CFA level I 公司金融错点

• The post-audit’s purpose is to explain any differences between the actual and predicted results of a capital budgeting project. This process can aid in indicating systematic errors, improve business operations, and provide concrete ideas for future investment opportunities.
  事后审计的目的是解释资本预算项目的实际和预测结果之间的任何差异。这个过程可以帮助指出系统的错误，改善业务运作，并为未来的投资机会提供具体的想法。
• Country equity premium = Sovereign yield spread × (Annualized standard deviation of equity index/Annualized standard deviation of the sovereign bond market in terms of the developed market currency)
• remuneration/compensation 薪酬
• Environmental, social, and governance investment analysis can be implemented across all asset classes and is not limited to equity investments. It is done to provide a more comprehensive understanding of a company’s risks and improve investment performance.
  环境、社会和治理投资分析可以跨所有资产类别执行，而且不限于股票投资。这样做是为了更全面地了解公司的风险，提高投资绩效。
• Financing costs are not included in a cash flow calculation but are considered in the calculation of the discount rate.
  融资成本不包括在现金流量计算中，但在计算贴现率时考虑。
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• If the systematic risk of the project is above average relative to the company’s current portfolio of projects, an upward adjustment is made to the company’s MCC or WACC.
  如果项目的系统性风险相对于公司目前的项目组合高于平均水平，则对公司的MCC或WACC进行向上调整。
• A “pull” on liquidity occurs when disbursements are made too quickly (e.g., current liabilities are paid instead of being held or when credit availability is reduced or limited). A “drag” on liquidity occurs when receipts lag (i.e., non-cash current assets do not convert to cash quickly). Consequently, a reduction in a credit line is a “pull” on liquidity.
  当支付的速度太快(例如，流动负债支付而不是持有，或者信贷可用性降低或受限)，流动性就会受到“拉”。当收益滞后时，流动性就会受到“拖累”。，非现金流动资产不会很快转换为现金)。因此，信贷额度的减少是对流动性的“拉动”。
• Smaller companies use collateralized loans, factoring, or loans from non-bank companies as their sources of short-term financing. Larger companies can take advantage of commercial paper, banker’s acceptances, uncommitted lines, and revolving credit agreements.
  较小的公司使用抵押贷款、保理业务或非银行公司的贷款作为短期融资来源。大公司可以利用商业票据、银行承兑汇票、未承诺的额度和循环信贷协议。
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