201*年计CMA证复审工作总结
计量认证复审工作汇报
我中心第一次计量认证复审时间是201*年，有效期至201*年6月22日。201*年1月8日通过复审，通过的计量认证项目有6项，增加检测项目29项。
此次复审主要从以下几个方面着手：一、体系文件换版工作。
（一）根据国家认监委和西藏自治区质量技术监督局的要求，按照《西藏自治区检验机构计量认证/审查认可（验收）评审准则》，进行了质量体系文件的换版工作，发布了新版的《质量手册》和《程序文件》，于201*年3月实施。
（二）人员培训
编制质量体系文件之前，中心技术负责人、质量负责人、内审员、质量监督员都参加自治区质量技术监督局举办的培训班，经考核合格。
质量体系文件换版以后，进行计量认证知识的全员宣传和贯彻。内容包括：计量认证相关的法律、法规，质量手册、程序文件等。形式有：全员集中培训，各成员分散培训。
二、申请工作
（一）申请复审要求提供以下资料：1、申请书一式两份
包括：基本情况、近两年的比对活动情况、申请新增项目的开展情况、内审、管理评审情况、技术负责人/质量负责人/授权签字人简历表、检验机构工作人员一览表、检测实验室仪器设备/标准物质配置表、检测能力分析一览表、申请计量认证/审查认可（验收/授权）项目表。
2、质量手册和程序文件3、标准有效性证明材料4、其他有关材料或证明文件
包括：法人证明材料、组织机构代码证书（复印件）、申请项目提供参加能力验证的证明材料（若无，则提供典型项目的实验室间比对试验报告）（复印件）、原计量认证/审查认可（验收/授权）证书附表（复印件）
（三）编制检测细则和原始记录格式
方法经确认后，由检测人员编制检测细则和原始记录格式。进行受控。（四）申请项目的检测报告
要求每个项目1～2份，复查项目分类提供。（五）能力验证和室间比对选择典型项目进行室间比对。（六）填写申请书
根据确定的项目及限制范围填写项目表、仪器设备/标准物质配置表、检测能力分析一览表。上报省质监局。
三、评审前准备工作（一）查漏补缺
评审时要查看前三年的相关资料，尤其是：内审、管理评审、能力验证、人员培训、仪器检定证书等。检验报告从五年内的报告中抽查。前一次认证的项目检测报告。要核对每一个项目，如无检测报告，可以自己送样做。
（二）内审、管理评审
最好在评审前进行一次内审和管理评审，查找存在的不足之处，进行整改。四、我中心的复审工作顺利完成与以下几点是分不开的：（一）领导重视，各成员合作
计量认证工作是和领导的重视分不开的，我们学院领导高度重视该项工作，几次召开相关科室负责人和全体职工会议，明确职责。各科室间配合得也相当协调，主动认真完成各自的任务。
（二）职责明确
计量认证涉及的主要部门有：工程中心、检测中心、办公室。由检测中心牵头，对各科室进行分工，明确其在不同的阶段需做的工作。
西藏林芝土木水利电力工程技术研究中心
201*年8月3日
扩展阅读：CMA习题总结P3
SA
TOCfocusesonidentifyingtheplaceintheproductionprocesswheretotalrequiredhoursexceedtheavailablehours,notthereverse.Thisplaceiscalledthebottleneck.
Benchmarkingisundertakingbestpracticeanalysistocutcosts,boostoutput,andachievetheirstrategicgoals.
DBR:theconstrainedprocessisthedrumandasequencefprocessespriortotheconstraintistherope.Theobjectiveistobalancetheflowofproductionthroughtheropebytimingandschedulingactivityforallprocessesleadinguptothedrum.
4organizationallevels:corporatelevel,businessunitlevel,divisionlevel.
Business-levelinvolvesdecisionsaboutwhatproductsshouldbeofferedandwhichcustomergroups.决定生产产品及消费对象。
Functional-levelstrategiesaredevelopedtoimprovetheeffectivenessofacompany"soperations.改进效率，配置相关服务人员。
Primaryactivities:marketingandsalesSupportactivities,Informationsystem,infrastructure基础建设
Themissionstatementdefineswhythecor.existsandprioritizesandcommunicatesitsoverallobjectives.
FiveForceModel:bargainingpowerofsuppliers,theclosenessofsubstitutestoacor.’sproducts,theriskofentrybypotentialcompetitors.
TQM的分析方法：Controlchart,histogram,andParetodiagramTOC:Drum-Buffer-Ropediagram
Fragmentedindustriesarecomposedofmanysmallandmedium-sizedbusinessessuchasmotelsorrestaurants；Lowentrybarriers,diseconomiesofscaleandaconstantstreamofnewcompetitorstotheirindustries.
获得比较优势的4个方面4factorscreatedcompetitiveadvantage:efficiency,quality,innovation,customerresponsiveness.比较优势的含义：有高于行业平均利润的利润率。
说一家公司成功的拥有比较优势而其他对手失败是指：thestrategiesthatthesuccessfulcompanypursueshaveastrongimpactonitsperformancerelativetoitsrivals.优于其他人的战略并对他人造成了影响。
JITrequires:leanproduction精益生产,eachworkerisabletooperateallmachineryandperformallsupportingtasks,workcells.
Productivitysystem:FMS,CAD,CAMAnalyticalmodeling:DSSusedforwhat-ifanalysis,sensitivityanalysis,goal-seekinganalysis,optimizationanalysis.
PorterofHBSsetforth3genericstrategies:costleadership,differentiation,focusorcompetitivescope.
KansaninJapanesemeans"visualrecord”.It’sasimplepartsmovementinwhich"cards"areusedtokeeptrackofinventory.1960s诞生atToyota.Kaizen:持续改进。
Contingencyplanningorscenarioplanningconsidersalternativesthatenablethecor.torespondquicklyandcapablytofuture,external,generallyunpredictableevents.
3个利润的基本来源因素：Thecostsofcreatingthecor."sproducts;thepricethatthecor.chargesforitsproducts;theamountofvalueplacedonthecompany"sproducts.
Life-cyclestrategiesincludeharvesttheproduct,maxmarketshare,maxprofit.不包括superiorresponsivenesstocustomers.这个是4factorstohavecompetitiveadvantage.
S-B
Electronicmarketingisbecomingmoreandmoresuccessfulinreapingadditionalprofitsforcompanieswhilebuildingcustomerrelationshipinaverycost-effectivemannerparticularlycomparedtoadirectmailcampaign.
MarketingcommunicationmixismadeupofAD,salespromotion,publicrelationandpublicity,personalselling,anddirectandinteractivemarketing.
Consumergoods包括：Unsoughtgoods,conveniencegoods,specialtygoods.
Marketpenetration市场渗透pricingiswhenacompanywantsmaxitsmarketshareandbelievesthatahighersalesvolumewillleadtolowerunitcostsandhigherlong-term.
Priceskimminginvolvessettingahighintroductoryprice.先设定高价格，然后降价吸引新顾客。skimmingmaxrevenuesfromthedifferentmarketsegments.特点：1.Customersmustperceivetheproductworthitsprice;2.costofproducingsmallvolumesislow3,competitorscannoteasilyenterthemarket.
Salespromotion:目标源于marketingobjectives,包括avarietyofshort-termincentives,fostersupportofnewmodelsandproducts.
Customerrelationshipmanagement(CRM):customerdatabases,datmining,databasemarketing.customeradvantage是间接关系。
Requirelife-cyclestrategies:growthstage,introductionstage,maturitystage.
品牌：Abrandcanconveyupto6levelsofmeaning:attributes,benefits,culture,personalityandtypeofuser.Brandbonding是让顾客有一个全面积极地体验withtheCOR.Inthedeliveryofitscontract,orpromise.
Productsandservicesaretraditionallyclassifiedonthebasisofdurability,tangibility.Shoppinggoods是consumergoods
StrategicGroupisagroupofcompaniesthatfollowsasimilarstrategyinthesametargetmarket.
Productmixisalsocalledproductassortment,this"sthecompletesetofallproductsandservicesthatacompanyoffers.4Ps:product,price,place,promotion.
Thetacticalmarketingplanaddresses:promotion,productfeatures,customers’serviceaswellasmerchandising,pricingandsaleschannels.
Majortrendsinproductsupportservicesparticularintheareaofcustomerservice:equipmentmfgareaddingmodularity;companiesareincreasingthequalityoftheircallcenters,third-partyorganizationsareincreasinglyservicingmoreequipment.
Industrialgoods:suppliesandbusinessservices,capitalitems,materialsandparts.
TheneedforReal-timeinformationisgreater:thegrowthofglobalmarketingfromnationalmarketing,anewfocusoncustomers"wants(notneeds),whichhasshiftedfrombuyerneedsandthetrendtowardnon-pricecompetition
Priceadjustmentstrategy:geographicalpricing,psychologicalpricing.
CRM:Surveymanagementsoftware,callcentersoftware,contactmanagementsoftware.
Marketingstrategy中，STP：Segmentation,targetingandpositioning.
选择市场的步骤：Demandmeasurementandforecasting,marketingsegmentation,markettargeting,andmarketpositioning.Technologycapability是abilitytoserveconsumers.
公司拥有的competenciesarethecompany"sstrengthsthatenableproductdifferentiationandlowercosts.Resources:theCor."scapitalorfinancialendowments,physical,human,technologicalandorganizationalfactorendowmentsthatcreatecustomervalues.(包括人力、技术、财力)Capabilitiesincludeskillsatcoordinatingandeffectivelyusingthefirm"sskills.
Marketsegmentation:nichemarketing,micromarketing,massmarketing
Theforcesthatinfluencethecompany"smarketingstrategyinclude:technological-naturalenvironment,demographic-economicenvironment,social-culturalenvironment,andpolitical-legalenvironment.
Globalization:市场和产品全球化isbringingaboutafundamentalchangeintheworldeconomy.Theresultsincludemoreintenserivalries,increasedinnovationandshorterproductlifecycles以及theloweringofbarrierstotradeandinvestmentacrossbordershasproducedaprofoundeffect.更激烈的竞争，加速革新，更短的产品寿命。Afewconsolidatedoligopolieswithinanationalmarketbeingforcedtochangeintosegmentsoffragmentedglobalorganizationsfightingformarketshareincountryaftercountry.
定价政策：Competitors"prices,pricecontrols,marketsize.
Costleadershipisabusinessmodelchoice,notastrategy.在产品衰退期，所有方面都在下降。R&D,AD,salespromotionandsellingsupportinthehopethatsaleswillholdupanyway都要缩减。
5Patternsoftargetmarketselection:selectivespecialization,single-segmentconcentration,productspecialization.
3waystomanagetheseactivities:globalorganization,theinternationaldivision,theexportdepartment.
ADrequirea5-step(5M)courseofaction:1,SettingtheADobjectives;2,creatingabudget;3,selectingthemessage;4,determiningtheappropriateADmedia;5,appraisingtheresultsormeasurement.
SelectstrategyforaADmessage,a4-stepprocess:messagegeneration,evaluationandselectionofthemessage,executionandreviewofsocialresponsibility.
公共关系能影响：Packaging,labeling,laws,pollution,andresources.
marketingmix4Ps要素：product,price,promotionandplace
MichaelPorter"s3genericstrategies:costleadership,differentiation,focus.Positioningstrategy:uniquesellproposition,double-benefit,andtriple-benefit.
Harveststrategy收割战略
Consumergoods包括：Unsoughtgoods,非渴求物品conveniencegoods便利品,specialtygoods.产品定位策略（Productpositioningstrategy):uniquesellproposition独特的销售主张,double-benefit,triple-benefit.
49.producedbyanaturalprocess(如水，石油)
SCshort-termfinancingandworkingcapital
short-selling:买方，借来债券现买出，在交割的时候再买入。
Workingcapitalmanagementrequiresbalancingtheriskofinsolvencywiththebenefitsoflonger-term,higher-returninvestments.
Marketablesecurity:shortterm,highlyliquidinvestments,(U.S.Treasurybills,Eurdollars,commericalpaper)Convertiblebonds通常是长期
CD:NegotiableCDarelessriskythanbankers"acceptances行承的商票，行承的票，票的主人承行，承行有付款的任。andcommercialpaper.因此利率也低。
Holdingcash的理由：Maintainadequatecashneededfortransactions,meetfutureneeds,andsatisfycompensatingbalancerequirements.
Commercialpaper:没有二级市场，usuallyhasamaturityoflessthan270days,比treasurebills更风险收益就更高，用Commercialpapermarketforshort-termfinancing的好处：Theborroweravoidstheexpenseofmaintainingacompensatingbalancewithacommercialbank;themarketprovidesmorefundsatlowerratesthanothermethodsprovide,themarketprovidesabroaddistributionforborrowing.
Tradecredit-小公司的大额短期借款installmentloan通常不是短期
Adraftcheck银行汇票thepayablesfloatisincreasedbecauseittakesadditionaltimeafterthepaymenthasbeenreceivedbythesupplierbeforethemoneyisdeductedfromthepayer"saccount.
短期现金管理的目的是保持流动性和安全。
当短期financing相对于长期融资增加，thegreatertheriskthatitwillbeunabletmeetprincipalandinterestpayment.增大了来不及付本金和利息的风险。
Securedshort-termfinancingonlyexampleisawarehousereceipt.
Creditterms:提供信用期当1,thecompanyneedscashandtheinterestratefromthecashdiscountislowerthantheavailableforborrowing;2,thecompetitorsofferedthemandcustomersexpectsuchadiscount.信用政策的存在是为了防范潜在的违约风险。Easeitscreditpolicy=givemorecredittomoreconsumer;itwillincreasetoaccommodatehighersaleslevels.
衡量workingcapitalmanagement:Acid-testratio,inventoryturnoverratio,andaveragecollectionperiodratio.
AP是自发的融资。Prepaidassets也是短期资产Float:check-depositday
安全库存取决于：1,thevariabilityoftheleadtime;2,thevariabilityofthedemandoftheproduct;3,thecostofstockout.
Carryingcost:storageandhandling,obsolescenceanddeterioration恶化,insuranceandtaxes.orderingcost主要组成是productionset-up
ObligationsissuedbyfederalagenciesotherthantheUS.treasurydepartmentareguaranteedbytheagencyissuing由代理结构发行，没有政府担保。
81.计算salesday=15*.2+.4*30+.2*452/15,net30
92，98概念discountedinterest贴现利率VS.票面利率104，111，68，74.
Q：5.WHY12.premiumaccount,standardaccount?43.
48,53，71,76为什么要/2?
85算流动比率包括（prepaidexpense>???）94,一周不是2次吗？一周加速2天？
99，我用Creditsales算出来的才是答案，不是应该用sales嘛？
SC-2long-termfinancing
0息票据：Interestcanbeamortizedannuallyonastraight-linebutisanoncashoutlay.
公司信用债debenture:Isatypeofbondthathasnocollateralbehindthem。They’resupportedonlybythecompanywiththeirfaithandcredit.
Poisonpilladefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.
优先股retired的方式：Sinkingfund,callprovision,conversion.
Warrant：权证的种类分为认购权证（买权）和认沽权证（卖权）权证分为按行权期限的不同，权证可以分为美式权证（AmericanStyleWarrant）、欧式权证（EuropeanStyleWarrant）和百慕大式权证（BermudaStyleWarrant）。百慕大权证介于欧式权证和美式权证之间，百慕大权证具有多个行权日或是一段行权期，如到期日前5日。权证按发行人可分为两类：股本权证(EquityWarrant)和备兑权证(DerivativeWarrant)股本权证通常由上市公司自行发行，也可以通过券商、投行等金融机构发行，标的资产通常为上市公司或其子公司的股票。目前绝大多数股本权证都是欧式认购权证。兑权证由上市公司以外的第三者发行。发行人通常都是资信卓著的金融机构，或是持有大量的认股对象公司股票以供投资者到时兑换，或是有雄厚的资金实力作担保，能够依照备兑权证所列的条款向投资者承担责任。
Incomebond:payinterestonlyiftheissuingcompanyhasearnedtheinterest,orwhentherehavebeenprofitstopaytheinterestfrom
储架注册制度(ShelfRegistrationSystem)允许发行人在注册说明书生效后连续多次发行证券,简化了注册程序,提高了融资灵活性,降低了融资成本,提高了证券市场的效率.Itenablesacompanytoregistershares,butnotimmediatelyissuethem,theCor.makealargeregistrationandthensellthesharesastheyareneededinsteadofmakingmanysmallerregistrations.
After-taxweightedmarginalcostofbond=实际利率*(1-t)
减少票面利率：changeinratingfromAAtoAAA;sinkingfund,conversionoption(赎回)Callprovision召回保护发行方当公司破产时insolvent意味资不抵债,eitherliquidatedorreorganized.要么清算要么重组
资本成本：thetimevalueofmoneyshouldbeincorporated;allcostsshouldbeexpressedasafter-taxcost;以加权方式表示。计算包括了时间价值，在税后
Financialstructure是financingsourcesoftheassetsofafirm.Traditionally,thefinancialstructureconsistsofcurrentliabilities,long-termdebt,RE,andstock.目标是maxthenetworthofthefirm.
Ex-dividenddate:isthedatewhentherighttoadividendexpires到期.
公司最佳资本结构的目标是：Minweighted-averagecostofcapital,maxthepriceofthefirm"sstock
影响公司价值决策：saleariskydivisionthatwillnowincreasethecreditratingoftheentirecompany,investmentinaproject,useofamorehighlyleveragedcapitalstructurethatresultedinalowercostofcapital.以上都会增加公司价值。
Covenant是限制条款：Thecompanycannotacquireorsellmajorassetwithoutpriorcreditorapproval.
分红：Usuallyexhibitgreaterstabilitythanearnings.
Marginalcostofcapital约等于WAofthecostofdebtandequity
优先股特点：Novotingrights,noprincipalrepayments,asuperiorclaimtoCSequity,dividendpaymentsnottaxdeductible.Becauseequitycarriesnoguaranteeofareturn,investorstypicallydemandahigheryieldtocompensateforthehigherrisk.
Sinkingfundrequireforretirementofthebondsmature.
Bookvalueofcommonstock=（commonstock+RE+APIC)/数量
flotationcosts筹资成本与CAPM无关
利息保障倍数=息税前利润÷利息费用
在股利增长模型中，股票价格由投资者得要求报酬率决定。
Option:83,95.thevalueoftheshareex-rights=marketprice-valueofrightsonprice
Thetheoryunderlyingthecostofcapitalisbasedprimarilyonthecostoflong-termfundsandacquisitionofnewfunds,itconcernedwiththecostoflong-termfundsandnewfunds.资本成本主要是关注长期资产和新资金。
短期融资的目标是meettheworkingcapitalneeds
LessleveragedfirmhavelessvolatileEPS
Junkbondsaresecuritiesratedatlessthaninvestmentgrade.
看待dividends的2种理论：Theresidualpart:earningsshouldberetainedandreinvestedaslongasprofitableprojectsareavailable.
anactivepolicystrategy:theCOR.believesthatthepaymentofdividendsprovidesinformationonthecor.tothemarket.Therefore,thecor.willbeverycarefulandspecificwiththeamountthattheypayasdividendseachperiod.
124.Maturitymatchingorequalizingthelifeofanassetandthedebtinstrumentusedtofinancethatassetisahedgingapproach.Thebasicconceptifthatthecompanyhastheentirelifeoftheassettorecovertheamountinvestedbeforehavingtopaythelender.？？？？
欧洲债券:公司更喜欢Eurobondsratherthanthedomesticbondsisthecostsislessbecauseoftheabsenceofgovernmentregulation.没有政府监管
Venturecapital特点:haveaperiodofnoliquidityaftertheinvestmentismade;theuseofcommonstockformostplacements;initialprivateplacementforthemajorityofissues.一般不超过5年。
Underwritingspread:thedifferencebetweenthepricetheinvestmentbankerpaysforanewsecurityissueandthepriceatwhichthesecuritiesareresold.This"stheprofitthatisearnedbytheunderwriteronthetransaction.
做资本预算时，原则是increaseoutputuntilmarginalcostequalsmarginalrevenue.Theoptimalcapitalbudgetisdeterminedbycalculatingthepointatwhichmarginalcostofcapitalandthemarginalefficiencyofinvestmentintersect.边际成本等于投资回报率下的利润最大项目。
106,62，74，24,97，120，29,63，44
销售百分比法算筹资总额。敏感项目的资产-负债（AR,Cash,Inve.Fixed非饱和-AP,taxeswages）为非敏感项目：mortgagebonds无形资产长期资产固定资产饱和长期负债，权益，短期借款。相关性不大。
股东权益计划又称“毒丸计划”(poisonpills):adefenseinwhichtheshareholdersofthecompanyhavetheoptiontobuythesharesofthemergedcompanyatareducedprice.Asthepotentialdilutionofownershipthroughthisdiscountedsaleofshares,anacquiringcompanywillbelesslikelytobuythecompany.
看待dividends的2种理论：Theresidualpart:earningsshouldberetainedandreinvestedaslongasprofitableprojectsareavailable.anactivepolicystrategy:theCOR.believesthatthepaymentofdividendsprovidesinformationonthecor.tothemarket.Therefore,thecor.willbeverycarefulandspecificwiththeamountthattheypayasdividendseachperiod.115.traderights-onfor50,???rights-onV=(50-40)/(4+1)Q:4.currentlyyielding5%??12.理解？21
22.besteffortsissue:??只有个这个，公司才能卖出五担保的债券25.couponrate?
31.equityasthedebt-to-equityrationincrease?40.解释下
57,commonstockor权益50%?是我对题目理解有误还是？76
85回购的不一般是普通股吗
96,ex-rightrights-on含股权的价格？124?whysayso?
RISK:
有效组合portfolioisdefinedasonethatisinthefeasiblesetofportfoliosandeitheroffersthehighestpossibleexpectedreturnforagivenlevelofriskoroffersthelowestpossibleriskforagivenlevelofexpectedreturn.抵消既定风险下的高收益或既定期望收益下的低风险。
Thecoefficientofvariationis=standarddeviation/rateofreturn较高者风险大
期货Future：Thelongpartyofafuturecontractistobuytheunderlyingassetasaprotectionagainstapossibleincreasingpriceoftheactualfinancialinstrument.Buyersandsellersdon"tusuallytakedeliverytheunderlyingasset.Theyoffsettheirpositionsbythedeliverydate.
远期Forward：aforwardcontractissettledatmaturitybythesaleandpurchaseofthecommodityorotherasset.由原来的双方完成交易。
Expectedriskpremium=bate*(Rm-Rf)风险溢价SML的斜率是RM-RF，beta是X.7,11,25,54
Bate系数：measureshowsensitivethestock"sreturnistochangesinthemarket’sreturn;istheslopeoftheregressionlinethatrelatesthereturnofanindividualsecuritytothereturnofitsbenchmarkindex;isusedtomeasureastock"smarketrisk.负的BATE意味着证券的price与市场反方向运动
APT计算expectedreturn.公式！=a+kb1+kb2+kb3(bateand)
久期：28.61.在债券分析中，久期已经超越了时间的概念，投资者更多地把它用来衡量债券价格变动对利率变化的敏感度，并且经过一定的修正，以使其能精确地量化利率变动给债券价格造成的影响。修正久期越大，债券价格对收益率的变动就越敏感，收益率上升所引起的债券价格下降幅度就越大，而收益率下降所引起的债券价格上升幅度也越大。可见，同等要素条件下，修正久期小的债券比修正久期大的债券抗利率上升风险能力强，但抗利率下降风险能力较弱。修正久期ModifiedDuration:=久期/(1+原利率)=2.67意味着，利率每增加1%，债券价格借下降2.67。面值1000的债券价格成为=1000*（1-2.67%）计算价格不是valuebonds
55.用资本成本公式D1/P0+G=requiredrateofreturn
CAPM中requiredrateofreturn=RF+BETA(RM-RF)RM=expectedreturntothemarket
期权option：26.Atthetimetheoptionwaswritten,ithadnotheoreticalvalue.(如，此时说执行价格是￥40，高于现在市场价格￥34，当实际执行时价格是￥42)，此时value是2？？？29.Marketvalueofanoption=intrinsicvalue+itstimevalue
intrinsicvalueistheamountbywhichit"s"inthemoney",时间越长，价值越大。There"smoretimeforafavorablepricefluctuationtotakeplaceintheunderlyingstock,it’stheoption"stimevalue.Thetimevalueistheportionofanoption"spremiumthatisinexcessoftheoption"sintrinsicvalue.Onitsmaturitydate,there’snoneedtodoanythingtocloseitout.
Exitanoptionposition:offset,toreversetheoriginaltransaction;beexercised;beallowedtoexpireontheexpirationdate.
Value-at-riskmodelindicatestheMAXlossoveragiventimeperiodsuchthatthereisalowprobability(1%),thattheactuallossoverthegivenperiodwillbelarger.意味着100天中，有1、2天可能会损失钱。
正态分布：51，38.theexpectedannualreturnis定点的概率。10,33,38,51
SWAP：2个团体交换interestpayments,主要目的是matchthecharacteristicsofthefirm"srevenuestreamwiththecharacteristicsofitspaymentstream.
Costofretainedearning即是requiredrateofreturn,本应用于股利增长模型中，作为增长后了的期望报酬率，即C=(D0*(1+X)/P0)+X
Q.7,为什么说被市场低估？
8.?为什么只有20,VS.22VS.31VS39
S-D
安全边际是指销售量。Thedifferencebetweenbudgetedsalesandbreakevensales.
WhenusedinCVPanalysis,sensitivityanalysisisdonethroughvariouspossiblescenariosandcomputestheimpactonprofitofvariouspredictionsoffutureevents.改变投入来衡量对产出利润的影响。
Incremental(differential)costareadditionalcoststhatresultwhenproduction,orsomeotherfactorisincreased.即selectingonechoiceinsteadofanother.
---considersallvariableandfixedcostsastheychangewitheachdecisionalternative.随着改变。
价格下降对CM的影响更大
Thecontribution=operatingincome=Revenue-VC-fixedcostscontrollablebyothers-fixedcostscontrollablebydivisionmanagers.
Thestepsintheproblem-solvingprocessare1.Identifytheproblem2.generatealternativesolutions3.Selectasolution4.Implementandevaluatetheselectedsolution.
Seasonaldiscountaregoodmethodbymfgtosmooththeproductioncycle.
Thetermincrementalcost:thedifferentintotalcoststhatresultsfromselectingonechoiceinsteadofanother.35.
SE22.关于这个disposaltransaction的现金流净税后数额。20的节税是在年底，因此要按1年折现。23.interestexpense是financingofacapitalinvestment是一个不同的过程fromthecapitalbudgetingcashflowanalysis.
29.PI=NCFinflow/initialcashinvestment大于1说明NPV为正PIisusedtoevaluateallpossiblecapitalprojectsofdifferentdollaramountsandthenrankthemaccordingtotheirdesirability.
合理的折现率计算NPV=risk-freerate
NPV方法分析假设项目reinvestedattherequiredrateofreturn.IRRwouldtendtobeincreased若公司从直线法转为用加速折旧法
IRR与hurdlerate（requiredrateofreturn）一起决定项目，若他们相等，纯粹巧合IRR可能与NPV出现分歧:当项目周期、大小不同时，NPV&IRR会出现分歧IRR小于costofcapital也可以接受。
手上有怕跌的资产，买入个putoption-卖出合约calloption-买入
accountingrateofreturnonaninvestment(usingtheaverageinvestmentamount)=(after-taxincome/年数)/(初始投资/2)
Costofcapital:是theweighted-averagecostofitsvariousfinancingcomponents;包括了timevalue,tax的计算，costofequity是他的一部分。
Breakeventime=thepoint折现的累计cashinflows=discountedtotaloutflow
Bailoutpaybackmethodrecognizesthepossibilitythataprojectmaybeendedprematurelyandtheequipmentsold,measurestheriskifaprojectisterminated.
Sensitivityanalysiscanbeusedincapitalbudgetingtodeterminehowcashflowscanbeexpectedtovarywithchangesintheunderlyingassumption.It’sa"what-if"techniquethataskshowagivenoutcomewillchangeiftheoriginalestimatesofthecapitalbudgetingmodelarechanged.
69.Theinvestmenttaxcreditisnolongerafactorininvestmentdecisions.1986taxreformact.???
Taxableincomeisadjustedtoarriveatalternativemintaxableincome:gainsorlossesfromlong-termcontracts,gainsoninstallmentsalesofrealproperty,miningexplorationanddevelopmentcosts,charitablecontributionsofappreciatedproperty,accelerateddepreciation,theaccumulatedcurrentearningsadjustmentandtax-exemptinterestonprivateactivitybondsissuedafter1986.8.7.37（不是要求算newasset吗？）
Requiredrateofreturniscalledcutoffrate,discountrateorcostofcapital
Q:.59(按答案意思应该是A啊？)70.
105.MACRS与200%declining-balance相似？？在不同利率水平下的债券价格，长期债券的价格对利率的变化更敏感。TIPS：预付通胀政府债券treasuryinflation-protectedsecurities.
Defaultpremium=同样期限和票面利率的公司债券-政府债券的承诺收益差。一物一价法制lawofoneprice
PurchasingpowerparityPPP购买力平价。不同国家的基本生活成本应该是相同的，即俩个国家的通胀率差异不会影响他们相对的生活成本，即二货币间的汇率变化将弥补亮国家的通胀率差异。国际Fisher效应：若各国间的预计实际利率相同，则各国间名义利率的差异反映了预计通货膨胀率的不同。InternationalFisherEffect利率高的国家，通胀率也高。（现象，not因果关系。）
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《201*年计CMA证复审工作总结》
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