2025年CFA一級(jí)考試題庫(kù)考試時(shí)間：______分鐘總分：______分姓名：______第一部分1.Aninvestmentmanagerisevaluatingtwostocksforinclusioninaportfolio.StockAhasanexpectedreturnof12%andastandarddeviationof18%.StockBhasanexpectedreturnof15%andastandarddeviationof24%.Whichofthefollowingstatementsismostlikelyaccurateregardingtherisk-returnprofileofthesetwostocks?Assumethestocksarenotcorrelatedwitheachother.a)StockAoffersahigherrisk-adjustedreturnthanStockB.b)StockBoffersahigherrisk-adjustedreturnthanStockA.c)Therisk-returnprofilesofthetwostockscannotbecomparedwithoutknowingtheweightsofeachstockintheportfolio.2.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnofanassetisdeterminedby:a)Therisk-freerate,theasset'sbeta,andthemarketriskpremium.b)Theasset'sbetaanditscorrelationwiththemarketportfolio.c)Therisk-freerateandthemarketportfolio'sstandarddeviation.3.Whichofthefollowingisgenerallyconsideredaweaknessofthedividenddiscountmodel(DDM)?a)Itassumesdividendsareexpectedtogrowataconstantrateindefinitely.b)Itisdifficulttoestimatetherequiredrateofreturn.c)Itdoesnotconsiderthecompany'sdebtstructure.4.AcompanyhasreportedthefollowingfinancialdatafortheyearendedDecember31,2023:Sales=$500,000CostofGoodsSold(COGS)=$300,000OperatingExpenses=$150,000InterestExpense=$20,000IncomeTaxExpense=$30,000Calculatethecompany'soperatingprofit(EBIT).a)$100,000b)$120,000c)$80,0005.Whichofthefollowingfinancialratioswouldacompany'screditormostlikelyprefertoseeincrease?a)Currentratiob)Debt-to-equityratioc)Timesinterestearnedratio6.Theprimarypurposeofasensitivityanalysisinfinancialmodelingisto:a)Determinetheexactfuturevalueofaninvestment.b)Identifyhowchangesinkeyassumptionsaffecttheoutputofthemodel.c)Calculatetheinternalrateofreturn(IRR)ofaproject.7.Astockhasaninitialpriceof$100pershare.Attheendoftheyear,thestockpriceis$110,andthecompanypaysadividendof$3pershare.Whatisthetotalreturnonthestockfortheyear?a)7%b)10%c)13%8.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)ismostaccurate?a)Marketpricesreflectallavailableinformation,includinginsiderinformation.b)Marketpricesaredrivensolelybyinvestorsentimentandirrationalbehavior.c)Marketpricesreflectonlyhistoricalpricedataandcannotbepredicted.9.Theprocessofconvertingaproject'scashflowsintotheirpresentvalueusingadiscountrateisknownas:a)Capitalbudgetingb)Discountingc)Amortization10.Whichofthefollowingisacharacteristicofapreferredstock?a)Ittypicallyoffersfixeddividendsandhaspriorityovercommonstockintheeventofliquidation.b)Itissimilartocommonstockandusuallyhasvotingrights.c)Itisadebtinstrumentthatpaysinteresttax-deductibletotheissuer.第二部分11.Aportfolioconsistsof60%StockXand40%StockY.StockXhasanexpectedreturnof14%andastandarddeviationof12%.StockYhasanexpectedreturnof9%andastandarddeviationof8%.IfthecorrelationcoefficientbetweenthereturnsofStockXandStockYis0.2,whatistheexpectedreturnoftheportfolio?a)11.16%b)12.00%c)13.20%12.Theyieldtomaturity(YTM)onabondistherateofreturnanticipatedifthebondishelduntil:a)Thebond'smaturitydate.b)Thebond'snextcouponpaymentdate.c)Thebond'scalldate,ifitiscallable.13.Whichofthefollowingmethodsofvaluingacompanyismostappropriatewhenacompanydoesnotpaydividendsorwhendividendsareexpectedtobehighlyvariable?a)Dividenddiscountmodel(DDM)b)Discountedcashflow(DCF)modelc)Comparablecompanyanalysis14.Acompanyhascurrentassetsof$200,000andcurrentliabilitiesof$100,000.Itsquickassets(currentassetsminusinventory)are$150,000.Whatisthecompany'squickratio?a)1.00b)1.50c)2.0015.Whichofthefollowingisapotentiallimitationofusingtheprice-earnings(P/E)ratioforvaluation?a)Itdoesnotconsiderthesizeofthecompany.b)Itcanbemisleadingforcompanieswithnegativeearnings.c)Itisonlyapplicabletocompaniesinthetechnologysector.16.Afinancialmodelincorporatesthefollowingassumptions:Salesgrowthrateof5%peryearforthenext5years,aterminalgrowthrateof3%thereafter,andadiscountrateof10%.Whichoftheseassumptionswouldmostdirectlyimpactthepresentvalueoffuturecashflows?a)Salesgrowthrateb)Terminalgrowthratec)Discountrate17.Whichofthefollowingstatementsaboutthetimevalueofmoneyistrue?a)Adollarreceivedtodayisworthmorethanadollarreceivedinthefutureduetothepotentialearningcapacityofmoney.b)Thetimevalueofmoneyisirrelevantinfinancialdecision-making.c)Adollarreceivedinthefutureisworthmorethanadollarreceivedtoday.18.Acompanyisconsideringinvestinginanewproject.Theinitialinvestmentrequiredis$1,000,000.Theprojectisexpectedtogeneratecashinflowsof$300,000attheendofeachyearforthenext5years.Usingadiscountrateof8%,whatisthenetpresentvalue(NPV)oftheproject?(Calculatetothenearestwholedollar).a)$137,621b)$200,000c)$462,37819.WhichofthefollowingisakeycomponentoftheCFAInstituteCodeandStandards?a)Theconceptoffairvalueaccounting.b)Thedutytoprioritizetheinterestsofclientsoverone'sowninterests.c)Therequirementtomaintaincompetencethroughongoingprofessionaldevelopment.20.Acalloptiongivestheholdertheright,butnottheobligation,to:a)Sellanunderlyingassetataspecifiedpricebeforeaspecifieddate.b)Buyanunderlyingassetataspecifiedpricebeforeaspecifieddate.c)Shortsellanunderlyingassetataspecifiedpricebeforeaspecifieddate.第三部分21.Whichofthefollowingisanexampleofapositiveceterisparibuschangeinthesupplycurveforagood?a)Anincreaseinthepriceofasubstitutegood.b)Adecreaseinthenumberofproducersinthemarket.c)Anincreaseinthetechnologyusedtoproducethegood.22.AccordingtoKeynesianeconomics,whichofthefollowingislikelytooccurduringarecession?a)Unemploymentrateswillfall,andaggregatedemandwillbehigh.b)Unemploymentrateswillrise,andaggregatedemandwillbelow.c)Inflationwillbehigh,andeconomicgrowthwillberapid.23.Whichofthefollowingmonetarypolicytoolscanbeusedbyacentralbanktoincreasethemoneysupply?a)Raisingthereserverequirementratio.b)Conductingopenmarketpurchasesofgovernmentsecurities.c)Increasingthediscountrate.24.Thebalanceofpaymentsrecordsalleconomictransactionsofacountrywiththerestoftheworldforaspecificperiodoftime.Whichofthefollowingtransactionswouldberecordedinthecurrentaccount?a)Adomesticcompanyinvestinginaforeignsubsidiary.b)Aforeigntouristvisitingacountryandspendingmoney.c)AgovernmentborrowingfromtheInternationalMonetaryFund(IMF).25.Whichofthefollowingstatementsaboutfinancialleverageistrue?a)Financialleveragealwaysincreasesacompany'sreturnonequity(ROE).b)Usingfinancialleverageincreasesthepotentialrisktoacompany'sequityholders.c)Financialleveragehasnoimpactonacompany'sweightedaveragecostofcapital(WACC).26.Whichofthefollowingfinancialstatementsprovidesinformationaboutacompany'sfinancialpositionataspecificpointintime?a)Incomestatementb)Statementofcashflowsc)Balancesheet27.Theaccountingprinciplethatrequirescompaniestorecordassetsattheirhistoricalcostratherthantheircurrentmarketvalueisknownas:a)Therevenuerecognitionprinciple.b)Thehistoricalcostprinciple.c)Thematchingprinciple.28.Whichofthefollowingisapotentialriskassociatedwithinvestingininternationalmarkets?a)Lowerexpectedreturnscomparedtodomesticmarkets.b)Currencyriskandpoliticalrisk.c)Highertransactioncostsandlessliquidity.29.Abondwithafacevalueof$1,000paysasemi-annualcouponof5%($25perperiod).Thebondhas10yearstomaturityandayieldtomaturityof6%.Whatistheapproximatemarketpriceofthebond?(Calculatetothenearestwholedollar).a)$926b)$1,000c)$1,07530.Whichofthefollowingisacharacteristicoftheefficientmarkethypothesis(EMH)initssemi-strongform?a)Marketpricesreflectallpubliclyavailableinformation,includinghistoricalprices.b)Marketpricesreflectallinformation,bothpublicandprivate.c)Marketpricesaredeterminedsolelybyfundamentalcompanyvalues.第四部分31.Acompanyusesthestraight-linemethodofdepreciation.Itpurchasedamachinefor$50,000withanestimatedusefullifeof5yearsandnosalvagevalue.Whatistheannualdepreciationexpenseforthemachine?a)$5,000b)$10,000c)$20,00032.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?a)Thecostofpreferredstock.b)Thecostofequity.c)Thecostofdebt.33.Aprojecthasaninitialoutlayof$100,000andisexpectedtogeneratecashinflowsof$40,000attheendofeachyearfor4years.Whatisthepaybackperiodfortheproject?a)2.5yearsb)3.0yearsc)3.25years34.WhichofthefollowingstatementsabouttheCapitalAssetPricingModel(CAPM)istrue?a)Themarketriskpremiumiscalculatedasthedifferencebetweentheexpectedreturnonthemarketportfolioandtherisk-freerate.b)Thebetaofastockmeasuresitsvolatilityrelativetotheoverallmarket.c)BothAandBaretrue.35.Acompany'sinventoryturnoverratiois6timesperyear.Ifthecompany'scostofgoodssold(COGS)is$360,000,whatisitsaverageinventory?(Calculatetothenearestwholedollar).a)$60,000b)$90,000c)$600,00036.Whichofthefollowingisapotentiallimitationofusingthedebt-to-equityratioasameasureoffinancialleverage?a)Itdoesnotconsiderthemarketvalueofequity.b)Itonlyreflectsthecompany'sshort-termdebt.c)Itisnotaffectedbythecompany'scapitalstructure.37.Astockhasabetaof1.2.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.AccordingtotheCAPM,whatistheexpectedreturnonthestock?a)6.6%b)9.0%c)10.8%38.Whichofthefollowingisacharacteristicoftheefficientmarkethypothesis(EMH)?a)Marketpricesaredrivenbyinvestorsentimentandcanbeeasilypredicted.b)Marketpricesreflectallavailableinformation,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.c)Marketpricesaredeterminedsolelybytheactionsoflargeinstitutionalinvestors.39.Acompanyisanalyzingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$50,000andapaybackperiodof3years.ProjectBhasanNPVof$60,000andapaybackperiodof4years.Whichprojectshouldthecompanyselect?a)ProjectAb)ProjectBc)ThedecisionisindependentoftheNPVandpaybackperiod.40.Whichofthefollowingisakeyconsiderationwhenevaluatingtheriskofabondinvestment?a)Thebond'scouponrate.b)Thebond'screditrating.c)Thebond'smaturitydate.第五部分41.Afinancialanalystisbuildingamodeltovalueacompany.Whichofthefollowinginputswouldtypicallyberequiredforadiscountedcashflow(DCF)analysis?a)Salesgrowthrate,discountrate,andterminalgrowthrate.b)Currentstockprice,dividendpershare,andpayoutratio.c)Beta,risk-freerate,andmarketriskpremium.42.Whichofthefollowingisapotentiallimitationofusingtheprice-earnings(P/E)ratioforvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativeearningsordifferentgrowthrates.c)Itisonlyapplicabletomaturecompanies.43.Acompanyhascurrentassetsof$150,000andcurrentliabilitiesof$75,000.Itslong-termdebtis$250,000,anditsequityis$300,000.Whatisthecompany'sdebt-to-equityratio?(Calculatetotwodecimalplaces).a)0.50b)0.75c)1.6744.Whichofthefollowingstatementsaboutthetimevalueofmoneyistrue?a)Adollarreceivedinthefutureisworthmorethanadollarreceivedtodayduetoinflation.b)Thetimevalueofmoneyisonlyrelevantforinvestmentswithshortmaturities.c)Adollarreceivedtodayisworthmorethanadollarreceivedinthefutureduetothepotentialearningcapacityofmoney.45.Aprojecthasaninitialinvestmentof$200,000andisexpectedtogeneratecashinflowsof$70,000attheendofeachyearfor5years.Theproject'sdiscountrateis8%.Whatistheprofitabilityindex(PI)oftheproject?(Calculatetotwodecimalplaces).a)0.65b)1.35c)1.7546.WhichofthefollowingisakeycomponentoftheCFAInstituteCodeandStandards?a)Theconceptofmaterialityinfinancialreporting.b)Thedutytomaintainindependenceandobjectivityinone'sprofessionalactivities.c)Therequirementtodiscloseallconflictsofinteresttoclients.47.Whichofthefollowingfinancialratioswouldacompany'screditormostlikelyprefertoseedecrease?a)Currentratiob)Debt-to-equityratioc)Timesinterestearnedratio48.Abondwithafacevalueof$1,000paysasemi-annualcouponof6%($30perperiod).Thebondhas5yearstomaturityandayieldtomaturityof5%.Whatistheapproximatemarketpriceofthebond?(Calculatetothenearestwholedollar).a)$1,026b)$1,000c)$97649.Whichofthefollowingisacharacteristicofapreferredstock?a)Ittypicallyoffersfixeddividendsandhaspriorityovercommonstockintheeventofliquidation,butusuallydoesnothavevotingrights.b)Itissimilartocommonstockandusuallyhasvotingrightsandthesameriskprofile.c)Itisadebtinstrumentthatpaysinterest,andtheinterestpaymentsaretax-deductibletotheissuer.50.Aportfolioconsistsof50%StockAand50%StockB.StockAhasanexpectedreturnof10%andastandarddeviationof15%.StockBhasanexpectedreturnof12%andastandarddeviationof20%.IfthecorrelationcoefficientbetweenthereturnsofStockAandStockBis0.4,whatisthestandarddeviationoftheportfolio?(Calculatetotwodecimalplaces).a)13.46%b)16.00%c)17.32%試卷答案1.a解析思路：計(jì)算風(fēng)險(xiǎn)調(diào)整后收益（如夏普比率：(預(yù)期收益-無(wú)風(fēng)險(xiǎn)收益)/標(biāo)準(zhǔn)差）。股票A的夏普比率約為(12%-Rf)/18，股票B約為(15%-Rf)/24。由于Rf未知，無(wú)法直接比較，但通常標(biāo)準(zhǔn)差較低且預(yù)期收益尚可的股票，其風(fēng)險(xiǎn)調(diào)整后收益可能更高。比較標(biāo)準(zhǔn)差和預(yù)期收益的比率，A的12/18=2/3，B的15/24=5/8=0.625，A的比率更大，表明在相同風(fēng)險(xiǎn)下預(yù)期收益更高，或在相同預(yù)期收益下風(fēng)險(xiǎn)更低，故A的風(fēng)險(xiǎn)調(diào)整后收益可能更高。2.a解析思路：CAPM模型公式為E(Ri)=Rf+βi*[E(Rm)-Rf]，其中E(Ri)是資產(chǎn)預(yù)期回報(bào)，Rf是無(wú)風(fēng)險(xiǎn)回報(bào)，βi是資產(chǎn)貝塔系數(shù)，E(Rm)是市場(chǎng)預(yù)期回報(bào)，[E(Rm)-Rf]是市場(chǎng)風(fēng)險(xiǎn)溢價(jià)。該公式明確包含了題目所述的所有要素。3.a解析思路：DDM（特別是戈登增長(zhǎng)模型）的核心假設(shè)是dividends(D)將以一個(gè)恒定速率(g)永久增長(zhǎng)。這個(gè)恒定增長(zhǎng)假設(shè)在現(xiàn)實(shí)世界中很難滿足，尤其對(duì)于成長(zhǎng)型公司或處于不同生命周期的公司，使得模型應(yīng)用受限且估值結(jié)果可能失真。4.a解析思路：計(jì)算OperatingProfit(EBIT)=Sales-COGS-OperatingExpenses=$500,000-$300,000-$150,000=$100,000。5.a解析思路：CurrentRatio=CurrentAssets/CurrentLiabilities=$200,000/$100,000=2.00。債權(quán)人希望流動(dòng)比率越高，表明公司短期償債能力越強(qiáng)，降低其貸款風(fēng)險(xiǎn)。雖然B和C也反映償債能力，但流動(dòng)比率直接衡量最短期內(nèi)的償債能力，是債權(quán)人最直觀關(guān)心的指標(biāo)之一。6.b解析思路：敏感性分析的核心目的在于識(shí)別模型輸出結(jié)果如何對(duì)輸入?yún)?shù)（假設(shè)）的變動(dòng)做出反應(yīng)。通過(guò)改變關(guān)鍵假設(shè)（如銷售增長(zhǎng)率、成本率等）并觀察結(jié)果變化，可以幫助理解關(guān)鍵驅(qū)動(dòng)因素、評(píng)估風(fēng)險(xiǎn)以及做出更穩(wěn)健的決策。7.c解析思路：總回報(bào)=(期末價(jià)格變動(dòng)+收到的股利)/期初價(jià)格=($110-$100+$3)/$100=$13/$100=13%。8.a解析思路：有效市場(chǎng)假說(shuō)（EMH）的強(qiáng)形式認(rèn)為，所有相關(guān)信息（包括公開(kāi)信息和內(nèi)幕信息）都已充分反映在資產(chǎn)價(jià)格中。這意味著通過(guò)分析公開(kāi)信息或內(nèi)幕信息無(wú)法獲得超額回報(bào)。9.b解析思路：將未來(lái)現(xiàn)金流折算到當(dāng)前價(jià)值的過(guò)程就是貼現(xiàn)。這是時(shí)間價(jià)值ofmoney的核心應(yīng)用之一，通過(guò)使用貼現(xiàn)率（通常為機(jī)會(huì)成本或要求回報(bào)率）將不同時(shí)點(diǎn)的現(xiàn)金流統(tǒng)一到評(píng)估時(shí)點(diǎn)。10.a解析思路：優(yōu)先股通常支付固定股息，并且在公司清算時(shí)，其求償權(quán)優(yōu)先于普通股股東，但通常沒(méi)有投票權(quán)。這是優(yōu)先股的主要特征。11.a解析思路：E(Rp)=w1*E(R1)+w2*E(R2)=0.60*14%+0.40*9%=8.4%+3.6%=12.00%。協(xié)方差項(xiàng)(0.2*12%*8%*0.60*0.40)=0.00576，方差(0.2*12%*12%*0.60*0.60)=0.00864，(0.2*8%*8%*0.40*0.40)=0.00204，總方差=0.00864+0.00204+0.00576=0.01644，標(biāo)準(zhǔn)差=sqrt(0.01644)=0.1282，組合預(yù)期回報(bào)為12.00%，標(biāo)準(zhǔn)差為12.82%。12.a解析思路：到期收益率(YTM)是指將債券的當(dāng)前市場(chǎng)價(jià)格視為投資成本，假設(shè)持有至到期日，并按期收取所有利息（包括面值償還），所能獲得的內(nèi)部收益率(IRR)。它代表了持有該債券直至到期的總預(yù)期回報(bào)率。13.b解析思路：DCF模型通過(guò)預(yù)測(cè)公司未來(lái)產(chǎn)生的自由現(xiàn)金流，并將其折現(xiàn)到當(dāng)前價(jià)值來(lái)評(píng)估公司價(jià)值。這種方法不依賴于公司是否支付股利或股利是否穩(wěn)定，因?yàn)樗P(guān)注的是公司整體價(jià)值（包括債權(quán)和股權(quán)價(jià)值）的現(xiàn)金流產(chǎn)生能力。14.b解析思路：QuickRatio=(CurrentAssets-Inventory)/CurrentLiabilities=($200,000-Inventory)/$100,000。題目給出QuickAssets=$150,000，所以$150,000/$100,000=1.50。由此可知，CurrentAssets-Inventory=$150,000，所以Inventory=$200,000-$150,000=$50,000。QuickRatio=$150,000/$100,000=1.50。15.b解析思路：價(jià)格-收益（P/E）比率適用于盈利公司，但當(dāng)公司虧損時(shí)，P/E比率將是負(fù)數(shù)或無(wú)窮大，無(wú)法進(jìn)行有意義的比較和估值。這是P/E比率的主要局限性之一。對(duì)于虧損公司，通常會(huì)使用價(jià)格-銷售額比率(P/S)或企業(yè)價(jià)值-EBITDA比率等其他估值方法。16.a解析思路：銷售增長(zhǎng)率和未來(lái)幾年的預(yù)測(cè)現(xiàn)金流直接相關(guān)。銷售增長(zhǎng)率越高，預(yù)測(cè)的現(xiàn)金流通常也越高，進(jìn)而影響DCF模型的現(xiàn)值計(jì)算。終端增長(zhǎng)率和折現(xiàn)率是決定未來(lái)現(xiàn)金流現(xiàn)值的關(guān)鍵參數(shù)，但銷售增長(zhǎng)率的變化對(duì)現(xiàn)金流預(yù)測(cè)的直接影響最為直接。17.a解析思路：時(shí)間價(jià)值ofmoney的核心原理是，由于資金可以用于投資并產(chǎn)生回報(bào)，今天的一單位貨幣比未來(lái)同一單位貨幣更有價(jià)值。這意味著需要將未來(lái)的現(xiàn)金流折現(xiàn)到當(dāng)前價(jià)值才能進(jìn)行公平比較。18.a解析思路：NPV=Σ[CFt/(1+r)^t]-InitialInvestment。CFt=$300,000,r=8%,t=1to5。NPV=($300,000/1.08^1+$300,000/1.08^2+$300,000/1.08^3+$300,000/1.08^4+$300,000/1.08^5)-$1,000,000=($300,000/1.08+$300,000/1.1664+$300,000/1.2597+$300,000/1.3605+$300,000/1.4693)-$1,000,000=($277,777.78+$257,201.38+$238,095.24+$220,505.28+$204,201.40)-$1,000,000=$1,278,380.08-$1,000,000=$278,380.08。四舍五入到整數(shù)，得到$277,621。19.b解析思路：計(jì)算債券價(jià)格需要將所有未來(lái)現(xiàn)金流（半年度couponpayments和到期facevalue）折現(xiàn)到當(dāng)前。價(jià)格=Σ[C/(1+YTM/2)^(2t)]+F/(1+YTM/2)^(2n)，其中C=$25,n=10,F=$1,000,YTM=6%即0.06。價(jià)格=($25/1.03^1+$25/1.03^2+...+$25/1.03^20)+$1,000/1.03^20。計(jì)算得價(jià)格約為$926.40。四舍五入到整數(shù)，得到$926。20.b解析思路：看漲期權(quán)(calloption)賦予其持有者在期權(quán)到期日或之前，以約定的執(zhí)行價(jià)格(strikeprice)購(gòu)買一定數(shù)量標(biāo)的資產(chǎn)(underlyingasset)的權(quán)利，但持有者沒(méi)有必須購(gòu)買的義務(wù)。21.c解析思路：供給曲線右移表示在相同價(jià)格下供給量增加。增加生產(chǎn)技術(shù)通常能降低生產(chǎn)成本，鼓勵(lì)生產(chǎn)者在相同價(jià)格下供應(yīng)更多產(chǎn)品，或愿意在更高價(jià)格下供應(yīng)，導(dǎo)致供給曲線向右移動(dòng)。A和B都是導(dǎo)致供給曲線左移的因素。22.b解析思路：凱恩斯主義經(jīng)濟(jì)學(xué)認(rèn)為，經(jīng)濟(jì)衰退時(shí)總需求不足，導(dǎo)致企業(yè)削減生產(chǎn)和投資，失業(yè)率上升。這是凱恩斯模型對(duì)衰退的解釋核心。23.b解析思路：中央銀行通過(guò)公開(kāi)市場(chǎng)操作購(gòu)買政府證券，向市場(chǎng)注入基礎(chǔ)貨幣，增加商業(yè)銀行可貸資金，從而擴(kuò)大貨幣供應(yīng)量。A（提高法定準(zhǔn)備金率）會(huì)減少貨幣乘數(shù)，收縮貨幣供應(yīng)量。C（提高貼現(xiàn)率）會(huì)抑制銀行借款，間接減少貨幣供應(yīng)量。24.b解析思路：國(guó)際旅游者在一個(gè)國(guó)家的花費(fèi)（如住宿、餐飲、交通等）屬于該國(guó)的“出口”服務(wù)收入，記錄在經(jīng)常賬戶的商品和服務(wù)項(xiàng)目下。A屬于資本賬戶（或金融賬戶）的資本外流。C（從IMF借款）通常記錄在金融賬戶或儲(chǔ)備資產(chǎn)下，取決于具體分類，但一般不是經(jīng)常賬戶的主要項(xiàng)目。25.b解析思路：存貨周轉(zhuǎn)率=COGS/平均存貨。平均存貨=COGS/存貨周轉(zhuǎn)率=$360,000/6=$60,000。26.c解析思路：資產(chǎn)負(fù)債表(BalanceSheet)列示了公司在特定日期（如年末或季末）的資產(chǎn)、負(fù)債和股東權(quán)益狀況，反映了公司的財(cái)務(wù)結(jié)構(gòu)。損益表（IncomeStatement）記錄期間內(nèi)的經(jīng)營(yíng)成果，現(xiàn)金流量表（StatementofCashFlows）記錄期間內(nèi)的現(xiàn)金流入流出。27.b解析思路：歷史成本原則(HistoricalCostPrinciple)要求資產(chǎn)按其取得時(shí)的實(shí)際成本（支付的價(jià)格）進(jìn)行初始記錄和后續(xù)計(jì)量，而不是按其當(dāng)前市場(chǎng)價(jià)值。這是會(huì)計(jì)核算的一項(xiàng)基本原則。28.b解析思路：投資于國(guó)際市場(chǎng)的主要風(fēng)險(xiǎn)之一是匯率波動(dòng)（貨幣風(fēng)險(xiǎn)），即本國(guó)貨幣與外國(guó)貨幣exchangerate的變動(dòng)可能帶來(lái)未預(yù)期的損失。政治風(fēng)險(xiǎn)，如政局不穩(wěn)、政策突變等，也影響國(guó)際投資的安全性。A、C是國(guó)際投資相較于國(guó)內(nèi)投資可能面臨的額外挑戰(zhàn)，但不一定是主要的風(fēng)險(xiǎn)來(lái)源，且國(guó)際市場(chǎng)也可能提供更高的預(yù)期回報(bào)和分散化機(jī)會(huì)。29.a解析思路：債券價(jià)格=Σ[C/(1+YTM/2)^(2t)]+F/(1+YTM/2)^(2n)。C=$25,F=$1,000,n=10,YTM=6%即0.06。價(jià)格=($25/1.03^1+$25/1.03^2+...+$25/1.03^20)+$1,000/1.03^20。計(jì)算得價(jià)格約為$926.40。四舍五入到整數(shù)，得到$926。30.a解析思路：有效市場(chǎng)假說(shuō)（EMH）的半強(qiáng)形式認(rèn)為，市場(chǎng)已經(jīng)充分反映了所有公開(kāi)可用的信息，包括歷史價(jià)格、財(cái)務(wù)數(shù)據(jù)、新聞報(bào)道等。這意味著基于公開(kāi)信息進(jìn)行技術(shù)分析或基本分析試圖獲得超額回報(bào)是困難的，因?yàn)樗邢嚓P(guān)信息已經(jīng)反映在當(dāng)前價(jià)格中。31.a解析思路：直線法折舊=(資產(chǎn)原值-預(yù)計(jì)凈殘值)/預(yù)計(jì)使用年限。題目中殘值為0，所以年折舊=$50,000/5=$10,000。32.b解析思路：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、普通股權(quán)益）的成本，按照各自在總資本中所占的權(quán)重進(jìn)行加權(quán)平均計(jì)算。其中，權(quán)益成本(CostofEquity)是WACC的一個(gè)主要組成部分。33.a解析思路：累計(jì)現(xiàn)金流入：第一年末$40,000；第二年末$40,000+$40,000=$80,000；第三年末$80,000+$40,000=$120,000。在第三年末累計(jì)現(xiàn)金流入達(dá)到$120,000，還差$100,000-$120,000=$20,000才能收回初始投資。第四年預(yù)計(jì)流入$40,000，所以需要$20,000/$40,000=0.5年?？偦厥掌?3+0.5=3.5年。但選項(xiàng)中最接近的是2.5年，這可能是題目數(shù)據(jù)或選項(xiàng)設(shè)置的特殊情況，或存在筆誤。根據(jù)標(biāo)準(zhǔn)計(jì)算，應(yīng)為3.5年。但按題目提供的選項(xiàng)，2.5年是唯一低于3年的值。（注意：此題按標(biāo)準(zhǔn)計(jì)算結(jié)果為3.5年，與選項(xiàng)不符，可能是題目設(shè)定問(wèn)題。若必須選擇，2.5年不是標(biāo)準(zhǔn)答案，但可能是迫于選項(xiàng)限制的選擇。）34.c解析思路：CAPM公式E(Ri)=Rf+βi*[E(Rm)-Rf]中，市場(chǎng)風(fēng)險(xiǎn)溢價(jià)[E(Rm)-Rf]是指市場(chǎng)組合預(yù)期回報(bào)率與無(wú)風(fēng)險(xiǎn)利率之差，A正確。Beta(βi)衡量的是資產(chǎn)i的回報(bào)率相對(duì)于整個(gè)市場(chǎng)組合回報(bào)率的波動(dòng)性或系統(tǒng)性風(fēng)險(xiǎn)，B正確。因此，C選項(xiàng)“兩者都正確”是正確的。35.a解析思路：平均存貨=COGS/存貨周轉(zhuǎn)率=$360,000/6=$60,000。36.a解析思路：債務(wù)對(duì)權(quán)益比率(Debt-to-EquityRatio)=總負(fù)債/股東權(quán)益。該比率使用賬面價(jià)值（BookValue）計(jì)算，未考慮市場(chǎng)價(jià)值。如果使用市場(chǎng)價(jià)值，股東權(quán)益會(huì)因股價(jià)波動(dòng)而變化，使得比率不穩(wěn)定。該比率主要反映長(zhǎng)期償債能力和財(cái)務(wù)杠桿，與短期償債能力（如流動(dòng)比率）不同。它確實(shí)反映了資本結(jié)構(gòu)，但關(guān)鍵在于它使用了賬面價(jià)值而非市場(chǎng)價(jià)值。37.a解析思路：根據(jù)CAPME(Ri)=Rf+βi*[E(Rm)-Rf]，代入數(shù)值：E(Ri)=3%+1.2*(10%-3%)=3%+1.2*7%=3%+8.4%=11.4%。最接近的選項(xiàng)是6.6%(計(jì)算錯(cuò)誤)和9.0%(計(jì)算錯(cuò)誤)。正確答案應(yīng)為11.4%，但選項(xiàng)缺失。（注意：此題選項(xiàng)可能有誤，或計(jì)算過(guò)程中有假設(shè)，需根據(jù)實(shí)際數(shù)據(jù)進(jìn)行精確計(jì)算。）38.b解析思路：有效市場(chǎng)假說(shuō)（EMH）認(rèn)為，在一個(gè)有效的市場(chǎng)中，所有可獲得的信息（包括公開(kāi)信息和內(nèi)幕信息）都已反映在資產(chǎn)價(jià)格中，因此無(wú)法持續(xù)通過(guò)分析信息來(lái)獲得超額回報(bào)。這意味著股價(jià)已經(jīng)反映了所有已知因素，使得預(yù)測(cè)未來(lái)價(jià)格變得極為困難。A描述的是行為金融學(xué)的觀點(diǎn)。C描述的是市場(chǎng)有效性的一種程度（弱式有效），但強(qiáng)式有效（題目所述）更為徹底。39.b解析思路：凈現(xiàn)值(NPV)是衡量項(xiàng)目盈利能力的核心指標(biāo)，NPV>0表示項(xiàng)目預(yù)期創(chuàng)造價(jià)值，應(yīng)接受?；コ忭?xiàng)目意味著只能選擇一個(gè)。在NPV都為正的情況下，應(yīng)選擇NPV較高的項(xiàng)目，即ProjectB($60,000>$50,000)。Paybackperiod（回收期）是衡量項(xiàng)目流動(dòng)性或風(fēng)險(xiǎn)性的指標(biāo)，通?；厥掌谠蕉淘胶茫皇沁x擇互斥項(xiàng)目的首要標(biāo)準(zhǔn)。（注意：此題按標(biāo)準(zhǔn)NPV決策規(guī)則，應(yīng)選B。若考慮風(fēng)險(xiǎn)偏好或有限資源，可能引入其他因素，但基于題目信息，NPV是主要依據(jù)。）40.b解析思路：債券信用評(píng)級(jí)（CreditRating）由評(píng)級(jí)機(jī)構(gòu)（如穆迪、標(biāo)普、惠譽(yù)）發(fā)布，評(píng)估發(fā)行人按時(shí)支付利息和本金的可能性。評(píng)級(jí)越低（如BBB-或更低），違約風(fēng)險(xiǎn)越高，投資者要求的回報(bào)率（即YTM）也越高。因此，債權(quán)人非常關(guān)注債券的信用評(píng)級(jí)，因?yàn)樗苯雨P(guān)系到債券的信用風(fēng)險(xiǎn)和預(yù)期回報(bào)，進(jìn)而影響其投資決策。A和C也是重要的考慮因素，但信用評(píng)級(jí)直接反映了違約風(fēng)險(xiǎn)，對(duì)債權(quán)人而言尤為重要。41.a解析思路：DCF模型價(jià)值=Σ[預(yù)測(cè)的自由現(xiàn)金流(FCFt)/(1+WACC)^t]+[終值(TV)/(1+WACC)^n]，其中WACC是加權(quán)平均資本成本，涉及銷售增長(zhǎng)率、折現(xiàn)率、終端增長(zhǎng)率等關(guān)鍵輸入。B描述的是股利估值方法。C描述的是可比公司分析法。42.b解析思路：P/E比率在比較不同公司時(shí)，假設(shè)相似的盈利能力（如增長(zhǎng)預(yù)期）和風(fēng)險(xiǎn)水平。當(dāng)公司盈利為負(fù)數(shù)時(shí)，P/E比率失去意義。此外，不同公司處于不同成長(zhǎng)階段，增長(zhǎng)預(yù)期不同，使用相同P/E比率比較可能不恰當(dāng)。不同行業(yè)P/E水平也存在差異。這些是P/E比率的主要局限性。43.c解析思路：債務(wù)對(duì)權(quán)益比率=總負(fù)債/股東權(quán)益。題目