大家都知道，ACCA考試中的內(nèi)容有很多，學(xué)員要想完全掌握課程的內(nèi)容并不是很容易。因此找到適合自己的課程學(xué)習(xí)很是關(guān)鍵。ACCA知識點(diǎn)的學(xué)習(xí)是幫助學(xué)員更好理解課程的關(guān)鍵，Estimate ?the credit spread是ACCA考試的內(nèi)容嗎？怎么去學(xué)習(xí)？

掌握ACCA課程的內(nèi)容，是幫助學(xué)員更好理解課程的關(guān)鍵。因此在學(xué)習(xí)課程的時(shí)候，學(xué)員可能會遇見這樣那樣的問題，重視課程的學(xué)習(xí)質(zhì)量很必要。因此建議學(xué)員能夠在備考的時(shí)候，有好的學(xué)習(xí)資料，網(wǎng)課是學(xué)員學(xué)習(xí)的基礎(chǔ)，同時(shí)教材也是很關(guān)鍵的內(nèi)容。Estimate ?the credit spread是ACCA P4的知識點(diǎn)內(nèi)容，掌握其相關(guān)的內(nèi)容，對于考試很有必要。

The cost of a bond will depend on two factors:

1. The risk free rate derived from the yield curve for a bond of that ?specified duration 從一個(gè)指定時(shí)間的債券的收益率曲線得到無風(fēng)險(xiǎn)利率

The yield curve shows how the yield on government bonds vary according to the ?term of the borrowing.

Normally it is upward sloping.向上陡坡 There are a number of explanations of the ?yield curve; these are not competing explanations, and at any one time all may ?be influencing the shape of the yield curve.

對于收益率曲線的形狀，有很多解釋，這些解釋互不沖突，任何時(shí)候任一因素都會影響 yield curve 的形狀。

1) Expectations theory 預(yù)期理論 – the curve reflects expectations that interest ?rates will rise in the future, so the government has to offer higher returns on ?long-term debt.

2) Liquidity preference theory 流動性偏好理論– the curve reflects the compensation ?that investors require higher returns for sacrificing liquidity on long-dated ?bonds.

3) Market segmentation theory 市場分割理論 – short-dated bonds tend to be more ?popular with banks and long-dated bonds are more popular with pension funds. If ?demand for bonds is higher in one of these markets the government can offer ?lower returns.

2. The credit risk premium – derived from the bond’s credit rating ?根據(jù)信用評級來，一般題目會告知Cost of debt capital = (1 – tax rate)*(risk free rate +credit ?spread)

ACCA ?P階段課程難度升級加大，學(xué)員在學(xué)習(xí)起來有一定的難度，要想有好的學(xué)習(xí)效果，學(xué)員必須要知道，怎么去學(xué)習(xí)，怎么去掌握知識點(diǎn)。ACCA知識點(diǎn)是幫助學(xué)員理解考試大綱的內(nèi)容，也是考試中必不可少的知識運(yùn)用。

ACCA的相關(guān)內(nèi)容就介紹這么多，更多ACCA內(nèi)容可以持續(xù)關(guān)注融躍教育官網(wǎng)，或者在線留言一起學(xué)習(xí)與探討！