2025年CFA二级公司金融模拟卷（含答案）

2025年CFA二级公司金融模拟卷（含答案）考试时间：______分钟总分：______分姓名：______一、CapitalBudgetingAnalysisAlphaCorpisevaluatinganewprojectrequiringaninitialinvestmentof$5million.Theprojectisexpectedtogenerateannualcashinflowsof$1.5millionforthenextfiveyears.Thecompany'scostofcapitalis10%,andthetaxrateis30%.Theprojecthasasalvagevalueof$200,000attheendofitslife.Assumestraight-linedepreciationfortaxpurposes.Required:1.Calculatethenetpresentvalue(NPV)oftheproject.2.Calculatetheinternalrateofreturn(IRR)oftheproject.3.Calculatethepaybackperiodoftheproject.4.Assumingtheproject'sriskishigherthanthecompany'saverageprojects,discusshowyoumightadjustthediscountrateusedintheNPVcalculation.二、CapitalStructureBetaInc.currentlyhasnodebtinitscapitalstructure.Thecompany'sequitycostofcapitalis12%,anditstaxrateis35%.Betacanborrowatarateof8%tofinancenewprojects.TheModigliani-Miller(MM)theoremwithtaxessuggeststhatthevalueofBetaInc.willincreaseifittakesondebt.Explainthetheoreticalreasonbehindthisincreaseinvalue.Whatarethepotentialcostsassociatedwithincreasingdebtthatmightoffsetthistaxbenefit?三、DividendPolicyGammaCorphasexperiencedsignificantgrowthoverthepastseveralyearsandcurrentlyretainsalargeportionofitsearnings.Thecompany'smanagementisconsideringchangingitsdividendpolicytodistributemorecashtoshareholders.Discusstheadvantagesanddisadvantagesofahigh-dividendpolicyforGammaCorp.Whatfactorsshouldthecompanyconsiderwhenmakingadecisionaboutitsdividendpolicy?四、Long-TermFinancingDeltaCorpisconsideringraising$100milliontofinanceanewplant.Thecompanycanissuedebtata9%interestrateorequityatacostof15%.Thecompany'scurrentcapitalstructureis50%debtand50%equity.Thetaxrateis25%.Calculatetheweightedaveragecostofcapital(WACC)forDeltaCorp.Assumingthecompanyplanstomaintainitscurrentcapitalstructure,howwouldtheWACCchangeifthedebtfinancingisincreasedto60%ofthenewcapital?五、WorkingCapitalManagementEpsilonInc.isreviewingitscashmanagementpolicy.Thecompany'saveragedailycashbalanceis$500,000,anditcanearn2%annuallyonitscashbalances.Thecompanyincursacostof$50foreachtransactionitmakestomanageitscash.TheoptimalcashbalanceaccordingtotheBaumol-Tobinmodelis:Required:1.CalculatetheoptimalcashbalanceforEpsilonInc.usingtheBaumol-Tobinmodel.2.DiscussthefactorsthatmightaffecttheoptimalcashbalanceforEpsilonInc.六、RiskManagementOmegaCorpisinvolvedininternationalbusinessandfacesexchangeraterisk.Thecompanyexpectstoreceive€10millionin6months.Thecurrentspotexchangerateis$1.10/€,andthe6-monthforwardexchangerateis$1.12/€.OmegaCorpisconsideringusingaforwardcontracttohedgeitsexchangeraterisk.Explainhowaforwardcontractcanbeusedtohedgethisrisk.Whatarethepotentialdrawbacksofusingaforwardcontractforhedging?七、CorporateGovernancePapaInc.isexperiencingconflictsbetweenitsmanagementanditsshareholders.Shareholdersareconcernedaboutmanagement'sdecision-makingprocessanditsfocusonshort-termprofitsratherthanlong-termvaluecreation.Discusstheroleofcorporategovernanceinaddressingsuchconflicts.Whataresomeofthekeymechanismsusedincorporategovernancetoensurethatmanagementactsinthebestinterestsoftheshareholders?试卷答案一、1.NPV=-5,000,000+1,050,000/(1+0.10)^1+1,050,000/(1+0.10)^2+1,050,000/(1+0.10)^3+1,050,000/(1+0.10)^4+(1,050,000+200,000)/(1+0.10)^5NPV=-5,000,000+954,545.45+868,013.85+790,181.48+714,205.26+864,205.26NPV=$1,106,065.202.IRRisthediscountratethatmakesNPV=0.Usingafinancialcalculatororspreadsheet,theIRRisapproximately16.53%.3.Paybackperiod=InitialInvestment/AnnualAfter-TaxCashInflowAnnualAfter-TaxCashInflow=$1,500,000*(1-0.30)=$1,050,000Paybackperiod=$5,000,000/$1,050,000=4.76years4.Toaccountforhigherrisk,thediscountrateusedintheNPVcalculationshouldbeincreased.Thiscouldbedonebyaddingariskpremiumtothecompany'scostofcapital.Forexample,ifa3%riskpremiumisadded,thenewdiscountratewouldbe13%,whichwouldresultinalowerNPV.二、ThetheoreticalreasonbehindtheincreaseinvalueaccordingtoMMtheoremwithtaxesisthetaxshieldprovidedbydebt.Interestpaymentsondebtaretax-deductible,whichreducesthecompany'staxableincomeandthusitstaxliability.Thistaxshieldincreasesthecompany'soverallvalue.Thevalueoftheleveredfirm(V_L)isequaltothevalueoftheunleveredfirm(V_U)plusthepresentvalueofthetaxshield(T*D),whereTisthetaxrateandDisthetotaldebt.Aslongasthecostofdebtislessthanthecostofequity,increasingdebtwilllowertheWACCandincreasethefirm'svalue.Potentialcostsassociatedwithincreasingdebtincludefinancialdistresscosts,whichcanarisefromthepotentialforbankruptcyorrestructuring.Thesecostscanincludedirectcostslikelegalfeesandindirectcostslikelossofcustomersorsuppliersduetofinancialinstability.Additionally,increasingdebtcanalsoleadtoanincreaseinthecostofequityastherisktoequityholdersincreases.三、Advantagesofahigh-dividendpolicyincludeprovidingasteadystreamofincometoshareholders,whichcanbeparticularlyattractivetoincome-focusedinvestors.Itcanalsosignalconfidenceinthecompany'sfutureearningstothemarket,potentiallyleadingtoahigherstockprice.Ahigh-dividendpolicycanalsomakeitmoredifficultformanagementtooverinvestinprojects,astheyhaveagreaterobligationtoreturncashtoshareholders.Disadvantagesofahigh-dividendpolicyincludereducingtheamountofcapitalavailableforreinvestmentinthebusiness,whichcouldlimitgrowthopportunities.Itcanalsoleadtoahighercostofequity,asequityholdersmayrequireahigherreturntocompensateforthelackofcapitalappreciationpotential.Furthermore,ahigh-dividendpolicycanmakethecompanymorevulnerabletoeconomicdownturns,asmaintainingdividendpaymentsmaybecomedifficultduringperiodsoflowearnings.Factorstoconsiderwhenmakingadecisionaboutdividendpolicyincludethecompany'sgrowthopportunities,itsprofitability,itscashflowstability,itsindustrycharacteristics,anditsoverallfinancialstrategy.Thecompanyshouldalsoconsiderthepreferencesofitsshareholdersandtheimpactofdividendpolicyonitsstockpriceandcostofcapital.四、1.CurrentWACC=(E/V*Re)+(D/V*Rd*(1-Tc))Where:E=Marketvalueofequity=$50millionD=Marketvalueofdebt=$50millionV=Totalvalueofthefirm=E+D=$100millionRe=Costofequity=15%Rd=Costofdebt=9%Tc=Corporatetaxrate=25%CurrentWACC=(0.50*0.15)+(0.50*0.09*(1-0.25))CurrentWACC=0.075+(0.50*0.09*0.75)CurrentWACC=0.075+0.03375CurrentWACC=10.875%2.NewWACC=(E/V*Re)+(D/V*Rd*(1-Tc))Assumingthecompanymaintainsitsequitycostofcapitalat15%.NewE=$40millionNewD=$60millionNewV=$100millionNewD/V=60%NewE/V=40%NewWACC=(0.40*0.15)+(0.60*0.09*(1-0.25))NewWACC=0.06+(0.60*0.09*0.75)NewWACC=0.06+0.0405NewWACC=10.05%五、1.OptimalCashBalance(C*)=sqrt[(2*T*C*F)/i]Where:T=Numberoftransactionsperyear=365C=Averagedailycashbalance=$500,000F=Costpertransaction=$50i=Interestrateoncashbalances=2%annually=0.02/365perdayC*=sqrt[(2*365*$500,000*$50)/(0.02/365)]C*=sqrt[(37,500,000,000*365)/(0.02/365)]C*=sqrt(1,359,375,000,000,000/0.02)C*=sqrt67,968,750,000,000C*=$8,239,375.442.Factorsaffectingtheoptimalcashbalanceincludethefrequencyoftransactions,thecostpertransaction,theinterestrateoncashbalances,thevariabilityofcashinflowsandoutflows,thecostofholdingcash(opportunitycost),andtheavailabilityofcreditlinesorotherfinancingoptions.六、Aforwardcontractcanbeusedtohedgeexchangerateriskbylockinginanexchangerateforafuturetransaction.Inthiscase,OmegaCorpcanenterintoa6-monthforwardcontracttosell€10millionandbuydollarsattheforwardexchangerateof$1.12/€.Thismeansthatregardlessofwhetherthespotexchangeratemovesupordownbytheendof6months,OmegaCorpwillbeabletoconvertthe€10millioninto$11.2million(€10,000,000*$1.12/€).Drawbacksofusingaforwardcontractincludethefactthatitisabindingcontract,meaningthatthecompanyisobligatedtofulfillitsendofthecontractregardlessofmarketconditions.Thiscanbeadisadvantageifthespotexchangeratemovessignificantlyfavorablyforthecompany,asitwouldnotbeabletobenefitfromthebetterrate.Additionally,forwardcontractscanbecomplexfinancialinstruments,andenteringintoonemayrequirespecializedknowledgeorexpertise.七、Corporategovernanceplaysacrucialroleinaddressingconflictsbetweenmanagementandshareholdersbyestablishingasystemofrules,practices,andprocessesbywhichcompaniesaredirectedandcontrolled.Thissystemhelpsensurethatmanagementactsinthebestinterestsoftheshareholdersandotherstakeholders.Keymechanismsusedincorporategovernancetoensurethatmanagementactsinthebestinterestsoftheshareholdersinclude:*BoardofDirectors:Anindependentandeffectiveboardcanmonitormanagement'sperformance,providestrategicguidance,andrepresenttheinterestsofshareholders.Theboardshouldhaveamajorityofindependentdirectorswhocanquestionmanagementandmakedecisionswithoutbias.*ShareholderRights:Shareholdersshouldhavetherighttoele