acca全新課程1階段網(wǎng)課p4知識(shí)要點(diǎn)匯總

問(wèn)題1.MIRRhastheadvantageoverIRRthatitassumesthereinvestmentrateisthe’scostofcapital.IRRassumesthatthereinvestmentratisMIRR【背2.InmanycaseswherethereisbetweentheNPVandIRRmethods,theMIRRwillgivethesameindicationasNPV.經(jīng)常NPV和IRR給了決策者相悖的指引，但MIRRNPV是一致的。2014-12-2012-06-1.Itsuffersformtheproblemthatitmayleadaninvestortorejectaprojectwhichhasalowerrateofreturnbut,becauseofitssize,generatesa2.Inthesameway,ahigh-returnprojectwithashortlifemaybepreferredoveralower-returnprojectwithalongerlife.同上，MIRRstandardpropertiesofanormaldistributioncurvecanbeseenbyysingthenormaldistributiontable(查表VAR(overtheproject’s99%valueatrisk=2.326×annualstandarddeviationofproject×√(timeperiodofthe95%valueatrisk=1.645×annualstandarddeviationofproject×√(timeperiodoftheValueatrisk風(fēng)90%valueatrisk=1.282×annualstandarddeviationofproject×√(timeperiodofthe2014-12-2012-06-TheVARprovidesanindicationofthepotentialriskinessofaproject.Forexample,ifAinvestsinprojectBthenitcanbe95%confidentthatthevaluewillnotfallbymorethan€1,471,000overitslife.Hencetheprojectwillstillproduceapositivenetpresentvalue.However,thereisa5%thatthelosscouldbegreaterthan€1,471,000.WithprojectC,thepotentiallossinvalueissmallerandthereforeitislessrisky.ItshouldbenotedtheVARcalculationsindicatethattheinvestmentsinvolvedifferentrisk.However,thecashflowsarediscountedatthesamerate,whichtheyshouldbe,sincetheriskdiffersbetween+2014-12- MonicaProfitbeforetaxRevenueVCFC-進(jìn)口零部件(轉(zhuǎn)化貨幣確認(rèn)折現(xiàn)率,APV用Keiadditionalcontribution1-T)oppotunitycost1-T),按Kd來(lái)折現(xiàn)curvebasedonfuturerisk- ratesandcreditspreadsforthe 。sensitivityysisandscenarioysis來(lái)幫助評(píng)估。2013-06-investmentdecisionfromthefinancingdecision.Thiswillallowtoevaluatethegainorlossassociatedwiththecostsandbenefitsof Thevalueoftheprojectisinitiallyassessedconsideringonlythebusinessriskinvolvedinundertakingtheproject.Thediscountrateusedisbasedontheassetbetawhichmeasuresonlythebusinessriskofthat.2014-12-【背TheimpactofdebtfinancingandthesubsidybenefitarethenInthisway,thecanassessthevaluecreatedfromitsinvestmentactivityandthentheadditionalvaluecreatedfromthemannerinwhichprojectis 用KdItallowseachdifferenttypeofcashflowtobediscountedataratespecifictotheriskof MonicacashKeiCAPMCAPM的理論缺陷。DiscountedrateusedinbaseonCAPMwhichhasnumberof&Bexcessreturn,risk2ProfitbeforetaxRevenueVCFC-進(jìn)口零部件(轉(zhuǎn)化貨幣目-確認(rèn)折現(xiàn)率,NPV用WACC ysisand =CashflowafterTaxRevenuePartscostVariablecostFixedcost-計(jì)算Workingcapital&other-06-4.Cashflow= Monica6.計(jì)算其他本地現(xiàn)金流=Contributionfromparts 費(fèi)-taxonContribution Assumptions:就計(jì)算工程中涉及的數(shù)據(jù)和分Itisassumedsalesrevenue,costs,royalties,initialinvestmentcost,workingcapitalandcostsofcapitalandinflation數(shù)據(jù)都是正確的。這些估計(jì)都有不確定性，任何一個(gè)變動(dòng)都會(huì)導(dǎo)致項(xiàng)目測(cè)算結(jié)果變化很大。需要做進(jìn)一步的sensitivityysisandscenarioysis來(lái)分析，才可以假定在USA2年(根據(jù)題意)沒(méi)有顯示該項(xiàng)目一定會(huì)在4年后結(jié)束。雖然目前的測(cè)算只有4年，但很可能會(huì)繼續(xù)，這將產(chǎn)生附加收益。沒(méi)有說(shuō)明土地產(chǎn)房在項(xiàng)目結(jié)束后的處置，如果變賣，這部分residualvalue也會(huì)增加e。Transferprice的增長(zhǎng)直接增加了本土公司的contribution。這可能不是一個(gè)合理的假設(shè)。很多對(duì)企業(yè)內(nèi)部transferprice有限制，假設(shè)跟negotiations比較成功，所以可以接受增長(zhǎng)的transferpriceandroyalty為什么CF用項(xiàng)目specificdiscountrate12%折舊沒(méi)有解釋清楚。這是否是一個(gè)正確的合理的估計(jì)？這個(gè)值的由來(lái)需要進(jìn)一步假設(shè)匯率波動(dòng)是跟inflation一致，但事實(shí)上，這種一致不是完全一致movefullyinline2015-06-2013-12-2012-06-海外投資項(xiàng)目Pilot-ernment2011-06- Monica價(jià)值?12%，證明該項(xiàng)目是有利可圖的。2016-06-TriplebottomTBL報(bào)告是一份量化總結(jié)tativesummary,關(guān)于企業(yè)的economic/financialimpact,對(duì)環(huán)境的影響impactonenvironment,以及社會(huì)表現(xiàn)impactonRealOptiontoexpand(Call):ifsuccessful,technologyorbrandnamewillbeusedinotherOptiontodelay(Call):couldmeanthatvaluablenewbusinessinformationisOptionto–assetscaneasilybeswitchedfromoneprojectto4.Optionto(Put)–easytosellassetsiftheprojectfails,orlowclear-up2016-06-2014-06-2013-12-2012-06-2011-06- MonicaBlack-ScholesvaluationtechniquestorealoptionssimulationmethodsaretypicallyusedtoetheproblemofestimatingBlack-Scholes【背SuitableforEuropeanstyleoptionsthereforeitassumedthatthewarrantsareoftheEuropeanstyle Therearenotaxedortransactioncosts市場(chǎng)無(wú)摩擦，即不存 Interestratesareconstantandcertain利率是一定且恒定的價(jià)值分析(calloption為例)：PePa,volatility,timetoexpire,riskrate同2014-06-Inthemoney,intrinsicvalue賺錢；atthemoney，intrinsicvalue盈虧點(diǎn)；outofmoney，intrinsicvalueDelta,即BSOP求得的N(d1)：changeincalloptionprice/changeinvalueofshare股價(jià)變化對(duì)Callopotion價(jià)格影響；Delta涉及所有衍生品Thismeansthatthedeltaisconstantlychangingwhenthevolatilityortimetoexpirychange.Thereforeevenwhenthedeltaandhedgeratioareuseddeterminethenumberofoptioncontractsneeded,thisnumberneedstobeupdatedperiodicallytoreflectthenew希臘字【背longcalloption/shortputoption01longputoption/shortcalloption為-10Whenthelongcalloptionisat-the-money,thedeltais0.5butalsochangesrapidly.2016-06-2014-06-2013-12-2013-06-5.Vegaisthechangeinvalueofanoption(callorput)resultingfroma1%pointchangeinitsvolatility.價(jià)格對(duì)波動(dòng)的敏感度。波動(dòng)越大 Monica Delta【背Thewriterofacalloptioncanusedeltahedgingtomanageitsexposuretotherisktheassetincreasinginvalue.Acalloptionwillincreaseinvalueinarisingmarketasitfixesalowerstrikepriceallowingtheholdertobuyatacheaperprice.Adeltahedgeensuresthattheoptionwriteralsoownstheunderlyingassetwhichwillshowagainasthepricerises.N(d1)isthenumberofsharesthatatraderwillbuyeachtimeacalloptionissold,thepurchaseoftheunderlyingtohedgetheirpositioniscalledadeltaTheformulaforadeltahedgeis:Assetsheldbyoptionwriter=Delta×optionswritten,Wheredelta=CostofZiwaCo’sungearedcostofequityrepresentsthereturnZiwaCo’sshareholderswouldrequireifZiwaCowasfinancedentirelybyequityandhadnodebt.Thereturnwouldcompensatethemforthebusinessriskundertakenbythe.ThisrequiredrateofreturnwouldcompensateMlimaCo’sshareholdersaswellbecause,sincebothcompaniesareinthesameindustry,theyfacethesamebusinessrisk. 。ThisrateisthenusedasMlimaCo’scostofbecauseoftheassumptionthatMlimaCowillnotissueanydebtandfacesnofinancialrisk.Thereforeitscostofequity(ungeared)isitscostof2013-06-A’sWACCistheaverageoftheafter-taxcostsofthedifferencesourcesoffinancethatituses,weightedinproportiontothemarketvaluesofthosefunds.WACC來(lái)折現(xiàn)；WACCcanbeusedasadiscountratetoevaluatethe’spotentialprojectsprovided-Thereisnosignificantchangeinthecapitalstructureoftheasaresultofthe-Theoperatingriskofthenewprojectisthesameasthe’sexistingsystematic等額付Annutiy(8%,4years)=3.312,Annutiypayableperyearonload=$30/3.312=$9.057Interestpayableperyear=$30*8%=$2.4每年的closingloanbalanceopeninginterest2015-06-Bond的如果知道Bond的MV,couponrate,以及parvalue,grossredemptionyield(GRY)。比如用5%折現(xiàn)coupon&redemptionvalue得到MV1,+Pilot-2014-06- Monica【背3.意義：Durationbondpricechangeininterestrateredemptiondates.bond通相較于付較低利息的，贖回期更快；因此，它們對(duì)利息的變化不這么敏感，即有較低的duration。4.圖像：BondValueInterestrate關(guān)系的圖形是凸向原點(diǎn)的曲線convexcurvetoorigin(形狀類似于無(wú)差異曲線)，Duration是那根切線。所以，changeininterestrates(Δi)andchangeinpriceorvalueofabondorloan(ΔP)isgivenasfollows:ΔP=[–D×Δi×P](Pisthecurrentvalueofaloanbondandisadurationwilldeterminehowmuchthevalueofabondorloanwillchangewhenthereisachangeininterestrates.Ahighermodifieddurationmeansthatthefluctuationsinthevalueofabondorloanwillbegreater,hencethevalueof2?42meansthatthevalueoftheloanorbondwillchangeby2?422014-06-【背timesthechangeininterestratesmultipliedbytheoriginalvalueofthebondorasconvextotheoriginal.Theimpactofconvexity(ienon-linearrelationship)willbethatthemodifieddurationwilltendtooverstatethefallinapriceandunderstatetherise.Theproblemofconvexityonlyesanissuewithmoresubstantialfluctuationsinthe公司信用級(jí),credit需要考慮的因3)profitmarginsandreturnon Monica4.Evaluationofmanagement則考慮了管理層是如何管理并規(guī)劃公司發(fā)展的。EstimatetheThecostofabondwilldependontwoTheyieldcurveshowshowtheyieldon ernmentbondsvaryaccordingtothetermoftheborrowing.Normallyitisupwardslo .向上陡坡Thereareanumberofex nationsoftheyieldcurve;thesearenotcompetingex nations,andatanyonetimeallmaybeinfluencingtheshapeoftheyield ，任何時(shí)候任一因素都會(huì)影響yieldcurve的形狀。Expectationstheory預(yù)期理論–thecurvereflectsexpectationsthatinterestrateswillriseinthefuture,sotheernmenthastoofferhigheronlong-termLiquiditypreferencetheory流動(dòng)性偏好理論thecurvereflectsthecompensationthatinvestorsrequirehigherreturnsforsacrificingliquidityonlong-datedbonds.Marketsegmentationtheoryshort-datedbondstendtobemorepopularwithbanksandlong-datedbondsaremorepopularwithpensionfunds.Ifdemandforbondsishigherinoneofthesemarketstheernmentcanofferlowerreturns.2.Thecreditriskpremium–derivedfromthebond’screditrating根據(jù)信用來(lái)，一般題目會(huì)告Costofdebtcapital=(1–taxrate)*(riskrate+creditNetassetNetassetvaluation=NCA*變率*MV估值折扣率設(shè)備的變現(xiàn)能力Realisationof2016-06-2015-06-2014-06-2013-12- Monica常見(jiàn)的為AB1.計(jì)算公司的earningspershare$128/90股數(shù)2.計(jì)算公司的PE2016-06-PE2014-06-2013-12-Valueoffirm=Valueofinvestedcapital+sumofdiscountedEVA2014-12-2013-06- MonicaEVAEVA的長(zhǎng)期趨勢(shì)，則可以克服這個(gè)缺點(diǎn)。MVAMVA=MarketValueofDebt+MarketValueofEquity–BookValueofEquity，如果部分的MV=BV，則MVA測(cè)量commonstock&equitycapital1.FCFF=RevenueafteroperatingcostsandtaxPBITtaxaddDepn'Dividendsfromforeignaffiliatesandless(NetinvestmentinNCA&addNetWCdecreases&Salvagevaluereceived)2.riskadjustedcostofcapital(即WACC)Pilot-2015-12-Valueattributableto收購(gòu)方=新valueoffirmcurrentMVofequityMVofdebt)PremiumValuetoshareholders=MVof2014-06-2013-12-6.評(píng)價(jià)：如果公司估值>MBOraise的錢,則MBO2012-06-2011-06-FCFE=DividendsthatcouldbepaidtoaddDepn'Dividendsfromforeignaffiliatesandless(NetinvestmentinNCA&2016-06-2014-12-2012-12-FCFE=FCFF-(Netinterest+贖回的)+taxbenifitfromdebt(netinterest*tax3.評(píng)估equity=FCFE*(1+g)/(Ke- Monica4.Valueofthefirm=valueofequity+valueofdebt1計(jì)算RetainearingsPBITinteresttaxworkingcapital需求extraNCA投入investmentin2016-06-2013-06-(%)，r是ROCEprofit影響4.項(xiàng)目開(kāi)展后的公司估值=Y1+Y2+Y3的NPV+Y4~Yn的NPV(CF4*(1+g)/(Ke-g)/(1+Ke)^3)2016-06-2015-06-ysis2015-06- Monica司評(píng)1.OperatingProfitmargin=2.ROCE=PBIT/CapitalEarningspershare=Profitaftertax/PEratio=shareprice/EarningsperAnnualrevenuegrowth1.Gearing=Debt/Interestcover=PBIT/financeAssetturnover=Revenue/CapitalemployedCurrentratio=CA/CLQuickratio=(CA-Dividendyield=Dividendpershare/sharepriceSharepriceDividendcover=Profitaftertax/2014-12-2012-06-【背優(yōu)點(diǎn)：MBO成本較低，不用花錢做，公開(kāi)招標(biāo)，或者資產(chǎn)一個(gè)個(gè)單獨(dú)賣；也比較快；管理層和員工的較少；價(jià)格較好，原員工和MBOcostsmaybelesscomparedwithotherformsofdisposalsuchassellingindividualassetsofthedivisionorsellingittoathirdItmaybethequickestmethodinraisingfundscomparedtotheotherTherewouldbelessfromthemanagersandemployeesmakingtheprocesssmootherandeasiertoplishthanifbothdivisionsweretobecloseddown.Itmayofferabetterprice.Thecurrentmanagementandemployeespossiblyhavethebestknowledgeofthedivisionandareabletomakesuccessful.ThereforetheymabbewillingtopaymoreforManagershavedetailedknowledgeofthebusinessandits2015-06-2011-12- Monica缺點(diǎn)：稅務(wù)和問(wèn)題；難以確定一個(gè)合理的收購(gòu)價(jià)；很難說(shuō)服員工改變他們現(xiàn)在的工作習(xí)慣；現(xiàn)金流不充足, 求；維持原員工的計(jì)劃；如果引入VC的,那么會(huì)有VC的人擔(dān)任董事會(huì)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,人員會(huì)流失；維持目前的供應(yīng)商和客戶關(guān)系；缺乏使公司充滿的新構(gòu)思。TaxandlegalDifficultiesindecidingonafairpricetobeConvincingemployeesoftheneedtochangeworkingInadequatecashflowtofinancethemaintenanceandrecementoftangiblefixedAcceptingtheboardrepresentationrequirementthatmanysourcesoffundswillinsistThelossofkeyemployeesifthemovesgeographically,orwageratesaredecreasedtoofar,oremploymentconditionsareunacceptableinotherwaysMaintainingcontinuityofrelationshipswithrsandlacknewideastorejuvenatethe (扣掉變賣資產(chǎn)所得后)+需要收購(gòu)的股東部分+新投資 Pilot-MBI外部管理Managementbuy-in(MBI)involvespurchasingabusinessbyamanagementteambroughtinfromoutsidethebusiness.其他公司的管理層來(lái)這個(gè)Anewmanagementteam,throughtheirskillsandexperienceacquiredelsewhere,maybringfreshideasintotheItmaybethattheexternalmanagementteamalreadyhastherequisiteleveloffinanceincetomovequicklyandmoreThemanagementteamshaddisagreementsinthepastandthetwoteamsmaynotbeabletoworktogetherinthefutureiftheyneedto.ItmaythataMBIistheonlywayforwardforOkazuCotosucceedinthe2015-06-Creditorhierarchy：fixedfloatingUnsecuredcreditorsPreferenceshareholdersOrdinaryPilot-尋找合適的買家,opentender或throughanintermediary due Pilot- Monica Organic優(yōu)缺【背2014-06-【背 2014-06- 2015-06- Monica3.A收購(gòu)B公司，意味著A擁有了B的管理團(tuán)隊(duì)，這是這群人帶領(lǐng)了B了高速發(fā)展的道路。他們或以幫助合并的順利進(jìn)行，或者給Acquisition缺4AB，可能有ACB，那么會(huì)影響AC2016-06-:Revenuesynergyexistswhentheacquisitionofthetargetwillresultinhigherrevenuesfortheacquiring,higherreturnonequityorlongerperiodofgrowth.Revenuesynergiesarise(aIncreasedmarketpower?高市場(chǎng)上的話語(yǔ)權(quán)/(bMarketingsynergiesAcquisition(cStrategicsynergies2013-06-【背costsynergyresultsprimarilyfromtheexistenceofeconomiesofscale.Asthelevelofoperationincreases,themarginalcostfallsandthiswillmanifestedingreateroperatingmarginsforthecombinedentity.Theresultingcostsfromeconomiesofscalearenormallyestimatedtobe1)Cashslack現(xiàn)金松弛：Whenafirmwithsignificantexcesscashacquiresafirm,withgreatprojectsbutinsufficientcapitalthecombinationcan MonicadeductionsthatitcannotusebecauseitislosingmoneywhiletheotherfirmhaseonwhichitpayssignificanttaxesthecombiningofthetwofirmscanleadtotaxbenefitsthatcanbesharedbythetwofirmsAcquisition的從賣家來(lái)看，一大筆收入可能構(gòu)成CGT。但收益固定了，不再收到股價(jià)波動(dòng)影響。方法1.直接用換股價(jià)格折算，2.(totalequityvaluesynergysavings)/shareexpectedsharepriceofcombined2016-06-2012-12-A公司MVe=*A+BvalueestimateFCFE1FEFE2Synergybenifitx倍數(shù)(題目告知Valueaddedpart3-1-2,按照題意看A和B2014-12-薦公司的多樣化略，采用收購(gòu)估值公司，是，B的價(jià)值將得到全面?升，那么對(duì)于A和BStrategy,A2014-12-成功 Monica降低收購(gòu)風(fēng)【背2014-06-Goldenparachute黃金降落傘：Largecompensationpaymentsmadetothetopmanagementofthetargetfirmiftheirpositionsareeliminateddue2.Poisonpill丸計(jì)劃：Thisisanattempttomakeaunattractivenormallybygivingtherighttoexistingshareholderstobuysharesata3.WhiteknightsandwhiteSquires白衣騎士/白衣侍從：Thiswouldinvolveinvitingafirmthatwouldrescuethetargetfromtheunwantedbidderwhiteknightwouldactasafriendlycounter-bidder.Awhitesquireissimilartoawhiteknightbuttheformerdoesnottakecontrolofthetargetfirm.【背4.Crownjewels王冠珠寶：Thefirm'smostvaluableassetsmaybethemainreasonthatthefirmbecameatakeovertargetinthefirstce.Bysellingtheseorenteringintoarrangementssuchassaleandleaseback,thefirmismakingitselflessattractiveasatarget.把收購(gòu)公司感的資產(chǎn)賣了，或者2015-12-2011-06-Pacmandefence防御(反收購(gòu))：Thisdefenceiscarriedoutbymountingacounter-bidfortheattacker.ThePacmandefenceisanratherthandefensivetacticandwillonlyworkwheretheoriginalacquirerisapublicwithdiverseshareholdings.Thistacticalsoappearssuggestthatthe'smanagementareinfavoroftheacquisitionbuttheydisagreeaboutwhichshouldbeincontrol.對(duì)收購(gòu)公司進(jìn)行 Monica需要考慮的InasimilarmannertotheCompetitionandMarketsAuthorityintheUK,theEuropeanUnion(EU)willassesssignificantmergersand(M&Asimpactoncompetitionwithinacountry’smarket.ItwillforexampleusetestssuchasworldwideturnoverandEuropeanturnoverofthegroupaftertheM&A.ItmayblocktheM&A,ifitfeelsthattheM&Awillgivethemonopolisticpowersorenableittocarveoutadominantpositioninthemarketsoastonegativelyaffectconsumerchoiceandprices.是否合并的公司規(guī)模太大，地位，這樣消費(fèi)者就沒(méi)有選擇權(quán)和定價(jià)權(quán)。SometimestheEUmayaskforthetosellsomeofitsassetstoreduceitsdominantpositionratherthannotallowanM&Atoproceed.It2014-12-condition強(qiáng)制【背selloutrights售出權(quán)利(強(qiáng)買權(quán)利)：Themandatory-bidconditionthroughselloutrightsallowsremainingshareholderstoexittheatafairpriceoncethebidderhasaccumulatedacertainnumberofsharesTheamountofsharesaccumulatedbeforetheruleappliesvariesbetweencountries.Thebiddermustofferthesharesatthehighestshareprice,asaminimumwhichhadbeenpaidbythebidderpreviouslyThemainpurposeforthisconditionistoensurethattheacquirerdoesnotexploittheirpositionofpowerattheexpenseofminorityshareholders.當(dāng)收購(gòu)方的達(dá)到一定比率后Principleofequaltreatment待遇原理：Theprincipleofequaltreatmentconditionstipulatesthatallshareholdergroupsmustbeofferedthesameterms,andthatnoshareholdergroup’stermsaremoreorlessfavourablethananothergroup’sterms.Themainpurposeofthisconditionistoensurethatminorityshareholdersareofferedthesamelevelofbenefits,asthepreviousshareholdersfromwhomthecontrollingstakeinthetargetwasobtained. Squeeze-outrights擠出權(quán)利(強(qiáng)賣權(quán)利)：Thesqueeze-outrightsconditionallowsthebiddertominorityshareholderstoselltheirstake,atafairprice,oncethebidderhasacquiredaspecificpercentageofthetarget’sequity.Thepercentagevariesbetweencountriesbuttypicallyrangesbetween80%and95%.Themainpurposeofthisconditionistoenabletheacquirertogain100%stakeofthetargetandpreventproblems2015-12-2012-12-DilutionofEPS：MaybeafallinEPSattributabletoexistingshareholdersifpurchaseconsiderationisinequitysharesEPSCosttothe:Loanstocktobackcashoffer:taxreliefoninterest,lowercostthanequity.Maybelowercouponifconvertible發(fā)債的話有節(jié)稅勢(shì)2013-12- MonicaGearing：Highlygearedmaynotbeabletoissuefurtherloanstockforcashoffer發(fā)債過(guò)多杠桿太Controlcouldchangeconsiderablyiflargenumberofnewsharesissued如果一下子很多，那么股權(quán)就大大稀釋Authorisedsharecapitalincrease：Mayberequiredifconsiderationisinformofshares.ThiswillinvolvecallingaGeneralMeetingtopasstheBorrowinglimitsincrease：GeneralMeetingresolutionrequiredifborrowinglimitsneedtochangeTaxation：Ifconsiderationiscash,manyinvestorsmaysufferCGT一大筆現(xiàn)金可能e：Ifconsiderationisnotcash,arrangementmustmeanexistingeismaintainedorbecompensatedbysuitablecapitalgainorreasonablegrowthexpectations非現(xiàn)金的安排需要，在當(dāng)前的收入基礎(chǔ)上，繼續(xù)享受預(yù)期增長(zhǎng)Futureinvestments：Shareholderswhowanttoretainstakeintargetbusinessmayprefershares形式可以繼續(xù)享受公司的未來(lái)增長(zhǎng)的收Shareprice：Ifconsiderationissharesrecipientswillwanttobesurethatsharesretaintheirvalues 變【背Itisthesaleofpartofaasanentityorasseparateassetstoathirdpartyforanagreedamountoffundsorvalue.Thisvaluemaycompriseofcashandnon-cashbasedassets.Thecanthenutilisethefundsgainedinalternative,value-enhancingactivities.公司賣了部分或者單獨(dú)資產(chǎn)給Asell-offcanacttoprotecttherestofabusinessformatake-over,bysellingoffapartthatisparticularlyattractivetoaItcanalsoprovidecash,enablingtheremainingbusinesstoinvestfurtherwithouttheneedforworseningitsgearingbyobtainingmoredebtItwouldalsoenabletoconcentrateonwhatitperceivestobeitscore2015-12-Demergers【背AdemergeristhesplittingupofacorporatebodyintotwoormoreseparateandindependentbodiesItisnotasaleoftheseparatebodiesthemselves,astheoriginalshareholdershavesharesinbothcompanies.分拆就是把公司拆成2個(gè)或多個(gè)單獨(dú)的實(shí)體，原股東繼續(xù)持有現(xiàn)在多家公司。Thesplitdoesenableyststounderstandthetwobusinessesfully,particularlywhenthetwomaindivisionsareinThetwodivisionsarelikelytohavedifferentriskprofiles,andsplittingthemupenablesshareholderstoadjusttheproportionoftheirholdingsbetweenthetwodifferentcompanies.2013-12-2012-12- Monica Bookvalueofequity(c/f)=equityshare+RetainedearningsBookvalueofdebtc/f)=NCL3.Gearing= 2015-06-2011-12-c【背cfinanceoperatesundertheprinciplethatthereshouldbealinkbetweentheeconomicactivitythatcreatesvalueandthefinancingofthat 收益。Pre-arrangedmarkupconvenienceoflaterpayment,nocontribution,bothpartiesparticipatebycapitalprovider,organisationrunsbusinessandincursrisksof能是基于資產(chǎn)(銷售/售后回租)或資產(chǎn)(化)Underlyingtangibleassetinwhichholdersharesmaybeasset-based(sale/leaseback)orasset-backedreceivedatdiscountfromfinancialinstitution,paymentsreceivedinadvance2015-12-2014-12-2013-12-2013-12- Monicac特【背全球發(fā)售cfundsareavailableAllpartiestakealong-termEmphasisonmutualinterestandco- 的規(guī)定SomecproductsmaynotbecompatiblewithfinancialLimitedtradinginSukukDark量和價(jià)格才會(huì)公布。2個(gè)主要原因： 的4.5%，一旦一次出手，則會(huì)造成 預(yù)期的回報(bào)了。通過(guò)darkpoolnetwork,賣方可以維持股價(jià)的完好無(wú)損intact，也可能降低費(fèi)。 2015-06-2012-06-Bothmark-to-marketandmarginsareusedbymarketstoreduce(eliminate)theriskofnon-paymentbypurchasersofthederivativeproductsifMargin&Mark-to-marketclosesalltheopendealsattheendofeachdayatthatday’ssettlementprice,andopensthemagainatthestartofthefollowingmark-to-Thenotionalprofitorlossonthedealsisthencalculatedandthemarginaccountisadjustedaccordinglyonadailybasis.2015-06-【背 可能不夠。lossesaremade,thenthemayhavetodepositextrafundswithitsbrokerifthemarginaccountfallsbelowthemaintenancemarginThismayaffect ’sability n yandensureithasenoughfundsforotheractivities.Ontheotherhand,extracashaccruing Monicathenotionalprofitscanbewithdrawnfromthebrokeraccountifneeded.如果賬戶，則可以取現(xiàn)補(bǔ)充公司賬戶現(xiàn)金流Eachtimeamarket-tradedderivativeproductisopened,thepurchaserneedstodepositamargin(initialmargin)withthebroker,whichconsistsoffundstobekeptwiththebrokerwhilethepositionisopen.保證金則是broker需要公司在開(kāi)倉(cāng)后存在賬戶上的一 Asstatedabove,thisamountmaychangedailyandwouldaffectDaikonCo’sabilitytonforitscashrequirements,butalsoopenpositionsthatfundsaretieduptosupportthesepositionsandcannotbeusedforotherpurposesbythe.綜上所述，是每日結(jié)算，所以會(huì)影響公司的RiskcanbemanagedinseveraldifferentHedging對(duì)沖，比如匯率風(fēng)險(xiǎn)和利率風(fēng)險(xiǎn)可以通過(guò)對(duì)沖，將風(fēng)險(xiǎn)降低到一定水平。ForexamplecurrencyriskandinterestrateriskHedgingtakingactionstomakeanemore中一種獲得多樣化的方式是收購(gòu)/合并。ThisiseffectivelythepreventionofputtingallyoureggsinonebasketAportfolioofdifferentwithvaryingdegreesofrisk,shouldhelptoreducetheoverallriskofthebusiness.OnewayofachievingdiversificationisviaacquisitionorRiskmitigation風(fēng)險(xiǎn)減輕，這需要公司有控制流程來(lái)避免投資風(fēng)險(xiǎn)不超過(guò)股東可結(jié)合的水平。Thisinvolvesputtingcontrolproceduresinceavoidinvestmentsinprojectswhoseriskisabovetheshareholders’required2014-12-2014-06-2012-06--Mitigation機(jī)制包括monitor目標(biāo)和戰(zhàn)略的實(shí)現(xiàn)。當(dāng)外部環(huán)境發(fā)生改變時(shí)，允許調(diào)整戰(zhàn)略2013-06-IPOinItwillbeimportanttoconformtolocalregulations.TakingwhentheLondonStockExchangeisusedasanoverseasexchange,therelevantregulations1Atleastthreeyearsofauditedpublishedaccounts2013-06- MonicaIPO【背折 的原【背上市公司scheme好處銀

Atleast25%of ’ssharesmustbeinpublichandswhentradingbegins至少25%的公司 Minimummarketcapitalisationof Inaddition willhavetobeintroducedbyasponsoringfirmandtocomplywiththelocal Themainreasongivenforthepubliclistingistousethefundsraisedtoeliminatethedebtinthe .Thereareotherreasonswhya undertakeapubliclisting.公開(kāi)上市的主要原因是利用募 Theseinclude:gainingahigherreputationbybeinglistedonarecognisedstockexchangeandthereforereducingthecostsofcontractingstakeholdersbeingabletoraisefundsmoreeasilyinthefuturetoundertakenewprojectsthelistingwillprovidethecurrentownerswithavaluefortheirequitystakeandthelistingmayenablethecurrentownerstoselltheirequitystakesandgainfromthevalueintheorganisation.在被認(rèn)可的 價(jià)值；上市可能使目前的股東 價(jià)格反映了投資于一家公司作為一個(gè)少數(shù)股東的額外風(fēng)險(xiǎn)。Thediscountedsharepricewouldreflecttheadditionalriskofinvestinginaasaminorityshareholder.或者說(shuō)服給當(dāng)?shù)厝藙?chuàng)造其他就業(yè)，或者工廠給當(dāng)?shù)厝?跟打交道要transparent，絕對(duì)不能briberyorillegalpractice。所做的決定應(yīng)該是為了公司和當(dāng)?shù)厣鐣?huì)更好的發(fā)展，而不是為了個(gè)人利transactioncoststaxliabilities.因?yàn)楣蓶|可以是否將手頭賣給公司，這樣能夠控制cashreceived。他地方，就會(huì)有成本。公司股本降低，earningspershare會(huì)上升，股價(jià)會(huì)上升，那么未的價(jià)值會(huì)上漲，對(duì)其他股東而言也是有利的。Thistypeofloaninvolvesagroupofbanksprovidingfundsbutwithoutjointliability.Thereisnormallyaleadbankwhichthensyndicatestheloan Monica

2013-06-2013-06-2013-06-2013-06-【背 Themainadvantageofasyndicatedloanistatlagerloanscanbearrangedthanthoughasinglebank.Thismeansthatthedoesnothave Ittendstobemoreflexibleandcanbetailoredtothe’sspecificneeds它更加靈活，可以根據(jù)公司的具體需求定制。Theleadbankmayrequireahigherinterestratetocoveritsriskofoneofthesyndicatebanksdefaultingontheloan. Bondissue公司【背優(yōu)點(diǎn)：Itmayappeartobeanattractivemeansofarisinglargeamountsofcapitalforinvestmentpurposes.這是募集大量用于投資用途的一種有吸缺點(diǎn)：Therearelargeissuecostsinvolvedandthereistheriskthattheissuewillbe Mezzanine夾Itisamethodoffinancingwherethedebthasembeddedequityinstrumentsattached.Thisincreasesthevalueofthedebt.夾層融資是一種無(wú)擔(dān)保的長(zhǎng) Itoffersmoreflexibilityintermsofcouponrates.Providersofmezzaninefinancetendtobelong-terminvestorsratherthanthosetryingtomakeaItalsoprovidesthewithameansofraisingfinanceforventuresthatmightnotbeattractivetocommercialbanks.也?供給了企業(yè)其他的融Thevalueofcurrentequityholdersholdingwillbereducedbythewarrants.Theextentofthisproblemwilldependontheamountbywhichthevalueoftheislikelytoriseiftheprojetproceedsusingthesuggestedmethodoffinancing.當(dāng)前股權(quán)持有人持有的價(jià)值將由權(quán)證降低。這個(gè)問(wèn)題的Thelendersmayinsistonsomedegreeofrestrictivecovenants,suchasrestrictionsonthefutureborrowingormeetingtargetsoncertain歐盟易優(yōu)【背 tradearealiketheEuropeanUnion(EU)aimstoremovebarrierstotradeandallow domofmovementofproductionresourcessuchascapitalandlabour.TheEUalsohasanoverarchingcommonlegalstructureacrossallmembercountriesandtriestolimitanydiscriminatorypracticeagainstcompaniesoperatinginthesecountries.Furthermore,theEUerectscommonexternalbarrierstotradeagainstcountrieswhicharenotmemberstates.2014-12-2014-12- MonicacompeteonequaltermswithrivalcompanieswithintheEU.CompaniesoutsidetheEUmayfinditdifficulttoentertheEUmarketsduetobarrierstopackagingapplyequallyacrossallthemember 相對(duì)而言是比較好開(kāi)展的，因?yàn)橥瑯拥暮弦?guī)要求。Duediligenceoflogisticnetworksusedtotransportthefoodmaybeeasiertoundertakebecauseofcommoncompliancerequirements.upbranchesinsidetheEU,ifitwantsto.歐盟或許還有一些補(bǔ)貼政策，對(duì)于EU內(nèi)建立的公司。ThemayalsobeabletoaccessanygrantswhichareavailabletocompaniesbasedwithintheEU.Tosupportthedevelopmentofinternationaltrade,theWTOprovidesamechanismforidentifyingandreducingtradebarriersandresolvingdisputes.WTOwillimposefines,ifmembersareinbreachoftheir員國(guó)。TheWorldTradeOrganisationWTO)wassetuptocontinuetoimplementtheGeneralAgreementonTariffsandTradeGATT)anditsmainaretoreducethebarrierstointernationaltrade.Itdoesthisbyseekingtopreventprotectionistmeasuressuchastariffs,quotasandotherrestrictions.Italsoactsasaforumfornegotiationandofferingsettlementprocessestoresolvedisputesbetweencountries.TheWTOencourages世界貿(mào)易組tradebyapplyingthemostfavourednationprinciplebetweenitsmembers,wherereductionintariffsofferedtoonecountrybyanothershould2013-12-【背offeredtoallallowedandsomeprotectionistmeasures,especiallynon-tariffbasedones,havebeenhardertoidentifyand Monica Tosupportstabilityoftheinternationalmonetarysystembyprovidingsupporttocountrieswithbalanceofpaymentproblem.【背金Whenamemberishavingdifficultiesingbalanceofpaymentsproblem,theIMFwillofferadviceoneconomicandlendmoneyatsubsidized2012-12-央【背NormallyhavecontroloverinterestratesandsupportthestabilityofthefinancialsystemCollaborationbetweencentralbanksissupportedbythebankofinternationalsettlements.銀行的銀行，通常對(duì)利率有控制權(quán)，支持金融體系的穩(wěn)定性。之間的合作是由國(guó)際銀行來(lái)支持的。World世界銀【背世界銀行是?供的機(jī)構(gòu)PartiallyfundedbytheIMF,existstofundreconstructionandredevelopmentandtoeliminatepoverty.Loansarenormallymadedirectlyto ernments,forperiodof10-20yearsandtiedtospecificprojects.部分由國(guó)際 ，為期10-20年，綁定到特定的項(xiàng)目上。2016-06-Euro歐【背Eurobondsarelong-termloansraisedbyinternationalcompaniesorotherinstitutionsandsoldtoinvestorsinseveralcountriesatthesametime.Eurobondsarenormallyrepaidafter5-15years,andareformajoramountsofcapitalie$10mormore.歐元債券是由國(guó)際公司或其他機(jī)構(gòu)發(fā)起的長(zhǎng)期 )InterestispaidgrossandthishasmeantthatEurobondshavebeenusedbyinvestorstoavoidtax.利息是按照總收入給付(未扣除稅金)，這意味著歐Theyareoftencheaperthanaforeigncurrencybankloanbecausetheycanbesoldonbytheinvestor,whowillthereforeacceptaloweryieldinreturnforthisgreaterliquidity.他們往往比一個(gè)外幣銀行 Theyarealsoextremelyflexible.Mosteurobondsarefixedratebuttheycanbefloatingrateorlinkedtothefinancialsuccessofthe.他們也Theyaretypicallyissuedbycompanieswithexcellentcreditratingsandarenormallyunsecured,whichmakesiteasierforcompaniestoraise Eurobondissuesarenotnormallyadvertisedbecausethey cedwithinstitutionalinvestorsandthisreducesissuecosts.歐債 Monica Likeanyformofdebtfinancetherewillbeissuecoststoconsider y2%offundsraisedinthecaseofEurobonds)andtheremayalso Ab