Đang tải... (xem toàn văn)
Tài liệu ACCA mới nhất từ BPP môn F9, sách có giá trị cho kỳ thi đến tháng 6-2014. File PDF dạng Text cực đẹp.
Financial Management Paper F9 Course Notes ACF9CN07(N) (i) BPP provides revision courses, question days, mock days and specific material to assist you in this important phase of your studies. F9 Financial Management Study Programme Page Introduction to the paper and the course . (ii) 1 Financial management and financial objectives 1.1 2 Economic environment for business 2.1 3 Financial markets and institutions . 3.1 4 Working capital 4.1 5 Managing working capital 5.1 6 Working capital finance . 6.1 End of Day 1 – refer to Course Companion for Home Study Progress test 1 7 Investment decision . 7.1 8 Investment appraisal using DCF methods . 8.1 9 Allowing for tax and inflation 9.1 10 Project appraisal and risk 10.1 11 Specific investment decisions 11.1 End of Day 2 – refer to Course Companion for Home Study Progress test 2 12 Sources of finance . 12.1 13 Dividend policy 13.1 14 Gearing and capital structure 14.1 15 Cost of capital 15.1 16 Capital structure 16.1 End of Day 3 – refer to Course Companion for Home Study Progress test 3 17 Business valuations . 17.1 18 Market efficiency . 18.1 19 Foreign currency risk . 19.1 20 Interest rate risk . 20.1 End of Day 4 – refer to Course Companion for Home Study Progress test 4 21 Answers to Lecture Examples . 21.1 22 Question and Answer bank . 22.1 23 Formulae and ratios to learn 23.1 24 Appendix A: Pilot Paper questions 24.1 25 Appendix B: Mathematical tables 25.1 Don’t forget to plan your revision phase! • Revision of syllabus • Testing of knowledge • Question practice • Exam technique practice INTRODUCTION (ii) Introduction to Paper F9 Financial Management Overall aim of the syllabus To develop the knowledge and skills expected of a financial manager, relating to issues affecting investments, financing, and dividend policy decisions. The syllabus The broad syllabus headings are: A Financial management function B Financial management environment C Working capital management D Investment appraisal techniques E Sources of business finance F Cost of capital G Business valuations H Risk management Main capabilities On successful completion of this paper, candidates should be able to: • Discuss the role and purpose of the financial management function • Assess and discuss the impact of the economic environment on financial management • Discuss and apply working capital management techniques • Carry out effective investment appraisal • Identify and evaluate alternative sources of business finance • Explain and calculate the cost of capital and the factors which affect it • Discuss and apply principles of business and asset valuations • Explain and apply risk management techniques in business Links with other papers This diagram shows where links exist between this paper and other papers that may precede or follow it. This paper prepares you for the advanced (optional) paper on financial management (P4). Advanced Financial Mana gement (P4) Financial Management (F9) Management Accounting (F2) INTRODUCTION (iii) Assessment methods and format of the exam Examiner: Anthony Head The examination is a three-hour paper and all questions are compulsory. Each question is worth 25 marks and has both computational and discursive elements. The balance between computational and discursive elements will continue in line with the pilot paper (50:50). Candidates are provided with a formulae sheet and tables of discount factors and annuity factors (given in Appendix B). Format of the Exam Marks Question 1 25 Question 2 25 Question 3 25 Question 4 25 100 INTRODUCTION (iv) Course Aims Achieving ACCA's Study Guide Outcomes A Financial management function A1 The nature and purpose of financial management Chapter 1 A2 Financial objectives and the relationship with corporate strategy Chapter 1 A3 Stakeholders and impact on corporate objectives Chapter 1 A4 Financial and other objectives in not-for-profit organisations Chapter 1 B Financial management environment B1 The economic environment for business Chapter 2 B2 The nature and role of financial markets and institutions Chapter 3 C Working capital management C1 The nature, elements and importance of working capital Chapter 4 C2 Management of inventories, accounts receivable, accounts payable and cash Chapter 5 C3 Determining working capital needs and funding strategies Chapter 6 D Investment appraisal D1 The nature of investment decisions and the appraisal process Chapter 7 D2 Non-discounted cash flow techniques Chapter 7 D3 Discounted cash flow techniques Chapter 8 D4 Allowing for inflation and taxation in DCF Chapter 9 D5 Adjusting for risk and uncertainty Chapter 10 D4 Specific investment decisions Chapter 11 E Business finance E1 Sources of, and raising, short-term finance Chapter 12 E2 Sources of, and raising, long-term finance Chapter 12 E3 Internal sources of finance and dividend policy Chapter 13 E4 Gearing and capital structure considerations Chapter 14 E5 Finance for small and medium-sized enterprises Chapter 14 INTRODUCTION (v) F Cost of capital F1 Sources of finance and their relative costs Chapter 15 F2 Estimating the cost of equity Chapter 15 F3 Estimating the cost of debt and other capital instruments Chapter 15 F4 Estimating the overall cost of capital Chapter 15 F5 Capital structure theories and practical considerations Chapter 16 F6 Impact of cost of capital on investments Chapter 16 G Business valuations G1 Nature and purpose of the valuation of business and financial assets Chapter 17 G2 Models for the valuation of shares Chapter 17 G3 The valuation of debt and other financial assets Chapter 17 G4 Efficient market hypothesis and practical considerations in the valuation of shares Chapter 18 H Risk management H1 The nature and types of risk and approaches to risk management Chapter 19 H2 Causes of exchange rate fluctuations and interest rate fluctuations Chapters 19/20 H3 Hedging techniques for foreign currency risk Chapter 19 H4 Hedging techniques for interest rate risk Chapter 20 INTRODUCTION (vi) Classroom tuition and Home study Your studies for BPP consist of two elements, classroom tuition and home study. Classroom tuition In class we aim to cover the key areas of the syllabus. To ensure examination success you will to spend private study time reinforcing your classroom course with question practice and reviewing areas of the Course Notes and Study Text. Home study To support you with your private study BPP provides you with a Course Companion which helps you to work at home and aims to ensure your private study time is effectively used. The Course Companion includes a Home Study section which breaks down your home study by days, one to be covered at the end of each day of the course. You will find clear guidance as to the time to spend on various activities and their importance. You are also provided with progress tests and two course exams which should be submitted for marking as they become due. These may include questions on topics covered in class and home study. BPP Learn Online Come and visit the BPP Learn Online free at www.bpp.com/acca/learnonline for exam tips, FAQs and syllabus health check. ACCA Forum We have thriving ACCA bulletin boards at www.bpp.com/accaforum. Register and discuss your studies with tutors and students. Helpline If you have any queries during your private study simply contact your class tutor on the telephone number or e-mail address that they will supply. Alternatively, call +44 (0)20 8740 2222 (or your local training centre if outside the London area) and ask for a tutor for this paper to speak to you or to call you back within 24 hours. Feedback The success of BPP’s courses has been built on what you, the students tell us. At the end of the course for each subject, you will be given a feedback form to complete and return. If you have any issues or ideas before you are given the form to complete, please raise them with the course tutor or relevant head of centre. If this is not possible, please email ACCAcoursesfeedback@bpp.com. 1.1 Syllabus Guide Detailed Outcomes Having studied this chapter you will be able to: • Explain the nature & purpose of financial management, and its relationship to financial and management accounting. • Discuss the relationship between financial objectives (eg shareholder wealth maximisation, profit maximisation, earnings per share growth), corporate objectives and corporate strategy. • Identify the range of stakeholders, their objectives and possible conflict between stakeholder objectives. • Discuss the role of management in meeting stakeholder objectives including the use of agency theory. • Describe and apply ways of measuring achievement of corporate objectives. • Explain ways to encourage the achievement of stakeholder objectives, including managerial reward schemes and regulatory requirements. • Discuss the impact of not-for-profit status on financial and other objectives. • Discuss the nature and importance of Value for Money as an objective and how to measure the achievement of objectives in not-for-profit organisations. Exam Context This is an important chapter and could be tested as a whole question, but is more likely to feature as part of a question (eg 8 marks for ratio analysis in the pilot paper). Qualification Context The areas covered in this chapter will be developed in the professional level Advanced Financial Management paper (P4) which develops strategies to resolve stakeholder conflict, discusses international corporate governance systems, and ethical and environmental issues. Business Context In recent years there have been widespread concerns over the failure of senior management to manage their businesses in the best interest of their shareholders. In the UK this has lead to the development of the Higgs Report and the Smith Report, which provide comprehensive corporate governance guidelines. Financial management & Financial objectives 1: FINANCIAL MANAGEMENT & FINANCIAL OBJECTIVES 1.2 Overview Linking to – Corporate objectives Needs for other stakeholders Dividend decision Investment decision Financing decision Maximisation of shareholder wealth Pay out or reinvest? New projects Acquisitions Working capital Raising capital to finance investment Minimise cost of capital Reporting / monitoring Financial accounting Management accounting Value for money if a not for profit organisation Encouraged by – Corporate governance Agency theory