2025年CFA一级真题解析集

2025年CFA一级真题解析集考试时间：______分钟总分：______分姓名：______试题部分1.Theconceptofriskaversionismostdirectlyreflectedinwhichofthefollowinginvestmentbehaviors?A)Aninvestorprefersacertain$1,000todayovera50%chanceofwinning$2,000orlosing$1,000.B)Aninvestorrequiresahigherexpectedreturntoinvestinanassetwithhighervolatilitycomparedtoanotherassetwithlowervolatility,assumingallelseequal.C)Aninvestoralwayschoosestheinvestmentoptionwiththehighestprobabilityofthehighestreturn,regardlessofpotentiallosses.D)Aninvestoronlyinvestsinassetsthathavehistoricallyprovidedpositivereturns.2.AcompanyreportsthefollowingfinancialdatafortheyearendedDecember31,2023:NetIncome=$150millionDepreciationExpense=$40millionInterestExpense=$30millionDividendsPaid=$50millionCapitalExpenditures=$70millionWhatisthecompany'sfreecashflow(FCF)fortheyear2023?A)$100millionB)$190millionC)$80millionD)$120million3.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)iscorrect?A)Inanefficientmarket,stockpricesreflectallavailablepublicinformationinstantlyandaccurately.B)AccordingtotheweakformofEMH,pastpricemovementscanbeusedtopredictfuturepricemovements.C)Thesemi-strongformofEMHsuggeststhattechnicalanalysiscanconsistentlygenerateabnormalreturns.D)Inaweakformefficientmarket,fundamentalanalysishasnovalueingeneratingexcessreturns.4.Astockhasanexpectedreturnof12%andastandarddeviationof20%.Therisk-freerateis4%.AccordingtotheCapitalAssetPricingModel(CAPM),whatisthestock'srequiredrateofreturn?A)4%B)12%C)16%D)24%5.Whichofthefollowingmethodsismostcommonlyusedforvaluingacompany'sequityusingtheincomeapproach?A)MarketmultiplesanalysisB)Discountedcashflow(DCF)analysisC)ComparablecompanyanalysisD)Precedenttransactionsanalysis6.Abondwithafacevalueof$1,000paysanannualcouponof5%.Thebondhasamaturityof10years.Ifthemarketyieldtomaturity(YTM)is6%,whatistheapproximatepriceofthebond?A)$926B)$1,000C)$1,075D)$1,1347.Whichofthefollowingisconsideredameasureofafirm'ssolvency?A)CurrentRatioB)EarningsPerShare(EPS)C)Debt-to-EquityRatioD)Price-to-Earnings(P/E)Ratio8.Aportfolioconsistsoftwostocks:StockAwithabetaof1.2andaweightof60%intheportfolio,andStockBwithabetaof0.8andaweightof40%intheportfolio.Therisk-freerateis3%andthemarketexpectedreturnis10%.WhatistheexpectedreturnoftheportfolioaccordingtotheCAPM?A)6.6%B)9.0%C)9.6%D)10.2%9.Whichofthefollowingstatementsbestdescribestherelationshipbetweenyieldtomaturity(YTM)andbondprice?A)ThereisnorelationshipbetweenYTMandbondprice.B)WhentheYTMincreases,thebondpriceincreases.C)WhentheYTMdecreases,thebondpriceincreases.D)WhentheYTMisequaltothecouponrate,thebondpriceisequaltoitsfacevalue.10.Acompanyisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninternalrateofreturn(IRR)of14%andanetpresentvalue(NPV)of$50,000atadiscountrateof12%.ProjectBhasanIRRof13%andanNPVof$30,000atthesamediscountrate.Whichprojectshouldthecompanyaccept?A)ProjectAB)ProjectBC)NeitherprojectD)Thedecisionisdependentonthecompany'srequiredrateofreturn.11.WhichofthefollowingisaprimaryfunctionoftheCFAInstitute'sStandardsofProfessionalConduct?A)ToestablishminimumsalaryrequirementsforCFAcharterholders.B)Todefinethespecifictypesofinvestmentproductsthatcharterholderscansell.C)Toprovideacodeofethicsandprofessionalstandardsthatmembersandcharterholdersmustfollow.D)ToregulatethefeesthatCFAcharterholderscanchargeforinvestmentadvisoryservices.12.Theprocessofgroupingsimilarassetstogetherforinvestmentpurposesisbestdescribedas:A)DiversificationB)AssetallocationC)SecurityselectionD)Portfolioconstruction13.Aportfoliomanagerusesatop-downapproachtoassetallocation.Whichofthefollowingbestdescribesthisapproach?A)Selectingindividualsecuritiesbasedonfundamentalanalysisafterdeterminingtheassetclassestoinvestin.B)Focusingontheperformanceofindividualstockswithinaspecificindustry.C)Analyzingmacroeconomictrendsandindustryconditionstodeterminetheoptimalmixofassetclasses.D)Constructingaportfoliobycombiningassetsfromdifferentrisklevelstomeetclientobjectives.14.WhichofthefollowingstatementsregardingtheCapitalAssetPricingModel(CAPM)ismostaccurate?A)Themodelassumesthatallinvestorshavethesamerisktolerance.B)Themarketportfolioisassumedtoberisk-free.C)Therequiredrateofreturniscalculatedusingtherisk-freerate,themarketriskpremium,andtheasset'sbeta.D)Themodelisprimarilyusedtoestimatethecostofequitycapital.15.WhichofthefollowingisconsideredalimitationoftheDividendDiscountModel(DDM)?A)Itassumesthatdividendswillgrowataconstantrateindefinitely.B)Itrequirestheestimationoffuturecashflows,whichcanbehighlysubjective.C)Itismostsuitableforvaluingcompaniesthatdonotpaydividends.D)Itdoesnotconsidertheimpactofinflationonvaluation.16.Acompanyhasadebt-to-equityratioof1.5.Whatisthecompany'sequitymultiplier?A)0.67B)1.5C)2.5D)3.017.WhichofthefollowingisakeydifferencebetweentheGordonGrowthModel(GGM)andthetwo-stagedividenddiscountmodel?A)TheGGMassumesaconstantgrowthrateindefinitely,whilethetwo-stagemodelassumesnon-constantgrowth.B)TheGGMrequirestheestimationoftwodifferentgrowthrates,whilethetwo-stagemodelrequiresonlyone.C)TheGGMistypicallyusedforvaluingmaturecompanies,whilethetwo-stagemodelisusedforvaluinggrowthcompanies.D)TheGGMissimplertocalculate,whilethetwo-stagemodelismorecomplex.18.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)isfalse?A)Inasemi-strongformefficientmarket,allpubliclyavailableinformationisalreadyreflectedinstockprices.B)Inaweakformefficientmarket,technicalanalysiscangenerateabnormalreturns.C)Inastrongformefficientmarket,eveninsiderinformationcannotbeusedtogenerateabnormalreturns.D)TheweakformofEMHimpliesthatthemarketisnotefficient.19.Acompany'sinventoryturnoverratiois6timesperyear.Thecostofgoodssold(COGS)fortheyearis$300,000.Whatistheaverageinventoryfortheyear?A)$50,000B)$60,000C)$90,000D)$180,00020.Whichofthefollowingisaprimaryconsiderationwhenevaluatingtherisk-returnprofileofaninvestmentportfolio?A)Thetotalvalueoftheportfolioindollars.B)Theexpectedreturnoftheindividualassetswithintheportfolio.C)Thecorrelationbetweenthereturnsoftheassetsintheportfolio.D)Theliquidityoftheassetsheldwithintheportfolio.21.Acompanyisanalyzingtwopotentialinvestments.ProjectAhasanexpectedreturnof10%withastandarddeviationof15%,andProjectBhasanexpectedreturnof12%withastandarddeviationof20%.Assumingthereturnsarenormallydistributed,whichprojectwouldbepreferredbyarisk-averseinvestor?A)ProjectAB)ProjectBC)Bothprojectsareequallypreferred.D)Thepreferencecannotbedeterminedwithoutknowingtheinvestor'sutilityfunction.22.Whichofthefollowingisacomponentofacompany'scashflowfromoperatingactivities?A)InterestpaidondebtB)ProceedsfromissuingnewcommonstockC)DividendsreceivedfrominvestmentsinothercompaniesD)Capitalexpendituresforpurchasingnewequipment23.TheSharperatioisusedtomeasure:A)Thetotalriskofaninvestmentportfolio.B)Themarketriskpremium.C)Therisk-adjustedreturnofaninvestment.D)Theliquidityofassetswithinaportfolio.24.Whichofthefollowingstatementsregardingtherelationshipbetweenabond'scouponrate,yieldtomaturity,andpriceistrue?A)Ifabond'scouponrateishigherthanitsYTM,thebondwillsellatadiscount.B)Ifabond'scouponrateisequaltoitsYTM,thebondwillsellatapremium.C)Ifabond'scouponrateislowerthanitsYTM,thebondwillsellatpar.D)Ifabond'scouponrateishigherthanitsYTM,thebondwillsellatapremium.25.Aportfoliomanagerisconstructingaportfolioforaclientwithalowrisktolerance.Whichofthefollowingactionsismostlikelytobetakentoachievetheclient'sobjective?A)Increasingtheallocationtosmall-capstocks.B)Increasingtheallocationtofixedincomesecurities.C)Increasingtheuseofleverageintheportfolio.D)Increasingtheallocationtoalternativeinvestments.26.WhichofthefollowingisalimitationofusingtheDuPontanalysistoevaluateacompany'sprofitability?A)Itonlyconsidersacompany'sfinancialperformanceoverasingleperiod.B)ItbreaksdownReturnonEquity(ROE)intocomponents,makingitdifficulttointerpret.C)Itreliesheavilyonaccountingestimatesandcanbemanipulatedthroughaccountingpractices.D)Itdoesnotconsidertheimpactofinflationonacompany'sfinancialratios.27.Whichofthefollowingisakeyconsiderationwhenperformingacreditriskanalysisonabond?A)Thebond'syieldtomaturity.B)Theissuer'screditrating.C)Thebond'sduration.D)Thebond'scouponrate.28.Astock'spriceisexpectedtoincreaseby10%nextyear,andtheexpecteddividendpaymentis$2pershare.Iftherequiredrateofreturnis15%,whatisthestock'scurrentpriceaccordingtotheDividendGrowthModel(GGM)assumingaconstantgrowthrate?A)$22.22B)$26.67C)$33.33D)$40.0029.Whichofthefollowingstatementsregardingtheefficientmarkethypothesis(EMH)iscorrect?A)Inaweakformefficientmarket,technicalanalysiscangenerateabnormalreturns.B)Inasemi-strongformefficientmarket,allpubliclyavailableinformationisreflectedinstockprices.C)ThestrongformofEMHsuggeststhatfundamentalanalysiscanconsistentlygenerateabnormalreturns.D)Inaweakformefficientmarket,pastpricemovementsarenotusefulinpredictingfuturepricemovements.30.Acompanyisconsideringissuingnewequitytofundaproject.Whichofthefollowingisapotentialdisadvantageofthisapproach?A)Itcandilutetheownershipofexistingshareholders.B)Itistypicallythemostexpensivesourceofcapital.C)Itdoesnotrequirethecompanytomakeregularinterestpayments.D)Itcanimprovethecompany'sdebt-to-equityratio.---试卷答案1.B解析思路：风险厌恶是指投资者对投资风险的态度，他们倾向于回避风险，因此需要更高的预期回报来补偿承担更高的风险。选项B正确地描述了这一点，即投资者要求更高的预期回报来投资于波动性更高的资产。选项A描述的是风险寻求者的行为；选项C描述的是风险中性者的行为；选项D描述的是对风险不敏感的行为。2.C解析思路：自由现金流（FCF）是指公司在维持运营和增长所需投资后，可以自由支配的现金流。计算公式为：FCF=OCF-CapEx，其中OCF（经营现金流）=NI+Depreciation-Interest。代入数据：OCF=$150M+$40M-$30M=$160M；FCF=$160M-$70M=$90M。注意题目问的是FCF，而不是OCF。选项C的计算结果为$80million，与我们的计算结果$90million不符，可能是题目数据或选项有误，根据标准公式计算应为$90million。3.A解析思路：有效市场假说（EMH）认为，在一个有效的市场中，所有可获得的信息都已被反映在资产价格中。弱形式EMH认为价格历史信息已反映在价格中，技术分析无效；半强形式EMH认为所有公开信息已反映在价格中，基本面分析无效；强形式EMH认为所有信息（包括内幕信息）都已反映在价格中。因此，选项A是正确的描述，即在一个有效的市场中，股票价格会立即且准确地反映所有可获得的信息。4.C解析思路：根据资本资产定价模型（CAPM），股票的必要回报率计算公式为：E(Ri)=Rf+βi*[E(Rm)-Rf]。其中，E(Ri)是股票的必要回报率，Rf是风险-freerate，βi是股票的beta，E(Rm)是市场预期回报率。代入数据：E(Ri)=4%+1.2*(10%-4%)=4%+1.2*6%=4%+7.2%=11.2%。选项C的16%最接近计算结果11.2%，可能是题目数据或选项有误，根据标准CAPM公式计算结果为11.2%。5.B解析思路：收入法估值主要基于公司未来的预期现金流或收益。其中，折现现金流（DCF）分析是收入法的一种主要形式，它通过将公司未来预期自由现金流折现到当前价值来评估公司股权价值。其他选项描述的是市场法或相对估值方法。6.A解析思路：债券价格是未来现金流（利息和面值）的现值。市场利率（YTM）高于票面利率（5%）时，债券会以折价形式出售。计算债券价格需要使用债券定价公式或金融计算器。近似计算：价格≈M/(1+YTM)^n+C*[1-(1+YTM)^-n]/YTM=$1000/(1+0.06)^10+$50*[1-(1+0.06)^-10]/0.06≈$558.39+$376.90=$935.29。选项A的$926最接近计算结果。7.C解析思路：债务权益比（Debt-to-EquityRatio）=总负债/股东权益。该比率衡量公司财务杠杆和长期偿债能力，是评估公司偿债能力和财务风险的指标，因此与公司的偿债能力（solvency）直接相关。流动比率衡量短期偿债能力，EPS衡量盈利能力，P/E比率衡量估值水平。8.C解析思路：投资组合的预期回报率是加权平均各个资产的预期回报率。E(Rp)=wA*E(RA)+wB*E(RB)。根据CAPM计算单个资产预期回报率：E(RA)=3%+1.2*(10%-3%)=3%+7.2%=10.2%；E(RB)=3%+0.8*(10%-3%)=3%+5.6%=8.6%。E(Rp)=0.6*10.2%+0.4*8.6%=6.12%+3.44%=9.56%。选项C的9.6%最接近计算结果9.56%，可能是题目数据或选项有误，根据标准计算结果为9.56%。9.C解析思路：债券价格与到期收益率（YTM）之间存在反向关系。当YTM高于票面利率时，债券售价低于面值（折价）；当YTM低于票面利率时，债券售价高于面值（溢价）；当YTM等于票面利率时，债券按面值出售（平价）。选项C正确描述了这种关系。10.A解析思路：在互斥项目中，选择标准是看哪个项目能最大化公司价值，通常看NPV。NPV较高的项目表示其预期创造的现金流现值更高。虽然IRR高于资本成本的项目的NPV也可能为正，但NPV是更直接的决策标准。在此例中，ProjectA的NPV($50,000)高于ProjectB的NPV($30,000)，且两者的IRR均高于假设的折现率12%，应选择NPV较高的ProjectA。注意题目中ProjectA的NPV为$50,000，IRR为14%；ProjectB的NPV为$30,000，IRR为13%。假设的折现率为12%。11.C解析思路：CFA协会的《专业行为准则》（StandardsofProfessionalConduct）为会员和持证者设定了行为规范和道德标准，旨在维护职业声誉和公众信任。选项A、B、D描述的是可能受准则影响或约束的方面，但不是准则的核心功能。12.A解析思路：分散化（Diversification）是指将投资组合分散到不同的资产类别或证券中，以降低非系统性风险。资产配置（AssetAllocation）是指根据投资目标和风险承受能力决定在不同资产类别中的投资比例。证券选择（SecuritySelection）是指在特定资产类别内选择个别证券。投资组合构建（PortfolioConstruction）是结合资产配置和证券选择来建立最终投资组合的过程。将相似资产分组属于分散化的范畴。13.C解析思路：自上而下的资产配置方法首先分析宏观经济、市场趋势和行业状况，然后确定在不同资产类别（如股票、债券、现金）中的投资比例，最后在选定的资产类别内进行证券选择。选项C的描述符合自上而下的方法。选项A是自下而上的方法。14.C解析思路：CAPM模型的核心公式是E(Ri)=Rf+βi*[E(Rm)-Rf]，其中E(Ri)是资产i的必要回报率，Rf是风险-freerate，βi是资产i的beta系数，E(Rm)是市场预期回报率，[E(Rm)-Rf]是市场风险溢价。选项C准确描述了该公式及其含义。选项A错误，投资者风险偏好不同；选项B错误，市场组合是无风险资产；选项D虽然CAPM可用于估计成本，但其主要应用更广泛。15.A解析思路：股利增长模型（DDM）的一个主要局限性是它假设公司未来股利会以一个恒定的增长率无限期增长。这个假设在现实中很难成立，特别是对于成长型公司，其增长率通常会变化。其他选项描述的是其他模型的适用性或DDM的优点（如选项C是DDM的优点，适用于稳定派息公司，但不是其普遍适用性）。16.C解析思路：权益乘数（EquityMultiplier）衡量公司资产中由股东权益支持的比例，计算公式为：EquityMultiplier=总资产/股东权益。根据财务杠杆关系：总资产=总负债+股东权益。债务权益比=总负债/股东权益=1.5。因此，总资产/股东权益=(总负债+股东权益)/股东权益=(总负债/股东权益)+1=1.5+1=2.5。17.A解析思路：戈登增长模型（GGM）假设公司股利以一个恒定的速率永久增长。两阶段股利折现模型则假设公司在某个时期内（通常是高速增长期）股利增长率不是恒定的，之后进入一个稳定的恒定增长率阶段。因此，两阶段模型比GGM更具灵活性，能够描述更复杂的股利增长情况。选项A准确描述了两者主要区别。18.D解析思路：弱形式有效市场假说（WeakFormEMH）认为，历史价格信息（如股价走势）已被完全反映在当前价格中，因此技术分析无法持续产生超额收益。选项D的说法“在弱形式有效市场，市场是不有效的”与弱形式EMH的定义相悖。选项A、B、C的说法均符合EMH的不同形式或相关概念。19.B解析思路：存货周转率=销货成本（COGS）/平均存货。平均存货=COGS/存货周转率。代入数据：平均存货=$300,000/6=$50,000。20.C解析思路：评估投资组合的风险回报特征时，关键在于衡量组合的整体风险与预期回报之间的关系，以及组合内部资产之间的相互关系。资产间的相关性（Correlation）影响组合的整体风险（特别是非系统性风险）和分散化效果。一个风险调整后的回报指标（如Sharpe比率）更能反映风险与回报的匹配程度。选项A、B、D都是投资组合的特征，但不是风险回报分析的核心考量。21.A解析思路：风险厌恶的投资者倾向于在预期回报相同时选择风险较低的投资。比较两个项目的预期回报和标准差：ProjectA(E=10%,σ=15%)vsProjectB(E=12%,σ=20%)。虽然ProjectB预期回报更高，但其风险（以标准差衡量）也显著更高。对于风险厌恶者，ProjectA的较低风险更具吸引力。22.A解析思路：现金流量表中的经营活动现金流（OCF）主要反映公司核心业务产生的现金流入和流出。利息支付（Interestpaid）是公司为债务融资支付的成本，虽然属于现金流出，但在现金流量表分类中，根据间接法，它通常被加回到净利润中（因为净利润是基于权责发生制计算的，利息支出是现金流出），以调整到经营活动现金流。因此，利息支付是计算OCF的一个调整项，属于经营活动现金流的一部分（或从净利润调整到OCF的过程中涉及）。选项B是融资活动现金流；选项C是投资活动现金流；选项D是投资活动现金流。23.C解析思路：夏普比率（SharpeRatio）衡量投资组合每单位总风险（以标准差衡量）所能获得的风险调整后超额回报（即组合回报率与无风险回报率之差）。其公式为：SharpeRatio=(E(Rp)-Rf)/σp。因此，它用于衡量投资组合的风险调整后表现。24.D解析思路：债券价格与到期收益率（YTM）反向变动。当债券的票面利率（CouponRate）高于其YTM时，债券会以溢价出售（Price>Par）；当票面利率低于YTM时，债券会以折价出售（Price<Par）