2025年CFA考試真題卷解析考試時間：______分鐘總分：______分姓名：______試卷內容1.Acandidateisevaluatinganinvestmentinacompanythatproduceselectricvehicles.Thecompany'srevenuehasbeengrowingsteadilyat5%peryear,butitsprofitmarginshavebeendecliningduetoincreasedcompetitionandrisingrawmaterialcosts.Thecandidateestimatesthatthecompany'sfreecashflowswillgrowat3%peryearindefinitelystartingnextyear.Whichofthefollowingmethodswouldbemostappropriateforvaluingthecompany'sequity?A.Discountedcashflow(DCF)analysisusingaperpetuitygrowthmodelwitha3%growthrate.B.Comparablecompanyanalysisusingtheprice-to-earnings(P/E)ratioofpubliclytradedelectricvehiclecompanies.C.Precedenttransactionanalysisusingthevaluationmultiplesofrecentelectricvehiclemergersandacquisitions.D.Asset-basedvaluationusingthecompany'sbalancesheetassetslessliabilities.2.Aninvestorholdsaportfolioconsistingof60%stocks,30%bonds,and10%realestate.Theexpectedreturn,standarddeviation,andcorrelationcoefficientsbetweentheassetclassesareasfollows:*Stocks:Expectedreturn=12%,Standarddeviation=20%*Bonds:Expectedreturn=6%,Standarddeviation=10%*RealEstate:Expectedreturn=8%,Standarddeviation=15%*Correlation(Stocks,Bonds)=0.2,Correlation(Stocks,RealEstate)=0.1,Correlation(Bonds,RealEstate)=0.3Whatistheapproximateexpectedreturnandstandarddeviationoftheportfolio?A.Expectedreturn=8.4%,Standarddeviation=13.5%B.Expectedreturn=9.6%,Standarddeviation=14.2%C.Expectedreturn=10.2%,Standarddeviation=12.8%D.Expectedreturn=11.8%,Standarddeviation=15.1%3.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$1millionandgeneratescashflowsof$400,000peryearfor4years.ProjectBhasaninitialinvestmentof$1.5millionandgeneratescashflowsof$600,000peryearfor5years.Thecompany'sweightedaveragecostofcapital(WACC)is10%.Whichprojectshouldthecompanyacceptbasedonthenetpresentvalue(NPV)criterion?A.ProjectA,asithasahigherNPV.B.ProjectB,asithasahigherNPV.C.Neitherproject,asbothhavenegativeNPVs.D.ThedecisionisindependentoftheWACCanddependsonotherstrategicfactors.4.Ananalystisevaluatingacompany'sfinancialperformance.Thecompany'scurrentratiois1.5,quickratiois1.0,anddebt-to-equityratiois0.8.Whatcantheanalystinferfromtheseratios?A.Thecompanyhasstrongliquidityandahealthycapitalstructure.B.Thecompanyhasweakliquiditybutahealthycapitalstructure.C.Thecompanyhasstrongliquiditybutapotentiallyhighlevelofdebt.D.Thecompanyhasweakliquidityandapotentiallyhighlevelofdebt.5.Astockhasacurrentpriceof$50andadividendyieldof2%.Thecompany'sdividendisexpectedtogrowataconstantrateof5%peryear.WhatistherequiredrateofreturnonthestockaccordingtotheDividendDiscountModel(DDM)?A.7.0%B.7.5%C.8.0%D.8.5%6.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A.TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalue.B.TheEMHimpliesthatitisimpossibletoconsistentlyachievereturnsabovethemarketaverage.C.TheEMHassumesthatmarketparticipantsarerationalandactintheirownbestinterests.D.TheEMHstatesthatmarketpricesreflectallavailableinformation,pastandpresent.7.Abondhasafacevalueof$1,000,acouponrateof5%,and10yearstomaturity.Thebond'syieldtomaturity(YTM)is6%.Whatistheapproximatecurrentpriceofthebond?A.$926B.$988C.$1,012D.$1,0378.AninvestorisconsideringinvestinginamutualfundthattrackstheperformanceoftheS&P500index.Themutualfundhasamanagementfeeof1%peryearandnootherexpenses.TheS&P500indexhasanexpectedreturnof10%peryearwithastandarddeviationof15%.ThemutualfundisexpectedtohavethesamelevelofriskastheS&P500.Whatistheexpectedreturnandstandarddeviationofthemutualfundinvestment,consideringthemanagementfee?A.Expectedreturn=9.0%,Standarddeviation=15.0%B.Expectedreturn=9.5%,Standarddeviation=14.85%C.Expectedreturn=10.0%,Standarddeviation=14.7%D.Expectedreturn=10.5%,Standarddeviation=15.15%9.Acompanyisevaluatingthecashflowsassociatedwithanewproject.Theprojectrequiresaninitialinvestmentof$100,000.Theexpectedcashinflowsforthenextthreeyearsare$40,000,$50,000,and$60,000,respectively.Thecompanyusesapaybackperiodmethodwithamaximumacceptablepaybackperiodof3yearstoevaluateprojects.Whatisthepaybackperiodforthisproject?A.1.67yearsB.2.33yearsC.2.67yearsD.3.00years10.WhichofthefollowingstatementsabouttheCapitalAssetPricingModel(CAPM)ismostaccurate?A.TheCAPMsuggeststhattheexpectedreturnonanassetisindependentofitsrisk.B.TheCAPMassumesthatallinvestorshavethesameriskpreferences.C.TheCAPMusesthemarketriskpremiumandtheasset'sbetatodetermineitsexpectedreturn.D.TheCAPMisonlyapplicabletoindividualassetsandnottoportfolios.11.AnanalystisvaluingacompanyusingtheDiscountedCashFlow(DCF)model.Thecompanyisexpectedtogeneratefreecashflowsof$100millionnextyear,whichareexpectedtogrowatarateof5%peryearforthenextthreeyears,andthengrowatarateof3%peryearindefinitely.Thecompany'sweightedaveragecostofcapital(WACC)is10%.Whatistheapproximatevalueofthecompany'sequity?A.$1,200millionB.$1,300millionC.$1,400millionD.$1,500million12.Acompany'sstockhasabetaof1.2.Therisk-freerateis3%andthemarketriskpremiumis5%.WhatistherequiredrateofreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?A.6.0%B.7.0%C.9.0%D.11.0%13.Aninvestorisconsideringinvestinginaprojectthatrequiresaninitialinvestmentof$500,000.Theprojectisexpectedtogeneratecashinflowsof$200,000attheendofeachyearforthenext5years.Theinvestor'srequiredrateofreturnontheprojectis12%.WhatistheNetPresentValue(NPV)oftheproject?A.$18,000B.$28,000C.$38,000D.$48,00014.Whichofthefollowingstatementsaboutthetimevalueofmoneyismostaccurate?A.Adollarreceivedtodayisworthlessthanadollarreceivedinthefuture.B.Thetimevalueofmoneyisirrelevantinfinancialdecision-making.C.Thetimevalueofmoneyistheconceptthatmoneycanbeinvestedtoearnareturn.D.Thetimevalueofmoneyisonlyapplicabletolong-terminvestments.15.Acompany'smanagementisconsideringissuingnewequitytofinanceanewproject.Whichofthefollowingstatementsismostlikelytobetrueregardingtheimpactofissuingnewequityonthecompany'sweightedaveragecostofcapital(WACC)?A.TheWACCwillincreaseduetothedilutionofexistingshareholders'ownership.B.TheWACCwilldecreaseasthecostofequityistypicallylowerthanthecostofdebt.C.TheWACCwillremainunchangedasthecostofequityandthecostofdebtarenotrelated.D.TheimpactontheWACCcannotbedeterminedwithoutadditionalinformation.16.Ananalystisevaluatingacompany'sfinancialleverage.Thecompany'stotalassetsare$1million,totalliabilitiesare$400,000,andtotalequityis$600,000.Whatisthecompany'sdebt-to-assetsratio?A.0.4B.0.6C.0.67D.1.017.Astockhasabetaof1.5.Themarketreturnisexpectedtobe10%nextyear,andtherisk-freerateis2%.WhatistheexpectedreturnonthestockaccordingtotheCapitalAssetPricingModel(CAPM)?A.12.0%B.13.0%C.14.0%D.15.0%18.Acompany'sinventoryturnoverratiois6timesperyear.Thecompany'scostofgoodssoldis$600,000peryear.Whatisthecompany'saverageinventory?A.$100,000B.$150,000C.$200,000D.$250,00019.Aninvestorisconsideringinvestinginabondthathasafacevalueof$1,000,acouponrateof7%,and5yearstomaturity.Thebond'syieldtomaturity(YTM)is8%.Whatistheapproximatecurrentpriceofthebond?A.$920B.$980C.$1,020D.$1,08020.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialinvestmentof$200,000andgeneratescashflowsof$80,000peryearfor4years.ProjectBhasaninitialinvestmentof$250,000andgeneratescashflowsof$100,000peryearfor5years.Thecompany'sweightedaveragecostofcapital(WACC)is9%.Whichprojectshouldthecompanyacceptbasedontheprofitabilityindex(PI)criterion?A.ProjectA,asithasahigherPI.B.ProjectB,asithasahigherPI.C.Neitherproject,asbothhavePIslessthan1.D.ThedecisionisindependentoftheWACCanddependsonotherstrategicfactors.21.Astockhasacurrentpriceof$100andadividendyieldof3%.Thecompany'sdividendisexpectedtogrowataconstantrateof4%peryear.WhatistherequiredrateofreturnonthestockaccordingtotheDividendDiscountModel(DDM)?A.7.0%B.7.2%C.7.5%D.8.0%22.WhichofthefollowingstatementsabouttheEfficientMarketHypothesis(EMH)ismostaccurate?A.TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsicvalue.B.TheEMHimpliesthatitisimpossibletoconsistentlyachievereturnsabovethemarketaverage.C.TheEMHassumesthatmarketparticipantsarerationalandactintheirownbestinterests.D.TheEMHstatesthatmarketpricesreflectallavailableinformation,pastandpresent.23.Abondhasafacevalueof$1,000,acouponrateof6%,and8yearstomaturity.Thebond'syieldtomaturity(YTM)is7%.Whatistheapproximatecurrentpriceofthebond?A.$950B.$1,000C.$1,050D.$1,10024.AninvestorisconsideringinvestinginamutualfundthattrackstheperformanceoftheS&P500index.Themutualfundhasamanagementfeeof1.5%peryearandnootherexpenses.TheS&P500indexhasanexpectedreturnof12%peryearwithastandarddeviationof18%.ThemutualfundisexpectedtohavethesamelevelofriskastheS&P500.Whatistheexpectedreturnandstandarddeviationofthemutualfundinvestment,consideringthemanagementfee?A.Expectedreturn=10.5%,Standarddeviation=18.0%B.Expectedreturn=10.95%,Standarddeviation=17.85%C.Expectedreturn=11.0%,Standarddeviation=17.7%D.Expectedreturn=11.5%,Standarddeviation=18.15%25.Acompanyisevaluatingthecashflowsassociatedwithanewproject.Theprojectrequiresaninitialinvestmentof$150,000.Theexpectedcashinflowsforthenextthreeyearsare$60,000,$70,000,and$80,000,respectively.Thecompanyusesaprofitabilityindex(PI)methodwithaminimumacceptablePIof1.2toevaluateprojects.WhatisthePIforthisproject?A.1.1B.1.2C.1.3D.1.4試卷答案1.A解析思路：題目描述了公司未來現金流的穩(wěn)定增長情況，并要求對其進行估值。DCF分析中的perpetuitygrowthmodel（永續(xù)年金增長模型）正是適用于這種無限期、增長率恒定的現金流估值場景。2.C解析思路：計算投資組合的預期收益率是加權平均，即0.6*12%+0.3*6%+0.1*8%=10.2%。計算投資組合的標準差需要考慮各資產收益率的方差、協方差以及投資比例，公式較為復雜。根據給定的數據，選項C的預期收益率10.2%與計算結果最接近，標準差12.8%也符合組合風險的一般規(guī)律（通常會低于單一資產風險的加權平均）。3.B解析思路：需要計算兩個項目的凈現值（NPV）。項目A的NPV=-1,000,000+PV($400k,4years,10%)=-1,000,000+400k*(1-1/(1+10%)^4)/10%=-1,000,000+400k*3.1699=$276,760。項目B的NPV=-1,500,000+PV($600k,5years,10%)=-1,500,000+600k*(1-1/(1+10%)^5)/10%=-1,500,000+600k*3.7908=$434,480。項目B的NPV($434,480)高于項目A的NPV($276,760)，且均大于0，根據NPV準則，應選擇項目B。4.D解析思路：當前比率（1.5）大于1，表明流動比率尚可；但快速比率（1.0）小于1，說明流動資產中扣除變現能力較差的存貨后，償還短期債務的能力較弱。債務權益比（0.8）也顯示公司使用了較多的債務融資。綜合來看，公司可能存在流動性風險（快速比率低）和較高的財務杠桿（債務權益比高）。5.C解析思路：根據股利貼現模型（DDM）的常數增長模型公式：P0=D1/(r-g)，其中P0是股票價格，D1是下一年預期股利，r是要求回報率，g是股利增長率。已知P0=$50，股利收益率=D1/P0=2%，則D1=50*2%=$1。g=5%。代入公式：50=1/(r-5%)。解得r=5%+5%=10%。6.B解析思路：有效市場假說（EMH）的核心觀點是，在有效的市場中，資產價格已經充分反映了所有可獲得的信息。這自然意味著，由于價格已反映所有信息，因此無法通過分析信息來持續(xù)獲得超過市場平均水平的回報（即無法獲得超額收益）。7.A解析思路：計算債券價格需要將未來所有現金流量（利息和面值）按到期收益率（YTM）進行貼現。債券每年利息=1000*5%=50。價格=50*(PVIFA(6%,10)+PVIF(6%,10))=50*(7.3601+0.5584)=50*7.9185=$395.93。選項A最接近。8.B解析思路：預期回報率不受費用影響，仍為市場預期回報率10%。標準差也不受無風險費用影響，仍為15%。但管理費1%會降低凈回報率，凈預期回報率=10%-1%=9%。修正后的標準差計算略復雜，但通常費用會略微降低標準差，或影響不大。選項B的9.5%和14.85%是合理的近似。9.B解析思路：計算累計現金流量：年末0：-$100,000；年末1：-$100,000+$40,000=-$60,000；年末2：-$60,000+$50,000=-$10,000；年末3：-$10,000+$60,000=$50,000。項目在第三年收回投資，但是在第三年末才完全收回。paybackperiod=2+(10,000/60,000)=2+1/6=2.1667年。選項B2.33年最接近。10.C解析思路：資本資產定價模型（CAPM）的核心公式是E(Ri)=Rf+βi*[E(Rm)-Rf]，其中E(Ri)是資產要求回報率，Rf是無風險利率，βi是資產貝塔系數，E(Rm)是市場預期回報率，[E(Rm)-Rf]是市場風險溢價。該公式明確使用了資產貝塔和市場風險溢價來確定要求回報率，選項C正確。11.C解析思路：DCF估值公式：V0=CF1/(WACC-g1)+CF2/((WACC-g1)*(1+WACC)^1)+CF3/((WACC-g1)*(1+WACC)^2)+CF4/((WACC-g3)*(1+WACC)^3)+CF4/(WACC-g3)*(1+WACC)^4/(WACC-g3)。V0=100/(0.10-0.05)+105/((0.10-0.05)*1.10)+110.25/((0.10-0.05)*1.10^2)+115.76/(0.10-0.03)*(1.10^3)/(0.10-0.03)+115.76/(0.10-0.03)*(1.10^4)/(0.10-0.03)V0=1000+95.45+86.77+816.30=1488.52。單位為百萬，即$1,488.52million。選項C$1,400million最接近。12.C解析思路：根據CAPM公式：E(Ri)=Rf+βi*[E(Rm)-Rf]。代入數據：E(Ri)=3%+1.2*(5%-3%)=3%+1.2*2%=3%+2.4%=5.4%。選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤，選項C9.0%錯誤。13.B解析思路：計算項目凈現值（NPV）。NPV=-500,000+PV($200k,5years,12%)=-500,000+200k*(1-1/(1+0.12)^5)/0.12=-500,000+200k*3.6048=-500,000+720,960=$220,960。選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤，選項B$28,000錯誤。14.C解析思路：時間價值的核心概念是，由于通貨膨脹、機會成本等因素，今天的一單位貨幣比未來同一單位貨幣更有價值。因此，需要將未來的現金流折算回現值才能進行公平比較。選項C準確描述了時間價值的來源——投資能產生回報。15.A解析思路：發(fā)行新股會引入新的權益資本，并通常導致股價稀釋。在總資本（債務+權益）不變的情況下，新權益占比增加，會降低原有債務的權重，從而可能提高加權平均資本成本（WACC）。因為通常認為權益成本高于債務成本，增加權益比重會推高WACC。16.A解析思路：債務權益比=總負債/總權益=400,000/600,000=2/3=0.6667。債務資產比=總負債/總資產=400,000/1,000,000=0.4。17.D解析思路：根據CAPM公式：E(Ri)=Rf+βi*[E(Rm)-Rf]。代入數據：E(Ri)=2%+1.5*(10%-2%)=2%+1.5*8%=2%+12%=14%。18.A解析思路：庫存周轉率=成本_of_goods_sold/平均庫存。已知庫存周轉率=6，成本_of_goods_sold=$600,000。平均庫存=成本_of_goods_sold/庫存周轉率=600,000/6=$100,000。19.A解析思路：計算債券價格需要將未來所有現金流量（利息和面值）按到期收益率（YTM）進行貼現。債券每年利息=1000*7%=70。價格=70*(PVIFA(8%,5)+PVIF(8%,5))=70*(3.9927+0.6806)=70*4.6733=$327.13。選項A$92