2025年CFA《公司金融》真題模擬考試時間：______分鐘總分：______分姓名：______客觀題1.Acompanyisevaluatingaprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashflowsof$300,000forthenextfiveyears.Thecompany'scostofcapitalis8%.WhatistheapproximateNetPresentValue(NPV)oftheproject?a)$137,621b)$150,000c)$447,313d)$862,3812.Whichofthefollowingmethodsofvaluationismostsuitablewhentherearenocomparablefirmsintheindustry?a)DiscountedCashFlow(DCF)b)ComparableCompaniesAnalysisc)PrecedentTransactionsAnalysisd)MarketCapitalization3.TheCapitalAssetPricingModel(CAPM)isusedtoestimatetherequiredrateofreturnforaninvestment.Whichofthefollowingcomponentsistypicallyconsideredtherisk-freerate?a)Theexpectedreturnonthemarketportfoliob)Thecompany'sbetac)ThehistoricalreturnongovernmentTreasurybillsd)Thecompany'scostofdebt4.Acompanyhasadebt-to-equityratioof0.5.Ifthecostofdebtis5%andthecostofequityis12%,whatistheapproximateWeightedAverageCostofCapital(WACC)ifthetaxrateis30%?a)6.5%b)9.0%c)10.2%d)12.6%5.WhichofthefollowingstatementsisTRUEregardingtheModigliani-Miller(MM)theoremwithtaxes?a)Thevalueofaleveredfirmisalwayshigherthanthevalueofanunleveredfirm.b)Thecostofequityincreasesproportionallywiththedebt-to-equityratio.c)Thereisatrade-offbetweenthetaxshieldbenefitsofdebtandthecostsoffinancialdistress.d)TheWACCremainsconstantasthefirmincreasesitsuseofdebt.6.Acompanyisconsideringissuingbondswithamaturityof10yearsandacouponrateof6%.Ifthemarketinterestrateforsimilarbondsis5%,whatistheexpectedpriceofthebonds?a)Belowparvalueb)Atparvaluec)Aboveparvalued)Cannotbedeterminedwithoutknowingthefacevalue.7.Whichofthefollowingderivativesisgenerallyconsideredthemostversatiletoolforhedgingrisk?a)Forwardcontractb)Futurescontractc)Optionscontractd)Swapscontract8.Acompanyusesfinancialleveragetofinanceitsoperations.Whatisonepotentialbenefitofusingdebt?a)Increasedtaxshieldb)Reducedfinancialflexibilityc)Decreasedcostofequityd)Increasedriskoffinancialdistress9.WhichofthefollowingstatementsisTRUEregardingtheEfficientMarketHypothesis(EMH)?a)Marketpricesreflectallavailableinformation.b)Itisimpossibletoconsistentlyachievereturnsabovethemarketaverage.c)Marketefficiencyleadstopredictablepricemovements.d)Allinvestorshavethesamelevelofrisktolerance.10.Acompanyisevaluatingtwomutuallyexclusiveprojects.ProjectAhasahigherinternalrateofreturn(IRR)butalowernetpresentvalue(NPV)thanProjectB.WhichprojectshouldthecompanyacceptaccordingtotheNPVrule?a)ProjectAb)ProjectBc)Bothprojectsd)Neitherproject11.Whichofthefollowingisacomponentoftheweightedaveragecostofcapital(WACC)?a)Preferredstockdividendsb)Commonstockdividendsc)Costofretainedearningsd)Alloftheabove12.Acompanyisconsideringleasingapieceofequipmentinsteadofpurchasingit.Whatisoneadvantageofleasing?a)Itprovides100%financing.b)Itresultsinalargerimmediatetaxdeduction.c)Iteliminatestheneedformaintenance.d)Itguaranteesownershipoftheassetattheendoftheleaseterm.13.Whichofthefollowingfinancialstatementsismostcommonlyusedtoanalyzeacompany'sliquidity?a)IncomeStatementb)StatementofCashFlowsc)BalanceSheetd)StatementofShareholders'Equity14.Acompanyisanalyzingthepotentialacquisitionofanotherfirm.WhichofthefollowingisNOTatypicalstepintheacquisitionanalysisprocess?a)Conductingduediligenceb)Estimatingthesynergiesfromtheacquisitionc)Determiningtheofferpriced)Calculatingthefuturevalueoftheacquiringcompany'sstock15.Whichofthefollowingisamethodofmanagingfinancialrisk?a)Diversificationb)Increasingleveragec)Reducingthescaleofoperationsd)Avoidinginvestmentsaltogether16.Whatistheprimarypurposeofastocksplit?a)Toincreasethemarketpriceofthestockb)Todecreasethemarketpriceofthestockc)Toincreasethenumberofsharesoutstandingd)Todecreasethenumberofsharesoutstanding17.Whichofthefollowingisafactorthatcaninfluenceacompany'sdividendpolicy?a)Earningsstabilityb)Growthopportunitiesc)Legalrestrictionsd)Alloftheabove18.Acompanyisconsideringrepurchasingitsownshares.Whatisonepotentialbenefitofsharerepurchase?a)Itcanincreaseearningspershare(EPS).b)Itcanimprovethecompany'sdebt-to-equityratio.c)Itcansignalconfidenceinthecompany'sfutureprospects.d)Alloftheabove19.Whichofthefollowingisacharacteristicofacalloption?a)Thebuyerhastheright,butnottheobligation,tobuyanassetatapredeterminedprice.b)Thesellerhastheobligationtosellanassetatapredeterminedprice.c)Theoptionhasnotimelimitforexpiration.d)Theoptioncostisalwaysequaltotheunderlyingasset'sprice.20.WhichofthefollowingstatementsisTRUEregardingtherelationshipbetweenacompany'sstockpriceanditsvaluation?a)Ahigherstockpricealwaysindicatesahighervaluation.b)Ahighervaluationalwaysindicatesahigherstockprice.c)Thestockpriceisthemarket'sestimateofthecompany'sintrinsicvalue.d)Therelationshipisunaffectedbymarketsentiment.主觀題21.Acompanyisconsideringinvestinginanewproject.Theinitialinvestmentrequiredis$2,000,000.Theprojectisexpectedtogeneratethefollowingcashflowsoverthenextfiveyears:Year1:$600,000Year2:$700,000Year3:$800,000Year4:$900,000Year5:$1,000,000Thecompany'scostofcapitalis10%.CalculatetheNetPresentValue(NPV)oftheproject.ShouldthecompanyaccepttheprojectbasedontheNPVrule?22.Youaregiventhefollowinginformationaboutacompany:*Marketvalueofequity=$500million*Marketvalueofdebt=$300million*Costofequity=12%*Costofdebt=6%*Corporatetaxrate=35%Calculatethecompany'sWeightedAverageCostofCapital(WACC).23.Acompanyisevaluatingtheacquisitionofanotherfirm.Thetargetfirmhasthefollowingprojectedfreecashflowsforthenextthreeyears:Year1:$100millionYear2:$150millionYear3:$200millionTheterminalvalueofthecompanyisestimatedtobe$800millionattheendofyear3.Thediscountrateforvaluingthetargetfirmis15%.Calculatethepresentvalueofthetargetfirmusingatwo-stagediscountedcashflow(DCF)model.24.Acompanyisconsideringissuingbondswithafacevalueof$1,000anda5%couponrate,payablesemi-annually.Thebondshavea10-yearmaturity.Ifthemarketinterestrateforsimilarbondsis6%,calculatethepriceofthebonds.Shouldthebondsbeissuedatadiscount,atpar,oratapremium?25.Acompanyiscurrentlyconsideringwhethertoleaseorpurchaseapieceofequipment.Theequipmentcosts$1,000,000.Thecompanycanleaseitfor$100,000peryearfor10years,withpaymentsmadeatthebeginningofeachyear.Thecompany'scostofcapitalis8%.Theequipmentisexpectedtohavearesidualvalueof$100,000attheendof10years.Shouldthecompanyleaseorpurchasetheequipment,consideringthetimevalueofmoney?試卷答案客觀題1.a2.a3.c4.c5.c6.c7.c8.a9.b10.b11.d12.a13.c14.d15.a16.c17.d18.d19.a20.c主觀題21.NPV=-2,000,000+600,000/(1+0.10)^1+700,000/(1+0.10)^2+800,000/(1+0.10)^3+900,000/(1+0.10)^4+1,000,000/(1+0.10)^5NPV=-2,000,000+545,455+608,627+661,157+702,587+620,921NPV=$636,849SinceNPV>0,thecompanyshouldaccepttheproject.22.WACC=(E/V*Re)+(D/V*Rd*(1-Tc))E=$500million,V=E+D=$800million,D=$300million,Re=12%,Rd=6%,Tc=35%WACC=(500/800*0.12)+(300/800*0.06*(1-0.35))WACC=(0.625*0.12)+(0.375*0.06*0.65)WACC=0.075+0.01425WACC=0.08925or8.925%23.PVofFCFs=100/(1+0.15)^1+150/(1+0.15)^2+200/(1+0.15)^3PVofFCFs=86.206+112.702+127.727=$326.635PVofTerminalValue=800/(1+0.15)^3=$497.177TotalPV=$326.635+$497.177=$823.812million24.Priceofbond=[C*PVIFA(r,n)+F*PVIF(r,n)]C=$1,000*5%/2=$25(semi-annualc