ACCA F9 Part B Financial management environment
★考点：
★考点：
·Part B 的内容更倾向于出现在选择题中。 ·理解宏观经济的目标·理解并能辨别不同的政策（eg. fiscal，monetary，exchange policy）·理解政策如何影响经济
·MAP
·理解 risk –return trade off
1、The economic environment for business
a、Define main macro-economic targets （宏观经济目标）-Economic growth & high employment
-Low inflation
-Balance of payments stability
b、The role of government policies in achieving targetsc、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.
ACCA F9 Part E Business finance- Sources of finance
★考点：
★考点：
·短期融资类别(overdraft)；
·理解 Debt finance （bank loan vs bonds） ·背诵 debt 相较于 Equity 的优点;·理解并熟练 rights issue 有关计算（易出选择题）；·理解 Islamic finance（考试会有分值，但记忆较难，关键词简单记忆） ·理解中小企业融资（易出简答题）
a、Short-term finance
short-term finance is usually cheaper, but ‘ aggressive ’if rely mainly on short-term finance.
a、Short-term finance
| Types | Pros & cons |
| Overdraft: a limit is agreed with a bank, | |
| interest is paid on the daily cash balance, | Flexible but risky ( instant call ) |
| subject to instant recall | |
| Short-term loan | More secure than overdraft but less flexible |
| Trade credit (paying supplier later) | Tempting but risks loss of supplier goodwill |
| & discount | |
| Lease finance | Operating leases |
short-term finance is usually cheaper, but ‘ aggressive ’if rely mainly on 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 ：| Bank loan | Bonds (debentures/ loan notes) |
| Available over a range of time periods | IOUs sold to investors, normally fixed |
| with flexible repayment schedules | interest and redeemable (min ￡200,000) |
| Normally secured on the assets of the | Secured & carry loan covenants |
| business by a fixed or floating charge | |
| Must be repaid if loan covenants on | Often be redeemed early at the company’s |
| gearing or assets disposal are broken | discretion |
| Credit rating | |
—Murabaha：穆拉巴哈成本+融资
—Musharaka：venture capital
—Mudaraba ：equity
—Ijara：leasing
—Sukuk：bonds
d、Finance for small and medium sized firms
