2025年CFA考試《企業(yè)融資》模擬題集考試時(shí)間：______分鐘總分：______分姓名：______1.Acompanyisevaluatingwhethertoacceptaspecialorder.Thespecialorderpriceis$60perunit,andthevariablecostperunitis$40.Thecompanyalreadyhasexcesscapacityanddoesnotneedtoincuranyadditionalfixedcosts.However,acceptingtheorderwouldrequirepurchasinganadditionalmachinefor$5,000,whichhasa5-yearusefullifeandnosalvagevalue.Thecompanyusesstraight-linedepreciation.Shouldthecompanyacceptthespecialorderiftheincrementalrevenuefromtheorderexceedstheincrementalcosts?2.WhichofthefollowingstatementsabouttheModigliani-Miller(MM)theoremwithcorporatetaxesismostaccurate?3.Afirmhasadebt-equityratioof0.5.Thecostofdebtis6%(beforetax),andthecostofequityis12%.Thecorporatetaxrateis30%.Assumingthefirmusesonlydebtandequityfinancing,whatisthefirm'sweightedaveragecostofcapital(WACC)?4.Acompanyisconsideringaprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Thecompany'srequiredrateofreturnis10%.Whatisthenetpresentvalue(NPV)oftheproject?5.Whichofthefollowingisgenerallyconsideredaweaknessofthepaybackperiodmethodofcapitalbudgeting?6.Acompanyisdecidingwhethertoleaseorbuyapieceofequipment.Theequipmentcosts$200,000,andthecompanycanborrowmoneyata8%interestrate.Theleaseagreementrequiresannualpaymentsof$35,000for6years.Thecompanyusesstraight-linedepreciation.Whatistheafter-taxcostofleasingifthecompany'staxrateis35%andtheequipmentisdepreciatedover5years?Assumetheborrowingandleasecashflowsoccurattheendofeachperiod.7.Whichofthefollowingstatementsaboutthepeckingordertheoryofcapitalstructureismostaccurate?8.Acompanyhascurrentassetsof$150,000andcurrentliabilitiesof$90,000.Thecompany'sinventoryis$50,000.Whatisthecurrentratio?9.Acompanyhasaccountsreceivableof$80,000andannualcreditsalesof$600,000.Theaveragecollectionperiodis45days.Whatisthecompany'saccountsreceivableturnoverratio?10.Whichofthefollowingactionswouldlikelydecreaseacompany'soperatingleverage?11.Acompanyisconsideringissuingpreferredstockthatpaysafixeddividendof$4pershare.Thepreferredstockhasamarketpriceof$50pershare.Whatisthecostofpreferredstock?12.Whichofthefollowingisgenerallyconsideredadisadvantageofusingdebtfinancing?13.Whichofthefollowingmethodsofvaluingacompanyismostappropriatewhenthereisnoactivemarketforthecompany'sstockorcomparablecompanies?14.Acompanyisanalyzingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$100,000andanIRRof12%.ProjectBhasanNPVof$80,000andanIRRof14%.Assumingtheprojectshavethesameriskandthecompany'srequiredrateofreturnis10%,whichprojectshouldthecompanyaccept?15.Whichofthefollowingstatementsaboutstockdividendsismostaccurate?16.Acompanyhas1millionsharesofcommonstockoutstanding.Thestockcurrentlytradesat$50pershare.Thecompanydeclaresa10%stockdividend.Whatwillbethenewmarketpricepershareafterthestockdividend,assumingthestockdividendissmall?17.Whichofthefollowingisacomponentofacompany'scashflowfromfinancingactivities?18.Acompany'sbondshaveafacevalueof$1,000,acouponrateof8%,andamaturityof10years.Thebondspayinterestsemi-annually.Ifthemarketinterestrateis10%,whatistheapproximatemarketpriceofthebonds?19.Whichofthefollowingisacharacteristicofacalloption?20.Acompanyhasacapitalstructureconsistingof40%debtand60%equity.Thedebthasabefore-taxcostof5%.Theequityhasacostof15%.Thecompany'staxrateis35%.Whatistheafter-taxcostofdebt?21.Whichofthefollowingstatementsabouttherelationshipbetweenacompany'sstockpriceanditsdividendpolicyismostaccurate?22.Acompanyisevaluatingacapitalbudgetingproject.Theprojecthasaninitialoutlayof$50,000andisexpectedtogeneratecashinflowsof$20,000attheendofeachofthenext4years.Thecompany'srequiredrateofreturnis12%.Whatisthediscountedpaybackperiodfortheproject?23.Whichofthefollowingisaprimarygoalofworkingcapitalmanagement?24.Acompanyisconsideringwhethertoacceptaspecialorderthatwouldgenerateadditionalrevenuebutalsorequireanincreaseinfixedcosts.Theincrementalrevenueisexpectedtobe$10,000,andtheincrementalfixedcostsareexpectedtobe$8,000.Whatistheexpectedincrementalnetincomefromthespecialorder?25.Whichofthefollowingstatementsaboutthe權(quán)衡理論(trade-offtheory)ofcapitalstructureismostaccurate?試卷答案1.是的。接受特殊訂單的增量收入為$60-$40=$20/單位。由于有閑置產(chǎn)能，無需增加固定成本。購買機(jī)器的$5,000投資是沉沒成本，與決策無關(guān)。只需考慮增量收入$20/單位大于增量成本$0/單位，因此應(yīng)接受訂單。2.在有企業(yè)所得稅的情況下，MM定理指出，使用債務(wù)會(huì)降低企業(yè)的加權(quán)平均資本成本(WACC)，因?yàn)槔⒅С隹梢缘侄?。因此，?fù)債越高，稅盾效應(yīng)越大，WACC越低。3.權(quán)益的市場價(jià)值=總價(jià)值的1/(1+權(quán)益比例)=總價(jià)值的1/(1+0.5)=總價(jià)值的2/3?？們r(jià)值=債務(wù)價(jià)值+權(quán)益價(jià)值=債務(wù)價(jià)值+(總價(jià)值*2/3)。因此，債務(wù)價(jià)值/總價(jià)值=1/(1+2/3)=1/2.5=0.4。債務(wù)價(jià)值=0.4*總價(jià)值。權(quán)益價(jià)值=0.6*總價(jià)值。WACC=(債務(wù)比例*成本ofdebt*(1-稅率))+(權(quán)益比例*成本ofequity)=(0.4*6%*(1-30%))+(0.6*12%)=(0.4*6%*0.7)+(0.6*12%)=1.68%+7.2%=8.88%。4.NPV=Σ[CFt/(1+r)^t]-初始投資。NPV=[$30,000/(1+0.10)^1]+[$30,000/(1+0.10)^2]+[$30,000/(1+0.10)^3]+[$30,000/(1+0.10)^4]+[$30,000/(1+0.10)^5]-$100,000。NPV=[$30,000/1.10]+[$30,000/1.21]+[$30,000/1.331]+[$30,000/1.4641]+[$30,000/1.61051]-$100,000。NPV=$27,272.73+$24,793.39+$22,539.44+$20,490.40+$18,627.64-$100,000。NPV=$113,723.60-$100,000=$13,723.60。5.投資回收期方法的缺點(diǎn)是它忽略了回收期后的現(xiàn)金流，并且沒有考慮資金的時(shí)間價(jià)值。它也沒有考慮項(xiàng)目的盈利能力。6.借款成本（稅后）=8%*(1-35%)=8%*0.65=5.2%。年折舊=$200,000/5=$40,000。折舊稅盾=$40,000*35%=$14,000。稅后租賃付款=$35,000*(1-35%)=$35,000*0.65=$22,750。稅后借款利息=($200,000*8%*(1-35%))=$16,000*0.65=$10,400。稅后購買現(xiàn)金流=-($200,000+$35,000-$14,000)=-$221,000。稅后租賃現(xiàn)金流（第1-5年）=-$22,750。稅后租賃現(xiàn)金流（第6年）=-$22,750-(-$14,000)=-$8,750。PV(租賃)=[-$22,750*PVIFA(5,5.2%)]+[-$8,750/(1+5.2%)^5]。PV(租賃)=[-$22,750*4.3294]+[-$8,750/1.2884]。PV(租賃)=-$98,543.15-$6,826.95=-$105,370.10。稅后購買成本=-$221,000。凈現(xiàn)值（租賃vs購買）=NPV(購買)-NPV(租賃)=-$221,000-(-$105,370.10)=-$221,000+$105,370.10=-$115,629.90。由于NPV(租賃)>NPV(購買)，租賃的稅后成本低于購買，應(yīng)選擇租賃。*注意：計(jì)算中使用的PVIFA和PVIF值可能需要查表或使用計(jì)算器。*7.貼現(xiàn)順序理論認(rèn)為，公司傾向于首先使用內(nèi)部資金（留存收益），然后是債務(wù)，最后才是股權(quán)融資，因?yàn)閮?nèi)部資金成本最低，債務(wù)次之，股權(quán)成本最高，并且股權(quán)融資會(huì)傳遞負(fù)面信號(hào)。8.流動(dòng)比率=流動(dòng)資產(chǎn)/流動(dòng)負(fù)債=$150,000/$90,000=1.67。9.平均應(yīng)收賬款=年度信用銷售/365*平均收賬期=$600,000/365*45=$7,397.26。應(yīng)收賬款周轉(zhuǎn)率=年度信用銷售/平均應(yīng)收賬款=$600,000/$7,397.26=81.08。10.降低經(jīng)營杠桿的方法包括減少固定成本或提高變動(dòng)成本占收入的比例。減少固定成本會(huì)直接降低經(jīng)營杠桿。11.成本ofpreferredstock=年固定股息/市價(jià)=$4/$50=8%。12.使用債務(wù)融資的缺點(diǎn)包括財(cái)務(wù)風(fēng)險(xiǎn)增加（債務(wù)必須按期償還，否則可能導(dǎo)致破產(chǎn)）、利息稅盾的減少（如果公司稅率變化或沒有稅收優(yōu)惠）、以及可能損害債權(quán)人關(guān)系。13.在沒有活躍市場或可比公司的環(huán)境下，現(xiàn)金流量折現(xiàn)法（DCF）可能難以應(yīng)用，因?yàn)槿狈线m的折現(xiàn)率或可比的市場數(shù)據(jù)。在這種情況下，基于資產(chǎn)的估值方法（如資產(chǎn)基礎(chǔ)法）或可比公司法（尋找非常相似的私人公司并使用其估值multiples）可能是更合適的方法。如果必須選擇一種估值方法，并且有合理的現(xiàn)金流預(yù)測和折現(xiàn)率，DCF仍然是理論上最基礎(chǔ)的。但題目可能指向資產(chǎn)基礎(chǔ)法或可比公司法作為更實(shí)用的選擇。*（此題答案具有主觀性，取決于對(duì)題意的理解。更側(cè)重資產(chǎn)基礎(chǔ)法的解釋是：在沒有市場可比性時(shí)，往往基于公司資產(chǎn)價(jià)值進(jìn)行估值。）*14.對(duì)于互斥項(xiàng)目，NPV是更可靠的決策標(biāo)準(zhǔn)，因?yàn)樗苯雍饬苛隧?xiàng)目的價(jià)值增加。當(dāng)NPV(A)>NPV(B)時(shí)，應(yīng)選擇項(xiàng)目A。因此，應(yīng)選擇項(xiàng)目A。15.股票股利會(huì)增加發(fā)行在外的股票數(shù)量，降低每股收益和每股市價(jià)，但不會(huì)改變公司的總價(jià)值或股東的權(quán)益總額。它通常被視為一種信號(hào)，表明公司盈利穩(wěn)定且愿意將部分收益返還給股東。16.股票股利后，總股數(shù)=1,000,000*(1+10%)=1,100,000股。公司總價(jià)值不變，仍為1,000,000*$50=$50,000,000。新市價(jià)=總價(jià)值/新股數(shù)=$50,000,000/1,100,000≈$45.45。17.現(xiàn)金流從融資活動(dòng)包括：發(fā)行股票或債券獲得的現(xiàn)金、償還債務(wù)的本金、支付股利。18.債券價(jià)格=Σ[C/(1+r)^t]+F/(1+r)^n。C=$1,000*8%/2=$40。r=10%/2=5%(每半年)。n=10*