2025年CFA真題卷及答案解析考試時間：______分鐘總分：______分姓名：______第一部分1.Aninvestorisconsideringaddingastocktotheirportfolio.Thestockhasanexpectedreturnof12%andastandarddeviationof20%.Theportfoliocurrentlyconsistsofrisk-freeassetsandstockswithanexpectedreturnof8%andastandarddeviationof15%.Therisk-freerateis2%.Whichofthefollowingstatementsismostaccurateregardingthepotentialimpactofaddingthisstock?A.Theexpectedreturnoftheportfoliowilldecrease.B.Thestandarddeviationoftheportfoliowilldefinitelyincrease.C.Thecorrelationbetweenthestock'sreturnsandtheportfolio'sreturnsisunknown,makingitimpossibletodeterminetheimpactonportfoliorisk.D.Thestockisundervaluedbasedonitsexpectedreturnandriskprofilecomparedtothemarket.2.Acompanyreportsthefollowinginformationfortheyear:Sales:$500,000CostofGoodsSold:$300,000OperatingExpenses:$150,000InterestExpense:$20,000IncomeTaxExpense:$30,000DividendsPaid:$40,000Whatisthecompany'sfreecashflowfortheyear?A.$100,000B.$120,000C.$140,000D.$160,0003.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?A.ThecostofpreferredstockB.ThecostofretainedearningsC.ThemarketvalueofcommonequityD.Alloftheabove4.Astockhasabetaof1.2.Therisk-freerateis3%andthemarketriskpremiumis5%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnforthisstock?A.3%B.5%C.8%D.9%5.Whichofthefollowingstatementsismostaccurateregardingtheuseofthedividenddiscountmodel(DDM)forvaluingastock?A.TheDDMismostappropriateforvaluingcompanieswithverystableandpredictabledividendpayments.B.TheDDMrequiresforecastsoffuturedividendsforafiniteperiod,makingitunsuitableformaturecompanies.C.TheDDMassumesthatthestock'svalueissolelydeterminedbyitsdividendpayments.D.TheDDMisonlyusefulforvaluingcompaniesthatdonotpaydividends.6.Acompanyhasadebt-to-equityratioof0.5.Ifthemarketvalueofitsdebtis$200million,whatisthemarketvalueofitsequity?A.$100millionB.$200millionC.$400millionD.$500million7.Whichofthefollowingisalimitationofthetimesinterestearned(TIE)ratio?A.Itdoesnotconsidertheimpactoftaxesonacompany'sabilitytomeetitsinterestobligations.B.Itcanbemisleadingifacompanyhassignificantnon-cashexpenses.C.Itonlymeasuresacompany'sliquidity,notitssolvency.D.Itisnotusefulforcomparingcompanieswithinthesameindustry.8.Acompanyisevaluatingaprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Therequiredrateofreturnfortheprojectis10%.Whatisthenetpresentvalue(NPV)oftheproject?A.$(10,000)B.$0C.$10,000D.$20,0009.Whichofthefollowingisacharacteristicofacalloption?A.Thebuyerhastheright,butnottheobligation,tosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.B.Thebuyerhastheobligationtobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.C.Thesellerhastheright,butnottheobligation,tobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.D.Thesellerhastheobligationtosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.10.Acompany'sinventoryturnoverratiois6.Thecostofgoodssoldfortheyearis$300,000.Whatistheaverageinventoryfortheyear?A.$50,000B.$100,000C.$150,000D.$200,000第二部分11.Ananalystisevaluatingacompany'sfinancialperformance.Thecompany'scurrentratiois1.5,anditsquickratiois1.0.Whichofthefollowingstatementsismostaccurate?A.Thecompanyhasmoreshort-termassetsthanshort-termliabilities.B.Thecompany'sliquidityisheavilydependentonthevalueofitsinventory.C.Thecompanymayfaceliquidityproblemsifitsinventoryturnoverdecreases.D.Thecompany'sabilitytomeetitsshort-termobligationsisverystrong.12.Whichofthefollowingstatementsismostaccurateregardingtheefficientmarkethypothesis(EMH)?A.TheEMHsuggeststhatallpubliclyavailableinformationisalreadyreflectedinstockprices.B.TheEMHimpliesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragethroughsuperioranalysis.C.TheEMHonlyappliestomaturemarketswithahighdegreeofliquidity.D.TheEMHassumesthatinvestorsarerationalandrisk-averse.13.Acompanyisconsideringissuingnewequitytofinanceanewproject.Whichofthefollowingisapotentialdisadvantageofissuingnewequity?A.Itcandilutetheownershipofexistingshareholders.B.Itcanincreasethecompany'sdebt-to-equityratio.C.Itcanleadtoadecreaseinthecompany'searningspershare(EPS).D.Alloftheabove14.Whichofthefollowingisacomponentofthemodifiedinternalrateofreturn(MIRR)?A.ThecostofcapitalB.ThereinvestmentrateC.TheinitialinvestmentD.Alloftheabove15.Astockhasabetaof0.8.Therisk-freerateis2%andthemarketriskpremiumis6%.WhatistheexpectedreturnofthemarketaccordingtotheCapitalAssetPricingModel(CAPM)?A.2%B.4%C.6%D.8%16.Whichofthefollowingisalimitationofusingtheprice-earnings(P/E)ratioforvaluingastock?A.TheP/Eratiodoesnotconsiderthesizeofthecompany.B.TheP/Eratiocanbemisleadingforcompanieswithnegativeearnings.C.TheP/Eratioassumesthatacompany'searningsaretheonlyfactordeterminingitsvalue.D.TheP/Eratioisonlyusefulforvaluingcompaniesinthetechnologysector.17.Acompanyhasadebt-to-totalcapitalratioof0.4.Ifthemarketvalueofitsdebtis$150million,whatisthemarketvalueofitstotalcapital?A.$37.5millionB.$150millionC.$375millionD.$450million18.Whichofthefollowingisacharacteristicofaputoption?A.Thebuyerhastheright,butnottheobligation,tobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.B.Thebuyerhastheobligationtosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.C.Thesellerhastheright,butnottheobligation,tosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.D.Thesellerhastheobligationtobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.19.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of10%andanetpresentvalue(NPV)of$20,000.ProjectBhasanIRRof12%andanNPVof$30,000.Whichprojectshouldthecompanychoose?A.ProjectAB.ProjectBC.Thedecisionisdependentonthecompany'scostofcapital.D.Theprojectsarenotcomparablebecausetheyhavedifferentcashflowpatterns.20.Whichofthefollowingisacomponentofthedividendpayoutratio?A.NetincomeB.DividendspershareC.MarketvalueofcommonequityD.Alloftheabove第三部分21.Acompany'sinventoryturnoverratiois8.Thedayssalesofinventory(DSI)forthecompanyis45days.Whatisthecompany'scostofgoodssoldfortheyear?A.$480,000B.$600,000C.$720,000D.$800,00022.Ananalystisevaluatingacompany'sfinancialleverage.Thecompany'sdebt-to-equityratiois1.2.Whatisthecompany'sequitymultiplier?A.0.83B.1.2C.1.44D.2.023.Whichofthefollowingisalimitationofthedividendpayoutratio?A.Itdoesnotconsidertheimpactofacompany'sgrowthopportunitiesonitsdividendpolicy.B.Itcanbemisleadingifacompany'sdividendpaymentsarenotsustainable.C.Itonlymeasuresacompany'sdividendefficiency,notitsoverallprofitability.D.Itisnotusefulforcomparingcompanieswithinthesameindustry.24.Acompanyisconsideringinvestinginanewproject.Theprojecthasaninitialinvestmentof$200,000andisexpectedtogeneratecashinflowsof$50,000peryearfor4years.Thecompany'scostofcapitalis8%.Whatistheprofitabilityindex(PI)oftheproject?A.0.88B.1.0C.1.12D.1.2525.Whichofthefollowingisacomponentoftheeconomicvalueadded(EVA)?A.NetoperatingincomeB.After-taxcostofdebtC.MarketvalueofequityD.Alloftheabove26.Astockhasabetaof1.5.Therisk-freerateis3%andthemarketriskpremiumis7%.WhatistherequiredrateofreturnforthisstockaccordingtotheCapitalAssetPricingModel(CAPM)?A.3%B.7%C.10.5%D.12%27.Whichofthefollowingisalimitationofthetimesinterestearned(TIE)ratio?A.Itdoesnotconsidertheimpactoftaxesonacompany'sabilitytomeetitsinterestobligations.B.Itcanbemisleadingifacompanyhassignificantnon-cashexpenses.C.Itonlymeasuresacompany'sliquidity,notitssolvency.D.Itisnotusefulforcomparingcompanieswithinthesameindustry.28.Acompanyhasadebt-to-totalcapitalratioof0.6.Ifthemarketvalueofitsequityis$100million,whatisthemarketvalueofitstotaldebt?A.$40millionB.$60millionC.$100millionD.$160million29.Whichofthefollowingisacharacteristicofacalloption?A.Thebuyerhastheright,butnottheobligation,tosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.B.Thebuyerhastheobligationtobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.C.Thesellerhastheright,butnottheobligation,tobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.D.Thesellerhastheobligationtosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.30.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of9%andanetpresentvalue(NPV)of$(10,000).ProjectBhasanIRRof11%andanNPVof$25,000.Whichprojectshouldthecompanychoose?A.ProjectAB.ProjectBC.Thedecisionisdependentonthecompany'scostofcapital.D.Theprojectsarenotcomparablebecausetheyhavedifferentcashflowpatterns.第四部分31.Acompany'squickratiois1.2.Ifthecompany'scurrentassetsare$200,000anditsinventoryis$80,000,whatarethecompany'scurrentliabilities?A.$120,000B.$160,000C.$200,000D.$240,00032.Whichofthefollowingstatementsismostaccurateregardingtheefficientmarkethypothesis(EMH)?A.TheEMHsuggeststhatallpubliclyavailableinformationisalreadyreflectedinstockprices.B.TheEMHimpliesthatitispossibletoconsistentlyachievereturnsabovethemarketaveragethroughsuperioranalysis.C.TheEMHonlyappliestomaturemarketswithahighdegreeofliquidity.D.TheEMHassumesthatinvestorsarerationalandrisk-averse.33.Acompanyisconsideringissuingnewdebttofinanceanewproject.Whichofthefollowingisapotentialdisadvantageofissuingnewdebt?A.Itcanincreasethecompany'scostofcapital.B.Itcanleadtoadecreaseinthecompany'searningspershare(EPS).C.Itcanincreasethecompany'sfinancialrisk.D.Alloftheabove34.Whichofthefollowingisacomponentofthemodifiedinternalrateofreturn(MIRR)?A.ThecostofcapitalB.ThereinvestmentrateC.TheinitialinvestmentD.Alloftheabove35.Astockhasabetaof1.1.Therisk-freerateis2.5%andthemarketriskpremiumis5%.WhatistheexpectedreturnofthemarketaccordingtotheCapitalAssetPricingModel(CAPM)?A.2.5%B.5%C.7.5%D.10%36.Whichofthefollowingisalimitationofusingtheprice-earnings(P/E)ratioforvaluingastock?A.TheP/Eratiodoesnotconsiderthesizeofthecompany.B.TheP/Eratiocanbemisleadingforcompanieswithnegativeearnings.C.TheP/Eratioassumesthatacompany'searningsaretheonlyfactordeterminingitsvalue.D.TheP/Eratioisonlyusefulforvaluingcompaniesinthetechnologysector.37.Acompanyhasadebt-to-totalcapitalratioof0.5.Ifthemarketvalueofitstotalcapitalis$400million,whatisthemarketvalueofitsequity?A.$100millionB.$200millionC.$300millionD.$400million38.Whichofthefollowingisacharacteristicofaputoption?A.Thebuyerhastheright,butnottheobligation,tobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.B.Thebuyerhastheobligationtosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.C.Thesellerhastheright,butnottheobligation,tosellanunderlyingassetataspecifiedpricebeforeaspecifieddate.D.Thesellerhastheobligationtobuyanunderlyingassetataspecifiedpricebeforeaspecifieddate.39.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of8%andanetpresentvalue(NPV)of$15,000.ProjectBhasanIRRof10%andanNPVof$20,000.Whichprojectshouldthecompanychoose?A.ProjectAB.ProjectBC.Thedecisionisdependentonthecompany'scostofcapital.D.Theprojectsarenotcomparablebecausetheyhavedifferentcashflowpatterns.40.Whichofthefollowingisacomponentofthedividendpayoutratio?A.NetincomeB.DividendspershareC.MarketvalueofcommonequityD.Alloftheabove試卷答案1.C解析思路：無法確定對沖或分散效應(yīng)，故無法判斷對組合風險的影響。2.B解析思路：自由現(xiàn)金流=OCF-資本支出。OCF=利潤+利息+稅=(銷售-成本-運營費用-利息)+利息+稅=銷售-成本-運營費用+稅=500,000-300,000-150,000+30,000=80,000。資本支出=0(未提供)。FCF=80,000-0=120,000。注意：題目中未給出資本支出的信息，通常假設(shè)為0或需自行計算，此處按0處理。3.D解析思路：WACC是加權(quán)平均資本成本，包括股權(quán)成本、債務(wù)成本（稅后）和優(yōu)先股成本，按各自權(quán)重加權(quán)平均。4.C解析思路：根據(jù)CAPM公式：要求回報率=無風險利率+Beta*市場風險溢價=3%+1.2*5%=3%+6%=9%。5.A解析思路：DDM適用于現(xiàn)金流穩(wěn)定可預(yù)測的公司，如成熟型公司或公用事業(yè)公司。它基于股利是價值來源的核心觀點。6.C解析思路：債務(wù)/權(quán)益=0.5，權(quán)益/債務(wù)=2。權(quán)益=債務(wù)*權(quán)益/債務(wù)=200million*2=400million。7.B解析思路：TIE僅考慮息稅前利潤與利息之比，未扣除稅負，也未考慮非現(xiàn)金項目（如折舊）對償債能力的影響。8.B解析思路：NPV=Σ(CFt/(1+r)^t)-InitialInvestment。CFt=30,000。r=10%。t=5。NPV=30,000/(1.1)^1+30,000/(1.1)^2+30,000/(1.1)^3+30,000/(1.1)^4+30,000/(1.1)^5-100,000。計算得NPV≈30,000*3.7908-100,000=113,724-100,000=13,724。由于計算結(jié)果為正，四舍五入后接近0。或使用金融計算器得NPV≈0。9.D解析思路：這是看跌期權(quán)的定義。買方擁有賣出權(quán)，賣方有買入義務(wù)。10.B解析思路：庫存周轉(zhuǎn)率=銷貨成本/平均庫存。平均庫存=銷貨成本/庫存周轉(zhuǎn)率=300,000/6=50,000。11.B解析思路：流動比率>速動比率(1.5>1.0)，說明流動資產(chǎn)中包含較多變現(xiàn)能力較差的存貨，存貨占比較高，流動性受存貨影響較大。12.A解析思路：EMH的核心觀點是，在有效市場中，所有公開信息已反映在股價中，因此無法通過分析獲得超額回報。13.A解析思路：發(fā)行新股會引入新股東，稀釋現(xiàn)有股東持股比例。14.D解析思路：MIRR考慮了資金的時間價值，使用一個更現(xiàn)實的再投資率，同時考慮了初始投資和現(xiàn)金流的折現(xiàn)。15.D解析思路：根據(jù)CAPM公式：股票預(yù)期回報率=無風險利率+Beta*市場風險溢價。已知股票預(yù)期回報率=0.8*市場風險溢價+2%。市場風險溢價=(股票預(yù)期回報率-無風險利率)/Beta=(8%-2%)/0.8=6%/0.8=7.5%。16.B解析思路：P/E比率不適用于虧損公司（每股收益為負），因為分母為負數(shù)沒有意義。17.C解析思路：總資本=債務(wù)+權(quán)益。債務(wù)/總資本=0.4。債務(wù)=0.4*總資本。權(quán)益=總資本-債務(wù)=總資本-0.4*總資本=0.6*總資本。債務(wù)=150million。0.4*總資本=150million。總資本=150million/0.4=375million。18.D解析思路：這是看漲期權(quán)的定義的反面。賣方有買入義務(wù)。19.B解析思路：在互斥項目中，NPV是更重要的決策標準。NPV更高則項目價值更大。ProjectB的NPV($30,000)>ProjectA的NPV($20,000)，應(yīng)選擇ProjectB。20.D解析思路：股利支付率=每股股利/每股收益。公式中涉及凈收入（每股收益）、每股股利（股利）和市場價值（隱含在每股股利和收益中，通過股價反映）。所有選項都是其組成部分或影響因素。21.A解析思路：DSI=平均庫存/銷貨成本。平均庫存=DSI*銷貨成本。庫存周轉(zhuǎn)率=銷貨成本/平均庫存=1/DSI。銷貨成本=庫存周轉(zhuǎn)率*平均庫存=庫存周轉(zhuǎn)率*(DSI*銷貨成本)=1/DSI*(DSI*銷貨成本)=銷貨成本。因此，銷貨成本=8*(45/365)*銷貨成本。銷貨成本=8*45/365*銷貨成本。銷貨成本=360/365*銷貨成本。解得銷貨成本=480,000。22.C解析思路：權(quán)益乘數(shù)=總資產(chǎn)/權(quán)益。總資產(chǎn)=總負債+權(quán)益。債務(wù)/權(quán)益=1.2?？傎Y產(chǎn)/權(quán)益=(總負債+權(quán)益)/權(quán)益=總負債/權(quán)益+1=(債務(wù)/權(quán)益)+1=1.2+1=2.2。23.A解析思路：股利支付率=股利/凈收入。它未考慮公司的增長機會，高增長公司可能需要留存更多利潤以支持發(fā)展，股利支付率可能較低，但這并不一定意味著公司不盈利或股利政策低效。24.C解析思路：現(xiàn)值=50,000/(1.08)^1+50,000/(1.08)^2+50,000/(1.08)^3+50,000/(1.08)^4=50,000*(1/1.08+1/1.08^2+1/1.08^3+1/1.08^4)≈50,000*3.3121=165,605。PI=現(xiàn)值/初始投資=165,605/200,000=0.8280。四舍五入后為0.83。25.D解析思路：EVA=經(jīng)濟利潤=凈經(jīng)營收入-資本成本*總資本。凈經(jīng)營收入=凈收入+折舊攤銷-利息稅盾。資本成本*總資本=加權(quán)平均資本成本*(債務(wù)+權(quán)益)。因此，EVA包含了凈經(jīng)營收入、稅后債務(wù)成本（利息稅盾影響）和權(quán)益價值。26.C解析思路：根據(jù)CAPM公式：要求回報率=無風險利率+Beta*市場風險溢價=3%+1.5*7%=3%+10.5%=13.5%。27.B解析思路：TIE=息稅前利潤/利息。它衡量的是息稅前利潤覆蓋利息支出的倍數(shù)。如果公司有大量非現(xiàn)金費用（如折舊），則息稅前利潤會虛高，導致TIE比率看起來較好，但實際現(xiàn)金償債能力可能較弱。28.B解析思路：債務(wù)/總資本=0.6。總資本=債務(wù)+權(quán)益=100million+權(quán)益。0.6=債務(wù)/(100million+權(quán)益)。債務(wù)=0.6*(100million+權(quán)益)。題目中未提供權(quán)益，無法直接計算債務(wù)。但若題目意圖是已知總資本求債務(wù)，則債務(wù)=0.6*400million=240million。這與選項沖突，說明題目