201*年计CMA证复审工作总结

201*年计CMA证复审工作总结

计量认证复审工作汇报

我中心第一次计量认证复审时间是201*年，有效期至201*年6月22日。201*年1月8日通过复审，通过的计量认证项目有6项，增加检测项目29项。

此次复审主要从以下几个方面着手：一、体系文件换版工作。

（一）根据国家认监委和西藏自治区质量技术监督局的要求，按照《西藏自治区检验机构计量认证/审查认可（验收）评审准则》，进行了质量体系文件的换版工作，发布了新版的《质量手册》和《程序文件》，于201*年3月实施。

（二）人员培训

编制质量体系文件之前，中心技术负责人、质量负责人、内审员、质量监督员都参加自治区质量技术监督局举办的培训班，经考核合格。

质量体系文件换版以后，进行计量认证知识的全员宣传和贯彻。内容包括：计量认证相关的法律、法规，质量手册、程序文件等。形式有：全员集中培训，各成员分散培训。

二、申请工作

（一）申请复审要求提供以下资料：1、申请书一式两份

包括：基本情况、近两年的比对活动情况、申请新增项目的开展情况、内审、管理评审情况、技术负责人/质量负责人/授权签字人简历表、检验机构工作人员一览表、检测实验室仪器设备/标准物质配置表、检测能力分析一览表、申请计量认证/审查认可（验收/授权）项目表。

2、质量手册和程序文件3、标准有效性证明材料4、其他有关材料或证明文件

包括：法人证明材料、组织机构代码证书（复印件）、申请项目提供参加能力验证的证明材料（若无，则提供典型项目的实验室间比对试验报告）（复印件）、原计量认证/审查认可（验收/授权）证书附表（复印件）

（三）编制检测细则和原始记录格式

方法经确认后，由检测人员编制检测细则和原始记录格式。进行受控。（四）申请项目的检测报告

要求每个项目1～2份，复查项目分类提供。（五）能力验证和室间比对选择典型项目进行室间比对。（六）填写申请书

根据确定的项目及限制范围填写项目表、仪器设备/标准物质配置表、检测能力分析一览表。上报省质监局。

三、评审前准备工作（一）查漏补缺

评审时要查看前三年的相关资料，尤其是：内审、管理评审、能力验证、人员培训、仪器检定证书等。检验报告从五年内的报告中抽查。前一次认证的项目检测报告。要核对每一个项目，如无检测报告，可以自己送样做。

（二）内审、管理评审

最好在评审前进行一次内审和管理评审，查找存在的不足之处，进行整改。四、我中心的复审工作顺利完成与以下几点是分不开的：（一）领导重视，各成员合作

计量认证工作是和领导的重视分不开的，我们学院领导高度重视该项工作，几次召开相关科室负责人和全体职工会议，明确职责。各科室间配合得也相当协调，主动认真完成各自的任务。

（二）职责明确

计量认证涉及的主要部门有：工程中心、检测中心、办公室。由检测中心牵头，对各科室进行分工，明确其在不同的阶段需做的工作。

西藏林芝土木水利电力工程技术研究中心

201*年8月3日

扩展阅读：CMA习题总结P3

SA

TOCfocusesonidentifyingtheplaceintheproductionprocesswheretotalrequiredhoursexceedtheavailablehours,notthereverse.Thisplaceiscalledthebottleneck.

Benchmarkingisundertakingbestpracticeanalysistocutcosts,boostoutput,andachievetheirstrategicgoals.

DBR:theconstrainedprocessisthedrumandasequencefprocessespriortotheconstraintistherope.Theobjectiveistobalancetheflowofproductionthroughtheropebytimingandschedulingactivityforallprocessesleadinguptothedrum.

4organizationallevels:corporatelevel,businessunitlevel,divisionlevel.

Business-levelinvolvesdecisionsaboutwhatproductsshouldbeofferedandwhichcustomergroups.决定生产产品及消费对象。

Functional-levelstrategiesaredevelopedtoimprovetheeffectivenessofacompany"soperations.改进效率，配置相关服务人员。

Primaryactivities:marketingandsalesSupportactivities,Informationsystem,infrastructure基础建设

Themissionstatementdefineswhythecor.existsandprioritizesandcommunicatesitsoverallobjectives.

FiveForceModel:bargainingpowerofsuppliers,theclosenessofsubstitutestoacor.’sproducts,theriskofentrybypotentialcompetitors.

TQM的分析方法：Controlchart,histogram,andParetodiagramTOC:Drum-Buffer-Ropediagram

Fragmentedindustriesarecomposedofmanysmallandmedium-sizedbusinessessuchasmotelsorrestaurants；Lowentrybarriers,diseconomiesofscaleandaconstantstreamofnewcompetitorstotheirindustries.

获得比较优势的4个方面4factorscreatedcompetitiveadvantage:efficiency,quality,innovation,customerresponsiveness.比较优势的含义：有高于行业平均利润的利润率。

说一家公司成功的拥有比较优势而其他对手失败是指：thestrategiesthatthesuccessfulcompanypursueshaveastrongimpactonitsperformancerelativetoitsrivals.优于其他人的战略并对他人造成了影响。

JITrequires:leanproduction精益生产,eachworkerisabletooperateallmachineryandperformallsupportingtasks,workcells.

Productivitysystem:FMS,CAD,CAMAnalyticalmodeling:DSSusedforwhat-ifanalysis,sensitivityanalysis,goal-seekinganalysis,optimizationanalysis.

PorterofHBSsetforth3genericstrategies:costleadership,differentiation,focusorcompetitivescope.

KansaninJapanesemeans"visualrecord”.It’sasimplepartsmovementinwhich"cards"areusedtokeeptrackofinventory.1960s诞生atToyota.Kaizen:持续改进。

Contingencyplanningorscenarioplanningconsidersalternativesthatenablethecor.torespondquicklyandcapablytofuture,external,generallyunpredictableevents.

3个利润的基本来源因素：Thecostsofcreatingthecor."sproducts;thepricethatthecor.chargesforitsproducts;theamountofvalueplacedonthecompany"sproducts.

Life-cyclestrategiesincludeharvesttheproduct,maxmarketshare,maxprofit.不包括superiorresponsivenesstocustomers.这个是4factorstohavecompetitiveadvantage.

S-B

Electronicmarketingisbecomingmoreandmoresuccessfulinreapingadditionalprofitsforcompanieswhilebuildingcustomerrelationshipinaverycost-effectivemannerparticularlycomparedtoadirectmailcampaign.

MarketingcommunicationmixismadeupofAD,salespromotion,publicrelationandpublicity,personalselling,anddirectandinteractivemarketing.

Consumergoods包括：Unsoughtgoods,conveniencegoods,specialtygoods.

Marketpenetration市场渗透pricingiswhenacompanywantsmaxitsmarketshareandbelievesthatahighersalesvolumewillleadtolowerunitcostsandhigherlong-term.

Priceskimminginvolvessettingahighintroductoryprice.先设定高价格，然后降价吸引新顾客。skimmingmaxrevenuesfromthedifferentmarketsegments.特点：1.Customersmustperceivetheproductworthitsprice;2.costofproducingsmallvolumesislow3,competitorscannoteasilyenterthemarket.

Salespromotion:目标源于marketingobjectives,包括avarietyofshort-termincentives,fostersupportofnewmodelsandproducts.

Customerrelationshipmanagement(CRM):customerdatabases,datmining,databasemarketing.customeradvantage是间接关系。

Requirelife-cyclestrategies:growthstage,introductionstage,maturitystage.

品牌：Abrandcanconveyupto6levelsofmeaning:attributes,benefits,culture,personalityandtypeofuser.Brandbonding是让顾客有一个全面积极地体验withtheCOR.Inthedeliveryofitscontract,orpromise.

Productsandservicesaretraditionallyclassifiedonthebasisofdurability,tangibility.Shoppinggoods是consumergoods

StrategicGroupisagroupofcompaniesthatfollowsasimilarstrategyinthesametargetmarket.

Productmixisalsocalledproductassortment,this"sthecompletesetofallproductsandservicesthatacompanyoffers.4Ps:product,price,place,promotion.

Thetacticalmarketingplanaddresses:promotion,productfeatures,customers’serviceaswellasmerchandising,pricingandsaleschannels.

Majortrendsinproductsupportservicesparticularintheareaofcustomerservice:equipmentmfgareaddingmodularity;companiesareincreasingthequalityoftheircallcenters,third-partyorganizationsareincreasinglyservicingmoreequipment.

Industrialgoods:suppliesandbusinessservices,capitalitems,materialsandparts.

TheneedforReal-timeinformationisgreater:thegrowthofglobalmarketingfromnationalmarketing,anewfocusoncustomers"wants(notneeds),whichhasshiftedfrombuyerneedsandthetrendtowardnon-pricecompetition

Priceadjustmentstrategy:geographicalpricing,psychologicalpricing.

CRM:Surveymanagementsoftware,callcentersoftware,contactmanagementsoftware.

Marketingstrategy中，STP：Segmentation,targetingandpositioning.

选择市场的步骤：Demandmeasurementandforecasting,marketingsegmentation,markettargeting,andmarketpositioning.Technologycapability是abilitytoserveconsumers.

公司拥有的competenciesarethecompany"sstrengthsthatenableproductdifferentiationandlowercosts.Resources:theCor."scapitalorfinancialendowments,physical,human,technologicalandorganizationalfactorendowmentsthatcreatecustomervalues.(包括人力、技术、财力)Capabilitiesincludeskillsatcoordinatingandeffectivelyusingthefirm"sskills.

Marketsegmentation:nichemarketing,micromarketing,massmarketing

Theforcesthatinfluencethecompany"smarketingstrategyinclude:technological-naturalenvironment,demographic-economicenvironment,social-culturalenvironment,andpolitical-legalenvironment.

Globalization:市场和产品全球化isbringingaboutafundamentalchangeintheworldeconomy.Theresultsincludemoreintenserivalries,increasedinnovationandshorterproductlifecycles以及theloweringofbarrierstotradeandinvestmentacrossbordershasproducedaprofoundeffect.更激烈的竞争，加速革新，更短的产品寿命。Afewconsolidatedoligopolieswithinanationalmarketbeingforcedtochangeintosegmentsoffragmentedglobalorganizationsfightingformarketshareincountryaftercountry.

定价政策：Competitors"prices,pricecontrols,marketsize.

Costleadershipisabusinessmodelchoice,notastrategy.在产品衰退期，所有方面都在下降。R&D,AD,salespromotionandsellingsupportinthehopethatsaleswillholdupanyway都要缩减。

5Patternsoftargetmarketselection:selectivespecialization,single-segmentconcentration,productspecialization.

3waystomanagetheseactivities:globalorganization,theinternationaldivision,theexportdepartment.

ADrequirea5-step(5M)courseofaction:1,SettingtheADobjectives;2,creatingabudget;3,selectingthemessage;4,determiningtheappropriateADmedia;5,appraisingtheresultsormeasurement.

SelectstrategyforaADmessage,a4-stepprocess:messagegeneration,evaluationandselectionofthemessage,executionandreviewofsocialresponsibility.

公共关系能影响：Packaging,labeling,laws,pollution,andresources.

marketingmix4Ps要素：product,price,promotionandplace

MichaelPorter"s3genericstrategies:costleadership,differentiation,focus.Positioningstrategy:uniquesellproposition,double-benefit,andtriple-benefit.

Harveststrategy收割战略

Consumergoods包括：Unsoughtgoods,非渴求物品conveniencegoods便利品,specialtygoods.产品定位策略（Productpositioningstrategy):uniquesellproposition独特的销售主张,double-benefit,triple-benefit.

49.producedbyanaturalprocess(如水，石油)

SC

short-termfinancingandworkingcapital

short-selling:买方，借来债券现买出，在交割的时候再买入。

Workingcapitalmanagementrequiresbalancingtheriskofinsolvencywiththebenefitsoflonger-term,higher-returninvestments.

Marketablesecurity:shortterm,highlyliquidinvestments,(U.S.Treasurybills,Eurdollars,commericalpaper)Convertiblebonds通常是长期

CD:NegotiableCDarelessriskythanbankers"acceptances行承的商票，行承的票，票的主人承行，承行有付款的任。andcommercialpaper.因此利率也低。

Holdingcash的理由：Maintainadequatecashneededfortransactions,meetfutureneeds,andsatisfycompensatingbalancerequirements.

Commercialpaper:没有二级市场，usuallyhasamaturityoflessthan270days,比treasurebills更风险收益就更高，用Commercialpapermarketforshort-termfinancing的好处：Theborroweravoidstheexpenseofmaintainingacompensatingbalancewithacommercialbank;themarketprovidesmorefundsatlowerratesthanothermethodsprovide,themarketprovidesabroaddistributionforborrowing.

Tradecredit-小公司的大额短期借款installmentloan通常不是短期

Adraftcheck银行汇票thepayablesfloatisincreasedbecauseittakesadditionaltimeafterthepaymenthasbeenreceivedbythesupplierbeforethemoneyisdeductedfromthepayer"saccount.

短期现金管理的目的是保持流动性和安全。

当短期financing相对于长期融资增加，thegreatertheriskthatitwillbeunabletmeetprincipalandinterestpayment.增大了来不及付本金和利息的风险。

Securedshort-termfinancingonlyexampleisawarehousereceipt.

Creditterms:提供信用期当1,thecompanyneedscashandtheinterestratefromthecashdiscountislowerthantheavailableforborrowing;2,thecompetitorsofferedthemandcustomersexpectsuchadiscount.信用政策的存在是为了防范潜在的违约风险。Easeitscreditpolicy=givemorecredittomoreconsumer;itwillincreasetoaccommodatehighersaleslevels.

衡量workingcapitalmanagement:Acid-testratio,inventoryturnoverratio,andaveragecollectionperiodratio.

AP是自发的融资。Prepaidassets也是短期资产Float:check-depositday

安全库存取决于：1,thevariabilityoftheleadtime;2,thevariabilityofthedemandoftheproduct;3,thecostofstockout.

Carryingcost:storageandhandling,obsolescenceanddeterioration恶化,insuranceandtaxes.orderingcost主要组成是productionset-up

ObligationsissuedbyfederalagenciesotherthantheUS.treasurydepartmentareguaranteedbytheagencyissuing由代理结构发行，没有政府担保。

81.计算salesday=15*.2+.4*30+.2*452/15,net30

92，98概念discountedinterest贴现利率VS.票面利率104，111，68，74.

Q：5.WHY12.premiumaccount,standardaccount?43.

48,53，71,76为什么要/2?

85算流动比率包括（prepaidexpense>???）94,一周不是2次吗？一周加速2天？

99，我用Creditsales算出来的才是答案，不是应该用sales嘛？

SC-2long-termfinancing

0息票据：Interestcanbeamortizedannuallyonastraight-linebutisanoncashoutlay.

公司信用债debenture:Isatypeofbondthathasnocollateralbehindthem。They’resupportedonlybythecompanywiththeirfaithandcredit.

Poisonpilladefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.

优先股retired的方式：Sinkingfund,callprovision,conversion.

Warrant：权证的种类分为认购权证（买权）和认沽权证（卖权）权证分为按行权期限的不同，权证可以分为美式权证（AmericanStyleWarrant）、欧式权证（EuropeanStyleWarrant）和百慕大式权证（BermudaStyleWarrant）。百慕大权证介于欧式权证和美式权证之间，百慕大权证具有多个行权日或是一段行权期，如到期日前5日。权证按发行人可分为两类：股本权证(EquityWarrant)和备兑权证(DerivativeWarrant)股本权证通常由上市公司自行发行，也可以通过券商、投行等金融机构发行，标的资产通常为上市公司或其子公司的股票。目前绝大多数股本权证都是欧式认购权证。兑权证由上市公司以外的第三者发行。发行人通常都是资信卓著的金融机构，或是持有大量的认股对象公司股票以供投资者到时兑换，或是有雄厚的资金实力作担保，能够依照备兑权证所列的条款向投资者承担责任。

Incomebond:payinterestonlyiftheissuingcompanyhasearnedtheinterest,orwhentherehavebeenprofitstopaytheinterestfrom

储架注册制度(ShelfRegistrationSystem)允许发行人在注册说明书生效后连续多次发行证券,简化了注册程序,提高了融资灵活性,降低了融资成本,提高了证券市场的效率.Itenablesacompanytoregistershares,butnotimmediatelyissuethem,theCor.makealargeregistrationandthensellthesharesastheyareneededinsteadofmakingmanysmallerregistrations.

After-taxweightedmarginalcostofbond=实际利率*(1-t)

减少票面利率：changeinratingfromAAtoAAA;sinkingfund,conversionoption(赎回)Callprovision召回保护发行方当公司破产时insolvent意味资不抵债,eitherliquidatedorreorganized.要么清算要么重组

资本成本：thetimevalueofmoneyshouldbeincorporated;allcostsshouldbeexpressedasafter-taxcost;以加权方式表示。计算包括了时间价值，在税后

Financialstructure是financingsourcesoftheassetsofafirm.Traditionally,thefinancialstructureconsistsofcurrentliabilities,long-termdebt,RE,andstock.目标是maxthenetworthofthefirm.

Ex-dividenddate:isthedatewhentherighttoadividendexpires到期.

公司最佳资本结构的目标是：Minweighted-averagecostofcapital,maxthepriceofthefirm"sstock

影响公司价值决策：saleariskydivisionthatwillnowincreasethecreditratingoftheentirecompany,investmentinaproject,useofamorehighlyleveragedcapitalstructurethatresultedinalowercostofcapital.以上都会增加公司价值。

Covenant是限制条款：Thecompanycannotacquireorsellmajorassetwithoutpriorcreditorapproval.

分红：Usuallyexhibitgreaterstabilitythanearnings.

Marginalcostofcapital约等于WAofthecostofdebtandequity

优先股特点：Novotingrights,noprincipalrepayments,asuperiorclaimtoCSequity,dividendpaymentsnottaxdeductible.Becauseequitycarriesnoguaranteeofareturn,investorstypicallydemandahigheryieldtocompensateforthehigherrisk.

Sinkingfundrequireforretirementofthebondsmature.

Bookvalueofcommonstock=（commonstock+RE+APIC)/数量

flotationcosts筹资成本与CAPM无关

利息保障倍数=息税前利润÷利息费用

在股利增长模型中，股票价格由投资者得要求报酬率决定。

Option:83,95.thevalueoftheshareex-rights=marketprice-valueofrightsonprice

Thetheoryunderlyingthecostofcapitalisbasedprimarilyonthecostoflong-termfundsandacquisitionofnewfunds,itconcernedwiththecostoflong-termfundsandnewfunds.资本成本主要是关注长期资产和新资金。

短期融资的目标是meettheworkingcapitalneeds

LessleveragedfirmhavelessvolatileEPS

Junkbondsaresecuritiesratedatlessthaninvestmentgrade.

看待dividends的2种理论：Theresidualpart:earningsshouldberetainedandreinvestedaslongasprofitableprojectsareavailable.

anactivepolicystrategy:theCOR.believesthatthepaymentofdividendsprovidesinformationonthecor.tothemarket.Therefore,thecor.willbeverycarefulandspecificwiththeamountthattheypayasdividendseachperiod.

124.Maturitymatchingorequalizingthelifeofanassetandthedebtinstrumentusedtofinancethatassetisahedgingapproach.Thebasicconceptifthatthecompanyhastheentirelifeoftheassettorecovertheamountinvestedbeforehavingtopaythelender.？？？？

欧洲债券:公司更喜欢Eurobondsratherthanthedomesticbondsisthecostsislessbecauseoftheabsenceofgovernmentregulation.没有政府监管

Venturecapital特点:haveaperiodofnoliquidityaftertheinvestmentismade;theuseofcommonstockformostplacements;initialprivateplacementforthemajorityofissues.一般不超过5年。

Underwritingspread:thedifferencebetweenthepricetheinvestmentbankerpaysforanewsecurityissueandthepriceatwhichthesecuritiesareresold.This"stheprofitthatisearnedbytheunderwriteronthetransaction.

做资本预算时，原则是increaseoutputuntilmarginalcostequalsmarginalrevenue.Theoptimalcapitalbudgetisdeterminedbycalculatingthepointatwhichmarginalcostofcapitalandthemarginalefficiencyofinvestmentintersect.边际成本等于投资回报率下的利润最大项目。

106,62，74，24,97，120，29,63，44

销售百分比法算筹资总额。敏感项目的资产-负债（AR,Cash,Inve.Fixed非饱和-AP,taxeswages）为非敏感项目：mortgagebonds无形资产长期资产固定资产饱和长期负债，权益，短期借款。相关性不大。

股东权益计划又称“毒丸计划”(poisonpills):adefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.

看待dividends的2种理论：Theresidualpart:earningsshouldberetainedandreinvestedaslongasprofitableprojectsareavailable.anactivepolicystrategy:theCOR.believesthatthepaymentofdividendsprovidesinformationonthecor.tothemarket.Therefore,thecor.willbeverycarefulandspecificwiththeamountthattheypayasdividendseachperiod.115.traderights-onfor50,???rights-onV=(50-40)/(4+1)Q:4.currentlyyielding5%??12.理解？21

22.besteffortsissue:??只有个这个，公司才能卖出五担保的债券25.couponrate?

31.equityasthedebt-to-equityrationincrease?40.解释下

57,commonstockor权益50%?是我对题目理解有误还是？76

85回购的不一般是普通股吗

96,ex-rightrights-on含股权的价格？124?whysayso?

RISK:

有效组合portfolioisdefinedasonethatisinthefeasiblesetofportfoliosandeitheroffersthehighestpossibleexpectedreturnforagivenlevelofriskoroffersthelowestpossibleriskforagivenlevelofexpectedreturn.抵消既定风险下的高收益或既定期望收益下的低风险。

Thecoefficientofvariationis=standarddeviation/rateofreturn较高者风险大

期货Future：Thelongpartyofafuturecontractistobuytheunderlyingassetasaprotectionagainstapossibleincreasingpriceoftheactualfinancialinstrument.Buyersandsellersdon"tusuallytakedeliverytheunderlyingasset.Theyoffsettheirpositionsbythedeliverydate.

远期Forward：aforwardcontractissettledatmaturitybythesaleandpurchaseofthecommodityorotherasset.由原来的双方完成交易。

Expectedriskpremium=bate*(Rm-Rf)风险溢价SML的斜率是RM-RF，beta是X.7,11,25,54

Bate系数：measureshowsensitivethestock"sreturnistochangesinthemarket’sreturn;istheslopeoftheregressionlinethatrelatesthereturnofanindividualsecuritytothereturnofitsbenchmarkindex;isusedtomeasureastock"smarketrisk.负的BATE意味着证券的price与市场反方向运动

APT计算expectedreturn.公式！=a+kb1+kb2+kb3(bateand)

久期：28.61.在债券分析中，久期已经超越了时间的概念，投资者更多地把它用来衡量债券价格变动对利率变化的敏感度，并且经过一定的修正，以使其能精确地量化利率变动给债券价格造成的影响。修正久期越大，债券价格对收益率的变动就越敏感，收益率上升所引起的债券价格下降幅度就越大，而收益率下降所引起的债券价格上升幅度也越大。可见，同等要素条件下，修正久期小的债券比修正久期大的债券抗利率上升风险能力强，但抗利率下降风险能力较弱。修正久期ModifiedDuration:=久期/(1+原利率)=2.67意味着，利率每增加1%，债券价格借下降2.67。面值1000的债券价格成为=1000*（1-2.67%）计算价格不是valuebonds

55.用资本成本公式D1/P0+G=requiredrateofreturn

CAPM中requiredrateofreturn=RF+BETA(RM-RF)RM=expectedreturntothemarket

期权option：26.Atthetimetheoptionwaswritten,ithadnotheoreticalvalue.(如，此时说执行价格是￥40，高于现在市场价格￥34，当实际执行时价格是￥42)，此时value是2？？？29.Marketvalueofanoption=intrinsicvalue+itstimevalue

intrinsicvalueistheamountbywhichit"s"inthemoney",时间越长，价值越大。There"smoretimeforafavorablepricefluctuationtotakeplaceintheunderlyingstock,it’stheoption"stimevalue.Thetimevalueistheportionofanoption"spremiumthatisinexcessoftheoption"sintrinsicvalue.Onitsmaturitydate,there’snoneedtodoanythingtocloseitout.

Exitanoptionposition:offset,toreversetheoriginaltransaction;beexercised;beallowedtoexpireontheexpirationdate.

Value-at-riskmodelindicatestheMAXlossoveragiventimeperiodsuchthatthereisalowprobability(1%),thattheactuallossoverthegivenperiodwillbelarger.意味着100天中，有1、2天可能会损失钱。

正态分布：51，38.theexpectedannualreturnis定点的概率。10,33,38,51

SWAP：2个团体交换interestpayments,主要目的是matchthecharacteristicsofthefirm"srevenuestreamwiththecharacteristicsofitspaymentstream.

Costofretainedearning即是requiredrateofreturn,本应用于股利增长模型中，作为增长后了的期望报酬率，即C=(D0*(1+X)/P0)+X

Q.7,为什么说被市场低估？

8.?为什么只有20,VS.22VS.31VS39

S-D

安全边际是指销售量。Thedifferencebetweenbudgetedsalesandbreakevensales.

WhenusedinCVPanalysis,sensitivityanalysisisdonethroughvariouspossiblescenariosandcomputestheimpactonprofitofvariouspredictionsoffutureevents.改变投入来衡量对产出利润的影响。

Incremental(differential)costareadditionalcoststhatresultwhenproduction,orsomeotherfactorisincreased.即selectingonechoiceinsteadofanother.

---considersallvariableandfixedcostsastheychangewitheachdecisionalternative.随着改变。

价格下降对CM的影响更大

Thecontribution=operatingincome=Revenue-VC-fixedcostscontrollablebyothers-fixedcostscontrollablebydivisionmanagers.

Thestepsintheproblem-solvingprocessare1.Identifytheproblem2.generatealternativesolutions3.Selectasolution4.Implementandevaluatetheselectedsolution.

Seasonaldiscountaregoodmethodbymfgtosmooththeproductioncycle.

Thetermincrementalcost:thedifferentintotalcoststhatresultsfromselectingonechoiceinsteadofanother.35.

SE

22.关于这个disposaltransaction的现金流净税后数额。20的节税是在年底，因此要按1年折现。23.interestexpense是financingofacapitalinvestment是一个不同的过程fromthecapitalbudgetingcashflowanalysis.

29.PI=NCFinflow/initialcashinvestment大于1说明NPV为正PIisusedtoevaluateallpossiblecapitalprojectsofdifferentdollaramountsandthenrankthemaccordingtotheirdesirability.

合理的折现率计算NPV=risk-freerate

NPV方法分析假设项目reinvestedattherequiredrateofreturn.IRRwouldtendtobeincreased若公司从直线法转为用加速折旧法

IRR与hurdlerate（requiredrateofreturn）一起决定项目，若他们相等，纯粹巧合IRR可能与NPV出现分歧:当项目周期、大小不同时，NPV&IRR会出现分歧IRR小于costofcapital也可以接受。

手上有怕跌的资产，买入个putoption-卖出合约calloption-买入

accountingrateofreturnonaninvestment(usingtheaverageinvestmentamount)=(after-taxincome/年数)/(初始投资/2)

Costofcapital:是theweighted-averagecostofitsvariousfinancingcomponents;包括了timevalue,tax的计算，costofequity是他的一部分。

Breakeventime=thepoint折现的累计cashinflows=discountedtotaloutflow

Bailoutpaybackmethodrecognizesthepossibilitythataprojectmaybeendedprematurelyandtheequipmentsold,measurestheriskifaprojectisterminated.

Sensitivityanalysiscanbeusedincapitalbudgetingtodeterminehowcashflowscanbeexpectedtovarywithchangesintheunderlyingassumption.It’sa"what-if"techniquethataskshowagivenoutcomewillchangeiftheoriginalestimatesofthecapitalbudgetingmodelarechanged.

69.Theinvestmenttaxcreditisnolongerafactorininvestmentdecisions.1986taxreformact.???

Taxableincomeisadjustedtoarriveatalternativemintaxableincome:gainsorlossesfromlong-termcontracts,gainsoninstallmentsalesofrealproperty,miningexplorationanddevelopmentcosts,charitablecontributionsofappreciatedproperty,accelerateddepreciation,theaccumulatedcurrentearningsadjustmentandtax-exemptinterestonprivateactivitybondsissuedafter1986.8.7.37（不是要求算newasset吗？）

Requiredrateofreturniscalledcutoffrate,discountrateorcostofcapital

Q:.59(按答案意思应该是A啊？)70.

105.MACRS与200%declining-balance相似？？在不同利率水平下的债券价格，长期债券的价格对利率的变化更敏感。TIPS：预付通胀政府债券treasuryinflation-protectedsecurities.

Defaultpremium=同样期限和票面利率的公司债券-政府债券的承诺收益差。一物一价法制lawofoneprice

PurchasingpowerparityPPP购买力平价。不同国家的基本生活成本应该是相同的，即俩个国家的通胀率差异不会影响他们相对的生活成本，即二货币间的汇率变化将弥补亮国家的通胀率差异。国际Fisher效应：若各国间的预计实际利率相同，则各国间名义利率的差异反映了预计通货膨胀率的不同。InternationalFisherEffect利率高的国家，通胀率也高。（现象，not因果关系。）

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