唯學(xué)網(wǎng)小編提醒：CFA考試特許金融分析師非常的難，很多考生是屢戰(zhàn)屢敗。究其原因是英語水平不過關(guān)，知識面學(xué)的不夠扎實不夠?qū)挿�，�?fù)習(xí)時間比較短。CFA是證券投資與管理界最具權(quán)威的一種職業(yè)資格，CFA特許金融分析師認(rèn)證是金融分析領(lǐng)域全球公認(rèn)的最高標(biāo)準(zhǔn)。

其他投資

Reading 45, Reading 46 不動產(chǎn)投資

1. Cash flow valuation:

1) Cash flow after tax: CAFT = NOI – debt service – tax,

Debt service = effective interest + principal payment = 12 * monthly payment,

Tax = (NOI – dep – effective interest) * income tax rate.

注：不動產(chǎn)收入表：gross income - service costs → net operating income (NOI) – dep – effective interest – tax → net income.

2) Equity reversion after tax (terminal value):

ERAT = net selling price – mortgage balance – tax on sale,

net selling price = selling price – selling cost,

tax on sale = tax on capital gain (rate of capital gain) + tax on recaptured dep (rate of income),

capital gain = (net selling price – original cost)+ = net selling price – (book value + recaptured dep).

a) If capital gain > 0, recaptured dep = accumulated dep;

b) If capital gain = 0, recaptured dep = net selling price – book value.

注：理解recaptured dep, 加回前期由于折舊而抵消的收入稅.

3) NPV of equity = Σ(CFATi / (1 + r)i) + ERAT / (1 + r)n – EI,

EI – initial equity investment.

2. Income capitalization valuation:

1) Capitalization rate R = NOI1 / MV0 (MV0 – current market value);

注：R = r – g.

2) Estimating capitalization rate:

a) Market extraction method: R = NOI / MV of comparable properties.

b) Band-of-investment method:

R = mortgage weight * mortgage cost + equity weight * equity cost.

c) Built-up method:

R = interest rate + liquidity premium + recapture premium + risk premium.

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