CFA二級(jí)原科目名稱“Corporate Finance” 修改為 “Corporate Issuers”,那2022年CFA二級(jí)這個(gè)科目的考綱有怎樣的變化?考生報(bào)考2022年CFA二級(jí)考試如何學(xué)習(xí)呢?跟著融躍一起看看二級(jí)考試科目的變化!
Reading順序調(diào)整:Capital Budgeting從第1個(gè)reading調(diào)整為zui后一個(gè)reading,接下來(lái)跟著小編一起看看各個(gè)章節(jié)的變化!
READING 15. CAPITAL STRUCTURE
a) explain the Modigliani—Miller propositions regarding capital structure;
b) explain the effects on costs of capital and capital structure decisions of taxes, financial distress, agency costs, and asymmetric information;
原有a條款分拆為現(xiàn)有的a、b兩個(gè)條款,表述上方式稍有變化
原有的b和c條款刪除:b) describe target capital structure and explain why a company's actual capital structure may fluctuate around its target; c) describe the role of debt ratings in capital structure policy;
READING 16. ANALYSIS OF DIVIDENDS AND SHARE REPURCHASES
d) explain how agency costs may affect a company's payout policy;
g) compare stable dividend with constant dividend payout ratio, and calculate the dividend under each policy;
d條款中刪除了clientele effects ;g條款刪除了residual dividend payout policies的對(duì)比;
READING 17名字修改成:ENVIRONMENTAL, SOCIAL, AND GOVERNANCE (ESG) CONSIDERATIONS IN INVESTMENT ANALYSIS
READING 18的其中一位作者:Keith M. Moore,增加了 PhD的頭銜。
c條款把earning per share改成了EPS;
原來(lái)的g, i ,j條款刪除;g條款是有關(guān)HHI和反壟斷的內(nèi)容;i 條款是有關(guān)用自由現(xiàn)金流對(duì)目標(biāo)公司進(jìn)行估值;j條款主要是用可比較公司和可比較交易進(jìn)行估值;
h條款刪除了calculate the estimated post-acquisition value of an acquirer and the gains accrued to the target shareholders;
READING 19. CAPITAL BUDGETING
e) describe types of real options relevant to a capital project;
原有的e條款刪除,主要內(nèi)容為關(guān)于敏感性分析、情景分析和蒙特 卡洛模擬對(duì)于資本項(xiàng)目風(fēng)險(xiǎn)的估計(jì);
新的e條款刪除了evaluate a capital project using real options;
原有的h, i條款刪除。h條款是關(guān)于計(jì)算和解釋accounting income 和 economic income; i 條款是關(guān)于區(qū)分 EP、Rl、claim valuation model相關(guān)內(nèi)容。
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