今天将之前发过的F9笔记稍微整理了一下合成一篇推送，并且修改了一些错漏和格式问题。
shareholder wealth maximization 和Maximizing profit不同的方面：
long term vs. short term issues, quality of earnings, profit does not equal to cash
*market share increase is a non-financial object
--ESOPS优缺点
--Advantages：
Goal congruence
Improve staff motivation and retention 保留 and thus lower expensive staff turnover costs
--Disadvantages:
不一定能创造extra share value
可能不是有主要影响的因素
Economy given output, input最小化
Efficiency given input, output最大化
Effectiveness goals are achieved
Part B Financial Management Environment
1.Economic policy
--The principle objectives
1)Full employment
2)Price stability
3)Economic growth/living standard
4)Balance of payments (exports and imports)
--Economic policies
1)Monetary
Rate of interest
Money supply
2)Fiscal
Government spending
Taxation
3)Exchange rate
4)External trade
2.Competition policy
Fair Trading Act
The Competition Commission
25% or more of market share
3.Green policy
--Advantages
Customers
Public/local communities
Investments funds
4.Financial market and institutions
--Financial intermediaries
--Financial markets classifications
1)Capital markets and money markets
(interest bearing instrument, discount instruments and derivatives 衍生产品)
2)Exchange markets and over the counter
markets
3)Primary and secondary markets
Part F Business Valuation
1.Capital market efficiency
1.1Market efficiency hypothesis
1)operational efficiency
2)allocative efficiency
3)information processing efficiency
1.2Different forms of market efficiency
1)The weak form
Historical information, random
2)The semi-strong form
Historical and all publicly available information
3)the strong form
All available information, whether public or private
1.3Technical and fundamental analysis
1)Technical analysis
Predict future share price and share price trend, clear implying that a relation between past and future prices
2)Fundamental analysis
Use public information to calculate a fundamental value and then offers investment advice by comparing the fundamental value with the current market price
1.4Anomalies 反常现象 in the behavior of share price
1)the calendar effect
2)size anomalies (market capitalization) （小公司成长空间大）
3)value effects
4)noise trader噪音交易者
2.Valuationof business
2.1When stock market is efficient
Market capitalization=market price of share*no.of share
2.2When stock market is not efficient
五种方法！
方法一：Net asset valuation (NAV) 净资产(equity)估值法
E=book value of net asset±adjustment
（不含优先股）
方法二：Price/Earning(P/E) ratio method市盈率法
Value of E=P/E ratio * (profit after tax+ constant synergy 协同效应 after tax)
Value of share=P/E ratio * EPS
方法三：Earning yield 收益率法
Earning yield=EPS/share price
Share price=EPS/earning yield
方法四：The dividend valuation model 股利定价模型
Dividend no growth: E=D0/Ke
Dividend constant growth: E=D0(1+g)/(Ke-g)
方法五：Free cash flow (FCF) 净现金流
注意要减去债权人的钱 Value of equity=corporate value-market value of debt
Discount rate (use target company’s WACC) corporate value=FCF discount @WACC
The FCF is the best valuation model because it is based on the future cash flow and the risk associated with the cash flow
Part G Risk Management
两种风险：
Interest rate risk
Foreign exchange rate risk
1.Interest rate risk
Risk of adverse movement in interest rates and thus a reduction in the company’s net cash flow
1.1 Basic risk 基准风险
Interest future rates do not normally move by exactly the same amount as the cash market rates, so the difference becomes the basis risk.
1.2 Gap exposure 时间不匹配
资产和负债的interest rate 可能基于不同时间基础
1.3 The cause of interest rate fluctuations
The term structure of interest rate yield curve& changing economic factors
Normally, the longer the term to maturity, the higher the rate of interest
Expectations Theory期望理论
If interest rates are expected to rise in the future, the yield curve will slope upwards.
Liquidity preference theory (always pushes upward) 流动性偏好理论
投资者喜欢流动性好的àthe longer the maturity period, the higher the yield required leading to an upward sloping curve
Market segmentation theory 市场分割理论
短期steep curve
长期 flatter curve
“wiggle” in the middle
Other factors affecting the interest rates
Risk (need for real return)
The size of the loan
Government policy
Inflation
Liquidity preference of investors and the demand for borrowing
Balance of payments
1.4 Interest rate risk-management
Internal methods
1)Matching (liabilities and assets with a common interest rate are matched)
2)Smoothing (company keeps a balancebetween its fixed and floating rate borrowing)
3)Asset and liability management (Companies attempt to match the duration of their asset and liability)
External methods
--“Overthe counter” market 柜台市场
1)Forward rete agreement (FRA) 远期利率协议
To lock the company into a target rate interest rate
To hedge both adverse and favorable interest rate movement
2)Interest rate guarantees (IRGS) 利率担保
It is an option. 可行使也可不行使
It protects the company from adverse movements and allows it take advantage of favorable movements.
3)Interest rate swap利率互换
Swap a floating stream of interest payments for a fixed stream of interest payments
No exchange of principal 本金不交换
4)Interest rate collar 利率两头封
一头封：interest rate cap (set a ceiling)
Interest rate floor (set a lower limit)
--Exchange traded instrument 证券市场
1)Interest rate future 利率期货
将来以某一价格买/卖期货
Make a deposit: 先买后卖
Make a loan: 先卖后买
如果公司需要借钱，则未来利率的上升对他们不利。公司会选择通过期货买卖的方式来补偿自己因为利率上升而带来的损失，因为现在假设未来利率上升，则期货价格下降，所以先高价卖再低价买会赚钱。
反之，如果公司要存钱，则未来利率下降对他们不利。现在假设未来利率下降，则期货价格上升，所以公司会低价买再高价卖。
记住：A borrower always sell future.
2)Interest rate option 利率期权
可行使可不行使
A call option看涨期权 gives the holder the right to buy the future contract
A put option 看跌期权gives the holder the right to sell the future contract
2.Exchange rate risk
记住：出口>进口 本币升值
出口<进口 本币贬值（因为要多印钱去付款）
2.1 The Main exchange rate system
1)Fixed exchange rates
2)Floating exchange rates
①freely floating exchanging rates (clean floating) 由市场决定
②managed floating exchange rates (dirty floating) 市场&政府
2.2Types of currency risk
1)transaction risk 交易风险（只有这个是要管而且管得了的）
交易日到结算日的汇率变了
2)economic risk 经济风险
3)translational risk 折算风险
母子公司合并时会出现
2.3 Hedging transaction risk
The minor technique
1)invoice in home currency 发票只收本币
2)leading and lagging 提前或之后
3)matching
若有收付是同种货币并在同一天到期的可以匹配
这种方法能用得先用
4)netting
可在跨国企业中用，收付集中互相匹配
The major technique （重点！）
1)forward contract 远期汇率市场
Lock an exchange rate today for buying orselling a specified currency in future
2)money market hedge 货币市场
两种计算题
一：将来要付外币
Eg. 本币英镑，三个月后付美元X
步骤：①现在存美元Y，使得三个月后取出要付款的金额X
②用英镑Z换得美元Y
③借英镑Z，三个月后需要付多少英镑？（算出这个金额即为采用货币市场方法的成本）
二：将来要收外币
Eg. 本币英镑，三个月后收到美元X
步骤：①借美元Y，使得三个月后需要还银行X美元，即可将收到的钱给银行
②把美元Y换成英镑Z
③把英镑Z存在银行三个月可得到多少钱？（算出这个金额即为采用货币市场方法的收益）
注意：很多题目给的都是年利率！！记得乘以n/12
3)currency future 货币期货
4)traded currency options 货币期权
5)currency swap
6)balance sheet hedging
2.4 Forecast exchange rates 预测汇率
1)balance of payment 国际收支平衡
2)purchasing power parity theory (PPPT) 购买力平价理论
高通胀的国家货币贬值
Current spot rate * (1+ inflation 1st)/(1+inflation2nd)=future expected spot rate in one year’s time
3)interest rate parity theory (IRPT) 利率平价理论
名义利率高的国家货币贬值
Current spot rate * (1+interest 1st)/(1+interest2nd)=forward rate in one year’s time
4)expectations theory 期望理论
5)the international fisher effect 费雪理论
(1+nominal rate) * (1+inflation rate)-1=real interest rate
假设所有国家have the same real interest rate
2)-5)四个理论达到四方平衡
The four theory can be pulled together to show the overall relationship between spot rates, interest rates, inflation rates and the forward and expected future rates.
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