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បើរៀនចង់ចេះ រៀននៅ​ Phnom Penh HR ៖ វគ្គនេះបណ្តុះបណ្តាលដោយផ្ទាល់ពី លោក យ៉ាន់ ណាង (Yan Nang) ជាអ្នកមានបទពិសោធន៍ការងារជាង ១៥ ឆ្នាំនិងបានបញ្ចប់ ACCA​ (អ្នកដែលអាចប្រលងជាប់ ៤ មុខវិជ្ជាក្នុងពេលតែម្តងលំដាប់ផុតលេខ), MBA/BBA (សិស្សពូកែ) ,Tax Agent (លំដាប់ពិន្ទុខ្ពស់)​ រួមទាំងក្រុមការងារ។

ក្រុមហ៊ុន Phnom Penh HR នឹងធ្វើការបណ្តុះបណ្តាលវគ្គ Financial Management Expert / CFO ទាំងទ្រឹស្តីនិងការអនុវត្តជាក់ស្តែងតាម Online ដែលមានចំនុចដូចខាងក្រោម៖

I. Time Value of Money
II. Personal Finance ( short term investment valuation, investment in share, investment in bond)
III. Risk Management Techniques
IV. Working Capital Management
V. Dividend Policy
VI. Transfer Pricing
VII. Break-Even Point (BEP)
VIII. Corporate reconstruction and re-organisation
IX. Business Valuations, Acquisitions and Mergers
X. Investment Appraisal
XI. Sources of Finance and Cost of Capital ( = Business Finance)

$189ចុច ចុះឈ្មោះទីនេះ

អានលម្អិត / Details as follows:

I. Time Value of Money

1. Time Value of Money for a Single Cash Flow

a. Single-Period Investment
b. Multiple-Period Investment

• Simple Interest
• Compound Interest
• Frequency Compound Interest
• Continuous Compound Interest
• Multiple Interest Rates

2. Time Value of Money for Multiple Cash Flows

a.  Uneven Cash Flows
b. even cash flows (Annuity)
c. Perpetuities
d. Constant Growth Rate
e. Constant Perpetual Growth Rate
f. Two-Stage Growth Rate
g. Supernormal Growth Rate

II. Personal Finance

Personal finance is a term that covers managing your money as well as saving and investing.

Areas of Personal Finance
The five areas of personal finance are income, saving, spending, investing, and protection.

1.Income

2.Spending

3.Saving

4.Investing

5.Protection

III. Risk Management Techniques

1. The use of financial derivatives to hedge against forex risk

• the use of the forward exchange market and the creation of a money market hedge
• synthetic foreign exchange agreements (SAFEs)
•  exchange-traded currency futures contracts
•  currency swaps
• FOREX swaps
• currency options.

2. The use of financial derivatives to hedge against interest rate risk

•  forward rate agreements
• interest rate futures
• interest rate swaps
• interest rate options (including collars).

IV. Working Capital Management

V. Dividend Theory 

1.The dividend valuation model

P0 = D0 (1+ g)/(re – g)

P0 = D1 /(re – g)

2.The Gordon growth model

g = bR

P0 = D1 /(re – g) = E1 (1 – b)/(re – bR)

3.Modigliani and Miller’s dividend irrelevancy theory

This theory states that dividend patterns have no effect on share values. Broadly it suggests that if a dividend is cut now then the extra retained earnings reinvested will allow futures earnings and hence future dividends to grow. Dividend receipts by investors are lower now but this is precisely offset by the increased present value of future dividends.

However, this equilibrium is reached only if the amounts retained are reinvested at the cost of equity.

4.Practical considerations

• Signaling
• Lack of trust in directors’ forecasts or justifications for dividend cuts
• Investors’ preference for current consumption rather than future promises (the ‘bird in the hand’ argument)
• The clientele effect. This idea suggests that investors buy shares that ‘suit’ their needs.
• Company liquidity.
• Borrowing covenants.
• Legal constraints. No distributable reserves means no dividends.

5. Dividend payment policies

• Constant dividends
• Constant growth
• Constant pay-out ratio
• Dividends as residuals
• No dividend

VI. Transfer Pricing

• Goal congruence – the transfer price that is negotiated and agreed upon by the buying and selling divisions should be in the best interests of the company overall.
• Fairness – the divisions must perceive the transfer price to be fair since the transfer price set will impact divisional profit and hence performance evaluation.
• Autonomy – the system used to set the transfer price should seek to maintain the autonomy of the divisional managers.
• Bookkeeping – the transfer price chosen should make it straightforward to record the movement of goods or services between divisions.
• Minimise global tax liability – multinational companies can use their transfer pricing policies to move profits around the world and thereby minimise their global tax liability.

2. The general rules for setting transfer prices

• Scenario 1: There is a perfectly competitive market for the product/service transferred
• Scenario 2: the selling division has surplus capacity
• Scenario 3: The selling division does not have any surplus capacity

3. Practical methods of transfer pricing

• Method 1: Market based approach
• Method 2: Cost based approach

4. International transfer pricing

Almost two thirds of world trade takes place within multi-national companies. Transfer pricing in multi-national companies has the following complications:

• Taxation
• Remittance controls

VII. Break-Even Point (BEP)

1 Break-even analysis

2 Single product break-even analysis

3. Multi-Product Break-Even Analysis

4. Limitations of break-even analysis

VIII. Corporate reconstruction and re-organisation

1 Financial reconstruction
(a) Assess an organisational situation and determine whether a financial reconstruction is the appropriate strategy for a given business situation.
(b) Assess the likely response of the capital market and/or individual suppliers of capital to any reconstruction scheme and the impact their response is likely to have upon the value of the organisation.

2 Business reorganisation
(a) Recommend, with reasons, strategies for unbundling parts of a quoted company.
(b) Evaluate the likely financial and other benefits of unbundling.
(c) Advise on the financial issues relating to a management buy-out and buy-in.

IX. Business Valuations, Acquisitions and Mergers

1. Acquisitions and mergers versus other growth strategies

•  revenue synergy
•  cost synergy
• financial synergy

2. Valuation for acquisitions and mergers

Discuss, assess and advise on the value created from an acquisition or merger of both quoted and unquoted entities using models such as:

• Book value-plus’ models
•  Market based models
• Cash flow models, including free cash flows.

Apply appropriate methods, such as: risk-adjusted cost of capital, adjusted net present values and changing price-earnings multipliers resulting from the acquisition or merger, to the valuation process where appropriate.

3. Financing acquisitions and mergers

X. Investment Appraisal

1. Discounted cash flow techniques and other methods 

a. net present value (NPV) model
Project modelling should include explicit treatment and discussion of:
– inflation and specific price variation
– taxation including tax allowable depreciation and tax exhaustion
– single period and multi-period capital rationing. Multi-period capital rationing to include the formulation of programming methods and the interpretation of their output
– probability analysis and sensitivity analysis when adjusting for risk and uncertainty in investment appraisal
– risk adjusted discount rates
– project duration as a measure of risk.
b. Monte Carlo simulation to investment appraisal
c. Internal rate of return (IRR)
d. modified internal rate of return (MIRR)
e. adjusted present value (APV)
f. The Payback Rule
g .The Discounted Payback
h. The Average Accounting Return
i. The Profitability Index

2.Application of option pricing theory in investment Decisions

3. Apply the Black-Scholes Option Pricing (BSOP) model

4.  Evaluate embedded real options within a project, classifying them into one of the real option archetypes.

5. Assess, calculate and advise on the value of options to delay, expand, redeploy and withdraw using the Black Scholes model.

XI. Sources of Finance and Cost of Capital ( = Business Finance)

1. Operating Leases

This is a useful source of finance for the following reasons:

• Protection against obsolescence
• Less commitment than a loan
• Cheaper than a loan
• Off balance sheet finance

2. Debt v Equity
These are the things you need to think about when asked about raising finance – so just put all these in your answer and link them to the scenario.

• Gearing and financial risk
• Target capital structure
• Availability of security
• Economic expectations
• Control issues

3.Rights Issues

• Calculation of TERP (Theoretical ex- rights price)
• Effect on EPS
• Effect on shareholders wealth

4. The factors considered when reducing the amount of debt by issuing equity :

• Less financial distress may therefore reduce the costs of contracting with stakeholders.
• Having greater equity would also increase the company’s debt capacity. This may enable the company to raise additional finance
• On the other hand, because interest is payable before tax, larger amounts of debt will give companies greater taxation benefits, known as the tax shield.
• Reducing the amount of debt would result in a higher credit rating for the company and reduce the scale of restrictive covenants.

$189ចុច ចុះឈ្មោះទីនេះ