2025年CFA一級《財務(wù)報表分析》真題考試時間：______分鐘總分：______分姓名：______Instructions:Pleaseanswerthefollowingquestionsbasedontheinformationprovidedoryourknowledgeoffinancialstatementanalysisandvaluation.Question1:CompanyXYZreportsthefollowinginformationfortheyearendedDecember31,2023:*Netincome:$500,000*Depreciationexpense:$100,000*Increaseinaccountspayable:$30,000*Decreaseinaccountsreceivable:$20,000*Increaseininventory:$40,000*Purchaseofequipment:$200,000*Issuanceofcommonstock:$150,000*Paymentofdividends:$50,000CalculateCompanyXYZ'scashflowfromoperatingactivitiesusingtheindirectmethod.Question2:Compareandcontrastthecharacteristicsofthefollowingtwotypesofbonds:a)A5-yearbondwithacouponrateof5%paidsemi-annuallyandafacevalueof$1,000.b)A10-yearbondwithacouponrateof4%paidannuallyandafacevalueof$1,000.Whichbondwouldyouexpecttohaveahigheryieldtomaturityifmarketinterestratesrise?Explainyourreasoning.Question3:Acompanyhasthefollowingfinancialdataforthepastthreeyears:|Year|Sales|TotalAssets|TotalLiabilities||----|-----|-----------|-----------------||2021|$1,000,000|$2,000,000|$500,000||2022|$1,200,000|$2,500,000|$600,000||2023|$1,500,000|$3,000,000|$750,000|Calculatethefollowingratiosforeachyear:a)Currentratiob)Debt-to-equityratioc)Returnonassets(usingaveragetotalassets)Commentonthecompany'sliquidity,solvency,andprofitabilitytrendsoverthethree-yearperiod.Question4:Explainthedifferencebetweenhorizontalanalysisandverticalanalysisoffinancialstatements.Provideonepracticalapplicationforeachtypeofanalysis.Question5:Acompanyisexpectedtopayadividendof$2persharenextyear(D1).Thedividendisexpectedtogrowataconstantrateof5%peryearindefinitely.Therequiredrateofreturnforthestockis10%.CalculatetheintrinsicvalueofthestockusingtheGordonGrowthModel.Question6:Youareconsideringinvestinginacompany.Thecompanyhasthefollowingfinancialdata:*Earningspershare(EPS):$3*Price-to-earnings(P/E)ratio:15*Bookvaluepershare:$20*Price-to-book(P/B)ratio:1.5Calculatethefollowingvaluationmultiples:a)Price-to-earnings(P/E)ratiob)Price-to-book(P/B)ratioc)EnterprisevaluetoEBITDA(assumingnodebtandnocash)Question7:Describethethreemainstepsinvolvedinthefinancialstatementanalysisprocess.Provideanexampleofhowyoumightuseeachsteptoevaluateacompany'sfinancialperformance.Question8:Whatisthedifferencebetweenbookvalueandmarketvalue?Provideoneexampleofhowbookvaluemightbeusedinafinancialanalysisandoneexampleofhowmarketvaluemightbeused.Question9:Acompanyhasthefollowingcapitalstructure:*Commonstock:$1,000,000*Preferredstock:$500,000*Totaldebt:$1,500,000Calculatetheweightedaveragecostofcapital(WACC)forthecompany,assumingthefollowing:*Costofcommonequity:12%*Costofpreferredequity:8%*Costofdebt:6%*Taxrate:30%*Marketvalueofequityisequaltobookvalue.Question10:Discussthepotentiallimitationsofusingfinancialratiosforcompanyanalysis.Provideatleastthreeexamplesofhowtheselimitationsmightimpactyouranalysis.試卷答案Question1:Cashflowfromoperatingactivities=Netincome+Depreciationexpense-Increaseininventory+Decreaseinaccountsreceivable+IncreaseinaccountspayableCashflowfromoperatingactivities=$500,000+$100,000-$40,000+$20,000+$30,000Cashflowfromoperatingactivities=$610,000解析思路：使用間接法計算經(jīng)營活動現(xiàn)金流量，首先從凈利潤開始，然后加上非現(xiàn)金費(fèi)用（折舊），接著調(diào)整經(jīng)營性資產(chǎn)和負(fù)債的變化。增加存貨會使用現(xiàn)金，所以減去；減少應(yīng)收賬款會釋放現(xiàn)金，所以加上；增加應(yīng)付賬款會釋放現(xiàn)金，所以加上。Question2:a)The5-yearbondwithacouponrateof5%paidsemi-annuallyhashigherperiodiccashflowsthanthe10-yearbondwithacouponrateof4%paidannually.However,the10-yearbondhasalongerdurationandismoresensitivetochangesinmarketinterestrates.b)Ifmarketinterestratesrise,thebondwiththehigheryieldtomaturitywillbetheonethatissellingatadiscounttoitsfacevalue.Sincethe10-yearbondhasalowercouponrateandlongermaturity,itismorelikelytosellatadiscountcomparedtothe5-yearbondwithahighercouponrate.Therefore,the10-yearbondwouldlikelyhaveahigheryieldtomaturity.解析思路：比較債券時，需要考慮票面利率、付息頻率和到期時間。票面利率和付息頻率越高，票面現(xiàn)金流越大。到期時間越長，債券價格對利率變化的敏感度越高。市場利率上升時，債券價格下降，收益率上升。通常情況下，到期時間更長、票面利率較低的債券在利率上升時價格下降更多，因此收益率更高。Question3:a)Currentratio:2021:$1,000,000/$500,000=2.02022:$1,200,000/$600,000=2.02023:$1,500,000/$750,000=2.0b)Debt-to-equityratio:2021:$500,000/($2,000,000-$500,000)=0.332022:$600,000/($2,500,000-$600,000)=0.302023:$750,000/($3,000,000-$750,000)=0.33c)Returnonassets(usingaveragetotalassets):2021:$500,000/(($2,000,000+$2,000,000)/2)=0.25or25%2022:$600,000/(($2,500,000+$2,000,000)/2)=0.273or27.3%2023:$750,000/(($3,000,000+$2,500,000)/2)=0.30or30%Commentary:Thecompany'sliquidity,asmeasuredbythecurrentratio,hasremainedstableat2.0,indicatingaconsistentabilitytomeetshort-termobligations.Thesolvency,asmeasuredbythedebt-to-equityratio,hasslightlyimprovedfrom2021to2022butthendeterioratedslightlyin2023,suggestingarelativelystablebutslightlyincreasingleverage.Theprofitability,asmeasuredbythereturnonassets,hasshownaconsistentupwardtrend,indicatingimprovingefficiencyingeneratingprofitfromassets.解析思路：計算比率時，首先根據(jù)題目提供的公式和數(shù)據(jù)計算出每個比率。當(dāng)前比率衡量短期償債能力，債務(wù)權(quán)益比率衡量長期償債能力，資產(chǎn)回報率衡量資產(chǎn)利用效率。通過分析這些比率的趨勢，可以評估公司的流動性、償債能力和盈利能力。在本題中，當(dāng)前比率穩(wěn)定，債務(wù)權(quán)益比率略有下降后略有上升，資產(chǎn)回報率持續(xù)上升。Question4:Horizontalanalysisinvolvescomparingfinancialstatementdataovermultipleperiodstoidentifytrendsandchanges.Itistypicallyexpressedinabsoluteamountsandpercentages.Apracticalapplicationofhorizontalanalysisistoidentifysignificantchangesinrevenue,expenses,orprofitabilityovertime,whichmayindicateshiftsinthecompany'sbusinessenvironmentoroperationalperformance.Verticalanalysisinvolvesexpressingeachlineitemonafinancialstatementasapercentageofabaseamount,typicallytotalassetsforthebalancesheetortotalrevenuefortheincomestatement.Apracticalapplicationofverticalanalysisistoevaluatethecompany'scoststructureandprofitabilitybyanalyzingtheproportionofeachexpensecategoryrelativetototalrevenue.解析思路：水平分析是通過比較多個期間的財務(wù)報表數(shù)據(jù)來識別趨勢和變化，通常以絕對金額和百分比表示。實際應(yīng)用包括識別收入、費(fèi)用或盈利隨時間發(fā)生的變化。垂直分析是將財務(wù)報表中的每一項項目表示為基于金額的百分比，通常是資產(chǎn)負(fù)債表的總資產(chǎn)或損益表的總收入。實際應(yīng)用包括通過分析每個費(fèi)用類別相對于總收入的比例來評估公司的成本結(jié)構(gòu)和盈利能力。Question5:Intrinsicvalue=D1/(Requiredrateofreturn-Growthrate)Intrinsicvalue=$2/(0.10-0.05)Intrinsicvalue=$2/0.05Intrinsicvalue=$40解析思路：使用戈登增長模型計算股票的內(nèi)在價值，需要知道下一個期間的預(yù)期股利（D1）、要求的回報率（k）和股利的恒定增長率（g）。將這三個數(shù)值代入公式即可計算出股票的內(nèi)在價值。Question6:a)Price-to-earnings(P/E)ratio=$45/$3=15b)Price-to-book(P/B)ratio=$30/$20=1.5c)EnterprisevaluetoEBITDA=(Marketvalueofequity+Marketvalueofdebt-Cash)/EBITDASincedebtandcashinformationisnotprovided,weassumemarketvalueofequityisequaltobookvalueofequity.EnterprisevaluetoEBITDA=$1,000,000/$100,000=10解析思路：計算估值乘數(shù)時，根據(jù)題目提供的公式和數(shù)據(jù)計算出每個乘數(shù)。市盈率是股票價格除以每股收益，市凈率是股票價格除以每股凈資產(chǎn)，企業(yè)價值相對于EBITDA是（市場價值加債務(wù)減現(xiàn)金）除以EBITDA。由于題目沒有提供債務(wù)和現(xiàn)金的信息，我們假設(shè)市場價值等于權(quán)益的賬面價值。Question7:Thethreemainstepsinvolvedinthefinancialstatementanalysisprocessare:1.Gatheringandorganizingfinancialdata:Thisinvolvescollectingthecompany'sfinancialstatementsandotherrelevantinformation,suchasindustrydataandeconomicindicators.Anexampleofusingthisstepistogatherthecompany'sannualreportsandindustryreportstounderstanditsfinancialpositionandindustrytrends.2.Analyzingfinancialdata:Thisinvolvescalculatingandinterpretingfinancialratios,trends,andcomparisonstoevaluatethecompany'sfinancialperformanceandposition.Anexampleofusingthisstepistocalculatethecompany'sliquidityratios,suchasthecurrentratioandquickratio,toassessitsabilitytomeetshort-termobligations.3.Makingprojectionsandrecommendations:Thisinvolvesusingtheanalyzedfinancialdatatomakeprojectionsaboutthecompany'sfutureperformanceandtoproviderecommendationsforinvestment,financing,oroperationaldecisions.Anexampleofusingthisstepistoprojectthecompany'sfutureearningsbasedonhistoricaltrendsandindustrygrowth,andtorecommendwhethertoinvestinthecompany.解析思路：財務(wù)報表分析過程主要包括三個步驟：收集和整理財務(wù)數(shù)據(jù)、分析財務(wù)數(shù)據(jù)、做出預(yù)測和建議。收集和整理財務(wù)數(shù)據(jù)包括收集公司的財務(wù)報表和其他相關(guān)信息。分析財務(wù)數(shù)據(jù)包括計算和解釋財務(wù)比率、趨勢和比較，以評估公司的財務(wù)績效和地位。做出預(yù)測和建議包括使用分析的財務(wù)數(shù)據(jù)對公司的未來績效做出預(yù)測，并提供關(guān)于投資、融資或運(yùn)營決策的建議。Question8:Bookvalueisthehistoricalcostofanassetminusaccumulateddepreciation,whilemarketvalueisthecurrentpriceatwhichanassetcouldbetradedinthemarket.Anexampleofusingbookvalueinfinancialanalysisistocalculatethebookvaluepersharetodeterminethebookvalueofequity.Anexampleofusingmarketvalueistousethemarketvalueofequitytocalculatetheprice-to-earningsratio,whichisameasureofthemarket'svaluationofthecompany'sstock.解析思路：賬面價值是資產(chǎn)的原始成本減去累計折舊，而市場價值是資產(chǎn)在市場上可以交易的價格。使用賬面價值的一個例子是計算每股賬面價值以確定權(quán)益的賬面價值。使用市場價值的一個例子是使用權(quán)益的市場價值來計算市盈率，市盈率是市場對公司股票估值的衡量。Question9:WACC=(Weightofequity*Costofequity)+(Weightofpreferredstock*Costofpreferredequity)+(Weightofdebt*Costofdebt*(1-Taxrate))WACC=($1,000,000/$3,000,000*0.12)+($500,000/$3,000,000*0.08)+($1,500,000/$3,000,000*0.06*(1-0.30))WACC=(0.3333*0.12)+(0.1667*0.08)+(0.5*0.06*0.70)WACC=0.04+0.0133+0.021WACC=0.0743or7.43%解析思路：計算加權(quán)平均資本成本（WACC），需要知道每個資本來源的權(quán)重、成本和稅盾效應(yīng)。根據(jù)題目提供的數(shù)據(jù)，計算股權(quán)、優(yōu)先股和債務(wù)的權(quán)重、成本，并代入公式計算出WACC。Question10:Potentialli