<STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">
<P><FONT color=#2248dd size=5>免费了</FONT></P></SPAN></SPAN></STRONG>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">CFA</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: Tahoma; mso-bidi-font-family: 'Times New Roman'">一级考试分析串讲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 'Times New Roman'; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">1-</SPAN><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: Tahoma; mso-bidi-font-family: 'Times New Roman'">综合分析</SPAN></SPAN></STRONG></P>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: Tahoma; mso-bidi-font-family: 'Times New Roman'"></SPAN></SPAN></STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 10.5pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: 'Times New Roman'; mso-hansi-font-family: Tahoma; mso-bidi-font-family: 'Times New Roman'"><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">FSA and Corporate Finance
<P></P></FONT></SPAN>
<P class=MsoNormal style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; TEXT-INDENT: 18pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align=left><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">财报分析所占的比重约在</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">23%</FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">，从单一科目来讲，这部分是最大科目，考生不仅不能忽略，更要精通。要想在财报分析中拿高分，就必须对考试的范围每一点都下工夫。了解每一项财务比率，了解每一个会计处理原则的改变对相关比率的影响，了解分析师重新调整会计科目以符合公司的真实价值或营运状况，对相关财务比率的影响。公司财务管理与大学修的差不多，要掌握三大决策</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">: </FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">投资、融资及股利。如何计算资金成本，并运用净现值、内部报酬率及回收期选择投资案为一大重点。融资对公司之利弊及最适资本结构的几派理论、股利政策与公司成长率之关系及股利变动对股价之影响等主题务必了解。........</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">
<P></P></SPAN>
<P></P>
<P></P>
<P></P>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">CFA</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">一级考试分析串讲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">2-ethics\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">经济学</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">财务报表</SPAN></SPAN></STRONG></P></SPAN></SPAN>
<P></P>
<P></P>
<P class=MsoNormal style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; TEXT-INDENT: 18pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align=left><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">财报分析所占的比重约在</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">23%</FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">，从单一科目来讲，这部分是最大科目，考生不仅不能忽略，更要精通。要想在财报分析中拿高分，就必须对考试的范围每一点都下工夫。了解每一项财务比率，了解每一个会计处理原则的改变对相关比率的影响，了解分析师重新调整会计科目以符合公司的真实价值或营运状况，对相关财务比率的影响。公司财务管理与大学修的差不多，要掌握三大决策</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">: </FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">投资、融资及股利。如何计算资金成本，并运用净现值、内部报酬率及回收期选择投资案为一大重点。融资对公司之利弊及最适资本结构的几派理论、股利政策与公司成长率之关系及股利变动对股价之影响等主题务必了解。........</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">
<P></P></SPAN>
<P></P>
<P></P>
<P></P>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">CFA</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">一级考试分析串讲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">2-ethics\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">经济学</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">财务报表</SPAN></SPAN></STRONG></P>
<P></P>
<P class=MsoNormal style="BACKGROUND: white; MARGIN: 0cm 0cm 0pt; WORD-BREAK: break-all; TEXT-INDENT: 18pt; LINE-HEIGHT: 150%; TEXT-ALIGN: left; mso-pagination: widow-orphan; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto" align=left><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">财报分析所占的比重约在</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">23%</FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">，从单一科目来讲，这部分是最大科目，考生不仅不能忽略，更要精通。要想在财报分析中拿高分，就必须对考试的范围每一点都下工夫。了解每一项财务比率，了解每一个会计处理原则的改变对相关比率的影响，了解分析师重新调整会计科目以符合公司的真实价值或营运状况，对相关财务比率的影响。公司财务管理与大学修的差不多，要掌握三大决策</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt"><FONT face="Times New Roman">: </FONT></SPAN><SPAN style="COLOR: black; LINE-HEIGHT: 150%; FONT-FAMILY: 宋体; mso-ascii-font-family: 'Times New Roman'; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">投资、融资及股利。如何计算资金成本，并运用净现值、内部报酬率及回收期选择投资案为一大重点。融资对公司之利弊及最适资本结构的几派理论、股利政策与公司成长率之关系及股利变动对股价之影响等主题务必了解。........</SPAN><SPAN lang=EN-US style="COLOR: black; LINE-HEIGHT: 150%; mso-bidi-font-size: 10.5pt; mso-font-kerning: 0pt">
<P></P></SPAN>
<P></P>
<P></P>
<P></P>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">CFA</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">一级考试分析串讲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">2-ethics\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">经济学</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">\</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">财务报表</SPAN></SPAN></STRONG></P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">
<DIV class=title align=center><SPAN style="FONT-SIZE: 12pt"><STRONG><FONT color=#ff9900>Ethical and Professional Standards</FONT></STRONG></SPAN></DIV>
<DIV class=title align=left><SPAN style="FONT-SIZE: 12pt"><SPAN style="FONT-SIZE: 11pt"><FONT color=#000000 size=3></FONT></SPAN></SPAN></DIV>
<DIV class=title align=left><FONT color=#000000>2003年12月考试中Ethics部分36题，占15％，主要有3大部分：code of ethics、professional standards 、GIPS,估计今年考试可能主要集中在professional standards,还有一些就在GIPS。</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>professional standards在2003年12月考了下面一些内容：</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>1、laws and regulations</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>2、use of CFA charter/candidate titles </FONT></DIV>
<DIV class=title align=left><FONT color=#000000>3、use of insider information(material,apporiate actions,etc.) </FONT></DIV>
<DIV class=title align=left><FONT color=#000000>4、duties to employers (if you are leaving your employer ,what can/cannot be done)</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>5、duties to clients (IPO shares allocation,etc.)</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>6、duties of a supervisor (how to deal with incompliance,etc.)</FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000>GIPS部分的问题问的很直接，一般比较容易。</FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000>code of ethics:remenber the exact wording of code of ethics,understand what they mean.</FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000>professional standards (challenging but manageabel):do as many questions as possible (from different publishers if available).focus on sorting out the priorities.in general,you should do alright if you follow the following order of priority:</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>1、the investing public</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>2、the profession</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>3、your clients</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>4、your employer</FONT></DIV>
<DIV class=title align=left><FONT color=#000000>5、youself</FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000>ethics is manageable if you have a clear sense of priority in mind. </FONT></DIV>
<DIV class=title align=left><FONT color=#000000></FONT></DIV>
<DIV class=title align=left><FONT color=#000000>read GIPS....................................<BR></FONT></DIV></SPAN></SPAN></STRONG>
<P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">CFA</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">一级考试分析串讲</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">3-</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">公司财务</SPAN><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA">/</SPAN><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">资产定价</SPAN></SPAN></SPAN></STRONG></P><STRONG><SPAN lang=EN-US style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: Tahoma; mso-fareast-font-family: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma"><SPAN style="FONT-SIZE: 9pt; COLOR: black; FONT-FAMILY: 宋体; mso-ansi-language: EN-US; mso-fareast-language: ZH-CN; mso-bidi-language: AR-SA; mso-ascii-font-family: Tahoma; mso-hansi-font-family: Tahoma; mso-bidi-font-family: Tahoma">
<DIV class=title align=center><SPAN style="FONT-SIZE: 12pt"><STRONG><FONT color=#ff9900>Corporate Finance</FONT></STRONG></SPAN></DIV>
<DIV class=title align=center><SPAN style="FONT-SIZE: 12pt"><STRONG></STRONG></SPAN></DIV>
<DIV class=title align=left><SPAN style="FONT-SIZE: 12pt"><FONT color=#000000>Corporate Finance在CFA课程的比重并不算高，但考生却十分有必要充分掌握相关的财务理论。在CFA第一级课程中，比重最高的是财务报表分析，占28%，而公司财务是包括在财务报表分析内，估计公司财务本身单独的比重约在5到8%间，其内容的难度约相当于大学的财务管理课程。<BR><BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN></FONT><FONT color=#000000><FONT face=宋体>财务管理主要分为三大决策：投资决策、融资决策及股利政策。其中，投资决策又称为资本预算，主<BR>要是找出投资案的价值，再与投资成本比较，如同一般的成本效益分析。那投资案或资产之价值如何估<BR>算呢？<BR><BR><SPAN lang=zh-cn>&nbsp;</SPAN></FONT><FONT face=宋体>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>一般我们在看财务报表时，总是看公司之盈余有多少? 股市中，股民爱看每股盈余，到底从财务报表上的盈余数字，是否可以推估出公司价值呢? 这个问题的答案并不容易，在回答这个问题前，我们要知道其实任何资产的价值完全取决于该资产未来创造现金的能力，所以如何计算现金流量是十分重要。而报表上的盈余(会计利润)不一定等于现金流量，要运用盈余数字去计算公司价值，须要作一些调整，须考虑因素包括营运资金的变动、机会成本、外部性、税负及排除沈没成本及非现金项目(如折旧费用)等。</FONT></FONT></SPAN></DIV><SPAN style="FONT-SIZE: 12pt"><FONT face=宋体><FONT color=#000000>
<DIV class=title align=left><BR>&nbsp;<SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>*</DIV>
<DIV class=title align=left><FONT face=宋体><FONT color=#000000><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>在计算净现值过程中，需要知道折现率，在进行与公司风险相若的个案时，一般系使用公司加权资金成本，其系负债资金成本、特别股资金成本及普通股资金成本加权平均，故如何计算各资金来源之资金成本是一大课题，特别要了解殖利率、资本市场订价模型(CAPM)及戈登模式等重要观念。<BR><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>设定净现值为零，求得的折现率称为内报报酬率(IRR)，若高于加权资金成本，就值得投资。NPV及IRR的优缺点比较特别值得注意。另外，回收期亦是常用的投资决策指针之一。<BR><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>投资报酬与冒的风险是对应的，所以折现率高低与公司之风险有着密切关系。首先，考生要知道如何运用统计学上的标准差、相关系数等指针去衡量风险。其次，是了解其它衡量风险的工具，如敏感度分析、情境分析、计算机仿真及贝他系数等。<BR><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>一般来说，公司风险主要分为业务风险及财务风险，前者受外部景气及固定成本高低之影响，后者则决定于负债的多寡，即公司的资本结构。不同财务理论对最适资本结构有不同的主张，其中特别需要注意利息抵税效果及财务危机成本。<BR><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*</FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>公司融资进行投资，营运并获利后，接下来要考虑是否要将获利保留或以股利方式配发予股东，股利政策对股东来说，自然是一大课题。到底盈余是否应该保留，亦有多派理论，其中税负、公司成长率与净值报酬率的关系等均是要考虑的因素。另外，要知道现金股利、股票股利、股票分割及公司买回库藏股的利弊及对公司价值之影响。<BR><BR><SPAN lang=zh-cn>&nbsp; </SPAN>*<SPAN lang=zh-cn><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</SPAN>公司财务可说是资产评价的基础，若能将相关观念融会贯通，对学习其它的科目如股票分析及债券评价及第二级课程中的核心内容评价模式均十分有帮助，值得投入可观的时间好好学习。</FONT></FONT></DIV>
<P><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn></SPAN>资产价值来自于未来的现金流量，但因为金钱可生利息及现金流量的不确定性，要将未来现金流量折现后加总，寻找出来的现值，就是资产的价值，若再将投资成本从预期现金流量现值中扣除，就是净现值(NPV)，其为正数即代表有投资利得，值得投资。</FONT></FONT></P>
<P><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn></SPAN>资产价值来自于未来的现金流量，但因为金钱可生利息及现金流量的不确定性，要将未来现金流量折现后加总，寻找出来的现值，就是资产的价值，若再将投资成本从预期现金流量现值中扣除，就是净现值(NPV)，其为正数即代表有投资利得，值得投资。</FONT></FONT><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></FONT></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn></SPAN>资产价值来自于未来的现金流量，但因为金钱可生利息及现金流量的不确定性，要将未来现金流量折现后加总，寻找出来的现值，就是资产的价值，若再将投资成本从预期现金流量现值中扣除，就是净现值(NPV)，其为正数即代表有投资利得，值得投资。</FONT></FONT></SPAN><BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<P></P>
<HR>

<DIV class=title align=center><SPAN style="FONT-SIZE: 12pt"><STRONG><FONT color=#ff9900>Securities Markets and Equity Investments</FONT></STRONG></SPAN></DIV>
<DIV class=title align=center><SPAN style="FONT-SIZE: 12pt"><STRONG><FONT color=#ff9900></FONT></STRONG></SPAN></DIV>
<DIV class=title align=left><SPAN style="FONT-SIZE: 12pt"><FONT color=#000000>&nbsp;&nbsp; 特许财务分析师(CFA)课程是一个训练证券分析师及基金经理人的全方位训练，其内容包含各类证券之分析，如股票、债券、衍生性金融商品、房地产、避险基金等等，其中又以股票投资为核心，故在CFA的准备课程中宜特别投入较多注意于股票分析上。CFA第一级(Level 1)考试中，证券市场及股<SPAN lang=zh-cn>权</SPAN>投资(Securities Markets and Equity Investments)比重为10~13%，内容十分基础，对股票熟悉的人来说是比较好准备的科目，本文将介绍相关学习重点。 </FONT><SPAN lang=zh-cn><BR><FONT color=#000000>
<HR noShade SIZE=1>
<FONT color=#808080>以下内容只有<B>回复</B>后才可以浏览</FONT><BR>&nbsp;</FONT></SPAN><SPAN style="FONT-SIZE: 11pt"><BR></SPAN><FONT style="FONT-SIZE: 11pt" face=宋体 color=#000000 size=3>Securities Markets<BR></FONT><FONT face=宋体 color=#000000>1. 各种投资标的简介<BR></FONT><FONT color=#000000><FONT face=宋体><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>概略介绍各种不同特性的投资工具，包括一般银行的活期存款、定期存款、联邦政府公债、地方政府债券、公司债、国际<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>债券(如Eurobonds及Yankee bonds)、股票、ADR、共同基金等等，介绍各种投资的风险、适合的对象、考虑的因素(如<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>赋税)等等。<BR></FONT><BR><FONT face=宋体>2. 证券市场组织及功能</FONT><BR></FONT><FONT color=#000000><FONT face=宋体><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>介绍健全的证券交易市场的特性、初次市场发行新证券的承销过程、次级市场的交易型态等等，并简介一般的交易实务，<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>如委买委卖单的分类(市价、限价、停损)、融资融券的保证金制度及报酬率计算等。<BR></FONT><BR><FONT face=宋体>3. 证券市场的指数系列</FONT><BR></FONT><FONT color=#000000><FONT face=宋体><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>须了解指数的主要用途包括作为投资绩效的标竿、建立投资组合的参考、评估总体经济的指针等。特别要能分辨出不同类<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>型指数(如价格加权指数及市值加权指数)的计算方式及对其影响较大的个股类别，如比一来，你就会知道高市值个股如何<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>牵动股市的加权平均指数。<BR></FONT><BR><FONT face=宋体>4. 效率市场假说</FONT><BR></FONT><FONT face=宋体><FONT color=#000000><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>探讨弱式、半强式及强式效率市场假说的内容，其与股价、公开信息、内线消息、技术分析及基本分析的关连。实证研究<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>是否支持三种效率市场假说? 月效应、低本益比、小型股是否真的可以创造超额利润呢? CFA课程的这一部份会让你得<BR><SPAN lang=zh-cn>&nbsp;&nbsp; </SPAN>到答案。</FONT></FONT> ......................................</SPAN></DIV></SPAN></SPAN></SPAN></STRONG>
<P></P>
<P align=right><FONT color=#000066>[此贴子已经被作者于2008-3-31 21:24:32编辑过]</FONT></P>