecifiedduration從一個指定時間的債Theyieldcurveshowshowtheyieldonernmentbondsvaryaccordingtothetermoftheborrowing.Normallyitisupwardslo.向上陡坡Thereareanumberofexplanationsoftheyieldcurve;thesearenotcompetingexplanations,andatanyonetimeallmaybeinfluencingtheshapeoftheyieldcurve.對于收益率曲線的形狀，有很多解釋，這些解釋互不，任何時候任一因素都會影響yieldcurve的Expectationstheory–thecurvereflectsexpectationsthatinterestrateswillriseinthefuture,sotheernmenthastoofferhigherreturnsonlong-termdebt.Liquiditypreferencetheory流動性偏好理論–thecurvereflectsthecompensationthatinvestorsrequirehigherreturnsforsacrificingliquidityonlong-datedbonds.Marketsegmentationtheory–short-datedbondstendtobemorepopularwithbanksandlong-datedbondsaremorepopularwithpensionfunds.Ifdemandforbondsishigherinoneofthesemarketstheernmentcanofferlowerreturns.Thecreditriskpremium–derivedfromthebond’screditrating根據(jù)信用來，一般題目會告Costofdebtcapital=(1–taxrate)*(riskfreerate+creditEVA估值Valueoffirm=Valueofinvestedcapital+sumofdiscounted優(yōu)點CostofcapitalWACC*CapitalEmployed的任何盈余都EVA是基于剩余收入價值原則的，因此它是比較容易理解的。EVA的趨勢將顯示該公司在未來幾缺點EVA會給管理層一個短視的態(tài)度，犧牲了公司長期的成功。所以，關(guān)注EVA的長期趨勢，則可以克服這個缺點。（題目：2014-12-Q4，2013-06-MVA估值MVA：顯示了管理層對于資本投資者給的錢，增值了多少。MVAPVoffutureEVAsofthecompany.MVA測量了commonstock&equitycapital的增值。 ysis評估賣公司是否劃算，沒有思路，就可用 OperatingProfitmargin=ROCE=PBIT/CapitalEarningspershare=Profitaftertax/PEratio=shareprice/EarningsperAnnualrevenuegrowth =Debt/Interestcover=PBIT/financeAssetturnover=Revenue/CapitalemployedCurrentratio=CA/CLQuickratio=(CA-Dividendyield=Dividendpershare/sharepriceSharepriceDividendcover=Profitaftertax/（題目：2015-06-Q2，2014-12-Q4，2012-06-MBO的優(yōu)缺點【背優(yōu)點：MBO成本較低，不用花錢做，公開招標(biāo)，或者資產(chǎn)一個個單獨賣；也比較快；管理層MBOcostsmaybelesscomparedwithotherformsofdisposalsuchassellingindividualassetsofthedivisionorsellingittoathirdparty.ItmaybethequickestmethodinraisingfundscomparedtotheotherTherewouldbeless fromthemanagersandemployeesmakingtheprocesssmootherandeasier plishthanifbothdivisionsweretobecloseddown.Itmayofferabetterprice.Thecurrentmanagementandemployeespossiblyhavethebestknowledgeofthedivisionandareabletomakeitsuccessful.Thereforetheymabbewillingtopaymoreforit.Managershavedetailedknowledgeofthebusinessandits缺點：稅務(wù)和問題；難以確定一個合理的收購價；很難說服員工改變他們現(xiàn)在的工作；現(xiàn)金流不充足,設(shè)備更新?lián)Q代的融資需求；維持原員工的計劃；如果引入VC的,那么會有VC的人擔(dān)任董事會代表,參與管理；如果公司遷址,或者工資調(diào)整,或者工作環(huán)境變化等,會TaxandlegalDifficultiesindecidingonafairpricetobeConvincingemployeesoftheneedtochangeworkingInadequatecashflowtofinancethemaintenanceandreplacementoftangiblefixedThemaintenanceofpreviousemployees'pensionAcceptingthrepresentationrequirementthatmanysourcesoffundswillinsistThelossofkeyemployeesifthecompanymovesgeographically,orwageratesaredecreasedtoofar,oremploymentconditionsareunacceptableinotherwaysMaintainingcontinuityofrelationshipswithrsandlacknewideastorejuvenatethe（題目：Pilot-Q3，2015-06-Q3，2011-12-變賣資產(chǎn)后,債權(quán)人和股東的所得Creditorhierarchy：fixedfloatingUnsecuredcreditorsPreferenceshareholders>Ordinary Highlevelofdiscretionarerequiredinthesearchprocess,確保公司的價值不會因為不利競爭行為防止競爭對手的pricewar讓價格降低,這樣處置的資產(chǎn)就會打折扣,一旦確認(rèn)了潛在買家,需要配合他們做盡職duedilligence.更新的賬務(wù)和法律文件都要交易價格需要磋商,盡量讓公司的利益最大化?？梢杂蓪I(yè)談判來操作,他同時主導(dǎo)了交易（題目：Pilot-優(yōu)點（題目：2014-06-JointVenture優(yōu)缺點【背優(yōu)點 缺點JV合作模式可能讓本地的管理層行動不自由，因為不是他一人做主，有共同決定，可能讓（題目：2014-06-企業(yè)發(fā)展vs牌照licensing缺點（題目：2015-06-AcquisitionSynergy【背】Revenuesynergy收入?yún)f(xié)同效應(yīng):收購后，總收入更高，Equity回報率更高，或者維持一個長期的Revenuesynergyexistswhentheacquisitionofthecompanywillresultinhigherrevenuesfortheacquiringcompany,higherreturnonequityoralongerperiodofgrowth.Revenuesynergiesarisefrom:Increasedmarketpower提高市場上的話語權(quán)/MarketingsynergiesStrategicsynergies效Acostsynergyresultsprimarilyfromtheexistenceofeconomiesofscale.Asthelevelofoperationincreases,themarginalcostfallsandthiswillbemanifestedingreateroperatingmarginsforthecombinedentity.Theresultingcostsfromeconomiesofscalearenormallyestimatedtobesubstantial.合并可以創(chuàng)造價值；一家公司賺錢交很多稅，一家公司虧錢不能享受減免政策，這種合作也Cashslack現(xiàn)金松弛：Whenafirmwithsignificantexcesscashacquiresafirm,withgreatprojectsbutinsufficientcapital,thecombinationcancreatevalue.Taxbenefits效益：Thetaxpaidbytwofirmscombinedtogethermaybelowerthanthetaxespaidbythemasindividualfirms.Ifoneofthefirmshastaxdeductionsthatitcannotusebecauseitislosingmoney,whiletheotherfirmhas eonwhichitpayssignificanttaxes,thecombiningofthetwofirmscanleadtotaxbenefitsthatcanbesharedbythetwofirmsDebtcapacity舉債能力：Bycombininofirms,eachofwhichhaslittleornocapacitytocarrydebt,itispossibletocreateafirmthatmayhavethecapacitytoborrowmoneyandcreatevalue.Diversificationwillleadtoanincreaseindebtcapacityandanincreaseinthevalueofthefirm.（題目：2013-06- AMVe=*A+BvalueestimateFCFE1FEFE2Synergybenifitx倍數(shù)(題目告知如果有新項目開展，新項目需要用projectriskadjustedKeWACC2014-12-Q1volatility，這樣可以提高公司的信用，降低costof有爭論說，個人投資者實現(xiàn)風(fēng)險多樣化又快又方便，但公司不是這樣的。顯示，市場并沒有回sovereignfundsA公司identify被收購B公司是低估值的，一旦收購成功，BAB的合有非常好的討價還價的能力。這是需要信息支持的，并輔以強大的分析工具。A公司需要評估這確保有足夠完成這下收購。即使A的討價還價能力很強，但這種優(yōu)勢不會持續(xù)很久，競爭對降低收購風(fēng)險【背】股東利益，有些只是為了顯示管理層的作為。在此過程中，NED需要扮演一個至關(guān)重要的角色，可以執(zhí)行一個項目后審計來尋找A公司之前的收購都失敗的原因。A pletionauditmayhelptoidentifythereasonsbehindwhysomanyofVogelCo’sacquisitionshavefailedtocreatevalue.一旦發(fā)thattheacquisitionisnotoverpaid.公司需要評估標(biāo)的公司價值是建立在有效假設(shè)之上的，收購前的盡職可以幫助實現(xiàn)。Properduediligenceoftheperceivedbenefitsisundertakenpriortotheofferbeingmade.另外，公司需要確認(rèn)最高可以承受的溢價，即確認(rèn)一個封頂價。司聲譽。而且也是為了不浪費之前duediligence和最初談判所花費的時間和精力。alargedegreeofautonomy。這種情況下，對整合的要求就沒這么高了。但（題目：2014-06-Goldenparachute黃金降落傘：Largecompensationpaymentsmadetothetopmanagementofthefirmiftheirpositionsareeliminatedduetohostiletakeover.Thismayincludecashorbonuspayments,Poisonpill丸計劃：Thisisanattempttomakeacompanyunattractivenormallybygivingtherighttoexistingshareholderstobuysharesataverylowprice.以非常低的價格向現(xiàn)有股東增發(fā)，這樣公司W(wǎng)hiteknightsandwhiteSquires白衣騎士/白衣侍從：Thiswouldinvolveinvitingafirmthatwouldrescuethefromtheunwantedbidder.Thewhiteknightwouldaafriendlycounter-bidder.Awhitissimilartoawhiteknightbuttheformerdoesnottakecontrolofthefirm.與其被不Crownjewels王冠珠寶：Thefirm'smostvaluableassetsmaybethemainreasonthatthefirmbecameatakeoverinthefirstplace.Bysellingtheseorenteringintoarrangementssuchassaleandleaseback,thefirmismakingitselflessattractiveasa.把收購公司感的資產(chǎn)賣了，或者售后租回，以此Pacmandefence帕克曼防御(反收購)：Thisdefenceiscarriedoutbymountingacounter-bidfortheattacker.ThePacmandefenceisanaggressiveratherthandefensivetacticandwillonlyworkwheretheoriginalacquirerisapubliccompanywithdiverseshareholdings.Thistacticalsoappearstosuggestthatthecompany'smanagementareinfavoroftheacquisitionbuttheydisagreeaboutwhichcompanyshouldbeincontrol.對收購公司進行反收購。是一種性的防守戰(zhàn)術(shù)，但也說明收購公司是他們感Litigationorregulatorydefence或防護：InvitinginvestigationbyregulatoryauthoritiesorCourts要求機構(gòu)介入，看看收購是否違法（題目：2015-12-Q1，2011-06-EU歐盟內(nèi)收購需要考慮的點InasimilarmannertotheCompetitionandMarketsAuthorityintheUK,theEuropeanUnion(EU)willassesssignificantmergersandacquisitions’(M&As)impactoncompetitionwithinacountry’smarket.影響Itwill,forexample,usetestssuchasworldwideturnoverandEuropeanturnoverofthegroupaftertheM&A.ItmayblocktheM&A,ifitfeelsthattheM&Awillgivethecompanymonopolisticpowersorenableittocarveoutadominantpositioninthemarketsoastonegativelyaffectconsumerchoiceandprices.是否合并的公司規(guī)模太大，地位，這樣消費者就沒有選擇權(quán)和定價權(quán)。SometimestheEUmayaskforthecompanytosellsomeofitsassetstoreduceitsdominantpositionratherthannotallowanM&Atoproceed.ItwouldappearthatthismaybethecasebehindtheEU’sconcernandthereasonforitssuggestedaction.需要龐大的售賣一些資產(chǎn)，保證市場有一個健康的競爭格局。（題目：2014-12-Mandatory-bidconditionEachofthethreeconditionsaimstoensurethatshareholdersaretreatedfairlyandequitably.是保證所有selloutrights售出權(quán)利(強買權(quán)利)：Themandatory-bidconditionthroughselloutrightsallowsremainingshareholderstoexitthecompanyatafairpriceoncethebidderhasaccumulatedacertainnumberofshares.Theamountofsharesaccumulatedbeforetheruleappliesvariesbetweencountries.Thebiddermustofferthesharesatthehighestshareprice,asaminimum,whichhadbeenpaidbythebidderpreviously.Themainpurposeforthisconditionistoensurethattheacquirerdoesnotexploittheirpositionofpowerattheexpenseofminorityshareholders.當(dāng)收購方的達到一定比率后(比如90%)，則剩余的股東形式售出權(quán)利，以一個合理的價格賣給收購方，退出公司。這個比率在各個國家有不同規(guī)定，收購方必須是以過去N個月的最高報價來收購剩余。這一條件的主要目的是確Principleofequaltreatment待遇原理：Theprincipleofequaltreatmentconditionstipulatesthatallshareholdergroupsmustbeofferedthesameterms,andthatnoshareholdergroup’stermsaremoreorlessfavourablethananothergroup’sterms.Themainpurposeofthisconditionistoensurethatminorityshareholdersareofferedthesamelevelofbenefits,asthepreviousshareholdersfromwhomthecontrollingstakeinthecompanywasobtained.待遇原則規(guī)定了所有股東都享受同樣的條款，Squeeze-outrights擠出權(quán)利(強賣權(quán)利)：Thesqueeze-outrightsconditionallowsthebidderto（題目：2015-12-Q1，2012-12-SelloffItisthesaleofpartofacompanyasanentityorasseparateassetstoathirdpartyforanagreedamountoffundsorvalue.Thisvaluemaycompriseofcashandnon-cashbasedassets.Thecompanycanthenutilisethefundsgainedinalternative,value-enhancingactivities.公司賣了部分或者單獨資產(chǎn)給第，以約定的價好處：保護公司免于被收購，比如賣掉那個特別吸買家的產(chǎn)業(yè)；提供現(xiàn)金，維持現(xiàn)有業(yè)務(wù)或開拓業(yè)務(wù)，Asell-offcanacttoprotecttherestofabusinessformatake-over,bysellingoffapartthatisparticularlyattractivetoabuyerItcsoprovidecash,enablingtheremainingbusinesstoinvestfurtherwithouttheneedforworseningitsgearingbyobtainingmoredebtfinance.Itwouldalsoenablecompanytoconcentrateonwhatitperceivestobeitscore（題目：2015-12-DemergersAdemergeristhesplittingupofacorporatebodyintotwoormoreseparateandindependentbodies.Itisnotasaleoftheseparatebodiesthemselves,astheoriginalshareholdershavesharesinbothcompanies.分拆就是把公司拆成2個或多個單獨的實體，原股東繼續(xù)持有現(xiàn)在多家公司。于股東調(diào)節(jié)2家公司的持股比例，以匹配自己的風(fēng)險偏好。Thesplitdoesenable yststounderstandthetwobusinessesfully,particularlywhenthetwomaindivisionsareindifferentfields.Thetwodivisionsarelikelytohavedifferentriskprofiles,andsplittingthemupenablesshareholderstoadjusttheproportionoftheirholdingsbetweenthetwodifferentcompanies.缺點（題目：2013-12-Q4，2012-12-計算Bookvalueofequity(c/f)=equityshare+RetainedearningsBookvalueofdebtc/f)=NCLGearing=可以問問VC是否愿意投入初始，但股權(quán)對價怎么給？最好是達成一個股東跟VC都滿意（題目：2015-06-Q3，2011-12-Islamicfinance【背Islamicfinanceoperatesundertheprinciplethatthereshouldbealinkbetweentheeconomicactivitythatcreatesvalueandthefinancingofthtivity.金融的原則是，經(jīng)濟活動的創(chuàng)造價值和融資方式之間貸方收益。Pre-arrangedmarkupforconvenienceoflaterpayment,nointerestpercontract,nodividends,lossespercapitalcontribution,bothpartiesparticipatesharepercontract,nodividends,lossesbornebycapitalprovider,organisationrunsbusinessotherfeatures,lessorremainsassetownerandincursrisksofownership性質(zhì)。對于潛在的有形資產(chǎn)，持有可能是基于資產(chǎn)(銷售/售后回租)或資產(chǎn)(化)Underlyingtangibleassetinwhichholdersharesmaybeasset-based(sale/leaseback)orasset-backed(securitisation)Commoditysoldforfuturedelivery,cashreceivedatdiscountfromfinancialinstitution,paymentsreceivedinadvance分期款。Projectfunding,initialpaymentandtheninstalmentsfrombusinessundertakingtheproject.（題目：2015-12-Q4.5，2014-12-Q2.6，2013-12-Q4.2，2013-12-優(yōu)點IslamicfundsareavailableGhararuncertainty,riskspeculation)isnotExcessiveprofiteeringisnotBankscannotuseexcessiveAllpartiestakealong-termEmphasisonmutualinterestandco-缺點在sharia'a教教法的解釋沒有國際共識NointernationalconsensusonSharia'atransactioncostsAdditionalcomplianceworkincreasestransaction一些產(chǎn)品可能不符合金融的規(guī)定SomeIslamicproductsmaynotbecompatiblewithfinancialregulationsLimitedtradinginSukukDarkPool 交易中的暗2個主要原因因此可以節(jié)約換手費exchangefees.結(jié)合案例：該筆交易量占了全部的4.5%，一旦一次出手，則會造成市場的巨大波動，極darkpoolnetwork,賣方可以維持股價的完好無損intact，也可能降低交易費。市場效率，避免了暫時性的temporarily人為的artificially巨大波動。（題目：2015-06-Q2，2012-06-Margin&mark-to-market【背】Bothmark-to-marketandmarginsareusedbymarketstoreduce(eliminate)theriskofnon-paymentbypurchasersofthederivativeproductsifpricesmoveagainstthem.保證金和日盯式都是為了避免衍生品購Mark-to-marketclosesalltheopendealsatofeachdayatthatday’ssettlementprice,andopensaccountisadjustedaccordinglyonadailybasis.日盯式是每日結(jié)算當(dāng)天的名義和虧損。一旦市金可能不夠。Iflossesaremade,thenthecompanymayhavetodepositextrafundswithitsbrokerifthemarginaccountfallsbelowthemaintenancemarginlevel.Thismayaffectthecompany’sabilitytoplanadequayandensureithasenoughfundsforotheractivities.Ontheotherhand,extracashaccruingfromthenotionalprofitscanbewithdrawnfromthebrokeraccountifneeded.如果賬戶，則可以取現(xiàn)補充公司賬Eachtimeamarket-tradedderivativeproductisopened,thepurchaserneedstodepositamargin(initialmargin)withthebroker,whichconsistsoffundstobekeptwiththebrokerwhilethepositionisopen.保證金則是broker需要公司在開倉后存在賬戶上的一度的，低于保證金時，需要及時填補。Asstatedabove,thisamountmaychangedailyandwouldaffectDaikonCo’sabilitytoplanforitscashrequirements,butalsoopenpositionsrequirethatfundsaretieduptosupportthesepositionsandcannotbe（題目：2015-06-RiskmanagementRiskcanbemanagedinseveraldifferentHedging對沖，比如匯率風(fēng)險和利率風(fēng)險可以通過對沖，將風(fēng)險降低到一定水平。Forexamplecurrencyriskandinterestraterisk.Hedginginvolvestakingactionstomakean emorecertain.Diversifying風(fēng)險多樣化，簡單地說就是雞蛋放在一個籃子里。不同投資的組合，有不同程度的風(fēng)險，可以幫助降低生意的整體風(fēng)險。其中一種獲得多樣化的方式是收購/合并。Thisiseffectivelythepreventionof“puttingallyoureggsinonebasket”.Aportfolioofdifferentinvestments,withvaryingdegreesofrisk,shouldhelptoreducetheoverallriskofthebusiness.Onewayofachievingdiversificationisviaacquisitionormerger.Riskmitigation風(fēng)險減輕，這需要公司有控制流程來避免投資風(fēng)險不超過股東可結(jié)合的水平。Thisinvolvesputtingcontrolproceduresinplacetoavoidinvestmentsinprojectswhoseriskisabovetheshareholders’requiredlevel.agencyissuesgoalComponsationpackages應(yīng)該保證管理層實現(xiàn)了企業(yè)價值后得到相應(yīng)的。這樣才可以刺激（題目：Pilot-Q1，2014-12-Q1，2014-06-Q1，2012-06- Itwillbeimportanttoconformtolocalregulations.TakingwhentheLondonStockExchangeisusedasanoverseasexchange,therelevantregulationsare:AtleastthreeyearsofauditedpublishedaccountsAtleast25%ofthecompany’ssharesmustbeinpublichandswhentradingbegins至少25%的公司的股Minimummarketcapitalisationof Aprospectusmustbepublishedcontainingaforecastofexpectedperformance必須公開招股說明書，包Inadditionthecompanywillhavetobeintroducedbyasponsoringfirmandtocomplywiththelocalcorporateernancerequirements.此外，該公司將必須由一家贊助公司推出，并符合當(dāng)?shù)氐墓局卫硪蟆?book-building詢價圈購)（題目：2013-06-IPO理由【背ThemainreasongivenforthepubliclistingistousethefundsraisedtoeliminatethedebtintheThereareotherreasonswhyacompanymayundertakeapubliclisting.公開上市的主要原因是利用募金，以消除公司的。此外，也可能存在其他原因，比如：Theseinclude:gainingahigherreputationbybeinglistedonarecognisedstockexchangeandthereforereducingthecostsofcontractingwithstakeholders;beingabletoraisefundsmoreeasilyinthefuturetoundertakenewprojects;thelistingwillprovidethecurrentownerswithavaluefortheirequitystake;andthelistingmayenablethecurrentownerstoselltheirequitystakesandgainfromthevalueintheorganisation.在被認(rèn)可的交易所上市，從而獲得更高的聲譽，因此降低了與利益相關(guān)者的合同成本；能夠更容易地籌金，用于未來的新項目；上市將為目前的股東，賦予他們的股權(quán)價值；上市可能使目（題目：2013-06-折價的原因【背折現(xiàn)價格反映了投資于一家公司作為一個少數(shù)股東的額外風(fēng)險。Thediscountedsharepricewouldreflecttheadditionalriskofinvestinginacompanyasaminorityshareholder.（題目：2013-06-上市公司的Ethicalpublicscrutiny之下，公司的行為要更加遵守ethicalandaccountability跟打交道要transparent，絕對不能briberyorillegalpractice。所做的決定應(yīng)該是為了公司Sharebuybackscheme最大的優(yōu)點是利于控制transactioncosts和管理taxliabilities.因為股東可以是否將手頭股份賣給公司，這樣能夠控制cashreceived。（題目：2013-06-【背】Thistypeofloaninvolvesagroupofbanksprovidingfundsbutwithoutjointliability.Thereisnormallyaleadbankwhichthensyndicatestheloantoseveralotherbanks.是指由一家或數(shù)家銀行牽頭，多家銀行參與組成的銀行，由兩位或以上人按相同的條件、以不同的分工，共同向一位或優(yōu)點Themainadvantageofasyndicatedloanistatlagerloanscanbearrangedthanthoughasinglebank.Thismeansthatthecompanydoesnothavetoraisedifferentloansfromdifferentbanks.最大的優(yōu)勢是大筆貸Ittendstobemoreflexibleandcanbetailoredtothecompany’sspecificneeds它更加靈活，可以根據(jù)公缺點Theleadbankmayrequireahigherinterestratetocoveritsriskofoneofthesyndicatebanksdefaultingontheloan.牽頭銀行可能需要更高的利率來彌補其中一家(辛迪加)銀行拖欠的風(fēng)險。Bondissue公司債【背優(yōu)點：Itmayappeartobeanattractivemeansofarisinglargeamountsofcapitalforinvestmentpurposes.缺點：Therearelargeissuecostsinvolvedandthereistheriskthattheissuewillbeundersubscribed.成Itisamethodoffinancingwherethedebthasembeddedequityinstrumentsattached.Thisincreasesthevalue優(yōu)點Itoffersmoreflexibilityintermsofcouponrates.Providersofmezzaninefinancetendtobelong-terminvestorsratherthanthosetryingtomakeaquickreturnthereforetheyarelesslikelytodemandveryhighcouponrates.它的利率更靈活。層融資的提供者往往是長期投資者，并非想賺快錢，因此他們不太Italsoprovidesthecompanywithameansofraisingfinanceforventuresthatmightnotbeattractivetocommercialbanks.也提供給了企業(yè)其他的融資，當(dāng)他們無法吸引商業(yè)銀行進行融資時。Thevalueofcurrentequityholders’holdingwillbereducedbythewarrants.Theextentofthisproblemwilldependontheamountbywhichthevalueofthecompanyislikelytoriseiftheprojetproceedsusingthesuggestedmethodoffinancing.當(dāng)前股權(quán)持有人持有的價值將由權(quán)證降低。這個問題的程度將取決Thelendersmayinsistonsomedegreeofrestrictivecovenants,suchasrestrictionsonthefutureborrowingormeetingsoncertainfinancialratios.人可能會堅持某種程度的限制性契約，比EuropeanUnion(EU)歐盟易優(yōu)勢【背AfreetradearealiketheEuropeanUnion(EU)aimstoremovebarrierstotradeandallowfreedomofmovementofproductionresourcessuchascapitalandlabour.TheEUalsohasanoverarchingcommonlegalstructureacrossallmembercountriesandtriestolimitanydiscriminatorypracticeagainstcompaniesoperatinginthesecountries.Furthermore,theEUerectscommonexternalbarrierstotradeagainstcountrieswhicharenotmemberstates.RiviereComaybenefitfromoperatingwithintheEUinanumberofwaysasitcurrentlytradeswithinit歐盟自由貿(mào)易區(qū)，旨在降低貿(mào)易壁壘，允許資本和勞動力的自由流動。所有成員國之間遵從共同的法律框架，消除成員國企業(yè)間的。但對于非歐盟國家，則建立了壁壘。ItshouldfindthatitisabletocompeteonequaltermswithrivalcompanieswithintheEU.CompaniesoutsidetheEUmayfinditdifficulttoentertheEUmarketsduetobarrierstotrade.ensurethatthestandardsoffoodqualityandpackagingapplyequallyacrossallthemembercountries.食品的物流方面的盡職相對而言是比較好開展的，因為同樣的合規(guī)要求。DuediligenceoflogisticnetworksusedtotransportthefoodmaybeeasiertoundertakebecauseofcommoncomplianceEUmaymakeiteasierforthecompanytosetupbranchesinsidetheEU,ifitwantsto.EU內(nèi)建立的公司。ThecompanymayalsobeabletoaccessanygrantswhichareavailabletocompaniesbasedwithintheEU.（題目：2014-12-Q1，2014-12-WTO世界貿(mào)易組織【背】為了支際貿(mào)易的發(fā)展，世貿(mào)組織提供了一個確定和減少貿(mào)易壁壘和解決貿(mào)易爭端的機制。如果成員了規(guī)則，世界貿(mào)易組織將處以罰款。Tosupportthedevelopmentofinternationaltrade,theWTOprovidesamechanismforidentifyingandreducingtradebarriersandresolvingtradedisputes.WTOwillimposefines,ifmembersareinbreachoftheirrules.口限制。它也作為一個談判，解決國家之間的爭端。世貿(mào)組織鼓勵自由貿(mào)易，通過將最惠國原則應(yīng)用于其成員國之間，在一個國家提供給另一個國家的關(guān)稅降低的政策惠及所有成員國。TheWorldTradeOrganisation(WTO)wassetuptocontinuetoimplementteralAgreementonTariffsandTrade(GATT),anditsmainaimsaretoreducethebarrierstointernationaltrade.Itdoesthisbyseekingtopreventprotectionistmeasuressuchastariffs,quotasandotherimportrestrictions.Italsoactsasaforumfornegotiationandofferingsettlementprocessestoresolvedisputesbetweencountries.TheWTOencouragesfreetradebyapplyingthemostfavourednationprinciplebetweenitsmembers,wherereductionintariffsofferedtobyanothershouldbeofferedtoallmembers.雖然世貿(mào)組織已經(jīng)取得了顯著的成功，了一些國家之間的貿(mào)易保護主義措施，但也允許另一些保護主義措施，特別是非基于非關(guān)稅為基礎(chǔ)的，這部分是很難確定和控制。WhereastheWTOhashadnotablesuccess,someprotectionistmeasuresbetweengroupsofcountriesareneverthelessallowedandsomeprotectionistmeasures,especiallynon-tariffbasedones,havebeenhardertoidentifyandcontrol.優(yōu)點缺點（題目：2013-12-IMF國際金組織【背Tosupportstabilityoftheinternationalmonetarysystembyprovidingsupporttocountrieswithbalanceofpaymentproblem.為國際收支不平衡的國家提供幫助，確保國際貨幣體系的穩(wěn)定性。Whenamemberishavingdifficulties ingbalanceofpaymentsproblem,theIMFwillofferadviceoneconomicpolicyandlendmoneyatsubsidizedrates.當(dāng)一個成員在克服國際收支平衡問題時有，IMF（題目：2012-12-Normallyhavecontroloverinterestratesandsupportthestabilityofthefinancialsystem.Collaborationbetweencentralbanksissupportedbythebankofinternationalsettlements.銀行的銀行，通常對利率有控制Worldbank世界銀行【背世界銀行是提供的機構(gòu)PartiallyfundedbytheIMF,existstofundreconstructionandredevelopmentandtoeliminatepoverty.Loansarenormallymadedirectlytoernments,forperiodof10-20yearsandtied除貧困。通常是直接給，為期10-20年，綁定到特定的項目上。EuroBondsEurobondsarelong-termloansraisedbyinternationalcompaniesorotherinstitutionsandsoldtoinvestorsinseveralcountriesatthesametime.Eurobondsarenormallyrepaidafter5-15years,andareformajoramountsofcapitalie$10mormore.歐元債券是由國際公司或其他機構(gòu)發(fā)起的長期，可以同時在多個國家出售給投資者。歐債通常在5-15年內(nèi)償還，資本金大(比如1000萬美金或)。優(yōu)點InterestispaidgrossandthishasmeantthatEurobondshavebeenusedbyinvestorstoavoidtax.利息是Eurobondscreatealiabilityinaforeigncurrencytomatchagainstaforeigncurr