CFA考试资料 – CPA考试资料 – 2008 Schweser study notes Book 4.pdf～Book 6.pdf下载

The topicaL coverage corresponds with the foLLowing CFA Institute assigned reading:

Capital Budgeting

The candidate should be able to:

a. explain the capital budgeting process, including the typical steps of the process, and distinguish among

the various categories of capital projects. (page 9)

b. discuss the basic principles of capital budgeting, including the choice of the proper cash flows and

determining the proper discount rate. (page 11)

c. explain how the following project interactions affect the evaluation of a capital project:

(1) independent versus mutually exclusive projects, (2) project sequencing, and (3) unlimited funds

versus capital rationing. (page 12)

d. calculate and interpret the results using each of the (ollowing methods to evaluate a single capital

project: net present value (NPV), internal rate of return (IRR), payback period, discounted payback

period, average accounting rate of return (AAR) , and profitability index (PI). (page 12)

e. explain the NPV profde, compare and contrast the NPV and IRR methods when evaluating

independent and mutually exclusive projects, and describe the problems that can arise when using an

IRR. (page 20)

f. describe and account for the relative popularity of the various capital budgeting methods, and explain

the relation between NPV and company value and stock price. (page 23)

The topicaL coverage corresponds with the foLLowing CFA Institute assigned reading:

Cost of Capital

The candidate should be able to:

a. calculate and interpret the weighted average cost of capital (WACC) of a company. (page 33)

b. describe how taxes affect the cost of capital from different capital sources. (page 33)

c. describe alternative methods of calculating the weights used in the weighted average cost of capital,

including the use of the company’s target capital structure. (page 35)

d. explain how the marginal cost of capital and the investment opportunity schedule are used to

determine the optimal capital budget. (page 36)

e. explain the marginal COSt of capital’s role in determining the net present value of a project. (page 37)

f. calculate and interpret the cost of fixed rate debt capital using the yield-co-maturity approach and the

debt-rating approach. (page 38)

g. calculate and interpret the cost of noncallable, nonconvertible preferted stock. (page 38)

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