在F9的考試中，section A的考點(diǎn)覆蓋了正本書的內(nèi)容，因此，考生應(yīng)該全面地復(fù)習(xí)和掌握F9中相關(guān)的知識(shí)點(diǎn)。但是關(guān)于section B和section C的考點(diǎn)，則相對(duì)有規(guī)律可循。正如大家所了解的一樣，section B由三道選擇題構(gòu)成，section C由兩道大題構(gòu)成，因此，這五道題目分別來自課本中的Part C,Part D,Part E,Part F,Part G.

下面就對(duì)這五章的重要的考點(diǎn)進(jìn)行總結(jié)和歸納，希望對(duì)大家6月份的考試會(huì)有所幫助。

Part C Working capital management

關(guān)于這一章的內(nèi)容，在歷年考題中主要考查的內(nèi)容是：

1.receivables management(early settlement discount&factoring)

2.inventories management(EOQ)

3.payable management

4.cash management(Baumol model&Miller-Orr model)

5.the cash operating cycle and related ratios

關(guān)于以上的知識(shí)點(diǎn)，為同學(xué)們總結(jié)了以下的經(jīng)典考題，即使你時(shí)間緊迫，也希望你可以刷完這些題目；

2013.12 Q3(考點(diǎn)：inventory management&early settlement discount&invoice discounting&factoring)

2014.6 Q2(考點(diǎn)：1/working capital cycle 2/quick ratio&sales to net working capital 3/current asset&liabilities&working capital financing policy)

2014.12.Q1（考點(diǎn)：cash management/cash surplus）

2015.12.Q3（考點(diǎn)：early settlement discount/risk of foreign account receivables）

預(yù)測(cè)：在2017年3月份的考試中，本章已經(jīng)在section C中以一道大題的形式考查過cash operating cycle and related ratios,relevant techniques in managing accounts receivables).所以大膽做出預(yù)測(cè)：在今年6月份的考試中，這一部分的內(nèi)容應(yīng)該會(huì)以section B的形式考查，并且重點(diǎn)關(guān)注trade receivables management(the calculation of early settlement discount&invoice discounting&factoring)or inventory management.

Part D Investment appraisal

關(guān)于這一章的內(nèi)容，在歷年考題中主要考查的內(nèi)容是：

1.NPV&IRR(inflation&taxation&relevant cash flow)

2.Lease or buy

3.Payback period&ROCE

4.Capital rationing

5.Risk and uncertainty in investment appraisal(Sensitivity analysis&profitability analysis)

關(guān)于以上的知識(shí)點(diǎn)，為同學(xué)們總結(jié)了以下的經(jīng)典考題，即使你時(shí)間緊迫，也希望你可以刷完這些題目；

2015.6 Q5（考點(diǎn)：NPV(inflation and taxation)&sensitivity analysis and risk）

2015.12.Q5(考點(diǎn)：asset replacement&capital rationing)

2016.09 Section B-3(考點(diǎn)：payback period&ROCE)

預(yù)測(cè)：在去年12月份，本章考查的是payback period and ROCE,在今年3月份考查的是NPV(inflation and taxation)&sensitivity analysis and risk，所以，大膽做出預(yù)測(cè)：在今6月的考試中，大家應(yīng)該把重點(diǎn)放在asset replacement and capital rationing的練習(xí)中；

Part E Business finance

關(guān)于這一章的內(nèi)容，在歷年考題中主要考查的內(nèi)容是：

1.計(jì)算cost of debt/cost of equity(CAPM model&Dividend growth model)

2.CAPM model(systematic risk and unsystematic risk)

3.計(jì)算cost of capital by using WACC/project-specific cost of equity

4.Discuss the factors to be considered when chose sources of finance

5.不同融資方式的特點(diǎn)，such as Islamic finance/right issues/issue traded bonds/venture capital/leasing and so on)

6.Capital structure theories/the change of capital structure on the cost of capital and business valuation)

歷年經(jīng)典考題總結(jié)

2016.06 Q4(考點(diǎn)：1/計(jì)算the cost of capital by using WACC 2/討論source of finance與creditor hierarchy之間的關(guān)系3/討論the difference between Islamic finance and other conventional finance).

2014.06 Q3(考點(diǎn)：1/WACC&cost of equity 2/systematic and unsystematic risk in relation to portfolio theory and CAPM 3/market efficiency)

2013.06 Q4(考點(diǎn)：Discuss the factors to be considered when chose sources of finance/The effect on EPS of raising finance by a stock market listing/The effect on EPS and interest cover of issuing new debt.)

2013.12 Q2(考點(diǎn)：1/cost of equity(dividend growth model)2/the cost of capital by using WACC 3/project-specific cost of equity 4/discuss whether the change of capital structure can lead to a reduction in cost of capital and an increase in company valuation)

預(yù)測(cè)：在2017年3月的考試中，這一章節(jié)的內(nèi)容是以section C的大題的形式考查的；重點(diǎn)考查的內(nèi)容有:Calculate cost of capital by using CAPM and project-specific cost of equity,and discuss the factors to be considered when choosing source of finance;

因此，預(yù)測(cè)這一章的內(nèi)容在2017年6月的考試中，可能會(huì)在section A or section B中出現(xiàn)，重點(diǎn)關(guān)注：不同融資方式的特點(diǎn)，及the calculation of cost of debt and cost of equity.

Part F Business valuation

關(guān)于這一章的內(nèi)容，在歷年考題中主要考查的內(nèi)容是：

1.MV of equity(dividend growth model/net asset method/earning yield method)

2.MV of debt

3.Market efficiency

歷年考題總結(jié)：

2016.09 section B-Q2(考點(diǎn)：Business valuation(dividend growth model)&MV of debt/market efficiency)

2014.12 Q2（考點(diǎn)：1/MV of convertible loan 2/share price using P/E ratio）

預(yù)測(cè)：在2017年3月的考試中，以section B的形式在考查，重點(diǎn)考查的內(nèi)容是計(jì)算MV of shares（P/E and the market efficiency）;預(yù)測(cè)：在2017年6月的考試中，這一章將會(huì)以section C大題的形式考查，并且重點(diǎn)考查的內(nèi)容應(yīng)該是business valuation三種不同的方法，包括每種方法的計(jì)算及優(yōu)缺點(diǎn)的分析。）

Part G Risk management

關(guān)于這一章的內(nèi)容，在歷年考題中主要考查的內(nèi)容是：

1.Foreign currency risk

(Foreign currency risk management including:forward exchange contracts/money market borrowing or lending/lead payments)

2.Interest rate risk

(Interest rate risk management including:asset and liability management/matching and smoothing/forward rate agreement)

歷年考題總結(jié)：

2015.06 Q1(考點(diǎn)：1/評(píng)價(jià)money market hedge VS forward market hedge 2/explain why forward rate manage interest rate risk)

2016.06.Q2(考點(diǎn)：1/identify and discuss the different interest rate risk face 2/討論以下pre-denominated interest payment in six month’s time所面臨的風(fēng)險(xiǎn)及怎樣規(guī)避)

預(yù)測(cè)：2017年3月份關(guān)于本章內(nèi)容，考查的是currency risk management,so今年6月份很有可能會(huì)考查interest rate risk management的內(nèi)容，但是也并不意味著就不考有關(guān)currency risk management的知識(shí)點(diǎn)了，所以同學(xué)們千萬不可以掉以輕心喲！

最后兩道題大題的預(yù)測(cè)Q31和Q32

1.BUSINESS VALUATIONS

2.INTEREST RISK MANAGEMENT

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