[[特许金融分析师读书笔记].cfa.2008].cfa-.equity.investments,.industry.and.company.analysis

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1、Level2:StudySession09:EquityInvestments:IndustryandCompanyAnalysis160questions.IntroductionbytheAuthor:Hithere,CFAfellows,hereyouare.Yousee,itdoesn'tneedtobeanexpensiveprepcoursetogetfirstclasspreparationfortheCFAexams.ThefollowingquestionsareoriginalCFAAIMRquest

2、ionsandnotjustcomposedbyprepcourseproviders.Theyallcomewithaclearanswer.Inordertounderstandwhythequestionsarecommentedby"answeriscorrect/incorrect"itisimportanttoknowthatallquestionshaveautomaticallybeenrespondedwiththefirst(andonlythefirst)answer.YourCFA-aficion

3、adocfa-aficionado@softhome.netcfa-aficionado@flashmail.comAndnow,herewego...Acme,Incorporatedisasmallmanufacturingfirm.Thefirm'sincomestatementindicatesacostofgoodssoldamountof$150,000.Theaveragebalancesheetshowsanaverageaccountspayableamountof$15,000.WhatisAcme'

4、saveragedayspayableoutstanding?*30days*36.5days*52.7days*10days*28.4daysThatanswerisincorrect.Correctanswer:36.5daysThepayablesturnoverratioiscostofgoodssold(COGS)dividedbyaverageaccountspayable.Inthiscase$150,000/$15,000=10.0.Toconvertthisintoaveragedayspayableo

5、utstanding,divide365by10.0.365/10.0=36.5days.Thereareseveralfactorsthatinfluenceanindustry'spricingpatterns.Whichfactorisdescribedasafirm'sabilitytodifferentiateitsproductovervaryingmarketsegments,andthuschargedifferentprices?*Productsegmentation*Pricevolatilityo

6、fkeysupplyinputs*Industryconcentration*EaseofindustryentryThatansweriscorrect!Thereareseveralfactorsthatinfluenceanindustry'spricingpracticesincludingproductsegmentation,industryconcentration,easeofentry,andpricevolatilityofkeyinputs.Productsegmentationreferstoaf

7、irm'sabilitytodifferentiateitsproductacrossvaryingmarketsegments,andchargingdifferentialprices.Acrosssectionalanalysisisonewhere:*Thefirm'sratiosaretestedtoseeiftheymeetcertaineconometricthresholds*Afirm'sratiosarestandardizedwhichiscompletedbydividingthemintoeit

8、hertotalassetsortotalsales*Afirm'sratiosarecomparedagainstanaverageofallfirmsintheeconomy*Afirm'sratiosarecomparedtoitsownratiosfrompreviousperiods*Afirm'srati