CFA一级权益投资练习题(六)——出自高顿财经CFA

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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