Part B Financial management environment
 
★Part B的內(nèi)容更傾向于出現(xiàn)在選擇題中。
 
★理解宏觀經(jīng)濟的目標(biāo)
 
★理解并能辨別不同的政策（eg. fiscal，monetary，exchange policy）
 
★理解政策如何影響經(jīng)濟
 
★MAP
 
★理解risk –return trade off
 
1. The economic environment for business
 
a. Define main macro-economic targets （宏觀經(jīng)濟目標(biāo)）
 
- Economic growth & high employment
 
- Low inflation
 
- Balance of payments stability
 
b. The role of government policies in achieving targets
 
c. How the policies affect the business operation?
 
2. Financial markets and institutions
 
a. Financial intermediaries (The roles of these intermediaries)
 
- Maturity transformation
 
- Aggregation of funds
 
- Pooling losses
 
（Remember as MAP）
 
b. Money markets and capital markets instruments (Interest bearing vs Discount; OTC vs floor trading; Negotiable vs non-negotiable etc)
 
c. Rates of interest and rates of return (Risk-return trade off)
 
Risk-return trade off : investor in riskier assets expect to be compensated for the risk.
 
Eg. Ordinary shares: Investors hope to achieve their return in the form of an increase in the share price as well as from dividends.
 
Part E Business finance- Sources of finance
 
★考點：
 
短期融資類別(overdraft)；
 
理解Debt finance （bank loan vs bonds）
 
背誦debt相較于Equity 的優(yōu)點;
 
理解并熟練rights issue有關(guān)計算（易出選擇題）；
 
理解Islamic finance（考試會有分值，但記憶較難，關(guān)鍵詞簡單記憶）
 
理解中小企業(yè)融資（易出簡答題）
 
a. Short-term finance

 
b. Long-term finance (Debt vs Equity; Bond valuations; Rights issue)
 
Debt vs Equity （debt’s advantage）
 
- avoids dilution of control
 
- avoids earning per share dilution
 
- provides tax relief on interest payments
 
Debt finance：

 
c. Islamic finance ：
 
- Murabaha：穆拉巴哈成本+融資
 
- Musharaka：venture capital
 
- Mudaraba ：equity
 
- Ijara：leasing
 
- Sukuk：bonds
 
d. Finance for small and medium sized firms

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