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Finance Organization structure playbook

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In response to growing pressures, many companies are redesigning their organizations to reduce costs and increase efficiency.
Eighty-one percent of companies have experienced a major reorganization in the past 12 months. Organizations typically redesign to reduce costs and improve efficiency and quality.
MANY UNDERGOING organization REDESIGNs
Percentage of Organizations Undergoing Major Redesign Initiative in the Past 12 Months

19% Organizations Not Undergoing Major Redesign Initiative 44% Organizations Not Anticipating Major Redesign Initiative
Percentage of Organizations Starting Major Redesign Initiative in the Next 12 Months
■■
■■

n = 264.
81% Organizations Undergoing Major Redesign Initiative
Finance is being asked to do more with less, even as the business environment becomes more complex.
Finance is under continued pressure—from company leadership, external cost benchmarking, investors’ margin expectations, and the CFO’s own cost leadership role—to reduce the cost of running the function. However, Finance is also expected to expand its service offering to meet the evolving needs of a more complex business. To fulfill both imperatives simultaneously, Finance must significantly improve its efficiency and reinvest resources in building new and needed capabilities.
70% Increased 2010
n = 45.
© CEB. All rights reserved. FLC9209814SYN

2012
Source: CEB 2013 Finance Transformation Survey.
Source: Compustat. b 306 companies reported this information.
Change in Demand for Finance Support and Services Over Past Three Years
4% Decreased 17% Significantly Increased 9% No Change
3. Increasing Complexity
S&P 500 Average Revenue from Foreign Operations (in Millions of USD)b ∆ = 16.4%
Sourcing • 21 Determine an Outsourcing Strategy, and Select Activities to Outsource • 22 Select a Location for Outsourcing • 27
Finance Sub-Function Structure • 29 Structure Finance Sub-Functions Based on Finance Priorities • 30 Define Each Sub-Function’s Scope of Activities • 31
Reporting RelationshipS • 40 Choose the Right Reporting Structure for Embedded Finance Teams • 41 Optimize Span of Controls • 44
appendix • 47
© 2014 CEB. All rights reserved. FLC9209814SYN
n = 264.
56% Organizations Anticipating Major Redesign Initiative
Source: CEB 2012 Organization Redesign Survey; CEB 2012 Employment Value Proposition Survey.
1.60%
0.80%
■■
0.00%
n = 80.
2009
2013
Source: CEB 2013 Budget, Staffing, and Spend Survey.
a

CEB Finance Function Annual Budget Median.
■■
2. Increasing Demand for Support
CEB Finance Leadership Council
Finance Organizational Structure Playbook
A Framework for Member Conversations The mission of The Corporate Executive Board Company (CEB) and its affiliates is to unlock the potential of organizations and leaders by advancing the science and practice of management. When we bring leaders together, it is crucial that our discussions neither restrict competition nor improperly share inside information. All other conversations are welcomed and encouraged. Confidentiality and Intellectual Property These materials have been prepared by CEB for the exclusive and individual use of our member companies. These materials contain valuable confidential and proprietary information belonging to CEB, and they may not be shared with any third party (including independent contractors and consultants) without the prior approval of CEB. CEB retains any and all intellectual property rights in these materials and requires retention of the copyright mark on all pages reproduced. Legal Caveat CEB is not able to guarantee the accuracy of the information or analysis contained in these materials. Furthermore, CEB is not engaged in rendering legal, accounting, or any other professional services. CEB specifically disclaims liability for any damages, claims, or losses that may arise from a) any errors or omissions in these materials, whether caused by CEB or its sources, or b) reliance upon any recommendation made by CEB.
Source: CEB 2012 Organization Redesign Survey; CEB 2012 Employment Value Proposition Survey.
Most Common Reasons for Redesign
Percentage of Organizations Citing Reasons Reduce Costs Reduce Process Inefficiency Improve Product/Service Quality Growth in Current Market Merger or Acquisition Expansion into New Market Improve Customer Alignment

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罗斯公司理财第九版第八章课后答案对应版（英汉）金融专硕复习

罗斯公司理财第九版第八章课后答案对应版（英汉）金融专硕复习

罗斯公司理财第九版第八章课后答案对应版（英汉）金融专硕复习第八章：利率和债券估值1. a. P = $1,000/(1 + .05/2)⌒20 = $610.27b. P = $1,000/(1 + .10/2)⌒20 = $376.89c. P = $1,000/(1 + .15/2)⌒20 = $235.412.a. P = $35({1 – [1/(1 + .035)]⌒50 } / .035) + $1,000[1 / (1 + .035)⌒50]= $1,000.00When the YTM and the coupon rate are equal, the bond will sell at par.b. P = $35({1 –[1/(1 + .045)]⌒50 } / .045) + $1,000[1 / (1 + .045)⌒50]= $802.38When the YTM is greater than the coupon rate, the bond will sell at a discount.c. P = $35({1 –[1/(1 + .025)]⌒50 } / .025) + $1,000[1 / (1 + .025)⌒50]= $1,283.62When the YTM is less than the coupon rate, the bond will sell at a premium.3. P = $1,050 = $39(PVIFAR%,20) + $1,000(PVIFR%,20) R = 3.547%YTM = 2 *3.547% = 7.09%4. P = $1,175 = C(PVIFA3.8%,27) + $1,000(PVIF3.8%,27) C = $48.48年收益：2 × $48.48 = $96.96则票面利率：Coupon rate = $96.96 / $1,000 = .09696 or 9.70%5. P = €84({1 –[1/(1 + .076)]⌒15 } / .076) + €1,000[1 / (1 + .076)⌒15] = €1,070.186. P = ￥87,000 = ￥5,400(PVIFAR%,21) + ￥100,000(PVIFR%,21) R = 6.56%7. 近似利率为：R = r + h= .05 –.039 =.011 or 1.10%根据公式(1 + R) = (1 + r)(1 + h)→(1 + .05) = (1 + r)(1 + .039)实际利率= [(1 + .05) / (1 + .039)] – 1 = .0106 or 1.06%8. (1 + R) = (1 + r)(1 + h)→R = (1 + .025)(1 + .047) – 1 = .0732 or 7.32%9. (1 + R) = (1 + r)(1 + h)→h = [(1 + .17) / (1 + .11)] – 1 = .0541 or 5.41%10. (1 + R) = (1 + r)(1 + h)→r = [(1 + .141) / (1.068)] –1 = .0684 or 6.84%11. The coupon rate is 6.125%. The bid price is:买入价= 119:19 = 119 19/32 = 119.59375%? $1,000 = $1,195.9375The previous day‘s ask price is found by:pr evious day‘s ask price = Today‘s asked price – Change = 119 21/32 – (–17/32) = 120 6/32 前一天的卖出价= 120.1875% ? $1,000 = $1,201.87512.premium bond当前收益率= Annual coupon payment / Asked price = $75/$1,347.1875 = .0557 or 5.57% The YTM is located under the ―Asked yield‖column, so the YTM is 4.4817%.Bid-Ask spread = 134:23 – 134:22 = 1/3213.P = C(PVIFAR%,t) + $1,000(PVIFR%,t)票面利率为9%：P0 = $45(PVIFA3.5%,26) + $1,000(PVIF3.5%,26) = $1,168.90 P1 = $45(PVIFA3.5%,24) + $1,000(PVIF3.5%,24) = $1,160.58 P3 = $45(PVIFA3.5%,20) + $1,000(PVIF3.5%,20) = $1,142.12 P8 = $45(PVIFA3.5%,10) + $1,000(PVIF3.5%,10) = $1,083.17 P12 = $45(PVIFA3.5%,2) + $1,000(PVIF3.5%,2) = $1,019.00 P13 = $1,000票面利率为7%：P0 = $35(PVIFA4.5%,26) + $1,000(PVIF4.5%,26) = $848.53P1 = $35(PVIFA4.5%,24) + $1,000(PVIF4.5%,24) = $855.05P3 = $35(PVIFA4.5%,20) + $1,000(PVIF4.5%,20) = $869.92P8 = $35(PVIFA4.5%,10) + $1,000(PVIF4.5%,10) = $920.87P12 = $35(PVIFA4.5%,2) + $1,000(PVIF4.5%,2) = $981.27P13 = $1,00014.PLaurel = $40(PVIFA5%,4) + $1,000(PVIF5%,4) = $964.54PHardy = $40(PVIFA5%,30) + $1,000(PVIF5%,30) = $846.28Percentage change in price = (New price -Original price) / Original price△PLaurel% = ($964.54 -1,000) / $1,000 = -0.0355 or -3.55%△PHardy% = ($846.28 -1,000) / $1,000 = -0.1537 or -15.37% If the YTM suddenly falls to 6 percentPLaurel = $40(PVIFA3%,4) + $1,000(PVIF3%,4) = $1,037.17PHardy = $40(PVIFA3%,30) + $1,000(PVIF3%,30) = $1,196.00 △PLaurel% = ($1,037.17 -1,000) / $1,000 = +0.0372 or 3.72% △PHardy% = ($1,196.002 -1,000) / $1,000 = +0.1960 or 19.60%15. Initially, at a YTM of 10 percent, the prices of the two bonds are:P Faulk = $30(PVIFA5%,16) + $1,000(PVIF5%,16) = $783.24P Gonas = $70(PVIFA5%,16) + $1,000(PVIF5%,16) = $1,216.76If the YTM rises from 10 percent to 12 percent:P Faulk = $30(PVIFA6%,16) + $1,000(PVIF6%,16) = $696.82P Gonas = $70(PVIFA6%,16) + $1,000(PVIF6%,16) = $1,101.06Percentage change in price = (New price – Original price) / Original price△PFaulk% = ($696.82 -783.24) / $783.24 = -0.1103 or -11.03% △PGonas% = ($1,101.06 -1,216.76) / $1,216.76 = -0.0951 or -9.51%If the YTM declines from 10 percent to 8 percent:PFaulk = $30(PVIFA4%,16) + $1,000(PVIF4%,16) = $883.48 PGonas = $70(PVIFA4%,16) + $1,000(PVIF4%,16) = $1,349.57 △PFaulk% = ($883.48 -783.24) / $783.24 = +0.1280 or 12.80% △PGonas% = ($1,349.57 -1,216.76) / $1,216.76 = +0.1092 or 10.92%16.P0 = $960 = $37(PVIFAR%,18) + $1,000(PVIFR%,18) R = 4.016% YTM = 2 *4.016% = 8.03%Current yield = Annual coupon payment / Price = $74 / $960 = .0771 or 7.71% Effective annual yield = (1 + 0.04016)⌒2 – 1 = .0819 or 8.19%17.P = $1,063 = $50(PVIFA R%,40) + $1,000(PVIF R%,40) R = 4.650% YTM = 2 *4.650% = 9.30%18.Accrued interest = $84/2 × 4/6 = $28Clean price = Dirty price – Accrued interest = $1,090 – 28 = $1,06219.Accrued interest = $72/2 × 2/6 = $12.00Dirty price = Clean price + Accrued interest = $904 + 12 = $916.0020.Current yield = .0842 = $90/P0→P0 = $90/.0842 = $1,068.88P = $1,068.88 = $90{[(1 –(1/1.0781)⌒t ] / .0781} + $1,000/1.0781⌒t $1,068.88 (1.0781)⌒t = $1,152.37 (1.0781)⌒t –1,152.37 + 1,000t = log 1.8251 / log 1.0781 = 8.0004 ≈8 years21.P = $871.55 = $41.25(PVIFA R%,20) + $1,000(PVIF R%,20) R = 5.171% YTM = 2 *5.171% = 10.34%Current yield = $82.50 / $871.55 = .0947 or 9.47%22.略23.P: P0 = $90(PVIFA7%,5) + $1,000(PVIF7%,5) = $1,082.00P1 = $90(PVIFA7%,4) + $1,000(PVIF7%,4) = $1,067.74Current yield = $90 / $1,082.00 = .0832 or 8.32%Capital gains yield = (New price – Original price) / Original priceCapital gains yield = ($1,067.74 – 1,082.00) / $1,082.00 = –0.0132 or –1.32%D: P0 = $50(PVIFA7%,5) + $1,000(PVIF7%,5) = $918.00P1 = $50(PVIFA7%,4) + $1,000(PVIF7%,4) = $932.26Current yield = $50 / $918.00 = 0.0545 or 5.45%Capital gains yield = ($932.26 – 918.00) / $918.00 = 0.0155 or 1.55%24. a.P0 = $1,140 = $90(PVIFA R%,10) + $1,000(PVIF R%,10) R = YTM = 7.01%b.P2 = $90(PVIFA6.01%,8) + $1,000(PVIF6.01%,8) = $1,185.87P0 = $1,140 = $90(PVIFA R%,2) + $1,185.87(PVIF R%,2)R = HPY = 9.81%The realized HPY is greater than the expected YTM when the bond was bought because interest rates dropped by 1 percent; bond prices rise when yields fall.25.PM = $800(PVIF A4%,16)(PVIF4%,12)+$1,000(PVIFA4%,12)(PVIF4%,28)+$20,000(PVIF4%,40) PM = $13,117.88Notice that for the coupon payments of $800, we found the PV A for the coupon payments, and then discounted the lump sum back to todayBond N is a zero coupon bond with a $20,000 par value; therefore, the price of the bond is the PV of the par, or: PN = $20,000(PVIF4%,40) = $4,165.7826.(1 + R) = (1 + r)(1 + h)1 + .107 = (1 + r)(1 + .035)→r = .0696 or 6.96%EAR = {[1 + (APR / m)]⌒m }– 1APR = m[(1 + EAR)⌒1/m –1] = 52[(1 + .0696)⌒1/52 – 1] = .0673 or 6.73%Weekly rate = APR / 52= .0673 / 52= .0013 or 0.13%PVA = C({1 –[1/(1 + r)]⌒t } / r)= $8({1 – [1/(1 + .0013)]30(52)} / .0013)= $5,359.6427.Stock account:(1 + R) = (1 + r)(1 + h) →1 + .12 = (1 + r)(1 + .04) →r = .0769 or 7.69%APR = m[(1 + EAR)1/⌒1/m–1]= 12[(1 + .0769)⌒1/12–1]= .0743 or 7.43%Monthly rate = APR / 12= .0743 / 12= .0062 or 0.62%Bond account:(1 + R) = (1 + r)(1 + h)→1 + .07 = (1 + r)(1 + .04)→r = .0288 or 2.88%APR = m[(1 + EAR)⌒1/m–1]= 12[(1 + .0288)⌒1/12–1]= .0285 or 2.85%Monthly rate = APR / 12= .0285 / 12= .0024 or 0.24%Stock account:FVA = C {(1 + r )⌒t–1] / r}= $800{[(1 + .0062)360 –1] / .0062]}= $1,063,761.75Bond account:FVA = C {(1 + r )⌒t–1] / r}= $400{[(1 + .0024)360 –1] / .0024]}= $227,089.04Account value = $1,063,761.75 + 227,089.04= $1,290,850.79(1 + R) = (1 + r)(1 + h)→1 + .08 = (1 + r)(1 + .04) →r = .0385 or 3.85%APR = m[(1 + EAR)1/m– 1]= 12[(1 + .0385)1/12– 1]= .0378or 3.78%Monthly rate = APR / 12= .0378 / 12= .0031 or 0.31%PVA = C({1 – [1/(1 + r)]t } / r )$1,290,850.79 = C({1 – [1/(1 + .0031)]⌒300 } / .0031)C = $6,657.74FV = PV(1 + r)⌒t= $6,657.74(1 + .04)(30 + 25)= $57,565.30。

戈氏提出的金融结构指标-概述说明以及解释

戈氏提出的金融结构指标-概述说明以及解释

戈氏提出的金融结构指标-概述说明以及解释1.引言1.1 概述金融结构指标是金融领域中的一项重要指标，它可以用来衡量和评估一个国家或地区金融体系的稳定性、结构合理性和发展状况。

戈氏提出的金融结构指标是指由经济学家罗伯特·戈（Robert G. King）在其相关研究中提出的一系列衡量金融结构的指标。

戈氏提出的金融结构指标主要包括金融机构的规模、金融机构的种类、金融市场的深度和金融产品的创新程度等方面。

这些指标能够反映一个国家或地区金融体系的基本组成和运行状况。

金融结构是一个国家或地区经济发展的重要组成部分，它直接关系到金融市场的有效性、金融体系的稳定性以及经济的增长潜力。

因此，研究金融结构指标对于深入了解金融体系的结构和运行机制，有效发挥金融市场的功能，提升金融体系的效率具有重要意义。

本文将以戈氏提出的金融结构指标为切入点，通过对相关研究文献的综述和分析，探讨金融结构指标在金融体系评估和监管中的应用，以及其对于金融体系发展的影响。

同时，将通过对不同国家或地区金融结构指标的比较，探讨金融体系结构在国际间的差异和相关因素。

最后，本文将总结戈氏提出的金融结构指标的优势和局限性，以及对未来研究的展望。

文章结构部分的内容如下:1.2 文章结构本文以戈氏提出的金融结构指标为主题，分为引言、正文和结论三个部分。

下面将详细介绍各个部分的内容。

引言部分概述了本文的主题，即戈氏提出的金融结构指标。

通过引言，读者可以对文章的主要内容有一个初步的了解。

接下来是正文部分，主要包括戈氏提出的金融结构指标的介绍以及对其要点的讨论。

在2.1节中，将对戈氏提出的金融结构指标进行详细的解释，包括其定义、计算方法和应用场景等内容。

在2.2和2.3节中，则将分别对戈氏提出的金融结构指标的要点1和要点2展开讨论，深入探讨其对金融行业的影响和应用价值。

最后是结论部分，总结了本文对戈氏提出的金融结构指标的研究，并提出了其研究意义。

在3.1节中，对本文的主要观点和结论进行了总结，简洁明了地概括了文章的主要内容。

东北师范大学金融专业精品课件 第七章_国际金融组织

东北师范大学金融专业精品课件 第七章_国际金融组织

4、净收益
利息收入和投资收益。
IBRD：贷款业务
项目选择
重点支持基础设施、农业、教育、能源、结构调整、 环保等
贷款原则
只向成员国发放贷款 贷款必须用于借款国申请的特定项目 无法从市场以合理价格获得资金 只提供外汇开支，不提供相关的本国货币资金..
IDA：国际开发协会
成立：1959.10世界 银行通过美国的提议， 1960.9.24正式成立， 11月开始营业
70年代以来，IMF每年派四五名经济学家组成的专家小组到会员国搜集 未公布的统计资料，并听取当局对经济形势的估计，所获材料供IMF讨 论世界经济问题时使用。
（2）储备资产创造
IMF在1969年的年会上正式通过了十国集团提出的特 别提款权方案，决定创设特别提款权以补充国际储备 的不足
特别提款权于1970年1月开始正式发行。会员国可以 自愿参加提款权的分配，也可以不参加，目前除了个 别国家以外，其余会员国都是账户的参加国
2、执行董事会
处理日常事务的机构 执行董事有24人，其中5人由持股金最多的美、英、德、
法、日指派，其余19人按选区推选，我国为独立选区，单 独推选1人 执行董事会主席由世界银行行长担任，行长无投票权，只 有在执行董事会表决中双方票数相等时，才投下决定性的 一票。
3、行长
是世界银行的最高行政长官，由执行董事会选举 产生，行长一直由美国人担任。
最高权利机构。由各成员国任命1名理事和1名副理 事组成，理事及副理事的任期由各任命国决定，当 出席会议的理事投票权合计数占总数的2/3以上时 构成法定人数
2、董事会
负责日常事务，为日常业务的领导机构。董事会成 员由理事会按不同选区选举产生，任期两年，可连 任。我国为单独选区。
董事会主席由行长担任，
ACCA考试科目F9学霸笔记第3讲：非营利性组织的目标

ACCA考试科目F9学霸笔记第3讲：非营利性组织的目标

ACCA考试科目F9学霸笔记第3讲：非营利性组织的目标2019年01月18日这是「学霸笔记」第一次和大家见面。

在里，聚集了高顿ACCA F9学霸考神，小姐姐们精心总结了F9学习考试中，你应该注意的知识点，定期更新。

Follow ACCA学习帮，助你在ACCA之路，好风景~戳>>>2019年ACCA备考资料免费领今天高顿ACCA给大家介绍的是非营利性组织的目标。

这个知识点在F9的考试中经常以section A部分的选择题进行考察，一般分值在2-4分。

日常生活中，我们经常会见到非营利组织，比如pubic university,charity等。

这些组织的目标不是maximize the shareholder’s wealth，而是VALUE FOR MONEY(叫做物有所值。

画重点，五星级考点哦)那么怎么就可以把钱花的VFM(value for money)呢?一般从三个角度来衡量非营利性组织的VFM。

Economy( 经济)：用一个字来描述就是“省”Efficiency(效率)：用一个字来描述就是“快”Effectiveness(效果)：用一个字来描述就是“好”所谓的Economy，更多的关注非营利组织的input，这些Input包括material，labor，或者money。

假如金拱门大学和安徽财经大学，都是建一个一模一样的教学楼，前者投入100万，后者投入120万。

那么很明显，金拱门大学更加economy。

所谓Efficiency，就是output/input，关注投入产出比。

比如对于Public hospital，doctor A和doctor B 都是负责治疗癌症的专家，A治疗好一个癌症病人需要3个月，B需要八年，那么我们说A的效率高。

这里同学们也发现了，其实VFM不仅可以用于衡量NFP Organization 的目标，还可以对员工进行绩效考核。

接下来，我们举一个用efficiency来衡量非营利组织目标实现与否的例子。