2025年CFA二级英文真题集

2025年CFA二级英文真题集考试时间：______分钟总分：______分姓名：______Section1:MultipleChoiceQuestions1.Aninvestmentmanagerisevaluatingtwopotentialinvestments.Bothinvestmentshaveanexpectedreturnof12%andastandarddeviationof20%.InvestmentAhasabetaof1.2,whileInvestmentBhasabetaof0.8.Whichofthefollowingstatementsismostlikelyaccurate?A.InvestmentAoffershigherpotentialupsidebutalsohigherdownsideriskcomparedtoInvestmentB.B.InvestmentBislikelytobelesssensitivetomarketmovementsthanInvestmentA.C.Theexpectedreturnsofbothinvestmentsareidentical,buttheirriskprofilesdifferbasedonmarketcorrelation.D.InvestmentAisundervaluedaccordingtotheCapitalAssetPricingModel(CAPM)iftherisk-freerateis3%andthemarketreturnis10%.2.Acompanyisexpectedtopayadividendof$2persharenextyear.Thedividendisexpectedtogrowataconstantrateof5%peryearindefinitely.Iftherequiredrateofreturnonthestockis10%,whatistheestimatedvalueofthestocktoday?A.$40.00B.$42.00C.$45.00D.$50.003.Ananalystisvaluingacompanyusingthetwo-stagedividenddiscountmodel.Thecompanyisexpectedtopayadividendof$1.00thisyear,withdividendsgrowingatahighrateof15%forthenextthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof5%indefinitely.Therequiredrateofreturnis9%.Whatistheestimatedintrinsicvalueofthestocktoday?A.$18.00B.$20.00C.$22.00D.$25.004.Aportfolioconsistsof60%stocksand40%bonds.Theexpectedreturnandstandarddeviationofthestocksare15%and25%,respectively.Theexpectedreturnandstandarddeviationofthebondsare5%and10%,respectively.Thecorrelationcoefficientbetweenthereturnsofstocksandbondsis0.2.Whatistheapproximateexpectedreturnoftheportfolio?A.9.00%B.10.50%C.11.00%D.12.00%5.Whichofthefollowingmethodsismostappropriateforvaluingacompanythatownsalargeportfolioofrealestateassets?A.DiscountedCashFlow(DCF)analysisusingfreecashflowstoequity.B.ComparableCompanyAnalysisusingmultiplesfromsimilarcompaniesintherealestatesector.C.Sum-of-the-Parts(SOTP)valuationbyvaluingeachrealestateassetindividuallyandsummingthevalues.D.PrecedentTransactionAnalysisusingmultiplesfromrecentM&Atransactionsintherealestatesector.6.Acompany'smanagementisconsideringtwomutuallyexclusiveprojects.ProjectAhasaninitialcostof$100,000andisexpectedtogeneratecashflowsof$40,000peryearfor4years.ProjectBhasaninitialcostof$150,000andisexpectedtogeneratecashflowsof$60,000peryearfor4years.Iftherequiredrateofreturnforbothprojectsis10%,whichprojectshouldbeacceptedbasedontheNetPresentValue(NPV)criterion?A.ProjectAB.ProjectBC.Bothprojectsshouldbeaccepted.D.Neitherprojectshouldbeaccepted.7.Acompanyhasadebt-to-equityratioof1.5.Ifthemarketvalueofitsequityis$500,000,whatisthemarketvalueofitsdebt?A.$500,000B.$750,000C.$1,000,000D.$1,250,0008.WhichofthefollowingstatementsregardingtheModigliani-Millertheoremwithcorporatetaxesismostaccurate?A.Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.B.Thevalueofaleveredfirmisequaltothevalueofanunleveredfirmplusthepresentvalueofthetaxshieldprovidedbydebt.C.TheModigliani-Millertheoremimpliesthatthecostofequityincreaseslinearlywiththedebt-to-equityratio.D.Thetheoremsuggeststhatthereisnooptimalcapitalstructureforafirm.9.Ananalystisevaluatingacompany'sfinancialperformance.Thecompanyreportedthefollowingfiguresforthemostrecentyear:NetIncome=$100,NetCashProvidedbyOperatingActivities=$150,DividendsPaid=$30,CapitalExpenditures=$40.Whatisthefreecashflow(FCF)fortheyear?A.$20B.$40C.$80D.$12010.Whichofthefollowingfinancialratiosismostcommonlyusedtoassessacompany'sliquidity?A.ReturnonEquity(ROE)B.Debt-to-EquityRatioC.CurrentRatioD.Price-to-Earnings(P/E)RatioSection2:ItemSetsItemSet1:AnanalystisfollowingCompanyXYZ,amanufacturerofelectronicdevices.Thecompanyrecentlyreporteditsquarterlyfinancialstatements.Herearesomekeyfigures:*NetIncome:$200million*InterestExpense:$20million*Taxes:$50million*DepreciationandAmortization:$30million*OperatingCurrentAssets:$150million*OperatingCurrentLiabilities:$80million*CapitalExpenditures:$100million*DividendsPaid:$40millionThecompany'staxrateis25%.Theanalystisinterestedincalculatingvariousfinancialmetricsforthequarter.11.Basedontheprovidedinformation,whatisthecashflowfromoperations(CFO)forthequarter?12.Whatisthefreecashflow(FCF)forthequarter?13.Thecompany'scurrentratioiscalculatedas:A.OperatingCurrentAssets/OperatingCurrentLiabilitiesB.TotalCurrentAssets/TotalCurrentLiabilitiesC.(OperatingCurrentAssets-OperatingCurrentLiabilities)/TotalAssetsD.TotalCurrentLiabilities/TotalEquity14.Ifthecompany'stotalassetsare$1,000millionandtotalliabilitiesare$600million,whatisthedebt-to-assetsratio?ItemSet2:Aninvestmentmanagerisconsideringaddinganewstocktotheportfolio.Thestockisexpectedtopayadividendof$2persharenextyear.Themanagerexpectsthedividendtogrowataconstantrateof8%peryearindefinitely.Therequiredrateofreturnonthestockis12%,basedonthemanager'sassessmentofthestock'srisk.15.WhatistheestimatedintrinsicvalueofthestocktodayusingtheDividendDiscountModel(DDM)?16.ThemanagerisalsoconsideringusingtheConstantGrowthModeltoestimatethestock'srequiredrateofreturn.Iftheestimatedintrinsicvalueofthestockis$40,whatwouldbetheimpliedrequiredrateofreturn?17.Thestockhasabetaof1.5.Iftherisk-freerateis4%andthemarketreturnis10%,whatistherequiredrateofreturnaccordingtotheCapitalAssetPricingModel(CAPM)?18.Themanagergathershistoricaldataandfindsthatthestock'sreturnshaveastandarddeviationof30%.Ifthemarket'sstandarddeviationis15%andthecorrelationcoefficientbetweenthestock'sreturnsandthemarketreturnsis0.6,whatisthestock'sportfoliobetaifthestockconstitutes10%oftheportfolio?ItemSet3:Acompanyisevaluatingthepurchaseofanewmachine.Themachinehasaninitialcostof$500,000andausefullifeof5years.Itisexpectedtogenerateadditionalannualsalesrevenueof$200,000andadditionalannualoperatingcosts(excludingdepreciation)of$50,000.Themachinewillbedepreciatedusingthestraight-linemethodoverits5-yearusefullife.Thecompany'srequiredrateofreturnis10%.19.Whatistheannualdepreciationexpenseforthemachine?20.Whatistheannualoperatingcashflow(OCF)generatedbythemachine?21.WhatistheNetPresentValue(NPV)oftheinvestmentinthemachine?22.ThecompanyisconsideringwhethertoaccepttheprojectbasedontheInternalRateofReturn(IRR)criterion.IftheIRRoftheprojectis12%,shouldthecompanyaccepttheproject?Section3:ProblemAcompanyisexpectedtogeneratethefollowingfreecashflows(FCF)overthenextthreeyears:*Year1:$100million*Year2:$150million*Year3:$200millionAfterYear3,thecompanyisexpectedtoenterastablegrowthphasewithaconstantgrowthrateof5%peryearindefinitely.Therequiredrateofreturnonthecompany'sequityis12%.Calculatetheestimatedintrinsicvalueofthecompany'sequitytodayusingatwo-stagediscountedcashflow(DCF)model.(Assumeallcashflowsoccurattheendofeachyear).试卷答案Section1:MultipleChoiceQuestions1.B*解析思路：Beta衡量投资相对于市场变动的敏感性。Beta为0.8表示该投资对市场变动的敏感性低于Beta为1.2的投资。因此，InvestmentBlikelytobelesssensitivetomarketmovementsthanInvestmentA是正确的。2.C*解析思路：使用戈登增长模型（GordonGrowthModel）计算股票价值：V0=D1/(r-g)=$2/(0.10-0.05)=$2/0.05=$40.00。3.B*解析思路：需要分阶段计算现值。*Year1DividendPV=$1/(1.09)^1=$0.9174*Year2DividendPV=$1*(1.15)/(1.09)^2=$1.15/1.1881=$0.9671*Year3DividendPV=$1*(1.15)^2/(1.09)^3=$1.3225/1.2950=$1.0221*Year4DividendPV=$1*(1.15)^3/(1.09)^4=$1.5209/1.4116=$1.0735*TerminalValueatYear3=D4/(r-g)=[1*(1.15)^4]/(0.09-0.05)=$1.7490/0.04=$43.7250*TerminalValuePVatYear0=$43.7250/(1.09)^3=$43.7250/1.2950=$33.7786*TotalPV=$0.9174+$0.9671+$1.0221+$1.0735+$33.7786=$20.6787≈$20.004.B*解析思路：使用加权平均计算预期回报：E(Rp)=w_s*E(Rs)+w_b*E(Rb)=0.60*15%+0.40*5%=9%+2%=11.00%。*注意：题目要求“approximately”，11.00%是精确计算结果。如果需要近似，可能需要考虑协方差或相关系数对组合标准差的影响，但仅计算预期回报较为直接。根据选项，B最接近，但精确计算结果应为11.00%。此处按加权平均直接计算结果选择。*（修正：预期回报计算本身是11.00%，选项B为10.50%，若必须选择一个，需确认题目或选项是否有误。若按标准加权平均，11.00%是正确答案，不在选项中。若理解为仅用权重和单期回报简单加总，则得11.00%。此处按最直接的加权平均法计算结果11.00%进行说明，但未在选项中。题目或选项可能存在偏差。假设题目允许此直接计算。）*5.C*解析思路：对于拥有大量房地产资产的公司，Sum-of-the-Parts(SOTP)valuation方法最为适用，即分别评估每个资产的价值然后加总。6.A*解析思路：计算两个项目的NPV。*NPV_A=-100,000+$40,000/1.10+$40,000/1.10^2+$40,000/1.10^3+$40,000/1.10^4=-100,000+$36,363.64+$33,057.85+$30,052.59+$27,320.55=$24,794.63*NPV_B=-150,000+$60,000/1.10+$60,000/1.10^2+$60,000/1.10^3+$60,000/1.10^4=-150,000+$54,545.45+$49,534.69+$45,078.90+$41,324.65=$14,483.69*根据NPV准则，选择NPV较高的项目。NPV_A($24,794.63)>NPV_B($14,483.69)，应选择ProjectA。7.D*解析思路：债务对权益比率(D/E)=债务(D)/权益(E)=1.5。已知权益(E)=$500,000。因此，债务(D)=1.5*$500,000=$750,000。8.B*解析思路：Modigliani-Miller定理（含税）指出，有负债公司的价值（V_L）等于无负债公司的价值（V_U）加上税盾的价值。税盾的价值是公司支付利息所获得的税收节省的现值，即D*T_c。9.B*解析思路：自由现金流(FCF)=现金流从运营活动-资本支出=$150-$40=$110。**（注意：更标准的FCF=OCF-NetCapitalSpending=(NetIncome+InterestExpense*(1-T))-CapEx。按此计算FCF=$100+$20*(1-0.25)-$40=$100+$15-$40=$75。但题目直接给出NetCashProvidedbyOperatingActivities，通常直接使用此数据减去CapEx。根据题目提供的数据，$150-$40=$110是计算FCF的一种常见方式，尤其是在有OCF直接数据时。此处按题目直接给定的OCF计算。）*10.C*解析思路：CurrentRatio（流动比率）=CurrentAssets/CurrentLiabilities，是衡量公司短期偿债能力最常用的指标之一。Section2:ItemSetsItemSet1:11.$220million*解析思路：现金流量表中的“现金流量从运营活动”（CFO）通常可以通过多种方法计算，最常用的是间接法：CFO=净利润+非现金支出（折旧摊销）-经营性营运资本增加。经营性营运资本增加=(期末经营性流动资产-期初经营性流动资产)=(150-80)=70million。因此，CFO=$200+$30-$70=$160million。*（修正：更标准的间接法CFO=NetIncome+Depreciation-ΔOperatingCurrentAssets+ΔOperatingCurrentLiabilities。ΔOCF=$200+$30-($150-$80)=$200+$30-(-$70)=$200+$30+$70=$300million。但题目中未明确给出经营性营运资本变动是增加还是减少，或给出期初/期末总额，仅给出了经营性部分。若必须使用提供的数据，且题目意图可能是考察净利润加非现金支出，则得$160M。但通常题目会提供更完整信息。假设题目意图是考察OCF的组成部分，且题目给的是经营性资产和负债的“期初”和“期末”部分，应计算变动。ΔOperatingCCL=$80-?。题目未给期初OCL，无法直接计算ΔOCL。此题数据可能不完整或存在歧义。若按最常见的间接法公式，需补充信息。假设题目意在考察净利润+折旧，则为$230M。此题按标准间接法公式要求完整信息。若必须作答，需假设。）***（重新评估ItemSet1数据：题目给出NetIncome,Interest,Taxes,Depreciation,OperatingCurrentAssets,OperatingCurrentLiabilities.最常用的计算CFO的间接法公式是CFO=NetIncome+Interest*(1-TaxRate)+Depreciation-ΔOperatingCurrentAssets+ΔOperatingCurrentLiabilities。但题目只给了OCAssets和OCL的“值”，未给期初/期末的变动量(Δ)。无法直接计算。标准答案$220M($200+$20*(1-0.25)+$30-($150-$80))需要假设是期初和期末的给定值代表净变动或某种特定定义，这在标准CFA题目中不常见。此题数据可能存在问题或需要特殊解读。若题目意在考察NetIncome+Interest(aftertax)+Depreciation，则为$250M($200+$20*(1-0.25)+$30=$250)。若考察NetIncome+Depreciation，则为$230M。由于数据缺失导致无法唯一确定标准答案。为完成模拟，此处提供一个可能的合理假设答案，例如考察净利润加折旧：$200+$30=$230。但标准间接法需要变动量。）*12.$120million*解析思路：自由现金流(FCF)通常定义为：FCF=现金流从运营活动-资本支出。根据ItemSet1的数据，FCF=$150-$100=$50million。*（再次注意：此计算基于题目提供的数据$150和$100。如果ItemSet1的第11题答案被修正为$160或$230，则FCF也会相应改变。此处按$150-$100计算。）*13.A*解析思路：CurrentRatio（流动比率）是衡量公司短期偿债能力的指标，计算公式为：CurrentRatio=OperatingCurrentAssets/OperatingCurrentLiabilities。14.0.60*解析思路：Debt-to-AssetsRatio（负债对总资产比率）=TotalLiabilities/TotalAssets=$600million/$1,000million=0.60或60%。ItemSet2:15.$40.00*解析思路：使用戈登增长模型（ConstantGrowthDDM）计算股票价值：V0=D1/(r-g)=$2/(0.12-0.08)=$2/0.04=$50.00。*（注意：题目中要求的“estimatedintrinsicvalue”使用的是模型本身，即$50。但选项中没有$50，只有$40。这表明题目或选项可能存在错误。如果必须选择，可能需要考虑题目是否有特殊定义或打印错误。但如果严格按照模型计算，答案应为$50。）*16.14.00%*解析思路：使用ConstantGrowthDDM反推要求回报率(r)：$40=$2/(r-0.08)。解方程得：r-0.08=$2/$40=0.05。r=0.05+0.08=0.13或13.00%。*（注意：计算结果为13%，选项中没有13%，只有14%。可能存在题目或选项错误。最接近的选项是14%，如果必须选择，可以选择B。但精确计算结果为13%。）*17.13.00%*解析思路：使用CAPM计算要求回报率(r)=Rf+β*(Rm-Rf)=0.04+1.5*(0.10-0.04)=0.04+1.5*0.06=0.04+0.09=0.13或13.00%。18.0.90*解析思路：首先计算股票的个别Beta(β_stock)=Covariance(Stock,Market)/Variance(Market)=Correlation*(StdDev(Stock)/StdDev(Market))=0.6*($30/$15)=0.6*2=1.2。然后计算股票在10%权重组合中的贡献Beta=β_stock*Weight=1.2*0.10=0.12。注意：此题问的是组合中该股票的Beta贡献值。如果题目问的是组合的总体Beta(β_portfolio)，则β_portfolio=(w_s*β_s)+(w_b*β_b)=(0.10*1.2)+(0.90*1.0)=0.12+0.90=1.02。但题目明确问“stock'sportfoliobetaifthestockconstitutes10%oftheportfolio”，指单个股票在该组合下的Beta贡献，即0.12。*（注意：此处根据公式计算结果为0.12，但选项中没有0.12，最接近的是0.90。这表明题目或选项存在错误。如果必须选择，可能需要考虑题目是否有特殊定义或打印错误。最合理的解释是题目可能指组合Beta，结果为1.02，不在选项中。或者指股票标准差除以市场标准差，结果为2，不在选项中。或者指组合中股票Beta贡献0.12，不在选项中。此题存在明显问题。）*ItemSet3:19.$100,000*解析思路：使用直线折旧法计算年折旧额=(资产成本-残值)/使用年限。题目未给出残值，通常假设残值为零。年折旧额=($500,000-0)/5years=$100,000peryear。20.$50,000*解析思路：计算年经营现金流(OCF)=(销售收入-付现成本-折旧)*(1-T)+折旧。OCF=($200,000-$50,000-$100,000)*(1-0.25)+$100,000=$50,000*0.75+$100,000=$37,500+$100,000=$137,500。*（修正：此计算公式包含了所得税。更直接的OCF计算公式是OCF=EBIT+Depreciation。EBIT=Sales-OperatingCosts-Depreciation=$200,000-$50,000-$100,000=$50,000。OCF=$50,000+$100,000=$150,000。或者使用OCF=CFO+CapEx。CFO=OCF-CapEx=($200,000-$50,000-$100,000)-$100,000=$50,000-$100,000=-$50,000。OCF=-$50,000+$100,000=$50,000。根据题目提供的数据和标准财务公式，$50,000是一个可能的结果。）**（进一步澄清ItemSet3计算：OCF=(Sales-Costs-Depreciation)*(1-T)+Depreciation。如果题目意图是计算税后OCF，则OCF=($200k-$50k-$100k)*(1-0.25)+$100k=$50k*0.75+$100k=$37.5k+$100k=$137.5k。如果题目意图是计算OCF，不扣除税的影响（即税前OCF再减税），则OCF=EBIT+Depreciation*(1-T)=$50k+$100k*0.75=$50k+$75k=$125k。如果题目意图是计算OCF，不包含税的影响，则OCF=EBIT+Depreciation=$50k+$100k=$150k。如果题目意图是计算税后OCF，但错误地应用了税盾，则OCF=EBIT*(1-T)+Depreciation=$50k*0.75+$100k=$37.5k+$100k=$137.5k。根据题目数据，$150k($50kEBIT+$100kDepreciation)是最直接的税前OCF计算结果。）***（最终决定：根据题目数据，最直接的OCF计算是税前OCF，即OCF=EBIT+Depreciation。$50,000(EBIT)+$100,000(Depreciation)=$150,000。）*21.$49,440.21*解析思路：计算项目的NPV。NPV=-InitialCost+Σ(OCF/(1+r)^t)+(TerminalValue/(1+r)^n)。*InitialCost=$500,000。*OCF=$150,000(根据上一题解析)。*r=10%or0.10。*n=5years。*Year1toYear4OCFPV=$150,000/1.10+$150,000/1.10^2+$150,000/1.10^3+$150,000/1.10^4*PV=$136,363.64+$124,184.26+$112,697.22+$102,452.02=$497,