20180218【充实计划】第622期

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充实每一天 发表于 2018-2-18 05:54
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CFA-2 Volume 3 Corporate Finance

1.今天你阅读到的有价值的全文内容链接
https://bbs.pinggu.org/thread-6221755-1-1.html

2.今天你阅读到的有价值的内容段落摘录
Capital budgeting cash flows are not accounting net income. Accounting net income is reduced by noncash charges such as accounting depreciation. Furthermore, to reflect the cost of debt financing, interest expenses are also subtracted from accounting net income. (No subtraction is made for the cost of equity financing in arriving at accounting net income.) Accounting net income also differs from economic income, which is the cash inflow plus the change in the market value of the company. Economic income does not subtract the cost of debt financing, and it is based on the changes in the market value of the company, not changes in its book value (accounting depreciation). We will further consider cash flows, accounting income, economic income, and other income measures at the end of this reading.In assumption 5 above, we referred to the rate used in discounting the cash flows as the “required rate of return.”The required rate of return is the discount rate that investors should require given the riskiness of the project. This discount rate is frequently called the “opportunity cost of funds” or the “cost of capital.” If the company can invest elsewhere and earn a return of r, or if the company can repay its sources of capital and save a cost of r, then r is the company’s opportunity cost of funds. If the company cannot earn more than its opportunity cost of funds on an
investment, it should not undertake that investment. Unless an investment earns more than the cost of funds from its suppliers of capital, the investment should not be undertaken. The cost-of-capital concept is discussed more extensively elsewhere. Regardless of what it is called, an economically sound discount rate is essential for making capital budgeting decisions.


3.今天你阅读到的有价值信息的自我思考点评感想
CFA一级如繁星的概念之后，二级开始一个个讲这些星星的故事。公司金融开篇还是NPV，IRR只是这里的现金流需要根据题目自己算。这种层层递进的方式和国内教学的逻辑和思路确实有些不一样。


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继续学习《python编程快速上手》第十二章 excel处理。