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1、CFA一级权益投资练习题（五）——出自高顿财经CFA1.Anequityvaluationmodelthatvaluesafirmbasedonthemarketvalueofitsoutstandingdebtandequitysecurities,relativetoafirmfundamental,isa(n): A)asset-basedmodel. B)enterprisevaluemodel. C)marketmultiplemodel.答案及解析： 正确答案：B Anenter
2、prisevaluemodelrelatesafirm’senterprisevalue(themarketvalueofitsoutstandingequityanddebtsecuritiesminusitscashandmarketablesecuritiesholdings)toitsEBITDA,operatingearnings,orrevenue.2.Dividendsonnon-participatingpreferencesharesaretypically: A)afixedp
3、ercentageofparvalue. B)acontractualobligationofthecompany. C)lowerthanthedividendsoncommonshares.答案及解析： 正确答案：A Similartotheinterestpaymentsonadebtsecurity,dividendsonnon-participatingpreferenceshares(preferredstock)aretypicallyfixed.Unliketheinteres
4、tpaymentsonadebtsecurity,thecompanyisnotcontractuallyobligatedtopaypreferreddividends.Preferreddividendsaretypicallyhigherthanafirm’scommondividends.3.Afirmhasaprofitmarginof10%,anassetturnoverof1.2,anequitymultiplierof1.3,andanearningsretentionratioof
5、0.5.Whatisthefirm'sinternalgrowthrate?（高顿财经2014年6月CFA模拟考试试题） A)7.8%. B)6.7%.第3/3页 C)4.5%.答案及解析： 正确答案：A ROE=(NetIncome/Sales)(Sales/TotalAssets)(TotalAssets/TotalEquity) ROE=(0.1)(1.2)(1.3)=0.156 g=(retentionratio)(ROE)=0.5(0.156)=0.078or7.8%4.Li
6、quidityofprivateequityismostlikely: A)greaterthanliquidityofpublicequity. B)lessthanliquidityofpublicequity. C)aboutequaltoliquidityofpublicequity.答案及解析： 正确答案：B Privateequitysecuritiesarenotregisteredtobetradedinapublicmarket,andthereforearelessliq
7、uidthatpublicequity.5.Initslatestannualreport,acompanyreportedthefollowing:Netincome=$1,000,000Totalequity=$5,000,000Totalassets=$10,000,000Dividendpayoutratio=40% Basedonthesustainablegrowthmodel,themostlikelyforecastofthecompany’sfutureearningsgrowt
8、hrateis: A)6%. B)12%.第3/3页 C)8%.答案及解析： 正确答案：B g=(RR)(ROE) RR=1?Dividendpayoutratio=1?0.4=0.6 ROE=NI/TotalEquity=1,000,000/5,000,000=1/5=0.2 Note:Thisisthe"simple"calculationofROE.Sinceweareonlygiventheseinputs,thesearewhatyoushou
