CMA考试新考纲官方实用学习教案

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1、会计学1CMA考试新考纲官方考试新考纲官方(gunfng)实用实用第一页，共111页。2风险(fngxin) Risk n风险风险 不能从投资中获得不能从投资中获得(hud)(hud)回报的可能性，不确定的程度，回报的可能性，不确定的程度，回报的波动回报的波动nRisk probability of not receiving expected return form Risk probability of not receiving expected return form an investment, degree of uncertainty, variability in return

2、an investment, degree of uncertainty, variability in return第1页/共111页第二页，共111页。3计算(j sun)回报率 Calculating Rate of Returnn回报率回报率 从一项投资获得从一项投资获得(hud)(hud)的金额，持有一段时间，相的金额，持有一段时间，相对于初始投资金额之比对于初始投资金额之比nR = (Pt Pt-1) +DtR = (Pt Pt-1) +Dt，案例，案例，658658页页n Pt-1 Pt-1nRate of Return amount received on an investm

3、ent, Rate of Return amount received on an investment, holding for a period of time, relative holding for a period of time, relative toto the amount the amount of the initial investmentof the initial investmentnR = (Pt Pt-1) +Dt, for example, page 95R = (Pt Pt-1) +Dt, for example, page 95n Pt-1 Pt-1第

4、2页/共111页第三页，共111页。4风险(fngxin)和回报的关系 Risk and Return Relationshipn国库券的风险和回报国库券的风险和回报 违约风险违约风险n债券的风险和回报债券的风险和回报 债券的价格和利率之间存在方向关系债券的价格和利率之间存在方向关系(gun x)(gun x)n股票的风险和回报股票的风险和回报 大大高于国库券或债券的回报率，普通股大大高于国库券或债券的回报率，普通股高于优先股的回报率高于优先股的回报率nRisk and Returns form Treasury bills default riskRisk and Returns form

5、Treasury bills default risknRisk and Returns from Bonds inverse relation between Risk and Returns from Bonds inverse relation between the movement of bonds prices and interest ratesthe movement of bonds prices and interest ratesnRisk and returns for stocks significant higher than Risk and returns fo

6、r stocks significant higher than T-bills or bonds, common stock higher than preferred T-bills or bonds, common stock higher than preferred stocksstocks第3页/共111页第四页，共111页。5风险和回报(hubo)的关系 Risk and Return Relationship风险和回报的态度风险和回报的态度股东财富股东财富 市场资本总额市场资本总额股东财富最大化股东财富最大化 企业的主要企业的主要(zhyo)目标目标确定性等值确定性等值 确定性

7、等值系数用于将预计现金流转换为确确定性等值系数用于将预计现金流转换为确定性现金流，图表定性现金流，图表2B-1，660页页Risk and Return AttitudeShareholder wealth market capitalization Shareholder wealth maximization major goal of a firm Certainty equivalent (CE) certainty equivalent factor is used to convert a projected cash flow into a certain cash flow,

8、figure 2B-1, page 97第4页/共111页第五页，共111页。6风险(fngxin)和回报的关系 Risk and Return Relationship概率分布、风险和回报概率分布、风险和回报(hubo)期望回报期望回报(hubo) 案例，案例，661页页标准差标准差 案例，案例，661页页变异系数变异系数 案例，案例，662页页Probability Distribution and Risk and ReturnExpected return for example, page 97Standard deviation for example, page 98Coeffi

9、cient of variation for example, page 99第5页/共111页第六页，共111页。7投资组合的风险(fngxin)和回报 Risk and Return in a Portfolio Context投资组合投资组合(zh)的风险的风险协方差协方差 案例，案例，663页页相关系数相关系数 案例，案例，664页页组合组合(zh)的回报的回报组合组合(zh)的回报的回报 665页页Portfolio Risk Covariance for example, page 100Correlation for example, page 101-102Portfolio

10、Return Portfolio return page 102-103第6页/共111页第七页，共111页。8分散化 Diversificationn分散化分散化 在组合中持有各种不同的投资在组合中持有各种不同的投资(tu z)(tu z)，降低，降低组合的波动性组合的波动性n分散化和组合风险分散化和组合风险 图表图表2B-22B-2，665665页页nDiversification holding a wide range of Diversification holding a wide range of different investment in a portfolio, redu

11、ce the different investment in a portfolio, reduce the variability of a portfoliovariability of a portfolionDiversification and Portfolio Risk figure 2B-2, Diversification and Portfolio Risk figure 2B-2, page 103page 103第7页/共111页第八页，共111页。9分散化 Diversification系统性和非系统性投资组合风险系统性和非系统性投资组合风险(fngxin)组合风险组

12、合风险(fngxin)的降低的降低 图表图表2B-3，666页页系统风险系统风险(fngxin) 与基于市场的整体回报有关，对所与基于市场的整体回报有关，对所有的投资者都是一样的有的投资者都是一样的非系统风险非系统风险(fngxin) 只同特定公司或行业有关，非系只同特定公司或行业有关，非系统风险统风险(fngxin)是通过分散化得以避免的，是通过分散化得以避免的，667页页Systematic and Unsystematic Portfolio RiskPortfolio Risk Reduction figure 2B-3, page 104Systematic Risk changes

13、 in return based on the market as a whole, common to an entire class of investmentUnsystematic Risk associate with a specific company or industry, unsystematic risk is avoidable through diversification, figure 2B-4, page 105第8页/共111页第九页，共111页。10分散化 Diversification市场风险和市场风险和BetaBetaBeta Beta 一项投资对市场波

14、动的敏感度，市场每波动一项投资对市场波动的敏感度，市场每波动1%1%，一项投资的价格变化数量，国库券的一项投资的价格变化数量，国库券的betabeta值是零，所值是零，所有股票的平均有股票的平均BetaBeta值是值是1 1，大于，大于1 1的股票对市场变动比的股票对市场变动比较较(bjio)(bjio)敏感，小于敏感，小于1 1的股票对市场变动敏感性较小的股票对市场变动敏感性较小Market Risk and BetaMarket Risk and BetaBeta investments sensitivity Beta investments sensitivity toto marke

15、t market movements, amount that an investment price movements, amount that an investment price toto change for each additional 1% change in the change for each additional 1% change in the market, T-bills beta is 0, the average of market, T-bills beta is 0, the average of beta of all stocks is 1.0, g

16、reater than 1 are beta of all stocks is 1.0, greater than 1 are unusually sensitive unusually sensitive toto market movement, less market movement, less than 1.0 are less sensitive than 1.0 are less sensitive toto market movement market movement第9页/共111页第十页，共111页。11资本资产(zchn)定价模型 Capital Asset Prici

17、ng Modeln资本资产定价资本资产定价(dng ji)(dng ji)模型模型 风险溢价，与风险溢价，与BetaBeta值成值成正比例变动，图表正比例变动，图表2B-52B-5，668668nKe = Rf + B( Km Rf ), Ke = Rf + B( Km Rf ), 案例，案例，669669页页nCapital asset pricing model risk premium, Capital asset pricing model risk premium, varies in direct proportion varies in direct proportion tot

18、o the beta, figure the beta, figure 2B-5, page 1062B-5, page 106nKe = Rf + B( Km Rf ), for example, page 107Ke = Rf + B( Km Rf ), for example, page 107第10页/共111页第十一页，共111页。12CAPM的替代(tdi)方法 Alternative to CAPM套利定价理论套利定价理论法玛法玛- -弗伦奇三因素弗伦奇三因素(yn s)(yn s)模型模型Arbitrage Pricing Theory (APT)Arbitrage Prici

19、ng Theory (APT)Fama French Three-Factor ModelFama French Three-Factor Model第11页/共111页第十二页，共111页。13第二节：管理财务(ciw)风险 Topic 2: Managing Financial Risk第12页/共111页第十三页，共111页。14经营风险 Business Riskn经营风险经营风险(fngxin) 融资决策前其经营中的固有风险融资决策前其经营中的固有风险(fngxin)，可保风险可保风险(fngxin)n营运杠杆系数营运杠杆系数n营运杠杆系数营运杠杆系数 营运收入变化的百分比除以销售变

20、化的百分比营运收入变化的百分比除以销售变化的百分比nDOL = 边际贡献边际贡献/营业收益，案例，营业收益，案例，672页页nBusiness risk inherent with a firms operating before the financing decision, insurable risknDegree of Operating LeveragenDegree of operating leverage percentage change in operating income give a percentage change in salesnDOL = Contribut

21、ion Margin/Operation Income, for example, page 113第13页/共111页第十四页，共111页。15财务(ciw)风险 Financial Risk n财务财务(ciw)(ciw)风险风险 债务融资和优先股融资相关的风险债务融资和优先股融资相关的风险n财务财务(ciw)(ciw)杠杆系数杠杆系数 n财务财务(ciw)(ciw)杠杆系数杠杆系数 EPS EPS变动百分比除以营业收益变动变动百分比除以营业收益变动百分比百分比nDFL = DFL = 营运收益营运收益n 营运收益营运收益- -利息利息- -优先股股利优先股股利/(1-/(1-税）税）nF

22、inancial Risk associated with using debt and/or Financial Risk associated with using debt and/or preferred stock financing preferred stock financing nDegree of Financial LeverageDegree of Financial LeveragenDegree of financial leverage percent change in Degree of financial leverage percent change in

23、 EPS given a percent change in operating incomeEPS given a percent change in operating incomenDFL = Operating IncomeDFL = Operating Incomen operating income interest preferred operating income interest preferred stock dividend/(1-tax)stock dividend/(1-tax)第14页/共111页第十五页，共111页。16财务(ciw)风险 Financial R

24、isk 财务杠杆系数财务杠杆系数 总杠杆系数总杠杆系数 = DOL = DOLDFLDFLDTL = DTL = 边际贡献边际贡献 营运营运(yn yn)(yn yn)收益收益- -利息利息- -优先股股利优先股股利/(1-/(1-税）税）Degree of Financial LeverageDegree of Financial LeverageDegree of total leverage = DOL Degree of total leverage = DOL DFL DFLDTL = Contribution DTL = Contribution MarginMargin oper

25、ating income interest preferred operating income interest preferred stock dividend/(1-tax)stock dividend/(1-tax)第15页/共111页第十六页，共111页。17管理财务(ciw)风险 Managing Financial Risk套期保值，套利，期限匹配和投机套期保值，套利，期限匹配和投机套期保值套期保值 降低价格、利率或汇率不利波动的风险降低价格、利率或汇率不利波动的风险(fngxin)敞口的方法敞口的方法套利套利 在一个市场买入一个投资工具，同时在另一市在一个市场买入一个投资工具，

26、同时在另一市场卖出场卖出Hedging, Arbitrage, Maturity Matching, SpeculationHedging reducing exposure to adverse fluctuations in price, interest rate or foreign exchange rateArbitrage simultaneous purchase of an investment instrument in one market and the sales in another 第16页/共111页第十七页，共111页。18管理(gunl)财务风险 Manag

27、ing Financial Risk套期保值，套利，期限匹配和投机套期保值，套利，期限匹配和投机期限匹配期限匹配 匹配公司匹配公司(n s)资产和负债的期限资产和负债的期限投机投机 打赌市场变化方向并承担风险打赌市场变化方向并承担风险Hedging, Arbitrage, Maturity Matching, SpeculationMaturity Matching matching the maturity of the companys asset and liabilities Speculation risk taking and betting on the direction of

28、 the market第17页/共111页第十八页，共111页。19第三节：金融工具Topic 3: Financial Instruments第18页/共111页第十九页，共111页。20投资和融资(rn z)决策的风险和回报 Risks and Return in Investment and Financing Decisionn债务债务 在特定日期之前偿还债权人所借资金的法律义在特定日期之前偿还债权人所借资金的法律义务务n权益权益 出售公司的所有权，风险和回报的权衡，出售公司的所有权，风险和回报的权衡，678678页页n投资和融资的基本投资和融资的基本(jbn)(jbn)考虑因素考虑因

29、素 图表图表2B-6,6782B-6,678页页nDebt legal obligation Debt legal obligation toto repay a creditor for repay a creditor for borrowed funds by a specified dateborrowed funds by a specified datenEquity selling an ownership claim, risk and Equity selling an ownership claim, risk and return tradeoff, page 121re

30、turn tradeoff, page 121nBasic Investing and Financing Consideration Basic Investing and Financing Consideration figure 2B-6, page 122 figure 2B-6, page 122 第19页/共111页第二十页，共111页。21投资和融资(rn z)决策的风险和回报 Risks and Return in Investment and Financing Decision所得税对融资决策的影响所得税对融资决策的影响代理代理(dil)成本成本财务困境财务困境Incom

31、e Taxes Impact on Financing Decision Agency costFinancial distress第20页/共111页第二十一页，共111页。22估值估值估值估值 将风险和回报联系在一起估计资产或一家公司将风险和回报联系在一起估计资产或一家公司的价值的价值相关价值相关价值 持续经营价值，（每股）清算价值，（每持续经营价值，（每股）清算价值，（每股）账面价值，市场价值和内在价值股）账面价值，市场价值和内在价值证券投资证券投资(tu z)(tu z)的现金流衡量指标的现金流衡量指标 680 680页页Valuation Valuation Valuation li

32、nk risk and return Valuation link risk and return toto estimate estimate the worth of an assets or a companythe worth of an assets or a companyrelated value concept - going-concern value, related value concept - going-concern value, liquidation value, liquidation value per liquidation value, liquida

33、tion value per share, book value, book value per share of share, book value, book value per share of common stock, market value, intrinsic valuecommon stock, market value, intrinsic valueMeasure of cash flow for security investment Measure of cash flow for security investment page 123page 123投资(tu z

34、)和融资决策的风险和回报 Risks and Return in Investment and Financing Decision第21页/共111页第二十二页，共111页。23债券(zhiqun) Bondsn债券债券 债务工具，超过债务工具，超过(chogu)1(chogu)1年，短年，短/ /中中/ /长期长期n债券的发行人和种类债券的发行人和种类n常见的债权类型常见的债权类型 图表图表2B-7,6802B-7,680页页nBonds debt instrument, more than one year, Bonds debt instrument, more than one ye

35、ar, short/medium/long termshort/medium/long termnIssuers and types of bonds Issuers and types of bonds n Common Types of Bonds - figure 2B-7, page 124 Common Types of Bonds - figure 2B-7, page 124第22页/共111页第二十三页，共111页。24债券合同债券合同契约契约 条款和条件，票面利率，到期日，保证条款和条件，票面利率，到期日，保证(bozhng)条款，违约事项，次级条款，偿债基金条款，违约事项，

36、次级条款，偿债基金条款，用作抵押物的资产，受托人的任命和责任条款，用作抵押物的资产，受托人的任命和责任保证保证(bozhng)条款条款 负负/正条款正条款Bond agreementsIndenture terms and conditions, stated interested rate, maturity date, protective covenants, condition defining default, subordination, sinking fund, collateral property, designation and duties and trustee Co

37、venants negative/positive covenants债券(zhiqun) Bonds第23页/共111页第二十四页，共111页。25债券债券(zhiqun)管理管理受托人受托人 受托人的责任，受托人的责任，681页页Bonds administration Trustee trustees responsibilities, page 125债券(zhiqun) Bonds第24页/共111页第二十五页，共111页。26债券术语债券术语债券本金债券本金 面值面值(min zh)债券利率债券利率 固定固定/浮动浮动/零利率，二级市场零利率，二级市场债券期限债券期限 确定的期限确

38、定的期限债券评级债券评级 各种因素，图表各种因素，图表2B-8，关键点，关键点，683页页Bond terminology Bond principal par/face valueBond interest fixed/floating/zero/ rate, secondary marketBond maturity stated maturityBonds rating numerous factors, figure 2B-8, key points, page 127债券(zhiqun) Bonds第25页/共111页第二十六页，共111页。27债券收益债券收益收益率和回报率收益率和

39、回报率 当前收益率当前收益率=利息利息/当前价格，到期当前价格，到期(do q)收益率，重要考虑，收益率，重要考虑，683页页通货膨胀和债券净回报通货膨胀和债券净回报 通货膨胀吞噬债券的回报率通货膨胀吞噬债券的回报率Bond yields Yields and return current yield = interest/current price, yield to maturity, assumption, consideration, page 128Inflation and bond net returns inflation eats into the return of a b

40、ond债券(zhiqun) Bonds第26页/共111页第二十七页，共111页。28债券久期债券久期债券久期债券久期 当利率下降时的再投资风险，债券的价格怎当利率下降时的再投资风险，债券的价格怎样随收益率的变化而变化样随收益率的变化而变化收益率曲线收益率曲线 图表图表(tbio)2B-9，有效久期，有效久期，684页页票面利率越高，久期越低票面利率越高，久期越低期限越长，久期越高期限越长，久期越高市场收益率越高，久期越低市场收益率越高，久期越低Bond DurationBond duration reinvestment risk when interest rate fall, how p

41、rice of a bond changes in response to yield changesConvexity figure 2B-9, effective duration, page 129Higher coupon, lower durationLonger maturity, higher duration, Higher market yield, lower duration债券(zhiqun) Bonds第27页/共111页第二十八页，共111页。29债券担保债券担保担保债券担保债券 以特定资产或项目以特定资产或项目(xingm)的收入作为抵押品的收入作为抵押品无担保债

42、券无担保债券 良好的信誉、诚实和信用作担保良好的信誉、诚实和信用作担保债券清偿顺序与债券清算债券清偿顺序与债券清算担保担保/无担保，高级无担保，高级/次级次级Bond SecuritySecured bond backed by collateral or revenues from a specific project, lienUnsecured bond backed by good faith, integrity and creditBond ranking and liquidationSecured/Unsecured, Senior/Subordinated债券(zhiqun)

43、 Bonds第28页/共111页第二十九页，共111页。30债券估价债券估价计算支付计算支付(zhf)利息的现值利息的现值计算面值的现值计算面值的现值将两者加总，案例，将两者加总，案例，686页页要点要点 686页页Bond valuationCalculate the present value of interest paymentCalculate the present value of the face valueAdd the two present values, for example, page 131Key points page 131债券(zhiqun) Bonds第2

44、9页/共111页第三十页，共111页。31股票(gpio) Stocksn股票股票权益投资工具，公司资产和利润权益投资工具，公司资产和利润(lrn)的索取权，流通的索取权，流通在外的股数，所有权在外的股数，所有权n一级市场一级市场投资银行，承销，购买新发行股票的第一次机会投资银行，承销，购买新发行股票的第一次机会n二级市场二级市场投资者之间的交易，股票市场投资者之间的交易，股票市场nStock equity investment instrument, claim on the corporations asset and profits, outstanding share, ownersh

45、ipnPrimary and secondary marketsnThe primary market investment banker, underwrite, first opportunity to buy a newly issued securitynThe secondary market investors trade amongst themselves, stock market第30页/共111页第三十一页，共111页。32股票(gpio) Stocksn股票的市值股票的市值 - 市场资本，分类市场资本，分类(fn li)，图表，图表2B-10，687页页n其他股票分类其

46、他股票分类(fn li) 688页页nMarket value of a stock market capitalization, classification, figure 2B-10, Page 132nother common stock classification - 133第31页/共111页第三十二页，共111页。33普通股 Common Stockn普通股普通股 权益所有权，在所有债券权益所有权，在所有债券(zhiqun)(zhiqun)持有人和优先持有人和优先股持有人之间，没有到期日，二级市场股持有人之间，没有到期日，二级市场n每股市场价值每股市场价值 现行交易价格，股利现

47、行交易价格，股利 nCommon stock equity ownership, subordinate Common stock equity ownership, subordinate toto all all debt and preferred stock, no maturity date, secondary debt and preferred stock, no maturity date, secondary marketmarketnMarket value per share current trading price, Market value per share c

48、urrent trading price, dividendsdividends第32页/共111页第三十三页，共111页。34普通股 Common Stock投票权投票权有权对重要事件进行有权对重要事件进行(jnxng)投票投票 688页页传统投票传统投票累积投票累积投票委托书委托书优先购股权优先购股权Voting Rights Rights to vote page 133-134Traditional voting Cumulative votingProxy statement Preemptive Right 第33页/共111页第三十四页，共111页。35普通股 Common St

49、ock清算价值清算价值(jizh)普通股的估值普通股的估值估值估值 年股利，股利增长率，折现率年股利，股利增长率，折现率Liquidating ValueCommon Stock ValuationValuation annual dividends, dividend growth, discount rates第34页/共111页第三十五页，共111页。36普通股 Common Stock使用股利贴现模型使用股利贴现模型股利贴现模型股利贴现模型 预期的未来所有股利的贴现值（现值）来预期的未来所有股利的贴现值（现值）来确定确定(qudng)，现金流的度量，预期持有期间，预期股，现金流的度量，

50、预期持有期间，预期股利模式利模式基本的股利贴现模型基本的股利贴现模型 690页页零股利增长下的普通股股价零股利增长下的普通股股价 690页页Use of the dividends Discount ModelDividend discount model discounted value of all the expected future dividends, measure of cash flow, expected holding period, pattern of expected dividendsBasic Dividend Discount Model page 136Va

51、luing Common Stock with Zero Dividend Growth page 136第35页/共111页第三十六页，共111页。37普通股 Common Stock使用股利贴现使用股利贴现(tixin)模型模型不变股利增长率下的普通股股价不变股利增长率下的普通股股价 691页页变动股利增长率下的普通股估值变动股利增长率下的普通股估值 692页页Use of the dividends Discount ModelValuing Common Stock with Constant Dividend Growth page 137Valuing Common Stock w

52、ith Variable Dividend Growth page 138第36页/共111页第三十七页，共111页。38普通股 Common Stock使用使用(shyng)相对（或可比）估价模型相对（或可比）估价模型相对估值相对估值 693页页市盈率（市盈率（P/E）- 693页页市帐率市帐率 694页页市销率市销率 695页页Use of Relative (or Comparable) Valuation ModelsRelative valuation page 139Price-to-Earning (P/E) Ratios Page 139-140Price-to-Book Ra

53、tios page 140-141Price-to-Sales Ratios page 141-142第37页/共111页第三十八页，共111页。39优先股 Preferred Stockn优先股优先股 部分所有权，更像债券而不是普通股部分所有权，更像债券而不是普通股n权益特征权益特征(tzhng)(tzhng)n投票权投票权n清算价值清算价值nPreferred stock partial ownership, more Preferred stock partial ownership, more similar similar toto bond than bond than toto

54、common stock common stocknEquity Characteristics Equity Characteristics nVoting RightVoting RightnLiquidating ValueLiquidating Value第38页/共111页第三十九页，共111页。40优先股 Preferred Stock特性特性累积股利累积股利 支付支付(zhf)可以自由裁决，未支付可以自由裁决，未支付(zhf)的股的股利可以累积利可以累积分享特征分享特征 当普通股股利达到一定金额，优先股股东分享当普通股股利达到一定金额，优先股股东分享不断提高的股利不断提高的股利U

55、nique Feature Cumulative Dividends payment is discretionary, unpaid dividends may accumulate Participating Feature participate in increasing dividends when common dividends reach a certain amount 第39页/共111页第四十页，共111页。41优先股 Preferred Stock特性特性提前提前(tqin)兑回条款兑回条款 使得发行人以兑回价格买回（或使得发行人以兑回价格买回（或兑回）全部或部分股票兑

56、回）全部或部分股票可转换特征可转换特征 将优先股转换为一定特量的普通股将优先股转换为一定特量的普通股 Unique Feature Call Provision grant the issuer the right to buy back at call priceConvertible feature converted into specified amount of common stock第40页/共111页第四十一页，共111页。42优先股 Preferred Stock优先股估值优先股估值n估值估值 697页页 Preferred Stock ValuationnValuation

57、 page 144-145第41页/共111页第四十二页，共111页。43衍生(yn shn)金融工具 Derivativesn衍生金融工具衍生金融工具 衍生自另一个更基本的金融工具的价格或价衍生自另一个更基本的金融工具的价格或价值值n双方之间达成的合同双方之间达成的合同 698页页n期权期权n期权期权 双方之间的合同，合同买方有权（而不是义务双方之间的合同，合同买方有权（而不是义务(yw)）买卖约定数量的标的资产买卖约定数量的标的资产nDerivative derived from underlying price or value of some other more-basic fina

58、ncial instrumentnContract between two party page 145nOption nOption contract between two party, purchaser has the right to buy or sell a given amount of an underlying asset第42页/共111页第四十三页，共111页。44衍生(yn shn)金融工具 Derivatives期权期权关键特征和术语关键特征和术语 买入期权，卖出期权，行权价格，买入期权，卖出期权，行权价格，行权日，期权费，欧式期权，美式期权行权日，期权费，欧式期权

59、，美式期权偿付结构偿付结构 平价平价(pngji)/价内价内/价外期权，买入期权价外期权，买入期权的案例，的案例，700页，卖出期权的案例，图表页，卖出期权的案例，图表2B-12，701页页Option Key Characteristic and Terminology call option, put option, strike price, exercise date, premium, European option, American option, page 146Payoff Structure at/in/out of money, call option example,

60、page 147, put option example, figure 2B-12, page 149第43页/共111页第四十四页，共111页。45期权期权(q qun)期权期权(q qun)的价格和价值的价格和价值 因素，因素，701页页三种途径三种途径 个别调整，定价模型，贴现现金流个别调整，定价模型，贴现现金流布莱克布莱克-斯科尔斯期权斯科尔斯期权(q qun)定价模型，二项式模定价模型，二项式模型，型，702Option Price and Value of Options factors, page 149Three methods tailoring adjustment, p

61、ricing model, discounted cash flowsBlack-Scholes option model, binomial option model, page 150衍生(yn shn)金融工具 Derivatives第44页/共111页第四十五页，共111页。46远期合同远期合同主要特征主要特征(tzhng)和术语和术语 多头，空头，多头，空头，702页页偿付结构偿付结构 对称偿付结构，远期合同案例，对称偿付结构，远期合同案例，703页页期货合同期货合同期货合同期货合同 有组织的交易所的标准合同，案例，有组织的交易所的标准合同，案例，703页页Forward Contr

62、actsKey Characteristic and Terminology long position, short position, page 151Payoff structure symmetrical payoffs, forward contract example, page 152Futures Contracts future contract standardized contracts traded on organized exchanges, for examples, page 152衍生(yn shn)金融工具 Derivatives第45页/共111页第四十六

63、页，共111页。47互换互换互换互换 互换未来现金支付的私人约定，由中间人促成，互换未来现金支付的私人约定，由中间人促成，案例，案例，704页页其他其他(qt)长期金融工具长期金融工具其他其他(qt)长期金融工具长期金融工具 2B-13, 705页页SwapsSwap private agreement to exchange future cash payments, facilitated by an intermediary, for example, page 153Other Long-term Financial InstrumentsOther long-Term Financi

64、al Instruments Figure 2B-13, page 154衍生(yn shn)金融工具 Derivatives第46页/共111页第四十七页，共111页。48第四节：资本(zbn)成本Topic 4: Cost of Capital 第47页/共111页第四十八页，共111页。49资本成本(chngbn)的定义 Cost of Capital, Definedn债务资本债务资本 付息工具如票据、债券或贷款的发行付息工具如票据、债券或贷款的发行n权益资本权益资本 股东的永久投资，实缴资本和留存收益股东的永久投资，实缴资本和留存收益n资本成本资本成本 融资中各个组成部分融资中各个组

65、成部分(z chn b fn)的相关成本的的相关成本的加权平均数加权平均数nDebt capital issuance of interest-bearing instrument as notes, bonds, or loansnEquity capital permanent investment by shareholders, paid-in capital or retained earningnCost of capital proportional average of the various components for financing 第48页/共111页第四十九页，共

66、111页。50计算资本(zbn)成本 Calculating the Cost of Capital n一般公式一般公式 710页页n资本成本案例资本成本案例 图表图表2B-14，711页页n各种资本类型各种资本类型(lixng)的成本的成本n负债成本负债成本 公式，案例，图表公式，案例，图表2B-15，712页页n优先股成本优先股成本 公式，案例，公式，案例，713页页nGeneral formula page 161nCost of Capital Example figure 2B-14, page 161nCost of Individual Capital ComponentsnCost of debt formula, for example, page 162, figure 2B-15nCost of preferred stock formula, for example, page 163第49页/共111页第五十页，共111页。51计算(j sun)资本成本 Calculating the Cost of Capital 普通股权益成本普通股权益成本使用历史使用历