ACCA考试：investment appraisal techniques that focus on risk！

掌握ACCA考试的知识点对学员来说是掌握财会知识的关键，在备考ACCA考试的时候，学员要重视每一次知识的学习，同时也要重视ACCA课程的学习。今天融跃小编给大家分享，ACCA考试：investment appraisal techniques that focus on risk！

1、project value at risk (VaR)

a）量化风险的一个现代方法包括使用正态分布的概念估计投资价值的可能变化。A modern approach to quantifying risk involves estimating the likely change in the value of an investment by using the concept of a normal distribution.

b）VAR 的意义： VaR 提供一个项目的潜在风险的指示。

The VAR provides an indication of the potential riskiness of a project. For example, if A invests in project B then it can be 95% confident that the present value will not fall by more than €1,471,000 over its life. Hence the project will still produce a positive net present value. However, there is a 5% chance that the loss could be greater than €1,471,000. With project C, the potential loss in value is smaller and therefore it is less risky. It should be noted that the VAR calculations indicate that the investments involve different risk. However, the cash flows are discounted at the same rate, which they should not be, since the risk differs between them.

到底如何选择，看投资者的风险得好 risk appetite.

2、VS sensitivity analysis

Sensitivity analysis：

Sensitivity margin of X = NPV / PV of X

Sensitivity margin of price = NPV/PVof revenue

Sensitivity margin of volume = NPV / PV of contribution

Sensitivity margin of discounting rate = ( IRR - dr)/dr

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