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.Whichofthefollowingstatementsregardingcorpora（江南博哥）teshareholdersismostaccurate?A.Cross-shareholdingshelppromotecorporatemergers.B.Dual-classstructuresareusedtoaligneconomicownershipwithcontrol.C.Affiliatedshareholderscanprotectacompanyagainsthostiletakeoverbids.正确答案：C参考解析：Ciscorrect.Thepresenceofasizableaffiliatedstockholder(suchasanindi-vidual,familytrust,endowment,orprivateequityfund)canshieldacompanyfromtheeffectsofvotingbyoutsideshareholders.[单选题]3.Whichofthefollowingstatementsregardingstakeholdermanagementismostaccurate?A.Companymanagementensurescompliancewithallapplicablelawsandregulations.B.Directorsareexcludedfromvotingontransactionsinwhichtheyholdmaterialinterest.C.Theuseofvariableincentiveplansinexecutiveremunerationisdecreasing.正确答案：B参考解析：Biscorrect.Often,policiesonrelated-partytransactionsrequirethatsuchtransactionsormattersbevotedonbytheboard(orshareholders),excludingthedirectorholdingtheinterest.[单选题]4.Whichofthefollowingrepresentsaresponsibilityofacompany’sboardofdirectors?A.ImplementationofstrategyB.EnterpriseriskmanagementC.Consideringtheinterestsofshareholdersonly正确答案：B参考解析：Biscorrect.Theboardtypicallyensuresthatthecompanyhasanappropriateenterpriseriskmanagementsysteminplace.[单选题]5.Whichofthefollowingrepresentsaprincipal–agentconflictbetweenshareholdersandmanagement?A.RisktoleranceB.MultipleshareclassesC.Accountingandreportingpractices正确答案：A参考解析：Aiscorrect.Shareholderandmanagerinterestscandivergewithrespecttorisktolerance.Insomecases,shareholderswithdiversifiedinvestmentportfolioscanhaveafairlyhighrisktolerancebecausespecificcompanyriskcanbediver-sifiedaway.Managersaretypicallymoreriskaverseintheircorporatedecisionmakingtobetterprotecttheiremploymentstatus.[单选题]6.Whichofthefollowingstatementsaboutnon-marketfactorsincorporategovernanceismostaccurate?A.Stakeholderscanspreadinformationquicklyandshapepublicopinion.B.Acivillawsystemoffersbetterprotectionofshareholderintereststhandoesacommonlawsystem.C.Vendorsprovidingcorporategovernanceserviceshavelimitedinfluenceoncorporategovernancepractices.正确答案：A参考解析：Aiscorrect.Socialmediahasbecomeapowerfultoolforstakeholderstoinstantlybroadcastinformationwithlittlecostoreffortandtocompetewithcompanymanagementininfluencingpublicsentiment.[单选题]7.HermannCorporationisconsideringaninvestmentof€375millionwithexpectedafter-taxcashinflowsof€115millionperyearforsevenyearsandanadditionalafter-taxsalvagevalueof€50millioninYear7.Therequiredrateofreturnis10percent.Whatistheinvestment’sPI?A.1.19.B.1.33.C.1.56.正确答案：C参考解析：Answer:C[单选题]8.Aninvestmenthasanoutlayof100andafter-taxcashflowsof40annuallyforfouryears.Aprojectenhancementincreasestheoutlayby15andtheannualafter-taxcashflowsby5.Asaresult,theverticalinterceptoftheNPVprofileoftheenhancedprojectshifts:A.Upandthehorizontalinterceptshiftsleft.B.Upandthehorizontalinterceptshiftsright.C.Downandthehorizontalinterceptshiftsleft.正确答案：A参考解析：Answer:ATheverticalinterceptchangesfrom60to65(NPVwhencostofcapitalis0%),andthehorizontalintercept(IRR,whenNPVequalszero)changesfrom21.86percentto20.68percent.[单选题]9.Withregardtonetpresentvalue(NPV)profiles,thepointatwhichaprofilecrossestheverticalaxisisbestdescribedas:A.thepointatwhichtwoprojectshavethesameNPV.B.thesumoftheundiscountedcashflowsfromaproject.C.aproject'sinternalrateofreturnwhentheproject'sNPVisequaltozero.正确答案：B参考解析：Answer:BTheverticalaxisrepresentsadiscountrateofzero.Thepointwheretheprofilecrossestheverticalaxisissimplythesumofthecashflows.[单选题]10.ShirleySheahasevaluatedaninvestmentproposalandfoundthatitspaybackperiodisoneyear,ithasanegativeNPV,andithasapositiveIRR.Isthiscombinationofresultspossible?A.Yes.B.No,becauseaprojectwithapositiveIRRhasapositiveNPV.C.No,becauseaprojectwithsucharapidpaybackperiodhasapositiveNPV.正确答案：A参考解析：这道题目问的是ShirleyShea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。这个项目可能存在吗?如果一年的累积现金流等于支出，并且额外的现金流不是很大，这种情况是可能的。例如，假设支出是100，第1年的现金流是100，第2年的现金流是5。要求的回报率是10%。该项目的投资回报为1.0年，净现值为负4.96，内部收益率为4.77%。因此A选项正确[单选题]11.Theinternalrateofreturn(IRR)isbestdescribedasthe:A.opportunitycostofcapital.B.time-weightedrateofreturn.C.discountratethatmakesthenetpresentvalueequaltozero.正确答案：C参考解析：Answer:CTheinternalrateofreturniscomputedbyidentifyingallcashflowsandsolvingfortheratethatmakesthenetpresentvalueofthosecashflowsequaltozero.[单选题]12.KimCorporationisconsideringaninvestmentof750millionwonwithexpectedafter-taxcashinflowsof175millionwonperyearforsevenyears.Therequiredrateofreturnis10percent.Expressedinyears,theproject’spaybackperiodanddiscountedpaybackperiod,respectively,areclosestto:A.4.3yearsand5.4years.B.4.3yearsand5.9years.C.4.8yearsand6.3years.正确答案：B参考解析：Answer:BThepaybackperiodisbetweenfourandfiveyears.Thepaybackperiodisfouryearsplus50/175=0.29ofthefifthyearcashflow,or4.29years.Thediscountedpaybackperiodisbetweenfiveandsixyears.Thediscountedpaybackperiodisfiveyearsplus86.61/98.78=0.88ofthesixthyearcashflow,or5.88years.[单选题]13.KimCorporationisconsideringaninvestmentof750millionwonwithexpectedafter-taxcashinflowsof175millionwonperyearforsevenyears.Therequiredrateofreturnis10percent.Whatistheproject’s?A.NPV：102millionwon\tIRR：14.0%B.NPV：157millionwon\tIRR：23.3%C.NPV：193millionwon\tIRR：10.0%正确答案：A参考解析：Answer:ATheIRR,foundwithafinancialcalculator,is14.02percent.(ThePVis-750,N=7,andPMT=175.)[单选题]14.Aninvestmentof$150,000isexpectedtogenerateanafter-taxcashflowof$100,000inoneyearandanother$120,000intwoyears.Thecostofcapitalis10percent.Whatistheinternalrateofreturn?A.28.39percent.B.28.59percent.C.28.79percent.正确答案：C参考解析：Answer:CTheIRRcanbefoundusingafinancialcalculatororwithtrialanderror.Usingtrialanderror,thetotalPVisequaltozeroifthediscountrateis28.79percent.AmorepreciseIRRof28.7854percenthasatotalPVclosertozero.[单选题]15.Aninvestmentof$100generatesafter-taxcashflowsof$40inYear1,$80inYear2,and$120inYear3.Therequiredrateofreturnis20percent.Thenetpresentvalueisclosestto:A.$42.22.B.$58.33.C.$68.52.正确答案：B参考解析：Answer:B[单选题]16.Athree-yearinvestmentrequiresaninitialoutlayof￡1,000.Itisexpectedtoprovidethreeyear-endcashflowsof￡200plusanetsalvagevalueof￡700attheendofthreeyears.Itsinternalrateofreturn(IRR)isclosestto:A.10%.B.11%.C.20%.正确答案：B参考解析：Answer:BIRRisdeterminedbysettingthenetpresentvalueequaltozeroforthecashflowsshowninthetable.[单选题]17.ErinChouisreviewingaprofitableinvestmentprojectthathasaconventionalcashflowpattern.Ifthecashflowsfortheproject,initialoutlay,andfutureafter-taxcashflowsalldouble,ChouwouldpredictthattheIRRwould:A.IncreaseandtheNPVwouldincrease.B.StaythesameandtheNPVwouldincrease.C.StaythesameandtheNPVwouldstaythesame.正确答案：B参考解析：Answer:BTheIRRwouldstaythesamebecauseboththeinitialoutlayandtheafter-taxcashflowsdouble,sothatthereturnoneachdollarinvestedremainsthesame.Allofthecashflowsandtheirpresentvaluesdouble.Thedifferencebetweentotalpresentvalueofthefuturecashflowsandtheinitialoutlay(theNPV)alsodoubles.[单选题]18.Aninvestmentof$20,000willcreateaperpetualafter-taxcashflowof$2,000.Therequiredrateofreturnis8percent.Whatistheinvestment'sprofitabilityindex?A.1.08.B.1.16.C.1.25.正确答案：C参考解析：Answer:C[单选题]19.Withregardtothenetpresentvalue(NPV)profilesoftwoprojects,thecross-overrateisbestdescribedasthediscountrateatwhich:A.twoprojectshavethesameNPV.B.twoprojectshavethesameinternalrateofreturn.C.aproject’sNPVchangesfrompositivetonegative.正确答案：A参考解析：Answer:AThecrossoverrateisthediscountrateatwhichtheNPVprofilesfortwoprojectscross;itistheonlypointwheretheNPVsoftheprojectsarethesame.[单选题]20.Considertwocompaniesthatoperateinthesamelineofbusinessandhavethesamedegreeofoperatingleverage:theBasicCompanyandtheGrundlegendCompany.TheBasicCompanyandtheGrundlegendCompanyhave,respectively,nodebtand50percentdebtintheircapitalstructure.Whichofthefollowingstatementsismostaccurate?ComparedtotheBasicCompany,theGrundlegendCompanyhas:A.alowersensitivityofnetincometochangesinunitsales.B.thesamesensitivityofoperatingincometochangesinunitsales.C.thesamesensitivityofnetincometochangesinoperatingincome.正确答案：B参考解析：Answer:BGrundlegend’sdegreeofoperatingleverageisthesameasBasicCompany’s,whereasGrundlegend’sdegreeoftotalleverageanddegreeoffinancialleveragearehigher.[单选题]21.TheFulcrumCompanyproducesdecorativeswivelplatformsforhometelevisions.IfFulcrumproduces40millionunits,itestimatesthatitcansellthemfor$100each.Variableproductioncostsare$65perunitandfixedproductioncostsare$1.05billion.Whichofthefollowingstatementsismostaccurate?Holdingallelseconstant,theFulcrumCompanywould:A.generatepositiveoperatingincomeifunitsaleswere25million.B.havelessoperatingleverageiffixedproductioncostswere10percentgreaterthanTheFulcrumCompanyproducesdecorativeswivelplatformsforhometelevisions.IfFulcrumproduces40millionunits,itestimatesthatitcansellthemfor$100each.Variableproductioncostsare$65perunitandfixedproductioncostsare$1.05billion.Whichofthefollowingstatementsismostaccurate?Holdingallelseconstant,theFulcrumCompanywould:.05billion.C.generate20percentmoreoperatingincomeifunitsaleswere5percentgreaterthan40million.正确答案：C参考解析：Answer:CBecauseDOLis4,ifunitsalesincreaseby5percent,Fulcrum’soperatingearningsareexpectedtoincreaseby4×5%=20%.ThecalculationforDOLis:[单选题]22.Thebusinessriskofaparticularcompanyismost