CFA错题笔记15corporate finance.docx

1、CFA错题笔记15corporate financeCFA错题笔记15-corporatefinance&portfoliomanagement本次做的题目是bookshelf 的R36-R43共189道题，下面分享43道错题：R36 cost of capital2.Which of the following statements is correct?A.The appropriate tax rate to use in the adjustment of the before-tax cost of debt to determine the after-tax cost of de

2、bt is the average tax rate because interest is deductible against the companys entire taxable income.B.For a given company, the after-tax cost of debt is generally less than both the cost of preferred equity and the cost of common equity.C.For a given company, the investment opportunity schedule is

3、upward sloping because as a company invests more in capital projects, the returns from investing increase.正确答案：B考点：R362.1. Taxes and the Cost of Capital&2.3. Applying the Cost of Capital to Capital Budgeting and Security Valuation【Doris 叨叨】题目大意：下面哪一个表述是正确的：A.适当的税率用于调整债务的税前成本，以确定债务的税后成本是平均税率，因为利息可抵扣公

4、司的全部应税收入；并不是全部，只能抵扣部分。B.对于一个给定的公司来说，债务的税后成本通常低于优先股的成本和普通股的成本；税可以递减部分成本，因此税后成本低于税前成本。C.对于一个给定的公司来说，投资机会表是向上倾斜的，因为在资本项目中投资越多，投资的回报就越大；投资机会表是向下倾斜的。4.Dot.Com has determined that it could issue $1,000 face value bonds with an 8 percent coupon paid semi-annually and a five-year maturity at $900 per bond.

5、If Dot.Coms marginal tax rate is 38 percent, its after-tax cost of debt isclosestto:A.6.2 percent.B.6.4 percent.C.6.6 percent.正确答案：C考点：R362.1. Taxes and the Cost of Capital【Doris 叨叨】题目大意：Dot.Com决定发行面值1000，息票率8%，半年付息一次，五年到期，价格900的债券，如果Dot.Com的税率是38%，它的税后债务成本是？PV=-900,FV=1000，PMT=40(1000*8%/2)，N=10，CP

6、T-1/Y=5.3149%YTM=5.3149%*2=10.62985%税后成本：10.62895%*（1-38%）=6.59%10.Wang Securities had a long-term stable debt-to-equity ratio of 0.65. Recent bank borrowing for expansion into South America raised the ratio to 0.75. The increased leverage has what effect on the asset beta and equity beta of the com

7、pany?A.The asset beta and the equity beta will both rise.B.The asset beta will remain the same and the equity beta will rise.C.The asset beta will remain the same and the equity beta will decline.正确答案：B考点：R364.1. Estimating Beta and Determining a Project Beta【Doris 叨叨】题目大意：王氏证券长期负债率为0.65。近期银行向南美洲扩张借

8、款的比例提高到0.75。增加的杠杆对公司的资产beta和权益beta有什么影响？A.资产beta和权益beta同时上升B.资产beta不变，权益beta上升；权益beta反映的是股东承担的系统风险，负债会增加股东的风险，即负债增加，权益beta增加，资产beta则不变（分母和分子同时增加）C.资产beta不变，权益beta下降16.Sandell is performing a sensitivity analysis of the effect of the new project on the companys cost of capital. If the China project h

9、as the same asset risk as Kruspa,the estimated project beta for the China project, if it is financed 80 percent with debt, isclosestto:A.1.300.B.2.635.C.3.686.相关资料：He expects the Chinese plant to sell only to customers within China for the first three years. Knudsen is asked to evaluate Kruspas plan

10、ned financing of the required 100 million with a 80 public offering of 10-year debt in Sweden and the remainder with an equity offering.正确答案：C考点：R364.1. Estimating Beta and Determining a Project Beta【Doris 叨叨】题目大意：桑德尔针对新项目给公司资本成本带来的影响进行了敏感性分析。如果中国的项目和公司具有相同的资产beta，如果负债占比80，估计中国项目的beta最接近：相关资料：他预计第一个

11、三年中国计划只卖给中国客户。克努特森被要求评估克鲁斯帕计划的融资1亿欧元，其中价格80欧元的10年期国债在瑞典发行，其余发行股票。根据材料和题目得知，D=80,E=20，根据公式得出3.68617.As part of the sensitivity analysis of the effect of the new project on the companys cost of capital, Sandell is estimating the cost of equity of the China project considering that the China project re

12、quires a country equity premium to capture the risk of the project. The cost of equity for the project in this case isclosestto:A.10.52 percent.B.19.91 percent.C.28.95 percent.相关资料：正确答案：C考点：R363.3.1. Capital Asset Pricing Model Approach【Doris 叨叨】题目大意：作为对新项目给公司资本成本带来的影响的敏感性分析的一部分，桑德尔需要估计中国项目的权益成本，以进行

13、风险的项目成本估算。在这种情况下，项目的权益成本最接近：根据CAPM模型，权益成本=无风险利率+beta*风险溢价=4.25%+3.686*（4.82%+1.88%）=28.95%18.In his report, Sandell would like to discuss the sensitivity of the projects net present value to the estimation of the cost of equity. The China projects net present value calculated using the equity beta w

14、ithout and with the country risk premium are, respectively:A.26 million and 24 million.B.28 million and 25 million.C.30 million and 27 million.正确答案：C考点：R362.2. Weights of the Weighted Average【Doris 叨叨】题目大意：在他的报告中，桑德尔希望讨论项目净现值对股权成本估计的敏感性。根据有无国家风险溢价计算权益成本分别算出中国项目的净现值：第一步，分别算出权益成本有国家风险溢价的权益成本：如17题所述，为2

15、8.95%无国家风险溢价的权益成本：4.25%+3.686*（4.82%）=22.02%第二步，分别算出wacc有国家风险溢价的wacc：28.95%*20/100+9.25%*(1-37.5%)*80/100=10.42%无国家风险溢价的wacc：22.02%*0.2+9.25%*(1-37.5%)*0.8=8.67%第三步，分别算出NPV有国家风险溢价的NPV：CF0=-100，CF1=48，CF2=52，CF3=54.4，1/Y=10.42，CPT-NPV=26.53无国家风险溢价的NPV：CF0=-100，CF1=48，CF2=52，CF3=54.4，1/Y=8.67，CPT-NPV=

16、30.5920.The average asset beta for the pure players in this industry, Relevant, ABJ, and Opus, weighted by market value of equity isclosestto:A.1.67.B.1.97.C.2.27.相关资料：正确答案：C考点：R364.1. Estimating Beta and Determining a Project Beta【Doris 叨叨】题目大意：该行业中的纯玩家的平均资产beta，Relevant，ABJ和OPU，按股权市值加权最接近：根据资产beta

17、公式求出每家公司的资产beta，然后根据权益占比加权：（3800/(3800+2150+972)）*（1.702/（1+（1-23%）*0/3800）=0.9343（2150/(3800+2150+972)*（2.800/（1+（1-23%）*6.5/2150）=0.8677（972/(3800+2150+972)*（3.400/（1+（1-23%）*13/972）=0.47260.9343+0.8677+0.4726=2.2722.marginal cost of capital for TagOn, based on an average asset beta of 2.27 for th

18、e industry and assuming that new stock can be issued at $8 per share, isclosestto:A.20.5 percent.B.21.0 percent.C.21.5 percent.相关资料：正确答案：C考点：R36Weights of the Weighted Average【Doris 叨叨】题目大意：基于行业平均资产beta2.27，假设新股票可以每股8美元发行，Tangon的边际资本成本最接近：第一步，先确认D和ED=2.156mE=1m（目前的）*8+1m（增发的）*8=16mD/（D+E）=2.156/（18.

19、156）=11.87%E/（D+E）=16/18.156=88.13%第二步，算出Tangon的beta：2.27*（1+（1-23%）*2.156/16）=2.51第三步，算出权益成本：5.25%+2.51*7%=22.79%第四步，算出负债成本：PV=-2156000，FV=2400000，N=10，PMT=1500000（2400000*12.5%/2），CPT-1/Y=7.75YMT=7.75%*2=15.5%第五步，算出WACC：22.79%*88.13%+15.5%*（1-23%）*11.87%=21.5%23.Two years ago, a company issued $20

20、 million in long-term bonds at par value with a coupon rate of 9 percent. The company has decided to issue an additional $20 million in bonds and expects the new issue to be priced at par value with a coupon rate of 7 percent. The company has no other debt outstanding and has a tax rate of 40 percen

21、t. To compute the companys weighted average cost of capital, the appropriate after-tax cost of debt isclosestto:A.4.2%.B.4.8%.C.5.4%.正确答案：A考点：R362.1. Taxes and the Cost of Capital【Doris 叨叨】题目大意：两年前，一家公司发行了票面价值2000万美元的长期债券，票面利率为9%。该公司已决定发行另外票面价值为2000万美元的债券，预计票面利率为7%。该公司没有其他未偿还债务，税率为40%。为了计算公司的加权平均资本成

22、本，债务的适当税后成本最接近：根据题目，没有债券的期限，也就没法算出实际收益率，因此息票率作为估算的实际收益率，税后成本：7%*（1-40%）=4.2%27.An analyst gathered the following information about the capital markets in the United States and in Paragon, a developing country.Selected Market Information (%)Yield on US 10-year Treasury bond4.5Yield on Paragon 10-year

23、 government bond10.5Annualized standard deviation of Paragon stock index35.0Annualized standard deviation of Paragon dollar-denominated government bond25.0Based on the analysts data, the estimated country equity premium for Paragon isclosestto:A.4.29%.B.6.00%.C.8.40%.正确答案：C考点：R364.2. Country Risk【Do

24、ris 叨叨】题目大意：一位分析师收集了有关美国和PARRON的资本市场的信息。根据分析师的数据，PARRON国家的股本溢价最接近：根据公式得出：（10.5%-4.5%）*35/25=8.4%R37 measures of leverage12.Based on the information in Exhibit 2, 4G, Inc.s degree of financial leverage (DFL), at unit sales of 1,000,000, isclosestto:A.1.33.B.2.67.C.3.00.正确答案：C考点：R373.4. Financial Risk

25、【Doris 叨叨】题目大意：基于表2中的信息，销售量为1000000个单位，4G公司的财务杠杆率（DFL）大约是？DFL=（1000000*（108-72）-22500000）/（1000000*（108-72）-22500000-9000000）=313.Based on the information in Exhibit 1 and Exhibit 3, Qphones expected percentage change in operating income for 2010 isclosestto:A.17.25%.B.21.00%.C.24.30%.正确答案：B考点：R373.

26、3. Operating Risk【Doris 叨叨】题目大意：基于表1和表3中的信息，QPoice在2010的经营利润预期变化百分比最接近：根据公式，DOL经营杠杆，衡量的是单位销售量的变化对经营利润的影响，已知DOL为1.4，销售量增长14%，那么经营利润预期变化百分比为1.4*14%=21%R38 Working Capital Management3.Given the following financial statement data, calculate the net operating cycle for this company.In Millions ($)Credit

27、sales40,000Cost of goods sold30,000Accounts receivable3,000InventoryBeginning balance1,500InventoryEnding balance2,000Accounts payable4,000The net operating cycle of this company isclosestto:A.3.8 days.B.24.3 days.C.51.7 days.正确答案：A考点：R382.2. Measuring Liquidity【Doris 叨叨】题目大意：给定以下财务报表数据，计算该公司的净经营周期。

28、本公司的净经营周期最接近：应收账款周期=365/（40000/3000）=27.38存货周期=365/（30000/2000）=24.33经营周期=27.38+24.33=51.71购买额=30000+2000-1500=30500应付账款周期=365/（30500/4000）=47.87净经营周期=51.71-47.87=3.846.Suppose a company uses trade credit with the terms of 2/10, net 50. If the company pays its account on the 50th day, the effective

29、borrowing cost of skipping the discount on day 10 isclosestto:A.14.9%.B.15.0%.C.20.2%.正确答案：C考点：R387.1. The Economics of Taking a Trade Discount【Doris 叨叨】题目大意：假设一家公司使用的贸易信用证为2/10，净额为50。如果公司在第五十天内支付账户，则第10天跳过折扣的有效借款成本最接近：信用证2/10，净额50，意思是50天支付期限，10天内支付可以打折2%，第50天支付不能打折，要全额支付。根据公式，信用证成本=（1+0.02/0.98）(36

30、5/（50-10）) -1=20.2%R39 portfolio management overview6.A defined benefit plan with a large number of retirees islikelyto have a high need forA.income.B.liquidity.C.insurance.正确答案：A考点：R393.1. Individual InvestorsOthers, such as retirees, may need to draw an income from their assets and may therefore choose to invest in fixed-income and dividend-paying shares.【Doris 叨叨】题目大意：有大量退休人员的明确福利计划很可能需要：我选了保险，但想想常识，退休人员没有工作，因此，获取利润是计划当前最重要目标，保险固然重要，前提是要支付保费，对于退休人员来说不是最重要的。13.Which of the following financial products isleast likelyto have a capital gain distribution?A.Exchange traded funds.B.Open-end mutu