CFA特許金融分析師-CFA一級(jí)-04-CorporateIssuers

CFA特許金融分析師-CFA一級(jí)-04-CorporateIssuers[單選題]1.TheFulcrumCompanyproducesdecorativeswivelplatformsfor（江南博哥）hometelevisions.IfFulcrumproduces40millionunits,itestimatesthatitcansellthemfor$100each.Variableproductioncostsare$65perunitandfixedproductioncostsare$1.05billion.Whichofthefollowingstatementsismostaccurate?Holdingallelseconstant,theFulcrumCompanywould:A.generatepositiveoperatingincomeifunitsaleswere25million.B.havelessoperatingleverageiffixedproductioncostswere10percentgreaterthan$1.05billion.C.generate20percentmoreoperatingincomeifunitsaleswere5percentgreaterthan40million.正確答案：C參考解析：Answer:CBecauseDOLis4,ifunitsalesincreaseby5percent,Fulcrum’soperatingearningsareexpectedtoincreaseby4×5%=20%.ThecalculationforDOLis:

這道題目問的是Fulcrum公司生產(chǎn)用于家庭電視的裝飾性旋轉(zhuǎn)平臺(tái)。如果Fulcrum生產(chǎn)40million臺(tái)，它估計(jì)每臺(tái)售價(jià)100美元。每單位可變生產(chǎn)成本為65美元，固定生產(chǎn)成本為1.5billion美元。下列哪個(gè)陳述是最準(zhǔn)確的?保持其他一切不變，F(xiàn)ulcrum公司會(huì):由于DOL為4，如果單位銷售額增加5%，那么Fulcrum的營(yíng)業(yè)利潤(rùn)預(yù)計(jì)將增加4×5%=20%。DOL的計(jì)算為:因此C選項(xiàng)正確。[單選題]2.Whichofthefollowingstatementsregardingcorporateshareholdersismostaccurate?A.Cross-shareholdingshelppromotecorporatemergers.B.Dual-classstructuresareusedtoaligneconomicownershipwithcontrol.C.Affiliatedshareholderscanprotectacompanyagainsthostiletakeoverbids.正確答案：C參考解析：這道題目問的是下列關(guān)于公司股東的陳述，哪一項(xiàng)最準(zhǔn)確?大股東(如個(gè)人、家庭信托、捐贈(zèng)基金或私募股權(quán)基金)的存在可以使公司免受外部股東投票的影響。因此C選項(xiàng)正確[單選題]3.Whichofthefollowingrepresentsaresponsibilityofacompany’sboardofdirectors?A.ImplementationofstrategyB.EnterpriseriskmanagementC.Consideringtheinterestsofshareholdersonly正確答案：B參考解析：這道題目問的是下列哪項(xiàng)代表公司董事會(huì)的責(zé)任?董事會(huì)通常確保公司有適當(dāng)?shù)钠髽I(yè)風(fēng)險(xiǎn)管理系統(tǒng)。因此B選項(xiàng)正確[單選題]4.Whichofthefollowingrepresentsaprincipal–agentconflictbetweenshareholdersandmanagement?A.RisktoleranceB.MultipleshareclassesC.Accountingandreportingpractices正確答案：A參考解析：這道題目問的是下列哪項(xiàng)代表股東與管理層之間的委托代理沖突?在風(fēng)險(xiǎn)承受力方面，股東和經(jīng)理人的利益可能存在分歧。在某些情況下，多元化投資組合的股東可能具有較高的風(fēng)險(xiǎn)承受能力，因?yàn)樘囟ǖ墓撅L(fēng)險(xiǎn)可以分散。在企業(yè)決策中，管理者通常更傾向于規(guī)避風(fēng)險(xiǎn)，以更好地保護(hù)自己的就業(yè)狀況。因此A選項(xiàng)正確[單選題]5.Thebusinessriskofaparticularcompanyismostaccuratelymeasuredbythecompany’s:A.debt-to-equityratio.B.efficiencyinusingassetstogeneratesales.C.operatingleverageandlevelofuncertaintyaboutdemand,outputprices,andcompetition.正確答案：C參考解析：這道題目問的是某公司的商業(yè)風(fēng)險(xiǎn)最準(zhǔn)確的衡量方法是:商業(yè)風(fēng)險(xiǎn)反映了經(jīng)營(yíng)杠桿和影響銷售的因素。因此C選項(xiàng)正確。[單選題]6.HappyResortsCompanycurrentlyhas1.2millioncommonsharesofstockoutstandingandthestockhasabetaof2.2.Italsohas$10millionfacevalueofbondsthathavefiveyearsremainingtomaturityand8percentcouponwithsemi-annualpayments,andarepricedtoyield13.65percent.IfHappyissuesupto$2.5millionofnewbonds,thebondswillbepricedatparandhaveayieldof13.65percent;ifitissuesbondsbeyond$2.5million,theexpectedyieldontheentireissuancewillbe16percent.Happyhaslearnedthatitcanissuenewcommonstockat$10ashare.Thecurrentrisk-freerateofinterestis3percentandtheexpectedmarketreturnis10percent.Happy'smarginaltaxrateis30percent.IfHappyraises$7.5millionofnewcapitalwhilemaintainingthesamedebt-to-equityratio,itsweightedaveragecostofcapitalisclosestto:A.14.5percent.B.15.5percent.C.16.5percent.正確答案：B參考解析：這道題目問的是Happy公司目前發(fā)行了1.2million股普通股，貝塔系數(shù)為2.2。該公司還有10million美元票面價(jià)值的債券，還有五年到期，票面利率為8%，每半年支付一次，收益率為13.65%。如果Happy發(fā)行至多2.5million美元的新債券，這些債券將按面值定價(jià)，收益率為13.65%;如果發(fā)行超過2.5million美元的債券，整個(gè)發(fā)行的預(yù)期收益率將為16%。Happy已經(jīng)了解到，它可以以每股10美元的價(jià)格發(fā)行新的普通股。目前的無(wú)風(fēng)險(xiǎn)利率為3%，預(yù)期市場(chǎng)回報(bào)率為10%。Happy的邊際稅率是30%。如果Happy在保持相同的負(fù)債權(quán)益比率的情況下籌集7.5million美元的新資本，其加權(quán)平均資本成本最接近于:首先要求出公司的資本結(jié)構(gòu)：債券市場(chǎng)價(jià)值:FV=$10,000,000,PMT=$400,000,N=10,I/Y=6.825%.求解PV:$7,999,688.股權(quán)市場(chǎng)價(jià)值:1.2millionsharesoutstandingat$10=$12,000,000債券和股票總市值$19,999,688，債券占比40%，股票占比60%為了籌集7.5million美元的新資本，同時(shí)保持相同的資本結(jié)構(gòu)，公司將發(fā)行7.5×40%=3million美元的債券，其稅前收益率為16%。rd(1-t)=0.16(1-0.3)=0.112or11.2%re=0.03

2.2(0.10-0.03)=0.184or18.4%WACC=[0.40(0.112)]＋

[0.6(0.184)]=0.0448＋0.1104=0.1552or15.52%因此B選項(xiàng)正確[單選題]7.Whichofthefollowingissuesdiscussedatashareholders’generalmeetingwouldmostlikelyrequireonlyasimplemajorityvoteforapproval?A.VotingonamergerB.ElectionofdirectorsC.Amendmentstobylaws正確答案：B參考解析：這道題目問的是在股東大會(huì)上討論的下列問題中，哪一個(gè)最有可能只需要簡(jiǎn)單多數(shù)投票通過?董事的選舉被認(rèn)為是一個(gè)普通的決議，因此，只需要簡(jiǎn)單的多數(shù)票通過。因此B選項(xiàng)正確[單選題]8.Whichofthefollowingstatementsaboutnon-marketfactorsincorporategovernanceismostaccurate?A.Stakeholderscanspreadinformationquicklyandshapepublicopinion.B.Acivillawsystemoffersbetterprotectionofshareholderintereststhandoesacommonlawsystem.C.Vendorsprovidingcorporategovernanceserviceshavelimitedinfluenceoncorporategovernancepractices.正確答案：A參考解析：這道題目問的是關(guān)于公司治理中的非市場(chǎng)因素，下列哪項(xiàng)表述最準(zhǔn)確?社交媒體已經(jīng)成為利益相關(guān)者即時(shí)傳播信息的強(qiáng)大工具，他們只需花費(fèi)很少的成本或努力，就能在影響公眾情緒方面與公司管理層展開競(jìng)爭(zhēng)。因此A選項(xiàng)正確[單選題]9.WilliamJonesisevaluatingthreepossiblemeansofborrowing$1millionforonemonth:Drawingdownonalineofcreditat7.2percentwitha1/2percentcommit-mentfeeonthefullamountwithnocompensatingbalances.Abanker’sacceptanceat7.1percent,anall-inclusiverate.Commercialpaperat6.9percentwithadealer'scommissionof1/4percentandabackuplinecostof1/3percent,bothofwhichwouldbeassessedonthe$1millionofcommercialpaperissued.Whichoftheseformsofborrowingresultsinthelowestcostofcredit?A.Lineofcredit.B.Banker‘sacceptance.C.Commercial

paper.正確答案：B參考解析：這道題目問的是威廉?瓊斯(WilliamJones)正在評(píng)估三種可能的借款方式:對(duì)全部金額收取0.5%的承諾費(fèi)，并按7.2%的利率提款。銀行承兌匯票的利率為7.1%。商業(yè)票據(jù)利率為6.9%，經(jīng)銷商傭金為1/4，備用線路成本為1/3哪一種形式的借貸導(dǎo)致最低的信貸成本?因此B選項(xiàng)正確。[單選題]10.Usingthedividenddiscountmodel,whatisthecostofequitycapitalforZellerMiningifthecompanywillpayadividendofC$2.30nextyear,hasapayoutratioof30percent,areturnonequity(ROE)of15percent,andastockpriceofC$45?A.9.61percent.B.10.50percent.C.15.61percent.正確答案：C參考解析：這道題目問的是使用股利折現(xiàn)模型，如果公司明年將支付2.30加元的股利，股利率為30%，股本回報(bào)率(ROE)為15%，股價(jià)為45加元，那么Z礦業(yè)的股票融資成本是多少?首先利用公式計(jì)算可持續(xù)增長(zhǎng)率，然后利用股利折現(xiàn)模型計(jì)算權(quán)益成本:g=(1–Dividendpayoutratio)(Returnonequity)=(1–0.30)(15%)=10.5%re=(D1/P0)＋g=($2.30/$45)＋10.50%=15.61%因此C選項(xiàng)正確[單選題]11.AfinancialanalystatBuckcoLtd.wantstocomputethecompany'sweightedaveragecostofcapital(WACC)usingthedividenddiscountmodel.Theanalysthasgatheredthefollowingdata:

Buckco'sWACCisclosestto:A.8percent.B.9percent.C.12percent正確答案：B參考解析：這道題目問的是BuckcoLtd.的一位金融分析師使用股利折現(xiàn)模型計(jì)算公司的加權(quán)平均資本成本(WACC)。該分析師收集了以下數(shù)據(jù)，問一下哪個(gè)選項(xiàng)正確：Costofequity=D1/P0＋g=$1.50/$30

7%=5%＋7%=12%D/(D＋E)=0.8033/1.8033=0.445WACC=[(0.445)(0.08)(1-0.4)]＋[(0.555)(0.12)]=8.8%因此B選項(xiàng)正確[單選題]12.BrandonWieneisafinancialanalystcoveringthebeverageindustry.HeisevaluatingtheimpactofDEFBeverage'snewproductlineofflavoredwaters.DEFcurrentlyhasadebt-to-equityratioof0.6.Thenewproductlinewouldbefinancedwith$50millionofdebtand$100millionofequity.InestimatingthevaluationimpactofthisnewproductlineonDEF'svalue,Wienehasestimatedtheequitybetaandassetbetaofcomparablecompanies.Incalculatingtheequitybetafortheproductline,WieneisintendingtouseDEF'sexistingcapitalstructurewhenconvertingtheassetbetaintoaprojectbeta.Whichofthefollowingstatementsiscorrect?A.UsingDEF'sdebt-to-equityratioof0.6isappropriateincalculatingthenewproductline'sequitybeta.B.UsingDEF'sdebt-to-equityratioof0.6isnotappropriate,butratherthedebt-to-equityratioofthenewproduct,0.5,isappropriatetouseincalculatingthenewproductline'sequitybeta.C.Wieneshouldusethenewdebt-to-equityratioofDEFthatwouldresultfromtheadditional$50milliondebtand$100millionequityincalculatingthenewproductline'sequitybeta.正確答案：B參考解析：這道題目問的是布蘭登維恩(BrandonWiene)是一名負(fù)責(zé)飲料行業(yè)的財(cái)務(wù)分析師。他正在評(píng)估DEFBeverage的調(diào)味水新產(chǎn)品線的影響。DEF目前的負(fù)債權(quán)益比為0.6。新產(chǎn)品線將由50million美元的債務(wù)和100million美元的股權(quán)融資。在評(píng)估這一新產(chǎn)品線對(duì)DEF價(jià)值的影響時(shí)，Wiene評(píng)估了可比公司的股票貝塔系數(shù)和資產(chǎn)貝塔系數(shù)。在計(jì)算產(chǎn)品線的股權(quán)beta時(shí)，Wiene打算在將資產(chǎn)beta轉(zhuǎn)換為項(xiàng)目beta時(shí)使用DEF現(xiàn)有的資本結(jié)構(gòu)。下列哪個(gè)陳述是正確的?要分析beta值，需要用的資本結(jié)構(gòu)是新產(chǎn)品的負(fù)債權(quán)益比率，應(yīng)該為50/100=0.5。因此B選項(xiàng)正確[單選題]13.TheGearingCompanyhasanafter-taxcostofdebtcapitalof4percent,acostofpreferredstockof8percent,acostofequitycapitalof10percent,andaweightedaveragecostofcapitalof7percent.Gearingintendstomaintainitscurrentcapitalstructureasitraisesadditionalcapital.Inmakingitscapitalbudgetingdecisionsfortheaverage-riskproject,therelevantcostofcapitalis:A.4percent.B.7percent.C.8percent.正確答案：B參考解析：這道題目問的是G公司的稅后債務(wù)資本成本為4%，優(yōu)先股成本為8%，權(quán)益資本成本為10%，加權(quán)平均資本成本為7%。G公司打算在籌集額外資本的同時(shí)保持現(xiàn)有的資本結(jié)構(gòu)。在為平均風(fēng)險(xiǎn)項(xiàng)目作出資本預(yù)算決策時(shí)，相關(guān)的資本成本為:加權(quán)平均資本成本是對(duì)公司平均風(fēng)險(xiǎn)項(xiàng)目的資本成本的最佳估計(jì)，并且該公司使用的是當(dāng)前資本結(jié)構(gòu)，所以平均風(fēng)險(xiǎn)的項(xiàng)目的資本成本就是公司的加權(quán)平均資本成本為7%。因此B選項(xiàng)正確[單選題]14.Ananalystgatheredthefollowinginformationaboutacompanyandthemarket:

Usingthediscountedcashflow(DCF)approach,thecostofretainedearningsforthecompanyisclosestto:A.15.7%.B.16.1%.C.16.8%.正確答案：C參考解析：這道題目問的是一位分析師收集了一家公司和市場(chǎng)的以下信息，使用折現(xiàn)現(xiàn)金流(DCF)方法，公司的留存收益成本最接近于:預(yù)期回報(bào)是預(yù)期股利率加上預(yù)期增長(zhǎng)的總和。預(yù)期增長(zhǎng)率為(1-0.4)15%=9%。預(yù)期股利率為2.18元/28元=7.8%。總和是16.8%因此C選項(xiàng)正確[單選題]15.MorganInsuranceLtd.issuedafixed-rateperpetualpreferredstockthreeyearsagoandplaceditprivatelywithinstitutionalinvestors.Thestockwasissuedat$25persharewitha$1.75dividend.Ifthecompanyweretoissuepreferredstocktoday,theyieldwouldbe6.5percent.Thestock'scurrentvalueis:A.$25.00B.$26.92C.$37.31正確答案：B參考解析：這道題目問的是摩根保險(xiǎn)有限公司(MorganInsuranceLtd.)三年前發(fā)行了固定利率的永久優(yōu)先股。該股以每股25美元的價(jià)格發(fā)行，股利為1.75美元。如果該公司現(xiàn)在發(fā)行優(yōu)先股，收益率將為6.5%。該股當(dāng)前價(jià)值為:該公司可以發(fā)行6.5%的優(yōu)先股。Pp=$1.75/0.065=$26.92因此B選項(xiàng)正確[單選題]16.Twoyearsago,acompanyissued$20millioninlong-termbondsatparvaluewithacouponrateof9percent.Thecompanyhasdecidedtoissueanadditional$20millioninbondsandexpectsthenewissuetobepricedatparvaluewithacouponrateof7percent.Thecompanyhasnootherdebtoutstandingandhasataxrateof40percent.Tocomputethecompany‘sweightedaveragecostofcapital,theappropriateafter-taxcostofdebtisclosetto:A.4.2%.B.4.8%.C.5.4%.正確答案：A參考解析：這道題目問的是兩年前，一家公司發(fā)行了價(jià)值2000萬(wàn)美元的長(zhǎng)期債券，票面利率為9%。該公司已決定再發(fā)行2,000萬(wàn)美元債券，并預(yù)計(jì)新發(fā)行債券的票面利率為7%。該公司沒有其他未償債務(wù)，稅率為40%。要計(jì)算公司的加權(quán)平均資本成本，適當(dāng)?shù)亩惡髠鶆?wù)成本最接近:相關(guān)成本是債務(wù)的邊際成本。債務(wù)的稅前邊際成本可由新發(fā)債務(wù)的到期收益率來(lái)估計(jì)。稅后成本為7(1-0.4)=7(0.6)=4.2%。因此A選項(xiàng)正確[單選題]17.FranMcClureofAlbaAdvisersisestimatingthecostofcapitalofFrontierCorporationaspartofhervaIuationanalysisofFrontier.McClurewillbeusingthisestimate,alongwithprojectedcashflowsfromFrontier'snewprojects,toestimatetheeffectofthesenewprojectsonthevalueofFrontier.McClurehasgatheredthefollowinginformationonFrontierCorporation:

TheweightsthatMcClureshouldapplyinestimatingFrontier'scostofcapitalfordebtandequityarerespectively:A.Wd=0.200;We=0.800.B.Wd=0.185;We=0.815.C.Wd=0.223;We=0.777.正確答案：C參考解析：這道題目問的是AlbaAdvisers的麥克盧爾(FranMcClure)正在估算FrontierCorporation的資本成本。麥克盧爾將利用這一估計(jì)，以及Frontier新項(xiàng)目的預(yù)計(jì)現(xiàn)金流，來(lái)估計(jì)這些新項(xiàng)目對(duì)Frontier價(jià)值的影響。麥克盧爾收集了公司的以下信息。問麥克盧爾在估計(jì)債務(wù)資本成本和股本資本成本時(shí)應(yīng)采用的權(quán)重分別為:在當(dāng)前和預(yù)期的價(jià)值中，我們選預(yù)期價(jià)值，賬目?jī)r(jià)值和市場(chǎng)價(jià)值中，選市場(chǎng)價(jià)值wd=$63/($220

63)=0.223we=$220/($220

63)=0.777因此C選項(xiàng)正確[單選題]18.Thecostofdebtcanbedeterminedusingtheyield-to-maturityandthebondratingapproaches.Ifthebondratingapproachisused,the:A.couponistheyield.B.yieldisbasedontheinterestcoverageratio.C.companyisratedandtheratingcanbeusedtoassessthecreditdefaultspreadofthecompany’sdebt.正確答案：C參考解析：這道題目問的是債務(wù)成本可以使用YTM（到期收益率）和債券評(píng)級(jí)方法來(lái)確定。如采用債券評(píng)級(jí)方法，則:債券評(píng)級(jí)方法取決于對(duì)公司評(píng)級(jí)的了解，可以與公開市場(chǎng)上的債券收益率進(jìn)行比較。因此C選項(xiàng)正確[單選題]19.Considertwocompaniesthatoperateinthesamelineofbusinessandhavethesamedegreeofoperatingleverage:theBasicCompanyandtheGrundlegendCompany.TheBasicCompanyandtheGrundlegendCompanyhave,respectively,nodebtand50percentdebtintheircapitalstructure.Whichofthefollowingstatementsismostaccurate?ComparedtotheBasicCompany,theGrundlegendCompanyhas:A.alowersensitivityofnetincometochangesinunitsales.B.thesamesensitivityofoperatingincometochangesinunitsales.C.thesamesensitivityofnetincometochangesinoperatingincome.正確答案：B參考解析：這道題目問的是考慮兩家在同一業(yè)務(wù)領(lǐng)域運(yùn)營(yíng)并且擁有相同經(jīng)營(yíng)杠桿的公司:Basic公司和Grundlegend公司。Basic公司和Grundlegend公司在他們的資本結(jié)構(gòu)中分別沒有債務(wù)和50%的債務(wù)。下列哪個(gè)陳述是最準(zhǔn)確的?與Basic公司相比，Grundlegend公司有:Grundlegend的經(jīng)營(yíng)杠桿水平與Basic公司相同，而Grundlegend的總杠桿水平和財(cái)務(wù)杠桿水平更高。因此B選項(xiàng)正確。[單選題]20.Whichofthefollowingstatementsregardingstakeholdermanagementismostaccurate?A.Companymanagementensurescompliancewithallapplicablelawsandregulations.B.Directorsareexcludedfromvotingontransactionsinwhichtheyholdmaterialinterest.C.Theuseofvariableincentiveplansinexecutiveremunerationisdecreasing.正確答案：B參考解析：這道題目問的是下列關(guān)于利益相關(guān)者管理的陳述哪一個(gè)是最準(zhǔn)確的?通常，有關(guān)關(guān)聯(lián)方交易的政策要求此類交易或事項(xiàng)由董事會(huì)(或股東)投票表決，但利益相關(guān)的董事除外。因此B選項(xiàng)正確[單選題]21.WangSecuritie