周教授CFA金融课程：2020 CFA Level 1 Corporate Finance (1)

STUDY SESSION 10 Corporate Finance (1)

This study session provides an introduction to corporate governance and investing and financing decisions. An overview of corporate governance is presented along with a framework for understanding and analyzing corporate governance and stakeholder management. The growing impact of environmental and social considerations in invest- ing is also highlighted. Capital budgeting and the assessment of capital investments are covered next. The session ends with practical techniques to estimate a company’s or project’s cost of capital.

READING ASSIGNMENTS

Reading 33 Corporate Governance and ESG: An Introduction

Reading 34 Capital Budgeting

Reading 35 Cost of Capital

STUDY SESSION 11 Corporate Finance (2)

This study session covers how companies make use of leverage and manage their working capital to meet short-term operational needs. The various types of leverage (operating, financial, total), measures of leverage, and how leverage affects a com- pany’s earnings and financial ratios are examined. A discussion then follows on the different types of working capital and the management issues associated with each. The session concludes with techniques for assessing the effectiveness of working capital management.

READING ASSIGNMENTS

Reading 36 Measures of Leverage

Reading 37 Working Capital Management

一、课程说明

公司理财详细的介绍了资本的成本，使公司规划出最合适的资本结构，来获得资本的最优收益。在制定资本预算时，可做出正确的现金流量估计和风险分析，从而作出正确的决定。在决定股利政策时，充分了解其中的资讯和意义。深入地了解如何实现公司融资结构与投资结构的最优化。

公司理财在CFA一级里所占比重不大，一级的公司理财所需要理解和记忆的概念比较多，NPV和IRR 决策系统我们同样公式我们可以忽略，需要理解的是NPV profile，这个图非常的重要，因为毕竟里面涉及了很多有关概念还有知识点，公司理财的复习策略是一定要和财务分析相结合，一级里的营运资本管理还有存货管理，应收账款管理，复习到这里的时候，一定要结合财务（比率、每种资产的性质）进行复习，这样才能有的放矢。

二、考试比重：10% ；题量：24道题；题型：三选一的单项选择题。

周教授CFA Corporate Finance