2025年CFA《權(quán)益投資》真題詳解考試時間：______分鐘總分：______分姓名：______第一部分1.Acompanyisexpectedtopayadividendof$2persharenextyear.Therequiredrateofreturnis12%,andtheexpectedgrowthrateofdividendsis5%.Whichofthefollowingmodelsismostappropriateforvaluingthecompany'sstock?a)Constantgrowthdividenddiscountmodel(GordonGrowthModel)b)Freecashflowtoequitymodelc)Price-to-earningsratiomodelusingcomparablecompaniesd)Earningscapitalizationmodel2.Whichofthefollowingstatementsbestdescribestheconceptofmarketefficiency?a)Marketefficiencyimpliesthatallavailableinformationisinstantlyreflectedinstockprices,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.b)Marketefficiencysuggeststhatstockpricesaregenerallyunderpriced,providingnumerousopportunitiesforactivemanagementtogenerateexcessreturns.c)Marketefficiencyrequiresthatallinvestorshavethesamelevelofknowledgeandanalysisskills.d)Marketefficiencyissolelydeterminedbythevolumeoftradesoccurringinthemarket.3.Astockhasabetaof1.5.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.Accordingtothecapitalassetpricingmodel(CAPM),whatistheexpectedreturnonthestock?a)3%b)7.5%c)10%d)13%4.Whichofthefollowingisconsideredadisadvantageofusingtheprice-to-earnings(P/E)ratioforstockvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativeearnings.c)ItisdifficulttocompareP/Eratiosacrossdifferentindustries.d)Itassumesthatearningsareexpectedtogrowataconstantrateindefinitely.5.Acompany'sstockiscurrentlytradingat$50pershare.Thecompany'snextdividendisexpectedtobe$2pershare,andthedividendgrowthrateisexpectedtobe6%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)2%b)4%c)6%d)8%6.Whichofthefollowingstatementsistrueaboutsmall-capstockscomparedtolarge-capstocks?a)Small-capstocksaregenerallyconsideredlessriskythanlarge-capstocks.b)Small-capstockstypicallyofferlowerdividendyieldsthanlarge-capstocks.c)Small-capstockshavehistoricallyprovidedhigheraveragereturnsthanlarge-capstocks,butwithgreatervolatility.d)Small-capstocksareprimarilyinvestedintechnologycompanies.7.Astock'scurrentpriceis$100.Itpaysadividendof$4pershare,andtheexpectedpriceofthestockinoneyearis$110.Whatistheexpectedtotalreturnonthestock?a)4%b)6%c)10%d)14%8.Whichofthefollowingisacomponentofthefreecashflowtoequity(FCFE)model?a)Interestexpenseb)Capitalexpendituresc)Taxesonincomed)Dividendspaid9.Whichofthefollowingisapotentiallimitationofthecomparablecompaniesanalysisforstockvaluation?a)Itcanbedifficulttofindtrulycomparablecompanies.b)Itreliesontheassumptionthatfutureperformancewillbesimilartohistoricalperformance.c)Itdoesnotconsiderthecompany'suniquegrowthprospects.d)Alloftheabove.10.Acompanyisconsideringissuingwarrants.Warrantsgivetheholdertheright,butnottheobligation,tobuythecompany'sstockataspecifiedpricebeforeaspecifieddate.Whatisthisspecifiedpricecalled?a)Exercisepriceb)Strikepricec)Conversionpriced)Callprice11.WhichofthefollowingstatementsistrueabouttheBlack-Scholes-Mertonmodelforvaluingoptions?a)ItisprimarilyusedforvaluingEuropeanoptions,whichcanonlybeexercisedatexpiration.b)Itassumesthattheunderlyingstockpricefollowsanormaldistribution.c)Itdoesnotaccountfortheimpactofdividendsonoptionvalue.d)Itisonlyapplicablewhentheoptionisdeeplyin-the-money.12.Whichofthefollowingisariskfactorassociatedwithinvestingininternationalequitymarkets?a)Currencyriskb)Countryriskc)Politicalriskd)Alloftheabove.13.Aportfoliomanagerevaluatestheperformanceofamanagedequityportfoliousingvariousrisk-adjustedreturnmeasures.Whichofthefollowingmeasuresismostappropriatewhencomparingtheperformanceofaportfoliothatinvestsprimarilyinlarge-capstockstoaportfoliothatinvestsprimarilyinsmall-capstocks,assumingbothportfolioshavethesamelevelofrisk?a)Sharperatiob)Treynorratioc)Jensenindexd)Informationratio14.Whichofthefollowingisacharacteristicofvalue-weightedindices?a)Companieswithlargermarketcapitalizationshaveagreaterimpactontheindexlevel.b)Companieswithhigherdividendyieldshaveagreaterimpactontheindexlevel.c)Theindexiscalculatedbyaveragingthepricesofselectedstocks.d)Theindexisdesignedtotracktheperformanceofaspecificindustrysector.15.Acompany'sstockhasaP/Eratioof15.Thecompany'searningspershareare$2.Whatisthecurrentstockprice?a)$10b)$15c)$20d)$30第二部分16.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.10pershareintwoyears,and$1.20pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthetwo-stagedividenddiscountmodel?a)$18.52b)$20.55c)$22.65d)$24.7817.Aninvestorisconsideringbuyingacalloptiononastock.Thestock'scurrentpriceis$50,theoption'sstrikepriceis$55,andtheoption'sexpirationdateisinonemonth.Theoptionpremiumis$2.Whatisthebreak-evenpriceforthecalloption?a)$53b)$55c)$57d)$5918.Acompany'sstockhasabetaof1.2.Therisk-freerateis4%,andtheexpectedreturnonthemarketportfoliois9%.Thecompany'sexpecteddividendnextyearis$1.50,andthedividendgrowthrateis6%peryear.Whatistheimpliedstockpriceusingtheconstantgrowthdividenddiscountmodel?a)$25.00b)$26.67c)$28.33d)$30.0019.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyovervalued?a)Excessivemarketoptimismb)Favorableindustrytrendsc)Strongcompanyperformanced)Alloftheabove.20.Acompanyisanalyzingitsstock'sperformanceusingtheprice-to-sales(P/S)ratio.Thecompany'scurrentP/Sratiois3.TheindustryaverageP/Sratiois2.5.Whatdoesthisindicate?a)Thecompany'sstockisundervaluedcomparedtotheindustryaverage.b)Thecompany'sstockisovervaluedcomparedtotheindustryaverage.c)Thecompany'sstockisperformingpoorlycomparedtotheindustryaverage.d)Thereisinsufficientinformationtodeterminethecompany'sstockvaluationrelativetotheindustryaverage.21.Whichofthefollowingisalimitationofusingtheearningscapitalizationmodelforstockvaluation?a)Itassumesthatearningsareagoodproxyforcashflow.b)Itisdifficulttodetermineanappropriatecapitalizationrate.c)Itdoesnotconsiderthecompany'sgrowthprospects.d)Alloftheabove.22.Astock'scurrentpriceis$80.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe7%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)7%d)9%23.Whichofthefollowingisabenefitofinvestingininternationalequitymarkets?a)Diversificationofinvestmentriskb)Potentialforhigherreturnsc)Accesstocompanieswithuniquegrowthopportunitiesd)Alloftheabove.24.Acompany'sstockhasabetaof0.8.Therisk-freerateis2%,andtheexpectedreturnonthemarketportfoliois8%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)2%b)6.4%c)8%d)10%25.Whichofthefollowingisacomponentofthefreecashflowtofirm(FCFF)model?a)Interestexpenseb)Taxesonincomec)Dividendspaidd)Alloftheabove.26.Astock'scurrentpriceis$60.Itpaysadividendof$2pershare,andtheexpectedpriceofthestockinoneyearis$65.Thestockisexpectedtocontinuepayingdividendsatthesamelevelforthenexttwoyears.Whatistheexpectedtotalreturnonthestockforthefirstyear?a)5%b)10%c)15%d)20%27.Whichofthefollowingisapotentialriskassociatedwithusingtheprice-to-book(P/B)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Bratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.28.Whichofthefollowingisacharacteristicofacoveredcallstrategy?a)Itinvolvesbuyingastockandsimultaneouslysellingacalloptiononthestock.b)Itinvolvesbuyingacalloptionandsimultaneouslysellingaputoptiononthestock.c)Itinvolvessellingastockandsimultaneouslybuyingacalloptiononthestock.d)Itinvolvessellingastockandsimultaneouslysellingacalloptiononthestock.29.Acompany'sstockhasaP/Eratioof20.Thecompany'searningspershareareexpectedtogrowatarateof10%peryear.Whatistheimpliedrequiredrateofreturnonthestock,assumingtheP/Eratioremainsconstant?a)5%b)10%c)15%d)20%30.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.第三部分31.Aninvestorisconsideringbuyingastockthatpaysnodividends.Thestock'scurrentpriceis$100,andtheexpectedpriceofthestockinoneyearis$110.Therequiredrateofreturnonthestockis12%.Whatistheexpectedtotalreturnonthestock?a)2%b)8%c)10%d)12%32.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.05pershareintwoyears,and$1.10pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof4%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthethree-stagedividenddiscountmodel?a)$18.00b)$19.50c)$21.00d)$22.5033.Whichofthefollowingisalimitationofthemarketefficiencyhypothesis?a)Itsuggeststhatitisimpossibletoachievereturnsabovethemarketaverage.b)Itimpliesthatallinvestorshavethesamelevelofinformationandanalysisskills.c)Itassumesthatmarketsarealwaysinastateofequilibrium.d)Alloftheabove.34.Astock'scurrentpriceis$70.Thecompany'snextdividendisexpectedtobe$2pershare,andthedividendgrowthrateisexpectedtobe8%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)2%b)6%c)8%d)10%35.Whichofthefollowingisacomponentoftheequitycashflowmodel?a)Netincomeb)Interestexpensec)Taxesonincomed)Alloftheabove.36.Acompany'sstockhasabetaof1.3.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois11%.Thecompany'sexpecteddividendnextyearis$1.50,andthedividendgrowthrateis5%peryear.Whatistheimpliedstockpriceusingtheconstantgrowthdividenddiscountmodel?a)$25.00b)$26.67c)$28.33d)$30.0037.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyundervalued?a)Marketpessimismb)Negativeindustrytrendsc)Poorcompanyperformanced)Alloftheabove.38.Acompany'sstockhasaP/Eratioof25.Thecompany'searningspershareare$3.Whatisthecurrentstockprice?a)$9b)$12c)$15d)$7539.Whichofthefollowingisalimitationofusingtheprice-to-sales(P/S)ratioforstockvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativesales.c)ItisdifficulttocompareP/Sratiosacrossdifferentindustries.d)Alloftheabove.40.Whichofthefollowingisabenefitofusingthefreecashflowtoequity(FCFE)model?a)Itisbasedoncashflowsavailabletoallinvestors.b)Itissimplertocalculatethanthefreecashflowtofirm(FCFF)model.c)Itdirectlymeasuresthecashflowsavailabletoequityholders.d)Itisprimarilyusedforvaluingcompanieswithsignificantdebt.41.Astock'scurrentpriceis$90.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe6%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)6%d)9%42.Whichofthefollowingisariskfactorassociatedwithinvestinginemergingmarketequityfunds?a)Currencyriskb)Politicalriskc)Countryriskd)Alloftheabove.43.Acompany'sstockhasabetaof1.1.Therisk-freerateis5%,andtheexpectedreturnonthemarketportfoliois12%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)5%b)11%c)12%d)13%44.Whichofthefollowingisacomponentoftheequitycashflowmodel?a)Netincomeb)Interestexpensec)Taxesonincomed)Alloftheabove.45.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.第四部分46.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.10pershareintwoyears,and$1.20pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthethree-stagedividenddiscountmodel?a)$27.72b)$29.87c)$32.05d)$34.2347.Whichofthefollowingisalimitationofthecomparablecompaniesanalysisforstockvaluation?a)Itcanbedifficulttofindtrulycomparablecompanies.b)Itreliesontheassumptionthatfutureperformancewillbesimilartohistoricalperformance.c)Itdoesnotconsiderthecompany'suniquegrowthprospects.d)Alloftheabove.48.Astock'scurrentpriceis$80.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe7%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)7%d)9%49.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyovervalued?a)Excessivemarketoptimismb)Favorableindustrytrendsc)Strongcompanyperformanced)Alloftheabove.50.Acompany'sstockhasaP/Eratioof20.Thecompany'searningspershareareexpectedtogrowatarateof10%peryear.Whatistheimpliedrequiredrateofreturnonthestock,assumingtheP/Eratioremainsconstant?a)5%b)10%c)15%d)20%51.Whichofthefollowingisalimitationofusingtheprice-to-book(P/B)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Bratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.52.Whichofthefollowingisacharacteristicofacoveredcallstrategy?a)Itinvolvesbuyingastockandsimultaneouslysellingacalloptiononthestock.b)Itinvolvesbuyingacalloptionandsimultaneouslysellingaputoptiononthestock.c)Itinvolvessellingastockandsimultaneouslybuyingacalloptiononthestock.d)Itinvolvessellingastockandsimultaneouslysellingacalloptiononthestock.53.Acompany'sstockhasabetaof1.2.Therisk-freerateis4%,andtheexpectedreturnonthemarketportfoliois9%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)4%b)6.8%c)9%d)12%54.Whichofthefollowingisacomponentofthefreecashflowtofirm(FCFF)model?a)Interestexpenseb)Taxesonincomec)Dividendspaidd)Alloftheabove.55.Astock'scurrentpriceis$60.Itpaysadividendof$2pershare,andtheexpectedpriceofthestockinoneyearis$65.Thestockisexpectedtocontinuepayingdividendsatthesamelevelforthenexttwoyears.Whatistheexpectedtotalreturnonthestockforthefirstyear?a)5%b)10%c)15%d)20%56.Whichofthefollowingisapotentialriskassociatedwithusingtheprice-to-sales(P/S)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Sratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.57.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.58.Acompany'sstockhasaP/Eratioof25.Thecompany'searningspershareare$3.Whatisthecurrentstockprice?a)$9b)$12c)$15d)$7559.Whichofthefollowingisabenefitofusingthefreecashflowtoequity(FCFE)model?a)Itisbasedoncashflowsavailabletoallinvestors.b)Itissimplertocalculatethanthefreecashflowtofirm(FCFF)model.c)Itdirectlymeasuresthecashflowsavailabletoequityholders.d)Itisprimarilyusedforvaluingcompanieswithsignificantdebt.60.Whichofthefollowingisalimitationofthemarketefficiencyhypothesis?a)Itsuggeststhatitisimpossibletoachievereturnsabovethemarketaverage.b)Itimpliesthatallinvestorshavethesamelevelofinformationandanalysisskills.c)Itassumesthatmarketsarealwaysinastateofequilibrium.d)Alloftheabove.試卷答案1.a解析思路：題目描述了公司未來幾年的股利和預計的持續(xù)增長rate，以及要求的回報率，這是典型的兩階段股利折現(xiàn)模型的應(yīng)用場景。2.a解析思路：市場效率的核心概念是所有相關(guān)信息都已反映在股價中，這意味著無法持續(xù)獲得超額回報。3.d解析思路：根據(jù)CAPM公式，預期回報率=無風險利率+Beta*(市場預期回報率-無風險利率)。代入數(shù)據(jù)計算得到13%。4.b解析思路：P/E比率不適用于虧損的公司，因為分母為負數(shù)，導致比率沒有意義或難以比較。5.d解析思路：根據(jù)戈登增長模型公式，股價=下一年股利/(要求回報率-增長率)。代入數(shù)據(jù)計算得到8%。6.c解析思路：小盤股通常被認為風險較高，但潛在回報也可能更高，且波動性更大。7.d解析思路：預期總回報=(預期資本利得+預期股利)/當前價格。代入數(shù)據(jù)計算得到14%。8.d解析思路：FCFE模型衡量的是支付給普通股股東的現(xiàn)金流量，因此股利是其中的組成部分。9.d解析思路：可比公司分析的所有選項都可能是其局限性：尋找真正可比的公司困難、假設(shè)未來表現(xiàn)類似歷史表現(xiàn)、未考慮公司獨特增長前景。10.a解析思路：期權(quán)行權(quán)價格在英文中稱為Exerciseprice。11.a解析思路：布萊克-斯科爾斯模型主要用于歐式期權(quán)，且假設(shè)標的資產(chǎn)價格服從正態(tài)分布。12.d解析思路：投資國際股票市場涉及多種風險，包括貨幣風險、國家風險和政治風險。13.b解析思路：特雷諾比率衡量的是風險調(diào)整后的回報，主要適用于比較不同投資組合的系統(tǒng)性風險（Beta）調(diào)整后的表現(xiàn)。14.a解析思路：市值加權(quán)的指數(shù)中，權(quán)重由成分股的市場價值決定，市值越大的公司對指數(shù)的影響越大。15.c解析思路：根據(jù)P/E比率公式，股價=P/E比率*每股收益。代入數(shù)據(jù)計算得到20。16.a解析思路：兩階段股利折現(xiàn)模型需要分別計算前幾期非穩(wěn)定增長的股利現(xiàn)值和后期穩(wěn)定增長股利現(xiàn)值。計算得到18.52。17.c解析思路：看漲期權(quán)的盈虧平衡點=行權(quán)價格+期權(quán)費。代入數(shù)據(jù)計算得到57。18.b解析思路：根據(jù)戈登增長模型公式，股價=下一年股利/(要求回報率-增長率)。首先需要計算要求回報率，然后計算股價。代入數(shù)據(jù)計算得到26.67。19.a解析思路：過度市場樂觀會導致股票價格被推高，從而暫時性高估。20.b解析思路：公司的P/S比率高于行業(yè)平均水平，表明相對于行業(yè)而言，其股票可能被高估。21.d解析思路：使用收益資本化模型的所有選項都是其局限性：假設(shè)收益是現(xiàn)金流的良好代理指標、確定合適的資本化率困難、未考慮公司增長前景。22.d解析思路：根據(jù)戈登增長模型公式，股價=下一年股利/(要求回報率-增長率)。代入數(shù)據(jù)計算得到9%。23.d解析思路：投資國際股票市場的所有選項都是其優(yōu)勢：分散投資風險、潛在更高回報、接觸獨特增長機會。24.b解析思路：根據(jù)CAPM公式，預期回報率=無風險利率+Beta*(市場預期回報率-無風險利率)。代入數(shù)據(jù)計算得到6.4%。25.d解析思路：FCFF模型基于公司總現(xiàn)金流量，扣除所有資本支出和凈債務(wù)償還后，是所有投資者（股東和債權(quán)人）可得的現(xiàn)金流量。因此，凈收入、利息費用（稅盾）和稅金都是其