ACCA2011年6月份考试大纲(F9)(12)

　　随着ACCA2010年12月份考试的结束,考生正式进入ACCA2011年6月份的考试备考当中,为帮助广大考生迅速掌握考试要点,定位好备考重点,正保会计网校本着服务广大考生、努力让广大考生的复习、备考事半功倍的宗旨,将陆续公布2011年6月份ACCA考试大纲和学习指南,以飨考生！该大纲和学习指南旨在帮助考生规划学习,并为每一部分的考点提供详细的信息。

　　F COST OF CAPITAL

　　1.Sources of finance and their relative costs

　　a)Describe the relative risk-return relationship and the relative costs of equity and debt.^[2]

　　b)Describe the creditor hierarchy and its connection with the relative costs of sources of finance.^[2]

　　2.Estimating the cost of equity

　　a)Apply the dividend growth model and discuss its weaknesses.^[2]

　　b)Apply the capital asset pricing model(CAPM)and describe and explain the assumptions and components of the CAPM.^[2]

　　c)Explain and discuss the advantages and disadvantages of the CAPM.^[2]

　　3.Estimating the cost of debt and other capital instruments

　　a)Calculate the cost of capital of a range of capital instruments,including:^[2]

　　i)irredeemable debt

　　ii)redeemable debt

　　iii)convertible debt

　　iv)preference shares

　　v)bank debt

　　4.Estimating the overall cost of capital

　　a)Distinguish between average and marginal cost of capital.^[2]

　　b)Calculate the weighted average cost of capital(WACC)using book value and market value weightings.^[2]

　　5.Capital structure theories and practical considerations

　　a)Describe the traditional view of capital structure and its assumptions.^[2]

　　b)Describe the views of Miller and Modigliani on capital structure,both without and with corporate taxation,and their assumptions.^[2]

　　c)Identify a range of capital market imperfections and describe their impact on the views of Miller and Modigliani on capital structure.^[2]

　　d)Explain the relevance of pecking order theory to the selection of sources of finance.^[1]

　　6.Impact of cost of capital on investments

　　a)Explain the relationship between company value and cost of capital.^[2]

　　b)Discuss the circumstances under which WACC can be used in investment appraisal.^[2]

　　c)Discuss the advantages of the CAPM over WACC in determining a project-specific cost of capital.^[2]

　　d)Apply the CAPM in calculating a projectspecific discount rate.^[2]