2025年CFA《权益投资》真题详解

2025年CFA《权益投资》真题详解考试时间：______分钟总分：______分姓名：______第一部分1.Acompanyisexpectedtopayadividendof$2persharenextyear.Therequiredrateofreturnis12%,andtheexpectedgrowthrateofdividendsis5%.Whichofthefollowingmodelsismostappropriateforvaluingthecompany'sstock?a)Constantgrowthdividenddiscountmodel(GordonGrowthModel)b)Freecashflowtoequitymodelc)Price-to-earningsratiomodelusingcomparablecompaniesd)Earningscapitalizationmodel2.Whichofthefollowingstatementsbestdescribestheconceptofmarketefficiency?a)Marketefficiencyimpliesthatallavailableinformationisinstantlyreflectedinstockprices,makingitimpossibletoconsistentlyachievereturnsabovethemarketaverage.b)Marketefficiencysuggeststhatstockpricesaregenerallyunderpriced,providingnumerousopportunitiesforactivemanagementtogenerateexcessreturns.c)Marketefficiencyrequiresthatallinvestorshavethesamelevelofknowledgeandanalysisskills.d)Marketefficiencyissolelydeterminedbythevolumeoftradesoccurringinthemarket.3.Astockhasabetaof1.5.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois10%.Accordingtothecapitalassetpricingmodel(CAPM),whatistheexpectedreturnonthestock?a)3%b)7.5%c)10%d)13%4.Whichofthefollowingisconsideredadisadvantageofusingtheprice-to-earnings(P/E)ratioforstockvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativeearnings.c)ItisdifficulttocompareP/Eratiosacrossdifferentindustries.d)Itassumesthatearningsareexpectedtogrowataconstantrateindefinitely.5.Acompany'sstockiscurrentlytradingat$50pershare.Thecompany'snextdividendisexpectedtobe$2pershare,andthedividendgrowthrateisexpectedtobe6%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)2%b)4%c)6%d)8%6.Whichofthefollowingstatementsistrueaboutsmall-capstockscomparedtolarge-capstocks?a)Small-capstocksaregenerallyconsideredlessriskythanlarge-capstocks.b)Small-capstockstypicallyofferlowerdividendyieldsthanlarge-capstocks.c)Small-capstockshavehistoricallyprovidedhigheraveragereturnsthanlarge-capstocks,butwithgreatervolatility.d)Small-capstocksareprimarilyinvestedintechnologycompanies.7.Astock'scurrentpriceis$100.Itpaysadividendof$4pershare,andtheexpectedpriceofthestockinoneyearis$110.Whatistheexpectedtotalreturnonthestock?a)4%b)6%c)10%d)14%8.Whichofthefollowingisacomponentofthefreecashflowtoequity(FCFE)model?a)Interestexpenseb)Capitalexpendituresc)Taxesonincomed)Dividendspaid9.Whichofthefollowingisapotentiallimitationofthecomparablecompaniesanalysisforstockvaluation?a)Itcanbedifficulttofindtrulycomparablecompanies.b)Itreliesontheassumptionthatfutureperformancewillbesimilartohistoricalperformance.c)Itdoesnotconsiderthecompany'suniquegrowthprospects.d)Alloftheabove.10.Acompanyisconsideringissuingwarrants.Warrantsgivetheholdertheright,butnottheobligation,tobuythecompany'sstockataspecifiedpricebeforeaspecifieddate.Whatisthisspecifiedpricecalled?a)Exercisepriceb)Strikepricec)Conversionpriced)Callprice11.WhichofthefollowingstatementsistrueabouttheBlack-Scholes-Mertonmodelforvaluingoptions?a)ItisprimarilyusedforvaluingEuropeanoptions,whichcanonlybeexercisedatexpiration.b)Itassumesthattheunderlyingstockpricefollowsanormaldistribution.c)Itdoesnotaccountfortheimpactofdividendsonoptionvalue.d)Itisonlyapplicablewhentheoptionisdeeplyin-the-money.12.Whichofthefollowingisariskfactorassociatedwithinvestingininternationalequitymarkets?a)Currencyriskb)Countryriskc)Politicalriskd)Alloftheabove.13.Aportfoliomanagerevaluatestheperformanceofamanagedequityportfoliousingvariousrisk-adjustedreturnmeasures.Whichofthefollowingmeasuresismostappropriatewhencomparingtheperformanceofaportfoliothatinvestsprimarilyinlarge-capstockstoaportfoliothatinvestsprimarilyinsmall-capstocks,assumingbothportfolioshavethesamelevelofrisk?a)Sharperatiob)Treynorratioc)Jensenindexd)Informationratio14.Whichofthefollowingisacharacteristicofvalue-weightedindices?a)Companieswithlargermarketcapitalizationshaveagreaterimpactontheindexlevel.b)Companieswithhigherdividendyieldshaveagreaterimpactontheindexlevel.c)Theindexiscalculatedbyaveragingthepricesofselectedstocks.d)Theindexisdesignedtotracktheperformanceofaspecificindustrysector.15.Acompany'sstockhasaP/Eratioof15.Thecompany'searningspershareare$2.Whatisthecurrentstockprice?a)$10b)$15c)$20d)$30第二部分16.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.10pershareintwoyears,and$1.20pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthetwo-stagedividenddiscountmodel?a)$18.52b)$20.55c)$22.65d)$24.7817.Aninvestorisconsideringbuyingacalloptiononastock.Thestock'scurrentpriceis$50,theoption'sstrikepriceis$55,andtheoption'sexpirationdateisinonemonth.Theoptionpremiumis$2.Whatisthebreak-evenpriceforthecalloption?a)$53b)$55c)$57d)$5918.Acompany'sstockhasabetaof1.2.Therisk-freerateis4%,andtheexpectedreturnonthemarketportfoliois9%.Thecompany'sexpecteddividendnextyearis$1.50,andthedividendgrowthrateis6%peryear.Whatistheimpliedstockpriceusingtheconstantgrowthdividenddiscountmodel?a)$25.00b)$26.67c)$28.33d)$30.0019.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyovervalued?a)Excessivemarketoptimismb)Favorableindustrytrendsc)Strongcompanyperformanced)Alloftheabove.20.Acompanyisanalyzingitsstock'sperformanceusingtheprice-to-sales(P/S)ratio.Thecompany'scurrentP/Sratiois3.TheindustryaverageP/Sratiois2.5.Whatdoesthisindicate?a)Thecompany'sstockisundervaluedcomparedtotheindustryaverage.b)Thecompany'sstockisovervaluedcomparedtotheindustryaverage.c)Thecompany'sstockisperformingpoorlycomparedtotheindustryaverage.d)Thereisinsufficientinformationtodeterminethecompany'sstockvaluationrelativetotheindustryaverage.21.Whichofthefollowingisalimitationofusingtheearningscapitalizationmodelforstockvaluation?a)Itassumesthatearningsareagoodproxyforcashflow.b)Itisdifficulttodetermineanappropriatecapitalizationrate.c)Itdoesnotconsiderthecompany'sgrowthprospects.d)Alloftheabove.22.Astock'scurrentpriceis$80.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe7%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)7%d)9%23.Whichofthefollowingisabenefitofinvestingininternationalequitymarkets?a)Diversificationofinvestmentriskb)Potentialforhigherreturnsc)Accesstocompanieswithuniquegrowthopportunitiesd)Alloftheabove.24.Acompany'sstockhasabetaof0.8.Therisk-freerateis2%,andtheexpectedreturnonthemarketportfoliois8%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)2%b)6.4%c)8%d)10%25.Whichofthefollowingisacomponentofthefreecashflowtofirm(FCFF)model?a)Interestexpenseb)Taxesonincomec)Dividendspaidd)Alloftheabove.26.Astock'scurrentpriceis$60.Itpaysadividendof$2pershare,andtheexpectedpriceofthestockinoneyearis$65.Thestockisexpectedtocontinuepayingdividendsatthesamelevelforthenexttwoyears.Whatistheexpectedtotalreturnonthestockforthefirstyear?a)5%b)10%c)15%d)20%27.Whichofthefollowingisapotentialriskassociatedwithusingtheprice-to-book(P/B)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Bratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.28.Whichofthefollowingisacharacteristicofacoveredcallstrategy?a)Itinvolvesbuyingastockandsimultaneouslysellingacalloptiononthestock.b)Itinvolvesbuyingacalloptionandsimultaneouslysellingaputoptiononthestock.c)Itinvolvessellingastockandsimultaneouslybuyingacalloptiononthestock.d)Itinvolvessellingastockandsimultaneouslysellingacalloptiononthestock.29.Acompany'sstockhasaP/Eratioof20.Thecompany'searningspershareareexpectedtogrowatarateof10%peryear.Whatistheimpliedrequiredrateofreturnonthestock,assumingtheP/Eratioremainsconstant?a)5%b)10%c)15%d)20%30.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.第三部分31.Aninvestorisconsideringbuyingastockthatpaysnodividends.Thestock'scurrentpriceis$100,andtheexpectedpriceofthestockinoneyearis$110.Therequiredrateofreturnonthestockis12%.Whatistheexpectedtotalreturnonthestock?a)2%b)8%c)10%d)12%32.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.05pershareintwoyears,and$1.10pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof4%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthethree-stagedividenddiscountmodel?a)$18.00b)$19.50c)$21.00d)$22.5033.Whichofthefollowingisalimitationofthemarketefficiencyhypothesis?a)Itsuggeststhatitisimpossibletoachievereturnsabovethemarketaverage.b)Itimpliesthatallinvestorshavethesamelevelofinformationandanalysisskills.c)Itassumesthatmarketsarealwaysinastateofequilibrium.d)Alloftheabove.34.Astock'scurrentpriceis$70.Thecompany'snextdividendisexpectedtobe$2pershare,andthedividendgrowthrateisexpectedtobe8%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)2%b)6%c)8%d)10%35.Whichofthefollowingisacomponentoftheequitycashflowmodel?a)Netincomeb)Interestexpensec)Taxesonincomed)Alloftheabove.36.Acompany'sstockhasabetaof1.3.Therisk-freerateis3%,andtheexpectedreturnonthemarketportfoliois11%.Thecompany'sexpecteddividendnextyearis$1.50,andthedividendgrowthrateis5%peryear.Whatistheimpliedstockpriceusingtheconstantgrowthdividenddiscountmodel?a)$25.00b)$26.67c)$28.33d)$30.0037.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyundervalued?a)Marketpessimismb)Negativeindustrytrendsc)Poorcompanyperformanced)Alloftheabove.38.Acompany'sstockhasaP/Eratioof25.Thecompany'searningspershareare$3.Whatisthecurrentstockprice?a)$9b)$12c)$15d)$7539.Whichofthefollowingisalimitationofusingtheprice-to-sales(P/S)ratioforstockvaluation?a)Itdoesnotconsiderthecompany'sdebtlevels.b)Itcanbemisleadingforcompanieswithnegativesales.c)ItisdifficulttocompareP/Sratiosacrossdifferentindustries.d)Alloftheabove.40.Whichofthefollowingisabenefitofusingthefreecashflowtoequity(FCFE)model?a)Itisbasedoncashflowsavailabletoallinvestors.b)Itissimplertocalculatethanthefreecashflowtofirm(FCFF)model.c)Itdirectlymeasuresthecashflowsavailabletoequityholders.d)Itisprimarilyusedforvaluingcompanieswithsignificantdebt.41.Astock'scurrentpriceis$90.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe6%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)6%d)9%42.Whichofthefollowingisariskfactorassociatedwithinvestinginemergingmarketequityfunds?a)Currencyriskb)Politicalriskc)Countryriskd)Alloftheabove.43.Acompany'sstockhasabetaof1.1.Therisk-freerateis5%,andtheexpectedreturnonthemarketportfoliois12%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)5%b)11%c)12%d)13%44.Whichofthefollowingisacomponentoftheequitycashflowmodel?a)Netincomeb)Interestexpensec)Taxesonincomed)Alloftheabove.45.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.第四部分46.Acompanyisexpectedtopaydividendsof$1persharenextyear,$1.10pershareintwoyears,and$1.20pershareinthreeyears.Afterthreeyears,dividendsareexpectedtogrowataconstantrateof5%peryear.Therequiredrateofreturnonthestockis10%.Whatistheintrinsicvalueofthestockusingthethree-stagedividenddiscountmodel?a)$27.72b)$29.87c)$32.05d)$34.2347.Whichofthefollowingisalimitationofthecomparablecompaniesanalysisforstockvaluation?a)Itcanbedifficulttofindtrulycomparablecompanies.b)Itreliesontheassumptionthatfutureperformancewillbesimilartohistoricalperformance.c)Itdoesnotconsiderthecompany'suniquegrowthprospects.d)Alloftheabove.48.Astock'scurrentpriceis$80.Thecompany'snextdividendisexpectedtobe$3pershare,andthedividendgrowthrateisexpectedtobe7%peryear.Whatistheimpliedrequiredrateofreturnonthestockusingtheconstantgrowthdividenddiscountmodel?a)3%b)5%c)7%d)9%49.Whichofthefollowingisafactorthatcanleadtoastockbeingtemporarilyovervalued?a)Excessivemarketoptimismb)Favorableindustrytrendsc)Strongcompanyperformanced)Alloftheabove.50.Acompany'sstockhasaP/Eratioof20.Thecompany'searningspershareareexpectedtogrowatarateof10%peryear.Whatistheimpliedrequiredrateofreturnonthestock,assumingtheP/Eratioremainsconstant?a)5%b)10%c)15%d)20%51.Whichofthefollowingisalimitationofusingtheprice-to-book(P/B)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Bratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.52.Whichofthefollowingisacharacteristicofacoveredcallstrategy?a)Itinvolvesbuyingastockandsimultaneouslysellingacalloptiononthestock.b)Itinvolvesbuyingacalloptionandsimultaneouslysellingaputoptiononthestock.c)Itinvolvessellingastockandsimultaneouslybuyingacalloptiononthestock.d)Itinvolvessellingastockandsimultaneouslysellingacalloptiononthestock.53.Acompany'sstockhasabetaof1.2.Therisk-freerateis4%,andtheexpectedreturnonthemarketportfoliois9%.Whatistheexpectedreturnonthestockaccordingtothecapitalassetpricingmodel(CAPM)?a)4%b)6.8%c)9%d)12%54.Whichofthefollowingisacomponentofthefreecashflowtofirm(FCFF)model?a)Interestexpenseb)Taxesonincomec)Dividendspaidd)Alloftheabove.55.Astock'scurrentpriceis$60.Itpaysadividendof$2pershare,andtheexpectedpriceofthestockinoneyearis$65.Thestockisexpectedtocontinuepayingdividendsatthesamelevelforthenexttwoyears.Whatistheexpectedtotalreturnonthestockforthefirstyear?a)5%b)10%c)15%d)20%56.Whichofthefollowingisapotentialriskassociatedwithusingtheprice-to-sales(P/S)ratioforstockvaluation?a)ItcanbedifficulttocompareP/Sratiosacrossdifferentindustries.b)Itmaynotaccuratelyreflectthecompany'struevalue.c)Itisheavilyinfluencedbyaccountingpolicies.d)Alloftheabove.57.Whichofthefollowingisafactorthatcanaffecttherequiredrateofreturnonanequityinvestment?a)Theinvestor'srisktoleranceb)Theoveralllevelofmarketriskc)Thecompany'sfinancialperformanced)Alloftheabove.58.Acompany'sstockhasaP/Eratioof25.Thecompany'searningspershareare$3.Whatisthecurrentstockprice?a)$9b)$12c)$15d)$7559.Whichofthefollowingisabenefitofusingthefreecashflowtoequity(FCFE)model?a)Itisbasedoncashflowsavailabletoallinvestors.b)Itissimplertocalculatethanthefreecashflowtofirm(FCFF)model.c)Itdirectlymeasuresthecashflowsavailabletoequityholders.d)Itisprimarilyusedforvaluingcompanieswithsignificantdebt.60.Whichofthefollowingisalimitationofthemarketefficiencyhypothesis?a)Itsuggeststhatitisimpossibletoachievereturnsabovethemarketaverage.b)Itimpliesthatallinvestorshavethesamelevelofinformationandanalysisskills.c)Itassumesthatmarketsarealwaysinastateofequilibrium.d)Alloftheabove.试卷答案1.a解析思路：题目描述了公司未来几年的股利和预计的持续增长rate，以及要求的回报率，这是典型的两阶段股利折现模型的应用场景。2.a解析思路：市场效率的核心概念是所有相关信息都已反映在股价中，这意味着无法持续获得超额回报。3.d解析思路：根据CAPM公式，预期回报率=无风险利率+Beta*(市场预期回报率-无风险利率)。代入数据计算得到13%。4.b解析思路：P/E比率不适用于亏损的公司，因为分母为负数，导致比率没有意义或难以比较。5.d解析思路：根据戈登增长模型公式，股价=下一年股利/(要求回报率-增长率)。代入数据计算得到8%。6.c解析思路：小盘股通常被认为风险较高，但潜在回报也可能更高，且波动性更大。7.d解析思路：预期总回报=(预期资本利得+预期股利)/当前价格。代入数据计算得到14%。8.d解析思路：FCFE模型衡量的是支付给普通股股东的现金流量，因此股利是其中的组成部分。9.d解析思路：可比公司分析的所有选项都可能是其局限性：寻找真正可比的公司困难、假设未来表现类似历史表现、未考虑公司独特增长前景。10.a解析思路：期权行权价格在英文中称为Exerciseprice。11.a解析思路：布莱克-斯科尔斯模型主要用于欧式期权，且假设标的资产价格服从正态分布。12.d解析思路：投资国际股票市场涉及多种风险，包括货币风险、国家风险和政治风险。13.b解析思路：特雷诺比率衡量的是风险调整后的回报，主要适用于比较不同投资组合的系统性风险（Beta）调整后的表现。14.a解析思路：市值加权的指数中，权重由成分股的市场价值决定，市值越大的公司对指数的影响越大。15.c解析思路：根据P/E比率公式，股价=P/E比率*每股收益。代入数据计算得到20。16.a解析思路：两阶段股利折现模型需要分别计算前几期非稳定增长的股利现值和后期稳定增长股利现值。计算得到18.52。17.c解析思路：看涨期权的盈亏平衡点=行权价格+期权费。代入数据计算得到57。18.b解析思路：根据戈登增长模型公式，股价=下一年股利/(要求回报率-增长率)。首先需要计算要求回报率，然后计算股价。代入数据计算得到26.67。19.a解析思路：过度市场乐观会导致股票价格被推高，从而暂时性高估。20.b解析思路：公司的P/S比率高于行业平均水平，表明相对于行业而言，其股票可能被高估。21.d解析思路：使用收益资本化模型的所有选项都是其局限性：假设收益是现金流的良好代理指标、确定合适的资本化率困难、未考虑公司增长前景。22.d解析思路：根据戈登增长模型公式，股价=下一年股利/(要求回报率-增长率)。代入数据计算得到9%。23.d解析思路：投资国际股票市场的所有选项都是其优势：分散投资风险、潜在更高回报、接触独特增长机会。24.b解析思路：根据CAPM公式，预期回报率=无风险利率+Beta*(市场预期回报率-无风险利率)。代入数据计算得到6.4%。25.d解析思路：FCFF模型基于公司总现金流量，扣除所有资本支出和净债务偿还后，是所有投资者（股东和债权人）可得的现金流量。因此，净收入、利息费用（税盾）和税金都是其