试卷：2019年CFA二级M2模考卷 下午卷（含解析）

2019IISamplePM（M2）Thethe2019IIFinancial®Sample60theexperience,18per6multiplechoicea(3thistheQuestions15–15FinancialAnalysisFinance21–1530accessingthisSamplethetermsuse:ThisisviewtheThestrictlyresultdisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingthepurpose.®2019Allrights12019IISamplePMFinancialandAnalysisGoldenScenarioGoldenisapharmaceuticalUSA,whichthedrugs,productsmorethantheThethepensionterms.Jane&inthepensiononfinancialGolden.ThefinancialUSthefinancialthepensionplanExhibit1.Exhibit1.S2018Financial($inthousands)BeginningpensionobligationsBeginningplan48,36340,06449,38541,208EndingpensionEndingplanserviceserviceActualplanributionBenefits1815917.5%8.0%valuecontributions1,998somethethepensionplan2mentionsJanethat:•Theplanbeen2%×Finalsalary×Numberserviceundertheplan.the×Finalrsalary×Numberservice•Theannualbeen4.5%4%.Janetheaboutthepensionplan:1.Thenewwillabigincomebecausetheservicearisewillbein2.Theaannualwillriseactuarial“TheserviceawillbeandnotincomeJanewiththeinExhibit2aboutawhoJanuarythe2018iseligibletheDBpensionplan.isannual2%herfinalsalaryservice.JanethepensionliabilityarisingExhibit2.theliabilityArisingDBPlanannualsalary$55,0004%Annual257.5%reviewinghisthepensionplanJaneaistheusethe15.singtheExhibit1,2018periodicpension(inthousands)3otherincomeisA.$539.$720.16.Exhibitiftheendingplan$51,450,theamount(inthousands)wouldbeapensionorliabilitybalancesheetisA.$51,450.$1,998.$2,065.aneconomiccontributionthepensionplanperiodicpension(assume30%inthousands)isA.outflow$85.4.financing$85.4.$413.7.18.InJane'ssaboutthethepensionplanarisingthenewisA.JaneJaner419.TheobligationarisingLilyemploymenttheendtheisA.$19,569.$20,350.$17,445.20.ThemostJane'sisthe:A.yieldonhighqualitybonds.debt.FinanceGeorgeHarrison,CFA,isananalystafirmYork.isresponsiblecovering,Kokowater,abeveragecompany.hasbeenaskedtoreviewthecompanycovers,andhascollectedinformationaboutKokowater,presentedinExhibit1.Harrisonestimatedthatearningsbeforeinteresttaxes(EBIT)willremainstablethecompanythenearfuture.marginalcorporatetaxrateisExhibit1.SelectedKokowater’sFinancialData($millions)EBIT600,0000.6Debt-to-equityratiovalue)Debt(marketvalue)2,000,000N/AWeightedaverageofcapital5Harrisonestimatedtheweightedaveragecostcapitalofthebeveragecompany.toldhisassistantthefollowing:Statement1AccordingtopropositionIIwithouttaxes,thecostequitydecreasesastheusedebtinthecapitalstructureincreases”Statement2AccordingtoMMpropositionIIwithouttaxes,thestructuredecisionhasnoeffectoncostequity”HarrisoncollectedrenewedsomeinformationKokowater,asin2.Also,Kokowater’sboardhasapprovedspendingUS$12millionbeentirelyfundedoutofthisyear’searnings.Exhibit2.SelectedinformationKokowater($millions)BookvaluenetassetsCurrentstockpricepershareLastyear’sdividends920$4310CurrentcapitalstructureEstimatedfullyearearnings30%debt,70%equity25WhenreviewingHarrison’swork,hissupervisor,Rogernotesthathedidnotincludethetaxconsiderationinhisanalysis.alsoremindsHarrisonthatsharerepurchase,insteadpayingdividends,isalternativethatKokowatermightchoosetopaybackitsshareholders.Tofurtherresearch,HarrisonisgoingtoreviewthecorporategovernanceKokowater.However,isnewtothecorporategovernancerequirementsacompanyheasksRogerwhattheobjectivesofcorporategovernanceshouldRogertellshimthatthemostimportantobjectiveshecanthinkofiseliminateormitigateconflictsofinterestamongstakeholders.621.AccordingtotheModiglianiMillerpropositionswithcorporatetaxes,thebeveragecompany’siscloestto:A.7.87%.4.32%.10.07%.22.WhichoftheHarrison’sstatementsregardingMMpropositionis(are)correct?A.OnlyStatement1.OnlyStatement2.Neither.23.AssumethatKokowaterfundscapitalspendingoutofestimatedfullyearearnings.Kokowateradoptsaresidualdividendpolicy,determineKokowater’simplieddividendpayoutratio.A.34%.61%.52%.24.ThelikelytaxenvironmentthatKokowater’sshareholderswouldprefersharebuybacksinsteadpayingdividendsistheonethat:A.thetaxratedividendscapitalgainsisthesame.capitalgainstaxratesarelowerthandividendincometaxrates.capitalgainsratesarehigherthandividendincometaxrates.725.WhichthefollowingwouldbestcompletetheobjectivesofcorporategovernancefortheCEO?A.Ensurethatassetsofthecompanyusedefficientlyproductivelyinthebestinterestsinvestorsandotherstakeholders.Clearlydefinegovernanceresponsibilitiesbothmanagersdirectors.Establishclearlinesofresponsibilityastrongsystemofaccountabilityandperformancemeasurementinallphasesofacompany’soperations.26.Whichofthefollowingislikelyexampleaconflictthateffectivecorporategovernancewouldmitigateeliminate?A.Mosttheboardmembersindependentofmanagement.Directorsrepresentthemanager’sinterestratherthanthosetheshareholders.Directorsestablishlong-termstrategicobjectivesforthecompany.82019IISamplePM（M2）Thethe2019IIFinancial®Sample60theexperience,18per6multiplechoicea(3thistheQuestions15–15FinancialAnalysisFinance21–1530accessingthisSamplethetermsuse:ThisisviewtheThestrictlyresultdisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingthepurpose.®2019Allrights12019IISamplePMFinancialandAnalysisGoldenScenarioGoldenisapharmaceuticalUSA,whichthedrugs,productsmorethantheThethepensionterms.Jane&inthepensiononfinancialGolden.ThefinancialUSthefinancialthepensionplanExhibit1.Exhibit1.2018Financial($inthousands)BeginningpensionobligationsBeginningplan48,36340,06449,38541,208EndingpensionEndingplanserviceserviceActualplanributionBenefits1815917.5%8.0%valuecontributions1,998somethethepensionplan2mentionsJanethat:•Theplanbeen2%×Finalsalary×Numberserviceundertheplan.the×Finalsalary×Numberservice•Theannualbeen4.5%4%.Janetheaboutthepensionplan:1.Thenewwillabigimpactbecausetheservicearisewillbein2.Theaannualwillriseactuarial“TheservicecoarisewillbeandnotincomeJanewiththeinExhibit2aboutawhoJanuarythe2018iseligibletheDBpensionplan.isannual2%herfinalsalaryservice.JanethepensionliabilityarisingExhibit2.theliabilityArisingDBPlanannualsalary$55,0004%Annual257.5%reviewinghisthepensionplanJaneaWistheusethe15.singtheExhibit1,2018periodicpension(inthousands)3otherincomeisA.$539.$720.Answer:CtheperiodicpensioninisPeriodicAmount(inthousands)+onplan-onplan-3,205=$40,064*8.0%Periodicin16.Exhibitiftheendingplan$51,450,theamount(inthousands)wouldbeapensionorliabilitybalancesheetisA.$51,450.$1,998.$2,065.Answer:Bwhenaasurplusinaplan,thebeisthethesurplus($51,450-$49,385=$2,065)theceiling,whichistheeconomicsuchrefundstheplanorfuturecontributions,whichthisplanis$1,998.aneconomiccontributionthepensionplanperiodicpension(assume30%inthousands)is4A.outflow$85.4.financing$85.4.$413.7.Answer:BTPPC=–(Ending–Beginning=$591-[($41,208-$49,385)-($40,064-$48,363)]=$469Employercontribution($591)>TPPC($469)Ifthefirm'scontributionsperiodicpensiontheainthepension=+(Contribution-TPPC)*(1-t)+($591-$469)*(1-30%)=CFO+$85.4CFF=CFF-(Contribution-TPPC)*(1-t)=CFF-($591-$469)*(1-30%)=CFF-$85.418.InJane'ssaboutthethepensionplanarisingthenewismostA.JaneJanerAnswer:BAisbecauseservicearisewillbeunderandwillbeandsubsequentlytheserviceunderUSBisbecauseaannualwillPBOandriseactuarialCisservicearisewillbeunderandwillandsubsequentlytheserviceunderUS519.ThearisingLilyemploymenttheendtheisA.$19,569.$20,350.$17,445.Answer:AAmount($)78,282finalsalary55,000*(1+4%)978,282×2%×2annualin3,131PVannuity34,901theN=25,I=7.5,PMT=3,131Mode:End;PV=?PBOtheendthe19,56920.ThemostJane'sisthe:A.yieldonhighqualitybonds.debt.Answer:AThepensiononthehigh-qualityamaturityprofilesimilarthetimingapension6FinanceGeorgeHarrison,CFA,isananalystafirmYork.isresponsiblecovering,Kokowater,abeveragecompany.hasbeenaskedtoreviewthecompanycovers,andhascollectedinformationaboutKokowater,presentedinExhibit1.Harrisonestimatedthatearningsbeforeinteresttaxes(EBIT)willremainstablethecompanythenearfuture.marginalcorporatetaxrateisExhibit1.SelectedKokowater’sFinancialData($millions)EBIT600,0000.6Debt-to-equityratiovalue)Debt(marketvalue)2,000,000N/AWeightedaverageofcapitalHarrisonestimatedtheweightedaveragecostcapitalofthebeveragecompany.toldhisassistantthefollowing:Statement1AccordingtopropositionIIwithouttaxes,thecostequitydecreasesastheusedebtinthecapitalstructureincreases”Statement2AccordingtoMMpropositionIIwithouttaxes,thestructuredecisionhasnoeffectoncostequity”HarrisoncollectedrenewedsomeinformationKokowater,asin2.Also,Kokowater’sboardhasapprovedspendingUS$12millionbeentirelyfundedoutofthisyear’searnings.Exhibit2.SelectedinformationKokowater($millions)7BookvaluenetassetsCurrentstockpricepershareLastyear’sdividends920$4310CurrentcapitalstructureEstimatedfullyearearnings30%debt,70%equity25WhenreviewingHarrison’swork,hissupervisor,Rogernotesthathedidnotincludethetaxconsiderationinhisanalysis.alsoremindsHarrisonthatsharerepurchase,insteadpayingdividends,isalternativethatKokowatermightchoosetopaybackitsshareholders.Tofurtherresearch,HarrisonisgoingtoreviewthecorporategovernanceKokowater.However,isnewtothecorporategovernancerequirementsacompanyheasksRogerwhattheobjectivesofcorporategovernanceshouldRogertellshimthatthemostimportantobjectiveshecanthinkofiseliminateormitigateconflictsofinterestamongstakeholders.21.AccordingtotheModiglianiMillerpropositionswithcorporatetaxes,thebeveragecompany’siscloestto:A.7.87%.4.32%.10.07%.解析：A正确。根据MM理论，公司价值Value=EBIT(1-t)/WACC。因为D/E=0.6，Debtvalue=2,000,000。所以Equityvalue=3,333,333。公司Value=Debtvalue+Equityvalue=5,333,333。因此WACC=600,000*(1-30%)/5,333,333=7.87%。22.WhichoftheHarrison’sstatementsregardingMMpropositionis(are)correct?8A.OnlyStatement1.OnlyStatement2.Neither.解析：C正确。根据MM理论（无税环境），股权融资成本会随着公司借债，债务融资占比变大而上升。因此Statement1描述错误。同样，在MM理论（无税环境），股权融资成本会随着公司资本结构改变而改变，因此Statement2描述错误。23.AssumethatKokowaterfundscapitalspendingoutofestimatedfullyearearnings.Kokow