2025年CFA《企业融资》历年真题汇编

2025年CFA《企业融资》历年真题汇编考试时间：______分钟总分：______分姓名：______试卷内容1.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thecompany'scostofcapitalis8%.Usingthenetpresentvalue(NPV)method,shouldtheprojectbeaccepted?2.Calculatetheinternalrateofreturn(IRR)foraninvestmentthatrequiresaninitialoutlayof$600,000andisexpectedtoprovidecashinflowsof$200,000attheendofeachyearforfouryears.3.Afirmhasadebt-to-equityratioof0.5.Ifthecostofdebtis6%andthecostofequityis12%,whatisthefirm'sweightedaveragecostofcapital(WACC)assumingthefirmisfinancedsolelybydebtandequity,andtherearenotaxes?4.ExplainthedifferencebetweentheNPVandIRRmethodsforcapitalbudgetingdecision-making.Inwhatsituationsmightonemethodbepreferredovertheother?5.Acompanyisconsideringwhethertoissuenewcommonstockorretainearnings.Whichmethodoffinancingincursafloatationcost?Explaintheconceptoffloatationcostanditsimpactonthecostofexternalequity.6.Definetheterm"financialleverage."Howdoestheuseoffinancialleverageaffectacompany'searningspershare(EPS)?Discusstheassociatedrisks.7.Describethepeckingordertheoryofcapitalstructure.Accordingtothistheory,whatisthepreferredsequenceoffinancingmethodsthatfirmstypicallyfollow?8.Aprojecthasaninitialcostof$500,000andisexpectedtogenerateannualcashflowsof$150,000forfiveyears.Iftherequiredrateofreturnforthisprojectis10%,whatistheproject'sprofitabilityindex(PI)?9.Explaintheconceptofoperatingleverage.Howdoesacompany'soperatingleverageaffectitssensitivitytochangesinsalesvolume?10.Acompanyhascurrentassetsof$400,000andcurrentliabilitiesof$200,000.Calculateitscurrentratioandquickratioifthecompany'sinventoryisvaluedat$150,000.11.Discusstheprimaryadvantagesanddisadvantagesofusingbankloansversusissuingbondsasameansoflong-termfinancingforacompany.12.Explainhowacompanycanusecashflowforecastingtoimproveitsworkingcapitalmanagement.Whataresomecommontechniquesforforecastingcashflows?13.Acompanyisanalyzingtwomutuallyexclusiveprojects.ProjectAhasanNPVof$100,000andanIRRof12%.ProjectBhasanNPVof$80,000andanIRRof14%.Assumingacostofcapitalof10%,whichprojectshouldthecompanychoose?Explainyourreasoning.14.WhatistheModigliani-Millertheoremundertheassumptionofnotaxes?Howdoesthepresenceofcorporatetaxeschangetheimplicationsofthetheoremregardingcapitalstructure?15.Acompanyhasarequiredreturnof15%,abetaof1.2,andarisk-freerateof5%.Assumingthemarketriskpremiumis10%,whatisthecompany'scostofequityusingtheCapitalAssetPricingModel(CAPM)?16.Discusstheroleofcreditanalysisincorporatefinance.Whataresomekeyfactorsthatcreditanalyststypicallyconsiderwhenevaluatingthecreditworthinessofacompany?17.Explainthedifferencebetweenatermloanandarevolvinglineofcredit.Inwhatsituationsmightacompanypreferoneovertheother?18.Acompanyisconsideringaleveragedbuyout(LBO).WhatisanLBO?WhataretheprimarysourcesoffinancingtypicallyusedinanLBOtransaction?19.Discussthechallengesandconsiderationsassociatedwithinternationalcorporatefinance,particularlyintermsofcurrencyriskandpoliticalrisk.20.Explaintheconceptofa"hurdlerate"inthecontextofcapitalbudgeting.Whatfactorsshouldacompanyconsiderwhendeterminingitsappropriatehurdlerate?试卷答案1.CalculatethepresentvalueofthecashinflowsusingthePVannuityfactorfor5yearsat8%(3.9927)andmultiplyby$300,000($1,197,810).Subtracttheinitialinvestment($1,197,810-$1,000,000=$197,810).SincetheNPVispositive($197,810),theprojectshouldbeaccepted.**解析思路：*使用净现值法决策，需要计算项目未来现金流入的现值，然后减去初始投资。如果结果为正，则接受项目；为负则拒绝。计算时需用到年金现值系数。2.CalculatetheNPVfordifferentdiscountratesstartingfromthecompany'scostofcapital(8%)andgoinghigheruntiltheNPVapproacheszero.TheIRRisthediscountrateatwhichtheNPVequalszero.Usingafinancialcalculatororiterativemethods,theIRRisapproximately15.24%.**解析思路：*内部收益率是使项目净现值等于零的贴现率。计算方法通常是通过试错法（使用不同贴现率计算NPV）或使用财务计算器。找到使NPV为0的贴现率即为IRR。3.Thedebt-to-equityratioof0.5implies$0.5debtforevery$1.5equity,givingweightsof0.375(debt)and0.625(equity).WACC=(0.375*6%)+(0.625*12%)=0.0225+0.075=9.75%.**解析思路：*权重平均资本成本（WACC）是公司所有资本来源的成本按其市场价值比例加权平均。首先根据债务权益比计算债务和权益的权重，然后用各自的成本乘以权重并求和。4.NPVconsidersthemagnitudeofcashflowsandthecostofcapitaltodeterminetheabsoluteincreaseinvalue.IRRisthediscountratethatmakestheNPVzero,representingtheproject'srateofreturn.NPVisgenerallypreferredasitdirectlymeasuresvaluecreation;IRRcanbemisleadingincasesofnon-conventionalcashflowsormutuallyexclusiveprojectswithdifferentscales.**解析思路：*NPV衡量项目带来的绝对价值增加，而IRR衡量项目的回报率。NPV通常更优，因为它直接与价值挂钩。但在某些情况下（如现金流模式异常、项目规模差异），IRR可能不如NPV适用。5.Issuingnewcommonstockincursfloatationcosts,whichincludeunderwritingfees,legalfees,andotherexpensesassociatedwiththeissuanceprocess.Thesecostsincreasetheeffectivecostofexternalequity,makingitgenerallyhigherthanthecostofretainedearnings(whichhasnofloatationcosts).**解析思路：*新股发行成本（发行成本）是指在发行新股过程中产生的各种费用，如承销费、律师费等。这些费用提高了外部股权的成本，通常高于内部权益成本（留存收益）。6.Financialleveragereferstotheuseofdebttofinanceafirm'soperations.Itcanamplifyreturnstoequityholderswhenthereturnonassetsexceedsthecostofdebt.However,italsoincreasesfinancialriskbecauseinterestpaymentsmustbemaderegardlessofthefirm'searnings,potentiallyleadingtofinancialdistressorbankruptcyifearningsareinsufficient.**解析思路：*财务杠杆是指公司使用债务为其运营融资。它可以放大股东回报，但同时也增加了风险，因为无论公司盈利如何，都必须支付利息，可能导致财务困境。7.Thepeckingordertheorysuggeststhatfirmsprefertofinanceinvestmentsinternally(usingretainedearnings)first,thenexternaldebt,andfinallyexternalequity,aslongasexternalfinancingisavailable.Thispreferencearisesbecauseinternalfundsarecheaperandlesscostlytoobtainthanexternalfunds,whichinvolveinformationasymmetryandmonitoringcosts.**解析思路：*资本顺序理论认为公司偏好内部融资（留存收益），其次是债务融资，最后才是股权融资（如果外部融资可用）。这种偏好源于内部资金成本较低且获取方便，避免了外部融资的信息不对称和代理成本。8.Calculatethepresentvalueofthecashinflows($150,000*PVannuityfactorfor5yearsat10%=$150,000*3.7908=$568,620).DividethePVofcashinflowsbytheinitialcost($568,620/$500,000=1.137).**解析思路：*盈利指数（PI）是项目未来现金流入现值与初始投资的比率。计算步骤为：先计算未来现金流的现值，然后除以初始投资额。结果大于1表示项目可行。9.Operatingleveragemeasuresthedegreetowhichacompany'soperatingcostsarefixed.Acompanywithhighoperatingleveragehasahigherproportionoffixedcosts.Thisresultsingreatervolatilityinitsearningsbeforeinterestandtaxes(EBIT)inresponsetochangesinsalesvolumecomparedtoacompanywithlowoperatingleverage(whichhashighervariablecosts).**解析思路：*经营杠杆衡量公司固定经营成本占总成本的比例。固定成本比例越高，经营杠杆越大。这意味着销售额的变动会导致EBIT产生更大的波动。10.CurrentRatio=CurrentAssets/CurrentLiabilities=$400,000/$200,000=2.0.QuickRatio=(CurrentAssets-Inventory)/CurrentLiabilities=($400,000-$150,000)/$200,000=$250,000/$200,000=1.25.**解析思路：*流动比率是流动资产除以流动负债，衡量短期偿债能力。速动比率是流动资产减去存货后除以流动负债，衡量更严格的短期偿债能力。11.Advantagesofbankloansincludelowerinterestrates(especiallyforestablishedfirms),flexibility(e.g.,linesofcredit),andpotentialrelationshipbenefits.Disadvantagesincludecovenantsthatrestrictmanagementdecisions,personalguaranteesrequiredforsmallfirms,andpotentiallyhighertransactioncoststhanissuingbonds(forlargecorporations).**解析思路：*比较银行贷款和发行债券的优缺点。银行贷款的优点通常包括利率较低、灵活性高、关系密切；缺点是限制性条款、个人担保要求。发行债券的优点可能包括灵活性（到期前可赎回）、交易成本可能较低（对大公司）；缺点是利率可能较高、发行过程复杂。12.Cashflowforecastinghelpsacompanypredictitsfuturecashinflowsandoutflows,enablingbettermanagementofworkingcapital.Byanticipatingcashshortagesorsurpluses,thecompanycanadjustitsoperations(e.g.,delaypayments,increasecollections),manageinventorylevelsefficiently,andplanforfinancingneeds.Techniquesincludehistoricaldataanalysis,scatterdiagrams,regressionanalysis,andjudgmentaladjustments.**解析思路：*现金流预测通过预估未来现金收支，帮助公司更好地管理营运资本。它能提前识别现金流压力，从而调整运营、优化库存、规划融资。预测方法包括历史数据分析、散点图、回归分析、主观判断调整等。13.ChoosetheprojectwiththehigherNPV.NPVistheprimarycriterionformutuallyexclusiveprojectsasitmaximizesshareholderwealth.ProjectAhasanNPVof$100,000,whichishigherthanProjectB'sNPVof$80,000,eventhoughProjectBhasahigherIRR.TheIRRcanbemisleadingwhenprojectshavedifferentscalesortimingofcashflows.**解析思路：*对于互斥项目，选择NPV较高的项目。NPV是最大化股东财富的首要标准。由于项目规模或现金流时间点不同，IRR可能无法准确反映项目的真实价值贡献，应优先考虑NPV。14.Undertheassumptionofnotaxes,Modigliani-Millertheoremstatesthatafirm'svalueisindependentofitscapitalstructure.Thetheoremarguesthatthecostofequityincreasesasleverageincreasestooffsetthelowercostofdebt.However,thepresenceofcorporatetaxeschangesthis,asdebtprovidesataxshield(interestpaymentsaretax-deductible),makingleveragepotentiallybeneficialandleadingtoanoptimalcapitalstructure.**解析思路：*无税的MM定理认为公司价值与其资本结构无关。有税的MM定理则认为，由于利息费用可以抵税（提供税盾），债务融资具有优势，因此公司价值会随着负债比例的增加而增加，存在最优资本结构。15.CostofEquity=Risk-FreeRate+Beta*MarketRiskPremium=5%+1.2*10%=5%+12%=17%.**解析思路：*使用资本资产定价模型（CAPM）计算股权成本。公式为：股权成本=无风险利率+贝塔系数*市场风险溢价。将题目给定的数值代入公式即可。16.Creditanalysisinvolvesevaluatingacompany'sabilityandwillingnesstorepayitsdebts.Creditanalystsassessfinancialstatements,industryconditions,managementquality,competitiveposition,andmarketreputation.Keyfactorsincludeliquidityratios(current,quick),leverageratios(debt/equity,interestcoverage),cashflowtrends,andpaymenthistory.**解析思路：*信用分析评估公司偿还债务的能力和意愿。分析师会考察财务报表、行业环境、管理能力、竞争地位、市场声誉等。关键指标包括流动比率、杠杆比率、利息保障倍数、现金流趋势、付款记录等。17.Atermloanisalump-sumloanwithafixedinterestrateandaspecifiedmaturitydate,whereprincipalandinterestaretypicallyrepaidininstallmentsoratmaturity.Arevolvinglineofcreditprovidesanborrowinglimitthatcanbedrawndown,repaid,andredrawnasneeded,usuallywithinterestonlypaidontheoutstandingbalance,oftenrequiringperiodicrenewals.**解析思路：*比较定期贷款和循环信贷额度。定期贷款是金额固定、利率固定、有到期日的贷款，通常分期偿还或到期一次性偿还。循环信贷额度是可借可还、可循环使用的信贷额度，按实际使用额支付利息，通常需要定期续期。18.AnLBO(LeveragedBuyout)istheacquisitionofacompanyusingasignificantamountofborrowedmoney(leverage),withtheassetsofthecompanyoftenbeingusedascollateralfortheloans.Primaryfinancingsourcestypicallyincludeseniordebt(fromcommercialbanksorinstitutionallenders),mezzaninedebt(subordinateddebtw