2025年CFA考試模擬練習(xí)考試時(shí)間：______分鐘總分：______分姓名：______一、GiventhefollowinginformationforStockA:*CurrentPrice:$50*ExpectedDividendNextYear(D1):$3*RequiredRateofReturn(k):12%Calculatetheexpectedgrowthrateofdividends(g)usingtheConstantGrowthDividendDiscountModel(GordonGrowthModel).二、Acompanyhasthefollowingbalancesheetitems:*TotalCurrentAssets:$200,000*TotalCurrentLiabilities:$100,000*TotalNon-CurrentAssets:$800,000*TotalNon-CurrentLiabilities:$300,000*CommonStock:$500,000*RetainedEarnings:$300,000Calculatethecompany'sDebt-to-Equityratio.三、Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof15%andastandarddeviationof30%.Thecurrentportfoliohasanexpectedreturnof10%andastandarddeviationof15%.Thecorrelationcoefficientbetweenthestockandthecurrentportfoliois0.25.Theinvestorassumestheportfolioiscurrentlywell-diversified(meaningtheportfolio'sstandarddeviationisprimarilydrivenbytheindividualstock'scontribution).Calculatetheexpectedreturnandstandarddeviationofthenewportfolioiftheinvestorinvests20%oftheirportfoliointhenewstockandtheremaining80%inthecurrentportfolio.四、Abondwithafacevalueof$1,000hasacouponrateof5%,payablesemi-annually.Thebondhas5yearsremainingtomaturity.Themarketrequiredyieldtomaturity(YTM)is6%.Calculatethecurrentpriceofthebond.五、Describetheprimarypurposeofasensitivityanalysisinthecontextofinvestmentportfoliomanagement.Provideonespecificexampleofhowsensitivityanalysismightbeused.六、CompanyXYZreportedthefollowinginformationfortheyear:*NetIncome:$200,000*DepreciationExpense:$50,000*IncreaseinAccountsReceivable:$30,000*DecreaseinAccountsPayable:$20,000*IncreaseinInventory:$40,000Calculatethecashflowfromoperatingactivitiesusingtheindirectmethod.七、WhatisthedifferencebetweentheMacaulaydurationandtheModifiedDurationofabond?Explainwhichdurationmeasurewouldbemoreusefulforaninvestorconcernedabouttheimpactofsmallchangesininterestratesonthebond'sprice.八、Aninvestmentmanagerusesafactormodeltoexplainstockreturns.Themodelis:Ri=Rf+βi*(RM-Rf)+ei,where:*Ri=Returnonstocki*Rf=Risk-freerate*βi=Betaofstocki*RM=Returnonthemarketportfolio*ei=ErrortermWhatistheexpectedreturnofStockXiftherisk-freerateis2%,theexpectedmarketreturnis10%,andStockXhasabetaof1.2?九、Brieflyexplaintheconceptof"efficientmarkets."Whataretheimplicationsoftheefficientmarketshypothesisforaninvestor'sabilitytoconsistentlyachievereturnsabovethemarketaverage?十、ListthreekeyelementsoftheCFAInstituteCodeandStandardsthatrelatetoaninvestmentprofessional'sresponsibilitiestowardstheirclients.Explaintheimportanceofadherencetoatleastoneoftheseelements.十一、Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$100,000andexpectedcashflowsof$40,000peryearfor4years.ProjectBhasaninitialinvestmentof$150,000andexpectedcashflowsof$60,000peryearfor4years.Therequiredrateofreturnforbothprojectsis10%.CalculatetheNetPresentValue(NPV)forProjectAandProjectB.BasedsolelyontheNPVcriterion,whichprojectshouldthecompanyaccept?十二、Describetheprimaryfunctionsoftheyieldcurve.Howcantheshapeoftheyieldcurve(e.g.,normal,inverted,flat)provideinformationaboutexpectationsregardingfutureeconomicconditions?十三、Aninvestorholdsaportfolioconsistingof60%stocksand40%bonds.Theexpectedreturnandstandarddeviationofthestockportionare12%and20%,respectively.Theexpectedreturnandstandarddeviationofthebondportionare4%and5%,respectively.Thecorrelationcoefficientbetweenthestockandbondportionsis0.1.Calculatetheexpectedreturnandstandarddeviationoftheoverallportfolio.十四、Whatismeantbytheterm"hedgefund"?Discusstwokeycharacteristicsthattypicallydifferentiatehedgefundsfromtraditionalmutualfunds.十五、Acompany'sstockiscurrentlytradingat$65pershare.Thecompanyrecentlyannounceda2-for-1stocksplit.Whatwasthestockpricepersharebeforethesplit,assumingnoothermarketfactorsinfluencedtheprice?十六、Explainthedifferencebetweenoperatingleverageandfinancialleverage.Howmightacompany'suseoffinancialleverageimpactitsearningspershare(EPS)sensitivitytochangesinsales?十七、AderivativecontractobligatesPartyAtobuyanon-dividendpayingstockfromPartyBfor$120pershareinthreemonths.Thecurrentstockpriceis$110.Therisk-freerateforthreemonthsis1%.Calculatethetheoreticalvalueofthisforwardcontractusingthecostofcarrymodel,assumingnostoragecosts.十八、Listthreecommonfinancialratiosusedtoassessacompany'sliquidity.Brieflyexplainthemeaningofeachratioandwhatahighorlowvaluemightindicateaboutthecompany'sfinancialhealth.十九、DescribetheroleoftheEfficientMarketHypothesis(EMH)inthecontextoftheCapitalAssetPricingModel(CAPM).HowdoestheEMHunderpintheconceptofsystematicriskwithintheCAPMframework?二十、Ananalystisevaluatingacompany'sperformance.Thecompany'sstockpriceatthebeginningoftheyearwas$50.Attheendoftheyear,thestockpricewas$60.Thecompanypaidadividendof$2duringtheyear.Thestockpriceattheendofthepreviousyearwas$45.Calculatethetotalreturnofthestockfortheyear.試卷答案一、g=(D1/P0)-kg=($3/$50)-0.12g=0.06-0.12g=-0.06or-6%解析思路：運(yùn)用戈登增長(zhǎng)模型（恒定增長(zhǎng)模型）公式，其中預(yù)期股息下一期（D1）除以當(dāng)前股價(jià)（P0）等于必要回報(bào)率（k）加上預(yù)期股息增長(zhǎng)率（g）。將已知數(shù)值代入公式，解出g。二、TotalEquity=TotalAssets-TotalLiabilitiesTotalEquity=($200,000+$800,000)-($100,000+$300,000)TotalEquity=$1,000,000-$400,000TotalEquity=$600,000Debt-to-EquityRatio=TotalDebt/TotalEquityTotalDebt=TotalCurrentLiabilities+TotalNon-CurrentLiabilitiesTotalDebt=$100,000+$300,000TotalDebt=$400,000Debt-to-EquityRatio=$400,000/$600,000Debt-to-EquityRatio=2/3or0.67or66.7%解析思路：首先計(jì)算總負(fù)債（流動(dòng)負(fù)債加非流動(dòng)負(fù)債）和總權(quán)益（總資產(chǎn)減去總負(fù)債）。然后運(yùn)用債務(wù)權(quán)益比公式，即總負(fù)債除以總權(quán)益。將計(jì)算出的數(shù)值代入公式得出結(jié)果。三、NewPortfolioExpectedReturn(E(Rp))=wA*E(RA)+wB*E(RB)E(Rp)=0.20*15%+0.80*10%E(Rp)=3%+8%E(Rp)=11%NewPortfolioStandardDeviation(σp)=sqrt[(wA^2*σA^2)+(wB^2*σB^2)+(2*wA*wB*σA*σB*ρAB)]σp=sqrt[(0.20^2*0.30^2)+(0.80^2*0.15^2)+(2*0.20*0.80*0.30*0.15*0.25)]σp=sqrt[(0.04*0.09)+(0.64*0.0225)+(2*0.20*0.80*0.30*0.15*0.25)]σp=sqrt[0.0036+0.0144+0.0018]σp=sqrt[0.0198]σp≈0.1407or14.07%解析思路：計(jì)算新投資組合的預(yù)期回報(bào)率，等于各部分投資權(quán)重乘以其預(yù)期回報(bào)率的加權(quán)平均。計(jì)算新投資組合的標(biāo)準(zhǔn)差，需要用到加權(quán)方差、非系統(tǒng)性風(fēng)險(xiǎn)的交叉項(xiàng)（基于相關(guān)系數(shù)），因?yàn)榧僭O(shè)原組合已充分分散，其整體風(fēng)險(xiǎn)主要由新加入股票帶來(lái)的風(fēng)險(xiǎn)貢獻(xiàn)。將權(quán)重、標(biāo)準(zhǔn)差和相關(guān)系數(shù)代入公式計(jì)算得出結(jié)果。四、Semi-annualCouponPayment=0.05*$1,000/2=$25NumberofPeriodstoMaturity=5years*2=10periodsSemi-annualYieldtoMaturity(YTM)=6%/2=3%or0.03BondPrice=[Sumof(CouponPayment/(1+YTM)^t)]fromt=1to10+[FaceValue/(1+YTM)^10]BondPrice=[$25/(1+0.03)^1+$25/(1+0.03)^2+...+$25/(1+0.03)^10]+[$1,000/(1+0.03)^10]BondPrice=$25*[1/(1.03)+1/(1.03)^2+...+1/(1.03)^10]+$1,000/(1.03)^10BondPrice=$25*[PVA(3%,10)']+$1,000/(1.03)^10BondPrice=$25*[8.5302]+$1,000/1.3439BondPrice=$213.255+$744.09BondPrice≈$957.35解析思路：首先計(jì)算半年的票面利息、期數(shù)和半年的到期收益率。債券價(jià)格等于未來(lái)所有預(yù)期現(xiàn)金流（利息和到期面值）按到期收益率折現(xiàn)的現(xiàn)值之和。使用現(xiàn)值公式分別計(jì)算利息流現(xiàn)值和面值現(xiàn)值，然后將兩者相加得到債券當(dāng)前價(jià)格。五、目的：敏感性分析的主要目的是評(píng)估一個(gè)投資策略或項(xiàng)目的輸出結(jié)果（如預(yù)期回報(bào)、風(fēng)險(xiǎn)水平或凈現(xiàn)值）如何對(duì)單個(gè)輸入?yún)?shù)（如利率、增長(zhǎng)率、資產(chǎn)價(jià)格或風(fēng)險(xiǎn)參數(shù)）的變動(dòng)做出反應(yīng)。它有助于投資者或管理者了解關(guān)鍵風(fēng)險(xiǎn)因素以及模型結(jié)果的穩(wěn)健性。示例：假設(shè)一個(gè)投資組合經(jīng)理想知道其投資組合的預(yù)期回報(bào)對(duì)市場(chǎng)波動(dòng)率（σ）的變化有多敏感。通過(guò)敏感性分析，經(jīng)理可以改變市場(chǎng)波動(dòng)率的假設(shè)值（例如，從15%增加到25%，再減少到5%），并觀察投資組合預(yù)期回報(bào)率的變化幅度。這有助于經(jīng)理理解市場(chǎng)風(fēng)險(xiǎn)對(duì)組合表現(xiàn)的影響，并據(jù)此調(diào)整投資策略或風(fēng)險(xiǎn)對(duì)沖水平。解析思路：首先闡述敏感性分析的核心目的，即評(píng)估輸入變動(dòng)對(duì)輸出的影響。然后，通過(guò)給出一個(gè)具體的投資場(chǎng)景（如投資組合經(jīng)理評(píng)估波動(dòng)率變化的影響），說(shuō)明如何運(yùn)用敏感性分析，并點(diǎn)明其分析結(jié)果的應(yīng)用價(jià)值（如理解風(fēng)險(xiǎn)、調(diào)整策略）。六、NetIncome=$200,000Depreciation=$50,000(Addback,non-cashexpense)IncreaseinAccountsReceivable=$30,000(Subtract,usescash)DecreaseinAccountsPayable=$20,000(Subtract,usescash)IncreaseinInventory=$40,000(Subtract,usescash)CashFlowfromOperatingActivities=$200,000+$50,000-$30,000-$20,000-$40,000CashFlowfromOperatingActivities=$160,000解析思路：運(yùn)用間接法計(jì)算經(jīng)營(yíng)性現(xiàn)金流。startingfromnetincome,addbacknon-cashexpenses(depreciation).Thensubtractincreasesinoperatingassets(accountsreceivable,inventory)andsubtractdecreasesinoperatingliabilities(accountspayable).Thisadjustsnetincometoarriveatcashflowfromoperations.七、區(qū)別：*MacaulayDuration:Theweightedaveragetimeuntilthecashflowsfromabondarereceived,withtheweightsbeingthepresentvalueofeachcashflowdividedbythebond'sprice.Itisexpressedinyears.*ModifiedDuration:AnadjustedversionofMacaulayDurationthatmeasuresthepercentagechangeinabond'spricefora1%changeinyieldtomaturity.ItiscalculatedasMacaulayDuration/(1+YTM/numberofperiodsperyear).應(yīng)用：ModifiedDurationismoreusefulforinvestorsconcernedabouttheimpactofsmallchangesininterestratesonthebond'spricebecauseitprovidesadirectmeasureofpricevolatilityinpercentageterms,makingcomparisonseasierandpredictionsmorepractical.解析思路：首先定義麥克爾戴duration，強(qiáng)調(diào)其是現(xiàn)金流發(fā)生時(shí)間的加權(quán)平均，權(quán)重是各現(xiàn)金流現(xiàn)值占債券價(jià)格的比重，單位為年。然后定義修正后的duration，強(qiáng)調(diào)其是衡量利率變動(dòng)1%時(shí)債券價(jià)格變動(dòng)百分比的指標(biāo)。最后，根據(jù)提問(wèn)，解釋為什么修正后的duration對(duì)于關(guān)心利率微小變動(dòng)對(duì)價(jià)格影響的投資者更有用，因?yàn)樗苯犹峁┝藘r(jià)格波動(dòng)性的百分比度量。八、E(RX)=Rf+βX*(RM-Rf)E(RX)=2%+1.2*(10%-2%)E(RX)=2%+1.2*8%E(RX)=2%+9.6%E(RX)=11.6%解析思路：直接將已知的無(wú)風(fēng)險(xiǎn)利率（Rf）、市場(chǎng)預(yù)期回報(bào)（RM）、股票X的貝塔系數(shù)（βX）代入資本資產(chǎn)定價(jià)模型（CAPM）公式E(Ri)=Rf+βi*(RM-Rf)。計(jì)算市場(chǎng)風(fēng)險(xiǎn)溢價(jià)（RM-Rf），然后乘以貝塔系數(shù)，最后加上無(wú)風(fēng)險(xiǎn)利率，得出股票X的預(yù)期回報(bào)率。九、概念：TheEfficientMarketHypothesis(EMH)positsthatfinancialmarketsareefficient,meaningthatassetpricesfullyandquicklyreflectallavailableinformation.Inanefficientmarket,itisimpossibletoconsistentlyachievereturnsabovethemarketaverageonarisk-adjustedbasis,asallknowninformationisalreadyincorporatedintotheprice.implications：IftheEMHholdstrue(atleastinitssemi-strongform),activemanagementstrategiesthataimtobeatthemarketbyanalyzingpublicinformationoridentifyingmispricingsareunlikelytobeconsistentlysuccessful.Thissuggeststhatpassiveinvestmentstrategies,suchasindexfunds,mightbeamoreefficientapproachformostinvestorsseekingmarketreturns.解析思路：首先解釋EMH的核心概念，即市場(chǎng)效率，強(qiáng)調(diào)價(jià)格對(duì)信息的反映速度和充分性，以及由此推導(dǎo)出的無(wú)法持續(xù)獲得超額收益的結(jié)論。然后，基于EMH的有效性，闡述其對(duì)主動(dòng)管理策略有效性的質(zhì)疑，并引出被動(dòng)投資策略（如指數(shù)基金）可能更優(yōu)的結(jié)論。十、關(guān)鍵要素：1.DutyofCare:Investmentprofessionalsmustexercisereasonablecare,skill,anddiligencewhenmakinginvestmentdecisionsandmanagingclientassets.(Relatestoactingintheclient'sbestinterestandmakinginformeddecisions).2.DutyofLoyalty:Investmentprofessionalsmustactloyallyandinthebestinterestsoftheirclientsatalltimes.Theymustavoidconflictsofinterestormanagethemproperly,andprioritizeclientinterestsovertheirown.(Relatestoavoidingconflictsandprioritizingclientbenefit).3.Confidentiality:Investmentprofessionalsmustrespectclientconfidentialityandnotdisclosenon-publicinformationwithoutproperauthorization.(Relatestoprotectingclientsensitiveinformation).重要性（以DutyofCare為例）：AdherencetotheDutyofCareiscrucialbecauseitensuresthatinvestmentprofessionalsdiligentlymanageclientassetsusingappropriateskillandcare.Failuretomeetthisstandardcanleadtosuboptimalinvestmentdecisions,potentiallycausingclientstolosemoney.Clientsrelyonprofessionalstoactcompetentlyandintheirbestinterests,makingthisdutyfundamentaltothetrustrelationship.解析思路：列舉三個(gè)與客戶責(zé)任相關(guān)的關(guān)鍵要素，選擇其中一個(gè)（如謹(jǐn)慎義務(wù)DutyofCare）進(jìn)行解釋。闡述該要素的核心要求（如運(yùn)用合理技能和勤勉），并說(shuō)明其重要性（如保障客戶利益、避免損失、建立信任）。十一、ProjectA:NPV_A=-$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)^4NPV_A=-$100,000+$40,000/1.10+$40,000/1.21+$40,000/1.331+$40,000/1.4641NPV_A=-$100,000+$36,363.64+$33,057.85+$30,052.59+$27,320.55NPV_A=-$100,000+$126,794.63NPV_A=$26,794.63ProjectB:NPV_B=-$150,000+$60,000/(1+0.10)^1+$60,000/(1+0.10)^2+$60,000/(1+0.10)^3+$60,000/(1+0.10)^4NPV_B=-$150,000+$60,000/1.10+$60,000/1.21+$60,000/1.331+$60,000/1.4641NPV_B=-$150,000+$54,545.45+$49,586.78+$45,078.90+$40,981.81NPV_B=-$150,000+$190,192.94NPV_B=$40,192.94Decision:BasedsolelyontheNPVcriterion,ProjectB($40,192.94)hasahigherNPVthanProjectA($26,794.63).Therefore,thecompanyshouldacceptProjectB.解析思路：分別計(jì)算兩個(gè)項(xiàng)目的凈現(xiàn)值（NPV）。NPV的計(jì)算公式是未來(lái)現(xiàn)金流的現(xiàn)值之和減去初始投資。使用給定的現(xiàn)金流量和折現(xiàn)率（10%），分別計(jì)算項(xiàng)目A和項(xiàng)目B在四年內(nèi)的現(xiàn)金流量現(xiàn)值，然后減去初始投資額。比較兩個(gè)項(xiàng)目的NPV，選擇NPV較大的項(xiàng)目，因?yàn)镹PV越大，表示項(xiàng)目帶來(lái)的凈經(jīng)濟(jì)效益越高。十二、Functions:1.YieldMeasurement:Theyieldcurveprovidesasnapshotofthecurrentyieldsavailableonbondswithdifferentmaturities.Itallowsinvestorstocomparethereturntheycanexpectforbondsofvariousdurations.2.InterestRateExpectations:Theshapeoftheyieldcurve(normal,inverted,flat)oftenreflectsmarketparticipants'expectationsaboutfutureinterestratemovementsandeconomicconditions.Forexample,anormalcurvesuggestsexpectationsofstableorrisingrates,whileaninvertedcurveoftensignalsexpectationsoffallingrates.3.RiskPremiumAssessment:Theyieldcurveincorporatesvariousriskpremiums(e.g.,liquiditypremium,inflationpremium,maturityriskpremium).Thespreadbetweenyieldsonlonger-termbondsandshorter-termbondsreflectsthesepremiumsandhelpsinvestorsunderstandcompensationforholdinglonger-dateddebt.ShapeInterpretation:*Normal(UpwardSloping):Yieldsincreaseasmaturitylengthens.Typicallyindicatesexpectationsofeconomicgrowthandrisinginflationorinterestratesinthefuture.*Inverted(DownwardSloping):Yieldsdecreaseasmaturitylengthens.Oftensignalsexpectationsofeconomicslowdown,recession,orfallinginterestratesinthefuture.Itcanbeapredictiveindicatorforrecessions.*Flat:Yieldsaresimilaracrossdifferentmaturities.Mayindicateuncertaintyaboutfutureinterestratedirectionorexpectationsoflittlechange.解析思路：首先說(shuō)明收益率曲線的主要功能：衡量收益率、反映市場(chǎng)對(duì)未來(lái)利率的預(yù)期、評(píng)估風(fēng)險(xiǎn)溢價(jià)。然后，分別解釋正常、反轉(zhuǎn)和扁平收益率曲線的含義及其可能預(yù)示的經(jīng)濟(jì)狀況（正常：經(jīng)濟(jì)增長(zhǎng)預(yù)期；反轉(zhuǎn)：經(jīng)濟(jì)衰退預(yù)期；扁平：不確定性或預(yù)期穩(wěn)定）。解釋需要基于對(duì)利率和經(jīng)濟(jì)學(xué)原理的理解。十三、PortfolioExpectedReturn(E(Rp)):E(Rp)=wS*E(RS)+wB*E(RB)E(Rp)=0.60*12%+0.40*4%E(Rp)=7.2%+1.6%E(Rp)=8.8%PortfolioVariance(σp^2):σp^2=wS^2*σS^2+wB^2*σB^2+2*wS*wB*σS*σB*ρSBσp^2=(0.60)^2*(0.20)^2+(0.40)^2*(0.05)^2+2*0.60*0.40*0.20*0.05*0.1σp^2=0.36*0.04+0.16*0.0025+2*0.60*0.40*0.20*0.05*0.1σp^2=0.0144+0.0004+0.00048σp^2=0.01528PortfolioStandardDeviation(σp):σp=sqrt(0.01528)σp≈0.1239or12.39%PortfolioStandardDeviation(Alternativeusingσp=sqrt[Σw_i^2*σ_i^2+2*ΣΣw_i*w_j*σ_i*σ_j*ρ_ij]):σp=sqrt[(0.60^2*0.20^2)+(0.40^2*0.05^2)+2*(0.60*0.40*0.20*0.05*0.1)]σp=sqrt[(0.36*0.04)+(0.16*0.0025)+(2*0.60*0.40*0.20*0.05*0.1)]σp=sqrt[0.0144+0.0004+0.00048]σp=sqrt[0.01528]σp≈0.1239or12.39%解析思路：計(jì)算投資組合的預(yù)期回報(bào)率，是各資產(chǎn)類(lèi)別的預(yù)期回報(bào)率與其權(quán)重的加權(quán)平均。計(jì)算投資組合的標(biāo)準(zhǔn)差，需要使用投資組合方差的公式，考慮各資產(chǎn)類(lèi)別的方差、兩兩之間的協(xié)方差（通過(guò)相關(guān)系數(shù)和標(biāo)準(zhǔn)差計(jì)算得出）。將權(quán)重、標(biāo)準(zhǔn)差和相關(guān)系數(shù)代入公式計(jì)算得出方差，再開(kāi)方得到標(biāo)準(zhǔn)差。十四、Definition:Ahedgefundisaninvestmentfundthatpoolscapitalfromaccreditedindividualsandinstitutionalinvestorsandinvestsinavarietyofassetswiththeprimarygoalofgeneratinghighreturns.Theytypicallyemployflexibleandoftenaggressiveinvestmentstrategiesthatmayberestrictedbyregulationsgoverningtraditionalmutualfunds.Characteristics(DifferentiatingfromMutualFunds):1.LimitedRegulation&Disclosure:Hedgefundsaregenerallysubjecttolessregulationandreportingrequirementsthanmutualfunds.Theyoftenoperatewithmoreconfidentialityregardingtheirstrategiesandholdings.2.InvestorRestrictions:Hedgefundstypicallyrequire"accredited"investors(individualswithacertainlevelofnetworthorincome)andmayhavehigherminimuminvestmentrequirements,makingthemlessaccessibletothegeneralpubliccomparedtomutualfunds.解析思路：首先定義對(duì)沖基金，強(qiáng)調(diào)其資金來(lái)源、目標(biāo)和高回報(bào)特性。然后，列舉至少兩個(gè)與共同基金（MutualFunds）相比的主要區(qū)別特征，通常圍繞監(jiān)管程度、信息披露要求、投資者資格限制（如合格投資者AccreditedInvestors、最低投資額）等方面展開(kāi)。十五、Beforethesplit,thestockpricewouldhavebeentwicethepost-splitprice.Pre-SplitPrice=$65*2Pre-SplitPrice=$130解析思路：股票分割通常將一股拆分為多股（這里是2股）。分割前后的總市值保持不變。因此，分割前的股價(jià)應(yīng)該是分割后股價(jià)的兩倍。用分割后的價(jià)格乘以拆分比例（2）即可得到分割前的價(jià)格。十六、Difference:*OperatingLeverage:Referstotheuseoffixedoperatingcostsinacompany'scoststructure.Companieswithhighoperatingleveragehavehigherfixedcostsrelativetovariablecosts.Thiscanleadtogreatervolatilityinearningsbeforeinterestandtaxes(EBIT)inresponsetochangesinsalesvolume.(Focusesonfixedoperatingcosts(COGS,fixedoverhead)).*FinancialLeverage:Referstotheuseoffixedfinancingcosts,primarilydebt,inacompany'scapitalstructure.Thisincludescostslikeinterestpaymentsondebtandpreferreddividends.FinancialleveragecanamplifytheimpactofchangesinEBITonearningspershare(EPS).(Focusesonfixedfinancingcosts(interest,preferredstock)).ImpactonEPSSensitivity:Theuseoffinancialleverageincreasesacompany'sfinancialrisk.Whensalesincrease,thefixedinterestexpenseremainsconstant,leadingtoaproportionallylargerincreaseinEPScomparedtoacompanywithnodebt(orlowerfinancialleverage).Conversely,ifsalesdecrease,thefixedinterestexpensemuststillbepaid,leadingtoaproportionallylargerdecreaseinEPS.Therefore,higherfinancialleveragemakesEPSmoresensitivetochangesinsales,potentiallyleadingtohigherreturnsbutalsohigherrisk.解析思路：首先定義經(jīng)營(yíng)杠桿和財(cái)務(wù)杠桿，強(qiáng)調(diào)它們各自關(guān)注的是成本結(jié)構(gòu)中的哪一部分（固定經(jīng)營(yíng)成本vs.固定融資成本/債務(wù)）。然后，解釋財(cái)務(wù)杠桿如何通過(guò)放大息稅前利潤(rùn)（EBIT）變動(dòng)對(duì)每股收益（EPS）變動(dòng)的影響，來(lái)說(shuō)明財(cái)務(wù)杠桿會(huì)增加EPS對(duì)銷(xiāo)售額變動(dòng)的敏感度，并點(diǎn)明這種放大效應(yīng)帶來(lái)的風(fēng)險(xiǎn)與回報(bào)。十七、CostofCarryModel:F0=S0+(r-q)*T/365Where:*F0=ForwardPrice*S0=SpotPrice($110)*r=Risk-freerate(annual,1%=0.01)*q=StorageCost(assumed0asnotmentioned)*T=Timetomaturity(3months=90days)Calculation:F0=$110+(0.01-0)*90/365F0=$110+0.000246575*90F0=$110+0.02229025F0≈$110.02Note:Sincethestockpaysnodividend(q=0),thecostofcarryissimplytheinterestearnedonthespotpriceovertheperiod.Theforwardpriceisslightlyhigherthanthespotpriceduetothetimevalueofmoney.解析思路：使用無(wú)收益資產(chǎn)遠(yuǎn)期合約的定價(jià)模型（成本加持有成本模型）。公式為：遠(yuǎn)期價(jià)格（F0）等于現(xiàn)貨價(jià)格（S0）加上（無(wú)風(fēng)險(xiǎn)利率（r）減去存儲(chǔ)成本（q））乘以時(shí)間跨度（T）除以一年（通常用365天）。題目中存儲(chǔ)成本（q）未提及，默認(rèn)為0。題目給出的是年化無(wú)風(fēng)險(xiǎn)利率和3個(gè)月的時(shí)間跨度（90天）。將數(shù)值代入公式進(jìn)行計(jì)算即可得到理論遠(yuǎn)期價(jià)格。解釋結(jié)果，說(shuō)明遠(yuǎn)期價(jià)格略高于現(xiàn)貨價(jià)格的原因在于持有現(xiàn)貨資產(chǎn)期間的無(wú)風(fēng)險(xiǎn)利息收益。十八、LiquidityRatios:1.CurrentRatio:CalculatedasCurrentAssets/CurrentLiabilities.Measuresacompany'sabilitytopayoffitsshort-termliabilitieswithitsshort-termassets.Ahigherratiogenerallyindicatesbettershort-termsolvency,butveryhighliquiditymightsuggestinefficientuseofassets.Alowratiosignalspotentialliquidityproblems.2.QuickRatio(Acid-TestRatio):Calculatedas(CurrentAssets-Inventory)/CurrentLiabilities.AmorestringentmeasureofliquiditythantheCurrentRatio,asitexcludeslessliquidassetslikeinventory.Itindicateswhetheracompanyhasenoughshort-termassets(excludinginventory)tocoveritsshort-termobligationsimmediately.Ahigherquickratiosuggestsstrongerimmediateliquidity.3.CashRatio:Calculatedas(Cash+CashEquivalents)/CurrentLiabilities.Themostliquidmeasureofsolvency,indicatingtheabilitytocovercurrentliabilitiesusingonlythemostliquidassets.Ahighercashratioprovidesastrongbufferagainstshort-termliquiditythreatsbutmightalsoindicateanopportunitycost(holdingtoomuchlow-yieldingcash).Meaning&FinancialHealth:*HighRatio:Generallysuggeststhecompanycaneasilymeetitsshort-termobligations,indicatinggoodshort-termfinancialhealthandstability.However,excessivelyhighratiosmightimplyunderutilizedassets(likeholdingtoomuchcash)oralackofinvestmentopportunities.*LowRatio:Generallyindicatespotentialdifficultiesinmeetingshort-termdebts,suggestingliquidityriskandpotentialfinancialdistress.However,averylowratioforacompanyinacapital-intensiveindustry(likerealestateorheavyindustry)mightbenormalifit