财务

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财务

• intercorporate investment
  • financial assets
    • 三个科目在BS,IS的核算
      • Amortized cost
        • 折价：r大于CR(int income大于coupon
          • 溢价：r小于CR(int income小于coupon
    • IFRS下，reclassification（debt可，equity不可）
      • AC-FVPL;FVPL-AC
  • associate
    • Significant influence特点：representation on the BOD等
    • equity method
      • carrying amount of investment(investment in associates)=cost of investment + NI * % -DIV * %
        • impairment(carrying amount of investment)
          • IFRS:&recoverable amount
          • USGAAP:&Fair value
          • loss recogized in I/S;both prohibit the reversal
      • investment income= NI * %
        • 注：看清题目问的是投资者还是associate，如果是投资者需要本期利润加上子公司的投资收益
      • B/S
        • cost of investment (Acquisition cost)=
          • goodwill
            • 题目中可能无goodwill
          • FV of net assets acquires(identifiable)
            • fair value appreciation
            • book value of nets assets
      • I/S
        • NI adjust
          • NI BV - NI FV (通过B/S)
            • 主要FA(depr)
          • Unrealized profit(elimation of unrealized profit从子公司的利润表剔除未实现的
            • upstrean;downstream
    • fair value option
      • 处理方法理解为FVPL
        • irrevocable
      • USGAAP(ALL entities);IFRS(restricted)
  • business combination
    • 概念
      • merger;acquisition;consolidation
    • consolidation/acquisition method
      • B/S
        • 计算goodwill(subsidiary）
        • B/S合并
          • 1,100%consolidation;2,equity不合并;3,合并ASSETS:-cash,+GW;4,equity:+MI
          • 子公司B/S是FV的；
            • 母公司单体股权投资金额归0
          • 注：在100%股权收购下，对应full goodwill，MI（属于少数股东的部分）无
      • I/S
        • 子公司 BV- FV( COGS,DEPR,AMORT
          • Post acquisition才合并
    • other method：purchased & pooling of interests method
      • purchased method理解为consoldation
      • pooling method理解为以BV合并B/S,且之前年份利润表合并
  • joint venture
    • equity method
    • proportionate consolidation（rare）
      • similar to acquisition method, no NI
        • 合并子公司时，乘以子公司每个科目对应的股权比例
  • others
    • goodwill
      • not amortized,test for impairment at least annually
        • USGAAP:full goodwill IFRS:full&partial goodwill
        • negative goodwill is recognized as a gain
      • 计算
        • full goodwill 下的MI大（equity高）
      • impairment test
        • IFRS
          • cash generating unit(include GW)> the recoverable amount
          • 1,first applied to GW
            • 2,EXCCESS:non-cash asset on pro rata basis
        • USGAAP
          • reporting unit(include GW)>fair value of reorting unit
          • difference in carring amount and impaired value(按当年价格再收购一次),goodwill最大减到0
    • equity & consolidation ratio 比较
      • NI 同
        • acquisition method中，A,E,Sales高，对应ROA,ROE,Net margin低
    • SPE VIE
      • USGAAP:VIE符合一个就是
        • lack:ability to make decision;obligation to absorb loss;right to receive return
      • IFRS：只要是SPE就合并
• pension &share-based
  • pension
    • 相关概念
      • ABO
        • based on current and past compensation levels
      • VBO
        • ABO+ Vesting schedule
      • funded status=plan assets-PBO
        • if（>0,overfunded） net pension assets,不能大于ceiling（PV of future benefit,such as refunds or reduction of reduction）
    • PBO计算
      • US;projected benefit obligation
        • IFRS(PVDBO):present value of defined benefit obligation
      • 步骤：assumption；退休前pension；折现两阶段
      • annual unit method
        • 养老金再退休时候的PV除以总年份
    • B/S核算
      • plan assets
        • asset初+contributiom+actual returm-benefit paid=assets末
      • PBO
        • PBO初+CSC+PSC+Int cost+A.L/-A.G-benefit paid=PBO末
    • I/S核算
      • IFRS
        • I/S
          • CSC;PSC;Int cost;Int income
        • OCI/re measurement
          • A G/L;actual return-int oncome
            • 注意符号正负
      • US GAAP
        • I/S
          • CSC;Int cost;expected return;Amort PSC
            • Amort A G/L（广义：A G/L;actual return- expected return）
        • OCI
          • unamort PSC
            • unamort A G/L（广义：A G/L;actual return- expected return）
    • 精算假设改变对BS,IS影响(PBO，funded states，CSC/pension exp,int cost)
      • r
      • compensation growth rate
      • expected return on plan assets
        • if+,pension expense-
    • analyst view
      • assumption consistent
      • net amount adjust to gross amount
      • 不同准则怎么办
        • net/total/economic period cost负数=funded ststus末-funded ststus初-contribution
          • 注：如果只说pension period cost的话一般指的是养老金费用相关
      • I/S科目调整
        • 会计准则下，pension cost都计入operating exp(SG&A)
        • 调整时先把所有exp加回去再调整
        • USGAAP
          • CSC(operating exp)；int cost（int exp）；expected return（actual return？，investment income）;PSC,A G/L(non-operating G/L)
      • cash flow
        • contribution & total period period cost
          • if<,CFF+,CFO-.
            • 具体差额记得乘以（1-t）
          • if大于,CFF outflow,CFOinflow
    • share-based
      • forms
        • stock option，stock grants，stock appreciation rights
      • call option
        • 分摊exp:以vesting period(grant date-vesting date)
          • 去年化
        • greek改变对NI，exp影响
          • volatility+；risk-free rate+,time to expiration+,div-,使得value of call大，公司成本变高，NI-
  • multinational operations
    • FX transaction（外币交易）
      • 根据三个交易日（tracsaction，B/S，payment）计算FX gain/loss
        • 计入I/S
      • 定性判断：形成是asset(外币升值，gain。外币贬值，loss)；形成lia(反之)
    • FX translation
      • 方法
        • current
          • RC-FC=LC,independent
          • B/S
            • A,L(C,end of period)
              • E:capital(H,注：题目中可能是公司成立时的汇率)
          • I/S
            • ave
          • Gain/loss
            • 计入CTA(equity)
              • 先I/S后B/S（RE bsae法则）
          • exposure=A-L=E>0(风险敞口偏向资产）,外币升值Gain
        • temporal
          • RC=FC-LC,integrated
          • B/S
            • A
              • MA:cash,AR(C）
                • NMA:Inv，FA,IA(H)
            • L
              • ALL L(C),except unearned revenue(H)
                • E:capital(H)
          • I/S
            • ave，except COGS,Depr，Amort
          • Gain/loss
            • 计入I/S
              • 先B/S后I/S
          • exposure=MA-ML
            • >0,外币升值Gain
              • (风险敞口负债）<0,外币升值Loss
        • inv相关考点：FIFO先进先出，old inv-COGS(old rate),账面ending inv（recent rate）
        • 当折算方法变化时，对ratio的产生变化
          • 分子分母用汇率表示出来
    • hyperinflation
      • cumulative 3y inflation>100%
      • USGAAP
        • temporal method
      • IFRS
        • 除cash外非货币性科目restated，using current exchange rate
      • 产生的gain，loss计入I/S
      • 抗通胀方法：增加非货币资产；借钱
    • statutory tax rate&effective rate不一样reason
      • change in applicable tax rate
      • change in the mix of profit earned in different jurisdictions
      • exempt income
      • disallowed expense
      • prior losses

财务2

• analysis of financial institutions
  • 概念
    • bank asset：loan，securities；lia：deposit
    • 寿险duration大，对r more sensitive
      • 财产险（一般一年）dur小，对r less sentsitive
  • bank
    • BASEL III
      • Purpose
        • 1ability to absorb shock;2improve management and governance;3strengthen transparency and disclosures
      • highlight
        • minimum capital requirement;minimum liqudity;stable funding
    • CAMELS
      • capital adequency
        • capital adequency=capital/risk weighted assets
        • capital
          • total tier capital
            • common equity tier1 capital
            • other tier 1 capital
          • tier 2 capital
          • BASEL III三个requirement
      • asset quality
        • loan质量depend
          • creditworthiness of borrower
          • adequency of adjustment for excepted loan losses
        • 计算比率
      • management capabilities
        • control risk> profit
      • earnings sufficiency
        • 标准
          • unbiased；sustainable；sufficient
        • FV计量金融资产
          • quoted price>identical financial instrument>model(DCF)
      • liquidity position
        • 计算
          • Liquidity coverage ratio(LCR)
          • Net stable funding ratio(NSFR)
        • 定性
          • concentration of funding；maturity dismatch
      • sensitivity to market risk
        • 假想情况下，资产大于负债利率上升带来收益
        • 现实，息差，期限错配
  • insurance
    • property and casualty insurance company(意外险)
      • business profile
        • direct writers：保险公司员工(fixed costs);agency writers兼职工(variable cost,100%)
      • 评估运营ratio
        • loss and loss adjustment expense ratio;
          • 表述：insured risk
        • underwriting ratio;
          • 表述：obtain new premium
        • combined ratio
        • divdend to policyholder ratio
        • combined ratio after divdend
      • Investment return&liquidity
        • 注重流动性低，风险小
    • life and health insurance company
      • business profile
        • business profile：直销directly to consumers via electronic media。其余是agent(代销)
        • 评估运营ratio
          • ROA,ROE BVPS
        • Investment return&liquidity
          • 流动性大，风险高
    • capital>minimum requirement
• quality of financial reports
  • 报表整体质量
    • 定性
      • Manipulation
      • 不符合reality，diverge from economic
    • 定量
      • M-score beneish model
        • M-Score越高，报表质量越差
        • 具体指标含义（-）SGAL,（-）LEVI
      • z-score
        • Z-score越高，报表质量越好
      • limitation
        • parital representation of economic reality
        • manager have learned to test the detectability of earnings manipulation
  • I/S earning quality
    • unbiased
    • adequate
      • NI cover cost of equity
    • sustainable(判断)
      • 法一：线性回归模型
        • coefficient(b) +,earnings more persistent
          • 关注相关性，not cause and effect
      • 法二：mean reversion
        • NI 当年与历史均值越接近，越可持续
      • 法三：accrual ratio(越好，盈利质量越差)
        • B/S
          • AA(aggregated accruals)=NOAt - NOAt-1
            • 当年新增的NOA
          • AR=AA/NOA的平均值
            • NOA的增量除以NOA的平均值，表示当年accrual部分的增加
        • CF
          • AA=NIt-（CFOt+CFIt）
            • 融资活动不影响当期NI，所以不扣减
          • AR=AA/NOA的平均值
        • NOA(net operating assets)
          • =(total asset-cash)-(total lia-debt)
          • acctual口径的净资产
      • earning分为cash earning&accrual earning
      • accrual:discretionary(arise from normal transaction);non-discretionary(outside the normal)
  • Cash flow quality
    • high quality feature
      • positive;sustainable source,low voalatility;adequate to cover capital expenditure
      • ⚠️收付实现制下的科目大于相关权责发生制下的科目，质量越高。（课后题eg CFO NI
    • manipulation关注点
      • time；classification
  • B/S quality
    • completeness
      • 关注点表外负债off-balance obligation item
        • take or pay contracts
        • 表外负债越多质量越差
    • unbiased
    • clear presentation