2025年CFA《公司金融》模擬測試卷考試時(shí)間：______分鐘總分：______分姓名：______Instructions:Pleaseanswerallquestionsbasedontherequirements.1.Acompanyisevaluatinganewprojectthatrequiresaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thecompany'scostofcapitalis8%.UsingtheNetPresentValue(NPV)method,whatistheapproximateNPVoftheproject?Youmayusethepresentvalueofanannuityfactorfor5yearsat8%,whichisapproximately3.9927.2.WhichofthefollowingstatementsregardingtheModifiedInternalRateofReturn(MIRR)ismostaccurate?a.MIRRassumesthatpositivecashflowsarereinvestedattheproject'sinternalrateofreturn.b.MIRRalwaysprovidesahigherreturnthantheNPVmethodwhentheproject'scashflowsareconventional.c.MIRRaddressesthereinvestmentrateassumptionlimitationoftheIRRmethod.d.MIRRisonlyapplicablewhentheprojecthasmultipleinternalratesofreturn.3.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasanNPVof$150,000andanIRRof12%.ProjectBhasanNPVof$120,000andanIRRof14%.Basedonthisinformation,whichprojectshouldthecompanyselectifthecostofcapitalis10%?Explainyourreasoning.4.Definetheconceptof"paybackperiod"incapitalbudgeting.Whatareitsprimaryadvantagesandmainlimitations?Underwhatcircumstancesmightacompanyusethismethodforprojectevaluation?5.Afirmhasadebt-to-equityratioof0.5.Itscostofdebtis6%(after-tax),anditscostofequityis12%.Thefirm'staxrateis30%.Whatisthefirm'sweightedaveragecostofcapital(WACC)?6.Explainthedifferencebetween"diversifiablerisk"and"non-diversifiablerisk"astheyrelatetoindividualsecurities.Whichtypeofriskcanbeeliminatedbyaninvestorthroughdiversification,andwhy?7.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnonanasset?Whatarethekeyinputsrequiredtocalculatetheexpectedreturn,andwhatdoeseachrepresent?8.Acompanyisconsideringissuingnewdebttofinanceaproject.Whataretheprimaryadvantagesanddisadvantagesofusingdebtfinancingforthispurpose?Discusstheconceptoffinancialleverageanditspotentialimpactonthecompany'searningspershare(EPS).9.Whatisthe"Modigliani-MillerTheorem(withtaxes)"?Explainthekeyinsightsprovidedbythistheoryregardingtherelationshipbetweenafirm'sdebtlevel,itscostofequity,anditsoverallvalue.Whatassumptionsunderpinthistheorem?10.Compareandcontrastthe"dividendirrelevancetheory"andthe"dividendrelevancetheory"(specificallythebird-in-the-handtheory).Whichtheorydoyoubelieveismoresupportedbyempiricalevidence,andwhy?Providereasoningforyourview.11.Acompanyismanagingitscashcollectionsfromcustomers.Thecompany'saccountsreceivableturnoverratiois8timesperyear,anditsaverageaccountsreceivablebalanceis$500,000.Whatisthecompany'saveragecollectionperiodindays?Assumea365-dayyear.12.Explaintheconceptof"financialdistress."Whatarethevariouscostsassociatedwithfinancialdistress(bothdirectandindirect),andhowcantheyimpactafirm'svalueanditsabilitytoraisecapital?13.Acompanyisevaluatingacapitalbudgetingprojectwiththefollowingcashflows:Initialinvestment=-$2,000,000;Year1=$700,000;Year2=$800,000;Year3=$900,000;Year4=$1,000,000.WhatistheIRRofthisproject?YoumayuseafinancialcalculatororspreadsheetsoftwaretofindtheIRR.ProvidetheapproximateIRR.14.Twocompaniesoperateinthesameindustry.CompanyAhasahigherdebt-to-equityratiothanCompanyB.Allelsebeingequal,whichcompanyislikelytohaveahighercostofequity?Explainyourreasoning,consideringtherelationshipbetweenleverage,risk,andthecostofequity.15.Afirmisconsideringacashdividendpayment.Whataretheprimaryadvantagesanddisadvantagesofusingcashdividendsversusstockdividendsfordistributingprofitstoshareholders?Howdothesedifferenttypesofdividendsimpactafirm'sfinancialstatements?試卷答案1.$300,000*3.9927-$1,000,000=$1,197,810-$1,000,000=$197,8102.c.MIRRaddressesthereinvestmentrateassumptionlimitationoftheIRRmethod.3.ThecompanyshouldselectProjectA.WhileProjectBhasahigherIRR,ProjectAhasahigherNPV.Sincetheprojectsaremutuallyexclusiveandthecostofcapitalis10%(whichisusedtocalculatetheNPVs),theprojectwiththehigherNPVshouldbechosenasitaddsmorevaluetothefirm.4.Thepaybackperiodisthetimeittakesforaninvestmenttogeneratecashinflowssufficienttorecovertheinitialinvestmentcost.Advantages:Itissimpletocalculateandunderstand,anditprovidesaroughmeasureofaproject'sliquidityandrisk.Limitations:Itignoresthetimevalueofmoney,doesnotconsidercashflowsthatoccurafterthepaybackperiod,anddoesnotprovideinformationabouttheproject'sprofitability.Acompanymightusethepaybackperiodforpreliminaryprojectscreeningorwhenliquidityisaprimaryconcern.5.WACC=(0.5/(0.5+1))*6%*(1-0.3)+(1/(0.5+1))*12%=(0.5/1.5)*4.2%+(1/1.5)*12%=(1/3)*4.2%+(2/3)*12%=1.4%+8%=9.4%6.Diversifiablerisk(alsoknownasunsystematicrisk)istheriskthatisspecifictoaparticularcompanyorindustryandcanbereducedoreliminatedbydiversifyinginvestmentsacrossdifferentassets.Non-diversifiablerisk(alsoknownassystematicriskormarketrisk)istheriskthataffectstheentiremarketandcannotbeeliminatedthroughdiversification.Aninvestorcaneliminatediversifiableriskbyholdingawell-diversifiedportfoliobecausethenegativeperformanceofonesecuritycanbeoffsetbythepositiveperformanceofothers.Non-diversifiableriskremainsbecauseitaffectsallsecuritiesinthemarkettosomedegree,oftenduetomacroeconomicfactors.7.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnonanassetistherisk-freerateplusariskpremium.Theexpectedreturn=Risk-freerate+Beta*(Marketreturn-Risk-freerate).Thekeyinputsare:Risk-freerate(thereturnonaninvestmentwithzerorisk,typicallyrepresentedbytheyieldonagovernmentbond),Beta(ameasureoftheasset'ssystematicriskrelativetotheoverallmarket),andMarketreturn(theexpectedreturnonthemarketportfolio).Therisk-freeraterepresentsthetimevalueofmoney,Betameasurestheasset'ssensitivitytomarketmovements,andtheMarketreturn-Risk-freeraterepresentsthemarketriskpremium,whichcompensatesinvestorsfortakingonmarketrisk.8.Advantagesofdebtfinancing:Interestpaymentsaretax-deductible(providesataxshield),debtisgenerallylessexpensivethanequity,usingdebtdoesnotdiluteownershiporcontrol.Disadvantagesofdebtfinancing:Interestpaymentsarefixedobligations,failuretomeetdebtobligationscanleadtofinancialdistressorbankruptcy,increasesfinancialriskandleverage.Financialleverageistheuseofdebttofinanceafirm'soperations.Itcanamplifyreturnstoshareholderswhenthefirm'sreturnonassetsexceedsthecostofdebt.However,italsoamplifieslossesandincreasesthefirm'sfinancialrisk.Ifthefirm'searningsbeforeinterestandtaxes(EBIT)arehighenoughtocoveritsinterestpayments,usingdebtcanincreaseearningspershare(EPS)comparedtousingequityfinancing.9.TheModigliani-MillerTheorem(withtaxes)statesthatinaworldwithcorporatetaxes,thevalueofaleveredfirm(V_L)isequaltothevalueofanunleveredfirm(V_U)plusthepresentvalueofthetaxshieldprovidedbythedebt.V_L=V_U+T_c*D.Thekeyinsightisthatdebtfinancingisvaluabletoafirmbecauseinterestpaymentsaretax-deductible,creatingataxshieldthatincreasesthefirm'svalue.Theassumptionsunderpinningthistheoreminclude:notaxes,notransactioncosts,nobankruptcycosts,perfectcapitalmarkets(noasymmetricinformation),rationalinvestors,andthatthefirmcanissuedebtataconstantrate.10.Thedividendirrelevancetheory(Modigliani-Miller)suggeststhatafirm'sdividendpolicydoesnotaffectitsvalue,asinvestorsareindifferentbetweenreceivingdividendsorcapitalgains.Thebird-in-the-handtheory(dividendrelevance)arguesthatinvestorsprefercurrentdividendstofuturecapitalgainsbecausedividendsaremorecertain.Thebird-in-the-handtheoryismoresupportedbyempiricalevidence,asinvestorsgenerallyperceivedividendsaslessriskythanpotentialfuturecapitalgains,andfactorsliketaxtreatment,transactioncosts,andinvestorpreferencesinfluencedividendpolicyandfirmvalue.However,therelevanceofdividendscanbedebated,andempiricalresultsaremixeddependingonthecontextandmarketconditions.11.AverageAccountsReceivable=$500,000;AccountsReceivableTurnover=8timesperyear.AverageCollectionPeriod=365days/AccountsReceivableTurnover=365/8=45.625days.Thecompany'saveragecollectionperiodisapproximately46days.12.Financialdistressreferstoastatewhereacompanyisfacingseverefinancialdifficultiesandisunabletomeetitsshort-termorlong-termobligations.Costsassociatedwithfinancialdistressinclude:Directcosts(e.g.,legalfees,bankruptcyfilingfees),agencycosts(e.g.,conflictsbetweenmanagementandshareholders,monitoringcosts),andindirectcosts(e.g.,lossofcustomersduetofinancialinstability,declineinsupplierrelationships,lossofemployeemoraleandtalent,difficultyraisingcapitalinthefuture).Thesecostscanerodethefirm'svalueandmakeitmoredifficultandexpensivetoraisecapital.13.Usingafinancialcalculatororspreadsheetfunction(e.g.,IRR($2,000,000,$700,000,$800,000,$900,000,$1,000,000)),theIRRisapproximately14.47%.14.CompanyB,whichhasalowerdebt-to-equityratio,islikelytohavealowercostofequity.TherelationshipbetweenleverageandthecostofequityisdescribedbytheModigliani-Millerpropositionwithtaxes.Asacompanyincreasesitsdebtlevel(leverage),thefinancialriskforequityholdersincreasesbecausethedebtpaymentsarefixedobligations.Tocompensateforthishigherrisk,equityinvestorswilldemandahigherreturn(costofequity).Therefore,thecompanywiththehigherdebt-to-equityratio(CompanyA)willlikelyhaveahighercostofequitycomparedtoCompanyB.15.Advantagesofcashdividends:Provideadirectreturntoshareholders,signalfinancialstrengthand