CFA一级百题预测-企业理财（打印版）

一级百题预测1.ETHICS2.3.ECONOMICS4.FINANCIAL5.FINANCE6.EQUITY7.FIXEDINCOME8.9.INVESTMENTS10.PORTFOLIOMANAGEMENT1-535.CorporateFinance5.1.CorporateGovernance&ESG5.1.1.重要知识点.CorporategovernanceCorporategovernanceistheinternalsystemincludingchecking,balancingandincentingvariousparties,whichcouldminimizedandmanagetheconflictinginterestsbetweeninsidersandshareholders.Shareholdertheorytakestheviewthatthemostimportantresponsibilityofamanagersistomaximizeshareholderreturns.Stakeholdertheorybroadensafocusbeyondtheinterestsofonlyitsshareholderstoitscustomers,suppliers,employees,andotherswhohaveaninterestinthecompany.持续更新通知微信：xuebajun888s.groupsManagersBoardofSuppliersGovernments/regulators.ConflictShareholderandcreditorwouldriskierprojectswithaofhigherpotentialwouldstableperformancelower-riskactivities;CustomersandAcompanytochargeahighpriceitsproductsorreducesproducttocosts;CustomersandsuppliersAlenientcredittoitsabilitytobeaffected;Shareholdersandgovernmentsorpreferringalowercapitalbaseahighercapital.Corporategovernanceandmanagementframework2-53Legaldefinesbylaw企业不可控;TheisshapedcontractualTheorganizationalprocedures,bythemanagingrelationships;Thetoregulationsimposedoncompanies不可控..GeneralmeetingsAnnualgeneralmeeting:ordinarilytoholdwithinacertainperiodendoftheiryear;Extraordinarycalledbytheorthroughoutyearsignificantresolutionsshareholderproposed;Proxyisathatwhounabletoameetinganotherindividualtotheirbehalf;Cumulativeenablestoandvoteallhisorhersharesasingleinelectionmorethan.StructureOnetier:compriseamixofnon-executivetier:thesupervisorymanagementboardsindependenteachotherof.CommitteesAuditcommitteeCommitteememberindependence;Committeememberqualification;Independentauditor&external).committeeCommitteememberindependence;Appropriatepackages;Reasonableschemes.NominationscommitteeCommitteememberindependence;Creatingandpolicies;Recruitingmembers;3-53Regularlyreviewingperformance,independenceskills,experienceofexistingmembers.GovernanceDevelopofgovernancecode,theoftheitscommittees,andcodeofethicsconflictofpolicy;monitoringimplementation;RecommendsRiskcommitteeDeterminestheriskprofile,andofthecompany;EstablishesERMandtheirimplementation;Supervisesmanagementinthereports,findingsandrecommendationstocommitteeopportunitiesbymanagementtheirviabilitycompany;Establishingandpoliciesof.FactorsrelationshipsMarketfactorsShareholderShareholderactivismCompetitiveNon-marketThemediaTheindustry.BenefitandrisksRisksofgovernanceandLegal,andBenefitsofeffectivegovernanceandmanagementOperationalBetterperformance4-53LowerdefaultcostofdebtAnalystconsiderationsmanagement:EconomicownershipvotingDual-classstructures:votingpowerisdecoupledownershipcommondividedtwoclasses,ofhassuperiorvotingtotheProponentscriticsdual-classstructuresarguepromotecompanyenablemanagementtolong-terminsulatedshort-termpressuresofoutsideBoardofcompanyperformancecompanyStrengthofsManagingrisks0.ESGconsiderationsDefinition:practiceofconsideringsocial,andintheknownESGESGSustainable(SI)andresponsible:ofconsideringESGintheprocess;Sociallyresponsible(SRI):practiceofexcludingcompaniesinoppositionorethicalvalues,suchortobacco;ESGmethodsscreening:practiceofexcludingsectors.Positivescreening:companiesESG-relatedprinciplestheirstrategies.Thebest-in-classapproach:seekstoidentifyESG-scoringcompaniesinThematicconsiderasingleenergyefficiencyorclimateFullintegration:inclusionofESGorESGtraditionalownershiptousingownershipofcompanyorothersecuritiesaESG5-53practices.Greenfinance:toinabyemissionsandbettermanagingAnimportantpartoffinanceistheissuanceofbonds.Overlay/portfoliostrategies:usedfundtomanageESGoftheirRiskfactor/risktotheofESGadditionalofrisk,alongfirmsizeandmomentum.5.1.1.基础题Q-1.WhichofESGmethodsmostNegativescreeningisthemostmethod.ThematicmultipleC.Relative/best-in-classscreeningESGQ-2.Basedbestcorporateprocedures,itappropriatealinklong-termincludeathefirm.C.includeaexternalQ-3.Whichoftheaprincipal-agentconflictmanagement?RiskMultipleclassesC.AccountingandreportingQ-4.Whichofmostpoorgovernance?Reductioninexposuretoactions.IncreasedcompliancemonitoringofC.ManagementofacompanytoariskprofileshareholderQ-5.Forwithasmallnumberofshares,whichoftypeofvoting6-53electionsleastchoose?voting.votingC.cumulativevoting.Q-6.Acreditassessesacorporaterights.Themostimpactofassessmentonisa(n):increaseofdefault.reductionC.reductioncostofQ-7.Whichoffollowingbestaboardoftoactofcompanyandshareholders?IndependentselectedoutsideInternalprovidemonitoringofmanagement.C.Thetoselectterminateseniormanagement.5.2.ClassificationCapitalProject5.2.1.重要知识点.掌握以下几种capitalReplacementcurrentbusiness:equipmentbreaksorout;Forreductionpurpose:purchasemoreefficientequipmentofoldone.ExtensionExpansionprojectsexistingproduct:thesizeofbusiness;Expansionprojectsnewproductornewservices;Theofuncertainty:expansionproject<products.Mandatoryproject(通常NPV<0).Otherprojects:buyinga7-535.2.2.基础题Q-8.Alargecorporationaandanetvalue.Theprojectmostclassifiedinwhichofcategories?ReplacementNewproductorservice.C.Regulatoryorenvironmentalproject.5.3.PrincipalsofCapital5.3.1.重要知识点.ThecapitalfiveprinciplesDecisionsbasedcashflows.Incrementalcashflow概念及理解概念：flow应该是差额，该差额是由于不同decision造成的。opportunitycosts和(比如：externality:cannibalization);不需要考虑的是cost和financecostcosts).Decisionsbasedflows,ofCashonbasisCashthatshouldbecapital不包含suckthebeenincurred,whichbytheofadopting不包含financinghavebeentheofCashthatshouldbeincludedincapitalbudgeting包含Externality:ofonotherbesidesitself8-53externalitythenewfromcurrentprojects;Positivethenewprojectbenefitcurrentprojects.包含Thecashafirmwilllosenextofthe5.3.2.基础题Q-9.Whencomputingtheacapitalwhichoffollowingistobeincluded?Financingcosts.Opportunitycosts.C.Q-10.Theofofcapitalbudgetingismostexposeacompanytothehighestofuncertainty?ReplacementofoutequipmentExpansionprojectsC.NewlyproductorservicesQ-11.Whencomputingacapitalwhichofthefollowingmosttobeexcluded?Sunkcosts.C.5.4.Project：PI,andDPBP5.4.1.重要知识点.ofacapitalproject掌握一些概念的解释IndependentprojectsAcceptingorrejectingoneprojectdoesnotaffectthedecisionofotherprojects.持续更新通知微：xuebajun888s9-53MutuallyProjectscompeteMutuallyprojectsindependentprojects.ProjectsequencingProjectssequencedthroughtime,soaoptiontoprojects.UnlimitedfundsCompanythefundsitallprofitableprojectsbyrequiredofCapitalCompanyhasaamountofto.ThecalculationofPI,PBPandDPBPNPV퐶퐹푡(1+푟)푡计算：NPV=∑푛通常用金融计算器进行对应计算Decisionrule:独立项目选择大于0的项目，互斥项目选择的项目IRRNPV等于0时的项目折现率通常用金融计算器进行计算Decision独立项目选择IRRIRR最大的项目在NPV和IRR的决策冲突时，以为主Payback(PBP)能够收回最初投资本金的时间푢푛푟푒푐표푣푒푟푒푑PBP=fulluntil+푐푎푠ℎ独立项目选择PBP小于benchmarkPBP10-53项目Discounted在PBP的基础上考虑了货币的时间价值独立项目选择小于benchmarkDPBPDPBP最小的项目通常DPBP会大于PBP和都没有考虑回收期之后的现金流，因此没有考虑项目的盈利性index푃푉푓푢푡푢푟푒퐶퐹푠푁푃푉PI==1+|퐶퐹||퐶퐹|00对于独立项目，投资于大于1的项目；对于互斥项目，选择项目进行投资5.4.2.基础题Q-12.cashacapitalproject:Year012345Cash(€)-1003530403020Therequiredofforproject13%.Theinternalofthediscountedperiodfortheproject,respectively,closestto:IRRDiscountedpaybackperiodC.15.85%17.89%17.89%2.752.753.97Q-13.Afirmisconsideringaprojectinitialofmillion(Thaibaht).Theprojectwillhelptheafter-taxnetbyTHB30millionperinitistohaveaofTHB20million.TheIRR(%)of11.1%.10.3%.11-53C.12.0%.Q-14.Aprojectaof€16,253withanetvalue(NPV)ofThecorrespondingprofitability(PI)ismostlikely:0.03.1.42.C.1.03.Q-15.ConsidertwoThewellIRRtheprojectsbothprojects,theofis10CashFlowYear136201234NPVIRR(%)363636175000Whatdiscountwouldresultsamebothprojects?A0.00percent.A10.00percent.C.A15.02percent.Q-16.WilsonFlanneryisprojecthasmultipleIRRs.Year0123—501000—50Howdiscountproduceaproject?One,adiscountof0percent.discountof032percent.C.discountof062percent.Q-17.WhichofTheperiod:frequentlyignoresterminalvalues.isshorterpayback.C.isthevalueofproject'scashtoequalcostofthe12-53Q-18.Acompanyhasacapitalhasopportunitytoindependentinthetable:ProjectInvestmentoutlayNPV$100$100$501234$600$500$300$200$50Thecombinationofprojectsthatbestchoiceis:2,3,and4.1,3,and4.C.1andQ-19.havethefollowingcash(€)ofreturnProjectIRR01690234AB27.97%28.37%690Assumingadiscountof8%bothprojects,firmshouldmostaccept:bothprojects.ProjectAC.ProjectB5.5.NPV&5.5.1.重要知识点.comparisonAdvantagesof&（和其他项目评估方法对比）Basedonflows;Consideringvalueofmoneyopportunitycost;accountthecashoverthewholeprojectNPVShowsofamount;Theofprojectincreasesvalueofofcreditors;13-53Realisticdiscount–opportunitycostoffunds.NPVSizeeffectignored.IRRReflectprofitabilityoftheproject.IRRAssumeisIRR;IRR&multipleIRRCFs);Conflictingofprojectswith.NPVprofile:请大家熟记这张图里的横纵坐标轴、IRR和crossover考试中有可能出现基于这张图的题目。NPVprofile和横坐标交点：NPV=0时的项目的折现率，即该项目IRRNPVprofile0时项目的NPV将该项目所有现金流加总的总和Crossover两个项目的profile的交点，即在这个点上，用相同的折现率折现，两个项目的相同.NPV和IRR的矛盾：出发点是IRR自身存在的缺点原因：14-53Differentsize;Differenttimingofassumption决策：当IRR与NPV发生矛盾时，选用.CriteriaEuropeancountriesPBNPVandIRRLargerNPV&IRRManagershigher5.5.2.基础题Q-20.Givennormalflows,thewhichnetvaluetheismosttheweightedcostofcapital.crossoverC.internalofQ-21.projectsconventionaloneprojectalargerotherhasahigherIRR.Whichoftheresponsibleconflict?Reinvestmentassumption.Sizeofprojects'initialinvestments.C.RiskofprojectsreflectedintherequiredofQ-22.hasof100andafter-taxcashof40years.Aprojectthe15annualafter-taxflows5.averticalofofenhancedshifts:upshiftsupshiftsC.downandtheshiftsQ-23.ErinChouisahasapattern.Ifinitialandafter-tax15-53alldouble,ChouwouldpredictthattheIRRincreasewouldincrease.staysametheNPVwouldC.staysametheNPVwouldstaythesame.5.6.ImpactRuleandPrice5.6.1.重要知识点.ImpactruleandpriceTherelationshipprojectandvalueNPVpositiveFirmvalueincreased;Shareholderisincreased.NPVShareholderNPVShareholderisdecreased.TherelationshipNPVruleandpriceInWhenispositive,Pisincreased,viceversa;∆priceperoutstandingcommonshares.In股价的变动取决于投资者对于未来项目的预期5.6.2.基础题Q-24.Printingcompany$10innewmachine.Thevalueoftheresultingfrommachine$30million.has180millionofcommonstockoutstanding,withacurrentpriceof$12Assumingprojectisnewandindependentaboutofequipmentonstockprice?ThepriceincreasetoincreasetoC.decreaseto16-535.7.5.7.1.重要知识点.计算dr+wr+wrsdpspsWhere:tismarginaltaxwistheproportionoftypeofcapital,usingvaluecomputingristhecostoftypeofThesequencingchoosingcapitalstructure（优先级从上至下）Thetargetcapitalstructure;Thetrendsincapitalstructure;Thecurrentcapitalstructure;Theofcapitalstructure.5.7.2.基础题Q-25.analystaboutaexpectstofunditscapitalissuingadditionalofcommonstock:SourceofCapitalStructureMarginalLong-termdebtCommonequity50%10%40%6%10%15%IRRofIndependentproject8%Equipmentproject12%Ifnosignificantortimingexistamongproject(s)boththesameexistingpwhichproject(s)shouldbeTheprojectonlyTheequipmentprojectC.Bothprojects17-53Q-26.FrankMerlo,aresearcheranalyst,gatheredthefollowingdatainordertoestimatethecostofcapitalofadrugcompany:持续更新通知微：xuebajun888s2.6%CostofCostofCostofbondsBeta4%6.8%1.6Market7%1.7Marginaltax34%Thecostofcapitalto:11.858.45C.10.36Q-27.thefollowingaboutcapitaltaxcomponentaThemarginaltaxis40%.CapitalcomponentDebtBook(000)MarketComponent$100$20$80$208%Common10%12%$100$200Thecostofcapital8.55%.9.95%.C.10.00%.Q-28.WhichofexternalestimateacapitalstructuredeterminingWACC?Usingofcomparablecompanies’capitalstructure.currentcapitalstructure,bookvalueC.bymanagementcapital5.8.Cost5.8.1.重要知识点18-5.Costdebt计算Yieldtomaturity一般出题的方式给定一个bond，让考生计算一个yield.注意一：计算的时候，看清楚题目是如何分期的（一般是半年注意二：PV和FVPMT）现金流的方向相反，所以一定有一个在计算器上需要按“”键；要考虑在costofdebtDebt在债券没有公允报价的时候使用的要求回报率5.8.2.基础题Q-29.Whichoffollowingmostconsideredofpricingdeterminingcostofdebt?Debt-ratingYield-to-maturityC.Bothyield-to-maturitydebt-ratingQ-30.Whencomputingcostofcapitalassuminganon-callablesellingparvalue,before-taxcostofdebtisclosesttothe:couponcurrentyield.C.yield19-53Q-31.Acompany20-yearbondsacouponof6.2%semiannuallypriceofataxof28%,theannualofdebt(%)isclosestto:5.94.4.28.C..CostEquity5.9.1.重要知识点.Costequity计算CAPM풓=풓+휷(풓−풓)풆풇풎풇注意题目给出的到底是return还是riskDDM注意一：dividend(D)还是expected(D)，01公式是r=D/P+g，所以若题目表述的是D，就需要用De1000D.1注意二：这个公式有一个假设，即公司有stabledividendpolicy，并且withoutissuingadditionalcommonstockg=(1-DPS/EPS)ROE.注意三：D/P叫做annualdividendyield.10BondplusriskBondplusriskpremium:premium指的是costofequity与本公司costofdebt之间的差值。.计算costofstock:将优先股看做永续年金进行计算，其收益等于D/P;20-53stock没有tax5.9.2.基础题Q-32.Atonewcommonof3.2%Theexpecteddividendnextyearis$0.32,dividendexpectedbe10%inAssumingissuedapriceof$14.69,costofexternalfirmisclosestto:12.18.12.25.C.12.48.Q-33.thefollowingaboutacompanyandCurrentpriceperofcommonstock25.00$1.5050%20%1.2Mostdividendpersharecommon(D)0ExpecteddividendExpected(ROE)BetacommonstockExpectedofportfolioRisk-freeof15%5%Using(DCF)CAPM,ofearningsthecompanyisclosestto:15.7%and16.6%,16.6%and17%,C.17.0%and15.7%,Q-34.Whichmethodofcalculatingofistolong-runtheportfolio?CapitalpricingmodelDividenddiscountmodelC.BondyieldplusQ-35.A20-yearnon-callablebondwith8%annualcouponssells$1,105.94.Assuminga30%marginalandadditionalequitydebtofthecostofthebond-yield-plus-risk-premium21-53approachclosest9.9%12.0%C.13.0%Q-36.Adeterminecostofinformation:Rateof3-monthbills3.2%3.6%7.0%1.5Rateof10-yearMarketThebetaDividend7.0%30%CorporatetaxUsingcapitalpricingmodel(CAPM)costof(%)companyisclosestto:13.7%.8.7%.C.14.1%.Q-37.ThefollowinginformationisaBondspricedparannualcouponofispriced$8paysannualdividendofCommonequityhasabetaofTherisk-freeis5%andtheCapitalstructure:=40%;stock=10%;Common=50%.Thetax30%.Thecostofcapitaltheclosest13.7%14.0%C.14.8%5.10.Pure-PlayCountryRisk5.10.1.重要知识点22-5.掌握β的概念及其计算βisameasureoforrisk.在CAPMcostofequityβ可以通过回归得到；但是对非上市公司，由于缺少历史数据，需要通过puremethod计算非上市公司的β值Pure-playmethod的计算步骤似的上市公司，此公司β已知；其次，去杠杆：用公式计算出上市公司的assetβ,这是去公司杠杆化的过程（带入的，equity及tax均是可比公司的值）equityβ*=DE1+1-t(Y)的β及tax均为该非上市公司的值）DE''βequity=β*1+1-t'assetD/E来计算。若去杠杆化上市公司YYD/E；若给非上市公司X加杠杆，就用XD/E。最后，通过CAPM模型来估算非上市公司的costofequity。.Countryrisk(CRP):Itusedtotheofincountries.23-53k=R+β[E(R)-R+CRP]cefMKTFyieldspreadSpread=betweenofbondsdevelopingcountryandofsimilarmaturities.5.10.2.基础题Q-38.thefollowingaboutaprivatecompanyitsComparableCompaniesPrivatecompanyTaxRate(%)Debt/EquityEquityBeta13035N.A.1.75Publiccompany0.9Usingthepure-playmethod,theestimatedbetaforprivatecompanyisclosestto:1.029.1.104.C.1.877.Q-39.isacoveringHetheimpactofproductofadebt-to-equityofThenewproductwouldbewith$50ofdebt$100ofInestimatingvaluationimpactofnewproductlinevalue,Wienehasestimatedbetabetaofcomparablecompanies.calculatingbetatheproductline,WieneistouseDEF'sexistingcapitalstructureconvertingassetbetaaprojectWhichofcorrect?UsingDEF’sdebt-to-equityratioof0.6isappropriateincalculatingthenewproductline'sequitybeta.UsingDEF’sdebt-to-equityratioof0.6isnotappropriate,butratherthedebt-to-equityratioofthenewproduct,0.5,isappropriatetouseincalculatingthenewproductline’sequitybeta.持续更新通知微信：xuebajun888sWieneshouldusethenewdebt-to-equityratioofDEFthatwouldresultfromtheadditional$50milliondebtand$100millionequityincalculatingthenewproductline'sequitybeta.Q-40.WangSecuritieshadalong-termstabledebt-to-equityof24-53borrowingexpansionSouthAmericathetoTheincreasedhaswhatassetbetabetaoftheTheassetbetaandbetabothrise.Theassetbetawillremainthebetarise.C.Theassetbetawillremainthebetadecline.5.11.MCC5.11.1.重要知识点.MCC(marginalcostofcapital)概念：MCCisthecostofthelastdollarofcapitaladebt，一个是equity。我们都知道发债具有税盾作用，所以公司一开始都采用发债，r和r都是增加的；但是由于借债的成本低且有税盾作用，所以MCC先下降de后上升，下降的原因是debt和equity的trade-off，也就是balance（不是由于economiesofscale.作为项目折现率的可靠性可作为计算新项目时的折现率，但是有2个假设条件：该项目的风险=公司现有项目的平均风险；该项目在其有效期内haveatargetcapitalstructure。2个假设条件，就不能用折现CFNPV。Ifa>risk,adiscountwillbeifusingIfarisk<risk,adiscountthanNPVbeifusing.Optimalcapital在最小时达到最优资本结构，而且此刻25-5.OptimalcapitalbudgetingIOS是资金的需求曲线，企业将所有的投资项目按IRR从大向小排，就形成了IOS；MCC是资金的供给曲线，起初由于costofdebtMCC最初会呈现导致最终企业MCC呈现上升趋势。IRR>MCCMCC和opportunityschedule相交时，就形成了optimalcapitalbudgeting。5.11.2.基础题26-53Q-41.Theoptimalcapitalafirmisbestdescribedoccurringcompanyscostofcapitalis:equaltotheopportunityschedule.lessthantheopportunityschedule.C.greateropportunityschedule.Q-42.Freytaghasonitsbalancewithequityand40%debt.Thecompanycanissuedebttheyieldof8%thevalueofthedebtdoesn’t1million.Iflargerofdebtissuedtheyieldofdebtwillbe1million.1.67million.C.2.5million.5.12.Flotation5.12.1.重要知识点.考虑flotation：方法1Flotationcost计算为主计算公式1푟=+푔（当cost是一个绝对数值时）+푔（当cost是百分比时）푒푃01푟=푒푃(1−푓)0方法2协会认为cost应当视为是cashoutflow调整折现率（定性考察）27-53计算公式퐍퐏퐕=−퐢퐧퐢퐭퐢퐚퐥퐨퐮퐭퐟퐥퐨퐰−퐟퐥퐨퐭퐚퐭퐢퐨퐧퐜퐨퐬퐭+∑풏풊풊5.12.2.基础题Q-43.WhichofthefollowingmostofcapitalFlotationcostsshouldbe:expensedincurrentperiod.costofcapital.C.deductedofinitial-periodcashQ-44.Acompanynewcommonof5.0%perTheexpecteddividendnextyearisandthedividendgrowthbe10%inAssumingissuedapriceof$14.69,costofexternalfirmisclosestto:12.3.12.5.C.3.5.13.1.重要知识点.Salerisk,risk&financialriskBusinessriskistheriskassociatedwithoperatingearnings(EBIT)andresultsfromacombinationofsalesriskandoperatingrisk.Salesrisk:uncertaintywithrespecttothepriceandquantityofgoodsandservices;持续更新通知微：xuebajun888sOperatingriskisattributedtotheuseofcostsinoperations;Financialriskisassociatedwiththeuseofdebt..useofcosts.注意：expenses也包括在costs和financial.Degreeof28-53定义：Δ%EBIT/Δ%unitssold.代表产品销量变化income变化的百分比。∆퐸퐵퐼푇/퐸퐵퐼푇DOL=∆푄/푄푄×(푃−푉)DOL=푄×(푃−푉)−퐹Degreeoffinancial定义：Δ%/Δ%EBIT.代表EBIT变化，企业净利润变化的百分比∆퐸푃푆/퐸푃푆DFL=∆퐸퐵퐼푇/퐸퐵퐼푇DFL=퐸퐵퐼푇−DegreeofΔ%income/Δ%unitssold.代表产品销量变化，企业净利润变化的百分比∆퐸푃푆/퐸푃푆DTL=DTL==×∆푠푎푙푒푠/푠푎푙푒푠푄×(푃−푉)푄×(푃−푉)−퐹−퐼푛푡푒푟푒푠푡5.13.2.基础题Q-45.Afirmisuncertainaboutboththenumberofunitswillandpriceitwillthem.Thisofriskisbestdescribedas:salesoperatingrisk.C.businessQ-46.Ahasdecidedtotousingdepreciation.Holdingotherconstant,oftotalwillmostincrease.decrease.29-53C.notchange.Q-47.Thefollowinginformationisafirm:UnitvariablecostcostPrice5million40million25million80Interest35millionIf15%,theincomewill:A.Increase18%.B.Decrease18%.C.Increase15%.Q-48.ConsidercompaniesthatinsameofbusinesshavedegreeofGrundlegendTheBasicCompanytheGrundlegendnodebt50percentdebtintheircapitalstructure.WhichoffollowingmostGrundlegendA.alowersensitivityofincometounitsales.B.thesamesensitivityofinunitC.thesamesensitivityofincometooperatingQ-49.TheunitcontributionaproductAofproductionofupto300,000units$600,000.Thedegreeofmostthewhichofunits)?A.150,000B.200,000C.250,000Q-50.Thefollowinginformationisafirm:Revenue£400,000200,000100,000Fixed30-53OperatingincomeInterest100,000NetincomeThedegreeoftotal(DTL)closest1.43.2.00.C.2.86.Q-51.Ahasdecidedtotousingstraight-linedepreciation.Holdingotherconstant,degreeof(DTL)willmostdecrease.notchange.C.increase.Q-52.IncomeStatementRevenuesMillions($)10.04.5VariableoperatingcostsFixedoperatingcostsOperatingincomeInterestTaxableincomeTax2.71.0Netincome1.7Theoffinancial(DFL)isclosestto:2.1.1.7.C.4.Points5.14.1.重要知识点.point31-53point:ofsalesafirmmusttocoverallofitsvariablecosts.Q=point)Operatingpoint:ofsalesthatonlyconsiderfinancingcostFixedoperatingcostQ=(operatingP-V5.14.2.基础题Q-53.Ifdegreeoffinancial(DFL)is1.00,thecomparedwiththepointmostthesame.C.Q-54.Theperunitcontributionaproductiscostsof$12,000,of$3,000,andof$2,000,thepointisclosestA.B.C.Q-55.AEBITremainsthesame.Thedegreeoffinancialofchanges1.21.3,pointwouldbe:HigherLowerC.ThesameQ-56.Myundianowsells1unitsperunit.millionvariableperunit.If$410inofsalespointsrespectively:32-53andandC.and5.15.LiquidityMeasuresand5.15.1.重要知识点.了解流动性的两大来源Primaryofmostaccessibleresourcesbalances:bankresultingcollections,income,ofnear-cashsecurities;Short-termfunds;CashSecondaryofresultinachangeinthefinancialandpositions.Negotiatingdebtcontracts;Liquidatinglong-term/withlossinvalue;FilingPrimarysources是企业主要的流动性来源；而secondary是次要的流动状况退化，也意味着企业获得流动性的代价会升高。.LiquiditymeasuresWorkingcapitalmanagementisaconcernregardingfirmliquidityDragsonliquidity:whenreceiptslag,creatingpressurefromthedecreasedavailablefunds;持续更新通知微：xuebajun888sPullsonliquidity:disbursementsarepaidtooquicklyortradecreditavailabilityislimited,requiringcompaniestoexpandfundbeforethesalesfundcomestocovertheLiquidityratios:currentassetscurrentliabilitiescurrentratio=33-53cash+short-termmarketablesecuritiescurrentliabilitiescashratio=Thehighertheliquiditythemoreitthewillbeitsshort-timeReceivableaofturnover=Inventory:ameasureofaprocessingandmanagement.costofgoodssoldpurchasesInventoryturnover=inventoryinventoryturnoverinventoryNumberofdaysinventory=turnover:ameasureofuseofcreditbythefirm.purchasestradepayablesPayablesturnoverratio=365Numberofdaysofpayables=payablesturnoverratioOperatingcycle:thenumberofdaysthatittoturnmaterialscashofreceivablesCashconversioncycle(netoperatingcycle)=daysofinventory+daysofreceivables-daysofpayable5.15.2.基础题Q-57.Thefollowinginformationisacompanytheindustryinwhichitcompetes:Company5.6times4.2times28days?Industry6.5times4.0times36days147days?AccountsturnoverturnoverNumberofofOperatingCash124daysRelativethecompanyscycle:isbutcashisandcashbothC.isbutcashis34-53Q-58.Whichismostconsidereda“pull”onliquidity?IncreasedcollectingObsoleteC.ReductioninaofQ-59.Whichoffollowingindicateofacapitalofoutstanding.ofC.AdecreasedofQ-60.Ifa$10,000U.S.securityisselling$9,870,thediscount-basisyield(%)isclosest5.20.5.27.C.5.34.Q-61.Otherheldconstant,ofabecauseoflesscreditwillmostlikely:（notreduceC.increaseQ-62.Whichactionismostconsideredaofliquidity?IncreasingofmanagementRenegotiatingcurrentdebttoC.Increasingofbanklinesofcredit5.16.Cash5.16.1.重要知识点.Money及discountyield,bond掌握公式：F-P)Ft35-53mmt(())PttPt.通过对现金流的管理和预测，可以判断企业现金流是盈余还是短缺。如果判断企业资金短期是cashsurplus,需要对盈余现金进行投资；如果判断短期企业资金是cash,需要进行融资弥补现金的短缺。5.16.2.基础题Q-63.Alana$364,500.It90$380,000.Thediscount-basisyieldandtheyieldsecurityclosestyield18.0%YieldA.B.C.17.0%16.3%17.0%17.0%16.3%Q-64.Whichoffollowingofshort-termfinancingusedcompanies?CommercialpaperC.UncommittedlinesQ-65.ForaUSbillsellingadiscount,whichoffollowingmethodsmostinthehighestyield?A.yield(MMY)B.yieldC.yield5.17.Discounts5.17.1.重要知识点36-5.discountscost计算了解关于应付账款相关术语的理解Example:2/10,net302/10意味着企业在形成应付账款后，如果在10天内付款，则可以享受的折扣率Net30意味着在形成应付账款之后，即便不享受折扣，也需要在30天内支付对应货款对应discountcost365푡푑costtrade=+)−11−푑5.17.2.基础题Q-66.Aincreasingitscredit1/10,30net60willmostexperience:inonhand.ahigherofuncollectibleC.incollectionQ-67.Theofcreditassumingayearterms3/10net40isclosestto:43.3%.44.9%.C.32.0%.37-535.18.进阶题持续更新通知微信：xuebajun888sQ-1.JurgenKnudsenhasbeenprovideexpertiseHenrikSandell,analystapensionmanagingagloballarge-capfundisconcernedaboutofholdings,partsmanufacturerKruspaKruspain80countries,withpreviousglobal€5.6billion.announcedplansexpansionworrieschangeprofileifheshouldasaleofposition.theproject,D/E=80/20Additionalinformation:premium,SwedenRisk-freeofIndustrydebt-to-equityMarketvalueofdebtMarketvalueofbeta4.82%4.25%0.3€900million€2.41.3costofdebtChinacreditpremiumCorporatetax9.25%1.88%37.5%SandellwouldtotheassetbetaofKruspaabasehiscalculations.TheChinacostofcapitalcalculatedusingwithoutandwiththeriskrespectively:9%and10%.10%andC.9.03%and10.42%.38-53Solutions39-535.CorporateFinance5.1.基础题Q-1.Solution:A.Aiscorrect.screening,whichofexcludingcompanies,orthatviolatesuchrightsorconcerns,ismostcommonESGQ-2.Solution:A.Aisprocedures,compensationshouldwithlong-termBisincorrectbecausethecommitteeshouldcomposedofindependentGoodnotruleunderlyingconflictsoforonrequiringunbiasedaudit,orrelated-partyandindependentandshouldnotbeapartofthecompensationcommittee.CisincorrectbecausetheshouldcomposedofindependentboardGoodgovernancewouldonunderlyingoforunbiasedjudgmentaudit,orrelated-partyandexternal