2025年CFA考試《公司金融》專(zhuān)項(xiàng)訓(xùn)練試卷（含答案）考試時(shí)間：______分鐘總分：______分姓名：______一、CompanyXYZisevaluatinganewprojectthatrequiresaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thecompany'scostofcapitalis8%.UsingtheNetPresentValue(NPV)method,determinewhethertheprojectshouldbeaccepted.Clearlystateyourreasoning.二、Afirmhasthefollowingcapitalstructure:Debt:$2,000,000outstandingbondswitha6%couponrate,maturityof10years,andamarketvalueof$1,800,000.Equity:100,000sharesoutstanding,withacurrentmarketpriceof$50pershare.Calculatethefirm'sweightedaveragecostofcapital(WACC)givenacorporatetaxrateof30%.Assumethebondsarethefirm'sonlydebtandignorepreferredstock.三、ExplaintheModigliani-Miller(MM)PropositionIwithtaxes.Whatareitskeyassumptions?Underwhatconditionsmighttheproposition'spredictionsdeviatefromrealityinpractice?四、Acompanyisconsideringwhethertopurchaseanewmachinefor$500,000.Themachinehasanexpectedusefullifeof5yearsandnosalvagevalue.Itisexpectedtogenerateadditionalannualpre-taxoperatingincomeof$150,000byreplacingtheoldmachine.Theoldmachinehasabookvalueof$100,000andisexpectedtogenerate$50,000insalvagevalueifsoldnow.Thecompanyusesstraight-linedepreciationandhasa40%taxrate.ShouldthecompanypurchasethenewmachinebasedonanNPVanalysis?Showallrelevantcalculations.五、Compareandcontrastthedifferentformsofcorporategovernance.Whyiseffectivecorporategovernanceimportantforattractinginvestmentandensuringlong-termfirmvalue?六、Defineoperatingleverage.Howdoesacompany'soperatingleverageaffectitsprofitabilityandriskprofile?Provideanexampleofabusinesswithhighoperatingleverage.七、Whatistheprimarygoalofafirmaccordingtothetraditionalfinancialtheory?Discussthepotentialconflictsbetweenthisgoalandtheinterestsofotherstakeholders,suchasmanagersandshareholders.八、Acompanyisconsideringaprojectwithaninitialoutlayof$200,000.Theprojectisexpectedtoproducecashflowsof$80,000attheendofYear1,$60,000attheendofYear2,and$70,000attheendofYear3.Thecompanyrequiresa12%returnonsuchinvestments.CalculatetheInternalRateofReturn(IRR)forthisproject.ShouldtheprojectbeacceptedbasedontheIRRrule?Explainyouranswer.九、Explaintheconceptofagencycostsinthecontextofcorporatefinance.Whatmechanismscancompaniesusetomitigateagencycostsbetweenmanagersandshareholders?十、Brieflydescribethedifferenttypesoffinancialdistress.Whichtypeoffinancialdistressdoyoubelieveismostdamagingtoacompanyanditsstakeholders,andwhy?十一、Acompanyhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis5%.Calculatetherequiredrateofreturnonthecompany'sequityusingtheCapitalAssetPricingModel(CAPM).十二、Comparetheadvantagesanddisadvantagesofusingdebtversusequityfinancingforacompany.Considerfactorssuchascostofcapital,financialflexibility,andcontrol.十三、Describethekeycomponentsofafirm'scashcycle.Howcanacompanymanageitscashcycleeffectivelytoimproveitscashflow?十四、Explaintheconceptofacalloption.Whatisthemaximumlossthataninvestorcanincurbypurchasingacalloption?Whatisthemaximumpotentialgain?十五、Acompanyisevaluatingtwomutuallyexclusiveprojects,AandB.ProjectAhasanNPVof$100,000andanIRRof12%.ProjectBhasanNPVof$80,000andanIRRof14%.Assumingarequiredrateofreturnof10%forbothprojects,whichprojectshouldthecompanychoose?Explainyourdecision,consideringbothNPVandIRR,anddiscussanypotentialissuesthatmightarisefromusingIRRfordecisionmakinginthisscenario.試卷答案一、項(xiàng)目應(yīng)被接受。計(jì)算NPV如下：年現(xiàn)金流量現(xiàn)值=$300,000/(1+0.08)^1+$300,000/(1+0.08)^2+$300,000/(1+0.08)^3+$300,000/(1+0.08)^4+$300,000/(1+0.08)^5=$300,000/1.08+$300,000/1.1664+$300,000/1.2597+$300,000/1.3605+$300,000/1.4693=$277,777.78+$257,201.38+$238,095.24+$220,508.49+$204,201.79=$1,297,783.68NPV=年現(xiàn)金流量現(xiàn)值-初始投資=$1,297,783.68-$1,000,000=$297,783.68因?yàn)镹PV大于0，且大于要求的8%回報(bào)率，根據(jù)NPV方法，項(xiàng)目應(yīng)被接受。二、首先計(jì)算債務(wù)的市場(chǎng)價(jià)值（DebtMarketValue）=$1,800,000。計(jì)算股權(quán)的市場(chǎng)價(jià)值（EquityMarketValue）=100,000shares*$50/share=$5,000,000。計(jì)算總市場(chǎng)價(jià)值（TotalMarketValue）=DebtMarketValue+EquityMarketValue=$1,800,000+$5,000,000=$6,800,000。計(jì)算債務(wù)的稅后成本（After-taxCostofDebt）=稅前成本*(1-稅率)=6%*(1-30%)=6%*0.70=4.2%。計(jì)算債務(wù)的權(quán)重（WeightofDebt）=DebtMarketValue/TotalMarketValue=$1,800,000/$6,800,000≈0.2647。計(jì)算股權(quán)的權(quán)重（WeightofEquity）=EquityMarketValue/TotalMarketValue=$5,000,000/$6,800,000≈0.7353。WACC=(WeightofDebt*After-taxCostofDebt)+(WeightofEquity*CostofEquity)由于題目未給出股權(quán)成本，我們假設(shè)題目意圖僅要求計(jì)算債務(wù)部分的稅后成本或僅包含債務(wù)部分。若必須計(jì)算WACC，需補(bǔ)充股權(quán)成本數(shù)據(jù)。此處按題目提供信息，WACC主要受債務(wù)影響。WACC≈(0.2647*4.2%)+(0.7353*?)若題目意在考察WACC計(jì)算框架，需補(bǔ)充股權(quán)成本。若僅考察稅后債務(wù)成本，答案為4.2%。假設(shè)題目要求計(jì)算包含股權(quán)的WACC，但未給股權(quán)成本，無(wú)法完成計(jì)算。此處答案僅包含可計(jì)算部分：WACC計(jì)算框架已建立，需補(bǔ)充股權(quán)成本才能得出最終數(shù)值。根據(jù)提供數(shù)據(jù)，稅后債務(wù)成本為4.2%。三、Modigliani-Miller(MM)PropositionIwithtaxesstatesthatthevalueofaleveredfirm(V_L)isequaltothevalueofanunleveredfirm(V_U)plusthetaxshieldprovidedbythedebt(T_c*D),whereT_cisthecorporatetaxrateandDisthetotaldebt.Mathematically:V_L=V_U+T_c*D.Keyassumptionsinclude:1.Notaxes(thepropositionwithtaxesmodifiesthis).2.Notransactioncosts.3.Nobankruptcycosts.4.Symmetricinformation(noasymmetricinformation).5.Rationalinvestors.6.Constantdebtratio(thefirmmaintainsaconstantdebt-equityratio).Inpractice,deviationsoccurduetotaxes(whicharereal),bankruptcycosts(whichincreasewithleverage),taxesonpersonalincome(whichcanreducethetaxshieldbenefit),asymmetricinformationleadingtoadverseselectionandmoralhazard,agencycosts,andtransactioncosts.四、初始現(xiàn)金流=-購(gòu)買(mǎi)新機(jī)器成本-舊機(jī)器變現(xiàn)收益+舊機(jī)器稅盾=-$500,000-$50,000+($100,000-$50,000)*40%=-$500,000-$50,000+$50,000*0.40=-$500,000-$50,000+$20,000=-$530,000年折舊=($500,000-$0)/5=$100,000年稅后收入增加=$150,000*(1-40%)=$90,000年稅后折舊節(jié)省=$100,000*40%=$40,000年經(jīng)營(yíng)現(xiàn)金流增加=年稅后收入增加+年稅后折舊節(jié)省=$90,000+$40,000=$130,000計(jì)算5年經(jīng)營(yíng)現(xiàn)金流現(xiàn)值：PV(經(jīng)營(yíng)現(xiàn)金流)=$130,000/(1+0.40)^1+$130,000/(1+0.40)^2+$130,000/(1+0.40)^3+$130,000/(1+0.40)^4+$130,000/(1+0.40)^5PV(經(jīng)營(yíng)現(xiàn)金流)=$130,000/1.40+$130,000/1.96+$130,000/2.744+$130,000/3.8416+$130,000/5.3789PV(經(jīng)營(yíng)現(xiàn)金流)=$92,857.14+$66,326.53+$47,393.72+$33,839.84+$24,160.36PV(經(jīng)營(yíng)現(xiàn)金流)=$264,577.59計(jì)算項(xiàng)目NPV：NPV=初始現(xiàn)金流+PV(經(jīng)營(yíng)現(xiàn)金流)NPV=-$530,000+$264,577.59NPV=-$265,422.41由于NPV小于0，根據(jù)NPV規(guī)則，公司不應(yīng)購(gòu)買(mǎi)新機(jī)器。五、Corporategovernancereferstothesystemofrules,practices,andprocessesbywhichacompanyisdirectedandcontrolled.Itinvolvesbalancingtheinterestsofacompany'smanystakeholders,suchasshareholders,seniormanagementexecutives,customers,suppliers,financiers,thegovernment,andthecommunity.Differentformsinclude:1.ShareholderPrimacy:Focusesonmaximizingshareholdervalue.2.StakeholderTheory:Considerstheinterestsofallstakeholders,notjustshareholders.3.AgencyTheory:Focusesonaligningtheinterestsofmanagers(agents)withshareholders(principals)throughmechanismslikeboardsandincentives.4.GovernanceStructures:Includestheboardofdirectors(itsindependence,size,committees),executivecompensation,shareholderrights,disclosurepractices,andinternalcontrols.Effectivecorporategovernanceisimportantbecauseitenhancestransparencyandaccountability,reducesinformationasymmetry,mitigatesagencycosts,promotesethicalbehavior,andultimatelyhelpsattractinvestment(bothequityanddebt),lowerthecostofcapital,andensurethelong-termsustainabilityandvaluecreationofthefirm.六、Operatingleveragereferstotheuseoffixedcostsinacompany'scoststructure.Itmeasuresthedegreetowhichacompany'soperatingincomeisaffectedbychangesinsalesvolume.Acompanywithhighoperatingleveragehasahighproportionoffixedcostsrelativetovariablecosts.Highoperatingleveragemeansthatagivenpercentageincreaseinsaleswillleadtoalargerpercentageincreaseinoperatingincome(EBIT).Conversely,agivenpercentagedecreaseinsaleswillleadtoalargerpercentagedecreaseinoperatingincome.This放大了銷(xiāo)售變化對(duì)利潤(rùn)的影響。Highoperatingleverageincreasespotentialprofitabilitywhensalesaregrowing,butalsoincreasesbusinessriskbecausefixedcostsmustbecoveredregardlessofsaleslevel.Ifsalesfallsignificantly,acompanywithhighoperatingleveragecanfacelargeoperatinglossesmoreeasilythanacompanywithlowoperatingleverage(whichhashighervariablecostsandthuslowerfixedcosts).Example:Utilitiescompaniesoftenhavehighoperatingleverageduetosubstantialfixedcostsrelatedtoinfrastructure(powerplants,grids).Softwarecompaniescanalsohavehighoperatingleverageafterdevelopmentcostsareincurred,asreproductioncostsarelow(variablecosts).Acompanyproducinggoodsinahighlyautomatedfactorywouldalsotypicallyhavehighoperatingleverage.七、Accordingtotraditionalfinancialtheory,theprimarygoalofafirmistomaximizeshareholderwealth,typicallymeasuredbythemarketvalueofitsequity.Thisisoftenequatedwithmaximizingthefirm'sstockprice.Potentialconflictswithotherstakeholders'interestsinclude:1.Managersvs.Shareholders(AgencyConflict):Managers(agents)mayprioritizetheirowninterests(e.g.,highersalaries,perks,jobsecurity,empirebuilding)overmaximizingshareholdervalue(principals).Thiscanleadtoagencycosts.2.Shareholdersvs.DebtHolders:Shareholdersmighttakeonexcessiverisk,knowingtheybearonlytheupsidepotential,whiledebtholdersdemandafixedreturnandbearthedownsiderisk.Shareholdersmightalsoresistpayingdividendsorundertakeprojectsthatcouldjeopardizedebtrepayment.3.Firmvs.Society/Environment:Pursuingprofitmaximizationmightleadtonegativeexternalitieslikepollutionorexploitationofworkers,harmingsocietyortheenvironment.4.Firmvs.Employees:Layoffsorlowwagesmightbenecessarytomaximizeprofitsbutharmemployeewell-beingandmorale.八、InitialOutlay(C0)=-$200,000CashFlows:C1=$80,000,C2=$60,000,C3=$70,000TheIRRisthediscountrate(r)thatmakestheNPVequaltozero.0=-$200,000+$80,000/(1+r)+$60,000/(1+r)^2+$70,000/(1+r)^3Wecanuseafinancialcalculatororspreadsheetfunction(likeExcel'sIRRfunction)tosolveforr.Usingafinancialcalculator:Entercashflows:CF0=-200000,CF1=80000,CF2=60000,CF3=70000ComputeIRR:IRR≈18.29%UsingtheIRRrule,iftheIRRisgreaterthantherequiredrateofreturn(18.29%>12%),theprojectshouldbeaccepted.Alternatively,calculateNPVattherequiredrate(12%):NPV@12%=-$200,000+$80,000/1.12+$60,000/1.12^2+$70,000/1.12^3NPV@12%=-$200,000+$71,428.57+$47,619.05+$48,695.62NPV@12%=$27,343.24(whichis>0)BoththeIRRrule(IRR>requiredreturn)andtheNPVrule(NPV>0)indicatetheprojectshouldbeaccepted.Theprojectshouldbeaccepted.九、Agencycostsarisefromtheconflictofinterestbetweenprincipals(e.g.,shareholders)andagents(e.g.,managers)inarelationshipwheretheagentactsonbehalfoftheprincipal.Thecostsinclude:1.MonitoringCosts:Costsincurredbyprincipalstomonitortheagent'sactionsandensuretheyareactingintheprincipal'sbestinterest.2.BondingCosts:Costsincurredbytheagenttoprovideassurancetotheprincipalthattheywillactintheprincipal'sinterest(e.g.,obtainingcertifications,insurance).3.ResidualLoss:Thelossincurredbytheprincipalduetotheagentactingintheirowninterestratherthantheprincipal'sinterest(thedifferencebetweentheagent'soptimalactionandtheprincipal'soptimalaction).Mechanismstomitigateagencycostsinclude:1.StrongBoardofDirectors:Anindependent,well-informedboardcanmonitormanagementeffectively.2.ExecutiveCompensation:Tyingexecutivepaytofirmperformance(e.g.,stockoptions,performanceshares)alignsmanagementincentiveswithshareholderinterests.3.DelegationofDecision-Making:Empoweringcapablemanagerswithinclearlimits.4.ShareholderRights:Givingshareholdersvotingrights,proxyvotingpower,andtheabilitytoelectdirectorsorevenforcetakeovers.5.DisclosureRequirements:Mandatingtimelyandaccuratefinancialreportingtoreduceinformationasymmetry.6.DebtFinancing:Creditorscrutinycanimposeconstraintsonmanagementbehavior.十、Typesoffinancialdistressinclude:1.Pre-filingDistress:Occursbeforeafirmfilesforbankruptcyorseeksprotection.Symptomsincludedecliningsales,inventorybuild-up,risingaccountspayable,inabilitytomeetshort-termobligations,layoffs,andborrowingtofinanceoperations.2.FinancialDistress:Astatewhereafirmisunabletomeetitsfinancialobligationsastheyfalldue.Itmayhavenegativenetworthandcashflowinsufficienttoservicedebtormaintainoperations.Thiscanleadtopre-filingdistress.3.Bankruptcy:Alegalstatuswhereafirmseeksrelieffromcreditorsthroughcourtproceedings.TypesincludeChapter11(reorganization)andChapter7(liquidation)intheUS.4.Cliquidation(WindingUp):Aprocesswhereacompanyisformallydissolved,assetsaresold,andproceedsaredistributedtocreditorsaccordingtopriority.Whichismostdamagingdependsoncontext,butgenerally:Bankruptcy(especiallyChapter7liquidation)isoftenconsideredthemostdamaging.Itinvolvesformalcourtsupervision,canleadtothecompany'sdissolutionandlossofindependence,significantcostsanddelays,potentialfiringofkeyemployees,destructionofrelationshipswithsuppliersandcustomers,andoftenresultsinafiresaleofassets,leavingunsecuredcreditorswithverylittle.Itsignifiesanear-completefailureofthebusinessentity.十一、TheCapitalAssetPricingModel(CAPM)calculatestherequiredrateofreturn(k)foranindividualassetoraportfolio.Theformulais:k=R_f+β*(R_m-R_f)Where:*k=Requiredrateofreturn*R_f=Risk-freerate*β(beta)=Betaofthecompany'sstock*R_m=Expectedreturnonthemarketportfolio*(R_m-R_f)=MarketriskpremiumGiven:*Beta(β)=1.2*Risk-freerate(R_f)=3%or0.03*Marketriskpremium(R_m-R_f)=5%or0.05Requiredrateofreturn(k)=0.03+1.2*0.05Requiredrateofreturn(k)=0.03+0.06Requiredrateofreturn(k)=0.09or9%十二、AdvantagesofDebtFinancing:1.TaxShield:Interestpaymentsondebtaretax-deductible,reducingthefirm'staxburdenandeffectivelyloweringthecostofdebt.2.FinancialLeverage:Debtcanamplifyreturnstoequityholdersifthereturnonassetsexceedsthecostofdebt.Itcanincreasethereturnonequity(ROE).3.Cost:Debtisgenerallycheaperthanequitybecausedebtholdersbearlessrisk(priorityofclaimincaseofliquidation,fixedreturn).4.Control:Issuingdebtdoesnotdilutetheownershiporvotingcontrolofexistingshareholders.DisadvantagesofDebtFinancing:1.FinancialDistressCosts:Highleverageincreasestheriskofdefault,leadingtopotentialbankruptcycosts(directcostslikelegalfees,indirectcostslikelossofcustomers/suppliers,reducedinvestment).2.FixedObligations:Debtrequiresfixedpayments(interestandprincipal)regardlessofthefirm'soperatingperformance,creatingpressureduringdownturns.3.ReducedFinancialFlexibility:Takingondebtlimitsthefirm'sabilitytoborrowmoreinthefutureandcanrestrictitsoperationalflexibility.4.PotentialforCancellation:Shareholdersmayforcetherepaymentofdebt(e.g.,throughbankruptcyorbydemandingliquidation)iftheybelievethefirm'svalueisbeingmismanaged.AdvantagesofEquityFinancing:1.NoFixedObligations:Dividendsarediscretionary,notrequired,reducingfinancialpressure.2.NoBankruptcyRisk:Doesnotaddtothefirm'sleverageorriskofinsolvency.3.IncreasedFinancialFlexibility:Doesnotimposefixedpaymentrequirements,allowingmoreborrowingcapacity.4.Signaling:Cansignalconfidenceinthefirm'sfutureprospectstothemarket.DisadvantagesofEquityFinancing:1.HigherCost:Equityisgenerallymoreexpensivethandebtduetothehigherriskbornebyequityholders.2.Dilution:Issuingnewequitydilutestheownershippercentageandvotingpowerofexistingshareholders.3.NoTaxShield:Dividendspaidtoequityholdersarenottax-deductibleforthefirm.4.PotentialLossofControl:Newshareholdersmaygaininfluenceorboardrepresentation.十三、Thecashcyclereferstothetimeperiodbetweenwhenacompanypaysforitsinputsandreceivescashfromsellingitsoutputs.Itconsistsofthreemaincomponents:1.DaysInventoryOutstanding(DIO):Theaveragenumberofdaysittakestoselltheinventorypurchased.2.DaysSalesOutstanding(DSO):Theaveragenumberofdaysittakestocollectpaymentafterasalehasbeenmade(accountsreceivableperiod).3.DaysPayablesOutstanding(DPO):Theaveragenumberofdaysittakestopaysuppliers(accountspayableperiod).Theformulais:CashCycle=DIO+DSO-DPOManagingthecashcycleeffectivelyinvolves:1.ReducingDIO:Improveinventorymanagement,forecastdemandaccurately,adoptjust-in-time(JIT)inventorysystems,negotiatebettertermswithsupplierstoallowfordelayedpayments(increasingDPO),orofferdiscountsforearlypaymentbycustomers(decreasingDSO).2.ReducingDSO:Implementefficientbillingandcollectionprocedures,offerearlypaymentdiscounts,followuponoverdueaccountspromptly.3.IncreasingDPO(withinreasonablelimits):Negotiatelongerpaymenttermswithsuppliers,takeadvantageofanyfloattime,butavoidharmingsupplierrelationships.Ashortercashcyclemeansthecompanycanconvertitsinvestmentsininventoryandreceivablesintocashmorequickly,improvingliquidity,reducingtheneedforexternalfinancing,andloweringfinancingcosts.十四、Acalloptionisafinancialcontractthatgivesthebuyerthe*right*,butno