Part B Financial management environment
 
★Part B的内容更倾向于出现在选择题中。
 
★理解宏观经济的目标
 
★理解并能辨别不同的政策（eg. fiscal，monetary，exchange policy）
 
★理解政策如何影响经济
 
★MAP
 
★理解risk –return trade off
 
1. The economic environment for business
 
a. Define main macro-economic targets （宏观经济目标）
 
- Economic growth & high employment
 
- Low inflation
 
- Balance of payments stability
 
b. The role of government policies in achieving targets
 
c. How the policies affect the business operation?
 
2. Financial markets and institutions
 
a. Financial intermediaries (The roles of these intermediaries)
 
- Maturity transformation
 
- Aggregation of funds
 
- Pooling losses
 
（Remember as MAP）
 
b. Money markets and capital markets instruments (Interest bearing vs Discount; OTC vs floor trading; Negotiable vs non-negotiable etc)
 
c. Rates of interest and rates of return (Risk-return trade off)
 
Risk-return trade off : investor in riskier assets expect to be compensated for the risk.
 
Eg. Ordinary shares: Investors hope to achieve their return in the form of an increase in the share price as well as from dividends.
 
Part E Business finance- Sources of finance
 
★考点：
 
短期融资类别(overdraft)；
 
理解Debt finance （bank loan vs bonds）
 
背诵debt相较于Equity 的优点;
 
理解并熟练rights issue有关计算（易出选择题）；
 
理解Islamic finance（考试会有分值，但记忆较难，关键词简单记忆）
 
理解中小企业融资（易出简答题）
 
a. Short-term finance

 
b. Long-term finance (Debt vs Equity; Bond valuations; Rights issue)
 
Debt vs Equity （debt’s advantage）
 
- avoids dilution of control
 
- avoids earning per share dilution
 
- provides tax relief on interest payments
 
Debt finance：

 
c. Islamic finance ：
 
- Murabaha：穆拉巴哈成本+融资
 
- Musharaka：venture capital
 
- Mudaraba ：equity
 
- Ijara：leasing
 
- Sukuk：bonds
 
d. Finance for small and medium sized firms

      点击在线咨询泽稷老师，ACCA中文宝典免费领，更有机会获得海量免费ACCA学习资料。