2025年CFA《公司》真題集考試時間：______分鐘總分：______分姓名：______一、Companyvaluationisacriticalaspectofinvestmentanalysis.Whichofthefollowingstatementsismostaccurateregardingthevaluationofacompanyusingthedividenddiscountmodel(DDM)?A.TheDDMismostappropriateforvaluingcompaniesthatdonotpaydividends.B.TheconstantgrowthDDMassumesthatthecompany'sdividendswillgrowataconstantrateindefinitely.C.Thetwo-stageDDMistypicallyusedforcompaniesinamaturephasewithnogrowthprospects.D.TheDDMisconsideredlessreliablethanthecomparablecompaniesapproachbecauseitisbasedonassumptionsaboutfuturedividendsratherthanobservablemarketdata.二、Acompanyisevaluatinganewprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashflowsof$300,000peryearforthenext5years.Thecompany'scostofcapitalis10%.Whatisthenetpresentvalue(NPV)oftheproject?A.$500,000B.$600,000C.$1,000,000D.$1,600,000三、Whichofthefollowingstatementsismostaccurateregardingtheweightedaveragecostofcapital(WACC)?A.WACCincreasesastheproportionofdebtinthecapitalstructureincreases,assumingthedebtcostremainsconstant.B.WACCisthecostofequityfinancingforacompany.C.WACCisusedtodiscountfreecashflowsinthevaluationofacompany.D.WACCisalwaysequaltothecostofthecompany'slongest-termdebt.四、Astockhasanexpectedreturnof12%andastandarddeviationof20%.Therisk-freerateis4%.Accordingtothecapitalassetpricingmodel(CAPM),whatisthestock'sbeta?A.0.25B.0.33C.0.50D.0.75五、Whichofthefollowingstatementsismostaccurateregardingtherelationshipbetweenriskandreturn?A.Higherriskinvestmentsalwaysleadtohigherreturns.B.Thereisalinearrelationshipbetweenriskandreturn.C.Investorsrequirehigherreturnstocompensatefortakingonhigherrisk.D.Therisk-returntrade-offisirrelevantinefficientmarkets.六、Acompanyhasadebt-to-equityratioof1.5.Ifthecostofdebtis6%andthecostofequityis12%,whatisthecompany'sWACC,assumingataxrateof30%?A.6.0%B.8.4%C.10.8%D.12.0%七、WhichofthefollowingstatementsismostaccurateregardingtheModigliani-Millertheorem?A.Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.B.Inaworldwithouttaxes,thevalueofafirmisindependentofitscapitalstructure.C.Thecostofequityforaleveredfirmincreasesasthedebt-to-equityratioincreases.D.Thetheoremsuggeststhatcompaniesshoulduseasmuchdebtaspossibletomaximizevalue.八、Acompanyisconsideringissuingnewequitytofundanewproject.Whichofthefollowingstatementsismostaccurateregardingtheimpactofissuingnewequityonthecompany'sexistingshareholders?A.Thenumberofsharesoutstandingwilldecrease,increasingearningspershare(EPS).B.Thepricepershareislikelytodecreaseduetodilution.C.Thecostofequitywillremainunchanged.D.Thecompany'sdebt-to-equityratiowillincrease.九、Whichofthefollowingstatementsismostaccurateregardingthedividendpayoutratio?A.Ahighdividendpayoutratioindicatesthatthecompanyisreinvestingalargeportionofitsearningsbackintothebusiness.B.Thedividendpayoutratioiscalculatedasdividendspersharedividedbyearningspershare.C.Alowdividendpayoutratiosuggeststhatthecompanymaybefacingfinancialdifficulties.D.Thedividendpayoutratioisnotaffectedbythecompany'scapitalstructure.十、Whichofthefollowingstatementsismostaccurateregardingtheconceptoffinancialleverage?A.Financialleveragereducestheriskofacompany'soperations.B.Financialleverageincreasesthepotentialreturntoequityholders.C.Financialleverageisonlyrelevantforcompanieswithnodebt.D.ThedegreeoffinancialleverageiscalculatedasEBITdividedbynetincome.十一、Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$500,000andanexpectedNPVof$100,000.ProjectBhasaninitialinvestmentof$750,000andanexpectedNPVof$150,000.Whichprojectshouldthecompanyaccept?A.ProjectA,asithasahigherNPV.B.ProjectB,asithasahigherinitialinvestment.C.Neitherproject,astheyaremutuallyexclusive.D.Thedecisiondependsonthecompany'srisktolerance.十二、Whichofthefollowingstatementsismostaccurateregardingthecalculationoffreecashflowtoequity(FCFE)?A.FCFEiscalculatedasoperatingcashflowminuscapitalexpendituresplusnetborrowing.B.FCFEisthecashflowavailabletoallstakeholdersofthecompany,includingdebtholdersandequityholders.C.FCFEiscalculatedasnetincomeplusdepreciationminuscapitalexpendituresminusnetborrowing.D.FCFEisonlyrelevantforcompanieswithnodebt.十三、Whichofthefollowingmethodsismostcommonlyusedtovalueacompany'sequityusingthemarketapproach?A.DividenddiscountmodelB.DiscountedcashflowmodelC.ComparablecompaniesanalysisD.Precedenttransactionsanalysis十四、Whichofthefollowingstatementsismostaccurateregardingtheyieldtomaturity(YTM)ofabond?A.YTMisthetotalreturnanticipatedonabondifthebondishelduntiltheendofitsterm.B.YTMisalwaysequaltothebond'scouponrate.C.YTMincreasesasthebond'spricedecreases,assumingthecouponrateremainsconstant.D.YTMisonlyrelevantforbondsthataretradingatapremium.十五、Acompanyisconsideringissuinga5-year,$1,000parvaluebondwitha6%annualcouponrate.Thebondiscurrentlytradingatapriceof$950.Whatisthebond'sYTM?A.6.0%B.6.5%C.7.0%D.7.5%十六、Whichofthefollowingstatementsismostaccurateregardingtheputoption?A.Aputoptiongivestheholdertheright,butnottheobligation,tobuyanunderlyingassetataspecifiedprice.B.Aputoptiongivestheholdertheright,butnottheobligation,tosellanunderlyingassetataspecifiedprice.C.Theholderofaputoptionwillexercisetheoptionifthemarketpriceoftheunderlyingassetisbelowthestrikeprice.D.Thewriterofaputoptionhastheobligationtobuytheunderlyingassetatthestrikepriceiftheoptionisexercised.十七、Whichofthefollowingstatementsismostaccurateregardingtheconceptofarbitrage?A.Arbitrageisthepracticeoftakingadvantageofpricedifferencesbetweenmarkets.B.Arbitrageisarisk-freeinvestmentstrategy.C.Arbitrageopportunitiesarerareinefficientmarkets.D.Arbitrageinvolvesinvestinginonlyoneassetorsecurity.十八、Whichofthefollowingstatementsismostaccurateregardingtheefficientmarkethypothesis(EMH)?A.EMHsuggeststhatallrelevantinformationisalreadyreflectedinstockprices.B.EMHimpliesthattechnicalanalysiscanconsistentlygenerateabnormalreturns.C.EMHisonlyapplicabletodevelopedmarkets.D.EMHstatesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragewithouttakingonadditionalrisk.十九、Acompanyisconsideringusingaswapcontracttohedgeitsinterestraterisk.Whichofthefollowingstatementsismostaccurateregardingainterestrateswap?A.Inaninterestrateswap,twopartiesagreetoexchangefixed-for-floatinginterestpaymentsonanotionalprincipalamount.B.Thepurposeofaninterestrateswapistoincreasethecompany'sborrowingcosts.C.Interestrateswapsareonlyusedbylargecorporations.D.Thenotionalprincipalamountinaninterestrateswapistypicallyexchangedbetweenthetwoparties.二十、Whichofthefollowingstatementsismostaccurateregardingtheagencyproblem?A.Theagencyproblemariseswhentheinterestsofmanagersconflictwiththeinterestsofshareholders.B.Theagencyproblemcanbemitigatedbyincreasingtheamountofdebtinthecompany'scapitalstructure.C.Theagencyproblemisirrelevantincompanieswithasingleowner.D.Theprimarysolutiontotheagencyproblemistoeliminatethemanagementteam.試卷答案一、B解析：常數(shù)增長DDM假設(shè)公司股利將以一個恒定的速率無限期增長。選項A錯誤，DDM適用于支付股利的公司。選項C錯誤，兩階段DDM適用于具有不同增長階段的公司。選項D錯誤，DDM和可比公司方法都有其局限性，DDM基于對未來股利的假設(shè)，而可比公司方法基于市場數(shù)據(jù)和可比公司的估值水平。二、A解析：NPV=現(xiàn)金流量現(xiàn)值-初始投資?，F(xiàn)金流量現(xiàn)值=300,000/(1+10%)+300,000/(1+10%)^2+300,000/(1+10%)^3+300,000/(1+10%)^4+300,000/(1+10%)^5=300,000*3.7908=1,137,240。NPV=1,137,240-1,000,000=379,240。選項B、C、D計算錯誤。三、C解析：WACC是公司所有資本來源的成本的加權(quán)平均，用于折現(xiàn)自由現(xiàn)金流以評估公司價值。選項A錯誤，增加債務(wù)比例會提高財務(wù)杠桿，但WACC取決于稅后債務(wù)成本和權(quán)益成本的加權(quán)平均。選項B錯誤，WACC是公司所有資本來源成本的加權(quán)平均，不僅僅是權(quán)益成本。選項D錯誤，WACC取決于公司所有資本來源的成本。四、C解析：根據(jù)CAPM，預(yù)期回報=無風(fēng)險回報+Beta*(市場預(yù)期回報-無風(fēng)險回報)。12%=4%+Beta*(市場預(yù)期回報-4%)。假設(shè)市場預(yù)期回報為R，Beta=(12%-4%)/(R-4%)。由于題目未給出市場預(yù)期回報，無法直接計算Beta，但可以根據(jù)選項判斷，只有選項C的Beta值計算結(jié)果合理。假設(shè)市場預(yù)期回報為15%，Beta=(12%-4%)/(15%-4%)=0.5。選項A、B、D計算錯誤。五、C解析：投資者要求更高的回報來補(bǔ)償承擔(dān)更高的風(fēng)險，這是風(fēng)險和回報之間的基本關(guān)系。選項A錯誤，高風(fēng)險投資不一定帶來高回報。選項B錯誤，風(fēng)險和回報之間的關(guān)系不是線性的。選項D錯誤，在有效市場中，風(fēng)險和回報之間仍然存在權(quán)衡關(guān)系。六、B解析：WACC=(E/V)*Re+(D/V)*Rd*(1-Tc)。E/V=1/(1+1.5)=0.6667，D/V=1.5/2.5=0.6。WACC=0.6667*12%+0.6*6%*(1-30%)=8.4%。選項A、C、D計算錯誤。七、B解析：在無稅世界里，根據(jù)Modigliani-Miller定理，公司的價值與其資本結(jié)構(gòu)無關(guān)，只取決于其經(jīng)營現(xiàn)金流。選項A錯誤，在有稅世界里，杠桿公司的價值會高于無杠桿公司。選項C錯誤，杠桿公司的權(quán)益成本會隨著債務(wù)比例的增加而增加，但價值不一定增加。選項D錯誤，公司使用過多債務(wù)會增加財務(wù)風(fēng)險，不一定最大化價值。八、B解析：發(fā)行新股權(quán)會導(dǎo)致現(xiàn)有股東的股權(quán)被稀釋，通常會導(dǎo)致股價下跌。選項A錯誤，發(fā)行新股權(quán)會增加股份總數(shù)，降低每股收益。選項C錯誤，發(fā)行新股權(quán)可能會降低現(xiàn)有股東的權(quán)益成本。選項D錯誤，發(fā)行新股權(quán)會降低債務(wù)比例。九、B解析：股利支付率=每股股利/每股收益。選項A錯誤，高股利支付率意味著公司支付了較大比例的收益作為股利。選項C錯誤，低股利支付率可能意味著公司處于成長階段，需要將收益再投資。選項D錯誤，股利支付率受公司政策、行業(yè)慣例和資本結(jié)構(gòu)等因素影響。十、B解析：財務(wù)杠桿是指公司使用債務(wù)融資來放大股東回報的潛力。選項A錯誤，財務(wù)杠桿會增加財務(wù)風(fēng)險。選項C錯誤，即使公司有債務(wù)，也會有財務(wù)杠桿。選項D錯誤，財務(wù)杠桿度是EBIT/EBT。十一、A解析：在互斥項目中，選擇NPV較高的項目。項目A的NPV為100,000，項目B的NP