唯学网小编提醒：CFA考试特许金融分析师非常的难，很多考生是屡战屡败。究其原因是英语水平不过关，知识面学的不够扎实不够宽泛，复习时间比较短。CFA是证券投资与管理界最具权威的一种职业资格，CFA特许金融分析师认证是金融分析领域全球公认的最高标准。
其他投资
Reading 45, Reading 46 不动产投资
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：不动产收入表：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, 加回前期由于折旧而抵消的收入税.
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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