F9FinancialFormatoftheTheexamisathree-hourpaperdividedintotwosections.SectionAconsistsof20multiplechoicequestionsoftwomarkseach.ThesequestionscanbeonanypartoftheSectionBconsistsofthreequestionsof10markseachandtwoquestionsof15markseach.The10-markquestionscanbeonanypartofthesyllabus.The15-markquestionswillcovertwoofPartsC,DandEofthesyllabus.Allquestionsarecompulsory.InSectionB,answerstothequestionswillrequireamixtureofcalculationsanddiscussion.Youalsohave15minutesforreading TheexamwillcoverasmuchofthesyllabusasBusinessfinanceRiskBusinessfinanceRiskmanagementBusinessvaluationsFinancialFinancialmanagementFinancialmanagementenvironmentWorkingcapitalmanagementInvestmentappraisal PartAFinancialmanagementFinancialmanagementandfinancialPartBFinancialmanagementTheeconomicenvironmentforFinancialmarkets,moneymarketsandPartCWorkingcapitalWorkingManagingworkingWorkingcapitalPartDInvestmentInvestmentInvestmentappraisalusingDCFAllowingforinflationandProjectappraisalandSpecificinvestmentPartEBusinessSourcesofGearingandcapitalThecostofCapitalPartFBusinessBusinessMarketPartGRiskForeigncurrencyInterestrateStatementoffinancialpositionNon-currentCurrentTrade TotalCurrentTradeOrdinary\7%Total以前考試形式4*25?，F(xiàn)在也是“TheTwo15-markquestionswillcovertwoofPartsC,DandEofthesyllabus.”和考題編制講義教授大家。大家跟隨學(xué)習(xí)。課后必住，計算部分必須要能夠脫離答案獨立完成。這樣就已經(jīng)兩周大家再用最近幾次的PartAFinancialmanagementPartCWorkingcapitalPartDInvestmentPartEBusinessPartFBusinessPartGRiskF9選修F9Demandand Firmand BusinessEconomicsinGlobalEquityPart4Businessfinance&Part5RiskDiscusstheobjectivesofworkingcapitalTheobjectivesofworkingcapitalmanagementaretakentobeprofitabilityandProfitabilityisalliedtothefinancialobjectiveof shareholderwealth,whileliquidityisneededinordertosettleliabilitiesastheyfalldue.A musthavesufficientcashtomeetitsliabilities,sinceotherwiseitmayfail. Discussthereasonswhysmallandmedium-sizedentities(SMEs)mightexperienceless betweentheobjectivesofshareholdersanddirectorsthanlargelistedcompanies.(4marks) betweentheobjectivesofshareholdersanddirectorsinalisted isassociatedwiththeagencyproblem,whichhasthreemaincauses.First,theobjectivesofshareholdersanddirectorsmaybeSecond,thereisasymmetryofinformation,sothatshareholdershaveaccesstolessinformationaboutthethandirectors,makingithardforshareholderstomonitortheactionsanddecisionsofdirectors.Third,thereisaseparationbetweenownershipandcontrol,asshareholdersanddirectorsaredifferentpeople.以前教P階段，我最喜歡抱怨的一句 2014/06(a)Ex in‘riskappetite’and‘riskawareness’,anddiscusshowBob’sriskappetitemightaffecthischoiceofinvestments.(8marks)ChoiceofIfBobisgenerallyriskaverse,hewillseekoutinvestmentswhichhavelowlevelsofuncertaintyandpredictablelevelsofreturn.The‘price’ofthiscertaintyisusuallyalowerreturnovertimethanamoreriskyinvestment.Typicallower-riskinvestmentsare bonds(long-termloanstoa atanagreedrateofinterest)or,presumedtobeevenlowerrisk, ernmentbonds.Theseareissuedwhenacountry’snationaldebtisfinancedbyindividualloansatanagreedannualrateoverafixednumberofyears.ChoiceofIfBobisgenerallyriskseeking,itislikelyhewantsgreaterreturnsandispreparedtobearahigherriskinordertoachievethem.Hewillaccordinglyseekoutinvestmentswhichhavegreaterlevelsofuncertaintyandmorevolatilelevelsofreturn.Thesearelikelytobesharesincompaniesincomplexormoreturbulentenvironments,possiblylessdiversified,andwithapossibilityofsubstantiallossaswellascapitalChoiceofLargercompanieswithdiversifiedinterestsandarelativelypredictablelong-termlevelofreturnarelesslikelytobeakeypartofarisk-seeker’sinvestment.Heorsheismorelikelytooptforsmallercompanies,thoseinemergingmarketsorthoseingrowthsectorswhichcouldmakeasubstantiallong-termreturncomparedtomoreestablishedalternatives.Betafactorsareonewayofme