ACCA2011年6月份考試大綱(P4)(10)

　　隨著ACCA2010年12月份考試的結束，考生正式進入ACCA2011年6月份的考試備考當中，為幫助廣大考生迅速掌握考試要點，定位好備考重點，正保會計網(wǎng)校本著服務廣大考生、努力讓廣大考生的復習、備考事半功倍的宗旨，將陸續(xù)公布2011年6月份ACCA考試大綱和學習指南，以饗考生！該大綱和學習指南旨在幫助考生規(guī)劃學習，并為每一部分的考點提供詳細的信息。

　　C ADVANCED INVESTMENT APPRAISAL

　　1.Discounted cash flow techniques and the use of free cash flows

　　a)Evaluate the potential value added to a company arising from a specified capital investment project or portfolio using the net present value model.^[3]

　　Project modelling should include explicit treatment and discussion of:

　　i)Inflation and specific price variation

　　ii)Taxation including capital allowances and tax exhaustion

　　iii)Multi-period capital rationing to include the formulation of programming methods and the interpretation of their output

　　iv)Probability analysis and sensitivity analysis when adjusting for risk and uncertainty in investment appraisal.

　　b)Outline the application of Monte Carlo simulation to investment appraisal.^[2]

　　Candidates will not be expected to undertake simulations in an examination context but will be expected to demonstrate an understanding of:

　　i)Simple model design

　　ii)The different types of distribution controlling the key variables within the simulation

　　iii)The significance of the simulation output and the assessment of the likelihood of project success

　　iv)The measurement and interpretation of project value at risk.

　　c)Establish the potential economic return(using internal rate of return and modified internal rate of return)and advise on a project's return margin.^[3]

　　d)Forecast a company's free cash flow and its free cash flow to equity(pre and post capital reinvestment).^[2]

　　e)Advise,in the context of a specified capital investment programme,on a company's current and projected dividend capacity.^[3]

　　f)Advise on the value of a company using its free cash flow and free cash flow to equity under alternative horizon and growth assumptions.^[3]

　　2.Application of option pricing theory in investment decisions and valuation

　　a)Apply the Black-Scholes Option Pricing(BSOP)model to financial product/asset valuation:^[3]

　　i)Determine,using published data,the five principal drivers of option value(value of the underlying,exercise price,time to expiry,volatility and the risk-free rate)

　　ii)Discuss the underlying assumptions,structure,application and limitations of the BSOP model.

　　b)Evaluate embedded real options within a project,classifying them into one of the real option archetypes.^[3]

　　c)Assess and advise on the value of options to delay,expand,redeploy and withdraw using the BSOP model.^[3]

　　d)Apply the BSOP model to estimate the value of equity of a company and discuss the implications of the change in value.^[3]

　　3.Impact of financing on investment decisions and adjusted present values

　　a)Assess the appropriateness and price of the range of sources of finance available to a company including equity,debt,hybrids,lease finance,venture capital,business angel finance,private equity,asset securitisation and sale.^[3]

　　b)Assess a company's debt exposure to interest rate changes using the simple Macaulay duration method.^[3]

　　c)Discuss the benefits and limitations of duration including the impact of convexity.^[3]

　　d)Assess the company's exposure to credit risk,including:^[2]

　　i)Explain the role of,and the risk assessment models used by the principal rating agencies

　　ii)Estimate the likely credit spread over risk free

　　iii)Estimate the company's current cost of debt capital using the appropriate term structure of interest rates and the credit spread.

　　e)Explain the role of BSOP model in the assessment of default risk,the value of debt and its potential recoverability.^[2]

　　f)Assess the impact of financing and capital structure upon the company with respect to:^[3]

　　i)Pecking order theory

　　ii)Static trade-off theory

　　iii)Agency effects.

　　g)Apply the adjusted present value technique to the appraisal of investment decisions that entail significant alterations in the financial structure of the company,including their fiscal and transactions cost implications.^[3]

　　h)Assess the impact of a significant capital investment project upon the reported financial position and performance of the company taking into account alternative financing strategies.^[3]

　　4.International investment and financing decisions

　　a)Assess the impact upon the value of a project of alternative exchange rate assumptions.^[3]

　　b)Forecast project or company free cash flows in any specified currency and determine the project's net present value or company value under differing exchange rate,fiscal and transaction cost assumptions.^[2]

　　c)Evaluate the significance of exchange controls for a given investment decision and strategies for dealing with restricted remittance.^[3]

　　d)Assess the impact of a project upon a company's exposure to translation,transaction and economic risk.^[3]

　　e)Assess and advise upon the costs and benefits of alternative sources of finance available within the international equity and bond markets.^[3]