CMA考試essay 題P2(四）

　　1、風(fēng)險管理的四個步驟、管理方式、好處、管理層對風(fēng)險管理的態(tài)度、風(fēng)險控制的作用；?

　　步驟：1.identify risk   2.assess risk   3.prioritize risk   4.formulate risk responses 5.monitor risk responses

　　好處：1.efficient use of resource   2.reducing operational surprises and losses

　　3.seizing opportunities    4.improve deployment of capital

　　5.reassuring investors will lower the cost of capital

　　態(tài)度：risk retention   risk reduction   risk sharing    risk avoidance

　　2、間接法編制現(xiàn)金流量表、AR回收天數(shù)、與同行業(yè)比是否合理、固定費用的影響、EBIT，計算operating cashflow/fixed cost等，indirect method與direct method的區(qū)別。

　　Direct :It lists separate cash receipts and disbursements and reports net cash flow as the difference between them

　　Indirect :It begins with accrual-basis net income or the change in net assets and removes items that did not affect operating cash flow

　　3.問到了會計成本和經(jīng)濟成本的區(qū)別，問到了國際貿(mào)易中的風(fēng)險和如何規(guī)避

　　Accounting cost:explicit cost

　　Economic cost:explicit cost plus implicit cost

　　風(fēng)險規(guī)避：use stock option   use forward contract    use interest rate swap,currency swap,credit default swap

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