2025年CFA一级投资分析模拟试卷（含答案）

2025年CFA一级投资分析模拟试卷（含答案）考试时间：______分钟总分：______分姓名：______一、道德与专业标准1.Ananalystisevaluatingacompanyforapotentialinvestment.Thecompany'sCEO,whoisapersonalfriendoftheanalyst,approachestheanalystandasksfortheanalyst'sopiniononthecompany'sstock.TheCEOimpliesthatiftheanalystrecommendsthestock,theCEOwillprovideasignificanttip.Theanalyst'sCFAInstitutecodeandstandardsofprofessionalconductstatethattheanalystmustavoidconflictsofinterestandmustnotengageinorencourageillegalorunethicalacts.Whatshouldtheanalystdo?a)Acceptthetipandrecommendthestock,astherelationshipwiththeCEOisvaluableforfuturebusinessprospects.b)Recommendthestockbutdeclinethetip,asthepersonalrelationshipisnotaconflictofinterest.c)DeclinetherecommendationandreporttheCEO'soffertoCFAInstitute,astheoffercreatesaconflictofinterest.d)DeclinetherecommendationanddonotreporttheCEO'soffer,asreportingcoulddamagethepersonalrelationship.2.Aninvestorasksananalystforrecommendationsonseveralcompanies.Theinvestorprovidestheanalystwithalistofcompanies.Theanalystisrequiredtofollowspecificproceduresforgatheringinformationaboutthesecompanies.WhichofthefollowingactionsbytheanalystdemonstratescompliancewithCFAInstituteStandardsofProfessionalConduct?a)Theanalystonlygathersinformationfromtheinvestor'slist,withoutconductingindependentresearch.b)Theanalystusesinformationprovidedbytheinvestorthatisnotpubliclyavailable,astheinvestorisaclosefriend.c)Theanalystconductsindependentresearchonthecompanies,usingonlypubliclyavailableinformation.d)Theanalystsharestheinvestor'sproprietaryinformationwithotherclients,astheinformationisnotconfidential.3.Ananalystispreparingaresearchreportonacompany.Thereportincludesinformationthattheanalystobtainedfromacompetitor.Theanalystknowsthattheinformationisconfidentialandobtainedthroughimpropermeans.TheCFAInstitutecodeandstandardsofprofessionalconductrequiretheanalysttoactwithintegrityandmaintainconfidentiality.Whatshouldtheanalystdo?a)Includetheinformationinthereport,asitisrelevanttothecompany'sanalysis.b)Excludetheinformationfromthereport,butdonotdisclosethesourceoftheinformation.c)Disclosetheinformationinthereport,butattributeittoananonymoussource.d)Excludetheinformationfromthereportanddisclosethesourceoftheinformationtothecompany'smanagement.二、数量方法4.Ananalystisusinglinearregressiontomodeltherelationshipbetweenastock'sreturnsandthemarketreturns.Theregressionequationis:StockReturn=0.5+1.2*MarketReturn.Thecoefficientofdetermination(R-squared)is0.64.WhatdoestheR-squaredvaluerepresent?a)Thevolatilityofthestock'sreturns.b)Theproportionofthestock'sreturnsexplainedbythemarketreturns.c)Therisk-freerateofreturn.d)Thebetaofthestock.5.Ananalystiscalculatingtheexpectedreturnofaportfolio.Theportfolioconsistsoftwostocks,AandB.TheexpectedreturnofstockAis10%,theexpectedreturnofstockBis15%,andtheweightsofstocksAandBintheportfolioare60%and40%,respectively.Whatistheexpectedreturnoftheportfolio?a)10.5%b)12.0%c)12.5%d)13.0%6.Ananalystisevaluatingtheperformanceofamutualfund.Themutualfund'sreturnwas12%inYear1,8%inYear2,and15%inYear3.Whatisthegeometricmeanreturnofthemutualfund?a)11.42%b)12.00%c)12.58%d)13.00%三、经济学7.Whichofthefollowingisacharacteristicofaperfectlycompetitivemarket?a)Fewsellersandhighbarrierstoentry.b)Manysellers,homogeneousproducts,andfreeentryandexit.c)Asinglesellerandsignificantcontroloverprice.d)Manysellers,differentiatedproducts,andhighbarrierstoentry.8.TheFederalReserveraisesthefederalfundsrate.Whatisthelikelyimpactontheeconomy?a)Increasedborrowingcosts,reducedconsumerspending,andslowereconomicgrowth.b)Decreasedborrowingcosts,increasedconsumerspending,andfastereconomicgrowth.c)Increasedborrowingcosts,increasedconsumerspending,andfastereconomicgrowth.d)Decreasedborrowingcosts,reducedconsumerspending,andslowereconomicgrowth.9.Inflationisdefinedas:a)Adecreaseinthemoneysupply.b)Anincreaseinthemoneysupply.c)Asustainedincreaseinthegeneralpricelevelofgoodsandservices.d)Asustaineddecreaseinthegeneralpricelevelofgoodsandservices.四、财务报表分析10.Acompany'scurrentratiois1.5.Whatdoesthisindicate?a)Thecompanyhasmorecurrentliabilitiesthancurrentassets.b)Thecompanyhasmorecurrentassetsthancurrentliabilities.c)Thecompanyhasequalamountsofcurrentassetsandcurrentliabilities.d)Thecompany'sliquidityisnotaffectedbyitscurrentratio.11.Whichofthefollowingfinancialratiosisusedtomeasureacompany'sprofitability?a)Currentratiob)Debt-to-equityratioc)Returnonassetsd)Inventoryturnover12.Ananalystisevaluatingacompany'sfinancialperformance.Thecompany'snetincomeincreasedby10%inthemostrecentyear,whileitstotalassetsincreasedby5%.Whatisthecompany'sreturnonassets(ROA)?a)5%b)10%c)15%d)20%五、公司发行人13.Whichofthefollowingisadisadvantageofdebtfinancingforacompany?a)Interestpaymentsaretax-deductible.b)Debtfinancingdoesnotdiluteownership.c)Debtfinancingprovidesafixedcostofcapital.d)Debtfinancingincreasesthecompany'sfinancialleverage.14.Acompany'sdividendpayoutratiois40%.Whatdoesthisindicate?a)Thecompanyispayingout40%ofitsnetincomeasdividends.b)Thecompanyisretaining40%ofitsnetincomeforreinvestment.c)Thecompany'sdividendyieldis40%.d)Thecompany'sdividendgrowthrateis40%.15.Whichofthefollowingisafactorthatinfluencesacompany'scapitalstructure?a)Thecompany'sbusinessriskb)Thecompany'sfinancialriskc)Thecompany'staxrated)Alloftheabove六、固定收益16.Abondwithafacevalueof$1,000andacouponrateof5%paysinterestsemi-annually.Whatistheannualcouponpayment?a)$25b)$50c)$100d)$20017.Whichofthefollowingisameasureofabond'spricerisk?a)Yieldtomaturityb)Couponratec)Durationd)Currentyield18.Abond'syieldtomaturityis6%.Thebond'scouponrateis5%.Whatisthebond'sprice?a)Atadiscountb)Atapremiumc)Atpard)Thepricecannotbedeterminedwithoutadditionalinformation.七、权益投资19.Whichofthefollowingisafactorthatinfluencesastock'svaluation?a)Thecompany'searningsgrowthrateb)Thecompany'sdividendyieldc)Thecompany'smarketriskpremiumd)Alloftheabove20.Whichofthefollowingisacharacteristicofgrowthinvesting?a)Investinginstocksofcompanieswithhighdividendyields.b)Investinginstocksofcompanieswithhighearningsgrowthrates.c)Investinginstocksofcompanieswithlowprice-to-earningsratios.d)Investinginstocksofcompanieswithlowmarketcapitalizations.21.Astock'sprice-to-earnings(P/E)ratiois20.Thestock'searningspershare(EPS)is$2.Whatisthestock'sprice?a)$10b)$20c)$40d)$80八、衍生品22.Aninvestorbuysacalloptiononastockwithastrikepriceof$50.Theoptionpremiumis$2.Whatisthebreak-evenpricefortheinvestor?a)$48b)$50c)$52d)$5423.Whichofthefollowingisariskassociatedwithoptionstrading?a)Creditriskb)Marketriskc)Liquidityriskd)Alloftheabove24.Afarmerwantstoprotectthepriceofhiscrops.Heentersintoafuturescontracttosellhiscropsatafixedpriceinthefuture.Whattypeofderivativeisthis?a)Calloptionb)Putoptionc)Futurescontractd)Swap九、案例分析题25.Ananalystisevaluatingacompanythatisconsideringaleveragedbuyout(LBO).Thecompany'scurrentdebt-to-equityratiois1.0.Theanalystestimatesthatthecompanycanincreaseitsdebt-to-equityratioto2.0ifitproceedswiththeLBO.Thecompany'scurrentcostofequityis10%anditscostofdebtis5%.Thetaxrateis30%.TheanalystusestheModigliani-MillertheoremtoestimatetheimpactoftheLBOonthecompany'sweightedaveragecostofcapital(WACC).WhatistheestimatedWACCbeforeandaftertheLBO?a)BeforetheLBO:10%;AftertheLBO:9.5%b)BeforetheLBO:10%;AftertheLBO:10.5%c)BeforetheLBO:9.5%;AftertheLBO:10%d)BeforetheLBO:10.5%;AftertheLBO:10%试卷答案1.c解析思路：接受提示或利用非公开信息进行投资建议构成利益冲突，违反了CFA协会标准。选项a和b都违反了利益冲突和保密原则。选项d没有遵守报告义务。2.c解析思路：CFA协会标准要求分析师使用公开信息进行独立研究，避免利益冲突，并保护客户信息。选项a和b违反了使用公开信息和保密原则。选项d违反了保护客户信息的义务。3.b解析思路：分析师有义务使用合法获得的公开信息，并遵守保密原则。选项a和c违反了保密原则。选项d违反了使用公开信息的义务。4.b解析思路：R-squared表示回归模型中自变量（市场回报）对因变量（股票回报）的解释程度。0.64表示市场回报解释了股票回报的64%。5.a解析思路：预期收益率是各资产预期收益率的加权平均。0.10*0.60+0.15*0.40=0.06+0.06=0.12=12%。6.a解析思路：几何平均收益率适用于计算时间跨度超过一年的平均收益率。[(1+0.12)*(1+0.08)*(1+0.15)]^(1/3)-1=1.142-1=0.142=11.42%。7.b解析思路：完全竞争市场的特征