ACCA考试F9和P4考点讲解

ACCA考试F9和P4考点讲解 我们先来分析一下F9的考题形式。F9也分为两个part:Section A为选择题，计算和理 解各占一半，占比40分;Section B为有五道题，计算与论述六四开，占比60分。 下面是Section A中会涉及到的考点: •Measuring financial objectives(Shareholder wealth;Profitability;Debt;Liquidity) •Management reward scheme(PRP;shares;ESOPs) •Not-for-profit organisations(Value for money) •The role of government policies in achieving targets(Fiscal policy;Monetary policy) •Role of financial intermediaries(Examples;Roles;Disintermediation) •Monetary market and capital market instruments(Interest bearing vs Discount;OTC vs floor trading;Negotiable vs non-negotiable etc) •Rate of interest of rate of return(Risk-return trade off;reverse yield gap) 而在Section A和Section B都会涉及到的考点中，我们可以分成Calculation、Discussion 和Calculation&Discussion三种形式进行分类。 Calculation •Inventory and receivable management •ROCE;Payback period •EAC;Lease or buy;Capital rationing Discussion •Objectives of working capital •Factors to be considered when formulating working capital investment and financing policies •Debt vs Equity •Theories on dividends and capital structure •Market efficiency •Types of exchange risk and interest rate risks •Theories on exchange rate and interest rate movement Calculation&Discussion •Overtrading or overcapitalisation •Cash flow management •Cash operating cycle •NPV;IRR •Risk and uncertainty using EV,sensitivity analysis,discounted payback period etc •Rights issue •WACC calculations •Business valuations using asset-based;earnings-based and cashflow-based methods •Hedging exchange rate and interest rate risks methods 小伙伴们，再检测一遍，F9的这些考点是否都掌握透彻了,在考场上，还是有一些得 分技巧的，大家也不可忽略哦。比如在做Section A的时候，可以有这几个小tips:排除明 显错误的选项、给出对应的公式、着重关注关键词、用你所知道的common knowledge。而 在Section B部分，你可以先准备好核心知识点来处理简单的问题、着重问题中的关键 词、将问题转移到core knowledge，还有就是一定要看清题目的要求～ 在P4中，我们也将一些会考的考点按照Calculation、Discussion和Calculation&Discussion进行分类。 Calculation ?Ratio analysis(Focus on value added comments);EVA ?FCF;FCFE ?NPV;MIRR;VAR;Duration ?APV ?Business valuation using FCF/FCFE/Iterative revaluation methods Discussion •Stakeholder analysis related to agency theory •Role of international financial institutions such as WTO,IMF,World Bank •Environmental analysis using PESTEL •Reasons and forms of acquisition •Acquisition regulation and defensive tactics •Cash offer vs paper offer Calculation&Discussion Option and real options using BSOP • •Reconstruction using debt/equity swap;LBOs etc and the effects •Reorganisation using unbundling/pay attention to MBO •Foreign currency hedging strategies such as forwards,futures;options and swaps •Interest rate hedging strategies such as forwards,futures;options(collars)and swaps 还有是All discussion topics: 1.Global debt crisis 2.Dark pool trading 3.Tranching 4.Credit-default swap 5.Money laundry 6.Islamic finance 在答题的时候，预计留给Section A十分钟的读题时间和80分钟的答题时间，在Section B用五分钟的时间读题并选题，给每道题留出至少50分钟的作答时间。另外，准备好阅读场景，找到场景中需要的信息，列出答题提纲这些都已是老生常谈的ACCA考试技巧了，但大家仍然不可忽略，这些技能在考试中是有百利而无一害的。