1、注册金融分析师一级-13 及答案解析(总分：58.00，做题时间：90 分钟)一、B单项选择题/B(总题数：2，分数：58.00)某银行正在考虑购进一套软件系统，采购成本为 250 万美元。假设必要回报率为 15%，第一年的现金流为200 万美元，第二年的现金流为 150 万美元。试根据上述条件解答问题。（分数：10.00）(1).What is the projects NPV? A. $-165358 B. $285427 C. $373346（分数：2.00）A.B.C.(2).The projects IRR is closest to: A. 18% B. 24% C. 27%（分数
2、：2.00）A.B.C.(3).What is the projects payback period? A. 1.33 years B. 1.47 years C. 1.82 years（分数：2.00）A.B.C.(4).The projects discounted payback period is closest to: A. 1.25 years B. 1.53 years C. 1.67 years（分数：2.00）A.B.C.(5).What is the projects profitability index(PI)? A.1.15 B.1.43 C.1.74（分数：2.0
3、0）A.B.C.两个投资项目(项目 A 和项目 B)的相关数据如下表所示，且两项目的必要回报率均为 14%。试根据这些条件解答问题。 B项目 A 和项目 B 的相关数据/B项目 A 项目 B初始成本年限现金流2800 万美元21800 万美元/年5500 万美元32500 万美元/年（分数：48.00）(1).If the projects are independent, the company should:project A project B accept accept accept reject reject accept A. B. C. （分数：2.00）A.B.C.(2).If
4、 the projects are mutually exclusive, the company should:project A project B accept accept accept reject reject accept A. B. C. （分数：2.00）A.B.C.(3).The NPV profiles of two projects will intersect: A. at their internal rates of return. B. if they have different discount rates. C. at the discount rate
5、that makes their net present value equal.（分数：2.00）A.B.C.(4).Which of the following statements about NPV and IRR is least accurate? A. The IRR is the discount rate that equates the present value of the cash inflows with the present value of outflows. B. For mutually exclusive projects, if the NPV met
6、hod and the IRR method give conflicting rankings, the analyst should use the IRR to select the project. C. The NPV method assumes that cash flows will be reinvested at the cost of capital, while IRR method assume that cash flows are reinvested at the IRR.（分数：2.00）A.B.C.(5).An analyst gathered the fo
7、llowing data about a company:capital structure required rate of return40% debt 15%10% preferred stock 13%50% common stock 10%Assuming a 30% tax rate, what after-tax rate of return must the company earn on its investments? A. 7.3% B. 10.5% C. 13.4%（分数：2.00）A.B.C.(6).A company has $30 million in debt
8、outstanding with coupon rate of 15%. Currently the yield to maturity (YTM) on these bonds is 12%. If the firms tax rate is 30%, what is the companys after-tax cost of debt? A. 3.6% B. 8.4% C. 10.5%（分数：2.00）A.B.C.(7).A companys $100, 7% preferred stock is currently selling for $124. What is the compa
9、nys cost of preferred stock? A. 5.6% B. 6.8% C. 8.3%（分数：2.00）A.B.C.(8).An analyst gathered the following data about a company:The company stock beta is 1.8.Risk-free rate is 7%.Market risk premium is 5%.The companys cost of equity using capital asset pricing model (CAPM) approach is: A. 8.2% B. 14.5
10、% C. 16.0%（分数：2.00）A.B.C.(9).The expected dividend is $3 for a share of stock priced at 35. What is the cost of equity if the long-term growth in dividends is projected to be 10%? A. 9.8% B. 13.5% C. 18.6%（分数：2.00）A.B.C.(10).Ellison is an analyst of KM&G, a major U. S. based investment bank. Ellison
11、 is considering opening new stores in Brazil and wants to estimate its cost of equity capital for this investment. Ellison has found that:The yield on a Brazilian government 10-year U.S. dollar-denominated bond is 8%.A 10-year U.S. Treasury bond has a yield of 5%.The annualized standard deviation of
12、 the Sao Paulo Bovespa stock index in the most recent year is 43%.The annualized standard deviation of Brazils 10-year U.S. dollar-denominated bond in the most recent year is 27%.The appropriate beta to be used for the project is 1.2.The market risk premium is 7%.The risk-free interest is 3%.Which o
13、f the following choices is closest to the appropriate country risk premium and the cost of equity that Ellison should use in his analysis?country risk premium cost of equity for project 4. 8% 17.2% 4. 8% 23.3% 7.6% 23.3% A. B. C. （分数：2.00）A.B.C.(11).Deconal Corporation has assets on its balance shee
14、t of $200 million that are financed with 60% equity and 40% debt. The executive management team at Deconal is considering a major expansion that would require raising additional capital. David, the CFO of Deconal, has put together the following schedule for the costs of equity and debt: amount of ne
15、w equity(in millions)cost of equityamount of new debt(in millions)after-tax cost of debt0991001791802997.2%7.5%8.0%04950991001993.4%4.0%4. 6%In a presentation to Deconals Board of Directors, David makes the following statements: Statement A: If we maintain our target capital structure of 60% equity
16、and 40% debt, the break point at which our cost of equity will increase to 7.5% is $280 million in new capital. Statement B: If we want to finance total assets of $600 million, our marginal cost of capital will increase to 6.64%. Are Davids statements correct or incorrect? Statement A Statement B co
17、rrect incorrect incorrect correct incorrect incorrect A. B. C. （分数：2.00）A.B.C.(12).Oriency Company is considering a project that requires $56 million cash outlay and is expected to produce cash flow of $15 million per year for the next three years. Oriencys tax rate is 35%, and the before-tax cost o
18、f debt is 6%. The current share price of Oriencys stock is $27 and the expected dividend next year is $1.8 per share. Oriencys expected growth rate is 2%. Assume that Oriency finances the project with 70% equity and 30% debt, and the flotation cost for equity is 3%. The appropriate discount rate is
19、the weighted average cost of capital (WACC). Which of the following choices is closest to the dollar amount of the flotation costs and the NPV for project?dollar amount of the flotation costs NPV for project $1176000 $2003910 $1176000 $3435268 $1680000 $3435268 A. B. C. （分数：2.00）A.B.C.(13).An increa
20、se in a companys cash conversion cycle and a decrease in the companys operating cycle could result from:cash conversion cycle(increase) operating cycle (decrease) decreased receivables turnover decreased in days of inventory decreased receivables turnover increased payables turnover increased receiv
21、ables turnover increased payables turnover A. B. C. （分数：2.00）A.B.C.(14).A company has just purchased a bankers acceptance for $37500. The acceptance will mature in 90 days for $40000. The bank discount yield (BDY) and the bond equivalent yield for this security are closest to:bank discount yield BDY
22、) bond equivalent yield 25.0% 22. 6% 25.0% 26.7% 25.3% 26.7% A. B. C. （分数：2.00）A.B.C.(15).A company is investigating the purchase of a bankers acceptance (BA). The $1000000 face value BA has 150 days to maturity and is quoted at 4.05 percent on a discount-basis yield. If the companys marginal tax ra
23、te is 25 percent, then the money market yield on the BA is closest to: A. 3.13%. B. 4.12%. C. 4.18%.（分数：2.00）A.B.C.(16).Victory Corp is a large domestic services firm with a good credit rating. The source of short-term financing it would most likely use is: A. factoring of receivables. B. issuing co
24、mmercial paper. C. issuing bankers acceptances.（分数：2.00）A.B.C.(17).Typically, the first step in developing pro forma financial statements for a firm is to: A. forecast revenue growth. B. establish the firms tax and interest burdens. C. forecast next periods net income and dividend payout.（分数：2.00）A.
25、B.C.(18).A financial surplus in the first iteration of a firms pro forma financial statements is most likely the result of: A. changes in the dividend payout ratio. B. assumptions about financial leverage. C. an increase in retained earnings greater than the increase in assets.（分数：2.00）A.B.C.(19).Re
26、garding corporate governance, which of the following is most likely a criteria for concern when evaluating the compensation committee? A. The compensation committee includes members of executive management. B. The compensation committee purchases shares on the open market to fund stock option commit
27、ments. C. The compensation committee disclose information about compensation paid to executives and board members.（分数：2.00）A.B.C.(20).Which of the following board members would most likely be considered to be well chosen based on the principles of good corporate governance?A. A board member of Compa
28、ny A who is also the CEO of Company A. B. A board member of Company A who is a partner in an accounting firm that competes with the firms auditor. C. A board member of Company A who is president of Company B, when the CFO of company A sits on Company Bs board.（分数：2.00）A.B.C.(21).Which of the followi
29、ng statements would most likely be considered a negative factor in assessing the suitability of a board member? A. The board member has served on other boards. B. The board member is a former CEO of another firm. C. The board member has served for more than ten years.（分数：2.00）A.B.C.(22).Which of the
30、 following statements would most likely be considered a poor corporate practice in terms of promoting shareholder interests? A. The firm can use “share blocking“. B. The firm uses a third party to tabulate shareholder votes. C. Voting for board members does not allow cumulative voting by shareholder
31、s of all votes allotted to their shares.（分数：2.00）A.B.C.(23).Which of the following statements is least likely to be classified as a takeover defense? A. greenmail B. cumulative voting C. golden parachutes（分数：2.00）A.B.C.(24).A company is considering building a distribution center on developed land it
32、 acquired more than ten years ago at a cost of $400000. The company estimates that the cost of putting in utilities, sewers, roads, and other such costs of preparing the land for the distribution center at $200000. Alternatively, the undeveloped land could be sold today to another company for $60000
33、0. If the company builds the distribution center, the cost of the land for capital budgeting purposes is closest to: A. $400000. B. $600000. C. $800000.（分数：2.00）A.B.C.注册金融分析师一级-13 答案解析(总分：58.00，做题时间：90 分钟)一、B单项选择题/B(总题数：2，分数：58.00)某银行正在考虑购进一套软件系统，采购成本为 250 万美元。假设必要回报率为 15%，第一年的现金流为200 万美元，第二年的现金流为 1
34、50 万美元。试根据上述条件解答问题。（分数：10.00）(1).What is the projects NPV? A. $-165358 B. $285427 C. $373346（分数：2.00）A.B.C. 解析：解析 *(2).The projects IRR is closest to: A. 18% B. 24% C. 27%（分数：2.00）A.B.C. 解析：解析 * 解上述方程得 IRR=27%。(3).What is the projects payback period? A. 1.33 years B. 1.47 years C. 1.82 years（分数：2.00
35、）A. B.C.解析：解析 该项目的现金流情况如下表所示。 B项目的现金流情况/B 单位：美元年份 0 1 2净现金流累积净现金流-2500000-25000002000000-50000015000001000000*(4).The projects discounted payback period is closest to: A. 1.25 years B. 1.53 years C. 1.67 years（分数：2.00）A.B.C. 解析：解析 该项目的现金流情况如下表所示。 B项目的现金流情况/B 单位：美元年份 0 1 2净现金流贴现净现金流累积净现金流-2500000-250
36、0000-250000020000001739130-76087015000001134216373346*(5).What is the projects profitability index(PI)? A.1.15 B.1.43 C.1.74（分数：2.00）A. B.C.解析：解析 该项目的现金流情况如下表所示。 * B项目 A 和项目 B 的相关数据/B项目 A 项目 B初始成本年限现金流2800 万美元21800 万美元/年5500 万美元32500 万美元/年两个投资项目(项目 A 和项目 B)的相关数据如下表所示，且两项目的必要回报率均为 14%。试根据这些条件解答问题。 B项
37、目 A 和项目 B 的相关数据/B项目 A 项目 B初始成本年限现金流2800 万美元21800 万美元/年5500 万美元32500 万美元/年（分数：48.00）(1).If the projects are independent, the company should:project A project B accept accept accept reject reject accept A. B. C. （分数：2.00）A. B.C.解析：解析 * 如果两个项目是独立的，则由于两项目的 NPV 均大于零，从而两项目均应被接受，本题的正确选项为 A。(2).If the proje
38、cts are mutually exclusive, the company should:project A project B accept accept accept reject reject accept A. B. C. （分数：2.00）A.B.C. 解析：解析 如果两个项目是互斥的，则由于 NPVANPV B，从而应选择 B 项目。(3).The NPV profiles of two projects will intersect: A. at their internal rates of return. B. if they have different discoun
39、t rates. C. at the discount rate that makes their net present value equal.（分数：2.00）A.B.C. 解析：解析 投资项目的 NPV 曲线是指描述不同贴现率所对应的项目净现值的函数曲线。在投资项目的分析中，不同的贴现率一般对应于不同的净现值，因此二者之间存在着函数关系。在两条 NPV 曲线的交点处，两项目具有相同的净现值。因此，本题的正确选项为 C。(4).Which of the following statements about NPV and IRR is least accurate? A. The IRR
40、 is the discount rate that equates the present value of the cash inflows with the present value of outflows. B. For mutually exclusive projects, if the NPV method and the IRR method give conflicting rankings, the analyst should use the IRR to select the project. C. The NPV method assumes that cash f
41、lows will be reinvested at the cost of capital, while IRR method assume that cash flows are reinvested at the IRR.（分数：2.00）A.B. C.解析：解析 在对互斥项目进行分析时，IRR 法可能得出与 NPV 法相矛盾的结论。在上述情况下，分析师应当使用 NPV 法进行项目筛选。上述结论的理论依据是，公司经营的最终目标是实现所有者(股东)财富的最大化，而 NPV 法的判断方法(NPV 值的最大化)与上述目标相符合，因而应当优先使用该方法。(5).An analyst gather
42、ed the following data about a company:capital structure required rate of return40% debt 15%10% preferred stock 13%50% common stock 10%Assuming a 30% tax rate, what after-tax rate of return must the company earn on its investments? A. 7.3% B. 10.5% C. 13.4%（分数：2.00）A.B. C.解析：解析 厂商的资金成本不仅由债务及权益的成本决定，而
43、且还由厂商资本组合中债务及权益(包括普通股权益和优先股权益)的比例决定，这种关系在厂商的加权平均资金成本(Weighted Average Cost of Capital，WACC)中得到体现。WACC 是以各种资本占全部资本的比重为权数，对各种资本的成本进行加权平均计算出来的。WACC 本质上是厂商为其资产融资的成本，其计算公式为：WACC=kd(1-t)wd+kpwp+kcwc式中，k d表示税前债务资金成本，t 表示厂商所得税税率，w d表示债务在厂商资本结构中所占的百分比；kp表示优先股资金成本，w p表示优先股在厂商资本结构中所占的百分比；k c表示普通股资金成本，w c表示普通股在
44、厂商资本结构中所占的百分比。在本题中，WACC=k d(1-t)wd+kpwp+kcwc=15%(1-30%)40%+13%10%+10%50%=10.5%(6).A company has $30 million in debt outstanding with coupon rate of 15%. Currently the yield to maturity (YTM) on these bonds is 12%. If the firms tax rate is 30%, what is the companys after-tax cost of debt? A. 3.6% B.
45、8.4% C. 10.5%（分数：2.00）A.B. C.解析：解析 税后债务成本是通过计算(1-t)k d而得到的，它等于厂商发行新的债券所应支付的利率 kd减去发行债券所节省的税金支出 tkd，从而有以下关系式：税后债务成本=利率(YTM)-税金节省比率=k d-tkd=(1-t)kd在本题中，税后债务成本=(1-t)k d=(1-30%)12%=8.4%。(7).A companys $100, 7% preferred stock is currently selling for $124. What is the companys cost of preferred stock? A
46、. 5.6% B. 6.8% C. 8.3%（分数：2.00）A. B.C.解析：解析 优先股资金成本(k p)计算公式为：*式中，D p表示优先股股息，P 表示优先股的价格。在本题中，优先股资金成本*(8).An analyst gathered the following data about a company:The company stock beta is 1.8.Risk-free rate is 7%.Market risk premium is 5%.The companys cost of equity using capital asset pricing model (
47、CAPM) approach is: A. 8.2% B. 14.5% C. 16.0%（分数：2.00）A.B.C. 解析：解析 资本资产定价模型(CAPM)法计算权益的资金成本分为以下 4 个步骤：第一步，估计出无风险利率(RFR)。在实践中，由于美国国库券的利息和本金支付是以国家信用为担保的，基本不存在违约风险，因而通常将国库券的利率视为无风险利率。第二步，估计出股票的 值，该数值用来衡量股票的风险情况。第三步，估计出股票的市场预期回报率 E(Rm)。第四步，根据资本资产定价模型(CAPM)计算出市场所要求的权益回报率(k c)，其计算公式为：kce=RFR+E(Rm)-RFR在本题中，
48、题目并未给出市场预期回报率 E(Rm)，但给出了市场风险溢价值，亦即市场预期回报率 E(Rm)超过无风险利率的部分。因此，权益成本 kce=RFR+E(Rm)-RFR=7%+5%1.8=16%。(9).The expected dividend is $3 for a share of stock priced at 35. What is the cost of equity if the long-term growth in dividends is projected to be 10%? A. 9.8% B. 13.5% C. 18.6%（分数：2.00）A.B.C. 解析：解析 如果股息预计将按照不变的速度(g)增长，则可以根据股息增长模型计算出股票的当前价格(P0)，其计算公式为：*式中，D 1表示下一年的股息金额，k c表示普
