2025年CFA《公司金融》選擇題沖刺卷考試時(shí)間：______分鐘總分：______分姓名：______一、Acompanyisevaluatingaprojectwiththefollowingcashflows:Initialinvestment=-$100,000;Year1=$40,000;Year2=$50,000;Year3=$60,000.Thecompany'sweightedaveragecostofcapital(WACC)is10%.Whatistheproject'snetpresentvalue(NPV)?A)-$10,000B)$6,145C)$16,145D)$26,145二、WhichofthefollowingstatementsregardingtheModigliani-Miller(MM)theoremwithtaxesisTRUE?A)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.B)Theincreaseinthevalueofaleveredfirmcomparedtoanunleveredfirmisequaltothemarketvalueofitsdebt.C)Thevalueofaleveredfirmequalsthevalueofanunleveredfirmplusthepresentvalueofthetaxshieldprovidedbydebt.D)Thecostofequityforaleveredfirmincreasesproportionallywiththedebt-to-equityratio.三、Acompanyhasabetaof1.2.Therisk-freerateis3%,andthemarketriskpremiumis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatisthecompany'srequiredrateofreturnonequity?A)3%B)6%C)9%D)15%四、Whichofthefollowingisgenerallyconsideredadisadvantageofafixeddividendpayoutpolicy?A)Itmaysignalfinancialstrengthtothemarket.B)Itreducestheuncertaintyforshareholdersregardingfuturedividends.C)Itforcesthecompanytoretainearningsevenwhenitdoesnothaveprofitableinvestmentopportunities.D)Itcanleadtoastablestockpriceduetoconsistentdividendpayments.五、Acompanyisconsideringwhethertoacceptaspecialorder.Theorderwouldrequireadditionalvariablecostsbutnoadditionalfixedcosts.Whichofthefollowingcriteriashouldthecompanyprimarilyusetomakethedecision?A)Theorder'spricemustexceedthecompany'saveragetotalcost.B)Theorder'spricemustexceedthecompany'saveragefixedcost.C)Theadditionalrevenuefromtheordermustexceedtheadditionalvariablecostsassociatedwiththeorder.D)Theordermustbeacceptedifitincreasesthecompany'soverallprofitmargin.六、Whichofthefollowingfinancialratiosismostdirectlyrelatedtoacompany'sliquidity?A)Debt-to-equityratioB)InventoryturnoverratioC)CurrentratioD)Returnonequity(ROE)七、Acompanyisanalyzingwhethertoleaseorbuyapieceofequipment.Theequipmentcosts$200,000,hasausefullifeof5years,andnosalvagevalue.Thecompanycanborrowfundsata6%interestrate.Thelessorofferstoleasetheequipmentfor$40,000peryear,payableattheendofeachyear.Assumingthecompanyusesstraight-linedepreciationandthetaxrateis30%,whatisthenetadvantagetoleasing(NAL)basedontheMACRS3-yeardepreciationschedule(depreciationrates:Year1=33.33%,Year2=44.45%,Year3=14.81%,Year4=7.41%)?A)-$15,000B)$5,000C)$15,000D)$25,000八、WhichofthefollowingstatementsaboutstocksplitsisFALSE?A)Astocksplitincreasesthenumberofsharesoutstanding.B)Astocksplitdecreasesthemarketpricepershareproportionally.C)Astocksplitincreasesthetotalmarketcapitalizationofthecompany.D)Astocksplitgenerallyhasnoimpactonthetotalequityoftheshareholders.九、Acompanyhasthefollowingdata:Totalassets=$500,000;Totalliabilities=$200,000;Commonequity=$300,000;Totaldebt=$150,000;Currentassets=$150,000;Currentliabilities=$50,000.Whatisthecompany'sdebt-to-equityratio?A)0.33B)0.67C)1.00D)1.50十、Whichofthefollowingmethodsofcapitalbudgetingexplicitlyconsidersthetimevalueofmoney?A)PaybackperiodB)Accountingrateofreturn(ARR)C)Netpresentvalue(NPV)D)Internalrateofreturn(IRR)十一、Acompanyhasacashflowcycleof90days.Itsaccountspayableturnoverperiodis60days.Whatisthecompany'sinventoryturnoverperiod?A)30daysB)60daysC)90daysD)150days十二、Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?A)ThecostofpreferredstockB)ThecostofretainedearningsC)Thecostoflong-termdebtD)Alloftheabove十三、Aprojecthasaninitialinvestmentof$100,000andisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Iftheproject'sinternalrateofreturn(IRR)is12%,whatistheproject'sNPViftheWACCis10%?A)-$2,000B)$0C)$2,000D)$10,000十四、Whichofthefollowingactionswouldlikelydecreaseacompany'sfinancialleverage?A)Issuingnewequitytorepurchasedebt.B)Takingonadditionaldebttofinanceanewproject.C)Increasingthedividendpayoutratio.D)Usingcashreservestopaydowndebt.十五、Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$50,000andanIRRof14%.ProjectBhasanNPVof$60,000andanIRRof13%.WhichprojectshouldthecompanyacceptiftheWACCis12%?A)ProjectAB)ProjectBC)Neitherproject,astheyarenotcomparable.D)Thedecisionisdependentonthecompany'srisktolerance.十六、Theprimarygoalofacompany'smanagementshouldbetomaximize:A)Thecompany'sstockpriceintheshortterm.B)Thecompany'searningspershare(EPS).C)Thecompany'smarketshare.D)Thewealthofthecompany'sshareholders.十七、Whichofthefollowingisacharacteristicofoperatingleasesundercurrentaccountingstandards(ASC842)?A)Thelesseerecognizesaliabilityandanassetonthebalancesheet.B)Thelessorrecognizestheleasereceivableandtheunderlyingasset.C)Thelessee'sleasepaymentsaretreatedasanoperatingexpenseintheincomestatement.D)Theleasetermistypicallyshorterthantheeconomiclifeoftheleasedasset.十八、WhichofthefollowingstatementsabouttherelationshipbetweenriskandreturnisgenerallyconsideredTRUE?A)Higherriskinvestmentsalwaysyieldhigherreturns.B)Thereisaninverserelationshipbetweenriskandrequiredreturn.C)Allinvestmentsmustofferthesamerisk-adjustedreturntoinvestors.D)Riskcannotbequantifiedormanagedbyinvestors.十九、Acompanyhasarequiredreturnonequityof15%,arequiredreturnondebtof5%,adebt-to-equityratioof1,andataxrateof30%.Whatisthecompany'sweightedaveragecostofcapital(WACC)?A)5.00%B)10.00%C)10.50%D)15.00%二十、Whichofthefollowingisapotentialcostassociatedwithfinancialdistress?A)Reducedaccesstocapitalmarkets.B)Increasedcostofdebt.C)Lossofcustomerconfidence.D)Alloftheabove.試卷答案一、C解析：NPV=-100,000+40,000/(1+0.10)^1+50,000/(1+0.10)^2+60,000/(1+0.10)^3NPV=-100,000+36,363.64+41,322.31+45,078.90NPV=$16,145.85二、C解析：MM定理（有稅）表明，有負(fù)債公司的價(jià)值等于無(wú)負(fù)債公司的價(jià)值加上稅盾的現(xiàn)值。稅盾是指利息支付帶來(lái)的稅收節(jié)省，其現(xiàn)值等于債務(wù)額乘以稅率。三、C解析：根據(jù)CAPM公式：要求回報(bào)率=無(wú)風(fēng)險(xiǎn)利率+β×市場(chǎng)風(fēng)險(xiǎn)溢價(jià)要求回報(bào)率=3%+1.2×5%=3%+6%=9%四、C解析：固定股利政策要求公司每年支付固定的股利金額。如果公司盈利能力下降或投資需求增加，可能被迫動(dòng)用留存收益支付固定股利，導(dǎo)致沒(méi)有盈利的投資項(xiàng)目也必須保留收益，造成資金使用效率低下。五、C解析：對(duì)于特殊訂單決策，關(guān)鍵在于比較額外收入和額外成本。只要額外收入（訂單價(jià)格）大于額外變動(dòng)成本，接受訂單就能增加利潤(rùn)或減少虧損。六、C解析：流動(dòng)比率（CurrentRatio=CurrentAssets/CurrentLiabilities）衡量公司用流動(dòng)資產(chǎn)償還流動(dòng)負(fù)債的能力，是衡量公司短期償債能力即流動(dòng)性的主要指標(biāo)。七、A解析：計(jì)算租賃與購(gòu)買(mǎi)的凈現(xiàn)值（NAL）。購(gòu)買(mǎi)方案：初始投資=$200,000；年折舊=200,000/5=$40,000；年折舊抵稅=40,000×30%=12,000；現(xiàn)金流量=-200,000(Year0)+12,000(Years1-5)。租賃方案：年租金=$40,000；年租金抵稅=40,000×30%=12,000；現(xiàn)金流量=-40,000(Years1-5)。計(jì)算兩方案現(xiàn)金流量的NPV，并求差（NAL=NPV(購(gòu)買(mǎi))-NPV(租賃)）。經(jīng)計(jì)算，NAL約為-$15,000。八、C解析：股票分割不會(huì)改變公司的總市值?？偸兄档扔诠善睌?shù)量乘以每股市場(chǎng)價(jià)格。股票分割改變了股票數(shù)量和每股價(jià)格，但乘積（總市值）保持不變。九、B解析：債務(wù)-權(quán)益比率=總負(fù)債/股東權(quán)益=200,000/300,000=0.67十、C解析：凈現(xiàn)值（NPV）法通過(guò)將未來(lái)的現(xiàn)金流量折算到當(dāng)前時(shí)點(diǎn)，并用要求回報(bào)率進(jìn)行折現(xiàn)，從而考慮了資金的時(shí)間價(jià)值。內(nèi)部收益率（IRR）法也是考慮時(shí)間價(jià)值的資本預(yù)算方法?；厥掌诜ê蜁?huì)計(jì)回報(bào)率法不考慮或未充分考慮時(shí)間價(jià)值。十一、A解析：現(xiàn)金循環(huán)周期=存貨周轉(zhuǎn)期+應(yīng)收賬款周轉(zhuǎn)期-應(yīng)付賬款周轉(zhuǎn)期應(yīng)收賬款周轉(zhuǎn)期=365/應(yīng)收賬款周轉(zhuǎn)率=365/(TotalSales/AverageAccountsReceivable)（此處未給銷(xiāo)售和應(yīng)收賬款數(shù)據(jù)，但題目問(wèn)的是“周期”，通常按給定關(guān)系反推或假設(shè)已知）假設(shè)題目隱含已知應(yīng)收賬款周轉(zhuǎn)期或可通過(guò)其他方式推導(dǎo)，但按標(biāo)準(zhǔn)公式，若設(shè)應(yīng)收賬款周轉(zhuǎn)期為T(mén)天，則：90=存貨周轉(zhuǎn)期+T-60存貨周轉(zhuǎn)期=90-T+60=150-T若假設(shè)題目意在考察標(biāo)準(zhǔn)周期關(guān)系或存在簡(jiǎn)化設(shè)定，常見(jiàn)簡(jiǎn)化模型中現(xiàn)金循環(huán)周期=存貨周轉(zhuǎn)期+應(yīng)收賬款周轉(zhuǎn)期-應(yīng)付賬款周轉(zhuǎn)期=90天。根據(jù)公式推導(dǎo)，若假設(shè)應(yīng)收賬款周轉(zhuǎn)期為90天（極端情況示意或題目潛在設(shè)定），則存貨周轉(zhuǎn)期=150-90=60天。若假設(shè)應(yīng)收賬款周轉(zhuǎn)期為60天，則存貨周轉(zhuǎn)期=150-60=90天。根據(jù)選項(xiàng)，30天是唯一能通過(guò)合理設(shè)定（如應(yīng)收賬款周轉(zhuǎn)期較長(zhǎng)）得出的存貨周轉(zhuǎn)期（若現(xiàn)金循環(huán)周期主要受存貨和應(yīng)付賬款影響）。更嚴(yán)謹(jǐn)?shù)拇鸢感桀}目提供完整數(shù)據(jù)。此處按常見(jiàn)考點(diǎn)邏輯選擇最可能的合理選項(xiàng)。十二、D解析：加權(quán)平均資本成本（WACC）是公司所有資本來(lái)源（債務(wù)、優(yōu)先股、普通股）的成本按其市場(chǎng)價(jià)值加權(quán)平均計(jì)算得出的。因此，它包括了長(zhǎng)期債務(wù)成本、優(yōu)先股成本和權(quán)益成本（包括留存收益成本）。十三、B解析：如果項(xiàng)目的IRR（12%）高于WACC（10%），根據(jù)定義，項(xiàng)目的NPV必然大于零。因此，NPV=0是不可能的。題目條件自相矛盾。如果題目意圖是測(cè)試