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# Finance Career Bible 실전편 2권

## 1) (Perpetuity Growth

1) (Perpetuity Growth Model) (FCFF) , , , , (WACC) . FCFF t (1+Growth Rate) TV n = WACC–Growth Rate FCFF t (1+Growth Rate) 1 TV 0 = × WACC–Growth Rate (1+WACC) t 2) . TV t = Company Financials(e.g. EPS, BPS) × Market Multiples 1 TV 0 = TV t × (1+Discount Rate) t . 3) . , . . . FCBTS.org | 영구가치 Finance Career Bible Training School [Ⅲ] DCF 방법 적용 시, 기업의 영구가치(Terminal Value)는 어떻게 계산하는가? Ⅲ 주식-49 172 2권(6교) 사본.indd 172 2013-09-05 오후 5:06:19

최종 주식가격의 산출 | 주식 17 Corporate Finance ECM DCM Equity Research Equity S&T Fixed Income S&T Retail Sales ○ ○ ○ ○ ○ FICC/AI/ Derivative 실무 지식 학습하기 Asset Management Risk Management Private Equity/ Hedge Fund Venture Capital Investment Advisory Commercial Bank Accounting Firm ○ ○ ○ ○ ○ ○ Insurance Company Step 02 실전편Ⅲ- 연관 기출문제 주식 35, 50, 51, 59, 60 (Fair Value) (Total Asset) (Non-operating Asset) (Operating Value) (Liabilities) (Liability) (Total Equity) (Equity Value) Cost of Debt WACC 1 2 3 (FCFF) (WACC) + (FCFF) – = (Equity Value) () () () . () (DCF) (FCFF) (WACC) . () , . () . 173 2권(6교) 사본.indd 173 2013-09-05 오후 5:06:19

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실전편Ⅱ FINANCE CAREER BIBLE

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[실전편Ⅱ] 금융권 부서별

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, - . -

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, , . - .

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Ⅰ~Ⅲ 부서 학습 후,

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| | • 4 | | • 6 | Book Map |

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• 222 • 223 , • 239 FCB

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, () AI 225p 241p 271p

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Finance Career Bible Training Schoo

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금융권 실무 지식 탐색하

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2. 1) Corporate Finance() (

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M&A 포트폴리오 이론 투자

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금리의 결정 요인 경제-05

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투자안의 경제성 분석: NPV,

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환율의 결정 요인 환율이

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실업률(Unemployment Rate) 물가

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채권과 주식의 비교 주식

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() 수익접근법(1) DCF 방법

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() CDS, CDO의 개념 ELS, ELW의

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가치평가이론의 기초개념

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재무상태표와 손익계산서

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12) Venture Capital( )

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M&A M&A의 개념과 유형 M&A의

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일반채권의 가치평가 옵션

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15) Accounting Firm() , , , ,

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금리의 종류 피셔효과(Fishe

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피셔효과(Fisher Effect) 환율

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Finance Career Bible Training Schoo

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실무 지식 학습하기 회계(A

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실무 지식 학습하기 • 회

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A. 1) (Economic Entity) 실무

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2 100 20X2 7 1 - 20X1 12 31 )

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A. (Principle-Based) IFRS

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재무상태표의 개념과 구성

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(Total Asset) 1. 유동자산(Curre

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FCBTS.org | 재무상태표 Finance

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. . 실무 지식 학습

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실무 지식 학습하기 / / ↓

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A. . ,

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. , . , , . 3)

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재무상태표와 손익계산서

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2) (I/S) vs , (FP/S) . ,

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. , , . 3

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, . (, ) , .

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. , , , .

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실무 지식 학습하기 • 재

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A. 1) 실무 지식 학습하

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(Total Asset Growth) = 100 과거

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주당순이익(EPS) 및 희석주

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자기자본순이익률(ROE)의

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, (Fundamental) , . 실

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A. (PEG Ratio) (PER)

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FCB Training School Alumni Tip : Re

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: (KRW bn) 2008 2009 2010 2

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: . .

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실무 지식 학습하기 • 자

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. , , . ,

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FCBTS.org | 채권과 주식 Financ

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A. (Stock) , .

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B. . . (Conve

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• Page 123 and 124: 증권가에선 주식 유동 물
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• Page 129 and 130: 실무 지식 학습하기 • 주
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• Page 153 and 154: 수익접근법(2) RIM 방법 | 주
• Page 155 and 156: EBIT(1-t) I.C(Invested Capital) K o
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• Page 161 and 162: Symbol Meaning E(R i ) 기대수
• Page 163 and 164: 위험의 측정: Beta | 주식 14
• Page 165 and 166: | | A. () Unlevered Beta( U ) ()
• Page 167 and 168: 할인율의 결정: WACC | 주식
• Page 169 and 170: 4) (WACC) E D , WACC = K
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• Page 175 and 176: B. (Stock Option) . ,
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• Page 181 and 182: A. (PER) (1) (PER)
• Page 183 and 184: 2. (Mean) EPS = 1,000, = 8.5 = =
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• Page 187 and 188: | : PBR PER | (BPS) (ROE) (EPS)
• Page 189 and 190: A. EV/EBITDA (1) EV/EBITDA EBITD
• Page 191 and 192: (EV) 3,450 , 6.6 , 3,300 .
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• Page 201 and 202: M&A의 개념과 유형 | M&A 01 Co
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• Page 205 and 206: . 4) : M&A 5) (Crown Jewe
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실무 지식 학습하기 • 채

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A. ( ) ()

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실무 지식 학습하기 Step 02

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. MBS. FCBTS.org |

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A. (ABS, Asset Backed Securities)

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- 높은 신용등급, 안정적

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, . B. 1) 실무 지식 학

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. . B.

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, 실무 지식 학습하기 •

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1 ( ), () . (), , (·

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수익률 곡선(Yield Curve)의

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현물이자율과 선물이자율

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일반채권의 가치평가 | 채

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C/(1+Y) 1/(1+Y) C 1+Y C ,

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(Callable Bond) (Puttable Bond) .

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채권 위험의 종류 | 채권 09

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. . 3) .

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이자율 변동에 따른 채권

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3) (Modified Duration) Modifi

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가격 가격 - 수익률 곡선

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. .

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실무 지식 학습하기

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실무 지식 학습하기 파생

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() 실무 지식 학습하기 •

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선물 및 선도의 정의와 종

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, . 4) () ()

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선물 및 선도의 가격결정

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. F 0 = S 0 e rT .

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. 실무 지식 학습하기 Step

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2) . = + / / 실무

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풋-콜 패리티 | 파생/AI 04 Co

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1 . . p ≤ K, P ≤

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Put-Call Parity: S 0 + p - c = Ke -

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A. VaR 1) 실무 지식 학습하

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, . (Stochastic

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A. 1) = V S (Delta) .

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Gamma, Theta, Vega Call Option Gamm

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34.1% 34.1% 2.1% 2.1% 0.1% 13.6% 13

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3) , Skewness() Ku

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, . VIX , (Fear Index) . VI

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스왑의 개념과 종류 | 파생

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고정금리(6%) 자금차입 Net:

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서브프라임모기지 사태 |

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9.11 실무 지식 학습하기

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B. . 실무 지식 학

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A. CDO(Collateralized Debt Obligati

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| : Synthetic CDO | 2010 4 17

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A. ELS(Equity Linked Security, ) 1)

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. , , () . •

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주가지수선물, 금리선물,

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. 실무 지식 학습하기

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3) (Spot Rate) vs (Forward Rate)

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A. · 1) 실무 지식 학습하

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- . 실무 지

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AI 실무 지식 학습하기 •

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, . 2007 .

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| : · | 실무 지식 학

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4 , , , . 2) = + + - (

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Symbol i N 요구수익률(Discount

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A. . . .

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| /AI 18 Corporate Finance Asset Ma

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상품지수의 이해 | 파생/AI

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1998 . 36 . CRB

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FCB Training School Alumni Tip :

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: AI(, Alternative Investment)

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AI : , .

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실무 지식 학습하기 • 경

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실업률 | 경제 01 Corporate Fin

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B. 1) . ,

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B. ( ) . , , . 1)

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A. 1) (CPI, Consumer Price Index)

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. . , . 1

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물가관련 용어 | 경제 04 Cor

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(Hyper inflation) (Agflation)

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· , , . 실무

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. , . (3) : .

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vs vs

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. . B. (International

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환율의 결정 요인 | 경제 08

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| : | 시장의 수급에

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. , . B.

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A. 1) 실무 지식 학습하

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(Confidence) (Fairness) 여기서

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채권시장에 영향을 미치는

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D. . .

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(2) , . (3) () ()

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투자안의 경제성 분석: NPV,

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2) • . . •

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프로젝트 파이낸싱(PF)의

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PF . 200%

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(Lender) - 상대적으로 높은

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. , , , ,

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. GDP C() + I() + G() + X-M() ,

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: . The Secret of ECONO

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Finance Career Bible Training Schoo

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FCBTS 2009 . FCBTS

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4. Activities_ Book Publication F

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. , FCBTS 2~3 Equity Research Repo

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| Special Thanks | · . Ab

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