cfa历年考题以及相关资料

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1、十一CorporateFinance:CorporateInvestingandFinancingDecisions1.A:AnOverviewofFinancialManagementa:Discusspotentialagencyproblemsofstockholdersversus1)managersand2)creditors.QuestionID:25907Whichofthefollowingpartiesisleastlikelytobenefitfromriskystrategiesthatincreaseriskandexpecte

2、dreturnforacompany?A.CreditorsB.ChiefexecutiveofficersC.StockholdersD.ChieffinancialofficersExplanation:Correctanswer:ACreditorsbeartheresponsibilityforbankruptcyinthattheywillnotreceivetheprincipalbackfromtheirinvestment.Iftheprojectisagreatsuccess,creditors’returnswillnotincre

3、ase;theywillonlyreceivethemoneyloanedplusinterest.Ontheotherhand,stockholderscouldseethevalueoftheirsharesrisemanytimesover,whilethereputationofthemanagers(andtheirbonuses)islikelytorapidlyincrease.QuestionID:17232WhichofthefollowingstatementsisNOTamechanismtoreducetheagencyprob

4、lemandmotivatemanagers?A.Poisonpill.B.Threatoftakeover.C.Managerialcompensation.D.Threatoffiring.146Explanation:Correctanswer:AQuestionID:25905WhichofthefollowingstatementsaboutagencyproblemsisTRUE?A.Aslongasmanagersstaywithinthelaw,therearenoeffectivecontrolsthatstockholderscan

5、implementtocontrolmanagerialactions.B.Agencyconflictsarecommon.C.Bondcovenantsareusedtomotivatemanagerstoactintheinterestsofshareholders.D.Theagencyconflictbetweenbondholdersandstockholderscannotexistifmanagersareattemptingtomaximizeshareprice.Explanation:Correctanswer:BAnytimet

6、hereisapubliclyheldcorporationandinanybusinessthatissueddebt,thereisthepotentialforagencyproblems.Anagencyrelationshipiscreatedwhendecision-makingauthorityisdelegatedtoanagentwithouttheagentbeingfullyresponsibleforthedecisionthatismade.Agencyrelationshipsoccurintwocommoncorporat

7、escenarios:1)stockholdersgiveresponsibilitytomanagerswhodonotreceivethefullcostsandbenefitsoftheirperformance,and2)debtholdersdelegateauthoritytomanagerswhoactonthebehalfofstockholders.Thereareseverallegalmeanstoreduceagencyproblems.Bondcovenantsmotivatemangerstoactintheinterest

8、sofbondholders.Intheprocessofattemptingtomaximi