FNCE20005

• 考试 Bible（双语）：讲“这门课怎么考、每章主线、常见陷阱与练习链条”[2]Source: asksia-bible-fnce20005-bilingual.pdf英文主讲,中文随行 一 考试要点与术语保留英文原词 The Australian-flavoured sequel to Principles of Finance - built to drill the method behind every examinable model: discount a cash flow, value a project, price the imputation credit, find the WACC, weigh the capital structure. The formula sheet is given to you; marks come from knowing which formula and how to apply it under time pressure. Independent study companion Not affiliated with or endorsed by the University of Melbourne corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Three students, one book 三个学生,一本书 Wherever you are right now, start here 无论你此刻进度如何,都从这里开始 This is not lecture notes. It is a complete, self-contained drill of every method FNCE20005 tests - every formula stated, every worked example carried through to a number, every classic trap flagged - written so the same pages serve you three times across the semester. 这不是课堂笔记。它是把 FNCE20005 所考的每一种方法做成的一套完整、自洽的演练 -- 每个公式都写明、每道例题都算 到一个具体数字、每个经典陷阱都标出 -- 而且写法力求让同样这些页面在整个学期里为你服务三次。 A 1 . LEARN 1 ·学 You haven't watched the lecture. Read a chapter top to bottom. Each idea opens with a one-line definition, then the formula in a black box, then a fully worked example with real numbers. You can pick the method up here cold. 你还没看讲课。从头到尾通读- 章。每个概念先以一行定义开 场,接着是黑框中的公式,然后 是带真实数字的完整例题。你可 以在毫无基础的情况下从这里直 接上手该方法。 B 2 . REVISE 2 · 复习 You've done the lecture and tutorial. Re-derive each formula from the box header, then re- work the example with the answer covered. The "exam trap" boxes are where marks are lost - read them last before sleep. 你已上完讲课与辅导课。从黑框 标题处重新推导每条公式,再盖 住答案重做例题。“考试陷阱”框 是丢分之处 -- 睡前最后读它 们。 C 3 . EXAM 3 ·考 It's SWOTVAC. The blueprint overleaf shows where the 85 examinable marks sit (MST + final). Drill the calculation chains, not the prose - the exam rewards a correct method carried cleanly to a number. 到了 SWOTVAC (考前复习 周)。背面的蓝图标明了 85个可 考分值(MST+期末)的分布所 在。反复演练计算链条,而非散 文叙述 -- 考试奖励的是把正确 方法干净利落地算到一个数字。 i The formula sheet changes how you should study 公式表改变了你该怎样备考 Both the mid-semester test and the final exam provide a formula sheet (rights issue & drop-off, imputation grossing-up & franking, EPS, WACC and te = to(1-)), CAPM, Gordon-growth, firm value, levered beta, VL = Vy + teD, trade-off). So memorising formulae earns nothing - what earns marks is knowing which formula a question wants, plugging the right inputs (market not book values; D1 not D0 ; after-tax not pre-tax), and finishing the arithmetic. This book drills exactly that. 期中测试与期末考试 都提供公式表(配股与跌幅、抵免还原与红利抵免、EPS、WACC 以及 te = tc(1-入)、 CAPM、Gordon 增长、公司价值、杠杆贝塔、VL = Vu + teD、权衡理论)。因此 死记公式毫无意义 -- 能得分的是 知道某道题想要 哪一条 公式,代入 正确 的输入(用市场价值而非账面价值;用 D1 而非 Do;用税后而非税前),并完 成算术。本书演练的正是这些。[3]Source: asksia-bible-fnce20005-bilingual.pdf整门课,编成一本有序的书 Eleven lecture topics - one exam-ready map 十一个讲座主题→一张备考全景图 Ch Topic Core idea Layer O . The discounting toolkit (assumed background) 1 Time value of money refresher PV/FV . annuities . bonds . shares → Part 1 . Investment decisions 2 Capital budgeting NPV . IRR . free cash flow . terminal value → 3 Risk & CAPM beta . SML . cost of equity → Part 2 . Financing decisions 4 WACC & imputation te = tc(1-x) . franking → 5 Capital structure MM · trade-off · pecking order → Part 3 . Payout & strategy 6 Payout & dividends drop-off . imputation . buybacks → 7 Real options & M&A delay/abandon · DCF/APV/multiples → Part 4 . Walk in ready 8 Glossary every term, one line each →[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book
• Cheat Sheet：把公式按“决策规则 + 计算链条 + 一道示例数值”压缩成考场可执行的步骤[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.[20]Source: asksia-cheatsheet-fnce20005.pdf· Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions. 1 . Time Value of Money BACKGROUND . ON SHEET SINGLE SUM FV = PV(1+r)t PV = FV/(1+r) ORDINARY ANNUITY (C FOR T YRS) PV = (C/r) . [1 - 1/(1+r)*] FV = (C/r) . [ (1+r)t - 1] Annuity due (cash in advance, e. g. lease rentals): multiply the ordinary-annuity PV by (1+r), or place the first cash flow at t=0. PERPETUITY / GROWING PERP. PV = C/r PV = C1/(r-g) GROWING ANNUITY PV = (C1/(r-g)) . [1- ((1+g)/(1+r))*] Rates: effective = (1 + i/m)" - 1; after-tax = r(1-t_). Compound more often = higher effective rate. ---- SIA - A terminal value is a value AT year T - it must itself be discounted back. Match real CF to real rates, nominal to nominal. 2 . Bond Pricing & YTM BACKGROUND BOND PRICE P = C. [1-(1+y)-"]/y + F/(1+y)" YTM = the y that solves the price equation (iterate). Price moves inversely with yield. Cost of debt ka = today's market rate for that credit rating - not the coupon . For valuation, ka is an expected return, not simply the promised YTM (which embeds default). Trap: don't confuse coupon rate, current yield (C/P) and YTM; and don't plug YTM in as the cost-of-debt input in WACC when the question wants an expected return. A bond trades at par when coupon = YTM, at a premium when coupon > YTM, at a discount when coupon < YTM. Longer maturity => more price sensitivity to yield.

0）先搞清楚：这门课的“分数结构”和“出题风格”

• 课程成绩四块，但85% 都压在两场带公式表的限时考试：MST 25% + Final 60%（其余：作业5%、tutorial 10% 是“认真做就很稳”的分）[1]Source: asksia-bible-fnce20005-bilingual.pdfFNCE20005 . Corporate Financial Decision Making i How this book was built 这本书是怎么搭起来的 Every formula, method and worked number here is grounded in this subject's own materials: the eleven lecture decks, the MST formula sheet, the tutorial questions and the practice tests with worked solutions. Standard finance formulae are stated plainly; the lecturers' own examples and briefs are paraphrased and re-numbered, never quoted. Verify dates and weights against your own Canvas before the exam - details can shift between cohorts. 此处每一条公式、方法与算出的数字都根植于 本课程自身的材料:十一套讲课幻灯片、MST 公式表、辅导题以及带详解 的练习测验。标准金融公式直接陈述;授课老师自己的例题与题目说明则被 改写并重新编号,绝不照引。考前请对照你 自己的 Canvas 核实日期与权重 -- 不同届之间细节可能变动。 FNCE20005 . Corporate Financial Decision Making THE BLUEPRINT - THE EXAM BLUEPRINT EXAM . 60% Where every mark lives 每一分都有出处 60% final+ 25% mid-semester = 85% on two timed, formula-sheet papers 60% 期末 +25% 期中= 85% 落在两场限时、带公式表的考试上 Your subject mark is built from four pieces - but they are wildly unequal. 85% of your grade sits on two closed-book-but-formula-sheet exams. Homework and tutorials are near-free marks for showing up; the exams are where the subject is won. 你的课程成绩由四块构成 -- 但它们的分量极不均衡。你85% 的成绩压在两场闭卷但提供公式表的考试上。作业和辅导课几 乎是出勤就能拿的分;而考试,才是这门课见真章的地方。 - 60% FINAL EXAM 期末考试 25% MID-SEM TEST 期中测试 Wk 6 MST SAT MST 考点 2 hrs FINAL LENGTH 期末篇幅 The four assessment pieces 四项考核构成 Component Weight When End-of-semester exam - 60% Exam period Mid-semester test - 1 hr, Lec 1-5 25%[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

• FNCE20005 是“程序化/链条化”的：一小组固定计算链条 → 换一组新数字 → 你要把方法干净利落算到一个数，并明确写出决策[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book[2]Source: asksia-bible-fnce20005-bilingual.pdf英文主讲,中文随行 一 考试要点与术语保留英文原词 The Australian-flavoured sequel to Principles of Finance - built to drill the method behind every examinable model: discount a cash flow, value a project, price the imputation credit, find the WACC, weigh the capital structure. The formula sheet is given to you; marks come from knowing which formula and how to apply it under time pressure. Independent study companion Not affiliated with or endorsed by the University of Melbourne corrections: takedowns@asksia. ai PREFACE HOW TO USE THIS BOOK Three students, one book 三个学生,一本书 Wherever you are right now, start here 无论你此刻进度如何,都从这里开始 This is not lecture notes. It is a complete, self-contained drill of every method FNCE20005 tests - every formula stated, every worked example carried through to a number, every classic trap flagged - written so the same pages serve you three times across the semester. 这不是课堂笔记。它是把 FNCE20005 所考的每一种方法做成的一套完整、自洽的演练 -- 每个公式都写明、每道例题都算 到一个具体数字、每个经典陷阱都标出 -- 而且写法力求让同样这些页面在整个学期里为你服务三次。 A 1 . LEARN 1 ·学 You haven't watched the lecture. Read a chapter top to bottom. Each idea opens with a one-line definition, then the formula in a black box, then a fully worked example with real numbers. You can pick the method up here cold. 你还没看讲课。从头到尾通读- 章。每个概念先以一行定义开 场,接着是黑框中的公式,然后 是带真实数字的完整例题。你可 以在毫无基础的情况下从这里直 接上手该方法。 B 2 . REVISE 2 · 复习 You've done the lecture and tutorial. Re-derive each formula from the box header, then re- work the example with the answer covered. The "exam trap" boxes are where marks are lost - read them last before sleep. 你已上完讲课与辅导课。从黑框 标题处重新推导每条公式,再盖 住答案重做例题。“考试陷阱”框 是丢分之处 -- 睡前最后读它 们。 C 3 . EXAM 3 ·考 It's SWOTVAC. The blueprint overleaf shows where the 85 examinable marks sit (MST + final). Drill the calculation chains, not the prose - the exam rewards a correct method carried cleanly to a number. 到了 SWOTVAC (考前复习 周)。背面的蓝图标明了 85个可 考分值(MST+期末)的分布所 在。反复演练计算链条,而非散 文叙述 -- 考试奖励的是把正确 方法干净利落地算到一个数字。 i The formula sheet changes how you should study 公式表改变了你该怎样备考 Both the mid-semester test and the final exam provide a formula sheet (rights issue & drop-off, imputation grossing-up & franking, EPS, WACC and te = to(1-)), CAPM, Gordon-growth, firm value, levered beta, VL = Vy + teD, trade-off). So memorising formulae earns nothing - what earns marks is knowing which formula a question wants, plugging the right inputs (market not book values; D1 not D0 ; after-tax not pre-tax), and finishing the arithmetic. This book drills exactly that. 期中测试与期末考试 都提供公式表(配股与跌幅、抵免还原与红利抵免、EPS、WACC 以及 te = tc(1-入)、 CAPM、Gordon 增长、公司价值、杠杆贝塔、VL = Vu + teD、权衡理论)。因此 死记公式毫无意义 -- 能得分的是 知道某道题想要 哪一条 公式,代入 正确 的输入(用市场价值而非账面价值;用 D1 而非 Do;用税后而非税前),并完 成算术。本书演练的正是这些。

• 让折现率匹配现金流风险与口径：FCFF 用 WACC 折；不要用 $k_e$ 去折企业现金流；项目风险不同别硬套公司 WACC；租赁别用项目回报率去折（要用税后债务成本逻辑）；这些本质上都是同一个错，考试会反复考[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

1）全科“主干引擎”：所有题都在考同一台机器（DCF）

• 估现金流（税后、增量）→ 选折现率（匹配风险/口径）→ 折现 → 下结论（accept/reject、buy/lease、bid/not bid…）[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

• 每题都在考：公式先写 → 再代入 → 最后给决策；并且按分值分配时间、保留步骤拿 method marks[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.[8]Source: asksia-cheatsheet-fnce20005.pdfExam Discipline FINAL WORD Read each question for which rate the cash flow needs. Write the formula first, substitute second, state the decision last. Budget time by marks; bank the easy short-theory parts early, and keep partial working visible so method marks survive an arithmetic slip. asksia. ai/cheatsheet/ unimelb-fnce20005 . side 2/2 AskSia CHEAT SHEET SERIES MST 25% + EXAM 60% Compiled by AskSia . mapped to the FNCE20005 syllabus . asksia. ai/cheatsheet/unimelb-fnce20005 MST 25% + exam 60% . check your current unit outline . @ 2026 good luck. show your method. FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory.

2）你必须“背成反射”的 4 条高频计算链条（考试换数字而已）

链条 A：FCF → NPV（资本预算/DCF 的核心）

• FCFF（企业自由现金流）：可供所有投资者（债权+股权）分享的现金流[16]Source: asksia-bible-fnce20005-bilingual.pdfEffective tax rate te 有效税率 tc(1-X) under imputation; } = tax reclaimed by shareholders. Levered beta 有杠杆贝塔 Beta carrying business + financial risk: BL = Bu[1+(1-te)D/E]. MM with corporate tax MM 含税命题 VL = Vụ + teD - debt adds the interest tax shield. Trade-off theory 权衡理论 Optimal leverage balances the tax shield against expected distress costs. Pecking-order theory 啄食顺序理论 Finance from internal funds - debt - equity last, driven by information asymmetry. Financial distress costs 财务困境成本 Direct (legal) + indirect (lost custom, distraction) costs of approaching insolvency. Capital budgeting & real options · 资本预算与实物期权 Free cash flow (FCFF) 企业自由现金流 EBIT(1-tc) + Dep - ANWC - CapEx; cash available to all investors. Terminal value 终值 Value of cash flows beyond the forecast horizon, as a growing perpetuity. Sensitivity analysis 敏感性分析 Vary one input at a time to find which most moves NPV. Break-even analysis 盈亏平衡分析

• $$FCF = EBIT(1-t_c) + Dep - \Delta NWC - CapEx$$ [9]Source: asksia-bible-fnce20005-bilingual.pdf- PRACTICE BANK DRILL TO EXAM STANDARD Drill the toolkit, with full solutions 演练整套工具,附完整解答 Twelve graded problems across the whole subject - worked end to end 贯穿全科的十二道评分题 -- 从头到尾完整作答 These are AskSia-authored exam-style problems - not reproduced MST or exam questions - spanning FCF/NPV, CAPM, WACC under imputation, MM capital structure, payout, rights, real options, M&A and the Z- score. Every number is verified. Cover the solution, work each on paper, then read the answer second. 这些是 AskSia 原创的考试风格 题目 -- 并非照搬的 MST 或考试真题 -- 涵盖 FCF/NPV、CAPM、抵免制下的 WACC、 MM 资本结构、派息、配股、实物期权、并购以及 Z-score。每个数字都经过核验。先盖住解答,在纸上逐题作答,之后再 读答案。 ★ How to use this bank 如何使用这个题库 Cover the solution. Recognition is not recall. Budget ~1 minute per mark. Carry the formula sheet in your head: gross-up direction, WACC with te, rights X and R, real-option = with - without, and the Z-score weights. Always state the rule before the arithmetic - markers reward the 'why', not just the number. 盖住解答。认得不等于回忆得起。每分预算约1分 钟。把公式表装进脑子:还原的方向、含te 的 WACC、配股的X与 R、实物期权=含 - 不含,以 及 Z-score 的权重。务必在算术之前先陈述规则 评分者奖励的是“为什么”,而不只是数字。 ✓ The chains worth memorising 值得背下来的那几条链条 Most calculation marks reduce to four moves: (1) build FCF then discount; (2) CAPM -+ ke - WACC with te = tc(1-)); (3) gross up a dividend / read a drop-off; (4) synergy - net cost = bid NPV. Learn them once; the exam just swaps the numbers. 大多数计算分值可归结为四步操作:(1)构建 FCF 再 折现;(2) CAPM →ke →含 te= tc(1-入)的 WACC;(3)还原一个股息/读出一个跌幅;(4)协同 效应 一 净成本 =收购 NPV。学一次;考试只是换数 字。 P1 CALCULATION 5 marks . FCF then NPV A one-year project: EBIT $500, company tax tc = 30%, depreciation $100, capital expenditure $120, increase in net working capital $40. (a) Compute free cash flow to the firm. [3] (b) If the upfront outlay is $260 and the discount rate is 10%, find NPV (treat the FCF as a single year-1 receipt). [2] 一个一年期项目:EBIT $500,公司税 tc = 30%,折旧 $100,资本性支出 $120,净营运资本增加 $40。(a)计算公司 自由现金流。[3](b)若期初投入为 $260、折现率为 10%,求 NPV(将该FCF视为第1年一次性收到)。[2] WORKED SOLUTION (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500×0. 70 +100 -40-120 =350 +100-160=$290. (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500x0. 70 + 100 - 40 - 120 = 350 + 100 - 160 = $290. (b) NPV. PV of year-1 FCF = 290 / 1. 10 = 263. 64; NPV = 263. 64 - 260 = +$3. 64 - accept (just). 2 (b) NPV。第1年 FCF 的现值 = 290 / 1. 10 = 263. 64; NPV = 263. 64 -260=+$3. 64→ 接受(勉强)。 FNCE20005 . Corporate Financial Decision Making ! Depreciation is not a cash flow 折旧不是现金流 Only its tax shield matters - here it enters because FCF adds back the non-cash Dep after taxing EBIT. Do not also subtract it again, and never put sunk costs into the incremental cash flows. 只有它的 税盾 才重要 -- 此处它进入计算是因为 FCF 在对 EBIT 计税后把非现金的折旧加了回来。不要再把它减一 遍,也绝不要把 沉没成本 放进增量现金流。 P2 CALCULATION 3 marks . CAPM cost of equity A stock has equity beta 1. 2. The risk-free rate is 3% and the market risk premium is 6%. Find the cost of equity, and state what happens to ke if the firm takes on more debt. 某股票的股权贝塔系数为 1. 2。无风险利率为3%,市场风险溢价为 6%。求股权资本成本,并说明若公司增加债务,ke 会如何变化。[23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.

• NPV>0 接受；NPV 衡量“增加了多少美元价值”[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.

• 折旧不是现金流：它只通过“税盾”影响现金流，别重复扣/加[9]Source: asksia-bible-fnce20005-bilingual.pdf- PRACTICE BANK DRILL TO EXAM STANDARD Drill the toolkit, with full solutions 演练整套工具,附完整解答 Twelve graded problems across the whole subject - worked end to end 贯穿全科的十二道评分题 -- 从头到尾完整作答 These are AskSia-authored exam-style problems - not reproduced MST or exam questions - spanning FCF/NPV, CAPM, WACC under imputation, MM capital structure, payout, rights, real options, M&A and the Z- score. Every number is verified. Cover the solution, work each on paper, then read the answer second. 这些是 AskSia 原创的考试风格 题目 -- 并非照搬的 MST 或考试真题 -- 涵盖 FCF/NPV、CAPM、抵免制下的 WACC、 MM 资本结构、派息、配股、实物期权、并购以及 Z-score。每个数字都经过核验。先盖住解答,在纸上逐题作答,之后再 读答案。 ★ How to use this bank 如何使用这个题库 Cover the solution. Recognition is not recall. Budget ~1 minute per mark. Carry the formula sheet in your head: gross-up direction, WACC with te, rights X and R, real-option = with - without, and the Z-score weights. Always state the rule before the arithmetic - markers reward the 'why', not just the number. 盖住解答。认得不等于回忆得起。每分预算约1分 钟。把公式表装进脑子:还原的方向、含te 的 WACC、配股的X与 R、实物期权=含 - 不含,以 及 Z-score 的权重。务必在算术之前先陈述规则 评分者奖励的是“为什么”,而不只是数字。 ✓ The chains worth memorising 值得背下来的那几条链条 Most calculation marks reduce to four moves: (1) build FCF then discount; (2) CAPM -+ ke - WACC with te = tc(1-)); (3) gross up a dividend / read a drop-off; (4) synergy - net cost = bid NPV. Learn them once; the exam just swaps the numbers. 大多数计算分值可归结为四步操作:(1)构建 FCF 再 折现;(2) CAPM →ke →含 te= tc(1-入)的 WACC;(3)还原一个股息/读出一个跌幅;(4)协同 效应 一 净成本 =收购 NPV。学一次;考试只是换数 字。 P1 CALCULATION 5 marks . FCF then NPV A one-year project: EBIT $500, company tax tc = 30%, depreciation $100, capital expenditure $120, increase in net working capital $40. (a) Compute free cash flow to the firm. [3] (b) If the upfront outlay is $260 and the discount rate is 10%, find NPV (treat the FCF as a single year-1 receipt). [2] 一个一年期项目:EBIT $500,公司税 tc = 30%,折旧 $100,资本性支出 $120,净营运资本增加 $40。(a)计算公司 自由现金流。[3](b)若期初投入为 $260、折现率为 10%,求 NPV(将该FCF视为第1年一次性收到)。[2] WORKED SOLUTION (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500×0. 70 +100 -40-120 =350 +100-160=$290. (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500x0. 70 + 100 - 40 - 120 = 350 + 100 - 160 = $290. (b) NPV. PV of year-1 FCF = 290 / 1. 10 = 263. 64; NPV = 263. 64 - 260 = +$3. 64 - accept (just). 2 (b) NPV。第1年 FCF 的现值 = 290 / 1. 10 = 263. 64; NPV = 263. 64 -260=+$3. 64→ 接受(勉强)。 FNCE20005 . Corporate Financial Decision Making ! Depreciation is not a cash flow 折旧不是现金流 Only its tax shield matters - here it enters because FCF adds back the non-cash Dep after taxing EBIT. Do not also subtract it again, and never put sunk costs into the incremental cash flows. 只有它的 税盾 才重要 -- 此处它进入计算是因为 FCF 在对 EBIT 计税后把非现金的折旧加了回来。不要再把它减一 遍,也绝不要把 沉没成本 放进增量现金流。 P2 CALCULATION 3 marks . CAPM cost of equity A stock has equity beta 1. 2. The risk-free rate is 3% and the market risk premium is 6%. Find the cost of equity, and state what happens to ke if the firm takes on more debt. 某股票的股权贝塔系数为 1. 2。无风险利率为3%,市场风险溢价为 6%。求股权资本成本,并说明若公司增加债务,ke 会如何变化。[23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.
• 营运资本会在项目结束时释放回收：年0投入是流出，最后一年要有对应流入；忘了回收会低估末年 FCF 和 NPV[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.[23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.
• 折现率口径错：FCFF 用 WACC 折，不是 $k_e$；且要匹配项目风险，不要一把 WACC 用到底[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book

• 写：$FCF$ 公式 → 算出每期 $FCF_t$（带正负号）→ 写：$NPV=\sum \frac{FCF_t}{(1+k)^t} - CF_0$ → 代入 → 算数 → 写结论 “accept/reject”[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.[8]Source: asksia-cheatsheet-fnce20005.pdfExam Discipline FINAL WORD Read each question for which rate the cash flow needs. Write the formula first, substitute second, state the decision last. Budget time by marks; bank the easy short-theory parts early, and keep partial working visible so method marks survive an arithmetic slip. asksia. ai/cheatsheet/ unimelb-fnce20005 . side 2/2 AskSia CHEAT SHEET SERIES MST 25% + EXAM 60% Compiled by AskSia . mapped to the FNCE20005 syllabus . asksia. ai/cheatsheet/unimelb-fnce20005 MST 25% + exam 60% . check your current unit outline . @ 2026 good luck. show your method. FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory.

链条 B：终值 Terminal Value（DCF 里最爱考的“忘折现”点）

• 终值：预测期之后现金流价值，通常按“增长永续年金”在第 $T$ 年末估值[16]Source: asksia-bible-fnce20005-bilingual.pdfEffective tax rate te 有效税率 tc(1-X) under imputation; } = tax reclaimed by shareholders. Levered beta 有杠杆贝塔 Beta carrying business + financial risk: BL = Bu[1+(1-te)D/E]. MM with corporate tax MM 含税命题 VL = Vụ + teD - debt adds the interest tax shield. Trade-off theory 权衡理论 Optimal leverage balances the tax shield against expected distress costs. Pecking-order theory 啄食顺序理论 Finance from internal funds - debt - equity last, driven by information asymmetry. Financial distress costs 财务困境成本 Direct (legal) + indirect (lost custom, distraction) costs of approaching insolvency. Capital budgeting & real options · 资本预算与实物期权 Free cash flow (FCFF) 企业自由现金流 EBIT(1-tc) + Dep - ANWC - CapEx; cash available to all investors. Terminal value 终值 Value of cash flows beyond the forecast horizon, as a growing perpetuity. Sensitivity analysis 敏感性分析 Vary one input at a time to find which most moves NPV. Break-even analysis 盈亏平衡分析

• $$TV_T = \frac{FCF_T(1+g)}{WACC-g} \quad (\text{需 } WACC>g)$$ [14]Source: asksia-bible-fnce20005-bilingual.pdfA (P/E = 20, earnings $10m) acquires T (P/E = 10, earnings $5m) with no real synergy. Find the correct combined P/E and explain why EPS 'accretion' creates no value. A (P/E= 20,盈利 $10m)以无真实协同效应收购 T (P/E= 10,盈利 $5m)。求正确的合并后 P/E,并解释为何 EPS 的“增厚”不创造任何价值。 WORKED SOLUTION 1 Earnings-weighted combined P/E. = (20x10 + 10x5)/(10+5) = (200 + 50)/15 = 250/15 = 16. 7. 盈利加权的合并后 P/E 。= (20×10+10×5)/(10+5)=(200+50)/15= 250/15=16. 7。 2 Value check. Combined market value = P/Exearnings = 16. 7x15 = $250m = A's $200m + T's $50m. No value created - EPS may rise mechanically, but the market re-rates the merged firm to 16. 7, not A's 20. 价值检验。合并后市场价值 = P/Ex盈利 = 16. 7×15= $250m= A的 $200m+ T的$50m。未创造价值 -- EPS 可能机械 地上升,但市场把合并后公司重新定价到 16. 7,而非 A的20。 - FNCE20005 . Corporate Financial Decision Making CH . PRACTICE 5/5 - PRACTICE BANK (CONT. ) Terminal value, levered beta & distress 终值、有杠杆贝塔与财务困境 Three more standard calculations, plus a marker's closing note 另外三道标准计算,外加阅卷人的收尾提示 P11 CALCULATION 4 marks . terminal value & equity value A target's year-5 free cash flow is FCF5 = $100, growing at g = 2% thereafter; WACC = 10%. (a) Terminal value at the end of year 5 [2]. (b) Its present value today [1]. (c) If net debt is $200, what is the contribution to equity value? [1] (Use PV factor 1. 105 = 1. 6105. ) 某目标公司第5年的自由现金流为 FCF5 = $100,此后以 g = 2% 增长;WACC=10%。(a)第5年末的终值[2]。(b) 其今日现值 [1]。(c)若净债务为 $200,对股权价值的贡献是多少?[1](取现值系数 1. 105=1. 6105。) WORKED SOLUTION 1 (a) Terminal value. TV5 = FCF5(1+g)/(WACC-g) = 100x1. 02/(0. 10-0. 02) = 102/0. 08 = $1,275. (a)终值。TV5 = FCF5(1+g)/(WACC-g) = 100×1. 02/(0. 10-0. 02)= 102/0. 08 = $1,275。 2 (b) Discount back 5 years. PV = 1,275 / 1. 6105 = $791. 7. (b)折现回 5年。PV= 1,275 / 1. 6105 = $791. 7。 3 (c) This PV is part of firm value; subtracting net debt ($200) moves toward equity value - the terminal piece alone contributes 791. 7, from which debt is netted with the rest of the DCF. (c)该现值是 公司 价值的一部分;减去净债务($200)便走向 股权 价值 -- 单是终值部分就贡献 791. 7,债务则连同 DCF 的其余部分一起扣除。 ! Discount the terminal value back 把终值折现回来 TV5 is a value at year 5 - it must be discounted to today (here + 1. 6105). Forgetting this, or using FCF5 instead of FCF5(1+g) in the numerator, are the two recurring terminal-value slips. TV5 是 在第5年的一个值 -- 它必须折现到今天(此处÷1. 6105)。忘记这一点,或在分子中用 FCF5 而非 FCF5(1+g),是两个反复出现的终值疏漏。 P12 CALCULATION + CONCEPT 5 marks . levered beta & Altman Z (a) An unlevered (asset) beta is Bu = 0. 8. The firm gears to D/E = 0. 5 with effective tax te = 20%. Find the levered equity beta. [2] (b) A firm has EBIT/TA = 0. 10, Sales/TA = 0. 90, NWC/TA = 0. 20, RE/TA = 0. 30, MVE/BVD = 1. 00. Compute Altman's Z and classify it. [3] (a) 某无杠杆(资产)贝塔系数为 βu= 0. 8。公司将杠杆提升至 D/E=0. 5,有效税率 te=20%。求杠杆后的股权贝塔 系数。[2] (b)某公司 EBIT/TA= 0. 10、Sales/TA= 0. 90、NWC/TA= 0. 20、RE/TA=0. 30、MVE/BVD =1. 00。计 算 Altman 的 Z 并对其分类。[3][23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.

• $TV_T$ 是“第 $T$ 年的价值”，一定要再折回今天：
• $$PV(TV)=\frac{TV_T}{(1+WACC)^T}$$ [14]Source: asksia-bible-fnce20005-bilingual.pdfA (P/E = 20, earnings $10m) acquires T (P/E = 10, earnings $5m) with no real synergy. Find the correct combined P/E and explain why EPS 'accretion' creates no value. A (P/E= 20,盈利 $10m)以无真实协同效应收购 T (P/E= 10,盈利 $5m)。求正确的合并后 P/E,并解释为何 EPS 的“增厚”不创造任何价值。 WORKED SOLUTION 1 Earnings-weighted combined P/E. = (20x10 + 10x5)/(10+5) = (200 + 50)/15 = 250/15 = 16. 7. 盈利加权的合并后 P/E 。= (20×10+10×5)/(10+5)=(200+50)/15= 250/15=16. 7。 2 Value check. Combined market value = P/Exearnings = 16. 7x15 = $250m = A's $200m + T's $50m. No value created - EPS may rise mechanically, but the market re-rates the merged firm to 16. 7, not A's 20. 价值检验。合并后市场价值 = P/Ex盈利 = 16. 7×15= $250m= A的 $200m+ T的$50m。未创造价值 -- EPS 可能机械 地上升,但市场把合并后公司重新定价到 16. 7,而非 A的20。 - FNCE20005 . Corporate Financial Decision Making CH . PRACTICE 5/5 - PRACTICE BANK (CONT. ) Terminal value, levered beta & distress 终值、有杠杆贝塔与财务困境 Three more standard calculations, plus a marker's closing note 另外三道标准计算,外加阅卷人的收尾提示 P11 CALCULATION 4 marks . terminal value & equity value A target's year-5 free cash flow is FCF5 = $100, growing at g = 2% thereafter; WACC = 10%. (a) Terminal value at the end of year 5 [2]. (b) Its present value today [1]. (c) If net debt is $200, what is the contribution to equity value? [1] (Use PV factor 1. 105 = 1. 6105. ) 某目标公司第5年的自由现金流为 FCF5 = $100,此后以 g = 2% 增长;WACC=10%。(a)第5年末的终值[2]。(b) 其今日现值 [1]。(c)若净债务为 $200,对股权价值的贡献是多少?[1](取现值系数 1. 105=1. 6105。) WORKED SOLUTION 1 (a) Terminal value. TV5 = FCF5(1+g)/(WACC-g) = 100x1. 02/(0. 10-0. 02) = 102/0. 08 = $1,275. (a)终值。TV5 = FCF5(1+g)/(WACC-g) = 100×1. 02/(0. 10-0. 02)= 102/0. 08 = $1,275。 2 (b) Discount back 5 years. PV = 1,275 / 1. 6105 = $791. 7. (b)折现回 5年。PV= 1,275 / 1. 6105 = $791. 7。 3 (c) This PV is part of firm value; subtracting net debt ($200) moves toward equity value - the terminal piece alone contributes 791. 7, from which debt is netted with the rest of the DCF. (c)该现值是 公司 价值的一部分;减去净债务($200)便走向 股权 价值 -- 单是终值部分就贡献 791. 7,债务则连同 DCF 的其余部分一起扣除。 ! Discount the terminal value back 把终值折现回来 TV5 is a value at year 5 - it must be discounted to today (here + 1. 6105). Forgetting this, or using FCF5 instead of FCF5(1+g) in the numerator, are the two recurring terminal-value slips. TV5 是 在第5年的一个值 -- 它必须折现到今天(此处÷1. 6105)。忘记这一点,或在分子中用 FCF5 而非 FCF5(1+g),是两个反复出现的终值疏漏。 P12 CALCULATION + CONCEPT 5 marks . levered beta & Altman Z (a) An unlevered (asset) beta is Bu = 0. 8. The firm gears to D/E = 0. 5 with effective tax te = 20%. Find the levered equity beta. [2] (b) A firm has EBIT/TA = 0. 10, Sales/TA = 0. 90, NWC/TA = 0. 20, RE/TA = 0. 30, MVE/BVD = 1. 00. Compute Altman's Z and classify it. [3] (a) 某无杠杆(资产)贝塔系数为 βu= 0. 8。公司将杠杆提升至 D/E=0. 5,有效税率 te=20%。求杠杆后的股权贝塔 系数。[2] (b)某公司 EBIT/TA= 0. 10、Sales/TA= 0. 90、NWC/TA= 0. 20、RE/TA=0. 30、MVE/BVD =1. 00。计 算 Altman 的 Z 并对其分类。[3]

• 忘记把终值折现回来[14]Source: asksia-bible-fnce20005-bilingual.pdfA (P/E = 20, earnings $10m) acquires T (P/E = 10, earnings $5m) with no real synergy. Find the correct combined P/E and explain why EPS 'accretion' creates no value. A (P/E= 20,盈利 $10m)以无真实协同效应收购 T (P/E= 10,盈利 $5m)。求正确的合并后 P/E,并解释为何 EPS 的“增厚”不创造任何价值。 WORKED SOLUTION 1 Earnings-weighted combined P/E. = (20x10 + 10x5)/(10+5) = (200 + 50)/15 = 250/15 = 16. 7. 盈利加权的合并后 P/E 。= (20×10+10×5)/(10+5)=(200+50)/15= 250/15=16. 7。 2 Value check. Combined market value = P/Exearnings = 16. 7x15 = $250m = A's $200m + T's $50m. No value created - EPS may rise mechanically, but the market re-rates the merged firm to 16. 7, not A's 20. 价值检验。合并后市场价值 = P/Ex盈利 = 16. 7×15= $250m= A的 $200m+ T的$50m。未创造价值 -- EPS 可能机械 地上升,但市场把合并后公司重新定价到 16. 7,而非 A的20。 - FNCE20005 . Corporate Financial Decision Making CH . PRACTICE 5/5 - PRACTICE BANK (CONT. ) Terminal value, levered beta & distress 终值、有杠杆贝塔与财务困境 Three more standard calculations, plus a marker's closing note 另外三道标准计算,外加阅卷人的收尾提示 P11 CALCULATION 4 marks . terminal value & equity value A target's year-5 free cash flow is FCF5 = $100, growing at g = 2% thereafter; WACC = 10%. (a) Terminal value at the end of year 5 [2]. (b) Its present value today [1]. (c) If net debt is $200, what is the contribution to equity value? [1] (Use PV factor 1. 105 = 1. 6105. ) 某目标公司第5年的自由现金流为 FCF5 = $100,此后以 g = 2% 增长;WACC=10%。(a)第5年末的终值[2]。(b) 其今日现值 [1]。(c)若净债务为 $200,对股权价值的贡献是多少?[1](取现值系数 1. 105=1. 6105。) WORKED SOLUTION 1 (a) Terminal value. TV5 = FCF5(1+g)/(WACC-g) = 100x1. 02/(0. 10-0. 02) = 102/0. 08 = $1,275. (a)终值。TV5 = FCF5(1+g)/(WACC-g) = 100×1. 02/(0. 10-0. 02)= 102/0. 08 = $1,275。 2 (b) Discount back 5 years. PV = 1,275 / 1. 6105 = $791. 7. (b)折现回 5年。PV= 1,275 / 1. 6105 = $791. 7。 3 (c) This PV is part of firm value; subtracting net debt ($200) moves toward equity value - the terminal piece alone contributes 791. 7, from which debt is netted with the rest of the DCF. (c)该现值是 公司 价值的一部分;减去净债务($200)便走向 股权 价值 -- 单是终值部分就贡献 791. 7,债务则连同 DCF 的其余部分一起扣除。 ! Discount the terminal value back 把终值折现回来 TV5 is a value at year 5 - it must be discounted to today (here + 1. 6105). Forgetting this, or using FCF5 instead of FCF5(1+g) in the numerator, are the two recurring terminal-value slips. TV5 是 在第5年的一个值 -- 它必须折现到今天(此处÷1. 6105)。忘记这一点,或在分子中用 FCF5 而非 FCF5(1+g),是两个反复出现的终值疏漏。 P12 CALCULATION + CONCEPT 5 marks . levered beta & Altman Z (a) An unlevered (asset) beta is Bu = 0. 8. The firm gears to D/E = 0. 5 with effective tax te = 20%. Find the levered equity beta. [2] (b) A firm has EBIT/TA = 0. 10, Sales/TA = 0. 90, NWC/TA = 0. 20, RE/TA = 0. 30, MVE/BVD = 1. 00. Compute Altman's Z and classify it. [3] (a) 某无杠杆(资产)贝塔系数为 βu= 0. 8。公司将杠杆提升至 D/E=0. 5,有效税率 te=20%。求杠杆后的股权贝塔 系数。[2] (b)某公司 EBIT/TA= 0. 10、Sales/TA= 0. 90、NWC/TA= 0. 20、RE/TA=0. 30、MVE/BVD =1. 00。计 算 Altman 的 Z 并对其分类。[3][23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.
• 分子用 $FCF_T$ 而不是 $FCF_T(1+g)$（漏了增长一步）[14]Source: asksia-bible-fnce20005-bilingual.pdfA (P/E = 20, earnings $10m) acquires T (P/E = 10, earnings $5m) with no real synergy. Find the correct combined P/E and explain why EPS 'accretion' creates no value. A (P/E= 20,盈利 $10m)以无真实协同效应收购 T (P/E= 10,盈利 $5m)。求正确的合并后 P/E,并解释为何 EPS 的“增厚”不创造任何价值。 WORKED SOLUTION 1 Earnings-weighted combined P/E. = (20x10 + 10x5)/(10+5) = (200 + 50)/15 = 250/15 = 16. 7. 盈利加权的合并后 P/E 。= (20×10+10×5)/(10+5)=(200+50)/15= 250/15=16. 7。 2 Value check. Combined market value = P/Exearnings = 16. 7x15 = $250m = A's $200m + T's $50m. No value created - EPS may rise mechanically, but the market re-rates the merged firm to 16. 7, not A's 20. 价值检验。合并后市场价值 = P/Ex盈利 = 16. 7×15= $250m= A的 $200m+ T的$50m。未创造价值 -- EPS 可能机械 地上升,但市场把合并后公司重新定价到 16. 7,而非 A的20。 - FNCE20005 . Corporate Financial Decision Making CH . PRACTICE 5/5 - PRACTICE BANK (CONT. ) Terminal value, levered beta & distress 终值、有杠杆贝塔与财务困境 Three more standard calculations, plus a marker's closing note 另外三道标准计算,外加阅卷人的收尾提示 P11 CALCULATION 4 marks . terminal value & equity value A target's year-5 free cash flow is FCF5 = $100, growing at g = 2% thereafter; WACC = 10%. (a) Terminal value at the end of year 5 [2]. (b) Its present value today [1]. (c) If net debt is $200, what is the contribution to equity value? [1] (Use PV factor 1. 105 = 1. 6105. ) 某目标公司第5年的自由现金流为 FCF5 = $100,此后以 g = 2% 增长;WACC=10%。(a)第5年末的终值[2]。(b) 其今日现值 [1]。(c)若净债务为 $200,对股权价值的贡献是多少?[1](取现值系数 1. 105=1. 6105。) WORKED SOLUTION 1 (a) Terminal value. TV5 = FCF5(1+g)/(WACC-g) = 100x1. 02/(0. 10-0. 02) = 102/0. 08 = $1,275. (a)终值。TV5 = FCF5(1+g)/(WACC-g) = 100×1. 02/(0. 10-0. 02)= 102/0. 08 = $1,275。 2 (b) Discount back 5 years. PV = 1,275 / 1. 6105 = $791. 7. (b)折现回 5年。PV= 1,275 / 1. 6105 = $791. 7。 3 (c) This PV is part of firm value; subtracting net debt ($200) moves toward equity value - the terminal piece alone contributes 791. 7, from which debt is netted with the rest of the DCF. (c)该现值是 公司 价值的一部分;减去净债务($200)便走向 股权 价值 -- 单是终值部分就贡献 791. 7,债务则连同 DCF 的其余部分一起扣除。 ! Discount the terminal value back 把终值折现回来 TV5 is a value at year 5 - it must be discounted to today (here + 1. 6105). Forgetting this, or using FCF5 instead of FCF5(1+g) in the numerator, are the two recurring terminal-value slips. TV5 是 在第5年的一个值 -- 它必须折现到今天(此处÷1. 6105)。忘记这一点,或在分子中用 FCF5 而非 FCF5(1+g),是两个反复出现的终值疏漏。 P12 CALCULATION + CONCEPT 5 marks . levered beta & Altman Z (a) An unlevered (asset) beta is Bu = 0. 8. The firm gears to D/E = 0. 5 with effective tax te = 20%. Find the levered equity beta. [2] (b) A firm has EBIT/TA = 0. 10, Sales/TA = 0. 90, NWC/TA = 0. 20, RE/TA = 0. 30, MVE/BVD = 1. 00. Compute Altman's Z and classify it. [3] (a) 某无杠杆(资产)贝塔系数为 βu= 0. 8。公司将杠杆提升至 D/E=0. 5,有效税率 te=20%。求杠杆后的股权贝塔 系数。[2] (b)某公司 EBIT/TA= 0. 10、Sales/TA= 0. 90、NWC/TA= 0. 20、RE/TA=0. 30、MVE/BVD =1. 00。计 算 Altman 的 Z 并对其分类。[3]

链条 C：CAPM → $k_e$ → WACC（折现率发动机）

• $$k_e = R_f + \beta \big(E(R_M)-R_f\big)$$ [9]Source: asksia-bible-fnce20005-bilingual.pdf- PRACTICE BANK DRILL TO EXAM STANDARD Drill the toolkit, with full solutions 演练整套工具,附完整解答 Twelve graded problems across the whole subject - worked end to end 贯穿全科的十二道评分题 -- 从头到尾完整作答 These are AskSia-authored exam-style problems - not reproduced MST or exam questions - spanning FCF/NPV, CAPM, WACC under imputation, MM capital structure, payout, rights, real options, M&A and the Z- score. Every number is verified. Cover the solution, work each on paper, then read the answer second. 这些是 AskSia 原创的考试风格 题目 -- 并非照搬的 MST 或考试真题 -- 涵盖 FCF/NPV、CAPM、抵免制下的 WACC、 MM 资本结构、派息、配股、实物期权、并购以及 Z-score。每个数字都经过核验。先盖住解答,在纸上逐题作答,之后再 读答案。 ★ How to use this bank 如何使用这个题库 Cover the solution. Recognition is not recall. Budget ~1 minute per mark. Carry the formula sheet in your head: gross-up direction, WACC with te, rights X and R, real-option = with - without, and the Z-score weights. Always state the rule before the arithmetic - markers reward the 'why', not just the number. 盖住解答。认得不等于回忆得起。每分预算约1分 钟。把公式表装进脑子:还原的方向、含te 的 WACC、配股的X与 R、实物期权=含 - 不含,以 及 Z-score 的权重。务必在算术之前先陈述规则 评分者奖励的是“为什么”,而不只是数字。 ✓ The chains worth memorising 值得背下来的那几条链条 Most calculation marks reduce to four moves: (1) build FCF then discount; (2) CAPM -+ ke - WACC with te = tc(1-)); (3) gross up a dividend / read a drop-off; (4) synergy - net cost = bid NPV. Learn them once; the exam just swaps the numbers. 大多数计算分值可归结为四步操作:(1)构建 FCF 再 折现;(2) CAPM →ke →含 te= tc(1-入)的 WACC;(3)还原一个股息/读出一个跌幅;(4)协同 效应 一 净成本 =收购 NPV。学一次;考试只是换数 字。 P1 CALCULATION 5 marks . FCF then NPV A one-year project: EBIT $500, company tax tc = 30%, depreciation $100, capital expenditure $120, increase in net working capital $40. (a) Compute free cash flow to the firm. [3] (b) If the upfront outlay is $260 and the discount rate is 10%, find NPV (treat the FCF as a single year-1 receipt). [2] 一个一年期项目:EBIT $500,公司税 tc = 30%,折旧 $100,资本性支出 $120,净营运资本增加 $40。(a)计算公司 自由现金流。[3](b)若期初投入为 $260、折现率为 10%,求 NPV(将该FCF视为第1年一次性收到)。[2] WORKED SOLUTION (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500×0. 70 +100 -40-120 =350 +100-160=$290. (a) FCF = EBIT(1-tc) + Dep - ANWC - CapEx. = 500x0. 70 + 100 - 40 - 120 = 350 + 100 - 160 = $290. (b) NPV. PV of year-1 FCF = 290 / 1. 10 = 263. 64; NPV = 263. 64 - 260 = +$3. 64 - accept (just). 2 (b) NPV。第1年 FCF 的现值 = 290 / 1. 10 = 263. 64; NPV = 263. 64 -260=+$3. 64→ 接受(勉强)。 FNCE20005 . Corporate Financial Decision Making ! Depreciation is not a cash flow 折旧不是现金流 Only its tax shield matters - here it enters because FCF adds back the non-cash Dep after taxing EBIT. Do not also subtract it again, and never put sunk costs into the incremental cash flows. 只有它的 税盾 才重要 -- 此处它进入计算是因为 FCF 在对 EBIT 计税后把非现金的折旧加了回来。不要再把它减一 遍,也绝不要把 沉没成本 放进增量现金流。 P2 CALCULATION 3 marks . CAPM cost of equity A stock has equity beta 1. 2. The risk-free rate is 3% and the market risk premium is 6%. Find the cost of equity, and state what happens to ke if the firm takes on more debt. 某股票的股权贝塔系数为 1. 2。无风险利率为3%,市场风险溢价为 6%。求股权资本成本,并说明若公司增加债务,ke 会如何变化。[24]Source: asksia-cheatsheet-fnce20005.pdfdiversifiable away priced (B) not rewarded This is why "diversification" is a dubious takeover motive - shareholders can diversify themselves cheaply, so a firm merging to diversify creates no value for them. Correlation p drives the gain: the lower p, the more variance falls for a given expected return. Adding assets removes idiosyncratic risk until only market risk (the systematic floor) remains - about 20-30 stocks captures most of it. Compiled by AskSia . mapped to the FNCE20005 syllabus . asksia. ai/cheatsheet/unimelb-fnce20005 7 . CAPM & the SML ON SHEET . CORE Beta ß = sensitivity of a stock to the market (a covariance measure) - the slope of stock returns regressed on market returns. ß=1 moves with the market; ">1 amplifies it. CAPM - COST OF EQUITY Ke = Rf + Be . [E(RM) - Rf] Ex: R/=2. 75%, ß=1. 25, MRP=5. 76% -> ke=2. 75 + 1. 25×5. 76 =9. 95%. The security market line (SML) plots E[R] against ß; its slope = the market risk premium [E (RM) -Rf]. Assets above the SML are underpriced (buy); below = overpriced. Traps: use ß (systematic risk), not total o; never use a stale/levered ß for a project of different risk (see Side 2 §13). Reading the SML is a classic exam move: a stock plotting above the line offers more return than its B warrants (buy); below the line it's overpriced (sell). In equilibrium all assets sit on the SML. Don't confuse the SML (return vs ß) with the CML (return vs total o). 7b · Estimating the Inputs CAPM IN PRACTICE · R4- government bond yield (match the horizon) · MRP - long-run historical equity premium (~6%) · ß - regression slope; lever/unlever for gearing changes
• 概念陷阱：CAPM 用的是 $\beta$（系统性风险），不是总波动率（SD）[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.[24]Source: asksia-cheatsheet-fnce20005.pdfdiversifiable away priced (B) not rewarded This is why "diversification" is a dubious takeover motive - shareholders can diversify themselves cheaply, so a firm merging to diversify creates no value for them. Correlation p drives the gain: the lower p, the more variance falls for a given expected return. Adding assets removes idiosyncratic risk until only market risk (the systematic floor) remains - about 20-30 stocks captures most of it. Compiled by AskSia . mapped to the FNCE20005 syllabus . asksia. ai/cheatsheet/unimelb-fnce20005 7 . CAPM & the SML ON SHEET . CORE Beta ß = sensitivity of a stock to the market (a covariance measure) - the slope of stock returns regressed on market returns. ß=1 moves with the market; ">1 amplifies it. CAPM - COST OF EQUITY Ke = Rf + Be . [E(RM) - Rf] Ex: R/=2. 75%, ß=1. 25, MRP=5. 76% -> ke=2. 75 + 1. 25×5. 76 =9. 95%. The security market line (SML) plots E[R] against ß; its slope = the market risk premium [E (RM) -Rf]. Assets above the SML are underpriced (buy); below = overpriced. Traps: use ß (systematic risk), not total o; never use a stale/levered ß for a project of different risk (see Side 2 §13). Reading the SML is a classic exam move: a stock plotting above the line offers more return than its B warrants (buy); below the line it's overpriced (sell). In equilibrium all assets sit on the SML. Don't confuse the SML (return vs ß) with the CML (return vs total o). 7b · Estimating the Inputs CAPM IN PRACTICE · R4- government bond yield (match the horizon) · MRP - long-run historical equity premium (~6%) · ß - regression slope; lever/unlever for gearing changes

• $$WACC = k_a(1-t_e)\frac{D}{V}+k_e\frac{E}{V},\quad V=D+E$$ [21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[26]Source: asksia-cheatsheet-fnce20005.pdfRestructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30. EFFECTIVE TAX RATE te = tc(1 - A) A = fraction of corp tax reclaimed; )=0 classical, A=1 full imputation. Ex: 0. 30(1-0. 60) = 0. 12 11b . Payout Policy LEC 2 Measures: yield = DPS/price; payout = DPS/EPS. DROP-OFF RATIO (WITH TAXES) (Pcum-Pex)/Div = (1-ta)/(1-tcg) Perfect market = drop = dividend (ratio 1). MM irrelevance: payout doesn't change value; investors make homemade dividends . It breaks via signalling (dividends are sticky), agency/free-cash discipline, taxes, issue costs. If div & gains are taxed equally, drop = dividend; div taxed higher => drop < dividend; div taxed lower => drop > dividend. Buybacks: lift EPS, signal undervaluation, add flexibility; no ex-div drop. Post-2023 AU: no tax edge to off-market. Trap: gross up by dividing by (1-t2); don't apply franking to non-resident holders. 12 . WACC . WorkedTIE IT TOGETHER Given: D/V=40%, E/V=60%, ka=7%, ke=18%, tc=30%, A=0. 6 -> te=0. 12.
• 必背口径：用市场价值权重，不用账面价值；用 $t_e$ 不是 $t_c$[21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[27]Source: asksia-cheatsheet-fnce20005.pdfWACC = 7%(1 -. 12) (. 40) + 18%(. 60) = 7x. 88x. 40 + 10. 8 = 2. 46 + 10. 8 = 13. 3% Had you wrongly used to=30%: 7x. 70x. 40 = 1. 96 => WACC 12. 76% - so imputation raises the after-tax cost of debt, because less of the tax shield is "real. " 13 . Capital Structure LEC 4 . CORE Cost-of-capital approach: firm value = 2 CFt/(1+WACC)}; value is maximised where WACC is minimised - a U-shape with an interior optimum. LEVERED BETA . ON SHEET BL = Bu. [1 + (1-te) . D/E] Bu (asset B) = business risk only; ß_ adds financial risk. Unlever a comparable, re-lever to your gearing -> ke at each debt level. THEORY RESULT MM no tax VL = Vu (irrelevant) MM + corp tax VL=Vu +te 'D Trade-off + t_D - PV(distress) Pecking order internal -> debt > equity 13b . The Theories in Words EXAM THEORY

• 有效税率：$$t_e=t_c(1-A)$$，$A$ 是公司税被股东抵回的比例；抵回越多，利息税盾“真实有效”的部分越少，因此税后债务成本会更高一些[26]Source: asksia-cheatsheet-fnce20005.pdfRestructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30. EFFECTIVE TAX RATE te = tc(1 - A) A = fraction of corp tax reclaimed; )=0 classical, A=1 full imputation. Ex: 0. 30(1-0. 60) = 0. 12 11b . Payout Policy LEC 2 Measures: yield = DPS/price; payout = DPS/EPS. DROP-OFF RATIO (WITH TAXES) (Pcum-Pex)/Div = (1-ta)/(1-tcg) Perfect market = drop = dividend (ratio 1). MM irrelevance: payout doesn't change value; investors make homemade dividends . It breaks via signalling (dividends are sticky), agency/free-cash discipline, taxes, issue costs. If div & gains are taxed equally, drop = dividend; div taxed higher => drop < dividend; div taxed lower => drop > dividend. Buybacks: lift EPS, signal undervaluation, add flexibility; no ex-div drop. Post-2023 AU: no tax edge to off-market. Trap: gross up by dividing by (1-t2); don't apply franking to non-resident holders. 12 . WACC . WorkedTIE IT TOGETHER Given: D/V=40%, E/V=60%, ka=7%, ke=18%, tc=30%, A=0. 6 -> te=0. 12.[27]Source: asksia-cheatsheet-fnce20005.pdfWACC = 7%(1 -. 12) (. 40) + 18%(. 60) = 7x. 88x. 40 + 10. 8 = 2. 46 + 10. 8 = 13. 3% Had you wrongly used to=30%: 7x. 70x. 40 = 1. 96 => WACC 12. 76% - so imputation raises the after-tax cost of debt, because less of the tax shield is "real. " 13 . Capital Structure LEC 4 . CORE Cost-of-capital approach: firm value = 2 CFt/(1+WACC)}; value is maximised where WACC is minimised - a U-shape with an interior optimum. LEVERED BETA . ON SHEET BL = Bu. [1 + (1-te) . D/E] Bu (asset B) = business risk only; ß_ adds financial risk. Unlever a comparable, re-lever to your gearing -> ke at each debt level. THEORY RESULT MM no tax VL = Vu (irrelevant) MM + corp tax VL=Vu +te 'D Trade-off + t_D - PV(distress) Pecking order internal -> debt > equity 13b . The Theories in Words EXAM THEORY

• 不同风险项目不要用公司统一 WACC：会“高风险被补贴、低风险被饿死”，应匹配项目风险（找可比 pure-play 来估）[21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.

链条 D：股息抵免 Imputation（澳洲特色：MST/Final 都爱出）

• $$Div_{gross}=\frac{Div_{cash}}{1-t_c}$$ [21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[26]Source: asksia-cheatsheet-fnce20005.pdfRestructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30. EFFECTIVE TAX RATE te = tc(1 - A) A = fraction of corp tax reclaimed; )=0 classical, A=1 full imputation. Ex: 0. 30(1-0. 60) = 0. 12 11b . Payout Policy LEC 2 Measures: yield = DPS/price; payout = DPS/EPS. DROP-OFF RATIO (WITH TAXES) (Pcum-Pex)/Div = (1-ta)/(1-tcg) Perfect market = drop = dividend (ratio 1). MM irrelevance: payout doesn't change value; investors make homemade dividends . It breaks via signalling (dividends are sticky), agency/free-cash discipline, taxes, issue costs. If div & gains are taxed equally, drop = dividend; div taxed higher => drop < dividend; div taxed lower => drop > dividend. Buybacks: lift EPS, signal undervaluation, add flexibility; no ex-div drop. Post-2023 AU: no tax edge to off-market. Trap: gross up by dividing by (1-t2); don't apply franking to non-resident holders. 12 . WACC . WorkedTIE IT TOGETHER Given: D/V=40%, E/V=60%, ka=7%, ke=18%, tc=30%, A=0. 6 -> te=0. 12.
• $$Franking\ Credit = t_c \cdot Div_{gross}$$ [21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[26]Source: asksia-cheatsheet-fnce20005.pdfRestructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30. EFFECTIVE TAX RATE te = tc(1 - A) A = fraction of corp tax reclaimed; )=0 classical, A=1 full imputation. Ex: 0. 30(1-0. 60) = 0. 12 11b . Payout Policy LEC 2 Measures: yield = DPS/price; payout = DPS/EPS. DROP-OFF RATIO (WITH TAXES) (Pcum-Pex)/Div = (1-ta)/(1-tcg) Perfect market = drop = dividend (ratio 1). MM irrelevance: payout doesn't change value; investors make homemade dividends . It breaks via signalling (dividends are sticky), agency/free-cash discipline, taxes, issue costs. If div & gains are taxed equally, drop = dividend; div taxed higher => drop < dividend; div taxed lower => drop > dividend. Buybacks: lift EPS, signal undervaluation, add flexibility; no ex-div drop. Post-2023 AU: no tax edge to off-market. Trap: gross up by dividing by (1-t2); don't apply franking to non-resident holders. 12 . WACC . WorkedTIE IT TOGETHER Given: D/V=40%, E/V=60%, ka=7%, ke=18%, tc=30%, A=0. 6 -> te=0. 12.

• gross-up 是“除以 $(1-t_c)$”，不是乘（材料明确点名这是反复出现的错）[17]Source: asksia-bible-fnce20005-bilingual.pdfDividends, drop-off & the imputation engine 股利、除息跌价与抵免机制 How a firm returns cash - and why the Australian tax system rewrites the rules 企业如何把现金返还股东 -- 以及澳大利亚税制为何改写了规则 Payout policy is the decision of how much cash to return to shareholders, in what form (dividend or buyback), and when. In a perfect market Modigliani-Miller says it does not matter at all - yet half the marks here come from the frictions that make it matter: taxes (above all, dividend imputation), signalling, and clientele effects. Master the drop-off identity and the gross-up arithmetic and you own this lecture. 派现政策决定返还多少现金给股东、以何种形式(股利或回购),以及何时返还。在完美市场里 Modigliani-Miller 说它根本 无关紧要 -- 可这里一半的分数恰恰来自那些让它变得重要的摩擦:税收(首推股息抵免)、信号传递和客户群效应。掌握除 息跌价恒等式和还原算术,你就拿下了这一讲。 ★ What the exam asks here 考试在这里会怎么问 Expect a drop-off-ratio calculation that backs out implied tax rates, an imputation gross-up (cash dividend - franking credit -> what a resident actually nets), and a rights-issue numerical (ex-rights price + value of a right). The recurring trap is direction: you divide by (1-tc) to gross up, never multiply. 预期会有一道 跌幅比 计算(反推隐含税率)、一道 抵免还原(现金股息→红利抵免→居民实际净得多少),以及一道 配股 数值题(除权价+一份配股权的价值)。反复出现的陷阱是 方向:还原时你要 除以(1-tc),绝不是乘。 2. 1 The payout measures 2. 1 派现度量指标 Three numbers describe any payout, and the exam expects all three on sight: 任何一次派现都可由三个数字描述,考试一上来就要你三个全报: Measure Formula Reads as Dividend per share (DPS) Total dividend + shares cash per share Dividend yield DPS + share price income return % Payout ratio DPS + EPS (or Div + NI) fraction of profit paid out The complement of the payout ratio is the retention ratio (the plough-back, b). Under the Gordon model, sustainable growth g = b x ROE - paying out more today means lower internally-funded growth. 派现率的补数是留存率(再投资比例b)。在 Gordon 模型下,可持续增长 g = b x ROE -- 今天派得越多,意味着内部资 金支持的增长越低。 2. 2 The dividend drop-off ratio 2. 2 股利除息跌价比 On the ex-dividend date the share stops carrying the right to the declared dividend, so its price falls. The drop- off ratio measures how much it falls per dollar of dividend:

• 可能考：drop-off ratio 反推隐含税率、gross-up 算居民投资者净得、以及配股 rights 数值题[17]Source: asksia-bible-fnce20005-bilingual.pdfDividends, drop-off & the imputation engine 股利、除息跌价与抵免机制 How a firm returns cash - and why the Australian tax system rewrites the rules 企业如何把现金返还股东 -- 以及澳大利亚税制为何改写了规则 Payout policy is the decision of how much cash to return to shareholders, in what form (dividend or buyback), and when. In a perfect market Modigliani-Miller says it does not matter at all - yet half the marks here come from the frictions that make it matter: taxes (above all, dividend imputation), signalling, and clientele effects. Master the drop-off identity and the gross-up arithmetic and you own this lecture. 派现政策决定返还多少现金给股东、以何种形式(股利或回购),以及何时返还。在完美市场里 Modigliani-Miller 说它根本 无关紧要 -- 可这里一半的分数恰恰来自那些让它变得重要的摩擦:税收(首推股息抵免)、信号传递和客户群效应。掌握除 息跌价恒等式和还原算术,你就拿下了这一讲。 ★ What the exam asks here 考试在这里会怎么问 Expect a drop-off-ratio calculation that backs out implied tax rates, an imputation gross-up (cash dividend - franking credit -> what a resident actually nets), and a rights-issue numerical (ex-rights price + value of a right). The recurring trap is direction: you divide by (1-tc) to gross up, never multiply. 预期会有一道 跌幅比 计算(反推隐含税率)、一道 抵免还原(现金股息→红利抵免→居民实际净得多少),以及一道 配股 数值题(除权价+一份配股权的价值)。反复出现的陷阱是 方向:还原时你要 除以(1-tc),绝不是乘。 2. 1 The payout measures 2. 1 派现度量指标 Three numbers describe any payout, and the exam expects all three on sight: 任何一次派现都可由三个数字描述,考试一上来就要你三个全报: Measure Formula Reads as Dividend per share (DPS) Total dividend + shares cash per share Dividend yield DPS + share price income return % Payout ratio DPS + EPS (or Div + NI) fraction of profit paid out The complement of the payout ratio is the retention ratio (the plough-back, b). Under the Gordon model, sustainable growth g = b x ROE - paying out more today means lower internally-funded growth. 派现率的补数是留存率(再投资比例b)。在 Gordon 模型下,可持续增长 g = b x ROE -- 今天派得越多,意味着内部资 金支持的增长越低。 2. 2 The dividend drop-off ratio 2. 2 股利除息跌价比 On the ex-dividend date the share stops carrying the right to the declared dividend, so its price falls. The drop- off ratio measures how much it falls per dollar of dividend:[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

3）Final（累计）会新增的“后半本重点”（你别只刷 Side 1）

• 投资决策：资本预算 NPV/IRR/FCF/终值；风险与 CAPM（$k_e$）[3]Source: asksia-bible-fnce20005-bilingual.pdf整门课,编成一本有序的书 Eleven lecture topics - one exam-ready map 十一个讲座主题→一张备考全景图 Ch Topic Core idea Layer O . The discounting toolkit (assumed background) 1 Time value of money refresher PV/FV . annuities . bonds . shares → Part 1 . Investment decisions 2 Capital budgeting NPV . IRR . free cash flow . terminal value → 3 Risk & CAPM beta . SML . cost of equity → Part 2 . Financing decisions 4 WACC & imputation te = tc(1-x) . franking → 5 Capital structure MM · trade-off · pecking order → Part 3 . Payout & strategy 6 Payout & dividends drop-off . imputation . buybacks → 7 Real options & M&A delay/abandon · DCF/APV/multiples → Part 4 . Walk in ready 8 Glossary every term, one line each →[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.
• 融资决策：WACC（含 imputation 的 $t_e$）、资本结构（MM、trade-off、pecking order、levered beta）[3]Source: asksia-bible-fnce20005-bilingual.pdf整门课,编成一本有序的书 Eleven lecture topics - one exam-ready map 十一个讲座主题→一张备考全景图 Ch Topic Core idea Layer O . The discounting toolkit (assumed background) 1 Time value of money refresher PV/FV . annuities . bonds . shares → Part 1 . Investment decisions 2 Capital budgeting NPV . IRR . free cash flow . terminal value → 3 Risk & CAPM beta . SML . cost of equity → Part 2 . Financing decisions 4 WACC & imputation te = tc(1-x) . franking → 5 Capital structure MM · trade-off · pecking order → Part 3 . Payout & strategy 6 Payout & dividends drop-off . imputation . buybacks → 7 Real options & M&A delay/abandon · DCF/APV/multiples → Part 4 . Walk in ready 8 Glossary every term, one line each →[21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[27]Source: asksia-cheatsheet-fnce20005.pdfWACC = 7%(1 -. 12) (. 40) + 18%(. 60) = 7x. 88x. 40 + 10. 8 = 2. 46 + 10. 8 = 13. 3% Had you wrongly used to=30%: 7x. 70x. 40 = 1. 96 => WACC 12. 76% - so imputation raises the after-tax cost of debt, because less of the tax shield is "real. " 13 . Capital Structure LEC 4 . CORE Cost-of-capital approach: firm value = 2 CFt/(1+WACC)}; value is maximised where WACC is minimised - a U-shape with an interior optimum. LEVERED BETA . ON SHEET BL = Bu. [1 + (1-te) . D/E] Bu (asset B) = business risk only; ß_ adds financial risk. Unlever a comparable, re-lever to your gearing -> ke at each debt level. THEORY RESULT MM no tax VL = Vu (irrelevant) MM + corp tax VL=Vu +te 'D Trade-off + t_D - PV(distress) Pecking order internal -> debt > equity 13b . The Theories in Words EXAM THEORY
• 派息与战略：payout、dividends、rights、real options、M&A、distress/Z-score 等[3]Source: asksia-bible-fnce20005-bilingual.pdf整门课,编成一本有序的书 Eleven lecture topics - one exam-ready map 十一个讲座主题→一张备考全景图 Ch Topic Core idea Layer O . The discounting toolkit (assumed background) 1 Time value of money refresher PV/FV . annuities . bonds . shares → Part 1 . Investment decisions 2 Capital budgeting NPV . IRR . free cash flow . terminal value → 3 Risk & CAPM beta . SML . cost of equity → Part 2 . Financing decisions 4 WACC & imputation te = tc(1-x) . franking → 5 Capital structure MM · trade-off · pecking order → Part 3 . Payout & strategy 6 Payout & dividends drop-off . imputation . buybacks → 7 Real options & M&A delay/abandon · DCF/APV/multiples → Part 4 . Walk in ready 8 Glossary every term, one line each →[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

• 1 道大 DCF/估值题 + 1 道资本结构/WACC + 1 道派息/抵免 + 短理论，并加入 real options、M&A、distress、risk mgmt 等[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.

4）高频“短理论/定义题”清单（背一句话就能拿分）

• $$\beta_L=\beta_u\big[1+(1-t_e)\frac{D}{E}\big]$$ [6]Source: asksia-bible-fnce20005-bilingual.pdfFNCE20005 . Corporate Financial Decision Making WORKED SOLUTION 1 (a) Levered beta. BL = Bu[1 + (1-te)D/E] = 0. 8x[1+ 0. 80×0. 5]=0. 8×1. 40 =1. 12. Gearing adds financial risk on top of the 0. 8 business risk. (a)杠杆后贝塔。βL = βu[1+(1-te)D/E]= 0. 8×[1+ 0. 80×0. 5]= 0. 8×1. 40=1. 12。加杠杆在 0. 8 的经营风险之 上叠加财务风险。 2 (b) Z-score terms. 3. 3x0. 10 = 0. 33; 1. 0x0. 90 = 0. 90; 1. 2×0. 20 = 0. 24; 1. 4x0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. (b) Z-score 各项。3. 3×0. 10=0. 33; 1. 0×0. 90 =0. 90; 1. 2×0. 20 = 0. 24; 1. 4×0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. Sum. Z = 0. 33 + 0. 90 + 0. 24 + 0. 42 +0. 60 =2. 49. 求和。Z=0. 33+0. 90+0. 24+0. 42+0. 60=2. 49。 4 Classify. 1. 81 < 2. 49 < 2. 99 - the grey zone - neither clearly safe nor clearly distressed; watch the trend. 分类。1. 81<2. 49<2. 99→灰色区 -- 既非明确安全也非 明确困境;关注趋势。 ! MVE over BVD - mind the mix MVE 比 BVD––留意口径的搭配 The last Z term is market value of equity over book value of debt. And re-levering beta uses the effective tax rate te under imputation, not to. Z 的最后一项是股权的 市场 价值除以债务的 账面 价 值。而在抵免制下,重新加杠杆贝塔使用 有效 税率 te,而非 tc。 i What the grey zone means 灰色地带意味着什么 Z between 1. 81 and 2. 99 is a genuine 'cannot call it' band. The model is a screen, not a verdict - pair it with the stock vs flow insolvency tests before concluding. Z 介于 1. 81 与 2. 99 之间是一个真正“无法断定”的区 间。该模型是一道筛查,而非定论 -- 在下结论前把 它与存量对流量的资不抵债判定配合使用。 If you can build an FCF, gross up a dividend, slot te into a WACC, and read a real option as with- minus-without, you have the engine of this whole subject. The rest is stating why - that is where the marks hide. 若你能构建一份 FCF、还原一个股息、把 te 嵌入 WACC,并把实物期权读作含 - 不含,你就掌握了整门课的引擎。其 余是陈述 为什么 -- 分数正藏在那里。 MARKER'S NOTE - PRACTICE BANK FNCE20005 . Corporate Financial Decision Making AskSia Library EXAM BIBLE . ASKSIA FACULTY OF BUSINESS & ECONOMICS SEMESTER 1 . 2026 - THE COMPLETE EXAM BIBLE Corporate Financial Decision Making 公司财务决策 ONE SUBJECT · EVERY FORMULA, EVERY CASH FLOW, EVERY MARK. 墨尔本大学 FNCE20005 · 双语考试 bible · MST 25% + 期末 60% FNCE20005 . UNIVERSITY OF MELBOURNE 中英双语版 · BILINGUAL EDITION[16]Source: asksia-bible-fnce20005-bilingual.pdfEffective tax rate te 有效税率 tc(1-X) under imputation; } = tax reclaimed by shareholders. Levered beta 有杠杆贝塔 Beta carrying business + financial risk: BL = Bu[1+(1-te)D/E]. MM with corporate tax MM 含税命题 VL = Vụ + teD - debt adds the interest tax shield. Trade-off theory 权衡理论 Optimal leverage balances the tax shield against expected distress costs. Pecking-order theory 啄食顺序理论 Finance from internal funds - debt - equity last, driven by information asymmetry. Financial distress costs 财务困境成本 Direct (legal) + indirect (lost custom, distraction) costs of approaching insolvency. Capital budgeting & real options · 资本预算与实物期权 Free cash flow (FCFF) 企业自由现金流 EBIT(1-tc) + Dep - ANWC - CapEx; cash available to all investors. Terminal value 终值 Value of cash flows beyond the forecast horizon, as a growing perpetuity. Sensitivity analysis 敏感性分析 Vary one input at a time to find which most moves NPV. Break-even analysis 盈亏平衡分析

• $$V_L = V_U + t_e D$$（债务带来利息税盾）[16]Source: asksia-bible-fnce20005-bilingual.pdfEffective tax rate te 有效税率 tc(1-X) under imputation; } = tax reclaimed by shareholders. Levered beta 有杠杆贝塔 Beta carrying business + financial risk: BL = Bu[1+(1-te)D/E]. MM with corporate tax MM 含税命题 VL = Vụ + teD - debt adds the interest tax shield. Trade-off theory 权衡理论 Optimal leverage balances the tax shield against expected distress costs. Pecking-order theory 啄食顺序理论 Finance from internal funds - debt - equity last, driven by information asymmetry. Financial distress costs 财务困境成本 Direct (legal) + indirect (lost custom, distraction) costs of approaching insolvency. Capital budgeting & real options · 资本预算与实物期权 Free cash flow (FCFF) 企业自由现金流 EBIT(1-tc) + Dep - ANWC - CapEx; cash available to all investors. Terminal value 终值 Value of cash flows beyond the forecast horizon, as a growing perpetuity. Sensitivity analysis 敏感性分析 Vary one input at a time to find which most moves NPV. Break-even analysis 盈亏平衡分析[27]Source: asksia-cheatsheet-fnce20005.pdfWACC = 7%(1 -. 12) (. 40) + 18%(. 60) = 7x. 88x. 40 + 10. 8 = 2. 46 + 10. 8 = 13. 3% Had you wrongly used to=30%: 7x. 70x. 40 = 1. 96 => WACC 12. 76% - so imputation raises the after-tax cost of debt, because less of the tax shield is "real. " 13 . Capital Structure LEC 4 . CORE Cost-of-capital approach: firm value = 2 CFt/(1+WACC)}; value is maximised where WACC is minimised - a U-shape with an interior optimum. LEVERED BETA . ON SHEET BL = Bu. [1 + (1-te) . D/E] Bu (asset B) = business risk only; ß_ adds financial risk. Unlever a comparable, re-lever to your gearing -> ke at each debt level. THEORY RESULT MM no tax VL = Vu (irrelevant) MM + corp tax VL=Vu +te 'D Trade-off + t_D - PV(distress) Pecking order internal -> debt > equity 13b . The Theories in Words EXAM THEORY

• $$Z=3.3(EBIT/TA)+1.0(Sales/TA)+1.2(NWC/TA)+1.4(RE/TA)+0.6(MVE/BVD)$$ [12]Source: asksia-bible-fnce20005-bilingual.pdf10. 2 Altman's Z-score 10. 2 Altman Z 值 ALTMAN Z - SCORE Z = 3. 3(EBIT/TA) + 1. 0(Sales/TA) + 1. 2(NWC/TA) + 1. 4(RE/TA) + 0. 6(MVE/BVD) Z < 1. 81 high distress risk · Z > 2. 99 safe EX 5 Computing a Z-score 2 min A firm reports EBIT/TA = 0. 20, Sales/TA = 1. 00, NWC/TA = 0. 30, RE/TA = 0. 40, and MV equity / BV debt = 1. 50. Is it safe? - 某公司报告 EBIT/TA = 0. 20、Sales/TA = 1. 00、NWC/TA = 0. 30、RE/TA = 0. 40,且 MV equity / BV debt = 1. 50。它安全吗? - 1 Multiply each ratio by its weight. 3. 3x0. 20 = 0. 66; 1. 0x1. 00 = 1. 00; 1. 2x0. 30 = 0. 36; 1. 4x0. 40 = 0. 56; 0. 6×1. 50 = 0. 90. 把每个比率乘以其权重。3. 3×0. 20=0. 66; 1. 0×1. 00=1. 00;1. 2×0. 30 =0. 36; 1. 4×0. 40 = 0. 56; 0. 6×1. 50=0. 90。 2 Sum. Z = 0. 66 + 1. 00 + 0. 36 + 0. 56 + 0. 90 = 3. 48. 求和。Z=0. 66+1. 00+0. 36+0. 56+0. 90=3. 48。 3 Classify. 3. 48 > 2. 99 - safe zone, low probability of insolvency. 分类。3. 48>2. 99→安全区,资不抵债概率低。 ! Right ratios, right weights 正确的比率,正确的权重 Note the coefficients (3. 3, 1. 0, 1. 2, 1. 4, 0. 6) and that the last term is market value of equity over book value of debt - mixing MVE with BVD, or swapping any ratio, throws the score off and is the most common Z-score error. 注意各系数(3. 3、1. 0、1. 2、1. 4、0. 6),以及最后一项是股权的 市场 价值除以债务的 账面 价值 -- 把 MVE 与 BVD 混用,或调换任何一个比率,都会使得分偏离,是最常见的 Z-score 错误。 FNCE20005 . Corporate Financial Decision Making Restructuring, LBOs and distress are the same call-option logic seen from three angles: who captures the upside, who is left holding the downside, and what the leverage does to both. Name the mechanism and the marks follow. 重组、LBO与困境,是从三个角度看到的同一套看涨期权逻辑:谁攫取上行收益、谁被留下持有下行损失,以及杠杆对 两者各做了什么。点明机制,分数随之而来。 - MARKER'S NOTE - RESTRUCTURING & DISTRESS FNCE20005 . Corporate Financial Decision Making CH . GLOSSARY 1/2 - BILINGUAL GLOSSARY EN + 中文 公司金融术语表 · the terms, two languages 公司金融术语表 · the terms, two languages Every taught concept with its X name and a one-line definition 每个所教概念配上 中文 名称和一句话定义 每个术语给出英文、中文与一句话定义 一 考前快速对照,也帮中文背景的同学把概念和老师的英文表述对上号。 Group by theme; the definition states the idea, not the formula.[25]Source: asksia-cheatsheet-fnce20005.pdfZ = 3. 3(EBIT/TA) + 1. 0(Sales/TA) + 1. 2(NWC/TA) + 1. 4(RE/TA) + 0. 6(MV equity/BV debt) Z < 1. 81 high insolvency risk; Z > 2. 99 low (a grey zone between). Note it is MV equity over BV debt. Ex: US Composite scored Z = 5. 214 => safe. Traps: mixing stock vs flow insolvency; getting the coefficients/ratios wrong; both distortions arise because equity is a call - limited downside, unlimited upside. 19 . Risk Management LEC 11 MM benchmark: in perfect markets, hedging is irrelevant - investors hedge themselves. So hedging adds value only via frictions. Six reasons it can add value: 1. Convex taxes - stabilising income lowers expected tax 2. Cuts bankruptcy/distress costs 3. Avoids underinvestment (low CF <> good projects) 4. Managerial self-interest (undiversified) 5. Cleaner earnings signal 6. More debt capacity -> more tax shields Tools: derivatives (hedge net exposure, minimally - it's costly) + natural hedges (produce where you sell; borrow in the revenue currency). Sources of risk: market (interest/FX/commodity - derivatives), commercial/operational (not derivative- hedgeable), external-event (insurable). Trap: MM makes hedging the benchmark, not "always irrelevant"; hedge net, not each gross exposure. 20 . Top Exam Traps LOSE-NO-MARKS MM no-tax vs with-tax are different conclusions · FCF-to-firm uses WACC; FCFE uses ke · Abandon = put; b = post-merger ownership fraction Side-2 Formula Belt MEMORY HOOKS WACC=Ka(1-te) (D/V)+ke(E/V) te=tc(1-A) Divgross=Divcash/(1-tc) Frank=tc . Divgross BL=Bu[1+(1-te)D/E] VL=Vu+teD (-PV distress) RO=NPVw/-NPVw/o (abandon=put) Cash NPV=Gain-(cash-VT) Scrip NPV=Gain- (b . VAT-VT) Z=3. 3(EBIT/TA)+1. 0(S/TA) +1. 2(NWC/TA)+1. 4(RE/TA)+0. 6(MVE/BVD)
• 判断：$Z<1.81$ 高风险，$Z>2.99$ 安全，中间灰区[12]Source: asksia-bible-fnce20005-bilingual.pdf10. 2 Altman's Z-score 10. 2 Altman Z 值 ALTMAN Z - SCORE Z = 3. 3(EBIT/TA) + 1. 0(Sales/TA) + 1. 2(NWC/TA) + 1. 4(RE/TA) + 0. 6(MVE/BVD) Z < 1. 81 high distress risk · Z > 2. 99 safe EX 5 Computing a Z-score 2 min A firm reports EBIT/TA = 0. 20, Sales/TA = 1. 00, NWC/TA = 0. 30, RE/TA = 0. 40, and MV equity / BV debt = 1. 50. Is it safe? - 某公司报告 EBIT/TA = 0. 20、Sales/TA = 1. 00、NWC/TA = 0. 30、RE/TA = 0. 40,且 MV equity / BV debt = 1. 50。它安全吗? - 1 Multiply each ratio by its weight. 3. 3x0. 20 = 0. 66; 1. 0x1. 00 = 1. 00; 1. 2x0. 30 = 0. 36; 1. 4x0. 40 = 0. 56; 0. 6×1. 50 = 0. 90. 把每个比率乘以其权重。3. 3×0. 20=0. 66; 1. 0×1. 00=1. 00;1. 2×0. 30 =0. 36; 1. 4×0. 40 = 0. 56; 0. 6×1. 50=0. 90。 2 Sum. Z = 0. 66 + 1. 00 + 0. 36 + 0. 56 + 0. 90 = 3. 48. 求和。Z=0. 66+1. 00+0. 36+0. 56+0. 90=3. 48。 3 Classify. 3. 48 > 2. 99 - safe zone, low probability of insolvency. 分类。3. 48>2. 99→安全区,资不抵债概率低。 ! Right ratios, right weights 正确的比率,正确的权重 Note the coefficients (3. 3, 1. 0, 1. 2, 1. 4, 0. 6) and that the last term is market value of equity over book value of debt - mixing MVE with BVD, or swapping any ratio, throws the score off and is the most common Z-score error. 注意各系数(3. 3、1. 0、1. 2、1. 4、0. 6),以及最后一项是股权的 市场 价值除以债务的 账面 价值 -- 把 MVE 与 BVD 混用,或调换任何一个比率,都会使得分偏离,是最常见的 Z-score 错误。 FNCE20005 . Corporate Financial Decision Making Restructuring, LBOs and distress are the same call-option logic seen from three angles: who captures the upside, who is left holding the downside, and what the leverage does to both. Name the mechanism and the marks follow. 重组、LBO与困境,是从三个角度看到的同一套看涨期权逻辑:谁攫取上行收益、谁被留下持有下行损失,以及杠杆对 两者各做了什么。点明机制,分数随之而来。 - MARKER'S NOTE - RESTRUCTURING & DISTRESS FNCE20005 . Corporate Financial Decision Making CH . GLOSSARY 1/2 - BILINGUAL GLOSSARY EN + 中文 公司金融术语表 · the terms, two languages 公司金融术语表 · the terms, two languages Every taught concept with its X name and a one-line definition 每个所教概念配上 中文 名称和一句话定义 每个术语给出英文、中文与一句话定义 一 考前快速对照,也帮中文背景的同学把概念和老师的英文表述对上号。 Group by theme; the definition states the idea, not the formula.[6]Source: asksia-bible-fnce20005-bilingual.pdfFNCE20005 . Corporate Financial Decision Making WORKED SOLUTION 1 (a) Levered beta. BL = Bu[1 + (1-te)D/E] = 0. 8x[1+ 0. 80×0. 5]=0. 8×1. 40 =1. 12. Gearing adds financial risk on top of the 0. 8 business risk. (a)杠杆后贝塔。βL = βu[1+(1-te)D/E]= 0. 8×[1+ 0. 80×0. 5]= 0. 8×1. 40=1. 12。加杠杆在 0. 8 的经营风险之 上叠加财务风险。 2 (b) Z-score terms. 3. 3x0. 10 = 0. 33; 1. 0x0. 90 = 0. 90; 1. 2×0. 20 = 0. 24; 1. 4x0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. (b) Z-score 各项。3. 3×0. 10=0. 33; 1. 0×0. 90 =0. 90; 1. 2×0. 20 = 0. 24; 1. 4×0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. Sum. Z = 0. 33 + 0. 90 + 0. 24 + 0. 42 +0. 60 =2. 49. 求和。Z=0. 33+0. 90+0. 24+0. 42+0. 60=2. 49。 4 Classify. 1. 81 < 2. 49 < 2. 99 - the grey zone - neither clearly safe nor clearly distressed; watch the trend. 分类。1. 81<2. 49<2. 99→灰色区 -- 既非明确安全也非 明确困境;关注趋势。 ! MVE over BVD - mind the mix MVE 比 BVD––留意口径的搭配 The last Z term is market value of equity over book value of debt. And re-levering beta uses the effective tax rate te under imputation, not to. Z 的最后一项是股权的 市场 价值除以债务的 账面 价 值。而在抵免制下,重新加杠杆贝塔使用 有效 税率 te,而非 tc。 i What the grey zone means 灰色地带意味着什么 Z between 1. 81 and 2. 99 is a genuine 'cannot call it' band. The model is a screen, not a verdict - pair it with the stock vs flow insolvency tests before concluding. Z 介于 1. 81 与 2. 99 之间是一个真正“无法断定”的区 间。该模型是一道筛查,而非定论 -- 在下结论前把 它与存量对流量的资不抵债判定配合使用。 If you can build an FCF, gross up a dividend, slot te into a WACC, and read a real option as with- minus-without, you have the engine of this whole subject. The rest is stating why - that is where the marks hide. 若你能构建一份 FCF、还原一个股息、把 te 嵌入 WACC,并把实物期权读作含 - 不含,你就掌握了整门课的引擎。其 余是陈述 为什么 -- 分数正藏在那里。 MARKER'S NOTE - PRACTICE BANK FNCE20005 . Corporate Financial Decision Making AskSia Library EXAM BIBLE . ASKSIA FACULTY OF BUSINESS & ECONOMICS SEMESTER 1 . 2026 - THE COMPLETE EXAM BIBLE Corporate Financial Decision Making 公司财务决策 ONE SUBJECT · EVERY FORMULA, EVERY CASH FLOW, EVERY MARK. 墨尔本大学 FNCE20005 · 双语考试 bible · MST 25% + 期末 60% FNCE20005 . UNIVERSITY OF MELBOURNE 中英双语版 · BILINGUAL EDITION
• 口径陷阱：最后一项是 MVE/BVD（股权市值 / 债务账面），混错会直接算歪[12]Source: asksia-bible-fnce20005-bilingual.pdf10. 2 Altman's Z-score 10. 2 Altman Z 值 ALTMAN Z - SCORE Z = 3. 3(EBIT/TA) + 1. 0(Sales/TA) + 1. 2(NWC/TA) + 1. 4(RE/TA) + 0. 6(MVE/BVD) Z < 1. 81 high distress risk · Z > 2. 99 safe EX 5 Computing a Z-score 2 min A firm reports EBIT/TA = 0. 20, Sales/TA = 1. 00, NWC/TA = 0. 30, RE/TA = 0. 40, and MV equity / BV debt = 1. 50. Is it safe? - 某公司报告 EBIT/TA = 0. 20、Sales/TA = 1. 00、NWC/TA = 0. 30、RE/TA = 0. 40,且 MV equity / BV debt = 1. 50。它安全吗? - 1 Multiply each ratio by its weight. 3. 3x0. 20 = 0. 66; 1. 0x1. 00 = 1. 00; 1. 2x0. 30 = 0. 36; 1. 4x0. 40 = 0. 56; 0. 6×1. 50 = 0. 90. 把每个比率乘以其权重。3. 3×0. 20=0. 66; 1. 0×1. 00=1. 00;1. 2×0. 30 =0. 36; 1. 4×0. 40 = 0. 56; 0. 6×1. 50=0. 90。 2 Sum. Z = 0. 66 + 1. 00 + 0. 36 + 0. 56 + 0. 90 = 3. 48. 求和。Z=0. 66+1. 00+0. 36+0. 56+0. 90=3. 48。 3 Classify. 3. 48 > 2. 99 - safe zone, low probability of insolvency. 分类。3. 48>2. 99→安全区,资不抵债概率低。 ! Right ratios, right weights 正确的比率,正确的权重 Note the coefficients (3. 3, 1. 0, 1. 2, 1. 4, 0. 6) and that the last term is market value of equity over book value of debt - mixing MVE with BVD, or swapping any ratio, throws the score off and is the most common Z-score error. 注意各系数(3. 3、1. 0、1. 2、1. 4、0. 6),以及最后一项是股权的 市场 价值除以债务的 账面 价值 -- 把 MVE 与 BVD 混用,或调换任何一个比率,都会使得分偏离,是最常见的 Z-score 错误。 FNCE20005 . Corporate Financial Decision Making Restructuring, LBOs and distress are the same call-option logic seen from three angles: who captures the upside, who is left holding the downside, and what the leverage does to both. Name the mechanism and the marks follow. 重组、LBO与困境,是从三个角度看到的同一套看涨期权逻辑:谁攫取上行收益、谁被留下持有下行损失,以及杠杆对 两者各做了什么。点明机制,分数随之而来。 - MARKER'S NOTE - RESTRUCTURING & DISTRESS FNCE20005 . Corporate Financial Decision Making CH . GLOSSARY 1/2 - BILINGUAL GLOSSARY EN + 中文 公司金融术语表 · the terms, two languages 公司金融术语表 · the terms, two languages Every taught concept with its X name and a one-line definition 每个所教概念配上 中文 名称和一句话定义 每个术语给出英文、中文与一句话定义 一 考前快速对照,也帮中文背景的同学把概念和老师的英文表述对上号。 Group by theme; the definition states the idea, not the formula.[6]Source: asksia-bible-fnce20005-bilingual.pdfFNCE20005 . Corporate Financial Decision Making WORKED SOLUTION 1 (a) Levered beta. BL = Bu[1 + (1-te)D/E] = 0. 8x[1+ 0. 80×0. 5]=0. 8×1. 40 =1. 12. Gearing adds financial risk on top of the 0. 8 business risk. (a)杠杆后贝塔。βL = βu[1+(1-te)D/E]= 0. 8×[1+ 0. 80×0. 5]= 0. 8×1. 40=1. 12。加杠杆在 0. 8 的经营风险之 上叠加财务风险。 2 (b) Z-score terms. 3. 3x0. 10 = 0. 33; 1. 0x0. 90 = 0. 90; 1. 2×0. 20 = 0. 24; 1. 4x0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. (b) Z-score 各项。3. 3×0. 10=0. 33; 1. 0×0. 90 =0. 90; 1. 2×0. 20 = 0. 24; 1. 4×0. 30 = 0. 42; 0. 6x1. 00 = 0. 60. Sum. Z = 0. 33 + 0. 90 + 0. 24 + 0. 42 +0. 60 =2. 49. 求和。Z=0. 33+0. 90+0. 24+0. 42+0. 60=2. 49。 4 Classify. 1. 81 < 2. 49 < 2. 99 - the grey zone - neither clearly safe nor clearly distressed; watch the trend. 分类。1. 81<2. 49<2. 99→灰色区 -- 既非明确安全也非 明确困境;关注趋势。 ! MVE over BVD - mind the mix MVE 比 BVD––留意口径的搭配 The last Z term is market value of equity over book value of debt. And re-levering beta uses the effective tax rate te under imputation, not to. Z 的最后一项是股权的 市场 价值除以债务的 账面 价 值。而在抵免制下,重新加杠杆贝塔使用 有效 税率 te,而非 tc。 i What the grey zone means 灰色地带意味着什么 Z between 1. 81 and 2. 99 is a genuine 'cannot call it' band. The model is a screen, not a verdict - pair it with the stock vs flow insolvency tests before concluding. Z 介于 1. 81 与 2. 99 之间是一个真正“无法断定”的区 间。该模型是一道筛查,而非定论 -- 在下结论前把 它与存量对流量的资不抵债判定配合使用。 If you can build an FCF, gross up a dividend, slot te into a WACC, and read a real option as with- minus-without, you have the engine of this whole subject. The rest is stating why - that is where the marks hide. 若你能构建一份 FCF、还原一个股息、把 te 嵌入 WACC,并把实物期权读作含 - 不含,你就掌握了整门课的引擎。其 余是陈述 为什么 -- 分数正藏在那里。 MARKER'S NOTE - PRACTICE BANK FNCE20005 . Corporate Financial Decision Making AskSia Library EXAM BIBLE . ASKSIA FACULTY OF BUSINESS & ECONOMICS SEMESTER 1 . 2026 - THE COMPLETE EXAM BIBLE Corporate Financial Decision Making 公司财务决策 ONE SUBJECT · EVERY FORMULA, EVERY CASH FLOW, EVERY MARK. 墨尔本大学 FNCE20005 · 双语考试 bible · MST 25% + 期末 60% FNCE20005 . UNIVERSITY OF MELBOURNE 中英双语版 · BILINGUAL EDITION

5）考前 7 天冲刺：你按这个节奏刷（最省命）

• 每天 2–3 题：FCF→NPV（含 $\Delta NWC$ 回收）→ 终值 → 折现回今天；每题都强制写“公式→代入→结论”[23]Source: asksia-cheatsheet-fnce20005.pdf4b . NPV vs IRR Conflict EXAM FAVOURITE For mutually exclusive projects, scale & timing differences can rank them oppositely. When they conflict, trust NPV (it measures $ value added; IRR is only a rate). Survey lore: US firms lean IRR, AU firms lean NPV. The crossover rate = the IRR of the incremental cash- flow stream; below it, the bigger-NPV project wins. PI also helps rank under capital rationing when you can't take every +NPV project. For a non-conventional stream (sign flips more than once) IRR can give multiple roots - fall back to NPV, or use the modified IRR (MIRR) which assumes reinvestment at k. 4c . Free Cash Flow LEC 7 . ON SHEET FCF TO THE FIRM FCF = EBIT(1-tc) + Dep - ANWC - CapEx (+ after-tax asset sales) Rules: use incremental after-tax CF; ignore sunk costs ; include opportunity costs & ANWC. DEPRECIATION TAX SHIELD = tc x depreciation Depreciation isn't a cash flow - only its tax shield is ANWC reverses at project end (recover working capital). TERMINAL VALUE (YEAR T) TVT = FCF-(1+g)/(WACC-g) - TV is a growing perpetuity valued at year T - then discount it back T periods. It often dominates a DCF, so the long-run g assumption is where valuations are won or lost (keep g < WACC and below long-run GDP growth). 5 . Project-Risk Tools LEC 5 Sensitivity analysis . change one input (best/base/worst), hold the rest, read the NPV range. The widest range = the most sensitive variable (often selling price). Scenario analysis . move several linked inputs together (e. g. a recession case) - captures interrelations sensitivity misses. Break-even . solve the input value that sets NPV = 0 (e. g. price can fall 2. 8%, volume 19. 9%). Monte Carlo . assign distributions to inputs, draw thousands of NPVs -> P(NPV<0) & a 95% band. (Excel demo: optional, not examinable. ) Decision trees · sequential choices under probability; solve by roll-back (solve the most distant decision first, work back to today). The branch values capture the option to abandon, expand or continue. Each tool answers a different question: sensitivity -> which input matters; break-even -> how far it can move; scenario -> combined downside; simulation -> the whole NPV distribution. SIA + Sensitivity gives a range; break-even gives a threshold. Roll a tree backward, never forward - and remember depreciation's tax shield is the only cash effect.[8]Source: asksia-cheatsheet-fnce20005.pdfExam Discipline FINAL WORD Read each question for which rate the cash flow needs. Write the formula first, substitute second, state the decision last. Budget time by marks; bank the easy short-theory parts early, and keep partial working visible so method marks survive an arithmetic slip. asksia. ai/cheatsheet/ unimelb-fnce20005 . side 2/2 AskSia CHEAT SHEET SERIES MST 25% + EXAM 60% Compiled by AskSia . mapped to the FNCE20005 syllabus . asksia. ai/cheatsheet/unimelb-fnce20005 MST 25% + exam 60% . check your current unit outline . @ 2026 good luck. show your method. FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory.

• 只刷“错误类型”：
  • FCFF 用 WACC 折、项目风险匹配[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.
  • 终值要折现回今天、$FCF_T(1+g)$[14]Source: asksia-bible-fnce20005-bilingual.pdfA (P/E = 20, earnings $10m) acquires T (P/E = 10, earnings $5m) with no real synergy. Find the correct combined P/E and explain why EPS 'accretion' creates no value. A (P/E= 20,盈利 $10m)以无真实协同效应收购 T (P/E= 10,盈利 $5m)。求正确的合并后 P/E,并解释为何 EPS 的“增厚”不创造任何价值。 WORKED SOLUTION 1 Earnings-weighted combined P/E. = (20x10 + 10x5)/(10+5) = (200 + 50)/15 = 250/15 = 16. 7. 盈利加权的合并后 P/E 。= (20×10+10×5)/(10+5)=(200+50)/15= 250/15=16. 7。 2 Value check. Combined market value = P/Exearnings = 16. 7x15 = $250m = A's $200m + T's $50m. No value created - EPS may rise mechanically, but the market re-rates the merged firm to 16. 7, not A's 20. 价值检验。合并后市场价值 = P/Ex盈利 = 16. 7×15= $250m= A的 $200m+ T的$50m。未创造价值 -- EPS 可能机械 地上升,但市场把合并后公司重新定价到 16. 7,而非 A的20。 - FNCE20005 . Corporate Financial Decision Making CH . PRACTICE 5/5 - PRACTICE BANK (CONT. ) Terminal value, levered beta & distress 终值、有杠杆贝塔与财务困境 Three more standard calculations, plus a marker's closing note 另外三道标准计算,外加阅卷人的收尾提示 P11 CALCULATION 4 marks . terminal value & equity value A target's year-5 free cash flow is FCF5 = $100, growing at g = 2% thereafter; WACC = 10%. (a) Terminal value at the end of year 5 [2]. (b) Its present value today [1]. (c) If net debt is $200, what is the contribution to equity value? [1] (Use PV factor 1. 105 = 1. 6105. ) 某目标公司第5年的自由现金流为 FCF5 = $100,此后以 g = 2% 增长;WACC=10%。(a)第5年末的终值[2]。(b) 其今日现值 [1]。(c)若净债务为 $200,对股权价值的贡献是多少?[1](取现值系数 1. 105=1. 6105。) WORKED SOLUTION 1 (a) Terminal value. TV5 = FCF5(1+g)/(WACC-g) = 100x1. 02/(0. 10-0. 02) = 102/0. 08 = $1,275. (a)终值。TV5 = FCF5(1+g)/(WACC-g) = 100×1. 02/(0. 10-0. 02)= 102/0. 08 = $1,275。 2 (b) Discount back 5 years. PV = 1,275 / 1. 6105 = $791. 7. (b)折现回 5年。PV= 1,275 / 1. 6105 = $791. 7。 3 (c) This PV is part of firm value; subtracting net debt ($200) moves toward equity value - the terminal piece alone contributes 791. 7, from which debt is netted with the rest of the DCF. (c)该现值是 公司 价值的一部分;减去净债务($200)便走向 股权 价值 -- 单是终值部分就贡献 791. 7,债务则连同 DCF 的其余部分一起扣除。 ! Discount the terminal value back 把终值折现回来 TV5 is a value at year 5 - it must be discounted to today (here + 1. 6105). Forgetting this, or using FCF5 instead of FCF5(1+g) in the numerator, are the two recurring terminal-value slips. TV5 是 在第5年的一个值 -- 它必须折现到今天(此处÷1. 6105)。忘记这一点,或在分子中用 FCF5 而非 FCF5(1+g),是两个反复出现的终值疏漏。 P12 CALCULATION + CONCEPT 5 marks . levered beta & Altman Z (a) An unlevered (asset) beta is Bu = 0. 8. The firm gears to D/E = 0. 5 with effective tax te = 20%. Find the levered equity beta. [2] (b) A firm has EBIT/TA = 0. 10, Sales/TA = 0. 90, NWC/TA = 0. 20, RE/TA = 0. 30, MVE/BVD = 1. 00. Compute Altman's Z and classify it. [3] (a) 某无杠杆(资产)贝塔系数为 βu= 0. 8。公司将杠杆提升至 D/E=0. 5,有效税率 te=20%。求杠杆后的股权贝塔 系数。[2] (b)某公司 EBIT/TA= 0. 10、Sales/TA= 0. 90、NWC/TA= 0. 20、RE/TA=0. 30、MVE/BVD =1. 00。计 算 Altman 的 Z 并对其分类。[3]
  • Gordon 用 $D_1$ 不用 $D_0$（你若做到估值题就会遇到）[10]Source: asksia-bible-fnce20005-bilingual.pdfPV OF $5K IN 3 YRS @ 8% $5k 在3年后@ 8% 的现值 $948. 46 3-YR 6% BOND @ 8% YIELD 3 年期6% 债券 @ 8% 收益率 $34. 67 GORDON-GROWTH PRICE Gordon 增长定价 r > g PERPETUITY MUST SATISFY 永续年金须满足 FNCE20005 . Corporate Financial Decision Making ! DI vs Do - the most common share-valuation slip D1 对 Do -- 股票估值中最常见的失误 Gordon growth uses Da, next year's dividend. If the question gives "the dividend just paid" (Do), you must multiply by (1+g) first. Plugging D0 straight in understates the price every time. Same family of error as forgetting the terminal value sits at year T and must be discounted back. Gordon 增长模型用 D1,即 下一年的股息。若题目给出“刚派发的股息”(Do),你 必须 先乘以(1+g)。直接代入 Do 每次都会低估价格。这与忘记终值位 于第 T年、必须折现回来属同一族错误。 i Recap - Chapter 1 in six lines 小结 -- 第1章六行讲完 (1) PV = FV/(1+r)t; match rate to period, risk and tax basis. (2) Ordinary annuity PV = (C/r)[1 - (1+r)-t]; annuity due x (1+r). (3) Perpetuity = C/r; growing perpetuity = C1/(r-g), needs r > g. (4) Bond price = PV(coupons annuity) + PV(face); YTM solves it; cost of debt is the market rate, not the YTM. (5) Share = PV of dividends; Gordon growth P0 = D1/(ke-g); ke = D1/Po + g. (6) Every later valuation is just these five blocks assembled. (1) PV = FV/(1+r)t;让利率匹配期间、风险与计税基准。(2)普通年金现值=(C/r)[1-(1+r) -; 预付年金 ×(1+r)。(3) 永续年金 = C/r;增长永续年金= C1/(r-g),需 r > g。(4)债券价格= PV(票息年金)+ PV(面值);YTM求解之;债务 资本成本是市场利率,而非 YTM。(5)股票 = 股息现值;Gordon 增长 Po = D1/(ke-g); ke = D1/Po + g。(6)此后每 一项估值,无非是这五块拼装而成。 FNCE20005 . Corporate Financial Decision Making CH 2 . CAPITAL BUDGETING - CHAPTER 2 . CAPITAL BUDGETING INVEST . NPV RULES Should the firm spend the cash on this project? 公司该把现金投到这个项目上吗? NPV . IRR . payback . profitability index - and the cash flows that feed them NPV · IRR · 回收期 · 盈利能力指数 -- 以及喂给它们的现金流 Capital budgeting is the heart of corporate investment: decide whether a project adds value. The mechanics (the decision rules) come from Principles of Finance and are applied here; the part FNCE20005 leans on hardest is getting the cash flows right and then choosing the rule that does not mislead you. The dominant rule is NPV - accept if positive. 资本预算是公司投资的核心:判断一个项目是否创造价值。其机制(决策法则)来自《Principles of Finance》,在此加以应 用;FNCE20005 最倚重的部分,是把现金流算对,再挑一条不会把你带偏的法则。占主导地位的法则是NPV -- 为正则接 受。 ★ What the exam does with this 考试会拿这个考你什么 A capital-budgeting question is the subject's signature multi-part problem: build the incremental after-tax free cash flows (watch sunk costs, opportunity costs, ANWC, the depreciation tax shield), discount at the right rate, then apply NPV - and often compare it to IRR or payback to expose a conflict. Get the cash flows and the discount rate right and the rest is arithmetic. 资本预算题是本课程标志性的多部分问题:构建增量税后自由现金流(注意沉没成本、机会成本、△NWC、折旧税盾), 以正确利率折现,然后 应用 NPV -- 并且常要将其与 IRR 或回收期对比以揭示冲突。把现金流和折现率算对,其余就 是算术。 2. 1 The four decision rules 2. 1 四条决策法则
  • gross-up 方向：除以 $(1-t_c)$[17]Source: asksia-bible-fnce20005-bilingual.pdfDividends, drop-off & the imputation engine 股利、除息跌价与抵免机制 How a firm returns cash - and why the Australian tax system rewrites the rules 企业如何把现金返还股东 -- 以及澳大利亚税制为何改写了规则 Payout policy is the decision of how much cash to return to shareholders, in what form (dividend or buyback), and when. In a perfect market Modigliani-Miller says it does not matter at all - yet half the marks here come from the frictions that make it matter: taxes (above all, dividend imputation), signalling, and clientele effects. Master the drop-off identity and the gross-up arithmetic and you own this lecture. 派现政策决定返还多少现金给股东、以何种形式(股利或回购),以及何时返还。在完美市场里 Modigliani-Miller 说它根本 无关紧要 -- 可这里一半的分数恰恰来自那些让它变得重要的摩擦:税收(首推股息抵免)、信号传递和客户群效应。掌握除 息跌价恒等式和还原算术,你就拿下了这一讲。 ★ What the exam asks here 考试在这里会怎么问 Expect a drop-off-ratio calculation that backs out implied tax rates, an imputation gross-up (cash dividend - franking credit -> what a resident actually nets), and a rights-issue numerical (ex-rights price + value of a right). The recurring trap is direction: you divide by (1-tc) to gross up, never multiply. 预期会有一道 跌幅比 计算(反推隐含税率)、一道 抵免还原(现金股息→红利抵免→居民实际净得多少),以及一道 配股 数值题(除权价+一份配股权的价值)。反复出现的陷阱是 方向:还原时你要 除以(1-tc),绝不是乘。 2. 1 The payout measures 2. 1 派现度量指标 Three numbers describe any payout, and the exam expects all three on sight: 任何一次派现都可由三个数字描述,考试一上来就要你三个全报: Measure Formula Reads as Dividend per share (DPS) Total dividend + shares cash per share Dividend yield DPS + share price income return % Payout ratio DPS + EPS (or Div + NI) fraction of profit paid out The complement of the payout ratio is the retention ratio (the plough-back, b). Under the Gordon model, sustainable growth g = b x ROE - paying out more today means lower internally-funded growth. 派现率的补数是留存率(再投资比例b)。在 Gordon 模型下,可持续增长 g = b x ROE -- 今天派得越多,意味着内部资 金支持的增长越低。 2. 2 The dividend drop-off ratio 2. 2 股利除息跌价比 On the ex-dividend date the share stops carrying the right to the declared dividend, so its price falls. The drop- off ratio measures how much it falls per dollar of dividend:[21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.
  • WACC 用 $t_e$、用市场权重[21]Source: asksia-cheatsheet-fnce20005.pdfAskSia CHEAT SHEET SERIES MST 25% + EXAM 60% FNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 2 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 2/2 FINANCING & STRATEGY . WACC under imputation . Payout & franking . Capital structure (MM . trade-off . levered B) . Real options . M&A . Restructuring . Distress . Risk mgmt 10 . WACC LEC 4 . ON SHEET WACC (MARKET-VALUE, TARGET WEIGHTS) WACC = Kg(1-te) (D/V) + Ke (E/V) V = D + E Interpretation: the minimum return on existing-risk assets that preserves security value - the hurdle rate for same-risk projects. ka = risk-free + default spread (by credit rating, or a synthetic rating from interest coverage = EBIT/interest). ke = CAPM or Gordon DCF. Divisional pitfall: one firm-wide WACC over-funds high-risk divisions and starves low-risk ones - use a pure-play comparable's WACC matched to the project's risk. SIA > Market weights, not book; te not to Never discount a different-risk project at the firm WACC. 11 . Dividend Imputation LEC 2/4 SIGNATURE The AU system since 1987 - franking credits pass corporate tax to resident holders, undoing double taxation. GROSSED-UP DIVIDEND Divgross = Divcash/(1 - tc) FRANKING CREDIT = tc x Divgross Ex: $70 cash, to=30% -> gross = 70/0. 7 = $100 ; credit = 0. 30×100 = $30 . The holder is taxed on $100, then offsets the $30.[27]Source: asksia-cheatsheet-fnce20005.pdfWACC = 7%(1 -. 12) (. 40) + 18%(. 60) = 7x. 88x. 40 + 10. 8 = 2. 46 + 10. 8 = 13. 3% Had you wrongly used to=30%: 7x. 70x. 40 = 1. 96 => WACC 12. 76% - so imputation raises the after-tax cost of debt, because less of the tax shield is "real. " 13 . Capital Structure LEC 4 . CORE Cost-of-capital approach: firm value = 2 CFt/(1+WACC)}; value is maximised where WACC is minimised - a U-shape with an interior optimum. LEVERED BETA . ON SHEET BL = Bu. [1 + (1-te) . D/E] Bu (asset B) = business risk only; ß_ adds financial risk. Unlever a comparable, re-lever to your gearing -> ke at each debt level. THEORY RESULT MM no tax VL = Vu (irrelevant) MM + corp tax VL=Vu +te 'D Trade-off + t_D - PV(distress) Pecking order internal -> debt > equity 13b . The Theories in Words EXAM THEORY

• 每类题准备 2 句固定输出：
  • “Decision rule 是 …；因此我们 accept/reject …”[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.[11]Source: asksia-cheatsheet-fnce20005.pdfFNCE20005 Corporate Financial Decision Making UNIVERSITY OF MELBOURNE . DEPARTMENT OF FINANCE EXAM REVISION Sem 1 2026 . SIDE 1 OF 2 MST 25% + Exam 60% · formula sheet provided SIDE 1/2 VALUATION CORE . How to use . Exam blueprint . Time value of money . Bonds & YTM . Gordon growth . NPV / IRR / PI . Free cash flow . Risk & return . CAPM . SML 0 . How to Use This READ FIRST * FNCE20005 is graded 25% mid-sem test (1 hr, Wk 6) + 60% final exam + 5% homework quiz + 10% tutorials. A formula sheet is provided in the MST - so marks come from setting up & interpreting, not memorising. This sheet groups every formula with its decision rule + a worked number. It is the second finance subject: TVM, bonds & CAPM are assumed background (Side 1); the taught, examinable core is the Australian-flavoured toolkit - imputation, payout, leases, capital structure, real options, M&A (Side 2). SIA > Every question is 'match the discount rate to the cash flow's risk & timing. " The wrong rate, the wrong tax rate, or a wrong cash-flow sign sinks more marks than arithmetic ever does. 0b · Exam Blueprint WHERE MARKS LIVE MST (Wk 6, ~Lec 1-5): equity raising & rights, payout & imputation, leases, WACC & capital structure, advanced budgeting. Multi-part numerical with a formula sheet. Final (60%, cumulative): adds real options, M&A valuation & economics, restructuring, distress, risk management. Expect one big DCF/valuation, one capital-structure/WACC, one payout/imputation, plus short theory. · Show the formula > substitution > answer chain - method earns marks even if the number slips · State your decision (accept/reject, lease/buy) explicitly · Carry units & signs; label $ vs % · Quote the decision rule threshold (NPV>0, IRR>k, PI>1) before you compute The MST is short - practise the rights, imputation & WACC numericals to near-automatic; the final rewards clean valuation set-ups and tight theory. Oc . Master Toolkit Map THE SPINE Every valuation is one engine - discounted cash flow - pointed at a different object: 1. A bond -> PV of coupons + face 2. A share -> PV of dividends (Gordon) 3. A project -> NPV of free cash flows 4. A firm -> FCF + WACC + terminal value 5. A target -> firm value + synergies Master the discount rate ( CAPM for ke, WACC for the firm ) and the rest is bookkeeping. Three recurring questions: what is it worth (valuation), should we invest (capital budgeting), how do we finance & pay out (structure, payout, imputation). The course is the bridge from "Principles" mechanics to real-firm decisions.
  • “折现率选择依据：现金流口径是 … 风险是 … 所以用 …”[4]Source: asksia-bible-fnce20005-bilingual.pdfWeek 6 Tutorial participation & assignments 10% Wks 4,5,7- 12 Individual homework (Canvas) 5% Fri Wk 4 Tutorials are marked pass/fail on serious attempt (correctness not required) and the lowest is dropped. The homework is 4 MCQs, individual, no extensions. Easy marks - bank them, then put everything into the exams. 辅导课按是否认真作答记通过/不通过(不要求正确),且去 掉最低的一次。作业是4 道选择题,单独完成,不可延期。 都是好拿的分 -- 先把它们攒进口袋,再把全部精力投入考 试。 What the exams reward 考试究竟奖励什么 Skill Weight Multi-part calculation (NPV, WACC, lease, valuation) most Apply the right formula to fresh numbers core Concept MCQ / short answer (MM, traps) some FNCE20005 . Corporate Financial Decision Making cumulative ✓ The strategy this dictates 由此推出的备考策略 FNCE20005 is procedural: a small set of calculation chains applied to new numbers. The MST (Lec 1-5) lives on imputation grossing-up, rights issues, WACC and capital structure; the final adds capital budgeting, real options, takeover valuation and distress. The recurring spine is one chain: estimate after-tax free cash flow - pick the right discount rate - discount - decide. Master that chain plus the AU-specific imputation maths and the exams can't surprise you. FNCE20005 是 程序化 的:把一小组计算链条套用到 新数字上。MST(第1-5讲)聚焦于 抵免还原、配 股、WACC 与资本结构;期末则增加 资本预算、实物 期权、收购估值与困境。反复出现的主线是同一条 链:估算税后自由现金流 → 选对折现率→折现 → 决策。掌握这条链外加澳大利亚特有的抵免算法,考 试便无法让你措手不及。 ! The single most-repeated warning in the subject 整门课里被反复强调最多的一条警告 Match the discount rate to the risk of the cash flow. Discounting a risky cash flow at the risk-free rate, using the firm-wide WACC for a project of different risk, discounting a lease at the project's required return instead of the after-tax cost of debt, or discounting free-cash-flow-to-firm with the cost of equity - these are the same mistake wearing different hats, and the exam tests every one of them. 让折现率匹配现金流的风险。用无风险利率折现有风险的现金流、对风险不同的项目套用全公司 WACC、用项目要求回 报率(而非税后债务资本成本)折现租赁、或用股权资本成本折现公司自由现金流 -- 这些都是同一个错误换了不同的 面孔,而考试每一种都会考。 FNCE20005 . Corporate Financial Decision Making CONTENTS CONTENTS The whole subject, in one ordered book[18]Source: asksia-bible-fnce20005-bilingual.pdf! Forgetting working capital is recovered 忘了营运资本会被收回 ANWC is an outflow when it is invested (year O here) and a matching inflow when it is released at project end. Omit the recovery and you understate the final- year cash flow and the NPV. △NWC 在投入时(此处为第0年)是一笔流出,并在 项目结束时 随其释放而成为相应的流入。遗漏这笔回 收,你就会低估末年的现金流与 NPV。 ! Wrong discount rate for the risk 用了与风险不匹配的折现率 Discount FCFF at WACC, not the cost of equity, and use a rate matched to the project's risk, not the firm- wide WACC if the project differs (the divisional-WACC pitfall in Ch 4). Mismatching rate and risk is the most- repeated warning in the subject. 用 WACC(而非股权资本成本)折现 FCFF,并使用 匹配 项目风险 的利率 -- 若项目与公司不同,则不用 全公司 WACC(第 4章的部门WACC 陷阱)。利率与 风险不匹配是本课程最反复重申的警告。 FNCE20005 . Corporate Financial Decision Making i Recap - Chapter 2 in six lines 小结 -- 第 2 章六行讲完 (1) Trust NPV: accept if positive; it measures dollars of value added. (2) IRR is intuitive but suffers scale, timing, and multiple-IRR pitfalls; on conflicts, follow NPV. Payback ignores time value; PI ranks value per dollar under rationing. (3) Use incremental after-tax cash flows: drop sunk costs, include opportunity costs and ANWC, exclude financing. (4) FCF = EBIT(1-tc) + Dep - ANWC - CapEx; depreciation enters only via its tax shield. (5) Terminal value = FCFT(1+g)/(WACC-g), then discount it back T years. (6) Match the discount rate to the cash flow's risk. (1)信赖 NPV:为正则接受;它衡量增添的价值美元数。(2) IRR 直观但存在规模、时间与多重 IRR 的陷阱;冲突时以 NPV 为准。回收期忽视时间价值;PI 在资金受限下按每美元价值排序。(3)使用 增量税后 现金流:剔除沉没成本,纳 入机会成本与 △NWC,排除融资。(4) FCF= EBIT(1-tc)+Dep - △NWC -CapEx;折旧仅通过其税盾进入。(5)终 值= FCF-(1+g)/(WACC-g),然后 折现回 T年。(6)让折现率匹配现金流的风险。 FNCE20005 . Corporate Financial Decision Making RISK & CAPM - CHAPTER . RISK, RETURN & THE CAPM THE Ke ENGINE Pricing risk: from one stock to the cost of equity 为风险定价:从单只股票到股权资本成本 Expected return . variance & SD . covariance . portfolios . beta . CAPM . SML 期望收益 · 方差与标准差 · 协方差 · 投资组合 · beta · CAPM · SML Every valuation in this subject discounts risky cash flows, and the discount rate has to compensate for risk. This chapter builds the machinery: measure the risk and return of one asset, combine assets into a portfolio, watch diversification kill off the risk that is specific to each firm, and arrive at the one risk that survives - systematic risk, measured by beta. The pay-off is the CAPM, which turns a beta into the cost of equity k. you will feed straight into WACC next chapter. 本课的每一项估值都在对有风险的现金流折现,而折现率必须为风险提供补偿。本章搭建这套机器:度量单一资产的风险与收 益,把资产组合成投资组合,看着分散化消灭掉各公司特有的风险,最后到达那唯一幸存下来的风险 -- 系统性风险,由 beta 度量。其成果就是 CAPM,它把一个 beta 转换成你下一章会直接喂进WACC 的股权资本成本k 。。 ★ What the exam does with this 考试会拿这个考你什么 Two flavours. (1) Mechanical: given probabilities and returns, compute E[R], variance and SD, then a two-asset portfolio's return and risk (the covariance term is where marks are lost). (2) CAPM plug-in: given R. , beta and the market return (or the market risk premium), return ke = R. + B[E(Rm) - R ]. The conceptual MCQ tests systematic vs unsystematic risk and why diversification only removes the latter. Use beta, never total SD, in CAPM - that is the most baited trap. 两种类型。(1)机械计算:给定概率与回报,计算 E[R]、方差与标准差,再算双资产组合的回报与风险(协方差项是丢分 之处)。(2) CAPM 代入:给定 R、贝塔系数与市场回报(或市场风险溢价),返回 ks= R。+ β[E(Rm)-Ro]。概念性选 择题考查 系统性 vs 非系统性风险 以及为何分散化只能消除后者。在 CAPM 中要用 贝塔系数,绝不用总标准差 -- 这 是最常设的陷阱。 1 Expected return and the risk of one asset 1 单一资产的期望收益与风险 Treat a stock's future return as a random variable taking value R, with probability p ;. The expected return is the probability-weighted average outcome - the centre of the distribution. Variance measures dispersion around that centre by averaging squared deviations; the standard deviation (SD) is its square root, expressed back in the same units as the return (a percentage), which is why SD is the everyday measure of total risk.

6）你只要再回我 1 个信息，我就能把“复习重点”继续细化到你个人版本

• A 资本预算：FCF/NPV/终值/IRR 冲突
• B CAPM/WACC（$t_e$、市场权重、项目风险匹配）
• C 抵免/股利/跌幅比 drop-off / rights issue
• D 资本结构：MM、trade-off、pecking order、levered beta
• E Real options / M&A / Distress（Z-score）

• “必背定义一句话”+“公式清单”+“标准做题书写模板”+“最常错 5 个坑怎么避”