201*年計CMA證復(fù)審工作總結(jié)

計量認(rèn)證復(fù)審工作匯報

我中心第一次計量認(rèn)證復(fù)審時間是201*年，有效期至201*年6月22日。201*年1月8日通過復(fù)審，通過的計量認(rèn)證項目有6項，增加檢測項目29項。

此次復(fù)審主要從以下幾個方面著手：一、體系文件換版工作。

（一）根據(jù)國家認(rèn)監(jiān)委和西藏自治區(qū)質(zhì)量技術(shù)監(jiān)督局的要求，按照《西藏自治區(qū)檢驗機(jī)構(gòu)計量認(rèn)證/審查認(rèn)可（驗收）評審準(zhǔn)則》，進(jìn)行了質(zhì)量體系文件的換版工作，發(fā)布了新版的《質(zhì)量手冊》和《程序文件》，于201*年3月實施。

（二）人員培訓(xùn)

編制質(zhì)量體系文件之前，中心技術(shù)負(fù)責(zé)人、質(zhì)量負(fù)責(zé)人、內(nèi)審員、質(zhì)量監(jiān)督員都參加自治區(qū)質(zhì)量技術(shù)監(jiān)督局舉辦的培訓(xùn)班，經(jīng)考核合格。

質(zhì)量體系文件換版以后，進(jìn)行計量認(rèn)證知識的全員宣傳和貫徹。內(nèi)容包括：計量認(rèn)證相關(guān)的法律、法規(guī)，質(zhì)量手冊、程序文件等。形式有：全員集中培訓(xùn)，各成員分散培訓(xùn)。

二、申請工作

（一）申請復(fù)審要求提供以下資料：1、申請書一式兩份

包括：基本情況、近兩年的比對活動情況、申請新增項目的開展情況、內(nèi)審、管理評審情況、技術(shù)負(fù)責(zé)人/質(zhì)量負(fù)責(zé)人/授權(quán)簽字人簡歷表、檢驗機(jī)構(gòu)工作人員一覽表、檢測實驗室儀器設(shè)備/標(biāo)準(zhǔn)物質(zhì)配置表、檢測能力分析一覽表、申請計量認(rèn)證/審查認(rèn)可（驗收/授權(quán)）項目表。

2、質(zhì)量手冊和程序文件3、標(biāo)準(zhǔn)有效性證明材料4、其他有關(guān)材料或證明文件

包括：法人證明材料、組織機(jī)構(gòu)代碼證書（復(fù)印件）、申請項目提供參加能力驗證的證明材料（若無，則提供典型項目的實驗室間比對試驗報告）（復(fù)印件）、原計量認(rèn)證/審查認(rèn)可（驗收/授權(quán)）證書附表（復(fù)印件）

（三）編制檢測細(xì)則和原始記錄格式

方法經(jīng)確認(rèn)后，由檢測人員編制檢測細(xì)則和原始記錄格式。進(jìn)行受控。（四）申請項目的檢測報告

要求每個項目1～2份，復(fù)查項目分類提供。（五）能力驗證和室間比對選擇典型項目進(jìn)行室間比對。（六）填寫申請書

根據(jù)確定的項目及限制范圍填寫項目表、儀器設(shè)備/標(biāo)準(zhǔn)物質(zhì)配置表、檢測能力分析一覽表。上報省質(zhì)監(jiān)局。

三、評審前準(zhǔn)備工作（一）查漏補缺

評審時要查看前三年的相關(guān)資料，尤其是：內(nèi)審、管理評審、能力驗證、人員培訓(xùn)、儀器檢定證書等。檢驗報告從五年內(nèi)的報告中抽查。前一次認(rèn)證的項目檢測報告。要核對每一個項目，如無檢測報告，可以自己送樣做。

（二）內(nèi)審、管理評審

最好在評審前進(jìn)行一次內(nèi)審和管理評審，查找存在的不足之處，進(jìn)行整改。四、我中心的復(fù)審工作順利完成與以下幾點是分不開的：（一）領(lǐng)導(dǎo)重視，各成員合作

計量認(rèn)證工作是和領(lǐng)導(dǎo)的重視分不開的，我們學(xué)院領(lǐng)導(dǎo)高度重視該項工作，幾次召開相關(guān)科室負(fù)責(zé)人和全體職工會議，明確職責(zé)。各科室間配合得也相當(dāng)協(xié)調(diào)，主動認(rèn)真完成各自的任務(wù)。

（二）職責(zé)明確

計量認(rèn)證涉及的主要部門有：工程中心、檢測中心、辦公室。由檢測中心牽頭，對各科室進(jìn)行分工，明確其在不同的階段需做的工作。

西藏林芝土木水利電力工程技術(shù)研究中心

201*年8月3日

擴(kuò)展閱讀：CMA習(xí)題總結(jié)P3

SA

TOCfocusesonidentifyingtheplaceintheproductionprocesswheretotalrequiredhoursexceedtheavailablehours,notthereverse.Thisplaceiscalledthebottleneck.

Benchmarkingisundertakingbestpracticeanalysistocutcosts,boostoutput,andachievetheirstrategicgoals.

DBR:theconstrainedprocessisthedrumandasequencefprocessespriortotheconstraintistherope.Theobjectiveistobalancetheflowofproductionthroughtheropebytimingandschedulingactivityforallprocessesleadinguptothedrum.

4organizationallevels:corporatelevel,businessunitlevel,divisionlevel.

Business-levelinvolvesdecisionsaboutwhatproductsshouldbeofferedandwhichcustomergroups.決定生產(chǎn)產(chǎn)品及消費對象。

Functional-levelstrategiesaredevelopedtoimprovetheeffectivenessofacompany"soperations.改進(jìn)效率，配置相關(guān)服務(wù)人員。

Primaryactivities:marketingandsalesSupportactivities,Informationsystem,infrastructure基礎(chǔ)建設(shè)

Themissionstatementdefineswhythecor.existsandprioritizesandcommunicatesitsoverallobjectives.

FiveForceModel:bargainingpowerofsuppliers,theclosenessofsubstitutestoacor.’sproducts,theriskofentrybypotentialcompetitors.

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

Fragmentedindustriesarecomposedofmanysmallandmedium-sizedbusinessessuchasmotelsorrestaurants；Lowentrybarriers,diseconomiesofscaleandaconstantstreamofnewcompetitorstotheirindustries.

獲得比較優(yōu)勢的4個方面4factorscreatedcompetitiveadvantage:efficiency,quality,innovation,customerresponsiveness.比較優(yōu)勢的含義：有高于行業(yè)平均利潤的利潤率。

說一家公司成功的擁有比較優(yōu)勢而其他對手失敗是指：thestrategiesthatthesuccessfulcompanypursueshaveastrongimpactonitsperformancerelativetoitsrivals.優(yōu)于其他人的戰(zhàn)略并對他人造成了影響。

JITrequires:leanproduction精益生產(chǎn),eachworkerisabletooperateallmachineryandperformallsupportingtasks,workcells.

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

PorterofHBSsetforth3genericstrategies:costleadership,differentiation,focusorcompetitivescope.

KansaninJapanesemeans"visualrecord”.It’sasimplepartsmovementinwhich"cards"areusedtokeeptrackofinventory.1960s誕生atToyota.Kaizen:持續(xù)改進(jìn)。

Contingencyplanningorscenarioplanningconsidersalternativesthatenablethecor.torespondquicklyandcapablytofuture,external,generallyunpredictableevents.

3個利潤的基本來源因素：Thecostsofcreatingthecor."sproducts;thepricethatthecor.chargesforitsproducts;theamountofvalueplacedonthecompany"sproducts.

Life-cyclestrategiesincludeharvesttheproduct,maxmarketshare,maxprofit.不包括superiorresponsivenesstocustomers.這個是4factorstohavecompetitiveadvantage.

S-B

Electronicmarketingisbecomingmoreandmoresuccessfulinreapingadditionalprofitsforcompanieswhilebuildingcustomerrelationshipinaverycost-effectivemannerparticularlycomparedtoadirectmailcampaign.

MarketingcommunicationmixismadeupofAD,salespromotion,publicrelationandpublicity,personalselling,anddirectandinteractivemarketing.

Consumergoods包括：Unsoughtgoods,conveniencegoods,specialtygoods.

Marketpenetration市場滲透pricingiswhenacompanywantsmaxitsmarketshareandbelievesthatahighersalesvolumewillleadtolowerunitcostsandhigherlong-term.

Priceskimminginvolvessettingahighintroductoryprice.先設(shè)定高價格，然后降價吸引新顧客。skimmingmaxrevenuesfromthedifferentmarketsegments.特點：1.Customersmustperceivetheproductworthitsprice;2.costofproducingsmallvolumesislow3,competitorscannoteasilyenterthemarket.

Salespromotion:目標(biāo)源于marketingobjectives,包括avarietyofshort-termincentives,fostersupportofnewmodelsandproducts.

Customerrelationshipmanagement(CRM):customerdatabases,datmining,databasemarketing.customeradvantage是間接關(guān)系。

Requirelife-cyclestrategies:growthstage,introductionstage,maturitystage.

品牌：Abrandcanconveyupto6levelsofmeaning:attributes,benefits,culture,personalityandtypeofuser.Brandbonding是讓顧客有一個全面積極地體驗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.

選擇市場的步驟：Demandmeasurementandforecasting,marketingsegmentation,markettargeting,andmarketpositioning.Technologycapability是abilitytoserveconsumers.

公司擁有的competenciesarethecompany"sstrengthsthatenableproductdifferentiationandlowercosts.Resources:theCor."scapitalorfinancialendowments,physical,human,technologicalandorganizationalfactorendowmentsthatcreatecustomervalues.(包括人力、技術(shù)、財力)Capabilitiesincludeskillsatcoordinatingandeffectivelyusingthefirm"sskills.

Marketsegmentation:nichemarketing,micromarketing,massmarketing

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

Globalization:市場和產(chǎn)品全球化isbringingaboutafundamentalchangeintheworldeconomy.Theresultsincludemoreintenserivalries,increasedinnovationandshorterproductlifecycles以及theloweringofbarrierstotradeandinvestmentacrossbordershasproducedaprofoundeffect.更激烈的競爭，加速革新，更短的產(chǎn)品壽命。Afewconsolidatedoligopolieswithinanationalmarketbeingforcedtochangeintosegmentsoffragmentedglobalorganizationsfightingformarketshareincountryaftercountry.

定價政策：Competitors"prices,pricecontrols,marketsize.

Costleadershipisabusinessmodelchoice,notastrategy.在產(chǎn)品衰退期，所有方面都在下降。R&D,AD,salespromotionandsellingsupportinthehopethatsaleswillholdupanyway都要縮減。

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.

公共關(guān)系能影響：Packaging,labeling,laws,pollution,andresources.

marketingmix4Ps要素：product,price,promotionandplace

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

Harveststrategy收割戰(zhàn)略

Consumergoods包括：Unsoughtgoods,非渴求物品conveniencegoods便利品,specialtygoods.產(chǎn)品定位策略（Productpositioningstrategy):uniquesellproposition獨特的銷售主張,double-benefit,triple-benefit.

49.producedbyanaturalprocess(如水，石油)

SC

short-termfinancingandworkingcapital

short-selling:買方，借來債券現(xiàn)買出，在交割的時候再買入。

Workingcapitalmanagementrequiresbalancingtheriskofinsolvencywiththebenefitsoflonger-term,higher-returninvestments.

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

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:沒有二級市場，usuallyhasamaturityoflessthan270days,比treasurebills更風(fēng)險收益就更高，用Commercialpapermarketforshort-termfinancing的好處：Theborroweravoidstheexpenseofmaintainingacompensatingbalancewithacommercialbank;themarketprovidesmorefundsatlowerratesthanothermethodsprovide,themarketprovidesabroaddistributionforborrowing.

Tradecredit-小公司的大額短期借款installmentloan通常不是短期

Adraftcheck銀行匯票thepayablesfloatisincreasedbecauseittakesadditionaltimeafterthepaymenthasbeenreceivedbythesupplierbeforethemoneyisdeductedfromthepayer"saccount.

短期現(xiàn)金管理的目的是保持流動性和安全。

當(dāng)短期financing相對于長期融資增加，thegreatertheriskthatitwillbeunabletmeetprincipalandinterestpayment.增大了來不及付本金和利息的風(fēng)險。

Securedshort-termfinancingonlyexampleisawarehousereceipt.

Creditterms:提供信用期當(dāng)1,thecompanyneedscashandtheinterestratefromthecashdiscountislowerthantheavailableforborrowing;2,thecompetitorsofferedthemandcustomersexpectsuchadiscount.信用政策的存在是為了防范潛在的違約風(fēng)險。Easeitscreditpolicy=givemorecredittomoreconsumer;itwillincreasetoaccommodatehighersaleslevels.

衡量workingcapitalmanagement:Acid-testratio,inventoryturnoverratio,andaveragecollectionperiodratio.

AP是自發(fā)的融資。Prepaidassets也是短期資產(chǎn)Float:check-depositday

安全庫存取決于：1,thevariabilityoftheleadtime;2,thevariabilityofthedemandoftheproduct;3,thecostofstockout.

Carryingcost:storageandhandling,obsolescenceanddeterioration惡化,insuranceandtaxes.orderingcost主要組成是productionset-up

ObligationsissuedbyfederalagenciesotherthantheUS.treasurydepartmentareguaranteedbytheagencyissuing由代理結(jié)構(gòu)發(fā)行，沒有政府擔(dān)保。

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

92，98概念discountedinterest貼現(xiàn)利率VS.票面利率104，111，68，74.

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

48,53，71,76為什么要/2?

85算流動比率包括（prepaidexpense>???）94,一周不是2次嗎？一周加速2天？

99，我用Creditsales算出來的才是答案，不是應(yīng)該用sales嘛？

SC-2long-termfinancing

0息票據(jù)：Interestcanbeamortizedannuallyonastraight-linebutisanoncashoutlay.

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

Poisonpilladefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.

優(yōu)先股retired的方式：Sinkingfund,callprovision,conversion.

Warrant：權(quán)證的種類分為認(rèn)購權(quán)證（買權(quán)）和認(rèn)沽權(quán)證（賣權(quán)）權(quán)證分為按行權(quán)期限的不同，權(quán)證可以分為美式權(quán)證（AmericanStyleWarrant）、歐式權(quán)證（EuropeanStyleWarrant）和百慕大式權(quán)證（BermudaStyleWarrant）。百慕大權(quán)證介于歐式權(quán)證和美式權(quán)證之間，百慕大權(quán)證具有多個行權(quán)日或是一段行權(quán)期，如到期日前5日。權(quán)證按發(fā)行人可分為兩類：股本權(quán)證(EquityWarrant)和備兌權(quán)證(DerivativeWarrant)股本權(quán)證通常由上市公司自行發(fā)行，也可以通過券商、投行等金融機(jī)構(gòu)發(fā)行，標(biāo)的資產(chǎn)通常為上市公司或其子公司的股票。目前絕大多數(shù)股本權(quán)證都是歐式認(rèn)購權(quán)證。兌權(quán)證由上市公司以外的第三者發(fā)行。發(fā)行人通常都是資信卓著的金融機(jī)構(gòu)，或是持有大量的認(rèn)股對象公司股票以供投資者到時兌換，或是有雄厚的資金實力作擔(dān)保，能夠依照備兌權(quán)證所列的條款向投資者承擔(dān)責(zé)任。

Incomebond:payinterestonlyiftheissuingcompanyhasearnedtheinterest,orwhentherehavebeenprofitstopaytheinterestfrom

儲架注冊制度(ShelfRegistrationSystem)允許發(fā)行人在注冊說明書生效后連續(xù)多次發(fā)行證券,簡化了注冊程序,提高了融資靈活性,降低了融資成本,提高了證券市場的效率.Itenablesacompanytoregistershares,butnotimmediatelyissuethem,theCor.makealargeregistrationandthensellthesharesastheyareneededinsteadofmakingmanysmallerregistrations.

After-taxweightedmarginalcostofbond=實際利率*(1-t)

減少票面利率：changeinratingfromAAtoAAA;sinkingfund,conversionoption(贖回)Callprovision召回保護(hù)發(fā)行方當(dāng)公司破產(chǎn)時insolvent意味資不抵債,eitherliquidatedorreorganized.要么清算要么重組

資本成本：thetimevalueofmoneyshouldbeincorporated;allcostsshouldbeexpressedasafter-taxcost;以加權(quán)方式表示。計算包括了時間價值，在稅后

Financialstructure是financingsourcesoftheassetsofafirm.Traditionally,thefinancialstructureconsistsofcurrentliabilities,long-termdebt,RE,andstock.目標(biāo)是maxthenetworthofthefirm.

Ex-dividenddate:isthedatewhentherighttoadividendexpires到期.

公司最佳資本結(jié)構(gòu)的目標(biāo)是：Minweighted-averagecostofcapital,maxthepriceofthefirm"sstock

影響公司價值決策：saleariskydivisionthatwillnowincreasethecreditratingoftheentirecompany,investmentinaproject,useofamorehighlyleveragedcapitalstructurethatresultedinalowercostofcapital.以上都會增加公司價值。

Covenant是限制條款：Thecompanycannotacquireorsellmajorassetwithoutpriorcreditorapproval.

分紅：Usuallyexhibitgreaterstabilitythanearnings.

Marginalcostofcapital約等于WAofthecostofdebtandequity

優(yōu)先股特點：Novotingrights,noprincipalrepayments,asuperiorclaimtoCSequity,dividendpaymentsnottaxdeductible.Becauseequitycarriesnoguaranteeofareturn,investorstypicallydemandahigheryieldtocompensateforthehigherrisk.

Sinkingfundrequireforretirementofthebondsmature.

Bookvalueofcommonstock=（commonstock+RE+APIC)/數(shù)量

flotationcosts籌資成本與CAPM無關(guān)

利息保障倍數(shù)=息稅前利潤÷利息費用

在股利增長模型中，股票價格由投資者得要求報酬率決定。

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

Thetheoryunderlyingthecostofcapitalisbasedprimarilyonthecostoflong-termfundsandacquisitionofnewfunds,itconcernedwiththecostoflong-termfundsandnewfunds.資本成本主要是關(guān)注長期資產(chǎn)和新資金。

短期融資的目標(biāo)是meettheworkingcapitalneeds

LessleveragedfirmhavelessvolatileEPS

Junkbondsaresecuritiesratedatlessthaninvestmentgrade.

看待dividends的2種理論：Theresidualpart:earningsshouldberetainedandreinvestedaslongasprofitableprojectsareavailable.

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

124.Maturitymatchingorequalizingthelifeofanassetandthedebtinstrumentusedtofinancethatassetisahedgingapproach.Thebasicconceptifthatthecompanyhastheentirelifeoftheassettorecovertheamountinvestedbeforehavingtopaythelender.？？？？

歐洲債券:公司更喜歡Eurobondsratherthanthedomesticbondsisthecostsislessbecauseoftheabsenceofgovernmentregulation.沒有政府監(jiān)管

Venturecapital特點:haveaperiodofnoliquidityaftertheinvestmentismade;theuseofcommonstockformostplacements;initialprivateplacementforthemajorityofissues.一般不超過5年。

Underwritingspread:thedifferencebetweenthepricetheinvestmentbankerpaysforanewsecurityissueandthepriceatwhichthesecuritiesareresold.This"stheprofitthatisearnedbytheunderwriteronthetransaction.

做資本預(yù)算時，原則是increaseoutputuntilmarginalcostequalsmarginalrevenue.Theoptimalcapitalbudgetisdeterminedbycalculatingthepointatwhichmarginalcostofcapitalandthemarginalefficiencyofinvestmentintersect.邊際成本等于投資回報率下的利潤最大項目。

106,62，74，24,97，120，29,63，44

銷售百分比法算籌資總額。敏感項目的資產(chǎn)-負(fù)債（AR,Cash,Inve.Fixed非飽和-AP,taxeswages）為非敏感項目：mortgagebonds無形資產(chǎn)長期資產(chǎn)固定資產(chǎn)飽和長期負(fù)債，權(quán)益，短期借款。相關(guān)性不大。

股東權(quán)益計劃又稱“毒丸計劃”(poisonpills):adefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.

看待dividends的2種理論：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:??只有個這個，公司才能賣出五擔(dān)保的債券25.couponrate?

31.equityasthedebt-to-equityrationincrease?40.解釋下

57,commonstockor權(quán)益50%?是我對題目理解有誤還是？76

85回購的不一般是普通股嗎

96,ex-rightrights-on含股權(quán)的價格？124?whysayso?

RISK:

有效組合portfolioisdefinedasonethatisinthefeasiblesetofportfoliosandeitheroffersthehighestpossibleexpectedreturnforagivenlevelofriskoroffersthelowestpossibleriskforagivenlevelofexpectedreturn.抵消既定風(fēng)險下的高收益或既定期望收益下的低風(fēng)險。

Thecoefficientofvariationis=standarddeviation/rateofreturn較高者風(fēng)險大

期貨Future：Thelongpartyofafuturecontractistobuytheunderlyingassetasaprotectionagainstapossibleincreasingpriceoftheactualfinancialinstrument.Buyersandsellersdon"tusuallytakedeliverytheunderlyingasset.Theyoffsettheirpositionsbythedeliverydate.

遠(yuǎn)期Forward：aforwardcontractissettledatmaturitybythesaleandpurchaseofthecommodityorotherasset.由原來的雙方完成交易。

Expectedriskpremium=bate*(Rm-Rf)風(fēng)險溢價SML的斜率是RM-RF，beta是X.7,11,25,54

Bate系數(shù)：measureshowsensitivethestock"sreturnistochangesinthemarket’sreturn;istheslopeoftheregressionlinethatrelatesthereturnofanindividualsecuritytothereturnofitsbenchmarkindex;isusedtomeasureastock"smarketrisk.負(fù)的BATE意味著證券的price與市場反方向運動

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

久期：28.61.在債券分析中，久期已經(jīng)超越了時間的概念，投資者更多地把它用來衡量債券價格變動對利率變化的敏感度，并且經(jīng)過一定的修正，以使其能精確地量化利率變動給債券價格造成的影響。修正久期越大，債券價格對收益率的變動就越敏感，收益率上升所引起的債券價格下降幅度就越大，而收益率下降所引起的債券價格上升幅度也越大�？梢�，同等要素條件下，修正久期小的債券比修正久期大的債券抗利率上升風(fēng)險能力強，但抗利率下降風(fēng)險能力較弱。修正久期ModifiedDuration:=久期/(1+原利率)=2.67意味著，利率每增加1%，債券價格借下降2.67。面值1000的債券價格成為=1000*（1-2.67%）計算價格不是valuebonds

55.用資本成本公式D1/P0+G=requiredrateofreturn

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

期權(quán)option：26.Atthetimetheoptionwaswritten,ithadnotheoreticalvalue.(如，此時說執(zhí)行價格是￥40，高于現(xiàn)在市場價格￥34，當(dāng)實際執(zhí)行時價格是￥42)，此時value是2？？？29.Marketvalueofanoption=intrinsicvalue+itstimevalue

intrinsicvalueistheamountbywhichit"s"inthemoney",時間越長，價值越大。There"smoretimeforafavorablepricefluctuationtotakeplaceintheunderlyingstock,it’stheoption"stimevalue.Thetimevalueistheportionofanoption"spremiumthatisinexcessoftheoption"sintrinsicvalue.Onitsmaturitydate,there’snoneedtodoanythingtocloseitout.

Exitanoptionposition:offset,toreversetheoriginaltransaction;beexercised;beallowedtoexpireontheexpirationdate.

Value-at-riskmodelindicatestheMAXlossoveragiventimeperiodsuchthatthereisalowprobability(1%),thattheactuallossoverthegivenperiodwillbelarger.意味著100天中，有1、2天可能會損失錢。

正態(tài)分布：51，38.theexpectedannualreturnis定點的概率。10,33,38,51

SWAP：2個團(tuán)體交換interestpayments,主要目的是matchthecharacteristicsofthefirm"srevenuestreamwiththecharacteristicsofitspaymentstream.

Costofretainedearning即是requiredrateofreturn,本應(yīng)用于股利增長模型中，作為增長后了的期望報酬率，即C=(D0*(1+X)/P0)+X

Q.7,為什么說被市場低估？

8.?為什么只有20,VS.22VS.31VS39

S-D

安全邊際是指銷售量。Thedifferencebetweenbudgetedsalesandbreakevensales.

WhenusedinCVPanalysis,sensitivityanalysisisdonethroughvariouspossiblescenariosandcomputestheimpactonprofitofvariouspredictionsoffutureevents.改變投入來衡量對產(chǎn)出利潤的影響。

Incremental(differential)costareadditionalcoststhatresultwhenproduction,orsomeotherfactorisincreased.即selectingonechoiceinsteadofanother.

---considersallvariableandfixedcostsastheychangewitheachdecisionalternative.隨著改變。

價格下降對CM的影響更大

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

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

Seasonaldiscountaregoodmethodbymfgtosmooththeproductioncycle.

Thetermincrementalcost:thedifferentintotalcoststhatresultsfromselectingonechoiceinsteadofanother.35.

SE

22.關(guān)于這個disposaltransaction的現(xiàn)金流凈稅后數(shù)額。20的節(jié)稅是在年底，因此要按1年折現(xiàn)。23.interestexpense是financingofacapitalinvestment是一個不同的過程fromthecapitalbudgetingcashflowanalysis.

29.PI=NCFinflow/initialcashinvestment大于1說明NPV為正PIisusedtoevaluateallpossiblecapitalprojectsofdifferentdollaramountsandthenrankthemaccordingtotheirdesirability.

合理的折現(xiàn)率計算NPV=risk-freerate

NPV方法分析假設(shè)項目reinvestedattherequiredrateofreturn.IRRwouldtendtobeincreased若公司從直線法轉(zhuǎn)為用加速折舊法

IRR與hurdlerate（requiredrateofreturn）一起決定項目，若他們相等，純粹巧合IRR可能與NPV出現(xiàn)分歧:當(dāng)項目周期、大小不同時，NPV&IRR會出現(xiàn)分歧IRR小于costofcapital也可以接受。

手上有怕跌的資產(chǎn)，買入個putoption-賣出合約calloption-買入

accountingrateofreturnonaninvestment(usingtheaverageinvestmentamount)=(after-taxincome/年數(shù))/(初始投資/2)

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

Breakeventime=thepoint折現(xiàn)的累計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嗎？）

Requiredrateofreturniscalledcutoffrate,discountrateorcostofcapital

Q:.59(按答案意思應(yīng)該是A�。�)70.

105.MACRS與200%declining-balance相似？？在不同利率水平下的債券價格，長期債券的價格對利率的變化更敏感。TIPS：預(yù)付通脹政府債券treasuryinflation-protectedsecurities.

Defaultpremium=同樣期限和票面利率的公司債券-政府債券的承諾收益差。一物一價法制lawofoneprice

PurchasingpowerparityPPP購買力平價。不同國家的基本生活成本應(yīng)該是相同的，即倆個國家的通脹率差異不會影響他們相對的生活成本，即二貨幣間的匯率變化將彌補亮國家的通脹率差異。國際Fisher效應(yīng)：若各國間的預(yù)計實際利率相同，則各國間名義利率的差異反映了預(yù)計通貨膨脹率的不同。InternationalFisherEffect利率高的國家，通脹率也高。（現(xiàn)象，not因果關(guān)系。）

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