As the ** the highest score in Peking University’s financial professional course** and ** have 6 years of financial professional teaching experience** b>、** Bringing out dozens of seniors who were admitted to Peking University and Tsinghua Master of Finance**. Peng Ge will talk about the ** important and difficult points and thinking questions of the chapters of corporate finance and investment in detail.** b>The textbooks used are the ninth edition of Ross’s "Corporate Finance" and Bodie’s "Investment"

Good news: 21 Peng Ge team made another great achievement. Many students from Peking University Guanghua went ashore, one of them Also achieved the highest score in the retest. Nearly 10 students from Peking University and HSBC entered the re-examination, and the multi-person professional courses achieved a high score of 125+. The online rate of Tsinghua Wudaokou/Economics and Management students reached 50%. Five students got a high score of 415-430 and entered the retest, realizing their dreams of Tsinghua University. This also proves our philosophy once again-the advantages of mastering professional thinking, truly understanding the principles and methods, and learning thoroughly. It is to increase the success rate, make the high score of the test more stable, and make the retest more confident! We do not rely on crowded tactics, but insist on the cultivation of small class quality, really pay attention to the learning situation of each student, improve everyone's learning level and success rate, and finally achieve today's success rate.

The meaning of writing these questions is to hope that everyone can learn more deeply. It is not to memorize knowledge points and formulas by rote, but to truly understand the financial principles behind the formulas and master "** Financial thinking**". At the same time, I also hope to show everyone, **The depth and angle of learning of the highest level of Peking University finance seniors, to what extent can they be truly understood and thoroughly studied, and what is the secret of the highest score! **So as to encourage everyone to think more deeply and strengthen learning!

Remind 23 students who want to pass the exams of famous financial schools in Beijing, if ** want to be sure to pass the exam next year, it is best to start preparations early**, the summer is the best time.

Beijing Dapeng: Preparation for sophomore and junior college | The most efficient way to prepare for the Peking University and Tsinghua Finance Master’s postgraduate entrance examination

For details on how to prepare for the exam, please see Peng’s latest lecture-23 financial postgraduate entrance examination. First fly the exam preparation lecture, ** from 8 aspects, explain in detail how to prepare for the test scientifically**, and share the most in-depth and practical test preparation methods and planning with 23 graduate students. The topics are as follows:

For details of the lecture, please click to view——

**23 Finance Postgraduate entrance exam preparation lectures******

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** All the questions in this article are the original questions of Peng Ge in his own learning and teaching process. Peng Ge will also explain and expand in detail on mine, and can dig out many deep Knowledge. **

The problem comes from the deepest learning materials for financial postgraduate entrance examinations released by Peng Ge——** "431 Finance High Score Collection"**, get If you understand these issues, your financial management and investment learning will be truly thorough! Everyone is also welcome to watch Peng Ge 22's new charity course-Sailing Leadership Class. The first lecture on finance describes in detail how to learn 431 finance well, and the important and difficult issues of financial management chapter 2-5 capital budgeting.

**22 Peng Ge Set Sail Leadership Class Finance First Lecture******The link to the second lecture on finance is as follows, which explains in detail the key points of financial management [the important and difficult points related to the MM theorem]

22 Peng Ge set sail Second Lecture on Finance in the Class

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** A more detailed book title for finance is as follows:**

The best way to learn finance is to emphasize by Peng Ge "Financial Thinking Method", see the picture for details

Overall learning arrangement——

< h2>**Corporate Finance**

The book is divided into three parts. The first part, chapters 4-7, capital budget; the second part, chapters 8.9.19.20.22-25, financial products; the third part, chapters 15-18, capital structure, the core and focus of the book.

Look at the first part first. Chapters 4-7 mainly talk about investment evaluation criteria and how to make investment decisions. There are three important points to grasp: the discounting of annuities, the principle of the NPV method and the difference and comparison with other methods, and the significance of the existence of real options.

** Chapter 4**, master the derivation of the annuity formula. The formulas for perpetual annuities, perpetual growth annuities and non-perpetual annuities are easy to derive. The key is the non-sustainable growth annuity (4-17)

How did the formula come about? After clarifying the logic of the deduction, annuities will be basically mastered. The relationship between prepayment and postpayment annuities, and the calculation method of prepayment annuities also need to be mastered.

There are also several points that need special attention in the calculation of annuities. In the example of 7.3.1 Extended Options in Chapter 7, the calculation of investment NPV is the calculation of the real net present value of 11.5 million on the left side of Figure 7-5. This place is wrong because the choice of time in the annuity is ignored.

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** These contents are not difficult, but rather trivial. You need to be careful and take more time to summarize. **

** Chapter 5, there is a question to think about, why use NPV instead of net profit to measure investment? What if profits are also forecasted and discounted? I have asked many students about this question, but there are few answers that satisfy me. Most students just think illogically and have no basic analysis ideas. This level is far from learning to understand. The following payback method, in addition to the problems mentioned in the book, can you think of the advantages of this method in practice? Think about it the other way around. Although we think that the NPV method is the best method in theory, what are the problems and deficiencies in practice? In my class, I will combine many real cases to explain the advantages and disadvantages of these methods and inspire everyone to think. Because only when you consider the reality, can you better understand the scope of application of each method and truly understand the usefulness of each method. **

** Chapter 6, the focus is first on the project analysis method, which mainly analyzes the cash flow. The commonly used method is a three-stage analysis, looking at the cash flow at the beginning, mid-term, and end of the period. Specifically, there are two modes, one is simply buying new equipment; the other is replacing old and new equipment, which is also the most difficult. There is also the following EAC, and that example, which is very classic. Do you know the conditions for using EAC, and then EAC. In practice, if the conditions are violated, can it be applied? And the following example from 6-11 is also very important. Do you really understand it? What model does it belong to, and is there a better calculation method? **

More importantly, the 20.21 questions in this chapter’s after-class questions, these two are also difficult problems in this chapter. First, think about how to analyze them. There are several ways. , How can you do the right problem when you didn't think of the best way at the beginning? This is what we have to learn and adapt to the circumstances, because we can't ensure that we can always reflect the best method in the first time.

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** Secondly, very important, Shengcai’s answer, the process is completely wrong, a very serious mistake! You have to think about it, what's wrong! What is the right one? Here we must combine the analysis methods we have learned to think about. **

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** Chapter 7, the calculation of present value breakeven is also the focus. Although many people know how to calculate, the key is not the formula, but the reasoning behind it. Why, how did you think of it, and what is the specific analysis and logic. This is what I emphasized very much in my lecture. Don't be satisfied with knowing some formulas, but go deep into the back, and want to understand how the formulas come from, what reason, and how to analyze them step by step. At the same time, it is ensured that the analysis ideas can be copied, operated, and are very precise. Only when you understand the truth behind it and understand its ins and outs can you truly understand it. **

** **

** In the back of the real option, it can be combined with the financialCombination of options, similar in thinking, are both binary tree analysis methods. In particular, abandoning options can be extended in depth, combined with the characteristics of American options, which is also an important supplement to my class. **

** The second part, chapter 8.9.19.20.22-25, talks about financial products, mainly bonds, stocks and derivatives. The part of 22-25 derivatives is put in Hull's "Options, Futures and Derivatives" "Pin". Therefore, it is mainly bonds and stocks, and the requirements for postgraduate entrance examinations for bond content are not high. The most important is the three chapters 9.19.20 related to stocks, which are also the focus and difficulty of any college exam. **

** Chapter 9 is the absolute focus and difficulty, and it is also one of the most difficult chapters in financial management. First of all, we must understand the meaning and formula of the dividend discount model, how to find the growth rate g, and what is the relationship between the internal and sustainable g in Chapter 3; secondly, the method and rationale of the discount rate R is also very important. **

** The difficulty appears in NPVGO, I believe few people can understand this place thoroughly. The logic of the example in the book is that the original company’s profit is EPS, and all dividends are D, so EPS=D. My problem is that if the company keeps a part of it to invest to form an NPVGO, and the rest pays dividends, the new dividend is recorded as D', then there are D'**

** **

** the following This question is also very important:**

** Will a high retention ratio necessarily benefit shareholders? How to translate this sentence to its simplest form. **

** Which of the dividends and profits should be discounted? What the book says is actually a problem, you need to rethink it. **

** How to value a non-dividend company? This involves the issue of valuation methods. **

** **

** All these questions should be considered. The answers given in the book are either incomplete or incorrect. In many cases, the actual situation must be considered, especially in combination with the actual situation of the Chinese market. **

** Let’s talk about the P/E ratio. How many algorithms are there? Why can it represent growth? A mistake in the book "low-risk stocks have high P/E ratios", do you see the problem? Remember, we must integrate China's reality. **

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** Chapter 19, to understand the impact of dividend policy. The example of 19.3.1 is why the new stock price can be calculated like that, how would you calculate it, what is the reason, and how can it be simpler? **

** Dividend policy is related and unrelated to two sentences, how to understand? **

** **

** The next difficulty is stock repurchase. There are many questions here. One of the interesting and key points is why the stock price-earnings ratio is still 6 after the repurchase! In this place, Teacher Liu Li's "Corporate Finance" also assumes the same way. But the question is why this is possible, how did it come about, doesn’t the repurchase affect the company’s P/E ratio, and how to prove it? Here, if you don’t know, do you dare to use it in the exam. **

** **

** In order to clarify this question, Brother Peng went to the Peking University Library to check a large number of Chinese and foreign documents, and found that the answer was far away It's not as simple as we thought, and it's not just a simple explanation. Insist on not fooling the things you don't understand, but finding all the information you can find to thoroughly clarify the problem. Students should also pay attention to their learning attitude when studying, and think carefully, rather than mechanically and superficially. **

** Chapter 20 is relatively simple. It mainly masters the difference and scope of application of several ways of cash issuance, as well as several formulas for allotment and understands the derivation logic. **

**The third part, Chapter 15-18, capital structure and MM theorem, is the core and focus of the book. In this part, we must understand the several forms of the MM theorem and their respective derivation processes, as well as the difference and connection between tax-free and tax-free. **

** Chapter 16, first think about what the core logic of this part is, why the MM theorem talks about two aspects of value and discount rate. Secondly, we must understand why Vl=Vu without tax, self-made leverage is also a common test point. In the derivation of Rs, why can it be assumed that R0=Rwacc. This assumption is the key to deriving Rs and is very important. Many students didn't pay attention to this. Now think about why they are equal and how to prove it. You need to think about it yourself, otherwise you don't know the principle and you won't learn deeply. As a reminder, it has something to do with the tax situation. **

** **

** There is another important question, what is the value proposition of the MM theorem without tax? SinceFor the example of leveraging, I feel that if I have 2,000 yuan in capital, and I borrow 2,000 yuan in full equity, then the 2,000 yuan in the equity part does not increase as a result, but is still 2,000. However, the capital structure to be learned is not like this. What does it actually mean? In the same way, in the case of taxes, it is also necessary to understand how the leveraged cash flow CFl is calculated. Especially the proposition one (16-5), how did it come out, and what's the reason? Proposition 1: I personally feel that there is a problem. Why can EBIT(1-tc) and tcBRb be discounted at different discount rates? Just because the split is equal to different cash flows, can it be discounted separately like this? This place, I welcome anyone to leave a message to explain. **

There is the derivation of Rs under tax conditions later, and the process of proof is also very important. And here is not the same as the previous tax-free proof of thinking, it can reflect a person's thinking ability very well. This is also the focus of my lecture. It is necessary to understand the rationale and derivation methods behind each formula and do not memorize it by rote. I often Q classmates in class, telling them not to be afraid of trouble, and to learn and think actively. This is the same for everyone, and it is the best way for you to improve your level.

The next question is why Rwacc in Figure 16-6 decreases with the increase of B, but does not change when there is no tax. What is reflected here? The answer to the question is the core principle of this chapter. If you can’t explain it, it means you didn’t understand this chapter.

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** Chapter 17, to understand the under-investment and over-investment in the agency the reason. Excessive and inadequate are both things that can happen when the company is facing financial difficulties. Starting from reality, think about when it will be excessive and when it will be insufficient. Tips, you can also consider the volatility of options. In the section on signals, understand the meaning of signals and their impact on stock prices in reality. **

** The following is an extension. In addition to the corporate tax tc, if there are dividend tax ts and interest tax tb, what will happen to the MM theorem and how to derive the formula? This is also a test of a person’s learning literacy, see Can you be flexible and flexible. **

** Chapter 18 First of all, the FTE method, what is LCF, is it the same as the CFl we learned in Chapter 16, and if not, what is the difference; secondly, Can you find out what seems to be the relationship between Rs and ROE. The answer to Shengcai's after-school question, one of the questions said ROE=Rs, is this really the case, and why? What I want to tell you is that the answer is completely wrong! **

There is a place in Chapter 18 that is the most difficult and most reflective of a person’s financial thinking ability and learning literacy in financial management, which is the example of the loan in APV. . In Section 18.6, why did you suddenly introduce an NPV loan instead of directly using the tax shield method? If you calculate it carefully, you will find that under the 10% interest rate, both the tax shield law and the NPV borrowing result are 976415. Under the latter 8% interest rate, the result of the tax shield law is not equal to the 1.34 million NPV loan.

Here comes the question, **Why is the tax shield law wrong**? The tax shield law we have been using is wrong here! Where is the problem? What is the difference and connection between these two methods, how do we deal with debt problems, and when and which method should be used. If you don’t understand these questions, do you still dare to use the tax shield method to solve the questions in the exam?

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** Many people disagree with this place and think that it may not be taken anyway. But I will ask each of my students on this, let them think deeply, and then give the answer, and I will ask again. The purpose is to train their research spirit and independent thinking ability, which is also the basic ability required by prestigious schools, and it is a way to improve their own level and depth. Our level and the ability to do questions at the end is to improve in the process of thinking about each question, and finally get a high score in the exam. I was thinking here for a long time, and without any reference answers, I relied on my own exploration and proof, and finally gave a perfect proof and explanation, and I also thoroughly clarified the problem. **

** Next, there are many things to pay attention to about the beta coefficient. Including how to load and unload levers, what conditions need to be met; what is the average order of multiple comparable companies. **

** Chapter 29, first understand the source of synergy, and then the most important thing is the method of calculating the net present value of mergers, which is different from cash acquisitions and stock acquisitions. Many of the after-school questions in this chapter are worthy of focus. **

** The middle 10-14 chapters mainly talk about the theory of investment, We put it in the corresponding chapter of Bodie's "Investment" to learn. And chapters 22-25, put it into Hull's "Options, Futures and Derivatives" Chapter 1-15 for learning. You don’t need to read the chapter on Wiener Process, and you should study the others carefully. When I teach students, I will explain at the very beginning how to divide the knowledge structure. Only when it is clear from the beginning, will the review be targeted. This is what I said, the meaning of modular learning, use the best book for each part of the knowledge to learn the corresponding knowledge. **

** In this way, the main points of each chapter of the financial management book are basically mentioned. Of course, there are still many things that need to be paid attention to. Everyone has to slowly understand. You will find that there are actually a lot of problems, and there are a lot of things to think about. It is not just a matter of learning. **

** Let's talk about the topic again. The after-school questions in each chapter have difficult problems that particularly reflect the key points of this chapter. They are very representative. We need to keep thinking in order to understand this part of knowledge. Therefore, after-school financial management questions need to be repeated and deepened. And The answer to "Sheng Cai" has some errors. Students must not just look at the answers, because the answers presented are not the logic of the question. It is difficult for you to analyze the questions in the order of the answers, so, you must have your own ideas, How did you come up with the idea, what is the thinking and logic, step by step must be very rigorous. A topic is not over when it is done, but it is necessary to draw inferences from one another so that the study can be deepened. **

**There are many methods for some problems. Which one to use when solving the problem, and why to use it, must be fully understood. The best for you is not the simplest, but the most profound method you understand. for example. For example, in the part of the MM theorem, to calculate the value V and the discount rate R, you can use the formula of Vl and Rs, or you can use general thinking, cash flow discounted value, cash flow divided by value to get the discount rate. Which one is better to use is not certain, different topics may be different. Therefore, you have to find a method that suits you, understand the truth at the same time, see how other methods can be done, compare each other, keep thinking, and infer other things. **

** One thing to note is that many chapters are seriously missing in the after-school questions in the Chinese version of Ross "Corporate Finance". But I carefully compared all the chapters, not every chapter is missing, 4.5.6.7.9.13.16.28 is missing more. So if you want to do more questions, you can look at the English questions in these chapters, which is still very good. In addition, I made some of the exercise books on the market that year. Looking back, there are very few that are really useful, so I suggest that you don’t have to do all of them, just do the existing ones first. **

** The chapters that I didn't talk about in financial management, such as the first three chapters, belong to the introduction to finance and accounting, so we should focus on them. Students who have no foundation, look good, and help build basic financial concepts and foundations. And the back 26-28, 30.31, just look at it simply. **

** Let’s talk about another practical problem. When learning knowledge, must be more integrated with the actual capital market to understand. That is to say, theory must be connected with reality, and use what you have learned to understand things and cases in real life. Don't just learn it rigidly. When I give lectures to students, I have repeatedly emphasized this point. I have to analyze some actual cases. This will make the knowledge and theories more in-depth and easier to remember. **

** For example, Chapter 20, 20.3.3 discount, is a very good case. Why are stocks discounted when they are listed, especially in China, and what is the reason and meaning. This is not what it says in the book, because it is necessary to consider the actual situation, that is, the situation in China, and to integrate many capital market realities. Without basic common sense, it is impossible to explain clearly. **

The purpose of our study is not only to pass the initial exam, but also to perform well in the re-examination and finally be admitted. In-depth, thorough, and systematic learning at ordinary times can not only help me improve my level and ensure a high score in the first test, but also enable myself to perform well in the second test and be able to answer the teacher’s questions well. After all, the answer to the retest very much reflects a person's learning literacy and depth of thinking. When the teacher asks you, explain the problem concisely, not nonsense or a bunch of meaningless words.

So students who want to really get high scores in professional courses, ** must pay attention to the difficulty and depth, and strive to learn thoroughly! **Only in this way can we really get a high score in the test, not "maybe" or "in case." At the same time, in the re-examination, the answers were fluent, without rushing, and finally admitted steadily. ** This is not only my expectation of everyone, but also my requirement for the students of the [full class]. Everything is subject to the certainty of passing the exam. It is necessary to learn more, pay more and think! **

** Investment Studies**

The book is Bodie’s ninth edition of "Investment". There are two important parts of this book. The first and most important is chapters 5-10, which are the core of investment and explain asset portfolio and pricing.

** Chapter 5**, I mainly talk about some basic knowledge. Pay attention to learning and understanding the algorithms of different interest rates, which is equivalent to a summary. And other concepts, although not difficult, but take a good look at them to lay a foundation for later learning.

Chapters 6-10 mainly talk about four yield models: Markowitz's asset portfolio model, index model, capital asset pricing model and arbitrage pricing theory.

Chapter 6.7 mainly introduces the Markowitz model. Usually to construct an investment portfolio, first determine the composition of risky assets, and then determine the proportion of risky assets and risk-free assets in the portfolio.

** **

** The above are the important and difficult points and thinking questions of the chapters on financial management and investment. I hope you will study and study carefully. **

** For more in-depth analysis of the college exam preparation, please see the answer below**

** The most comprehensive guide for Guanghua exam preparation:**

**How do I get a graduate student from Peking University Guanghua Management?****** ** The most detailed guide for HSBC exam preparation:**

**How to efficiently prepare for the Peking University HSBC Master of Finance in the 21-year postgraduate entrance examination?****** ** The most detailed strategy for the preparation of the software and microcomputer examination:**

**How to treat the explosion of the Peking University software and microcomputer postgraduate entrance examination in 2020, for 2021 What's the inspiration for the graduate entrance examination students?****** ** Tsinghua Wudaokou's most detailed test preparation strategy**

**How do I prepare for the postgraduates of Wudaokou School of Finance, Tsinghua University?****** ** Detailed comparison of the financial institutes of Peking University:**

**Peking University HSBC Business School and Peking University Guanghua CCER Postgraduate Entrance Examination Compare?****** ** Comparison between Peking University and Tsinghua University of Finance:**

**21, 22 postgraduate entrance examination, which of Tsinghua Wudaokou and Peking University Guanghua Relatively easier?****** ** **

** For the preparation strategies and more questions of other schools of finance, you can follow the homepage of Pengge Zhihu to see more answer articles! **

** For more exam preparation questions and financial professional course questions, please leave a message or communicate with Pengge**

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** Committed to Sincerely share the most in-depth financial postgraduate entrance examination methods and experience, thank you for your praise! **

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Label group:[investment] [corporate finance] [the way of thinking]