CFA考試一級章節(jié)練習(xí)題精選0331-29(附詳解)

1、CFA考試一級章節(jié)練習(xí)題精選 0331-29 （附詳解）1、A company s $100 par perpetual preferred stock has a dividend rate of 7 percent and a required rate of return of 11 percent. The companyexpected to grow at a constant rate of 3 percent per year. If the market price per share for the preferred stock is $75, the preferred

2、 stock is most appropriatelydescribed as being: 【單選題】A. overvalued by $11.36.B.undervalued by $15.13.C.undervalued by $36.36.正確答案 :A答案解析 : “ An Introduction to Security Valuation,” Frank K. Reilly, CFA and Keith C. Brown, CFA6s required rate of return-63.64 = $11.36.2010 Modular Level I, Vol. 5, pp.

3、 134-135Study Session 14-56-cCalculate and interpret the value of both a preferred stock and a common stock using the dividend discount model (DDM).Value of perpetual preferred stock = Dividend / Investor $7/ 0.11 = $63.64. The stock is overvalued by $75.001、 Which of the following multiples is most

4、 useful when comparing companies with significant differences in capital structure?單選題】A.EV/EBITDAB.Price-to-book ratioC.Price-to-cash flow ratio正確答案 :A答案解析 : “ Overview of Equity Securities,” Ryan C. Fuhrmann, CFA and Asjeet S. Lamba, CFA2013 Modular Level I, Vol. 5, Reading 49, Section 7.1Equity V

5、aluation: Concepts and Basic Tools,” John J. Nagorniak, CFA and Stephen E. Wilcox, CFA2013 Modular Level I, Vol. 5, Reading 51, Sections 5.2 - 5.4Study Session 14-49-g, 14-51-h, iDistinguish between the market value and book value of equity securities.Calculate and interpret the following multiples:

6、 price to earnings, price to an estimate of operating cash flow, price to sales, and price to book value.Explain the use of enterprise value multiples in equity valuation and demonstrate the use of enterprise value multiples to estimate equity value.A is correct. The EV/EBITDA approach is most usefu

7、l when comparing companies with significant differences in capital structure. EBITDA is computed prior topayment to any of the companys financial stakeholders and is not impacted by the amount of debt leverage.1、 If a portfolio manager wants to sell a stock at a price above current marketprice, the

8、best type of order to use is a:單選題】A.limit order.B.market order.C.st op sell order.正確答案:A 答案解析：希望以一個高于當(dāng)前市場成交價(jià)的價(jià)格賣出股票，應(yīng)該掛出限價(jià)賣出訂單。市價(jià)訂單是按照市場價(jià)格迅速成交的訂單。止損賣出訂單是當(dāng)價(jià) 格下跌到一定幅度，為了避免損失擴(kuò)大而執(zhí)行的訂單。1、An investor gathers the following data.YearEarnings per share ($Divide nds per share ($)ROE20113.201.9212%20103.601.8

9、017%20092.441.7113%20082.501.6015%To estimate the stocks justified forward P/E, the investor prefers to use the compo unded annual earnings growth and the average of the p ayout ratios over therelevant p eriod (i.e., 20082011). If the investor uses 11.5% as her required rate of return, the stocks ju

10、stified forward P/E is closed單選題】A.10.B. 12.C. 21.正確答案:C答案解析:“ Equity Valuation: Concepts and Basic Tools,” John J. Nagorniak and Ste phen E. Wilcox2012 Modular Level I, Vol. 5, pp. 276, 281,289-291Study Session 14-52-hCalculate and inter pret the following mult ipl es: p rice to earnings, p rice to

11、 an estimate of op erating cash flow, p rice to sales, and p rice to book value.C is correct.Po/5 二 p/(r-g)Earnings growth rate (g) over the period 2008-2011 二 2.50(1 + gf = 3.20; g - 8.6%Payout ratio (p) comp utation (for exam pie, 2011) = 1.92/3.20 = 0.60.Average payout ratio = (0.60 + 0.50 + 0.70 + 0.64)/4 = 0.61.Po/L = p/W-g) = 0.61/(0.115 一 0.086) = 0.61/0.029 = 21.01、 An analyst does research about execution instructions.A trader who pl aces abuy order at the best bid most likely:【單選題】A.makes the market.B.is inside the market.C.takes the market.正確答案:A答案解析