cma考試新考綱官方-pa(已修改)
2025-05-31 01:06 本頁面
【正文】 1 第四章：投資決策 Section D: Investment Decision 2 資本預(yù)算流程 Topic 1: Capital Budgeting Process 3 資本預(yù)算 Capital Budgeting ?流動投資 – 短期，當(dāng)年結(jié)轉(zhuǎn)沖銷 ?營運預(yù)算 – 營運活動的收入和費用計劃 ?資本投資 – 長期，初始現(xiàn)金流出隨時間推移而逐漸攤銷 ?資本預(yù)算 – 長期資產(chǎn)的提議支出所制定的計劃 ?Current investment – shortterm, written off in the same year ?Operating budget – plan for operating expenses and revenue ?Capital investment – longterm, initial cash outlay reduced over a period of years ?Capital budgeting – plan of proposed outlays for longterm asset 4 資本預(yù)算 Capital Budgeting 資本預(yù)算編制的應(yīng)用 ?分類 – 擴張，重置，強制性，其他 ?其他資本支出分類 – 效率和 /或收入的產(chǎn)生，競爭效果，法規(guī)，安全，健康和環(huán)境的要求 Capital Budgeting Applications ?Categories – expansion, replace, mandatory, other ?Alternate capital classification – efficiency and/or revenue generation, petitive effectiveness, regulatory, safety, health, and environment requirement 5 資本預(yù)算編制的項目緯度和時間緯度 ?項目緯度 ?時間緯度 – 貨幣的時間價值， 889頁 資本預(yù)算編制的階段劃分 ?資本預(yù)算編制的階段劃分 – 圖表 2D1， 889頁 Project and Time Dimension in Capital Budgeting ?Projection Dimension ?Time Dimension – time value of money, page 377 Stage of Capital Budgeting ?Stages of Capital Budgeting – figure 2D1, page 378 資本預(yù)算 Capital Budgeting 6 增量現(xiàn)金流 Incremental Cash Flows ? 評價資本投資現(xiàn)金流的關(guān)鍵點 – 890頁 ? 資本預(yù)算項目階段的現(xiàn)金流入和流出 – 圖表 2D2,891頁 ? 直接效應(yīng) – 現(xiàn)金流入，現(xiàn)金流出或承諾 ? 納稅效應(yīng) – 由納稅收入和可扣除費用引起 ? 凈效應(yīng) ? Key points in evaluating capital investment cash flows – page 378 ? Cash inflows and outflow during a Capital Budgeting Project – figure 2D2, page 379 ? Direct Effect – cash inflow, outflow or mitment ? Tax Effect – caused by the taxability of revenues and deductibility of expenses ? Net Effect 7 增量現(xiàn)金流 Incremental Cash Flows 初始期現(xiàn)金流 ? 資本預(yù)算項目階段的現(xiàn)金流入和流出 – 圖表 2D3， 891頁 營運期現(xiàn)金流 ? 營運期的增量現(xiàn)金流 – 圖表 2D4， 892頁 處置期現(xiàn)金流 ? 處置期的增量現(xiàn)金流 – 圖表 2D5,892頁 Initiation Cash Flows ? Incremental Cash Flows at Initiation – figure 2D3, page 380 Operation Cash Flows ? Increment Cash Flows During Operation – figure 2D4, page 380 Disposal Cash Flows ? Increment Cash Flows at Disposal – figure 2D5, page 381 8 增量現(xiàn)金流案例 ? 初始增量現(xiàn)金流 – 圖表 2D6， 893頁 ? 凈營運收入預(yù)測 – 圖表 2D7， 893頁 ? 營運期和處置期的增量現(xiàn)金流 – 圖表 2D8， 893頁 ? 預(yù)期增量現(xiàn)金流 – 圖表 2D9， 894頁 Incremental Cash Flow Example ? Incremental Cash Flow at Initiation – figure 2D6, page 382 ? Projections for Net Operation Revenue – figure 2D7, page 382 ? Incremental Cash Flows from Operation and Disposal – figure 2D8, page 382 ? Expected Incremental Cash Flows – figure 2D9, page 383 增量現(xiàn)金流 Inc
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