關於發布《註冊國際投資分析師（CIIA）考試大綱（2017）》的通知
中證協發[2017]64號
各位考生:
根據註冊國際投資分析師協會(ACIIA)有關安排,為持續做好CIIA考試工作,我會組織編制了《註冊國際投資分析師(CIIA)考試大綱(2017)》,現予以發布實施。
特此通知。
附件:《註冊國際投資分析師(CIIA)考試大綱(2017)》
中國證券業協會
2017年4月5日
CIIA EXAMINATION SYLLABUS（2017）
CIIA考試大綱（2017）
（譯文僅供參考）
1. Financial Accounting and Financial Statement Analysis
財務會計和財務報表分析
2. Corporate Finance
公司財務
3. Equity Valuation and Analysis
股票估值與分析
4. Economics
經濟學
5. Fixed Income Valuation and Analysis
固定收益證券估值與分析
6. Derivative Valuation and Analysis
衍生產品估值與分析
7. Portfolio Management
投資組合管理
Table of Contents
目錄
•Financial Accounting andFinancial Statement Analysis ... 3
財務會計和財務報表分析
•Corporate Finance ..14
公司財務
•Equity Valuation andAnalysis ... 21
股票估值與分析
•Economics....25
經濟學
•Fixed Income Valuation andAnalysis ..32
固定收益證券估值與分析
•Derivative Valuation andAnalysis ...40
衍生產品估值與分析
•Portfolio Management ..47
投資組合管理
Financial Accounting and Financial Statement Analysis
財務會計和財務報表分析
Broad Learning Objectives
總體學習目標
Thebasic principles and standards that underpin the preparation of financialstatements should be understood, together with the various features of theincome statements and balance sheets. The usage and analysis of financialstatement related information receives a particular emphasis and candidatesshould develop strong skills in these dimensions. A wide range of analytictools and applications should be understood, including income versus cash flow,various ratio analyses (such as EPS, profitability, leverage), time seriesanalyses, common size statements and DuPont analysis and their application inpractical settings well known and understood. Candidates should have a goodunderstanding of the important topics of foreign currency translation and theconsolidation of financial statements. The important valuation related topic offinancial projections is also covered.
理解財務報表編制的基本原則和標準，以及損益表和資產負債表的各項特徵。要特別關注財務報表相關信息的應用和分析，考生應加強在這些方面的能力。深入理解各種分析工具和應用方法，包括收入和現金流、各種比率分析（比如每股收益、盈利能力、財務槓桿）、時間序列分析、共同比報表和杜邦分析，以及他們在眾所周知的實踐中的應用。考生應該深入理解外幣折算、合併財務報表中的重要問題，包括財務預測中的重要估值相關問題。
1 Principles andStandards
1 原則和標準
1.1 The financial reporting environment
1.1.1 The financialstatements
1.1.2 Financial reportingissues
1.1 財務報告環境
1.1.1 財務報表
1.1.2 財務報表問題
1.2 Framework for the preparation and presentation of financialstatements
1.2.1 Objective of financialstatements
1.2.2 Accountingconventions
1.2.3 Fundamentaldefinitions
1.2.4 Criteria for accountingrecognition
1.2 財務報表的編制和列報框架
1.2.1 財務報表的目標
1.2.2 會計原則
1.2.3 基本概念
1.2.4 會計確認的標準
1.3 Statement of cash flows
1.3.1 Rationale for the statement of cash flows
1.3.2 Relation between incomeflows and cash flows
1.3 現金流量表
1.3.1 現金流量表的基本原理
1.3.2 現金流和收入流的關係
2 Income Statement andForeign Currency Transactions
2 收益表和外幣業務
2.1 Income recognition
2.1.1 Criteria for revenuerecognition
2.1.2 Long-term constructioncontracts
2.1.3 Criteria for expenserecognition
2.1.4 Accounting for stockoptions and similar benefits
2.1 收入確認
2.1.1 收入確認的標準
2.1.2 長期建造合同
2.1.3 費用確認的標準
2.1.4 股票期權及類似福利的會計處理
2.2 Foreign currency transactions
2.2.1 Foreign currencytransactions
2.2.2 The translation offinancial statements into a foreign currency
2.2.3 Hyperinflationaryeconomies
2.2 外幣業務
2.2.1 外幣業務
2.2.2 外幣報表折算
2.2.3 惡性通貨膨脹經濟
3 Balance Sheet
3 資產負債表
3.1 Assets
3.1.1 Property, plant andequipment
3.1.2 Investment property
3.1.3 Intangible assets
3.1.4 Inventories
3.1.5 Accounts receivable
3.1.6 Cash and cash equivalents
3.1.7 Impairment of assets
3.1.8 Financial assets
3.1 資產
3.1.1 不動產、廠房和設備
3.1.2 投資性房地產
3.1.3 無形資產
3.1.4 存貨
3.1.5 應收帳款
3.1.6 現金及現金等價物
3.1.7 資產減值
3.1.8 金融資產
3.2 Liabilities
3.2.1 Bonds
3.2.2 Hybrid securities
3.2.3 Off balance sheetfinancing agreements
3.2.4 Leases
3.2.5 Borrowing costs
3.2.6 Retirement benefits
3.2.7 Income taxes
3.2 負債
3.2.1 債券
3.2.2 混合證券
3.2.3 表外融資協議
3.2.4 租賃
3.2.5 借款費用
3.2.6 退休福利
3.2.7 所得稅
3.3 Shareholders』 Equity
3.3.1 Issuance of capitalstock
3.3.2 Acquisition and sale oftreasury shares
3.3.3 Accounting fordividends
3.3.4 Other changes in retainedearnings
3.3 所有者權益
3.3.1 股本的發行
3.3.2 股票回購和庫藏股的再發行
3.3.3 股利的會計處理
3.3.4 留存收益的其他變動
3.4 Provisions
3.4.1 Conditions for therecognition of provisions
3.4.2 Contingentliabilities
3.4 準備金
3.4.1 準備金確認的條件
3.4.2 或有負債
4 Data Analysis
4 數據分析
4.1 Income vs. Cash Flow
4.1.1 Relationship betweenincome and cash flow from operations
4.1.2 Income and cash flow atvarious stages of the life cycle
4.1 利潤與現金流量
4.1.1 經營活動現金流量與淨利潤的關係
4.1.2 生命周期不同階段的淨利潤與現金流量
4.2 Quality of earnings, earnings management
4.2.1 Data issues when analysingfinancial statements
4.2.2 Significance andimplications of alternative accounting policies on the financial statements
4.2 盈餘的質量和盈餘管理
4.2.1 財務報表分析中的數據問題
4.2.2 財務報表中可供選擇的會計政策的重要性和含義
4.3 Earnings per share
4.3.1 Basic earnings pershare
4.3.2 Diluted earnings pershare
4.3.3 Using EPS to valuefirms
4.3.4 Criticism of EPS
4.3 每股收益
4.3.1 基本每股收益
4.3.2 稀釋每股收益
4.3.3 運用每股收益衡量公司價值
4.3.4 對每股收益的評價
4.4 Segment reporting
4.4.1 Segmentidentification
4.4.2 Disclosurerequirements
4.4.3 Using segment informationfor the analysis
4.4 分部報告
4.4.1 分部確認
4.4.2 披露要求
4.4.3 運用分部信息進行分析
4.5 Interim reporting
4.5 中期報告
4.6 Non-GAAP financial measures
4.6.1 Adjusted net income /operating income
4.6.2 EBITDA
4.6.3 Free cash flow
4.6.4 Net debt
4.6.5 Organic sales
4.6.6 New orders, backlog,book-to-bill
4.6 非公認會計準則財務指標
4.6.1 調整淨收入/營運收入
4.6.2 息稅折舊攤銷前利潤
4.6.3 自由現金流
4.6.4 淨負債
4.6.5 內生性銷售
4.6.7 新訂單、未完成訂單、訂單出貨比
5 ConsolidatedFinancial Statements
5 合併財務報表
5.1 Mergers and acquisitions
5.1.1 Acquisitions
5.1.2 Mergers
5.1 兼併和收購
5.1.1 收購
5.1.1 兼併
5.2 Consolidated financial statements
5.2.1 The scope ofconsolidation
5.2.2 The consolidation methods
5.2.3 The nature of thedifference arising from consolidation
5.2.4 Uses of each method
5.2.5 The consolidationprocedure
5.2.6 Analysis of the differencearising from initial consolidation
5.2.7 Valuing minority interests
5.2.8 The treatment ofGoodwill
5.2 合併財務報表
5.2.1 合併財務報表的範圍
5.2.2 合併方法
5.2.3 合併過程中所產生的差額的實質
5.2.4 各種合併方法的使用
5.2.5 合併程序
5.2.6 初始合併差額分析
5.2.7 少數股東權益的估值
5.2.8 商譽的處理
6 Major Financial Flowsand Accounting Adjustments
6 主要資金流動及會計調整
6.1 Shareholder vision: net income and earnings per share
6.1.1 Basic earnings pershare
6.1.2 Diluted earnings pershare
6.1 股東視角：淨收益和每股收益
6.1.1 基本每股收益
6.1.2 稀釋每股收益
6.2 Management vision: investments and free cash flow
6.2.1 Modigliani Miller
6.2.2 Basic example
6.2.3 Global analyticaltable
6.2.4 Non-cash charges
6.2 管理者視角：投資和自由現金流
6.2.1 莫迪利安尼-米勒模型（MM模型）
6.2.2 基本案例
6.2.3 全球分析表
6.2.4 非現金支出
6.3 Reconciliation of the two approaches
6.3.1 General principles
6.3.2 Operating cash flow andnet income (shareholder approach)
6.3.3 Operating cash flow(shareholder approach) and FCFF (MM approach)
6.3.4 EBITDA and FCFF (MMapproach)
6.3 兩種方法的一致性
6.3.1 一般原則
6.3.2 經營性現金流和淨收入（股東法）
6.3.3 經營性現金流（股東法）和公司自由現金流（MM法）
6.3.4 息稅折舊攤銷前利潤和公司自由現金流（MM法）
6.4 Published figures and accounting adjustments
6.4.1 Entries that give a falseimage of the company
6.4.2 Accounting definitions notrecognised by international standards
6.4.3 Rewriting of entries inthe case of different accounting standards
6.4.4 Capitalisation of researchand development costs
6.4 已公布數據和會計調整
6.4.1 帶來虛假公司形象的分錄
6.4.2 非國際標準確認的會計定義
6.4.3 不同會計準則下分錄的重新編制
6.4.4 研發費用的資本化
6.5 Presentation of historic figures
6.5.1 Time series analysis
6.5.2 Common size analysis
6.5 歷史數據報告
6.5.1 時間序列分析
6.5.2 共同比分析
7 Analysis ofManagement Performance
7 管理績效分析
7.1 Why use financial ratios?
7.1 為什麼要用財務比率？
7.2 Operating risk measurement
7.2.1 Measurement of managementefficiency over the operating cycle (gross margin, operating margin, netmargin, asset turnover, inventory outstanding period, collection period,payables outstanding period)
7.2.2 Capital profitabilityratios (ROA, ROCE, CFROI, ROE)
7.2 經營風險度量
7.2.1 營業周期管理效率的度量（毛利率、營業利潤率、淨利潤率、資產周轉率、存貨周轉天數、應收帳款周轉天數、應付帳款周轉天數）
7.2.2 資本盈利比率（資產收益率、已用資本回報率、現金投資回報率、權益收益率）
7.3 Measurement of financial risk
7.3.1 Liquidity ratios (currentratio, quick ratio, cash ratio)
7.3.2 Solvency ratios (averageinterest rate, net debt, capital structure ratio, total debt to equity ratio,long-term debt to equity ratio, interest coverage ratio, operating cash flow tocash interest cost, operating cash flow to liabilities)
7.3.3 Credit risk (ratingagencies, credit default swaps)
7.3 財務風險度量
7.3.1 流動性比率 （流動比率、速動比率、現金比率）
7.3.2 償付能力比率（平均利息率、負債淨額、資本結構比率、總負債權益比、長期債務權益比率、利息保障倍數、經營性現金流與現金利息成本的比率、經營性現金流與流動負債的比率）
7.3.3 信用風險（信用評級機構，信用違約互換）
7.4 Key sectorial ratios and metrics
7.4.1 Industrial
7.4.2 Oil and gas
7.4.3 Consumer
7.4.4 Healthcare
7.4.5 Technology
7.4.6 Banks
7.4.7 Utilities
7.4 關鍵部門的比率和指標
7.4.1 工業
7.4.2 石油和天然氣
7.4.3 消費類
7.4.4 醫療
7.4.5 科技
7.4.6 銀行
7.4.7 公共事業
7.5 Sensitivity analyses
7.5.1 Operating incomesensitivity
7.5.2 Financial leveragesensitivity
7.5.3 Net incomesensitivity
7.5 敏感性分析
7.5.1 營業收入的敏感性
7.5.2 財務槓桿的敏感性
7.5.3 淨收入的敏感性
7.6 Quality of earnings as a measure of accounting risk
7.6.1 Financial warningssigns
7.6.2 Non-financial signs(change of accountants, sudden departure of CFO, delay in statements)
7.6.3 Revenue-related warningsigns
7.6.4 Beneish M Score
7.6 作為度量會計風險的盈餘質量
7.6.1 財務預警信號
7.6.2 非財務信號（會計師的變更、CFO的突然離職、報表的延期）
7.6.3 與收入相關的預警信號
7.6.4 Beneish M評分
7.7 Analysis of the business environment
7.7.1 A vision of the companybeyond figures
7.7.2 Qualitative analysis ofthe industry
7.7.3 Qualitative analysis ofthe company
7.7 商業環境分析
7.7.1 數據圖表之外的公司願景
7.7.2 行業定性分析
7.7.3 企業定性分析
8 FinancialProjections
8 財務預測
8.1 Different projection formats
8.1.1 Comprehensive format
8.1.2 Common size percentage
8.1.3 Growth rates method
8.1.4 Projections based on valuedrivers
8.1 不同的預測方法
8.1.1 綜合法
8.1.2 共同比法
8.1.3 增長率法
8.1.4 基於價值驅動因素的預測
8.2 Estimated value drivers of the company
8.1.1 Sales forecast
8.1.2 Investment projections(net working capital and capital expenditure)
8.1.3 Other internal valuedrivers
8.1.4 External valuedrivers