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ACCA考试参考资料(English)-5

ACCA/CAT考试   点击:次   发布时间:2006-10-31   【字体: 】   来源:Gzu521.com
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content
 adjusted present values
 financial decisions
 the modigliani and miller hypotheses
 practical aspects of the financing decision
 dividend policy
knowledge checklist
able to understand the relationship between financing and investment decision;
able to calculate an adjusted present value (apv);
able to explain the fundamental issue with respect to financing decisions i.e. it is possible to increase the value of the business through it`s financing decisions;
able to understand the mm capital structure hypotheses both with and without tax;
able to explain the extensions to the basic mm analysis provided by miller(personal tax) and brealy and myers(the costs of financial distress and agency costs);
able to use the mm formula to calculate the value of a geared company together with the cost of equity and the wacc; able to understand the practical aspects of the financing decision and to calculate the impact of financing decisions on both gearing (and it`s significance) and eps; able to explain and discuss the significance of the dividend irrelevancy hypothesis. 

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