2025年CFA一級(jí)《公司金融》練習(xí)卷考試時(shí)間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Aninvestmentisexpectedtoprovideacashflowof$50,000attheendofyear1,$60,000attheendofyear2,and$80,000attheendofyear3.Iftherequiredrateofreturnonthisinvestmentis8%,whatisthepresentvalueofthesecashflows?2.Thebetaofastockis1.5.Therisk-freerateis3%andtheexpectedmarketreturnis10%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnonthisstock?3.Acompanyhas$1,000,000indebtwithamarketvalueof$800,000and500,000sharesofcommonstockoutstandingwithamarketpriceof$40pershare.Whatisthemarketvalueweightofdebtinthecompany'sWACCcalculation?4.Usingtheconstantgrowthdividenddiscountmodel(DDM),estimatetheintrinsicvalueofastockthatisexpectedtopayadividendof$2.00attheendofthisyear(D1).Therequiredrateofreturnis12%andtheconstantgrowthrateofdividendsisexpectedtobe5%.5.CompanyAisconsideringaprojectthatrequiresaninitialinvestmentof$100,000.Itisexpectedtogenerateannualcashinflowsof$40,000for4years.Thecompany'srequiredrateofreturnis10%.WhatistheNetPresentValue(NPV)ofthisproject?6.Acompanyhasadebt-equityratioof0.5.Ifthecostofdebtis6%andthecostofequityis14%,whatisthecompany'sweightedaveragecostofcapital(WACC)ifthetaxrateis30%?7.Whatistheprimarypurposeofthepeckingordertheoryofcapitalstructure?8.Whichofthefollowingisgenerallyconsideredaliquidassetforacompany?a)Property,plant,andequipment(PPE)b)Accountsreceivablec)Prepaidexpensesd)Goodwill9.Acompany'sinventoryturnoverratiois8timesperyear.Ifthecostofgoodssoldfortheyearis$800,000,whatistheaverageinventorylevel?10.Ifacompanypaysadividendof$3pershareandthestockpriceimmediatelydropsby$2,whatistheapproximatedividendyieldbasedontheex-dividendprice?11.Theprimarygoaloffinancialstatementanalysisisto:a)Preparefinancialforecastsforthecompany.b)Determinethefairmarketvalueofthecompany'sstock.c)Assessthecompany'sfinancialperformanceandposition.d)Setthecompany'sdividendpolicy.12.Whichofthefollowingmethodsofcapitalbudgetingconsidersthetimevalueofmoney?a)PaybackPeriodb)ProfitabilityIndexc)AccountingRateofReturnd)InternalRateofReturn13.Operatingleveragearisesfrom:a)Fixedcostsinthecompany'scoststructure.b)Highlevelsofdebtfinancing.c)Significantamountsofcurrentliabilities.d)Highdividendpayoutratios.14.WhichofthefollowingstatementsisgenerallytrueaccordingtoModigliani-Miller(MM)PropositionIwithtaxes?a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.b)Thereisadirectrelationshipbetweenthefirm'sdebt-equityratioanditscostofequity.c)Afirmcanincreaseitsvaluebyincreasingitsdebtlevel.d)Thecostofequityforaleveredfirmislowerthanthecostofequityforanunleveredfirm.15.Aprojecthasaninitialcostof$50,000andisexpectedtogeneratecashinflowsof$15,000attheendofeachyearfor5years.Whatisthepaybackperiodforthisproject?16.Ifthemarketriskpremiumis5%andtherisk-freerateis2%,whatistherequiredreturnforaninvestmentwithabetaof1.2?17.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectXhasanNPVof$100,000andProjectYhasanNPVof$80,000.Assumingbothprojectshavethesameriskandrequiredreturn,whichprojectshouldthecompanyaccept?18.Whatistheprimarydifferencebetweenthedividendgrowthmodelandthefreecashflowtoequity(FCFE)valuationmodel?19.Ifacompany'scurrentratiois2.5anditsquickratiois1.5,whatisitsinventoryturnoverratio,assumingallreceivablesarecollectedinoneyear?(Usetheformula:CurrentRatio=QuickRatio+[Inventory/CurrentLiabilities])20.Whichofthefollowingisapotentialcostassociatedwiththeissuanceofnewcommonstock?a)Interestexpenseb)Underwritingfeesc)Depreciationexpensed)Taxshieldondebt試卷結(jié)束試卷答案1.$50,000/(1+0.08)^1+$60,000/(1+0.08)^2+$80,000/(1+0.08)^3=$46,296.30+$52,660.52+$66,115.07=$165,071.89*解析思路：計(jì)算是求現(xiàn)值，需要將未來不同時(shí)點(diǎn)的現(xiàn)金流量分別折算到當(dāng)前時(shí)點(diǎn)（即貼現(xiàn)），折現(xiàn)率是題目給出的8%。使用PV函數(shù)或分步計(jì)算（1/(1+r)^n）。2.R=Rf+β(Rm-Rf)=0.03+1.5*(0.10-0.03)=0.03+1.5*0.07=0.03+0.105=0.135or13.5%*解析思路：CAPM公式直接應(yīng)用，R是要求的回報(bào)率，Rf是無風(fēng)險(xiǎn)利率，β是股票的貝塔系數(shù)，Rm是市場(chǎng)預(yù)期回報(bào)率。將給定的數(shù)值代入公式計(jì)算即可。3.MarketValueofDebt=$800,000*MarketValueofEquity=500,000shares*$40/share=$20,000,000*TotalMarketValue=$800,000+$20,000,000=$20,800,000*WeightofDebt=MarketValueofDebt/TotalMarketValue=$800,000/$20,800,000≈0.0385or3.85%*解析思路：WACC的計(jì)算需要用到市場(chǎng)價(jià)值的權(quán)重。首先計(jì)算債務(wù)和權(quán)益的市場(chǎng)價(jià)值，然后計(jì)算債務(wù)占總市場(chǎng)價(jià)值的比例。注意使用市場(chǎng)價(jià)值而非賬面價(jià)值。4.P0=D1/(R-g)=$2.00/(0.12-0.05)=$2.00/0.07≈$28.57*解析思路：應(yīng)用戈登增長(zhǎng)模型（常數(shù)增長(zhǎng)模型）公式，P0是股票的內(nèi)在價(jià)值，D1是下一期的預(yù)期股利（$2.00），R是要求的回報(bào)率（12%），g是股利的恒定增長(zhǎng)率（5%）。5.NPV=-InitialInvestment+Σ[CashInflow/(1+r)^t]*NPV=-$100,000+$40,000/(1+0.10)^1+$40,000/(1+0.10)^2+$40,000/(1+0.10)^3+$40,000/(1+0.10)^4*NPV=-$100,000+$40,000/1.10+$40,000/1.21+$40,000/1.331+$40,000/1.4641*NPV=-$100,000+$36,363.64+$33,057.85+$30,052.59+$27,320.55*NPV=-$100,000+$126,794.63=$26,794.63*解析思路：NPV的計(jì)算公式是將所有未來現(xiàn)金流量（這里是4年的$40,000）折算到現(xiàn)值，然后減去初始投資。使用年金現(xiàn)值公式或逐年折現(xiàn)計(jì)算。6.Debt=0.5*Equity*Equity=Debt/0.5=$800,000/0.5=$1,600,000*TotalMarketValue=Debt+Equity=$800,000+$1,600,000=$2,400,000*WeightofDebt(Wd)=$800,000/$2,400,000=1/3≈0.3333*WeightofEquity(We)=$1,600,000/$2,400,000=2/3≈0.6667*WACC=Wd*Kd*(1-T)+We*Ke*WACC=(1/3*0.06*(1-0.30))+(2/3*0.14)*WACC=(1/3*0.06*0.70)+(2/3*0.14)*WACC=(0.02*0.70)+(0.28*0.6667)*WACC=0.014+0.1867≈0.2007or20.07%*解析思路：WACC的計(jì)算需要債務(wù)和權(quán)益的市場(chǎng)價(jià)值權(quán)重。根據(jù)債務(wù)權(quán)益比計(jì)算權(quán)重。然后應(yīng)用WACC公式，其中Kd是債務(wù)成本（注意考慮稅盾效應(yīng)1-T），Ke是權(quán)益成本。將所有數(shù)值代入公式計(jì)算。7.Accordingtothepeckingordertheory,firmsprefertofinanceinvestmentsinternallyusingretainedearningsfirst,thenissuedebt,andfinallyissuenewequity,asdoingsominimizesthecostsassociatedwithinformationasymmetryandagencyproblems.*解析思路：Peckingordertheory的核心觀點(diǎn)是公司融資有優(yōu)先順序：優(yōu)先使用內(nèi)部資金（留存收益），其次發(fā)行債務(wù)，最后才發(fā)行新股。這樣做的主要原因是減少信息不對(duì)稱和代理成本帶來的負(fù)面影響。8.b)Accountsreceivable*解析思路：流動(dòng)資產(chǎn)是指可以在一年或一個(gè)營(yíng)業(yè)周期內(nèi)變現(xiàn)或運(yùn)用的資產(chǎn)?，F(xiàn)金、應(yīng)收賬款、存貨通常被視為流動(dòng)資產(chǎn)。PPE是固定資產(chǎn)，屬于長(zhǎng)期資產(chǎn)。預(yù)付費(fèi)用是預(yù)付的待攤成本，流動(dòng)性不如應(yīng)收賬款。商譽(yù)是無形資產(chǎn)，流動(dòng)性最差。9.InventoryTurnover=CostofGoodsSold/AverageInventory*AverageInventory=CostofGoodsSold/InventoryTurnover*AverageInventory=$800,000/8=$100,000*解析思路：題目給出了存貨周轉(zhuǎn)率（8次/年）和銷售成本（$800,000），要求平均存貨。根據(jù)存貨周轉(zhuǎn)率的定義，用銷售成本除以存貨周轉(zhuǎn)率即可得到平均存貨水平。10.DividendYield=DividendperShare/MarketPriceperShare(Ex-Dividend)*MarketPrice(Ex-Dividend)=OriginalPrice-DividendDrop=P0-$2*DividendYield≈$3/(P0-$2)*解析思路：股息收益率是每股股息除以每股股票的市場(chǎng)價(jià)格（通常是除息后的價(jià)格）。題目中股價(jià)下跌的金額（$2）近似等于股息（$3），可以理解為除息后股價(jià)。因此，收益率約等于股息除以除息后的價(jià)格。注意這只是基于價(jià)格變動(dòng)的一種近似計(jì)算。11.c)Assessthecompany'sfinancialperformanceandposition.*解析思路：財(cái)務(wù)報(bào)表分析的主要目的是通過分析利潤(rùn)表、資產(chǎn)負(fù)債表和現(xiàn)金流量表，了解公司的盈利能力、償債能力、運(yùn)營(yíng)效率和財(cái)務(wù)風(fēng)險(xiǎn)，從而評(píng)估其整體財(cái)務(wù)狀況和經(jīng)營(yíng)成果。12.d)InternalRateofReturn*解析思路：內(nèi)部收益率（IRR）是使投資項(xiàng)目的凈現(xiàn)值（NPV）等于零的貼現(xiàn)率。所有計(jì)算現(xiàn)值的方法（包括IRR本身）都考慮了資金的時(shí)間價(jià)值。PaybackPeriod只考慮回收時(shí)間，不考慮時(shí)間價(jià)值。ProfitabilityIndex是現(xiàn)值與初始投資的比率，考慮了時(shí)間價(jià)值。AccountingRateofReturn是基于會(huì)計(jì)利潤(rùn)計(jì)算的投資回報(bào)率，不考慮現(xiàn)金流量和時(shí)間價(jià)值。13.a)Fixedcostsinthecompany'scoststructure.*解析思路：經(jīng)營(yíng)杠桿是指固定成本在總成本中所占的比重。當(dāng)固定成本較高時(shí)，銷售額的變動(dòng)會(huì)導(dǎo)致利潤(rùn)產(chǎn)生更大的變動(dòng)，這就是經(jīng)營(yíng)杠桿效應(yīng)。14.a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.*解析思路：根據(jù)有稅MM命題I，在有企業(yè)所得稅的情況下，由于債務(wù)利息可以抵稅（產(chǎn)生稅盾效應(yīng)），杠桿公司的價(jià)值會(huì)高于同等風(fēng)險(xiǎn)的無杠桿公司價(jià)值。公式為V_L=V_U+Tc*D。15.InitialInvestment=$50,000*AnnualCashInflow=$15,000*CumulativeCashFlow:*EndofYear1:$15,000*EndofYear2:$15,000+$15,000=$30,000*EndofYear3:$30,000+$15,000=$45,000*EndofYear4:$45,000+$15,000=$60,000*Theinitialinvestmentof$50,000isrecoveredbetweentheendofYear3andtheendofYear4.*PaybackPeriod=3years+($50,000-$45,000)/$15,000=3+$5,000/$15,000=3+1/3≈3.33years*解析思路：回收期是累計(jì)現(xiàn)金流入等于初始投資所需的時(shí)間。計(jì)算每年累計(jì)的現(xiàn)金流入，找到初始投資被收回的年份區(qū)間。最后一年需要計(jì)算具體在哪一個(gè)時(shí)間點(diǎn)收回投資。16.RequiredReturn=Rf+β*(Rm-Rf)=0.02+1.2*(0.05-0.02)=0.02+1.2*0.03=0.02+0.036=0.056or5.6%*解析思路：直接應(yīng)用CAPM公式計(jì)算要求的回報(bào)率。Rf是風(fēng)險(xiǎn)-freerate，β是beta，Rm-Rf是市場(chǎng)風(fēng)險(xiǎn)溢價(jià)。17.ThecompanyshouldacceptProjectX,asithasahigherNetPresentValue(NPV)of$100,000comparedtoProjectY'sNPVof$80,000.Assumingbothprojectsareindependentandhavethesameriskandrequiredreturn,theprojectwiththehigherNPVaddsmorevaluetothefirm.*解析思路：對(duì)于互斥項(xiàng)目（MutuallyExclusive），在風(fēng)險(xiǎn)和回報(bào)相同的情況下，選擇NPV最高的項(xiàng)目，因?yàn)镹PV代表項(xiàng)目能增加的公司價(jià)值。$100,000>$80,000，所以選擇X。18.TheprimarydifferenceisthattheDividendGrowthModel(DDM)reliessolelyontheassumptionthatdividendsgrowataconstantrate,makingitsuitableprimarilyformaturecompanieswithstabledividendpolicies,whereastheFreeCashFlowtoEquity(FCFE)modelstartswiththefreecashflowavailabletoequityholders,incorporatingbothdividendpaymentsandsharerepurchases,andcanbeusedforawiderrangeofcompanies,includingthosethatdonotpaydividends.*解析思路：DDM基于股利按恒定比率增長(zhǎng)的假設(shè)，適用于穩(wěn)定派息的成熟公司。FCFE模型從可分配給股東的現(xiàn)金流（自由現(xiàn)金流）出發(fā)，考慮了股利和股票回購兩種分配方式，應(yīng)用范圍更廣，即使不派息的公司也可以使用。19.CurrentRatio=2.5*QuickRatio=1.5*CurrentRatio=QuickRatio+(Inventory/CurrentLiabilities)*2.5=1.5+(Inventory/CurrentLiabilities)*Inventory/CurrentLiabilities=2.5-1.5=1*InventoryTurnoverRatio=CostofGoodsSold/AverageInventory*InventoryTurnoverRatio=CostofGoodsSold/(Inventory/CurrentLiabilities)*CurrentLiabilities*InventoryTurnoverRatio=(CostofGoodsSold/Inventory)*CurrentLiabilities*InventoryTurnoverRatio=InventoryTurnoverRatio(usingCOGS/Inventory)*CurrentLiabilities/Inventory*InventoryTurnoverRatio=InventoryTurnoverRatio*(1/Inventory/CurrentLiabilities)*InventoryTurnoverRatio=InventoryTurnoverRatio*(1/1)*InventoryTurnoverRatio=InventoryTurnoverRatio*解析思路：題目給出了流動(dòng)比率（CR）和速動(dòng)比率（QR）。流動(dòng)比率等于速動(dòng)比率加上存貨與流動(dòng)負(fù)債的比率（CR=QR+Inv/CL）。可以通過CR-QR計(jì)算出Inv/CL的值（1）。然后，存貨周轉(zhuǎn)率是銷售成本除以平均存貨。由于Inv/CL=1，平均存貨等于流動(dòng)負(fù)債。因此，存貨周轉(zhuǎn)率=銷售成本/流動(dòng)負(fù)債。*修正：上述解析邏輯有誤，應(yīng)重新推導(dǎo)。**正確解析思路：*CurrentRatio=QuickRatio+(Inventory/CurrentLiabilities)*2.5=1.5+(Inventory/CurrentLiabilities)*Inventory/CurrentLiabilities=2.5-1.5=1.0*ThisimpliesCurrentLiabilities=Inventory.*InventoryTurnoverRatio=CostofGoodsSold/AverageInventory*SinceAverageInventoryisapproximatelyequaltoCurrentLiabilities(asInventory/CL=1),wecansay:*InventoryTurnoverRatio≈CostofGoodsSold/CurrentLiabilities*However,theproblemdoesnotprovidetheCostofGoodsSold.Ifweassumethequestionintendsforapureratiomanipulationandperhapsthere'sanimpliedCOGS,orwemissedtheCOGSvalue,thedirectlinkderivedfromCRandQRalone(Inventory/CL=1)doesn'tyieldaspecificInventoryTurnoverRatiowithoutadditionaldatalikeCOGS.IfCOGSwereprovided,e.g.,$X,thenInventoryTurnover=$X/CurrentLiabilities.Giventhedata,wecannotuniquelydeterminetheInventoryTurnoverRatiofromCRandQRonly.Thequestionmightbefla