历年注册金融分析师CFA考试真题.docx

历年注册金融分析师CFA考试真题.docx

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历年注册金融分析师CFA考试真题

历年注册金融分析师（CFA）考试真题

　　InvestmentTools：

FinancialStatementAnalysis：

FinancialRatiosandEarningsperShare

　　1：

AnalysisofFinancialStatements

　　a：

Calculate,interpret,anddiscusstheusesofmeasuresofacompany'sinternalliquidity,operatingperformance,riskprofile,growthpotential,andexternalliquidity.

　　Measuresofacompany’sinternalliquidity

　　Theseratiosarethe：

　　1.Currentratio=currentassets/currentliabilities.

　　2.Quickratio=[cash+marketablesecurities+receivable]/currentliabilities.

　　3.Cashratio=[cash+marketablesecurities]/currentliabilities.

　　Thecurrent,quick,andcashratiosdifferonlyintheliquidityofthecurrentassetsthattheanalystprojectswillbeusedtopayoffthecurrentliabilities.Otherratiosask：

　　1.Doesthecompanycollectitsreceivablesonatimelybasis?

　　a.Receivablesturnover=sales/averagereceivables

　　b.Averagereceivablescollectionperiod=365/receivablesturnover

　　2.Howfastdoesthecompanymoveitsinventorythroughthesystem?

　　a.Inventoryturnover=costofgoodssold/averageinventory

　　b.Averageinventoryprocessingperiod=365/inventoryturnover

　　3.Doesthecompanypayitscurrentbills?

　　a.Payablesturnover=costofgoodssold/averageaccountspayable

　　b.Averagepaymentperiod=365/payablesturnover

　　Thecashcycleisthetimeperiodthatexistsfromwhenthefirmpaysoutmoneyforthepurchaseofrawmaterialstowhenitgetsthemoneybackfromthepurchasersofthefirm’sfinishedgoods.

　　Cashconversioncycle=collectionperiod+inventoryperiod-paymentperiod.

　　Example：

Receivablesturnover=9,daysreceivablesout（collectionperiod）=41days,inventoryturnover=6,daysinventoryinstock（inventoryperiod）=61days,payablesturnover=11,anddayspayablesout（paymentperiod）=33days.Cashconversioncycle=41days+61days-33days=69days.

　　Measuresofacompany’soperatingperformance

　　Operatingefficiencyratiosquestionhowefficientlymanagementisusingtheassetstheyhaveattheirdisposal.Efficiencyratiosareallsalestobalancesheetitemratios.

　　·totalassetturnover=sales/totalassets

　　·fixedassetturnover=sales/fixedassets

　　·equityturnover=sales/equity

　　Operatingprofitabilityratioslookathowgoodmanagementisatturningtheireffortsintoprofits.

　　Grossprofitmargin=grossprofits/sales.

　　Operatingprofitmargin=operatingprofit/sales,thisratioisalsowrittenasEBIT/sales

　　Netprofitmargin=EAT/sales,alsoknowthebeforetaxprofitmargin=EBT/sales

　　Returnontotalcapital=[EAT+interest]/capital

　　Returnonownersequity=ROE=EAT/equity

　　Measuresofacompany’sriskprofile

　　Businessriskisrelatedtothefirm’sindustry,thevariabilityofsalesduetothefirm’sproducts,customersandmethodofdoingbusiness.

　　1.Businessrisk=[standarddeviationofoperatingincome]/[meanoperatingincome]

　　2.Salesvariability=coefficientofvariationofsales,salesvariability=[standarddeviationofsales]/[meansales]

　　3.Operatingleverage=?

[ave%changeinoperatingearn]/[ave%changeinsales]?

　　Financialriskoccursontopofbusinessrisk.Financialriskisrelatedtotheuncertaintycausedbythefixedcostassociatedwithborrowedmoney.

　　Leverageratiosshowwherethemoneycomesfrom：

　　a.debttoequityratio=totallong-termdebt/equity

　　b.assetstoequityratio=assets/equityalsocalledthefinancialleveragemultiplier

　　c.debttocapitalratio=totallong-termdebt/totallong-termcapital

　　d.totaldebtratio=[long-term+short-termdebt]/totalcapital.

　　Earningsorcashflowratiosaredesignedtoshowtheearningsorcashthatisavailabletomeettherequiredinterestandleasepayments.Debtserviceratios.

　　a.Interestcoverage=operatingprofit/interestexpense=EBIT/I

　　b.Totalfixedchargecoverage=[EBIT+leasepayments]/[interest+leasepayments+（preferreddividends/{1-taxrate}）]

　　c.Cashflow/interestexpense

　　d.Cashflowcoverage=（cashflow+interestexpense）/interestexpense

　　e.Cashflow/long-termdebt.

　　Measuresofacompany’sgrowthpotential

　　Growthanalysis：

Investorsandcreditorsareinterestedinthefirm’sgrowthpotential.Investorsbecausehighgrowthmeanshighstockprices,andcreditorsbecausehighgrowthmeansthefirm’sabilitytorepayitsobligationsisimproved.

　　1.Sustainablegrowth（g）=（earningsretentionrate）（ROE）,Where：

theearningsretentionrate=[1-（dividends/netincome）]

　　2.ROE=[EAT/sales][sales/assets][assets/equity]

　　Example：

Afirmhasapredictabledividendpayoutratioof40%,anetprofitmarginof12%,anassetturnoverof1.3andanequitymultiplierleveragemeasureof1.4.Estimatethefirm’ssustainablegrowthrate.

　　g=（earningsretentionrate）（ROE）=（1-dividendpayout）（EAT/S）（S/A）（A/Eq）

　　g=（1-.4）（.12）（1.3）（1.4）=.13or13%

　　Measuresofacompany’sexternalliquidity

　　Externalliquidityistherelativespeedatwhichyoucantradeyourshareswithlittleimpactontheprice.Themostimportantdeterminantofexternalmarketliquidityisthenumberofsharestradedduringthetimeperiod.Othermeasuresofliquidityare：

　　·Thesizeofthebid-askspread.Thesmallerthespreadthegreatertheliquidity.

　　·Thetotalmarketvalueoftheoutstandingsecurities.

　　·Thenumberofshareholders.

　　·Thetradingturnover（sharestradedduringtheperiod）/（numberofsharesoutstanding）.

　　b：

Calculatethevariouscomponentsofthecompany'sreturnonequityusingthetraditionalandextendedduPontsystems.

　　RatioanalysisusingtheduPontsystemisanimportanttooloftheanalyst.TheduPontsystemisthemethodofbreakingdownreturnratiosintotheircomponents.Therearemanyvariantsofthisbreakdown.

　　TraditionalversionoftheduPontequation：

　　·StartwiththebasicROEratio,（netincome/equity）.

　　·MultiplyingtheROEbysales/salesgivesROE=（netincome/sales）（sales/equity）.Therefore,ROE=（netprofitmargin）（equityturnover）.

　　·ExpandingtheequationfurtherbyincorporatingfinancialleveragegivesusROE=（netincome/sales）（sales/equity）.

　　·Multiplyingbyassets/assetsandrearrangingthedenominatorgivesusROE=（netincome/sales）（sales/assets）（assets/equity）.

　　·Finally,weendupat（netprofitmargin）（assetturnover）（equitymultiplier）.

　　ExtendedversionoftheduPontequation：

　　·FromtheincomestatementyouwillnoticethatEAT=EBT（1-t）,wheretisthefirm'saveragetaxrate.SubstitutingEBT（1-t）forEATintheexpandedROEequationgivesusROE=（EBT/sales）（sales/assets）（assets/equity）（1-t）.

　　·Nowlookattheincomestatement.TherelationshipbetweenEBTandEBITisEBT=EBIT-I,whereIequalsthefirm'stotalinterestexpense.Substituting（EBIT-I）intotheROEequationforEBTgivesusROE=[（EBIT/sales）（sales/assets）-（interestexpense/assets）]（assets/equity）（1-t）.

　　·Restatedinaccountingterms：

ROE=[（operatingprofitmargin）（totalassetturnover）-（interestexpenserate）]（financialleveragemultiplier）（taxretentionrate）.

　　c：

Calculateandinterpretacompany'sfinancialratiosrelativetoitsindustry,totheaggregateeconomy,andtothecompany'sownperformanceovertime.

　　Importanceofrelativefinancialratios.Asinglefinancialratiobyitselfisoflittleuse.Thepoweroffinancialratioscomesfromcomparingthemtorelativeratiosrepresentingthegeneraleconomy,thefirm’sindustry,thefirm’smajorcompetitorsandeventhefirm’sownpastperformancerecord.

　　1.Thecomparisonofthefirm’sratiostotheaggregateeconomyisimportantbecausemostfirmsareinfluencedbythegeneralbusinesscycle.

　　2.Itisalsoimportanttocompareafirm’sratiostoitsownindustryratios.Industryeffectsarestrongestwithindustrieshavinghomogeneousproducts.Itmaybenecessarytocompareafirmtoasmallersubsetwithintheindustrythathascomparablecharacteristics.Thistypeofanalysisiscalledcrosssectionalanalysis.

　　3.Itisalsohelpfultocompareafirm’sperformanceovertimetoitselftoseeifthefirmisprogressingordeclining.Thistypeofanalysisiscalledtimeseriesanalysis.

　　d：

Interpretcommon-sizebalancesheetsandcommon-sizeincomestatementsanddiscussthecircumstancesunderwhichtheuseofcommon-sizefinancialstatementsisappropriate.

　　Common-sizestatementsnormalizebalancesheetandincomestatementsandallowtheanalysttomakeeasiercomparisonsofdifferentsizedfirms.Acommon-sizebalancesheetexpressesallbalancesheetaccountsasapercentageoftotalassets.Acommon-sizeincomestatementexpressesallincomestatementitemsasapercentageofsales.

　　Common-sizedratiosconverttheindividuallineitemsontheincomestatementtopercentages.Rawnumbershiderelevantinformationthatpercentagesfrequentlyunveil.Common-sizedincomestatementratiosareespeciallyusefulinstudyingtrendsincostsandprofitmargins.

　　Common-sizedISratios=incomestatementaccount/sales

　　Balancesheetaccountscanalsobeconvertedtocommon-sizedratiosbydividingeachbalancesheetitembytotalassets.

　　Common-sizedBSratios=balancesheetaccount/totalassets

　　e：

Identifyanddiscussthelimitationsoffinancialratios（eg,differencesinaccountingtreatmentamongcompanies）.

　　·Theuseofaccountinginformationthatpermitssomechoiceofaccountingprinciples.Thereisalwaysapotentialforearningsmanagementorearningsmanipulation.

　　·Itisdifficulttodeterminetheappropriateindustrytouseincomparingfirms.Manyfirmsoperateinseveraldifferentlinesofbusiness,makingitdifficulttoidentifytheindustry.