CFA特許金融分析師-CFA一級(jí)-公司金融

CFA特許金融分析師-CFA一級(jí)-公司金融

［單選題］1.Twoanalystsarediscussingthecostsofexternalfinancing

sources.ThefirststatesthatthecompanyJsbondshave

aknowninterestratebutthattheinterestrateonaccountspayable

andtheinterestrateonequityfinancingarenotspecified.Theyare

implicitlyzero.Uponhearingthis,thesecondanalystadvocates

financingthefirmwithgreateramountsofaccountspayableand

coniiiionshareholdersequity.IsIliesecondaiictlyslcollectinhis

analysis?

A.Heiscorrectinhisanalysisofaccountspayableonly.

B.Heiscorrectinhisanalysisofcommonequityfinancingonly.

C.Heisnotcorrectinhisanalysisofeitheraccountspayableor

equityfinancing.

正確答案：C

參考解析：Ciscorrect.Althoughaccountspayabledonotchargean

explicitinterestrate,thecostofaccountspayableisreflectedin

thecostsoftheservicesorproductspurchasedandinthecostsof

anydiscountsnottaken.Accountspayablecanhaveaveryhigh

implicitcost.Similarly,equityfinancingisnotfree.Arequired

returnisexpectedonshareholderfinancingjustasonanyotherform

offinancing.C是正確的。雖然應(yīng)付賬款不收取明確的利率，但應(yīng)付賬款的成

本反映在所購買的服務(wù)或產(chǎn)品的成本以及未采取的任何折扣的成本中。應(yīng)付賬

款可能有非常高的隱含成本。同樣，股權(quán)融資也不是免費(fèi)的.股東融資和任何

其他形式的融資一樣，預(yù)期也會(huì)獲得所需的回報(bào)。

［單選題］2.Whichofthefollowingmaturecompaniesismostlikelyto

employahighproportionofdebtinitscapitalstructure?

A.Aminingcompanywithalarge,fixedassetbase

B.Asoftwarecompanywithverystableandpredictablerevenuesandan

asset-lightbusinessmodel

C.Anelectricutility

正確答案：C

參考解析：Ciscorrect.Anelectricutilityhasthecapacityto

supportsubstantialdebt,withverystableandpredictablerevenues

andcashflows.Thesoftwarecompanyalsohastheseattributes,but

itwouldhavebeenmuchlesslikelytohaveraiseddebtduringits

developmentandmayhaveraisedequity.Theminingcompanyhasfixed

assets,whichitwouldhaveneededtofinance,butthecyclical

natureofitsbusinesswouldlimititsdebtcapacity.C是正確的。電力

公司有能力支持大量債務(wù)，收入和現(xiàn)金流非常穩(wěn)定和可預(yù)測(cè)。這家軟件公司也

有這些特點(diǎn)，但它在開發(fā)過程中舉債的可能性要小得多，而且可能已經(jīng)籌集了

股本。這家礦業(yè)公司擁有固定資產(chǎn)，需要融資，但其業(yè)務(wù)的周期性將限制其債

務(wù)能力。

［單選題］3.Thecostofdebtcanbedeterminedusingtheyield-to-

maturityandthebondratingapproaches.Ifthebondratingapproach

isused,the:

A.couponistheyield.

B.yieldisbasedontheinterestcoverageratio.

C.companyisratedandtheratingcanbeusedtoassessthecredit

defaultspreadofthecompanyJsdebt.

正確答案：C

參考解析：Answer:CThebondratingapproachdependsonknowledgeof

thecompany，sratingandcanbecomparedwithyieldsonbondsinthe

publicmarket.這道題目問的是債務(wù)成本可以使用YTM（到期收益率）和債券

評(píng)級(jí)方法來確定。如采用債券評(píng)級(jí)方法，則：債券評(píng)級(jí)方法取決于對(duì)公司評(píng)級(jí)的

了解.，可以與公開市場(chǎng)上的債券收益率進(jìn)行比較。因此C選項(xiàng)正確

［單選題］4.Whichofthefollowingrepresentsaresponsibilityofa

companyJsboardofdirectors?

A.Implementationofstrategy

B.Enterpriseriskmanagement

C.Consideringtheinterestsofshareholdersonly

正確答案：B

參考解析:Biscorrect.Theboardtypicallyensuresthatthecompany

hasanappropriateenterpriseriskmanagementsysteminplace.這道題

目問的是下列哪項(xiàng)代表公司董事會(huì)的責(zé)任？董事會(huì)通常確保公司有適當(dāng)?shù)钠髽I(yè)

風(fēng)險(xiǎn)管理系統(tǒng)。因此B選項(xiàng)正確

［單選題］5.SOACompanyneedstoraise75million,inlocalcurrency,

forsubstantialnewinvestmentsnextyear.Specificdetails,allin

localcurrency,areasfollows:Investmentsof10millionin

receivablesand15millionininventory.Fixedcapitalinvestmentsof

50million,including10milliontoreplacedepreciatedequipmentand

40millionofnetnewinvestments.Netincomeisexpectedtobe30

million,anddividendpaymentswillbe12million.Depreciation

chargeswi11be10million.Short-termfinancingfromaccounts

payableof6millionisexpected.Thefirmwillusereceivablesas

collateralforan8millionloan.Thefirmwillalsoissuea14

millionshort-termnotetoacommercialbank.Anyadditionalexternal

financingneededcanberaisedfromanincreaseinlong-termbonds.

Ifadditionalfinancingisnotneeded,anyexcessfundswillbeused

torepurchasecommonshares.WhatadditionalfinancingdoesSOA

require?

A.SOAwillneedtoissue19millionofbonds.

B.SOAwillneedtoissue26millionofbonds.

C.SOAcanrepurchase2millionofcommonshares.

正確答案：A

參考解析：Aiscorrect.SOAmustissue19millionof

bonds.

Amount

Source(local,millions)

Accountspayable6

Bankloanagainstreceivables8

Short-termnote14

Netincome+depreciation-dividends28

Totalsources56

----------------------------------------------------------------The

firmrequires75millionoffinancinginlocalcurrencyterms.Given

theplannedsources(beforebondfinancingorrepurchases)total56

million,SOAwillneedtoissue19millionofnewbonds.一個(gè)是正確

的。SOA必須發(fā)行1900萬張債券。該公司需要7500萬美元的當(dāng)?shù)刎泿湃谫Y。

考慮到計(jì)劃的資金來源(在債券融資或回購之前)總計(jì)5600萬，SOA將需要發(fā)行

1900萬新債券。

［單選題］6.FranMcClureofAlbaAdvisersisestimatingthecostof

capitalofFrontierCorporationaspartofhervaluationanalysisof

Frontier.McClurewillbeusingthisestimate,alongwithprojected

cashflowsfromFrontier'snewprojects,toestimatetheeffectof

thesenewprojectsonthevalueofFrontier.McClurehasgatheredthe

followinginformationonFrontier

B.15.5percent.

C.16.5percent.

正確答案：B

參考解析：Answer:BMarketvalueofdebt:FV=$10,000,000,PMT=

$400,000,N=10,I/Y=6.825%.SolvingforPVgivestheanswer

$7.999,688.Marketvalueequity:1.2millionsharesoutstandingat$10

二$12,000,000

Marketvalueofdebt$7,999,68840%

Marketvalueofequity$12,000,00060%

Totalcapital$19,999,688100%

Toraise$7.5millionofnewcapitalwhilemaintainingthesame

capitalstructure,thecompanywouldissue$7.5millionx40%=$3.0

ini11ioninbonds,whichresultsinabefore-laxraleof16

percent.rd(l-t)=0.16(1-0.3)=0.112or11.2%re=0.032.2(0.10一

0.03)=0.184or18.4WCC=[0.40(0.112)]+[0.6(0.184)]=0.0448+

0.1104=0.1552or15.52%

這道題目問的是Happy公司目前發(fā)行了股普通股，貝塔系數(shù)為

2.2。該公司還有l(wèi)Omillion美元票面價(jià)值的債券，還有五年到期，票面利率為

8%,每半年支付一次，收益率為13.65%。如果Happy發(fā)行至多2.5mi11ion美元

的新債券，這些債券將按面值定價(jià)，收益率為13.65%;如果發(fā)行超過

2.5million美元的債券，整個(gè)發(fā)行的預(yù)期收益率將為16%。Happy己經(jīng)了解到，

它可以以每股10美元的價(jià)格發(fā)行新的普通股。目前的無風(fēng)險(xiǎn)利率為3%,預(yù)期市

場(chǎng)回報(bào)率為10虬Happy的邊際稅率是30機(jī)如果Happy在保持相同的負(fù)債權(quán)益

比率的情況下籌集7.5million美元的新資本，其加權(quán)平均資本成本最接近于：

首先要求出公司的資本結(jié)構(gòu)：債券市場(chǎng)價(jià)值：FV=$10,000,000,PMT二

$400,000,N=10,I/Y=6.825%.求解PV:$7,999,688.股權(quán)市場(chǎng)價(jià)值：1.2

millionsharesoutstandingat$10=$12,000,000債券和股票總市值

$19,999,688,債券占比40%,股票占比60%為了籌集7.5million美元的新資

本，同時(shí)保持相同的資本結(jié)構(gòu)，公司將發(fā)行7.5X40%=3million美元的債

券，其稅前收益率為16猊rd(l-t)=0.16(1-0.3)=0.112or11.2%re

=0.032.2(0.10-0.03)=0.184or18.4%WACC=[0.40(0.112)]+

[0.6(0.184)]=0.0448+0.1104=0.1552or15.52%因此B選項(xiàng)正確

[單選題]8.Whichofthefollowingisleastaccuratewithrespectto

debt-equityconflicts?

A.Equityholdersfocusonpotentialupsideanddownside,while

debtholdersfocusprimarilyondownsiderisk.

B.Managementattemptstobalancetheinterestsofequityholdersand

debtholders.

C.Debtcovenantscanmitigatetheconflictbetweendebtholdersand

equityholders.

正確答案：B

參考解析：Managementisgenerallyfocusedonmaximizingthevalueof

equity.管理層通常專注丁使權(quán)益價(jià)值最大化。

［單選題］9.Twoyearsago,acompanyissued$20millioninlong-term

bondsatparvaluewithacouponrateof9percent.Thecompanyhas

decidedtoissueanadditional$20millioninbondsandexpectsthe

newissuetobepricedatparvaluewithacouponrateof7percent.

Thecompanyhasnootherdebtoutstandingandhasataxrateof40

percent.Tocomputethecompany'sweightedaveragecostofcapital,

theappropriateafter-taxcostofdebtisclosetto:

A.4.2%.

B.4.8%.

C.5.4%.

正確答案：A

參考解析：Answer:ATherelevantcostisthemarginalcostofdebt.

Thebefore-taxmarginalcostofdebtcanbeestimatedbytheyieldto

maturityonacomparableoutstanding.Afteradjustingfortax,the

after-taxcostis7(1-0.4)=7(0.6)=4.2%.這道題目問的是兩年前，一■家

公司發(fā)行了價(jià)值2000萬美元的長期債券，票面利率為9虬該公司已決定再發(fā)行

2,000萬美元債券，并預(yù)計(jì)新發(fā)行債券的票面利率為7%。該公司沒有其他未償

債務(wù)，稅率為40機(jī)要計(jì)算公司的加權(quán)平均資本成本，適當(dāng)?shù)亩惡髠鶆?wù)成本最接

近:相關(guān)成本是債務(wù)的邊際成本。債務(wù)的稅前邊際成本可由新發(fā)債務(wù)的到期收益

率來估計(jì)。稅后成本為7(1-0.4)=7(0.6)=4.2%o因此A選項(xiàng)正確

［單選題］10.Considertwocompaniesthatoperateinthesamelineof

businessandhavethesamedegreeofoperatingleverage:theBasic

CompanyandtheGrundlegendCompany.TheBasicCompanyandthe

GrundlegendCompanyhave,respectively,nodebtand50percentdebt

intheircapitalstructure.Whichofthefollowingstatementsismost

accurate?ComparedtotheBasicCompany,theGrundlegendCompanyhas:

A.alowersensitivityofnetincometochangesinunitsales.

B.theScimesensitivityofoperatingincometochangesinunitsales.

C.thesamesensitivityofnetincometochangesinoperatingincome.

正確答案：B

參考解析：Answer:BGrundlegend,sdegreeofoperatingleverageis

thesameasBasicCompanyJs,whereasGrundlegend,sdegreeoftotal

leverageanddegreeoffinancialleveragearehigher.這道題目問的是

考慮兩家在同一業(yè)務(wù)領(lǐng)域運(yùn)營并且擁有相同經(jīng)營杠桿的公司：Basic公司和

Grundlegcnd公司。Basic公司和Grundlegend公司在他們的資本結(jié)構(gòu)中分別沒

有債務(wù)和50%的債務(wù)。下列哪個(gè)陳述是最準(zhǔn)確的?與Basic公司相比，

Grundlegend公司有：Grundlegend的經(jīng)營杠桿水平與Basic公司相同，而

Grundlegend的總杠桿水平和財(cái)務(wù)杠桿水平更高。因此B選項(xiàng)正確。

［單選題］11.Selectedliquidityratiosforthreefirmsintheleisure

productsindustryaregiveninthetablebelow.Themostrecent

fiscalyearratioisshown,alongwiththeaverageoftheprevious

fiveyears.

CompanyHCompanyJCompanyS

MostFive-yearMostFive-yearMostFive-year

recentaveragerecentaveragerecentaverage

Current

5.372.513.673.043.052.53

ratio

Quick

5.012.192.602.011.781.44

ratio

Cash

3.660.971.961.280.960.67

ratio

Relativetotheirpeersandrelativetotheirownpriorperformance,

whichcompanyisinthemostliquidposition?

A.CompanyII

B.CompanyJ

C.CompanyS

正確答案：A

參考解析：Aiscorrect,Relativetopoors,CompanyHhasthehighest

setofratios.Relativetohistoricalaverageratios,CompanyH's

recentratiosshowthegreatestincreases.Thecashratioisthe

mostrelevantforjudgingliquidity,andCompanyH'scashratiois

quitehigh.A是正確的。與同行相比，H公司的比率最高。相對(duì)于歷史平均比

率，H公司最近的比率增長幅度最大?，F(xiàn)金比率與判斷流動(dòng)性最相關(guān)，H公司的

現(xiàn)金比率相當(dāng)高。

［單選題］12.TheFulcrumCompanyproducesdecorativeswivelplatforms

forhometelevisions.IfFulcrumproduces40millionunits,it

estimatesthatitcansellthemfor$100each.Variableproduction

costsare$65perunitandfixedproductioncostsare$1.05billion.

Whichofthefollowingstatementsismostaccurate?Holdingallelse

constant,theFulcrumCompanywould:

A.generatepositiveoperatingincomeifunitsaleswere25million.

B.havelessoperatingleverageiffixedproductioncostswere10

peiuenLgrealei'Ilian$1.05billion.

C.generate20percentmoreoperatingincomeifunitsaleswere5

percentgreaterthan40million.

正確答案：C

參考解析：BecauseDOLis4,ifunitsalesincreaseby5percent,

Fulcrum'soperatingearningsareexpectedtoincreaseby4X5%二

20%.ThecalculationforDOL

(40million)($100-$65)

DOL=--------------------------------i-------------------=4

?［(40million)($100-565)］-$1.05billion

is：

這道題目問的是Fulcrum公司生產(chǎn)用于家庭電視的裝飾性旋轉(zhuǎn)平臺(tái)。如果

Fulcrum生產(chǎn)40nii11ion臺(tái)，它估計(jì)每臺(tái)售價(jià)100美元。每單位可變生產(chǎn)成本為

65美元，固定生產(chǎn)成本為L5billion美元。下列哪個(gè)陳述是最準(zhǔn)確的?保持其

他一切不變，F(xiàn)ulcrum公司會(huì):由于D0L為4,如果單位銷售額增加5肌那么

Fulcrum的營業(yè)利潤預(yù)計(jì)將增加4X5%=20%。DOL的計(jì)算為:因此C選項(xiàng)正

確。

［單選題］13.Whichofthefollowingisleastlikelytobetruewith

respecttoagencycostsandseniormanagementcompensation?

A.Equity-basedincentivecompensationistheprimarymethodto

addresstheproblemofagencycosts.

B.Awell-designedcompensationschemeshouldeliminateagencycosts.

C.Highcashcompensationforseniormanagement,withoutsignificant

equity-basedperformanceincentives,canleadtoexcessivecaution

andcomplacency.

正確答案：B

參考解析：Awell-designedmanagementcompensationschemecanreduce,

butnoteliminate,agencycosts.一個(gè)設(shè)計(jì)良好的管理層薪酬方案可以降低

但不能消除代理成本。

［單選題］14.Whichofthefollowingstatementsismostaccurate?Iftwo

equityissueshavethesamemarketriskbutthefirstissuehas

higherleverage,greaterliquidity,andahigherrequiredreturn,the

higherrequiredreturnismostlikelytheresultofthefirstissue'

s:

A.greaterliquidity.

B.higherleverage.

C.higherleverageandgreaterliquidity.

正確答案：B

參考解析：Allelseequal,thefirstissue5sgreaterliquiditywould

LendtoiiiakeiIsrequiredreluinlowei'thanLliesecondissue's.

However,therequiredreturnonequityincreasesasleverage

increases.Thefirstissue'shigherrequiredreturnmustresultfrom

itshigherleverage,morethanoffsettingtheeffectofitsgreater

liquidity,giventhatbothissueshavethesamemarketrisk.在其他條

件相同的情況下，第一次發(fā)行的流動(dòng)性更強(qiáng)，其所需回報(bào)率往往低于第二次發(fā)

行。然而，所需的股本回報(bào)率隨著杠桿率的增加而增加。鑒于兩次發(fā)行具有相

同的市場(chǎng)風(fēng)險(xiǎn)，第一次發(fā)行所需的較高回報(bào)必須來自其較高的杠桿率，而不僅

僅是抵消了其較高流動(dòng)性的影響。

［單選題］15.Accordingtothestatictrade-offtheory:

A.debtshouldbeusedonlyasalastresort.

B.companieshaveanoptimallevelofdebt.

C.thecapitalstructuredecisionisirrelevant.

正確答案：B

參考解析：Biscorrect.Thestatictrade-offtheoryindicatesthat

thereisatrade-offbetweenthetaxshieldfrominterestondebtand

thecostsoffinancialdistress,leadingtoanoptimalamountofdebt

inacompany?scapitalstructure.B是正確的。靜態(tài)權(quán)衡理論表明，在債務(wù)

利息的稅收盾牌和財(cái)務(wù)困境的成本之間存在一種權(quán)衡，導(dǎo)致一個(gè)公司的資本結(jié)

構(gòu)的最優(yōu)債務(wù)數(shù)額。

［單選題］16.Whichofthefollowingisanexampleofagencycosts?In

eachcase,managementisadvocatingasubstantialacquisition,and

managementcompensationiscomprisedheavilyofstockoptions.

A.Managementbelievestheacquisitionwillbepositivefor

shareholdervaluebutnegativeforthevalueandinterestsofthe

companyJsdebtholders.

B.Management?sstockoptionsareworthlessatthecurrentshare

price.Theacquisitionhasahigh(50%)riskoffailure(withzero

value)butsubstantial(30%)upsideifitworksout.

C.Theacquisitionispositiveforequityholdersanddoesnot

significantlyimpairthepositionofdebtholders.However,the

acquisitionputsthecompanyintoanewbusinesswherelabor

practicesareharshandtheproductionprocessisenvironmentally

damaging.

正確答案：B

參考解析：Managementisadvocatinganacquisitionthatislikelyto

bepositiveforthevalueofthecompany?soptionsbutnegativefor

equityholdersgiventhesubstantialrisk.Aisanexampleofthedebt

-equityconriicl.Cisanexampleofslakelioldei,iiilereslsihalare

notbeingconsideredbymanagement.管理層提倡的收購可能對(duì)公司期權(quán)價(jià)

值有利，但對(duì)股權(quán)持有人不利，因?yàn)榇嬖谥卮箫L(fēng)險(xiǎn)。A是債務(wù)-股權(quán)沖突的一個(gè)

例子。C是管理層未考慮的利益相關(guān)者利益的一個(gè)例子。

［單選題］17.Whichofthefollowingstatementsregardingstakeholder

managementismostaccurate?

A.Companymanagementensurescompliancewithallapplicablelawsand

regulations.

B.Directorsareexcludedfromvotingontransactionsinwhichthey

holdmaterialinterest.

C.Theuseofvariableincentiveplansinexecutiveremunerationis

decreasing.

正確答案：B

參考解析：Biscorrect.Often,policiesonrelated-partytransactions

requirethatsuchtransactionsormattersbevotedonbytheboard

(orshareholders),excludingthedirectorholdingtheinterest.這道

題目問的是下列關(guān)于利益相關(guān)者管理的陳述哪一個(gè)是最準(zhǔn)確的？通常，有關(guān)關(guān)

聯(lián)方交易的政策要求此類交易或事項(xiàng)由董事會(huì)(或股東)投票表決，但利益相關(guān)

的董事除外。因此B選項(xiàng)正確

［單選題］18.WangSecuritieshadalong-termstabledebt-to-equity

ratioof0.65.RecentbankborrowingforexpansionintoSouthAmerica

raisedtheratioto0.75.Theincreasedleveragehaswhateffecton

theassetbetaandequitybetaofthecompany?

A.Theassetbetaandtheequitybetawillbothrise.

B.Theassetbetawillremainthesameandtheequitybetawillrise.

C.Theassetbetawillremainthesameandtheequitybetawill

decline.

正確答案：B

參考解析：Answer:BAssetriskdoesnotchangewithahigherdebt-to-

equityratio.Equityriskriseswithhigherdebt.、這道題目問的是W

證券的長期穩(wěn)定負(fù)債權(quán)益比為0.65o為向南美擴(kuò)張而借入的資金將這一比率提

高到了0.75。增加的杠桿對(duì)公司的資產(chǎn)貝塔和權(quán)益貝塔有什么影響？資產(chǎn)風(fēng)險(xiǎn)不

會(huì)隨著更高的負(fù)債權(quán)益比率而改變，資產(chǎn)貝塔不變；債務(wù)越高，股票風(fēng)險(xiǎn)越

大，權(quán)益貝塔變大。因此B選項(xiàng)正確

［單選題］19.Whichofthefollowingrepresentsaprincipal-agent

conflictbetweenshareholdersandmanagement?

A.Risktolerance

B.Multipleshareclasses

C.AccouiilingandicpoiLingpractices

正確答案：A

參考解析：Aiscorrect.Shareholderandmanagerinterestscandiverge

withrespecttorisktolerance.Insomecases,shareholderswith

diversifiedinvestmentportfolioscanhaveafairlyhighrisk

tolerancebecausespecificcompanyriskcanbediver-sifiedaway.

Managersaretypicallymoreriskaverseintheircorporatedecision

makingtobetterprotecttheiremploymentstatus.這道題目問的是下歹ll

哪項(xiàng)代表股東與管理層之間的委托代理沖突?在風(fēng)險(xiǎn)承受力方面，股東和經(jīng)理人

的利益可能存在分歧。在某些情況下，多元化投資組合的股東可能具有較高的

風(fēng)險(xiǎn)承受能力，因?yàn)樘囟ǖ墓撅L(fēng)險(xiǎn)可以分散。在企業(yè)決策中，管理者通常更

傾向于規(guī)避風(fēng)險(xiǎn)，以更好地保護(hù)自己的就業(yè)狀況。因此A選項(xiàng)正確

［單選題］20.PalomaVillarrealhasreceivedthreesuggestionsfromher

staffabouthowtoaddressherfirm'sliquidityproblems.Suggestion

1.Reducethefirm,sinventoryturnoverrate.Suggestion2.Reduce

theaveragecollectionperiodonaccountsreceivable.Suggestion3.

Acceleratethepaymentsonaccountspayablebypayinginvoicesbefore

theirduedates.WhichsuggestionshouldVillarrealemploytoimprove

thefirm,sliquidityposition?

A.Suggestion1

B.Suggestion2

C.Suggestion3

正確答案：B

參考角軍析：Biscorrect.Reducingtheaveragecollectionperiodwould

speedupreceiptsandimprovethefirm'sliquidityposition.The

othertwosuggestionswouldworsenthefirm'sliquidityposition.B是

正確的。縮短平均收款周期將加快收款速度，改善公司的流動(dòng)性狀況。另外兩

個(gè)建議會(huì)惡化公司的流動(dòng)性狀況。

［單選題］21.Ananalystgatheredthefollowinginformationabouta

companyandthe

Currentmarketpricepershareofcommonstock$28.00

Mostrecentdividendpersharepaidoncommonstock)Do)$2.00

Expecteddividendpayoutrate40%

Expectedreturnonequity(ROE)15%

Betaforthecommonstock1.3

Expectedrateofreturnonthemarketportfolio13%

Risk-freerateofreturn4%

market:

UsingtheCapitalAssetPricingModel(CAPM)approach,thecostof

retainedearningsforthecompanyisclosestto:

A.13.6%

B.15.7%

C.16.1%

正確答案：B

參考解析:Answer:BUsingtheCAPMapproach,4%1.3(9%)=15.7%.這道

題目問的是一位分析師收集了一家公司和市場(chǎng)的以下信息，采用資本資產(chǎn)定價(jià)

模型(CAPM)方法，公司的留存收益成本最接近：使用CAPM方法，4%1,3(9%)=

15.7%.因此B選項(xiàng)正確

［單選題］22.Whichofthesestatementsismostaccuratewithrespectto

theuseofdebtbyastart-upfashionretailerwithnegativecash

flowanduncertainrevenueprospects?

A.Debtfinancingwillbeunavailableorverycostly.

B.Thecompanywillprefertouseequityratherthandebtgivenits

uncertaincashflowoutlook.

C.BothAandB.

正確答案：C

參考解析：Ciscorrect.Forastart-upcompanyofthisnature.debt

financingislikelytobeunattractivetolenders—andthereforevery

expensiveordifficulttoobtain.Debtfinancingisalsounappealing

tothecompany,becauseitcommitsthecompanytointerestand

principalpaymentsthatmightbedifficulttomanagegivenits

uncertaincashflowoutlook.C是正確的。對(duì)于這種性質(zhì)的初創(chuàng)公司，債務(wù)融

資可能對(duì)貸款人沒有吸引力，因此非常昂貴或難以獲得。債務(wù)融資對(duì)該公司也

不具吸引力，因?yàn)殍b于其不確定的現(xiàn)金流前景，債務(wù)融資使該公司承擔(dān)可能難

以管理的利息和本金支付。

［單選題］23.KwamSolutionsmustraise€120million.Kwamhastwo

primarysourcesofliquidity:€60millionofmarketablesecurities

(whichcanbesoldwithminimal1iquidation/brokeragecosts)and€30

millionofbonds(whichcanbesoldwith3%liquidationcosts).Kwam

cansellsomeorallofeitheroftheseportfolios.Kwamhasa

seuoiidciiysourceof1iquidiLy,whichwouldbetosellalargepiece

ofrealestatevaluedat€70million(whichwouldincur10%

liquidationcosts).IfKwamsellstherealestate,itmustbesold

entirely(afractionalsaleisnotpossible).Whatisthelowestcost

strategyforraisingtheneeded€120million?

A.Sell€60millionofthemarketablesecurities,€30millionofthe

bonds,and€34.3millionoftherealestateproperty.

B.Selltherealestatepropertyand€50millionofthemarketable

securities.

C.Selltherealestatepropertyand€57millionofthemarketable

securities.

正確答案：C

參考解析：Kwammustselltheentirerealestatepropertybecausethe

twoprimarysources(mcirketablesecuritiesandbonds)willnotraise

theneeded€120million.Aisincorrectbecauseitassumesa

fractionalrealestatesale.Therealestatesalewillraiseanetof

€63million(€70millionminus10%liquidationexpenses).Toraise

therestofthefundsneeded(€120million-€63million=€

57million),Kwamcansell€57millionofmarketablesecurities,

whichhaveminimalliquidation/brokeragecosts.Kwam必須出售整個(gè)房地

產(chǎn)，因?yàn)閮蓚€(gè)主要來源(有價(jià)證券和債券)無法籌集所需的1.2億歐元。A是不

正確的，因?yàn)樗僭O(shè)了部分房地產(chǎn)銷售。房地產(chǎn)銷售將凈籌集6300萬歐元

(7000萬歐元減去10%的清算費(fèi)用)。為了籌集所需的其余資金(1.2億歐元-

6300刀歐元=5700力歐兀)，Kwam可以出售5700刀歐元的有價(jià)證券，其清算/

經(jīng)紀(jì)成本最低。

［單選題］24.Whichofthefollowingistrueofthegrowthstageina

companyJsdevelopment?

A.Cashflowisnegative,bydefinition,withinvestmentoutlays

exceedingcashflowfromoperations.

B.Cashflowmaybenegativeorpositive.

C.Cashflowispositiveandgrowingquickly.

正確答案：B

參考解析：Biscorrect.Cashflowtypicallyturnspositiveduringthe

growthstage,butitmaybenegative,particularlyatthebeginningof

thisstage.B是正確的?，F(xiàn)金流通常在增長階段轉(zhuǎn)為正值，但也可能為負(fù)值，

特別是在這一階段的初期。

［單選題］25.Accordingtothepeckingordertheory:

A.newdebtispreferabletonewequity.

B.dewdebtispiererableloinLeinallygeneictLedfunds.

C.newequityisalwayspreferabletoothersourcesofcapital.

正確答案：A

參考解析：Aiscorrect.Accordingtothepeckingordertheory,

internallygeneratedfundsarepreferabletobothnewequityandnew

debt.Ifinternalfinancingisinsufficient,managersnextprefernew

debt,thennewequity.Managerspreferformsoffinancingwiththe

leastamountofvisibilitytooutsiders.A是正確的。根據(jù)優(yōu)序理論，內(nèi)部

資金比新股本和新債務(wù)更可取。如果內(nèi)部融資不足，經(jīng)理人接下來會(huì)選擇發(fā)行

新債，然后是新股本。經(jīng)理人更喜歡那些不為外人所知的融資方式。

［單選題］26.BrandonWieneisafinancialanalystcoveringthebeverage

industry.HeisevaluatingtheimpactofDEFBeverage'snewproduct

lineofflavoredwaters.DEFcurrentlyhasadebt-to-equityratioof

0.6.Thenewproductlinewouldbefinancedwith$50millionofdebt

and$100millionofequity.Inestimatingthevaluationimpactof

thisnewproductlineonDEF'svalue,Wienehasestimatedtheequity

betaandassetbetaofcomparablecompanies.Incalculatingthe

equitybetafortheproductline,WieneisintendingtouseDEF，s

existingcapitalstructurewhenconvertingtheassetbetaintoa

projectbeta.Whichofthefollowingstatementsiscorrect?

A.UsingDEF'sdebt-to-equityratioof0.6isappropriatein

calculatingthenewproductline'sequitybeta.

B.UsingDEF，sdebt-to-equityratioof0.6isnotappropriate,but

ratherthedebt-to-equityratioofthenewproduct,0.5,is

appropriatetouseincalculatingthenewproductline，sequitybeta.

C.Wieneshouldusethenewdebt-to-equityratioofDEFthatwould

resultfromtheadditional$50milliondebtand$100millionequity

incalculatingthenewproductline，sequitybeta.

正確答案：B

參考解析：Answer:BBiscorrect.Thedebt-to-equityratioofthenew

productshouldbeusedwhenmakingtheadjustmentfromtheassetbeta,

derivedfromthecomparable,totheequitybetaofthenewproduct.

這道題目問的是布蘭登維恩(BrandonWiene)是一名負(fù)責(zé)飲料行業(yè)的財(cái)務(wù)分析

師。他正在評(píng)估DEFBeverage的調(diào)味水新產(chǎn)品線的影響。DEF目前的負(fù)債權(quán)益

比為0.6o新產(chǎn)品線將由50million美元的債務(wù)和lOOmillion美元的股權(quán)融

資。在評(píng)估這一新產(chǎn)品線對(duì)DEF價(jià)值的影響時(shí)，忻ene評(píng)估了可比公司的股票貝

塔系數(shù)和資產(chǎn)貝塔系數(shù)。在計(jì)算產(chǎn)品線的股權(quán)beta時(shí)，Wiene打算在將資產(chǎn)

beta轉(zhuǎn)換為項(xiàng)目beta時(shí)使用DEF現(xiàn)有的資本結(jié)構(gòu)。下列哪個(gè)陳述是正確的？要

分析bes值，需耍用的資本結(jié)構(gòu)是新產(chǎn)品的負(fù)債權(quán)益比率，應(yīng)該為

50/100=0.5o因此B選項(xiàng)正確

［單選題］27.Whichofthefollowingisleastaccuratewithrespectto

themarketvalueandbookvalueofacompany'sequity?

A.Marketvalueismorerelevantthanbookvaluewhenmeasuringa

company'scostofcapital.

B.Bookvalueisoftenusedbylendersandinfinancialratio

calculations.

C.Bothmarketvalueandbookvaluefluctuatewithchangesinthe

company'sshareprice.

正確答案：C

參考解析：Ciscorrect.Sharepricechangeswillcausethemarket

valueofthecompany?sequitytochange;bookvalueisunaffected.

StatementsAandBareaccurate.C是正確的。股價(jià)變化將導(dǎo)致公司股權(quán)的

市場(chǎng)價(jià)值發(fā)生變化；賬面價(jià)值不受影響。陳述A和B是準(zhǔn)確的。

［單選題］28.SebCoeplc,aBritishfirm,isevaluatinganinvestmentin

a￡50millionprojectthatwillbefinancedwith50%debtand50%

equity.ManagementhasalreadydeterminedthattheNPVofthis

projectis￡5millionifitusesinternallygeneratedequity.

However,ifthecompanyusesexternalequity,itwillincurflotation

costsof5.8%.Assumingflotationcostsarenottaxdeductible,the

NPVusingexternalequitywouldbe:

A.lessthan￡5millionbecausewewoulddiscountthecashflows

usingahigherweightedaveragecostofcapitalthatreflectsthe

flotationcosts.

B.￡3.55millionbecauseflotationcostsreduceNPVby$1.45million.

C.￡5millionbecauseflotationcostshavenoimpactonNPV.

正確答案：B

參考解析：Sincetheprojectwillbefinancedwith50%equity,the

companywillissue￡25millionofnewstock.Theflotationcostof

externalequityis(0.058X25,000,000)=1,450,000.TheNPVofthe

projectusingexternalequityistheNPVusingint