2025年CFA一级Ethics道德准则精讲试卷

2025年CFA一级Ethics道德准则精讲试卷考试时间：______分钟总分：______分姓名：______试卷内容1.Ananalystatabulge-bracketinvestmentbankisperformingequityresearchonCompanyX.TheanalysthasdevelopedastrongpositiveviewonCompanyX'sstock,anticipatingasignificantpriceincreaseinthenearfuture.ThebankiscurrentlyunderwritingalargeIPOforCompanyX,andtheanalyst'spositiveresearchreportisexpectedtobereleasedshortlybeforetheIPO.Theanalyst'sboss,whoisoverseeingtheIPOdeal,requeststheanalysttotemperthepositiveoutlookintheresearchreporttoavoiddrivingthestockpriceuptoomuchbeforetheIPO,whichmightnegativelyimpacttheunderwritingspread.Theanalystknowsthatthemodifiedresearchreport,ifused,wouldstillcomplywiththeapplicablesecuritieslaws.Theanalyst'sfriendownsasmallnumberofsharesofCompanyXandhasnotbeenprovidedwithanymaterialnonpublicinformation.Theanalysthasreceivedabonusbasedonthequalityofresearchreportspublishedinthepastyear.Whichofthefollowingactions,iftakenbytheanalyst,bestaddressesthepotentialconflictbetweenindependenceandobjectivityandloyaltytotheclient(theunderwriter)andthepotentialconflictbetweencommunicationwithcurrent,former,andpotentialclientsandfairtreatmentofclients?a.Proceedwiththerequesttomodifytheresearchreportassuggestedbythebosstoprotecttheunderwritingspread,astheunderwritingrelationshipismoreimportantthantheclient(investor)whoownsasmallnumberofshares.b.Refusetherequesttomodifytheresearchreport,astheanalyst'sindependenceandobjectivityarecompromisedbytherequest,anddisclosethesituationtothecompliancedepartmentbutproceedwiththepublicationofthemodifiedreport.c.Refusetherequesttomodifytheresearchreport,astheanalyst'sindependenceandobjectivityarecompromised,anddisclosethesituationtothecompliancedepartmentandtheunderwriter,thenpublishthereportreflectingthegenuinepositiveview.d.ModifytheresearchreportassuggestedbythebossbutincludeaDisclaimerofMaterialNonpublicInformation(DMLNI)statement,asthisactionensurescompliancewithrelevantsecuritieslawsandmitigateslegalrisks.2.Aportfoliomanageratahedgefundisconsideringincludingasmallpositioninastartupcompany,CompanyY.Theportfoliomanagerhasapersonalconnection(aclosefamilyfriend)whoistheCEOofCompanyY.CompanyYhasnotyetgeneratedsignificantrevenue,anditsbusinessmodelisunproven.TheportfoliomanagerisawarethatthepersonalconnectionhasasignificantfinancialinterestinthesuccessofCompanyY.TheportfoliomanagerhasnotbeenprovidedwithanymaterialnonpublicinformationaboutCompanyY'soperationsorfinancialconditionbeyondwhatispubliclyavailable.Theportfoliomanagerdoesnotintendtotradethepositionbasedonanynonpublicinformation.Whichofthefollowingactions,iftakenbytheportfoliomanager,ismostconsistentwiththeStandardofProfessionalConductregardingadditionalcompensationarrangements?a.DisclosethepersonalconnectiontotheCEOofCompanyYtothehedgefund'scompliancedepartmentbutdonotdiscloseittotheportfolio'sclients,asthepositionissmallandbasedonpubliclyavailableinformation.b.DisclosethepersonalconnectiontotheCEOofCompanyYtotheportfolio'sclientsandthecompliancedepartment,butdonotadjustthepositionsize,astheportfoliomanagerbelievestheinvestmentdecisionisindependentofthepersonalconnection.c.Donotdisclosethepersonalconnectiontoanyone,asthepositionissmallandtheportfoliomanagerhasnointentionoftradingonnonpublicinformation.d.Disclosethepersonalconnectiontotheportfolio'sclientsandthecompliancedepartment,andreducethepositionsizetomitigatethepotentialforbias,asthepersonalconnectioncreatesaplausibleconflictofinterest.3.Aninvestmentadvisorismeetingwithaprospectiveclient.TheadvisorisaformeremployeeofCompanyZ,alargefinancialservicesfirm,andiscurrentlyreceivingasignificantseverancepackagefromCompanyZ.TheadvisorisusingaofficespaceprovidedbyCompanyZatnocost.Theadvisorisplanningtoopenaseparateinvestmentadvisorybusinessandistryingtoattractclientstogeneraterevenuetocoveroperatingexpenses.Theadvisorplanstooffertheprospectiveclientafeestructurethatislowerthantheindustrystandard,contingentontheclientinvestingasubstantialamountofmoney.Whichofthefollowingactions,iftakenbytheadvisor,ismostconsistentwiththeStandardofProfessionalConductregardingcommunicationwithcurrent,former,andpotentialclients?a.DisclosetheseverancepackageandtheuseoftheofficespaceprovidedbyCompanyZtotheprospectiveclient,andofferthelowerfeestructurecontingentonasubstantialinvestment,emphasizingthatthelowerfeeistemporaryuntiltheadvisorybusinessbecomesprofitable.b.Donotdisclosetheseverancepackageortheuseoftheofficespacetotheprospectiveclient,butofferthelowerfeestructurecontingentonasubstantialinvestment,arguingthattheadvisoristransitioningandneedstobuildaclientbase.c.Disclosetheseverancepackageandtheuseoftheofficespacetotheprospectiveclient,butdonotmentionthelowerfeestructureinitially,andexplainthefeestructureonlyaftertheprospectiveclientexpressesinterestandasksaboutcosts.d.Disclosetheseverancepackageandtheuseoftheofficespacetotheprospectiveclient,butdonotofferthelowerfeestructure,astheadvisorbelievesthatthelowerfeestructurecouldbeperceivedasanattempttoimproperlyinducethebusiness.4.AnequityresearchanalystatafinancialinstitutioniscoveringCompanyW.TheanalystrecentlypurchasedasmallnumberofCompanyW'ssharesatapriceof$50pershare.TheanalystispreparingaresearchreportonCompanyW'supcomingquarterlyearnings.Thecompanyhasnotyetannounceditsearnings,andthemarketisexpectingamodestincrease.Theanalysthaslearnedfromareliablesourcewithinthecompanythattheactualearningswillbesignificantlylowerthanthemarketexpectationduetoanunforeseenoperationalissue.Thisinformationisnotyetpublicandisnotexpectedtobereleaseduntilafterthemarketclosesonthedaytheresearchreportisscheduledtobepublished.Whichofthefollowingactions,iftakenbytheanalyst,ismostconsistentwiththeStandardofProfessionalConductregardingmaterialnonpublicinformation?a.Includetheanticipatednegativeearningssurpriseintheresearchreport,astheanalystbelievesitisaccurateandbasedonareliablesource,butdonotmentionthesourceoftheinformation.b.Donotincludetheanticipatednegativeearningssurpriseintheresearchreport,astheinformationisbasedonareliablesourcebuthasnotbeenindependentlyverifiedthroughpubliclyavailabledata.c.Includetheanticipatednegativeearningssurpriseintheresearchreportwithacautionarystatementthattheinformationisbasedonpreliminary,unverifiedinformationandshouldbetreatedassuchbyinvestors.d.Includetheanticipatednegativeearningssurpriseintheresearchreportanddisclosethesourceoftheinformationasa"confidentialsource,"asthisiscommonpracticeintheindustry.5.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.TheportfoliomanagerrecommendsCompanyP'sstocktotheclientbasedonthemanager'sthoroughanalysisandpositiveview.TheclientdecidestoinvestasignificantportionoftheirportfolioinCompanyP.Subsequently,CompanyPannouncesalargedividendpayment.Theportfoliomanager,seeinganopportunity,usesaportionofthedividendincomereceivedfromCompanyPtopurchaseadditionalsharesofCompanyPforthesameclient'sportfolio.Theportfoliomanagerhasdisclosedtheirrecommendationprocesstotheclientandmanagestheportfoliowiththeclient'sbestinterestsinmind.Whichofthefollowingactions,iftakenbytheportfoliomanager,ismostconsistentwiththeStandardofProfessionalConductregardingfairtreatmentofclients?a.UsethedividendincomefromCompanyPtopurchaseadditionalsharesofCompanyPfortheclient'sportfolio,astheportfoliomanagerbelievesCompanyPisundervaluedandtheadditionalinvestmentalignswiththeoriginalrecommendation.b.UsethedividendincomefromCompanyPtopurchaseadditionalsharesofCompanyPfortheportfoliomanager'sownportfolio,andinformtheclientthatthedividendwasreinvestedinthecompany.c.UsethedividendincomefromCompanyPtopurchaseadditionalsharesofCompanyPfortheclient'sportfolio,butchargetheclientaseparatetransactionfeefortheadditionalsharespurchasedwiththedividendincome.d.UsethedividendincomefromCompanyPtopurchaseadditionalsharesofCompanyPfortheclient'sportfolio,butfailtodisclosethisactivitytotheclient.6.Aninvestmentmanagerisconsideringofferinganewinvestmentproductthatinvolvescomplexderivativesandleverage.Themanagerknowsthattheproductisdifficulttounderstandforaverageinvestors.Themanagerisawarethattheregulatoryrequirementsformarketingthisproductarestringent,andthemanagerplanstoconductthoroughduediligencebeforeofferingtheproduct.Themanagerhasaclosecolleaguewhoisafinancialadvisorandisknowntobeaggressiveintheirsalesapproach.Thecolleaguehasexpressedstronginterestinsellingthenewinvestmentproduct.Whichofthefollowingactions,iftakenbytheinvestmentmanager,ismostconsistentwiththeStandardofProfessionalConductregardingfairtreatmentofclientsandcommunicationwithcurrent,former,andpotentialclients?a.Offerthenewinvestmentproducttotheaggressivesalescolleaguefirst,asthecolleagueisexpectedtobeveryeffectiveinmarketingtheproducttoclients,withoutconductinganyadditionaltrainingontheproduct'scomplexity.b.Conductcomprehensivetrainingforthesalescolleagueonthecomplexitiesandrisksofthenewinvestmentproductbeforeofferingittoanyclients,andensurethatappropriatesuitabilitychecksareperformed.c.Offerthenewinvestmentproducttotheaggressivesalescolleaguewithoutconductinganyadditionaltraining,asthecolleague'ssalesrecordisexcellentandthemanagerbelievesthecolleaguecanhandlethecomplexityoftheproduct.d.Conveneameetingwiththesalesteamtohighlightthepotentialhighreturnsofthenewinvestmentproduct,withoutprovidingsufficientinformationabouttherisksandcomplexitiestothesalesteam.7.Acomplianceofficerataninvestmentfirmisreviewingaresearchreportpreparedbyanequityanalyst.ThereportincludesananalysisofCompanyQ'sfinancialperformanceandanoutlookonthecompany'sfuturestockprice.TheanalysthasincludedasectioninthereportdiscussingthepotentialimpactofnewregulationsonCompanyQ'sindustry.Theanalysthascitedasourcefortheregulatoryinformationbuthasnotprovidedanyspecificdetailsaboutthesource'scredibilityorpotentialbias.Thereportisbeingdistributedtoclients.Whichofthefollowingactions,iftakenbythecomplianceofficer,ismostconsistentwiththeStandardofProfessionalConductregardingcommunicationwithcurrent,former,andpotentialclientsandfairtreatmentofclients?a.Approvethereportasitis,astheanalysthascitedasourcefortheregulatoryinformation,andthereportdoesnotcontainanyothermaterialnonpublicinformation.b.Requesttheanalysttoremovethesectiondiscussingthepotentialimpactofnewregulations,asthesourceoftheinformationisnotidentifiedandtheinformationcouldbeconsideredspeculative.c.Approvethereportwithanotetotheclientsstatingthattheregulatoryinformationisbasedonasourcethathasnotbeenindependentlyverifiedandshouldbeconsideredpreliminary.d.Requesttheanalysttoprovidemoredetailsaboutthesource'scredibilityandpotentialbias,andtoincludeaDisclaimerofMaterialNonpublicInformation(DMLNI)statementiftheinformationisbasedonnonpublicinformation,evenifnotexplicitlyidentifiedassuch.8.Aninvestmentbankerisleadingadealteamforaninitialpublicoffering(IPO)ofCompanyR.Thebankerhasalong-standingpersonalfriendshipwiththeCEOofCompanyR.Thebanker'sspouseownsasmallnumberofsharesinCompanyR,whichwerepurchasedseveralyearsagoatalowpriceandhaveappreciatedsignificantlyinvalue.TheIPOisexpectedtobehighlysuccessful,andthesharesareexpectedtoincreaseinpricesubstantiallyaftertheIPO.Thebankerhasnotbeenprovidedwithanymaterialnonpublicinformationaboutthecompany'sprospectsthatisnotavailabletothepublic.Whichofthefollowingactions,iftakenbythebanker,ismostconsistentwiththeStandardofProfessionalConductregardingloyaltytoclientsandfairtreatmentofclients?a.Usepersonalconnectionstoinfluencepositivereviewsofthecompanyinindependentresearchreportspreparedbythebank,anddonotdisclosethefriendshiptotheresearchanalysts.b.DisclosethefriendshiptotheCEOofCompanyRandtheunderwritingteambutdonotdiscloseittotheinvestorswhowillbebuyingtheIPOshares.c.DisclosethefriendshiptotheCEOofCompanyR,theunderwritingteam,andthecompliancedepartment,butdonottakeanystepstomitigatethepotentialconflictofinterest,asthesharesownedbythespousearenotconsideredmaterial.d.RecusethemselvesfromleadingtheIPOdealteamtoavoidanypotentialconflictofinterest,asthepersonalfriendshipandthespouse'sinvestmentcreateaplausibleconflictofinterest.9.Afinancialadvisorismeetingwithaclientwhoisconsideringinvestingalargesumofmoneyinanewinvestmentstrategyproposedbytheadvisor.Theadvisorhasdevelopedauniquestrategythatinvolvesusingleverageandoptionstrading.Theadvisorhaspersonallyinvestedasignificantamountoftheirownmoneyinthisstrategyandhasachievedsubstantialprofits.Theadvisorisveryenthusiasticaboutthestrategyandiseagertogettheclienttoinvest.Theadvisorhasprovidedtheclientwithapresentationaboutthestrategybuthasnotfullydisclosedalltherisksinvolved,particularlythepotentialforsignificantlosses.Whichofthefollowingactions,iftakenbytheadvisor,ismostconsistentwiththeStandardofProfessionalConductregardingfairtreatmentofclientsandcommunicationwithcurrent,former,andpotentialclients?a.Emphasizethepotentialforhighreturnsinthepresentationtotheclient,whiledownplayingtherisks,astheadvisor'sownexperiencewiththestrategyishighlypositive.b.Fullydisclosealltherisksinvolvedintheinvestmentstrategytotheclient,includingthepotentialforsignificantlosses,andallowtheclienttomakeaninformeddecision.c.Disclosetheriskstotheclientbutomitthefactthattheadvisorhaspersonallyinvestedasignificantamountoftheirownmoneyinthestrategy,asthisinformationisnotrelevanttotheclient'sdecision.d.Presentthestrategytotheclientbutsuggestthattheclientconsultwithathird-partyexperttoevaluatetherisks,therebyshiftingtheresponsibilityforriskdisclosuretothethirdparty.10.AninvestmentanalystispreparingaresearchreportonCompanyS.Thereportincludesananalysisofthecompany'sfinancialperformanceandarecommendationtobuythecompany'sstock.Theanalysthasdevelopedastrongpositiveviewonthecompany,basedontheiranalysisofthecompany'sfinancialsandindustrytrends.Theanalyst'sboss,whoisoverseeingthepublicationoftheresearchreport,requeststheanalysttoincludeaforecastofthecompany'sstockpriceforthenext12months.Theanalystisconcernedthatprovidingaspecificpriceforecastmaycompromisetheirobjectivityandcreateunrealisticexpectationsforinvestors.Theanalysthasnotbeenprovidedwithanymaterialnonpublicinformation.Whichofthefollowingactions,iftakenbytheanalyst,ismostconsistentwiththeStandardofProfessionalConductregardingcommunicationwithcurrent,former,andpotentialclientsandprofessionalcompetence?a.Includeaspecificpriceforecastintheresearchreportasrequestedbytheboss,asthisiswhatinvestorsexpecttoseeanditwillmakethereportmoreattractive.b.Refusetoincludeaspecificpriceforecastinthereport,asprovidingsuchaforecastwouldcompromisetheanalyst'sobjectivityandcouldbeconsideredmisleading.c.Includeaspecificpriceforecastintheresearchreportbutaddastrongdisclaimerthattheforecastisbasedonassumptionsandisnotguaranteed,asthiswillmitigatetheriskofmisleadinginvestors.d.Includearangeofpossiblestockpriceoutcomesintheresearchreportinsteadofasinglespecificpriceforecast,andprovidearationaleforthedifferentscenariosoutlined.11.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.TheportfoliomanagerrecommendsCompanyT'sstocktotheclientbasedonthoroughanalysisandapositiveview.TheclientdecidestoinvestasignificantportionoftheirportfolioinCompanyT.Theportfoliomanagerlaterlearnsthatthecompany'sCEOhasbeeninvolvedinalegaldisputeunrelatedtothecompany'soperations.Theportfoliomanagerbelievesthatthelegaldisputecouldpotentiallyhaveanegativeimpactonthecompany'sreputationandfutureperformance,buttheinformationisnotyetpublic.Whichofthefollowingactions,iftakenbytheportfoliomanager,ismostconsistentwiththeStandardofProfessionalConductregardingfairtreatmentofclientsandloyaltytoclients?a.Donotinformtheclientaboutthelegaldispute,astheinformationisnotyetpublicandtheportfoliomanagerbelievesthatactingonitwouldbespeculative.b.Informtheclientaboutthelegaldisputeanditspotentialimpactonthecompany,andrecommendsellingthecompany'sstock,astheportfoliomanagerhasadutytoactintheclient'sbestinterest.c.Informtheclientaboutthelegaldisputebutdonotrecommendsellingthecompany'sstock,astheinformationisnotyetpublicandtheportfoliomanagerisuncertainaboutitsimpact.d.Donotinformtheclientaboutthelegaldisputebutadjusttheportfoliobygraduallysellingthecompany'sstockovertimetoreduceexposure,astheportfoliomanagerbelievesthisisaprudentapproachwithoutneedingtodisclosethereasontotheclient.12.Aninvestmentadvisorisprovidinginvestmentadvicetoaclient.Theadvisorhasdevelopedastrongpersonalrelationshipwiththeclientandisconcernedaboutlosingtheclienttoacompetitor.Theadvisorisconsideringofferingtheclientasignificantlybelow-marketfeestructureforongoinginvestmentmanagementservices,contingentontheclientagreeingtoinvestasubstantialamountofmoney.Theadvisorhasnotdisclosedthebelow-marketfeestructuretoanyotherclients.Whichofthefollowingactions,iftakenbytheadvisor,ismostconsistentwiththeStandardofProfessionalConductregardingfairtreatmentofclientsandcommunicationwithcurrent,former,andpotentialclients?a.Offertheclientasignificantlybelow-marketfeestructure,astheadvisorbelievesthatthestrongpersonalrelationshipwiththeclientjustifiesthisapproach.b.Offertheclientabelow-marketfeestructure,butdiscloseittotheclientasalimited-timeincentivetoretaintheclient'sbusiness.c.Donotofferanybelow-marketfeestructures,butfocusonprovidinghigh-qualityinvestmentadviceandservicetoretaintheclient'sbusiness.d.Offertheclientabelow-marketfeestructure,butdonotdiscloseittotheclient,astheadvisorbelievesthatthepersonalrelationshipjustifiesthisapproachwithouttheneedfordisclosure.13.AresearchanalystiscoveringCompanyU.Theanalysthaslearnedfromareliablesourcewithinthecompanythatthecompanyisplanningtoacquireanothercompanyintheindustry.Thisinformationisnotyetpublicandisexpectedtobeannouncedbythecompanyinthenearfuture.TheanalystispreparingaresearchreportonCompanyUandisconsideringincludingthepotentialacquisitioninthereport.Theanalysthasnotbeenprovidedwithanyothermaterialnonpublicinformationabouttheacquisition.Whichofthefollowingactions,iftakenbytheanalyst,ismostconsistentwiththeStandardofProfessionalConductregardingmaterialnonpublicinformationandcommunicationwithcurrent,former,andpotentialclients?a.Includethepotentialacquisitionintheresearchreportasaspeculativeobservation,withoutmentioningthesourceoftheinformation.b.Donotincludethepotentialacquisitionintheresearchreport,astheinformationisbasedonareliablesourcebuthasnotbeenindependentlyverifiedandisnotyetpublic.c.Includethepotentialacquisitionintheresearchreportwithacautionarystatementthattheinformationisbasedonpreliminary,unverifiedinformationandshouldbetreatedassuchbyinvestors.d.Includethepotentialacquisitionintheresearchreportanddisclosethesourceoftheinformationasa"confidentialsource,"asthisiscommonpracticeintheindustry.14.Aportfoliomanagerismanagingaportfolioofequitiesforaclient.TheportfoliomanagerrecommendsCompanyV'sstocktotheclientandtheclientinvestsasignificantportionoftheirportfolioinCompanyV.Theportfoliomanagerlaterlearnsthatthecompany'sfinancialresultsaresignificantlybetterthanwhatwaspubliclyreported,andtheportfoliomanagerusesthisnonpublicinformationtogenerateadditionalprofitsfortheclient.Theportfoliomanagerhasdisclosedtheirinvestmentprocesstotheclientandmanagestheportfoliowiththeclient'sbestinterestsinmind.Whichofthefollowingactions,iftakenbytheportfoliomanager,ismostconsistentwiththeStandardofProfessionalConductregardingloyaltytoclientsandfairtreatmentofclients?a.Keepthenonpublicinformationconfidentialanduseittogenerateadditionalprofitsfortheclientwithoutdisclosingtheuseofthisinformationtotheclient.b.Disclosetheuseofthenonpublicinformationtotheclientandexplainthattheadditionalprofitsweregeneratedbasedonthisinformation.c.Disclosetheexistenceofthenonpublicinformationtotheclientbutdonotdisclosehowitwasusedtogenerateprofits,astheportfoliomanagerbelievesthisisnotrequired.d.Donotdisclosethenonpublicinformationtotheclient,butensurethattheprofitsgeneratedareallocatedtotheclient'saccount,astheportfoliomanagerbelievesthattheprofitsspeakforthemselves.15.Aninvestmentbankerisleadingamergerandacquisition(M&A)advisoryteamforCompanyWacquiringCompanyX.Thebanker'sclosefriendistheCFOofCompanyX.ThebankerhasnotbeenprovidedwithanymaterialnonpublicinformationabouttheM&Aprocessthatisnotavailabletothepublic.ThebankerisusingtheirpersonalrelationshipwiththeCFOofCompanyXtogatherinformationabouttheacquisitionprocessandtheotherparty'sposition.Whichofthefollowingactions,iftakenbythebanker,ismostconsistentwiththeStandardofProfessionalConductregardingloyaltytoclientsandfairtreatmentofclients?a.UsethepersonalrelationshipwiththeCFOofCompanyXtogatherinformationtonegotiateabetterdealforCompanyW,withoutdisclosingthistotheCFO.b.DisclosethepersonalrelationshiptotheCEOofCompanyWandtheCFOofCompanyX,andusetherelationshiptofacilitatecommunicationbetweenthetwoparties.c.DonotdisclosethepersonalrelationshipbutuseittogatherinformationtonegotiateabetterdealforCompanyW,justifyingthisasefficientuseofpersonalconnections.d.RecusethemselvesfromleadingtheM&Adealteamtoavoidanypotentialconflictofinterest,asthepersonalfriendshipcreatesaplausibleconflictofinterest.---试卷答案1.c解析思路：选项c最符合道德准则。拒绝修改报告维护了分析师的独立性和客观性（StandardI(D)）。向合规部门和（根据情况可能需要）承销商披露情况确保了透明度，并采取了行动来解决潜在的利益冲突。公开发布真实观点的报告，是对客户（投资者）和市场的公平对待（StandardI(B)和StandardI(V)）。2.d解析思路：选项d最符合StandardVI(A)AdditionalCompensationArrangements。虽然存在个人关系，但只要投资决策不基于非公开信息，且个人利益不影响投资决策或披露，则通常不需要调整头寸。关键在于充分披露这种个人关系给合规部门和客户（如果适用），以保持透明度并允许他们评估潜在的利益冲突。不披露或仅向合规部门披露而不向客户披露（选项a）是不充分的。向客户和合规部门披露但维持原头寸（选项b）是可能的，