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页数:6页
时间:2019-09-12
《CFA一级权益投资练习题(六)——出自高顿财经CFA》由会员上传分享,免费在线阅读,更多相关内容在教育资源-天天文库。
1、CFA一级权益投资练习题(六)——出自高顿财经CFACFA一级权益投资练习题,第六部分,共包含了10道考题1.Thelastdividendpaidonacommonstockwas$2.00,thegrowthrateis5%andinvestorsrequirea10%return.Usingtheinfiniteperioddividenddiscountmodel,calculatethevalueofthestock. A)$42.00. B)$40.00. C)$13.33.【答案
2、及解析】 正确答案:A解析: 2(1.05)/(0.10-0.05)=$42.00 2.Afirm’scostofequitycapitalisleastaccuratelydescribedasthe: A)ratioofthefirm’snetincometoitsaveragebookvalue. B)minimumrateofreturninvestorsrequiretoinvestinthefirm’sequitysecurities. C)expectedtotalretu
3、rnonthefirm’sequitysharesinequilibrium.【答案及解析】 正确答案:A解析: Theratioofthefirm’snetincometoitsaveragebookvalueisthefirm’sreturnonequity,whichcanbegreaterthan,equalto,orlessthanthefirm’scostofequity.Costofequityforafirmcanbedefinedastheexpectedequilibrium
4、totalreturninthemarketonitsequityshares,orasminimumrateofreturnthatinvestorsrequireascompensationfortheriskofthefirm’sequitysecurities. 3.BakerComputerearned$6.00persharelastyear,hasaretentionratioof55%,andareturnonequity(ROE)of20%.Assumingtheirrequir
5、edrateofreturnis15%,howmuchwouldaninvestorpayforBakeronthebasisoftheearningsmultipliermodel? A)$40.00. B)$173.90. C)$74.93.【答案及解析】 正确答案:C解析: g=Retention×ROE=(0.55)×(0.2)=0.11 P0/E1=0.45/(0.15?0.11)=11.25 Nextyear'searningsE1=E0×(1+g)=(6.00)×(1.1
6、1)=$6.66 P0=11.25($6.66)=$74.93 4.Assumingadiscountrateof15%,apreferredstockwithaperpetualdividendof$10isvaluedatapproximately: A)$66.67. B)$1.50. C)$8.70.【答案及解析】 正确答案:A解析: Theformulaforthevalueofpreferredstockwithaperpetualdividendis:D/kp,or10.
7、0/0.15=$66.67. 5.Thepricetobookvalueratio(P/BV)isahelpfulvaluationtechniquewhenexaminingfirms: A)witholderassetscomparedtothosewithnewerassets. B)thatholdprimarilyliquidassets. C)withthesamestockprices.【答案及解析】 正确答案:B解析: P/BVanalysisworksbestforfi
8、rmsthatholdprimarilyliquidassets.6.Oneadvantageofusingprice-to-bookvalue(PBV)multiplesforstockvaluationisthat: Amostofthetimeitisclosetothemarketvalue. B)itisastableandsimplebenchmarkforcomparisontothemarketprice. C)bookvalueofafirmc
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