1、注册金融分析师一级-15 及答案解析(总分：100.00，做题时间：90 分钟)一、B单项选择题/B(总题数：48，分数：100.00)1.An analyst gathers the following data about a company: stock price $40stocks required return 12%consensus estimate of next years dividend$2companys return on equity 10%Using the dividend discount model, the companys dividend payou
2、t ratio is closest to: A. 5% B. 30% C. 70%（分数：3.00）A.B.C.2.What would an investor be willing to pay for a share of preferred stock that paid an annual $5 dividend if the yield on preferred was 40 basis point below the A bond yield of 7%? A. $36.8 B. $57.4 C. $65.8（分数：3.00）A.B.C.3.A stock paid a $3 d
3、ividend last year. An investor projects that next years dividend will be 20% higher and that the stock will be selling for $60 at the end of the year. The risk-free rate of interest is 6% , the market return is 10% , and the stocks beta is 1.8. What is the value of the stock? A. $58.4 B. $63.6 C. $6
4、7.2（分数：3.00）A.B.C.4.A stock will pay a $4 dividend next year, $5 the year after, and $4.3 the following year. An investor believes that he can then sell the stock for $65 at the end of a 3-year holding period. The risk-flee rate of interest is 8%, the market return is 12%, and the stocks beta is 1.1
5、. What is the value of the stock? A. $47.0 B. $52. 8 C. $56.3（分数：3.00）A.B.C.5.The infinite period dividend discount model (DDM) implies that a stocks value will be greater: A. the larger its expected dividend. B. the lower the expected growth rate. C. the higher the required rate of return.（分数：2.00）
6、A.B.C.6.The infinite period DDM assumes which of the following? A. keg B. keg C. keg（分数：2.00）A.B.C.7.A company paid a $1.5 dividend last year. The company is expecting dividends to grow at a 5% rate in the future. What is the value of the value of this stock if an investor requires a 12% rate of ret
7、urn on this stocks of this risk class? A. $22.5 B. $24.3 C. $32.8（分数：2.00）A.B.C.8.An analyst feels that Bayon Companys earnings and dividends will grow at 20% for two years, after which growth will fall to a market-like rate of 7%. If the discount rate is 13% and Bayons most recently paid dividend w
8、as $3, what is the value of Bayons stock using the multistage dividend discount model? A. $57.9 B. $63.2 C. $66.9（分数：2.00）A.B.C.9.A company will experience a 30% growth rate over the next four years and pay no dividends over that time period. Growth will then fall to 5%, at which time the company wi
9、ll institute a 30% payout ratio. If the expected dividend in year 5 is projected to be $3 per share and the required return is 12%, what is the firms intrinsic value today? A. $25.4 B. $27.3 C. $33.5（分数：2.00）A.B.C.10.A firm has an expected dividend payout rate of 70% and an expected future growth ra
10、te of 4%. What should the firms price-to-earnings (P/E) ratio be if the required rate of return on stocks of this type is 15%? A. 4.27 B. 6.36 C. 12.18（分数：2.00）A.B.C.11.A stocks P/E ratio based on the DDM is which of the following? A. (1-RR)/(ke-RRROE) B. (1+RR)/(ke-RRROE) C. (1-RR)/(ke+RRROE)（分数：2.
11、00）A.B.C.12.An analyst gathers the following data for a company to estimate the expected growth rate of dividends and use it as an input for valuing the companys common stock. return on assets (ROA)10%profit margin 5%financial leverage 1.67payout ratio 25%The companys expected growth rate is closest
12、 to: A. 4.2% B. 6.3% C. 12.5%（分数：2.00）A.B.C.13.The best description of the measure of cash flow to use when estimating the total value of a firm is: A. the operating free cash flow prior to interest payments on debt. B. the operating free cash flow prior to interest payments on debt but after deduct
13、ing funds needed for capital expenditures. C. the operating free cash flow after adjustment for payments to debt holders, but before dividend payments to common stockholders.（分数：2.00）A.B.C.14.Which of the following statements about company and stock analysis is least likely to be correct? A. A growt
14、h stock always indicates a growth company. B. A growth companys stock can have below-average risk-adjusted returns. C. A weak firm can experience temporary above-average risk-adjusted returns.（分数：2.00）A.B.C.15.Which of the following statements about growth company and growth stock analysis is least
15、likely to be correct? A. A growth stock is overvalued relative to its risk. B. A growth companys stock can be overvalued or undervalued. C. A growth company has above-average investment opportunities.（分数：2.00）A.B.C.16.An analyst gathered the following financial information about a company: estimated
16、 EPS $2dividend payout ratio 30%required rate of return 10%expected long-term growth rate of dividends5%What should the analyst estimate the value of this companys stock to be? A. $8.7 B. $12.0 C. $13.5（分数：2.00）A.B.C.17.An analyst has made the following estimates for a stock: dividends over the nest
17、 year$0.3long-term growth rate 14%intrinsic value of stock $17The shares are currently priced at $14. Assuming the stock price moves to intrinsic value over the next year, what is the expected return on the stock? A. 9.6% B. 18.5% C. 23.6%（分数：2.00）A.B.C.18.Which of the following statements least acc
18、urately describes the advantages and disadvantages of valuation with the P/E multiple? A. Advantage: P/E differences are significantly related to long-run average stock returns. Disadvantage: The volatile, transitory portion of earnings makes the interpretation of P/Es difficult for analysts. B. Adv
19、antage: Earnings power is the primary determinant of investment value. Disadvantage: Management discretion within allowed accounting practices can distort reported earnings. C. Advantage: P/E valuation can accommodate negative earnings. Disadvantage: P/E valuation is difficult to use for firms with
20、relatively few fixed assets.（分数：2.00）A.B.C.19.An analyst gathered the following financial data about a company (in million dollars): market value$45sales $600earnings -$18book value $27What is the P/BV ratio for the company? A. 0.42 B. 1.67 C. 2.32（分数：2.00）A.B.C.20.Which of the following statements
21、least accurately describes the advantages and disadvantages of valuation with the P/S multiple? A. Advantage: P/S is meaningful, even for companies in financial distress. Disadvantage: Sales growth is not always an indicator of profitability. B. Advantage: Sales forecasts are not susceptible to dist
22、ortion from revenue recognition practices. Disadvantage: Reported sales figures are easier to manipulate than earnings or book values. C. Advantage: P/S ratios are particularly appropriate for valuing stocks in mature or cyclical industries. Disadvantage: P/S ratios do not capture differences in cos
23、t structures across companies.（分数：2.00）A.B.C.21.Which of the following statements regarding the use of P/S multiples in stock valuation is least likely to be correct? A. Revenue is relatively easy to manipulate compared to earnings. B. P/S multiples are positive, even when earnings and book value ar
24、e negative. C. The use of P/S multiples facilitates analysis of the effects of changes in pricing policy and other corporate strategic decisions.（分数：2.00）A.B.C.22.A firm had revenue per share of $300 in the year of 2008, earnings per share of $3, and paid out 40% of its earnings as dividends. If the
25、 return on equity (ROE) and required rate of return of the firm are 14% and 12% respectively, what is the appropriate P/S multiple for the firm? A. 0.08 B. 0.11 C. 0.12（分数：2.00）A.B.C.23.An analyst gathered the following financial data about a company: share price $8shares outstanding 50 millionexpec
26、ted sales $170 milliontotal operating expenses $80 millionoperating expenses (depreciation and amortization)$3 millionWhat is the P/CF ratio (using EBITDA for cash flow per stock) for the company? A. 2.83 B. 3.56 C. 4.30（分数：2.00）A.B.C.24.Among a companys price to earnings (P/E), price to sale (P/S),
27、 and price to cash flow (P/CF) ratios, it is most accurate to state that P/E ratios are generally more stable from period to period than: A. P/S ratios but not P/CF ratios. B. P/CF ratios but not P/S ratios. C. neither P/S ratios nor P/CF ratios.（分数：2.00）A.B.C.25.If interest rates are expected to de
28、cline, an investor can earn a higher coupon interest rate by purchasing a(n): A. callable bond. B. inverse floater. C. floater with a floor.（分数：2.00）A.B.C.26.Consider a $3 million semiannual-pay floating-rate issue where the rate is reset on January 1 and July 1 each year. The reference rate is 6-mo
29、nth LIBOR, and the stated margin is +1.75%. If 6-month LIBOR is 7.45% on July 1, what will the next semiannual coupon be on this issue? A. $8700000 B. $12450000 C. $13800000（分数：2.00）A.B.C.27.An investor paid a full price of $1035.70 each tor a group of bonds. The purchase was between coupon dales, a
30、nd accrued interest was $34.12 per bond. What is each bonds clean price? A. $1001.58 B. $1035.70 C. $1069.82（分数：2.00）A.B.C.28.Which of the following provisions provides the most flexibility for the bond issuer? A. put provision B. call provision C. sinking fund provision（分数：2.00）A.B.C.29.Which of th
31、e following statements is most accurate with regard to a call provision? A. A call provision will benefit the issuer in times of declining interest rates. B. A callable bond will trade at higher price than an identical noncallable bond. C. A nonrefundable bond provides more protection to the bondhol
32、der than a noncallable bond.（分数：2.00）A.B.C.30.From the perspective of the bondholder, which of the following pairs of options would add value to a straight (option free) bond? A. Put option and conversion option. B. Call option and conversion option. C. Prepayment option and put option.（分数：2.00）A.B.
33、C.31.If an institutional investor wants to borrow money for 30 clays to finance a bond purchase, which of these is most likely to be the lowest loan rate available? A. repo rate B. call money rate C. broker loan rate（分数：2.00）A.B.C.32.An investor buying bonds on margin: A. must pay interest on a loan
34、. B. actually lends the bonds to a bank or brokerage house. C. is not restricted by government regulation of margin lending.（分数：2.00）A.B.C.33.Which of the following three bonds (similar except for yield and maturity) has the least interest rate risk? The bond with: A. 3% yield and 5-year maturity. B
35、. 5% yield and 5-year maturity. C. 3% yield and 10-year maturity.（分数：2.00）A.B.C.34.A noncallable, AA-rated zero-coupon bond with a yield of 7% is least likely to have: A. default risk. B. interest rate risk. C. reinvestment risk.（分数：2.00）A.B.C.35.A 2-year, zero-coupon U.S. Treasury note is least lik
36、ely to have: A. inflation risk. B. volatility risk. C. exchange-rate risk.（分数：2.00）A.B.C.36.A straight 3% bond bas two years remaining to maturity and is priced at $973.4. A callable bond that is the same in every respect as the straight bond, except for the call feature, is priced at $925.2. With t
37、he yield curve flat at 5%, what is the value of the embedded call option? A. $24.1 B. $48.2 C. $53.3（分数：2.00）A.B.C.37.The current price of a bond is $128.3. If interest rate change by 4%, the value of the bond price changes by $2.7 correspondingly. What is the duration of the bond? A. 0.53 B. 1.27 C
38、. 2.48（分数：2.00）A.B.C.38.A bond with a 8.5% yield has a duration of 3.7 and is trading at $143. If the yield decreases to 8.2%, the new bond price is closest to: A. $128.9. B. $144.6. C. $153.8.（分数：2.00）A.B.C.39.An investor holds $1000000 (par value) worth of TIPS currently trading at par. The coupon
39、 rate of 6% is paid semiannually, and the annual inflation rate is 17%. What coupon payment will the investor receive at the end of the first six months? A. $32550. B. $43285. C. $65100.（分数：2.00）A.B.C.40.Which of the following is a difference between an on-the-run and an off-the-run issue? A. An on-
40、the-run issue is the most recently issued security of that type. B. An on-the-run issue has a shorter maturity than an off-the-run issue. C. An on-the-run issue is publicly traded whereas an off-the-run issue is not.（分数：2.00）A.B.C.41.Which of the following municipal bonds typically has the greater r
41、isk and is issued with higher yields? A. revenue bonds B. limited tax general obligation debt C. unlimited tax general obligation debt（分数：2.00）A.B.C.42.Compared to CDs, bankers acceptances: A. are more liquid. B. have shorter maturities on average. C. are more likely to pay periodic interest.（分数：2.0
42、0）A.B.C.43.A corporation issuing asset-backed securities can often improve the credit rating of the securities to above that of the issuing company by transferring the assets to a (n): A. asset trust. B. bond insurer. C. special purpose vehicle.（分数：2.00）A.B.C.44.The most commonly used tool of the Fe
43、d to control interest is: A. the discount rate. B. open market operations. C. the bank reserve requirement.（分数：2.00）A.B.C.45.Under the pure expectations theory, an inverted curve is interpreted as evidence that: A. demand for long-term bonds is falling. B. investors have very little demand for liqui
44、dity. C. short-term rates are expected to fall in the future（分数：2.00）A.B.C.46.According to the liquidity preference theory, which of the following statements is least accurate? A. All else equal, investors prefer short-term securities over long-term securities. B. Investors perceive little risk diff
45、erential between short-term and long-term securities. C. Borrowers will pay a premium for long-term funds to avoid having to roll over short-term debt.（分数：2.00）A.B.C.47.Assuming the following yields for different bonds issued by a corporation: bonds type yields1-year bond4.2%2-year bond5.3%3-year bo
46、nd5.8%If a 3-year U.S. Treasury is yielding 3.5%, then what is the absolute yield spread on the 3-year corporate issue? A. 0.7% B. 1.8% C. 2.3%（分数：2.00）A.B.C.48.Assume an investor is in the 33% marginal tax bracket. He is considering the purchase of either a 8.2% corporation bond that is selling at
47、par or a 5.6% tax-exempt municipal bond that is also selling at par. Given that the two bonds are comparable in all respects except their tax status, the investor should buy the: A. corporate bond, since its after-tax yield is higher. B. corporate bond, since it has the higher yield of 6. 3%. C. mun
48、icipal bond, since its taxable-equivalent yield is higher.（分数：2.00）A.B.C.注册金融分析师一级-15 答案解析(总分：100.00，做题时间：90 分钟)一、B单项选择题/B(总题数：48，分数：100.00)1.An analyst gathers the following data about a company: stock price $40stocks required return 12%consensus estimate of next years dividend$2companys return on equity 10%Using the dividend discount model, the companys dividend payout ratio is closest to: A. 5% B. 30% C. 70%（分数：3.00）A.B. C.解析：解析 根据无限期的股息贴现模型(DDM)，有： * 即*，解得股息增长率 g=7%。 又根据公式g=ROERR，有 RR=g/ROE=7%/10%=70%。 股息支付率=1-自留率(RR)=1-70%=30%2.What would a
