CFA一级权益投资练习题(四)——出自高顿财经CFA

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cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在评估一个公司的财务状况时，以下哪项指标最能反映其偿债能力？A) 流动比率B) 速动比率C) 资产负债率D) 股东权益比率答案：C) 资产负债率解析：资产负债率是指公司总负债与总资产的比率，它反映了公司资产中有多少比例是通过借债获得的。

这个比率越高，说明公司的财务杠杆越大，偿债能力越弱。

因此，资产负债率是反映公司偿债能力的重要指标。

2. 问题：在进行股票投资分析时，以下哪项因素是影响股票价格的宏观经济因素？A) 公司盈利能力B) 利率水平C) 行业竞争状况D) 公司管理层能力答案：B) 利率水平解析：宏观经济因素包括利率水平、通货膨胀率、经济增长率等，这些因素会影响整个经济环境，进而影响股票市场。

利率水平是宏观经济因素之一，它会影响公司的融资成本和投资者的预期回报，从而对股票价格产生影响。

3. 问题：在固定收益投资中，以下哪项因素会导致债券价格上升？A) 市场利率上升B) 市场利率下降C) 债券信用评级下降D) 债券到期时间延长答案：B) 市场利率下降解析：在固定收益投资中，债券价格与市场利率呈反向关系。

当市场利率下降时，新发行的债券的票息率会低于市场上已有的债券，因此已有债券的相对吸引力增加，导致其价格上升。

4. 问题：在投资组合管理中，以下哪项策略是用于降低非系统性风险的？A) 资产配置B) 多元化投资C) 市场时机选择D) 杠杆投资答案：B) 多元化投资解析：非系统性风险是指特定于某个公司或行业的投资风险，这种风险可以通过多元化投资来降低。

通过投资于多个不同公司或行业的资产，可以减少单一资产或行业波动对整个投资组合的影响。

5. 问题：在金融衍生品中，以下哪项产品允许投资者在未来以特定价格买入或卖出资产？A) 期货合约B) 远期合约C) 期权合约D) 掉期合约答案：C) 期权合约解析：期权合约是一种金融衍生品，它赋予持有者在未来某个时间以特定价格买入或卖出资产的权利，但不是义务。

CFA 一级模块练习-权益投资-试题

CFA 一级模块练习-权益投资-试题1 .Ifthe expected dividend payout ratio of a firm is expected to rise from 50percent to 55 percent, the cost of equity is expected to increase from 10percent to 11 percent, and the firm ’s growth rate remains at 5 percent, whatwill happen to the firm ’s price-to-equity (P/E) ratio? It will:A)decline.B)be unchanged.C)increase.The correct answerwas: APayout increases from50% to 55%, cost of equity increases from 10% to 11%, and dividend growth ratestays at 5%, the P/E will change from 10 to 9.16:P/E = (D/E) / (k – g).P/E0 = 0.50 / (0.10 –0.05) = 10.P/E1 = 0.55 / (0.11 –0.05) = 9.16.2 . When a company ’sreturn on equity (ROE) is 12% and the dividend payout ratio is 60%, what is theimplied sustainable growth rate of earnings and dividends?A)4.0%.B)7.8%.C)4.8%.The correct answer wasCg = ROE × retentionratio = ROE × (1 – payout ratio) = 12 (0.4) =4.8%3 . Theconstant-growth dividend discount model would typically be most appropriate invaluing a stock of a:A)moderate growth,"mature" company.B)rapidly growingcompany.C)new venture expectedto retain all earnings for several years.The correct answerwas: ARemember, the infiniteperiod DDM has the following assumptions:§ The stock pays dividends and they grow at aconstant rate.§ The constant growth rate, g, continues foran infinite period.§ k must be greater than g. If not, the mathwill not work.If any one of theseassumptions is not met, the model breaks down. The infinite period DDM doesn’twork with growth companies. Growth companies are firms that currently have theability to earn rates of return on investments that are currently above theirrequired rates of return. The infinite period DDM assumes the dividend streamgrows at a constant rate forever while growth companies have high growth ratesin the early years that level out at some future time. The high early orsupernormal growth rates will also generally exceed the required rate ofreturn. Since the assumptions (constant g and k > g) don’t hold, theinfinite period DDM cannot be used to value growth companies.4 . The capital assetpricing model can be used to estimate which of the following inputs to thedividend discount model?A)The expectedinflation rate.B)The expected growthrate in dividends.C)The required returnon equity.The correct answer wasCThe capital assetpricing model is a rate of return model that can be used to estimate a stock’srequired rate of return, given the nominal risk-free rate, the market riskpremium, and the stock’s beta:k = Rnominal risk freerate + (beta)(Rmarket - Rnominal risk free rate).5 . Using an infiniteperiod dividend discount model, find the value of a stock that last paid adividend of $1.50. Dividends are expected to grow at6 percent forever, theexpected return on the market is 12 percent and the stock’s beta is 0.8. Therisk-free rate of return is 5 percent.A)$26.50.B)$34.57.C)$32.61.The correct answer wasBFirst find therequired rate of return using the CAPM equation.k = 0.05 + 0.8(0.12 -0.05) = 10.6%$1.50(1.06) /(0.106 -0.06) = $34.57。

CFA考试一级章节练习题精选0401-18(附详解)

CFA考试一级章节练习题精选0401-18（附详解）1、The following information is available about a hedge fund:Assume management fees are calculated using end-of-period valuation. The investor's net return given this fee structure is closest to:【单选题】A.9.68%.B.10.88%.C.9.79%.正确答案:C答案解析:Management fee: 1% of $112 million = $1.12 million.Section 3.32、The real estate index most likely to suffer from sample selection bias is a(n):【单选题】A.REIT index.B.appraisal index.C.repeat sales index.正确答案:C答案解析:Only properties that sell in each period and are included in the index and vary over time which may not be representative of the whole market.Section 5.33、If the level of broad inflation indices is largely determined by commodity prices, the average real yield on direct commodity investments is most likely:【单选题】A.greater than zero.B.equal to zero.C.less than zero.正确答案:B答案解析:As the price increases of commodities are mirrored in higher price indices, the nominal return is equal to inflation and thus the real return is zero.Section 6.34、Adding alternative investments to a portfolio of traditional investments will most likely result in a new combined portfolio with returns and standard deviation that are, respectively:【单选题】A.[1668201704061-image/0446.jpg]B.[1668201704061-image/0447.jpg]C.[1668201704061-image/0448.jpg]。

超赞的CFA复习笔记(四)——出自高顿财经CFA

capital budgeting process资本预算过程：长于1年的未来现金流项目。

任何对公司未来收入影响的决策可以用此框架测算资本预算过程4个步骤：1.idea generation构思产生。

2.analyzing project proposals分析项目建议。

3.create the firm-wide capital budget制定公司层级的资本预算。

4.monitoring decisions and conducting a post-audit监督决策（的执行）及实施事后审计。

构思产生：产生项目的构思。

分析项目建议：预测项目未来现金流制定公司层级资本预算：根据项目现金流的时间性、公司的可用资源、公司的整体战略计划，对可获利项目进行优先级排序监督决策及实施事后审计：寻找预计与实际的差异，解释原因。

并通过审计找到预测阶段的系统误差，提高公司经营。

可以将capital budgeting project资本预算项目分成如下几类：1.replacement project to maintain the business保持经营而更换项目：不进行深入分析，而是判断现行项目是否需要继续，如果是，现行步骤是否需要保留。

2.replacement projects for cost reduction削减成本而更换项目：决定设备是否过时，但仍然可用；或者需要替代。

此过程需要深入分析。

3.expansion projects扩张项目4.new product or market development新项目或市场开发5.mandatroy projects调整项目：政府代理机构或保险公司可能需要。

特别是在安全相关或者环境相关的项目。

6.other projects其他项目：一些不能简单分析的项目。

资本预算过程的5个重要原则：1.决策是基于现金流的，而不是会计收入。

：incrmental cash flow现金增量。

CFA一级权益投资练习题

CFA一级权益投资练习题1 . The current price of XYZ, Inc., is $40 per share with 1,000 shares of equity outstanding. Sales are$4,000 and the book value of the firm is $10,000. What is the price/sales ratio of XYZ, Inc.?A)10.000.B)0.010.C)4.000.答案及解析：The correct answer was：AThe price/sales ratio is (price per share)/(sales per share) = (40)/(4,000/1,000) = 10.0.Alternatively, the price/sales ratio may be thought of as the market value of the company divided by its sales, or (40 ×1,000)/4,000, or 10.0 again.2 . A firm has an expected dividend payout ratio of 50 percent, a required rate of return of 18 percent,and an expected dividend growth rate of3 percent. The firm’s price to earnings ratio (P/E) is:A)6.66.B)2.78.C)3.33.答案及解析：The correct answer was：CP/E = .5 / (18%-3%) =3.33.3 . Given the following information, compute price/sales.§Book value of assets = $550,000.§Total sales = $200,000.§Net income = $20,000.§Dividend payout ratio = 30%.§Operating cash flow = $40,000.§Price per share = $100.§Shares outstanding = 1,000.§Book value of liabilities = $500,000.A)2.50X.B)0.50X.C)2.00X.答案及解析：The correct answer was：BMarket value of equity= ($100)(1000) = $100,000Price / Sales =$100,000 / $200,000 = 0.5X4 . Global depository receipts are most likely issued:A)outside the issuer’s home country and denominated in the exchange’s home currency.B)in the United States and denominated in U.S. dollars.C)outside the issuer’s home country and denominated in U.S. dollars.答案及解析：The correct answer was：CGlobal depository receipts are issued outside the U.S. and the issuer’s home country and are most often denominated in U.S. dollars. Depository receipts issued in the United States and denominated in U.S. dollars are called American depository receipts.Global registered shares are denominated in the home currencies of the exchanges on which they trade.5 . Which of the following statements about the constant growth dividend discount model (DDM) in its application to investment analysis is least accurate? The model:A)is best applied to young, rapidly growing firms.B)can’t be applied when g > K.C)is inappropriate for firms with variable dividend growth.答案及解析：The correct answer was: AThe model is most appropriately used when the firm is mature, with a moderate growth rate, paying a constant stream of dividends. In order for the model to produce a finite result, the company’s growth rate must not exceed the required rate of return. 以上练习题均是高顿财经CFA的课程练习题。

cfa一级考试题库答案

cfa一级考试题库答案
1. 以下哪项是CFA一级考试中关于财务报表分析的主要内容？
A. 理解财务报表的结构和内容
B. 识别和分析财务报表中的异常情况
C. 预测未来财务报表的趋势
D. 所有以上选项
正确答案：D. 所有以上选项
2. 在CFA一级考试中，关于投资组合管理的哪项说法是正确的？
A. 投资组合管理只关注资产配置
B. 投资组合管理包括资产配置、选择证券和风险管理
C. 投资组合管理与市场时机无关
D. 投资组合管理只涉及股票投资
正确答案：B. 投资组合管理包括资产配置、选择证券和风险管理
3. 在CFA一级考试中，关于固定收益证券的以下哪项说法是错误的？
A. 固定收益证券的利息支付是固定的
B. 固定收益证券的价格与市场利率呈负相关
C. 固定收益证券的风险高于股票
D. 固定收益证券的到期收益率是固定的
正确答案：C. 固定收益证券的风险高于股票
4. 在CFA一级考试中，关于衍生品的以下哪项说法是正确的？
A. 衍生品的价值完全独立于标的资产
B. 衍生品可以用来对冲风险
C. 衍生品只能用于投机
D. 衍生品不能用于投资组合管理
正确答案：B. 衍生品可以用来对冲风险
5. 在CFA一级考试中，关于经济学的以下哪项说法是错误的？
A. 经济学研究资源的分配和利用
B. 宏观经济学关注整体经济的运行
C. 微观经济学研究个体经济单位的行为
D. 经济学只关注市场均衡状态
正确答案：D. 经济学只关注市场均衡状态
结束语：以上是CFA一级考试题库中的一些典型题目及其答案，希望能够帮助考生更好地准备考试。

cfa一级考试真题及答案详解

cfa一级考试真题及答案详解CFA一级考试真题及答案详解1. 问题：在计算投资组合的预期收益率时，以下哪种资产的预期收益率对投资组合的预期收益率影响最大？A. 资产A，占投资组合的10%B. 资产B，占投资组合的20%C. 资产C，占投资组合的30%D. 资产D，占投资组合的40%答案：D解析：投资组合的预期收益率是通过加权平均各个资产的预期收益率来计算的。

权重越大的资产对投资组合的预期收益率影响越大。

因此，资产D作为权重最大的资产，其预期收益率对投资组合的预期收益率影响最大。

2. 问题：以下哪种金融工具最适合用于对冲利率风险？A. 股票B. 债券C. 利率互换D. 货币期权答案：C解析：利率互换是一种利率衍生品，允许两方交换利率支付流。

这种金融工具可以用来对冲利率风险，因为它允许投资者锁定未来的利率水平，从而减少利率变动对投资组合价值的影响。

3. 问题：在进行财务分析时，以下哪种比率最能反映公司的流动性状况？A. 流动比率B. 速动比率C. 资产负债率D. 权益乘数答案：A解析：流动比率是衡量公司短期偿债能力的指标，它通过比较公司的流动资产和流动负债来计算。

一个较高的流动比率表明公司有足够的流动资产来覆盖其短期负债，因此最能反映公司的流动性状况。

4. 问题：在计算经济增加值（EVA）时，以下哪个因素不是必要的？A. 公司的税后营业利润B. 公司的资本成本C. 公司的总资产D. 公司的权益乘数答案：D解析：经济增加值（EVA）是通过从公司的税后营业利润中减去资本成本来计算的。

资本成本反映了公司资本的机会成本，而权益乘数并不是计算EVA所必需的。

EVA的计算公式为：EVA = NOPAT - (WACC * 资本投入)。

结束语：通过以上对CFA一级考试真题的分析，可以看出，理解各个金融概念和工具的基本原理对于通过考试至关重要。

希望这些真题及答案详解能够帮助考生更好地准备考试，提高通过率。

CFA一级权益投资练习题(五)——出自高顿财经CFA

CFA一级权益投资练习题（五）——出自高顿财经CFA1 .An equity valuation model that values a firm based on the market value of its outstanding debt and equity securities, relative to a firm fundamental, is a(n):A)asset-based model.B)enterprise value model.C)market multiple model.答案及解析：正确答案：BAn enterprise value model relates a firm’s enterprise value (the market value of its outstanding equity and debt securities minus its cash and marketable securities holdings)to its EBITDA, operating earnings, or revenue.2 . Dividends on non-participating preference shares are typically:A)a fixed percentage of par value.B)a contractual obligation of the company.C)lower than the dividends on common shares.答案及解析：正确答案：ASimilar to the interest payments on a debt security, dividends on non-participating preference shares (preferred stock) are typically fixed. Unlike the interest payments on a debt security, the company is not contractually obligated to pay preferred dividends. Preferred dividends are typically higher than a firm’s common dividends.3 . A firm has a profit margin of 10%, an asset turnover of 1.2, an equity multiplier of 1.3,and an earnings retention ratio of 0.5. What is the firm's internal growth rate?（高顿财经2014年6月CFA模拟考试试题）A)7.8%.B)6.7%.C)4.5%.答案及解析：正确答案：AROE = (Net Income /Sales)(Sales / Total Assets)(Total Assets / Total Equity)ROE = (0.1)(1.2)(1.3)= 0.156g = (retention ratio)(ROE) = 0.5(0.156) = 0.078 or 7.8%4 . Liquidity of private equity is most likely:A)greater than liquidity of public equity.B)less than liquidity of public equity.C)about equal to liquidity of public equity.答案及解析：正确答案：BPrivate equity securities are not registered to be traded in a public market, and therefore are less liquid that public equity.5 . In its latest annual report, a company reported the following:Net income = $1,000,000Total equity = $5,000,000Total assets = $10,000,000Dividend payout ratio = 40%Based on the sustainable growth model, the most likely forecast of the company’s future earnings growth rate is:A)6%.B)12%.C)8%.答案及解析：正确答案：Bg = (RR)(ROE)RR = 1 ? Dividend payout ratio = 1 ? 0.4 = 0.6ROE = NI / Total Equity = 1,000,000 / 5,000,000 = 1 / 5 = 0.2Note: This is the"simple" calculation of ROE. Since we are only given these inputs,these are what you should use. Also, if given beginning and ending equity balances, use the average in the denominator.g = (0.6)(0.2) = 0.12or 12%。

超赞的CFA复习笔记(三)——出自高顿财经CFA

IASB conceptual framework of financial report财报的概念性框架：提供关于财报主体的财务信息。

这些信息对当前或潜在投资者、借贷人、债权人在作出对财报主体投资决定时非常有用。

这些决定包括：购置、出售、或者持有权益和债务the statement of comprehensive income综合收入表：报告除权益所有者相互交易外的所有equity changes权益变动。

income statement利润表：报告一个公司在一定期限的financial performance财务表现。

IFRS other comprehensive income可以作为comprehensive income的一局部独立报告也可以将income statement 和comprehensive income分开。

GAAP的公司可以类似处理，但他们可以将comprehensinve income 作为shareholders'equity 的一局部来报告。

footnotes附注：1.讨论基于什么原因给出利润表包含的会计期间和包含的综合实体〔为什么是这个时间跨度〕。

2.给出accounting method会计方法、assumption假设estimates used by management管理的估计。

3.给出一些额外的信息如：business acquisition业务收购、disposal 处置、legal action法律活动，雇员福利方案contigencies偶然性和commitments承诺，4.重要客户关联交易，segments of the firm公司的分布。

SEC要求managements discussion and analysis(MD&A)管理者报告讨论重大事项和不确定因素的trends and identify趋势和确认，这些事项和因素影响到了企业的流动性、资本来源、经营结果。

CFA一级权益投资练习题(五)——出自高顿财经CFA

CFA特许金融分析师-CFA一级-强化练习题(参考)-04-CorporateFinance

CFA特许金融分析师-CFA一级-强化练习题（参考）-04-CorporateFinance [单选题]1.Which of the following statements regarding corpora（江南博哥）te shareholders is most accurate?A.Cross-shareholdings help promote corporate mergers.B.Dual-class structures are used to align economic ownership with control.C.Affiliated shareholders can protect a company against hostile takeover bids.正确答案：C参考解析：C is correct. The presence of a sizable affiliated stockholder (such as an indi- vidual, family trust, endowment, or private equity fund) can shield a company from the effects of voting by outside shareholders.[单选题]3.Which of the following statements regarding stakeholder management is most accurate?pany management ensures compliance with all applicable laws and regulations.B.Directors are excluded from voting on transactions in which they hold material interest.C.The use of variable incentive plans in executive remuneration is decreasing.正确答案：B参考解析：B is correct. Often, policies on related-party transactions require that such transactions or matters be voted on by the board (or shareholders), excluding the director holding the interest.[单选题]4.Which of the following represents a responsibility of a company’s board of directors?A.Implementation of strategyB.Enterprise risk managementC.Considering the interests of shareholders only正确答案：B参考解析：B is correct. The board typically ensures that the company has an appropriate enterprise risk management system in place.[单选题]5.Which of the following represents a principal–agent conflict between shareholders and management?A.Risk toleranceB.Multiple share classesC.Accounting and reporting practices参考解析：A is correct. Shareholder and manager interests can diverge with respect to risk tolerance. In some cases, shareholders with diversified investment portfolios can have a fairly high risk tolerance because specific company risk can be diver- sified away. Managers are typically more risk averse in their corporate decision making to better protect their employment status.[单选题]6.Which of the following statements about non-market factors in corporate governance is most accurate?A.Stakeholders can spread information quickly and shape public opinion.B.A civil law system offers better protection of shareholderinterests than does a common law system.C.Vendors providing corporate governance services have limited influence on corporate governance practices.正确答案：A参考解析：A is correct. Social media has become a powerful tool for stakeholders to instantly broadcast information with little cost or effort and to compete with company management in influencing public sentiment.[单选题]7.Hermann Corporation is considering an investment of €375 million with expected after-tax cash inflows of €115 million per year for seven years and an additional after-tax salvage value of €50 million in Year 7. The required rate of return is 10 percent. What is the investment’s PI?A.1.19.B.1.33.C.1.56.正确答案：C参考解析：Answer: C[单选题]8.An investment has an outlay of 100 and after-tax cash flows of 40 annually for four years. A project enhancement increases the outlay by 15 and the annual after-tax cash flows by 5. As a result, the vertical intercept of the NPV profile of the enhanced project shifts:A.Up and the horizontal intercept shifts left.B.Up and the horizontal intercept shifts right.C.Down and the horizontal intercept shifts left.参考解析：Answer: AThe vertical intercept changes from 60 to 65 (NPV when cost of capital is 0%), and the horizontal intercept (IRR, when NPV equals zero) changes from 21.86 percent to 20.68 percent.[单选题]9.With regard to net present value (NPV) profiles, the pointat which a profile crosses the vertical axis is best described as:A.the point at which two projects have the same NPV.B.the sum of the undiscounted cash flows from a project.C.a project's internal rate of return when the project's NPV is equal to zero.正确答案：B参考解析：Answer: BThe vertical axis represents a discount rate of zero. The point where the profile crosses the vertical axis is simply the sum of the cash flows.[单选题]10.Shirley Shea has evaluated an investment proposal andfound that its payback period is one year, it has a negative NPV, and it has a positive IRR. Is this combination of results possible?A.Yes.B.No, because a project with a positive IRR has a positive NPV.C.No, because a project with such a rapid payback period has apositive NPV.正确答案：A参考解析：这道题目问的是Shirley Shea评估了一项投资计划，发现投资回收期为一年，净现值为负，内部收益率为正。

CFA考试一级章节练习题精选0330-24(附详解)

CFA考试一级章节练习题精选0330-24（附详解）1、An analyst does research about various risks of investing in bonds.Investors inU.S.Treasury Inflation-Protected Securities are most likely to be exposed to:【单选题】A.credit risk.B.reinvestment rate risk.C.purchasing power risk.正确答案:B答案解析:美国政府的通货膨胀保护证券信用极好，所以没有违约风险。

同时，由于通货膨胀保护证券的本金会随着通货膨胀率调整，所以大幅度减少了购买力风险。

但通货膨胀保护证券所拿到的利息会面临再投资风险。

1、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】A.stays the same.B.increases.C.decreases.正确答案:A答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes theslope of the yield curve stays the same.CFA Level 1"Understanding Fixed-Income Risk and Return," James F. Adams and Donald J. SmithSection 31、All else being equal, in a rising interest rate environment, the price of a floating-ratesecurity will most likely decline if:【单选题】A.there is no cap.B.the margin required by investors declines.C.the coupon is reset every six months rather than monthly.正确答案:C答案解析:如果没有利率顶（CAP）就会降低利率风险，利率上升，息票率也随之上升，价格不会下跌。

CFA考试一级章节练习题精选0401-12(附详解)

CFA考试一级章节练习题精选0401-12（附详解）1、If the yield to maturity on an annual-pay bond is 7.75%, the bond-equivalent yield is closest to:【单选题】A.7.61%.B.7.90%.C.8.05%.正确答案:A答案解析:“Yield Measures, Spot Rates, and Forward Rates,” Frank J. Fabozzi, CFA[1667201704061-image/0444.jpg]2、An analyst does research about survivorship bias and its impact to measurementratios.Hedge fund data bases and indexes that suffer from survivorship bias becauseof a failure to comply with performance presentation standards are mostlikely to overstate :【单选题】A.Sharpe ratios.B.standard deviation of returns.C.correlations with returns from common stocks.正确答案:A答案解析:对冲基金有生存偏差，统计的历史业绩中只包含那些生存下来的基金的业绩，而那些由于业绩不佳而被清盘的基金的业绩不包括在内，这就高估了对冲基金的平均收益率，低估了对冲基金收益率的标准差，所以导致高估了夏普比率。

同时，由于对冲基金的业绩看上去很稳定，但并不能反映市场的情况，这就低估了与普通股收益率之间的相关系数。

3、An analyst does research about price value of a basis point (PVBP).With respectto a coupon bond, the duration is 8.61, and the current price of the bondis $ 101.35.The price value of a basis point (PVBP) of the bond is closest to:【单选题】A.$ 0.0861B.$ 0.0873C.$ 0.1014正确答案:B答案解析:8.61 × 0.0001 × $ 101.35 = $ 0.08734、Which of the following measures of interest rate risk is most appropriate forbonds with prepayment option?【单选题】A.Effective duration.B.Modified duration.C.Macaulay duration.正确答案:A答案解析:对于有内含权或者提前偿付权的债券而言，由于现金流是不确定的，故应该用有效久期测量利率风险，而不能用修正久期或麦考利久期。

高顿教育cfa一级考试答案

高顿教育cfa一级考试答案1. 以下哪项不是CFA一级考试中伦理和职业标准部分的重点？A. 利益冲突B. 投资表现的呈现C. 投资分析中的假设D. 投资组合管理答案：D2. 在CFA一级考试中，关于固定收益证券的以下哪个说法是不正确的？A. 债券的票息率通常高于相同期限的国库券B. 债券的到期收益率高于其票息率时，债券价格会上升C. 债券的久期是衡量债券价格对利率变化敏感度的指标D. 债券的凸性是衡量债券价格对利率变化的二阶敏感度答案：B3. 在CFA一级考试中，关于股权投资的以下哪个说法是正确的？A. 股票的预期回报率总是高于债券的预期回报率B. 股票的贝塔系数衡量了股票相对于整个市场的风险C. 股票的股息收益率是衡量股票价值的唯一指标D. 股票的市盈率是衡量股票价格相对于每股收益的指标答案：B4. 在CFA一级考试中，关于衍生品的以下哪个说法是不正确的？A. 期货合约允许投资者在未来的特定日期以特定价格买卖资产B. 期权合约赋予持有者在未来的特定日期以特定价格买卖资产的权利C. 掉期合约是一种双边合约，允许交易双方交换现金流D. 衍生品总是用于投机，而不是对冲风险答案：D5. 在CFA一级考试中，关于另类投资的以下哪个说法是正确的？A. 另类投资包括房地产、私募股权和对冲基金B. 另类投资通常具有较低的流动性和较高的透明度C. 另类投资的回报通常与市场回报无关D. 另类投资的主要目的是提供稳定的现金流答案：A6. 在CFA一级考试中，关于投资组合管理的以下哪个说法是不正确的？A. 投资组合的风险可以通过资产配置来管理B. 投资组合的预期回报可以通过增加风险资产的比例来提高C. 投资组合的多样化可以减少非系统性风险D. 投资组合的贝塔系数是衡量投资组合相对于整个市场的风险答案：D7. 在CFA一级考试中，关于经济学的以下哪个说法是正确的？A. 长期经济增长主要取决于资本积累和技术进步B. 短期经济波动主要受货币政策的影响C. 通货膨胀率的上升总是导致实际利率的下降D. 财政政策在经济衰退期间总是有效的答案：A8. 在CFA一级考试中，关于财务报表分析的以下哪个说法是不正确的？A. 财务比率分析可以帮助投资者评估公司的财务状况B. 现金流量表提供了公司现金流入和流出的信息C. 资产负债表显示了公司在特定日期的资产、负债和所有者权益D. 利润表显示了公司在特定期间的收入和费用答案：C9. 在CFA一级考试中，关于公司金融的以下哪个说法是正确的？A. 资本预算是公司决定如何分配其资本的过程B. 净现值（NPV）是衡量投资项目盈利性的指标C. 股息政策对公司的股价没有影响D. 公司的价值等于其资产的账面价值答案：A10. 在CFA一级考试中，关于量化方法的以下哪个说法是不正确的？A. 回归分析可以用来估计变量之间的关系B. 时间序列分析用于分析和预测时间序列数据C. 蒙特卡洛模拟是一种用于风险管理的统计方法D. 标准差是衡量投资组合整体风险的指标答案：D。

CFA考试一级章节练习题精选0401-7(附详解)

CFA考试一级章节练习题精选0401-7（附详解）1、The table below provides a history of a fixed income security’s coupon rate and the risk free rate over a five-year period.The security is most likely a(n):【单选题】A.step-up note.B.inverse floater.C.deferred coupon bond.正确答案:B答案解析:“Features of Debt Securities,” Frank J. FabozziB is correct because the security’s coupon rate moves in the opposite direction (inversely) with the risk free rate. (Specifically: Coupon rate = 12.00% – 2 × Risk free rate.)2、An investor whose marginal tax rate is 33.5% is analyzing a tax-exempt bond offering a yield of 5.20%. The taxable-equivalent yield of the bond is closest to:【单选题】A.3.90%.B.6.94%.C.7.82%.正确答案:C答案解析:“Understanding Yield Spreads,” Frank J. Fabozzi= 5.20%/(1 – 0.335) = 7.82%.3、One reason why the duration of a portfolio of bonds does not properly reflect that portfolio’s yield curve risk is the duration measure:【单选题】A.assumes all yields change by the same amount.B.assumes all the bonds have the same discount rate.C.ignores differences in coupon rates across the bonds.正确答案:A答案解析:“Risks Associated with Investing in Bonds”, Frank J. Fabozzi, CFAA is correct because duration assumes all interest rates across the yield curve change by the same amount and therefore each bond’s yield changes by the same amount.4、Duration is most accurate as a measure of interest rate risk for a bond portfolio when the slope ofthe yield curve:【单选题】A.stays the same.B.increases.C.decreases.正确答案:A答案解析:Duration measures the change in the price of a portfolio of bonds if the yields for all maturities changeby the same amount; that is, it assumes theslope of the yield curve stays the same.Section 35、An analyst does research about a floating-rate security.All else being equal, thecap on a floating-rate security is most likely to benefit the:【单选题】A.issuer if interest rates fall.B.issuer if interest rates rise.C.bondholder if interest rates rise.正确答案:B答案解析:浮动利率的利率顶对于债券的发行人有利，它限制了票面利率上涨的最高幅度，锁定了发行人的利息支出。

cfa一级考试真题及答案解析

cfa一级考试真题及答案解析CFA一级考试真题及答案解析1. 问题：某投资者持有一个投资组合，其中包含股票A和股票B，股票A的预期收益率为10%，股票B的预期收益率为15%，股票A在投资组合中的权重为60%，股票B的权重为40%。

请问该投资组合的预期收益率是多少？解析：投资组合的预期收益率可以通过加权平均的方式来计算。

具体计算公式为：投资组合预期收益率 = (股票A的预期收益率 * 股票A的权重) + (股票B的预期收益率 * 股票B的权重)。

将题目中给出的数据代入公式，得到投资组合的预期收益率 = (10% * 60%) + (15% * 40%) = 6% + 6% = 12%。

答案：投资组合的预期收益率为12%。

2. 问题：某公司在年初发行了面值为1000元，期限为5年，年利率为5%的债券。

如果市场利率为6%，请问该债券的当前市场价格是多少？解析：债券的市场价格可以通过现值公式来计算，即市场价格 = 债券面值 / (1 + 市场利率)^债券期限。

将题目中给出的数据代入公式，得到债券的市场价格 = 1000 / (1 + 6%)^5 ≈ 735.47元。

答案：该债券的当前市场价格约为735.47元。

3. 问题：某投资者购买了一份看涨期权，执行价格为100元，期权费为5元，到期日时标的资产的市场价格为120元。

请问该投资者的净收益是多少？解析：看涨期权的净收益可以通过以下公式计算：净收益 = (标的资产的市场价格 - 执行价格 - 期权费)。

将题目中给出的数据代入公式，得到净收益 = (120 - 100 - 5) = 15元。

答案：该投资者的净收益为15元。

4. 问题：某公司上一年的营业收入为500万元，营业成本为300万元，销售和管理费用为100万元，财务费用为20万元，投资收益为30万元。

请问该公司上一年的净利润是多少？解析：净利润的计算公式为：净利润 = 营业收入 - 营业成本 - 销售和管理费用 - 财务费用 + 投资收益。

CFA考试一级章节练习题精选0330-37(附详解)

CFA考试一级章节练习题精选0330-37（附详解）1、Which of the following theories of the term structure of interest rates makes themost direct link between the yield curve now and future short-term interest ratesanticipated by investors?【单选题】A.Pure expectations.B.Liquidity preference.C.Market segmentation.正确答案:A答案解析:完全预期理论认为收益率曲线取决于投资者对于当前和未来短期利率的预期。

2、An investor is concerned about interest rate risk.Which of the following bondshas the least interest rate risk? The bond with:【单选题】A.5% yield and 10-year maturity.B.5% yield and 15-year maturity.C.6% yield and 10-year maturity.正确答案:C答案解析:息票率越低，提前得到的现金流就越少，未来的不确定性就越大，利率风险越大。

期限越长，未来的不确定性越大，利率风险越大。

所以这3只债券中有最小利率风险的是C。

3、All else being equal, the floor on a floating-rate security is most likely to benefitthe :【单选题】A.issuer if interest rates fall.B.bondholder if interest rates fall.C.bondholder if interest rates rise.正确答案:B答案解析:对于浮动利率证券的利率底，意味着当利率下跌低于利率底时，该浮动利率证券还是以利率底来支付利息，锁定了债券持有人获得利息回报的最低下限，对于债券持有人是有利的。

CFA一级权益投资练习题（四）——出自高顿财经CFA

CFA一级权益投资练习题（四）——出自高顿财经CFACFA一级权益投资练习题（四）——出自高顿财经CFA1 .Analyst estimates the intrinsic value of a stock to be equal to ?1,567 per share. If the current market value of the stock is ?1,487 per share, the stock is:A)overvalued.B)undervalued.C)fairly valued.答案及解析：正确答案：BIf a stock’s intrinsic value is greater than its market value, the stock is undervalued.2 . Witronix is a rapidly growing U.S. company that has increased free cash flow to equity and dividends at an average rate of 25% per year for the last four years. The present value model that is most appropriate for estimating the value of this company is a:A)multistage dividend discount model.B)Gordon growth model.C)single stage free cash flow to equity model.答案及解析：正确答案：AA multistage model is the most appropriate model because the company is growing dividends at a higher rate than can be sustained in the long run. Though the company may be able to grow dividends at a higher-than-sustainable 25% annual rate for a finite period, at some point dividend growth will have to slow to a lower, more sustainable rate. The Gordon growth model is appropriate to use for mature companies that have a history ofincreasing their dividend at a steady and sustainable rate. A single stage free cash flow to equity model is similar to the Gordon growth model, but values future free cash flow to equity rather than dividends.3 . All else equal, if a firm’s return on equity (ROE) increases, the s tock’s value as estimated by the constant growth dividend discount model (DDM) will most likely:A)increase.B)not change.C)decrease.答案及解析：正确答案：AIncrease in ROE: ROE is a component of g. As g increases, the spread between ke and g, or the P/E denominator, will decrease, and the P/E ratio will increase.4 . Assuming that a company's return on equity (ROE) is 12% and the required rate of return is 10%,which of the following would most likely cause the company's P/E ratio to rise?A)The firm's ROE falls.B)The inflation rate falls.C)The firm's dividend payout rises.答案及解析：正确答案：B§Decrease in the expected inflation rate. The expected inflation rate is a component of ke (through the nominal risk free rate). ke can be represented by the following: nominal risk free rate + stock risk premium, where nominal risk free rate = [(1 + real risk free rate)(1 +expected inflation rate)] –1.§If the rate of inflation decreases, the nominal risk free rate will decrease.§ke will decrease.§The spread between ke and g, or the P/E denominator, will decrease.§P/E ratio will increase.(An increase in the stock risk premium would have the opposite effect.)§Decrease in ROE: ROE is a component of g. Ag decreases, the spreadbetween ke and g, or the P/E denominator, will increase, and the P/E ratio will decrease.§Increase in dividend payout/reduction in earnings retention. In this case, an increase in the dividend payout will likely decrease the P/E ratio because a decrease in earnings retention will likely lower the P/E ratio. The logic is as follows: Because earnings retention impacts both the numerator (dividend payout) and denominator (g) of the P/E ratio, the impact of a change in earnings retention depends upon there relationship of ke and ROE. If the company is earning a higher rate on new projects than the rate required by the market (ROE> ke), investors will likely prefer that the company retain more earnings. Since an increase in the dividend payout would decrease earnings retention, the P/E ratio would fall, as investors will value the company lower if it retains a lower percentage of earnings.5 . Which of the following is NOT a determinant of the expected price/earnings (P/E) ratio?A)Expected dividend payout ratio (D/E).B)Average debt to capital ratio (D/C).C)Expected growth rate in dividends (g).答案及解析：正确答案：BThe P/E ratio is determined by payout ratio D/E, required return Ke, and expected growth g.。

CFA一级权益投资练习题(六)——出自高顿财经CFA

CFA一级权益投资练习题(六)——出自高顿财经CFACFA一级权益投资练习题，第六部分，共包含了10道考题1. The last dividend paid on a common stock was $2.00, thegrowth rate is 5% and investors require a 10% return. Using the infinite perioddividend discount model, calculate the value of the stock.A)$42.00.B)$40.00.C)$13.33.【答案及解析】正确答案：A解析：2(1.05) / (0.10 - 0.05)= $42.002. A firm’s cost ofequity capital is least accurately described as the:A)ratio of the firm’snet income to its average book value.B)minimum rate of returninvestors require to invest in the firm’s equity securities.C)expected total returnon the firm’s equity shares in equilibrium.【答案及解析】正确答案：A解析：The ratio of the firm’snet income to its average book value is the firm’s return on equity, which canbe greater than, equal to, or less than the firm’s cost of equity. Cost ofequity for a firm can be defined as the expected equilibrium total return inthe market on its equity shares, or as minimum rate of return that investorsrequire as compensation for the risk of the firm’s equity securities.3. Baker Computerearned $6.00 per share last year, has a retention ratio of 55%, and a return onequity (ROE) of 20%. Assuming their required rate of return is 15%, how muchwould an investor pay for Baker on the basis of the earnings multipliermodel?A)$40.00.B)$173.90.C)$74.93.【答案及解析】正确答案：C解析：g = Retention ×ROE =(0.55) ×(0.2) = 0.11P0/E1 = 0.45 / (0.15 ?0.11) = 11.25Next year's earnings E1= E0 ×(1 + g) = (6.00) ×(1.11) = $6.66P0 = 11.25($6.66) =$74.934. Assuming a discountrate of 15%, a preferred stock with a perpetual dividend of $10 is valued atapproximately:A)$66.67.B)$1.50.C)$8.70.【答案及解析】正确答案：A解析：The formula for thevalue of preferred stock with a perpetual dividend is: D / kp, or 10.0 / 0.15 =$66.67.5. The price to bookvalue ratio (P/BV) is a helpful valuation technique when examining firms:A)with older assetscompared to those with newer assets.B)that hold primarilyliquid assets.C)with the same stockprices.【答案及解析】正确答案：B解析：P/BV analysis works bestfor firms that hold primarily liquid assets.6. One advantage ofusing price-to-book value (PBV) multiples for stock valuation is that:A most of the time itis close to the market value.B)it is a stable andsimple benchmark for comparison to the market price.C)book value of a firmcan never be negative.【答案及解析】正确答案：B解析：Book value provides arelatively stable measure of value that can be compared to the market price.For investors who mistrust the discounted cash flow estimates of value, itprovides a much simpler benchmark for comparison. Book value may or may not becloser to the market value. A firm may have negative book value if it showsaccounting losses consistently.7. The threat ofsubstitute products is most likely to be low for a firm that:A)produces a commodityproduct in an industry with significant unused capacity.B)operates in afragmented market with little unused capacity.C)produces adifferentiated product with high switching costs.【答案及解析】正确答案：C解析：The threat ofcompetition from substitute products is likely to be low for a firmthatproduces a differentiated product with high switching costs. Unused capacityand low industry concentration (a fragmented market) tend to intensify rivalryamong industry competitors but are not directly related to the threat ofsubstitute products.8. Given thefollowing estimated financial results, value the stock of FishnChips, Inc.,using the infinite period dividend discount model (DDM).§Sales of $1,000,000.§Earnings of $150,000.§Total assets of $800,000.§Equity of $400,000.§Dividend payout ratio of 60.0%.§Average shares outstanding of 75,000.§Real risk free interest rate of 4.0%.§Expected inflation rate of 3.0%.§Expected market return of 13.0%.§Stock Beta at 2.1.The per share value ofFishnChips stock is approximately: (Note: Carry calculations out to at least 3decimal places.)A)$26.86.B)Unable to calculatestock value because ke < g.C)$17.91.【答案及解析】正确答案：A解析：Here, we are given allthe inputs we need. Use the following steps to calculate the value of thestock:First, expand theinfinite period DDM:DDM formula: P0 = D1 /(ke –g)D1 = (Earnings ×Payout ratio) / average number ofshares outstanding= ($150,000 ×0.60) / 75,000 = $1.20ke = nominal risk free rate + [beta ×(expectedmarket return –nominal risk free rate)]Note: Nominal risk-free rate = (1 + real risk free rate) ×(1 +expected inflation) –1= (1.04)×(1.03) – 1 =0.0712, or 7.12%.ke = 7.12% + [2.1 ×(13.0% ? 7.12%)] = 0.19468g = (retention rate ×ROE)Retention = (1 –Payout) = 1 –0.60 = 0.40.ROE =(net income / sales)(sales / total assets)(total assets / equity)= (150,000 / 1,000,000)(1,000,000/ 800,000)(800,000 / 400,000)= 0.375g = 0.375 ×0.40 = 0.15Then, calculate: P0 =D1 / (ke –g) = $1.20 / (0.19468 ? 0.15) = 26.86.9. The free cash flowto equity model is best described as a(n):A)single-factor model.B)present value model.C)enterprise valuemodel.【答案及解析】正确答案：B解析：The free cash flow toequity model is one type of present value model or discounted cash flow model.It estimates a stock’s value as the present value of cash available to commonshareholders. The enterprise value model is an example of a multiplier model.10. For relativevaluation, a peer group is best described as companies:A)in a similar sectoror industry classification.B)at a similar stageof the industry life cycle.C)with similarbusiness activities and competitive factors.【答案及解析】正确答案：C解析：An analyst should formpeer groups of companies that have similar business activities, drivers ofdemand and costs, and access to capital. Companies in the same industry orsector and companies at the same stage of the industry life cycle are notnecessarily comparable for equity valuation purposes.。