2025年CFA《企業(yè)融資》歷年真題匯編考試時間：______分鐘總分：______分姓名：______試卷內(nèi)容1.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thecompany'scostofcapitalis8%.Usingthenetpresentvalue(NPV)method,shouldtheprojectbeaccepted?2.Calculatetheinternalrateofreturn(IRR)foraninvestmentthatrequiresaninitialoutlayof$600,000andisexpectedtoprovidecashinflowsof$200,000attheendofeachyearforfouryears.3.Afirmhasadebt-to-equityratioof0.5.Ifthecostofdebtis6%andthecostofequityis12%,whatisthefirm'sweightedaveragecostofcapital(WACC)assumingthefirmisfinancedsolelybydebtandequity,andtherearenotaxes?4.ExplainthedifferencebetweentheNPVandIRRmethodsforcapitalbudgetingdecision-making.Inwhatsituationsmightonemethodbepreferredovertheother?5.Acompanyisconsideringwhethertoissuenewcommonstockorretainearnings.Whichmethodoffinancingincursafloatationcost?Explaintheconceptoffloatationcostanditsimpactonthecostofexternalequity.6.Definetheterm"financialleverage."Howdoestheuseoffinancialleverageaffectacompany'searningspershare(EPS)?Discusstheassociatedrisks.7.Describethepeckingordertheoryofcapitalstructure.Accordingtothistheory,whatisthepreferredsequenceoffinancingmethodsthatfirmstypicallyfollow?8.Aprojecthasaninitialcostof$500,000andisexpectedtogenerateannualcashflowsof$150,000forfiveyears.Iftherequiredrateofreturnforthisprojectis10%,whatistheproject'sprofitabilityindex(PI)?9.Explaintheconceptofoperatingleverage.Howdoesacompany'soperatingleverageaffectitssensitivitytochangesinsalesvolume?10.Acompanyhascurrentassetsof$400,000andcurrentliabilitiesof$200,000.Calculateitscurrentratioandquickratioifthecompany'sinventoryisvaluedat$150,000.11.Discusstheprimaryadvantagesanddisadvantagesofusingbankloansversusissuingbondsasameansoflong-termfinancingforacompany.12.Explainhowacompanycanusecashflowforecastingtoimproveitsworkingcapitalmanagement.Whataresomecommontechniquesforforecastingcashflows?13.Acompanyisanalyzingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$100,000andanIRRof12%.ProjectBhasanNPVof$80,000andanIRRof14%.Assumingacostofcapitalof10%,whichprojectshouldthecompanychoose?Explainyourreasoning.14.WhatistheModigliani-Millertheoremundertheassumptionofnotaxes?Howdoesthepresenceofcorporatetaxeschangetheimplicationsofthetheoremregardingcapitalstructure?15.Acompanyhasarequiredreturnof15%,abetaof1.2,andarisk-freerateof5%.Assumingthemarketriskpremiumis10%,whatisthecompany'scostofequityusingtheCapitalAssetPricingModel(CAPM)?16.Discusstheroleofcreditanalysisincorporatefinance.Whataresomekeyfactorsthatcreditanalyststypicallyconsiderwhenevaluatingthecreditworthinessofacompany?17.Explainthedifferencebetweenatermloanandarevolvinglineofcredit.Inwhatsituationsmightacompanypreferoneovertheother?18.Acompanyisconsideringaleveragedbuyout(LBO).WhatisanLBO?WhataretheprimarysourcesoffinancingtypicallyusedinanLBOtransaction?19.Discussthechallengesandconsiderationsassociatedwithinternationalcorporatefinance,particularlyintermsofcurrencyriskandpoliticalrisk.20.Explaintheconceptofa"hurdlerate"inthecontextofcapitalbudgeting.Whatfactorsshouldacompanyconsiderwhendeterminingitsappropriatehurdlerate?試卷答案1.CalculatethepresentvalueofthecashinflowsusingthePVannuityfactorfor5yearsat8%(3.9927)andmultiplyby$300,000($1,197,810).Subtracttheinitialinvestment($1,197,810-$1,000,000=$197,810).SincetheNPVispositive($197,810),theprojectshouldbeaccepted.**解析思路：*使用凈現(xiàn)值法決策，需要計算項目未來現(xiàn)金流入的現(xiàn)值，然后減去初始投資。如果結(jié)果為正，則接受項目；為負(fù)則拒絕。計算時需用到年金現(xiàn)值系數(shù)。2.CalculatetheNPVfordifferentdiscountratesstartingfromthecompany'scostofcapital(8%)andgoinghigheruntiltheNPVapproacheszero.TheIRRisthediscountrateatwhichtheNPVequalszero.Usingafinancialcalculatororiterativemethods,theIRRisapproximately15.24%.**解析思路：*內(nèi)部收益率是使項目凈現(xiàn)值等于零的貼現(xiàn)率。計算方法通常是通過試錯法（使用不同貼現(xiàn)率計算NPV）或使用財務(wù)計算器。找到使NPV為0的貼現(xiàn)率即為IRR。3.Thedebt-to-equityratioof0.5implies$0.5debtforevery$1.5equity,givingweightsof0.375(debt)and0.625(equity).WACC=(0.375*6%)+(0.625*12%)=0.0225+0.075=9.75%.**解析思路：*權(quán)重平均資本成本（WACC）是公司所有資本來源的成本按其市場價值比例加權(quán)平均。首先根據(jù)債務(wù)權(quán)益比計算債務(wù)和權(quán)益的權(quán)重，然后用各自的成本乘以權(quán)重并求和。4.NPVconsidersthemagnitudeofcashflowsandthecostofcapitaltodeterminetheabsoluteincreaseinvalue.IRRisthediscountratethatmakestheNPVzero,representingtheproject'srateofreturn.NPVisgenerallypreferredasitdirectlymeasuresvaluecreation;IRRcanbemisleadingincasesofnon-conventionalcashflowsormutuallyexclusiveprojectswithdifferentscales.**解析思路：*NPV衡量項目帶來的絕對價值增加，而IRR衡量項目的回報率。NPV通常更優(yōu)，因為它直接與價值掛鉤。但在某些情況下（如現(xiàn)金流模式異常、項目規(guī)模差異），IRR可能不如NPV適用。5.Issuingnewcommonstockincursfloatationcosts,whichincludeunderwritingfees,legalfees,andotherexpensesassociatedwiththeissuanceprocess.Thesecostsincreasetheeffectivecostofexternalequity,makingitgenerallyhigherthanthecostofretainedearnings(whichhasnofloatationcosts).**解析思路：*新股發(fā)行成本（發(fā)行成本）是指在發(fā)行新股過程中產(chǎn)生的各種費用，如承銷費、律師費等。這些費用提高了外部股權(quán)的成本，通常高于內(nèi)部權(quán)益成本（留存收益）。6.Financialleveragereferstotheuseofdebttofinanceafirm'soperations.Itcanamplifyreturnstoequityholderswhenthereturnonassetsexceedsthecostofdebt.However,italsoincreasesfinancialriskbecauseinterestpaymentsmustbemaderegardlessofthefirm'searnings,potentiallyleadingtofinancialdistressorbankruptcyifearningsareinsufficient.**解析思路：*財務(wù)杠桿是指公司使用債務(wù)為其運營融資。它可以放大股東回報，但同時也增加了風(fēng)險，因為無論公司盈利如何，都必須支付利息，可能導(dǎo)致財務(wù)困境。7.Thepeckingordertheorysuggeststhatfirmsprefertofinanceinvestmentsinternally(usingretainedearnings)first,thenexternaldebt,andfinallyexternalequity,aslongasexternalfinancingisavailable.Thispreferencearisesbecauseinternalfundsarecheaperandlesscostlytoobtainthanexternalfunds,whichinvolveinformationasymmetryandmonitoringcosts.**解析思路：*資本順序理論認(rèn)為公司偏好內(nèi)部融資（留存收益），其次是債務(wù)融資，最后才是股權(quán)融資（如果外部融資可用）。這種偏好源于內(nèi)部資金成本較低且獲取方便，避免了外部融資的信息不對稱和代理成本。8.Calculatethepresentvalueofthecashinflows($150,000*PVannuityfactorfor5yearsat10%=$150,000*3.7908=$568,620).DividethePVofcashinflowsbytheinitialcost($568,620/$500,000=1.137).**解析思路：*盈利指數(shù)（PI）是項目未來現(xiàn)金流入現(xiàn)值與初始投資的比率。計算步驟為：先計算未來現(xiàn)金流的現(xiàn)值，然后除以初始投資額。結(jié)果大于1表示項目可行。9.Operatingleveragemeasuresthedegreetowhichacompany'soperatingcostsarefixed.Acompanywithhighoperatingleveragehasahigherproportionoffixedcosts.Thisresultsingreatervolatilityinitsearningsbeforeinterestandtaxes(EBIT)inresponsetochangesinsalesvolumecomparedtoacompanywithlowoperatingleverage(whichhashighervariablecosts).**解析思路：*經(jīng)營杠桿衡量公司固定經(jīng)營成本占總成本的比例。固定成本比例越高，經(jīng)營杠桿越大。這意味著銷售額的變動會導(dǎo)致EBIT產(chǎn)生更大的波動。10.CurrentRatio=CurrentAssets/CurrentLiabilities=$400,000/$200,000=2.0.QuickRatio=(CurrentAssets-Inventory)/CurrentLiabilities=($400,000-$150,000)/$200,000=$250,000/$200,000=1.25.**解析思路：*流動比率是流動資產(chǎn)除以流動負(fù)債，衡量短期償債能力。速動比率是流動資產(chǎn)減去存貨后除以流動負(fù)債，衡量更嚴(yán)格的短期償債能力。11.Advantagesofbankloansincludelowerinterestrates(especiallyforestablishedfirms),flexibility(e.g.,linesofcredit),andpotentialrelationshipbenefits.Disadvantagesincludecovenantsthatrestrictmanagementdecisions,personalguaranteesrequiredforsmallfirms,andpotentiallyhighertransactioncoststhanissuingbonds(forlargecorporations).**解析思路：*比較銀行貸款和發(fā)行債券的優(yōu)缺點。銀行貸款的優(yōu)點通常包括利率較低、靈活性高、關(guān)系密切；缺點是限制性條款、個人擔(dān)保要求。發(fā)行債券的優(yōu)點可能包括靈活性（到期前可贖回）、交易成本可能較低（對大公司）；缺點是利率可能較高、發(fā)行過程復(fù)雜。12.Cashflowforecastinghelpsacompanypredictitsfuturecashinflowsandoutflows,enablingbettermanagementofworkingcapital.Byanticipatingcashshortagesorsurpluses,thecompanycanadjustitsoperations(e.g.,delaypayments,increasecollections),manageinventorylevelsefficiently,andplanforfinancingneeds.Techniquesincludehistoricaldataanalysis,scatterdiagrams,regressionanalysis,andjudgmentaladjustments.**解析思路：*現(xiàn)金流預(yù)測通過預(yù)估未來現(xiàn)金收支，幫助公司更好地管理營運資本。它能提前識別現(xiàn)金流壓力，從而調(diào)整運營、優(yōu)化庫存、規(guī)劃融資。預(yù)測方法包括歷史數(shù)據(jù)分析、散點圖、回歸分析、主觀判斷調(diào)整等。13.ChoosetheprojectwiththehigherNPV.NPVistheprimarycriterionformutuallyexclusiveprojectsasitmaximizesshareholderwealth.ProjectAhasanNPVof$100,000,whichishigherthanProjectB'sNPVof$80,000,eventhoughProjectBhasahigherIRR.TheIRRcanbemisleadingwhenprojectshavedifferentscalesortimingofcashflows.**解析思路：*對于互斥項目，選擇NPV較高的項目。NPV是最大化股東財富的首要標(biāo)準(zhǔn)。由于項目規(guī)?；颥F(xiàn)金流時間點不同，IRR可能無法準(zhǔn)確反映項目的真實價值貢獻(xiàn)，應(yīng)優(yōu)先考慮NPV。14.Undertheassumptionofnotaxes,Modigliani-Millertheoremstatesthatafirm'svalueisindependentofitscapitalstructure.Thetheoremarguesthatthecostofequityincreasesasleverageincreasestooffsetthelowercostofdebt.However,thepresenceofcorporatetaxeschangesthis,asdebtprovidesataxshield(interestpaymentsaretax-deductible),makingleveragepotentiallybeneficialandleadingtoanoptimalcapitalstructure.**解析思路：*無稅的MM定理認(rèn)為公司價值與其資本結(jié)構(gòu)無關(guān)。有稅的MM定理則認(rèn)為，由于利息費用可以抵稅（提供稅盾），債務(wù)融資具有優(yōu)勢，因此公司價值會隨著負(fù)債比例的增加而增加，存在最優(yōu)資本結(jié)構(gòu)。15.CostofEquity=Risk-FreeRate+Beta*MarketRiskPremium=5%+1.2*10%=5%+12%=17%.**解析思路：*使用資本資產(chǎn)定價模型（CAPM）計算股權(quán)成本。公式為：股權(quán)成本=無風(fēng)險利率+貝塔系數(shù)*市場風(fēng)險溢價。將題目給定的數(shù)值代入公式即可。16.Creditanalysisinvolvesevaluatingacompany'sabilityandwillingnesstorepayitsdebts.Creditanalystsassessfinancialstatements,industryconditions,managementquality,competitiveposition,andmarketreputation.Keyfactorsincludeliquidityratios(current,quick),leverageratios(debt/equity,interestcoverage),cashflowtrends,andpaymenthistory.**解析思路：*信用分析評估公司償還債務(wù)的能力和意愿。分析師會考察財務(wù)報表、行業(yè)環(huán)境、管理能力、競爭地位、市場聲譽(yù)等。關(guān)鍵指標(biāo)包括流動比率、杠桿比率、利息保障倍數(shù)、現(xiàn)金流趨勢、付款記錄等。17.Atermloanisalump-sumloanwithafixedinterestrateandaspecifiedmaturitydate,whereprincipalandinterestaretypicallyrepaidininstallmentsoratmaturity.Arevolvinglineofcreditprovidesanborrowinglimitthatcanbedrawndown,repaid,andredrawnasneeded,usuallywithinterestonlypaidontheoutstandingbalance,oftenrequiringperiodicrenewals.**解析思路：*比較定期貸款和循環(huán)信貸額度。定期貸款是金額固定、利率固定、有到期日的貸款，通常分期償還或到期一次性償還。循環(huán)信貸額度是可借可還、可循環(huán)使用的信貸額度，按實際使用額支付利息，通常需要定期續(xù)期。18.AnLBO(LeveragedBuyout)istheacquisitionofacompanyusingasignificantamountofborrowedmoney(leverage),withtheassetsofthecompanyoftenbeingusedascollateralfortheloans.Primaryfinancingsourcestypicallyincludeseniordebt(fromcommercialbanksorinstitutionallenders),mezzaninedebt(subordinateddebtw