2025年CFA考试《企业融资》模拟题集

2025年CFA考试《企业融资》模拟题集考试时间：______分钟总分：______分姓名：______1.Acompanyisevaluatingwhethertoacceptaspecialorder.Thespecialorderpriceis$60perunit,andthevariablecostperunitis$40.Thecompanyalreadyhasexcesscapacityanddoesnotneedtoincuranyadditionalfixedcosts.However,acceptingtheorderwouldrequirepurchasinganadditionalmachinefor$5,000,whichhasa5-yearusefullifeandnosalvagevalue.Thecompanyusesstraight-linedepreciation.Shouldthecompanyacceptthespecialorderiftheincrementalrevenuefromtheorderexceedstheincrementalcosts?2.WhichofthefollowingstatementsabouttheModigliani-Miller(MM)theoremwithcorporatetaxesismostaccurate?3.Afirmhasadebt-equityratioof0.5.Thecostofdebtis6%(beforetax),andthecostofequityis12%.Thecorporatetaxrateis30%.Assumingthefirmusesonlydebtandequityfinancing,whatisthefirm'sweightedaveragecostofcapital(WACC)?4.Acompanyisconsideringaprojectwithaninitialinvestmentof$100,000.Theprojectisexpectedtogeneratecashinflowsof$30,000peryearfor5years.Thecompany'srequiredrateofreturnis10%.Whatisthenetpresentvalue(NPV)oftheproject?5.Whichofthefollowingisgenerallyconsideredaweaknessofthepaybackperiodmethodofcapitalbudgeting?6.Acompanyisdecidingwhethertoleaseorbuyapieceofequipment.Theequipmentcosts$200,000,andthecompanycanborrowmoneyata8%interestrate.Theleaseagreementrequiresannualpaymentsof$35,000for6years.Thecompanyusesstraight-linedepreciation.Whatistheafter-taxcostofleasingifthecompany'staxrateis35%andtheequipmentisdepreciatedover5years?Assumetheborrowingandleasecashflowsoccurattheendofeachperiod.7.Whichofthefollowingstatementsaboutthepeckingordertheoryofcapitalstructureismostaccurate?8.Acompanyhascurrentassetsof$150,000andcurrentliabilitiesof$90,000.Thecompany'sinventoryis$50,000.Whatisthecurrentratio?9.Acompanyhasaccountsreceivableof$80,000andannualcreditsalesof$600,000.Theaveragecollectionperiodis45days.Whatisthecompany'saccountsreceivableturnoverratio?10.Whichofthefollowingactionswouldlikelydecreaseacompany'soperatingleverage?11.Acompanyisconsideringissuingpreferredstockthatpaysafixeddividendof$4pershare.Thepreferredstockhasamarketpriceof$50pershare.Whatisthecostofpreferredstock?12.Whichofthefollowingisgenerallyconsideredadisadvantageofusingdebtfinancing?13.Whichofthefollowingmethodsofvaluingacompanyismostappropriatewhenthereisnoactivemarketforthecompany'sstockorcomparablecompanies?14.Acompanyisanalyzingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$100,000andanIRRof12%.ProjectBhasanNPVof$80,000andanIRRof14%.Assumingtheprojectshavethesameriskandthecompany'srequiredrateofreturnis10%,whichprojectshouldthecompanyaccept?15.Whichofthefollowingstatementsaboutstockdividendsismostaccurate?16.Acompanyhas1millionsharesofcommonstockoutstanding.Thestockcurrentlytradesat$50pershare.Thecompanydeclaresa10%stockdividend.Whatwillbethenewmarketpricepershareafterthestockdividend,assumingthestockdividendissmall?17.Whichofthefollowingisacomponentofacompany'scashflowfromfinancingactivities?18.Acompany'sbondshaveafacevalueof$1,000,acouponrateof8%,andamaturityof10years.Thebondspayinterestsemi-annually.Ifthemarketinterestrateis10%,whatistheapproximatemarketpriceofthebonds?19.Whichofthefollowingisacharacteristicofacalloption?20.Acompanyhasacapitalstructureconsistingof40%debtand60%equity.Thedebthasabefore-taxcostof5%.Theequityhasacostof15%.Thecompany'staxrateis35%.Whatistheafter-taxcostofdebt?21.Whichofthefollowingstatementsabouttherelationshipbetweenacompany'sstockpriceanditsdividendpolicyismostaccurate?22.Acompanyisevaluatingacapitalbudgetingproject.Theprojecthasaninitialoutlayof$50,000andisexpectedtogeneratecashinflowsof$20,000attheendofeachofthenext4years.Thecompany'srequiredrateofreturnis12%.Whatisthediscountedpaybackperiodfortheproject?23.Whichofthefollowingisaprimarygoalofworkingcapitalmanagement?24.Acompanyisconsideringwhethertoacceptaspecialorderthatwouldgenerateadditionalrevenuebutalsorequireanincreaseinfixedcosts.Theincrementalrevenueisexpectedtobe$10,000,andtheincrementalfixedcostsareexpectedtobe$8,000.Whatistheexpectedincrementalnetincomefromthespecialorder?25.Whichofthefollowingstatementsaboutthe权衡理论(trade-offtheory)ofcapitalstructureismostaccurate?试卷答案1.是的。接受特殊订单的增量收入为$60-$40=$20/单位。由于有闲置产能，无需增加固定成本。购买机器的$5,000投资是沉没成本，与决策无关。只需考虑增量收入$20/单位大于增量成本$0/单位，因此应接受订单。2.在有企业所得税的情况下，MM定理指出，使用债务会降低企业的加权平均资本成本(WACC)，因为利息支出可以抵税。因此，负债越高，税盾效应越大，WACC越低。3.权益的市场价值=总价值的1/(1+权益比例)=总价值的1/(1+0.5)=总价值的2/3。总价值=债务价值+权益价值=债务价值+(总价值*2/3)。因此，债务价值/总价值=1/(1+2/3)=1/2.5=0.4。债务价值=0.4*总价值。权益价值=0.6*总价值。WACC=(债务比例*成本ofdebt*(1-税率))+(权益比例*成本ofequity)=(0.4*6%*(1-30%))+(0.6*12%)=(0.4*6%*0.7)+(0.6*12%)=1.68%+7.2%=8.88%。4.NPV=Σ[CFt/(1+r)^t]-初始投资。NPV=[$30,000/(1+0.10)^1]+[$30,000/(1+0.10)^2]+[$30,000/(1+0.10)^3]+[$30,000/(1+0.10)^4]+[$30,000/(1+0.10)^5]-$100,000。NPV=[$30,000/1.10]+[$30,000/1.21]+[$30,000/1.331]+[$30,000/1.4641]+[$30,000/1.61051]-$100,000。NPV=$27,272.73+$24,793.39+$22,539.44+$20,490.40+$18,627.64-$100,000。NPV=$113,723.60-$100,000=$13,723.60。5.投资回收期方法的缺点是它忽略了回收期后的现金流，并且没有考虑资金的时间价值。它也没有考虑项目的盈利能力。6.借款成本（税后）=8%*(1-35%)=8%*0.65=5.2%。年折旧=$200,000/5=$40,000。折旧税盾=$40,000*35%=$14,000。税后租赁付款=$35,000*(1-35%)=$35,000*0.65=$22,750。税后借款利息=($200,000*8%*(1-35%))=$16,000*0.65=$10,400。税后购买现金流=-($200,000+$35,000-$14,000)=-$221,000。税后租赁现金流（第1-5年）=-$22,750。税后租赁现金流（第6年）=-$22,750-(-$14,000)=-$8,750。PV(租赁)=[-$22,750*PVIFA(5,5.2%)]+[-$8,750/(1+5.2%)^5]。PV(租赁)=[-$22,750*4.3294]+[-$8,750/1.2884]。PV(租赁)=-$98,543.15-$6,826.95=-$105,370.10。税后购买成本=-$221,000。净现值（租赁vs购买）=NPV(购买)-NPV(租赁)=-$221,000-(-$105,370.10)=-$221,000+$105,370.10=-$115,629.90。由于NPV(租赁)>NPV(购买)，租赁的税后成本低于购买，应选择租赁。*注意：计算中使用的PVIFA和PVIF值可能需要查表或使用计算器。*7.贴现顺序理论认为，公司倾向于首先使用内部资金（留存收益），然后是债务，最后才是股权融资，因为内部资金成本最低，债务次之，股权成本最高，并且股权融资会传递负面信号。8.流动比率=流动资产/流动负债=$150,000/$90,000=1.67。9.平均应收账款=年度信用销售/365*平均收账期=$600,000/365*45=$7,397.26。应收账款周转率=年度信用销售/平均应收账款=$600,000/$7,397.26=81.08。10.降低经营杠杆的方法包括减少固定成本或提高变动成本占收入的比例。减少固定成本会直接降低经营杠杆。11.成本ofpreferredstock=年固定股息/市价=$4/$50=8%。12.使用债务融资的缺点包括财务风险增加（债务必须按期偿还，否则可能导致破产）、利息税盾的减少（如果公司税率变化或没有税收优惠）、以及可能损害债权人关系。13.在没有活跃市场或可比公司的环境下，现金流量折现法（DCF）可能难以应用，因为缺乏合适的折现率或可比的市场数据。在这种情况下，基于资产的估值方法（如资产基础法）或可比公司法（寻找非常相似的私人公司并使用其估值multiples）可能是更合适的方法。如果必须选择一种估值方法，并且有合理的现金流预测和折现率，DCF仍然是理论上最基础的。但题目可能指向资产基础法或可比公司法作为更实用的选择。*（此题答案具有主观性，取决于对题意的理解。更侧重资产基础法的解释是：在没有市场可比性时，往往基于公司资产价值进行估值。）*14.对于互斥项目，NPV是更可靠的决策标准，因为它直接衡量了项目的价值增加。当NPV(A)>NPV(B)时，应选择项目A。因此，应选择项目A。15.股票股利会增加发行在外的股票数量，降低每股收益和每股市价，但不会改变公司的总价值或股东的权益总额。它通常被视为一种信号，表明公司盈利稳定且愿意将部分收益返还给股东。16.股票股利后，总股数=1,000,000*(1+10%)=1,100,000股。公司总价值不变，仍为1,000,000*$50=$50,000,000。新市价=总价值/新股数=$50,000,000/1,100,000≈$45.45。17.现金流从融资活动包括：发行股票或债券获得的现金、偿还债务的本金、支付股利。18.债券价格=Σ[C/(1+r)^t]+F/(1+r)^n。C=$1,000*8%/2=$40。r=10%/2=5%(每半年)。n=10*