CFA一级模块练习-权益投资-试题.docx

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1、CFA一级模块练习-权益投资-试题05　　1.Iftheexpecteddividendpayoutratioofafirmisexpectedtorisefrom50percentto55percent,thecostofequityisexpectedtoincreasefrom10percentto11percent,andthefirm’sgrowthrateremainsat5percent,whatwillhappentothefirm’sprice-to-equity(P/E)ratio?Itwill:　　A)decline.　　B)beunchanged.　　

2、C)increase.　　Thecorrectanswerwas:A　　Payoutincreasesfrom50%to55%,costofequityincreasesfrom10%to11%,anddividendgrowthratestaysat5%,theP/Ewillchangefrom10to9.16:　　P/E=(D/E)/(k–g).　　P/E0=0.50/(0.10–0.05)=10.　　P/E1=0.55/(0.11–0.05)=9.16.　　2.Whenacompany’sreturnonequity(ROE)is12%andthedividendpay

3、outratiois60%,whatistheimpliedsustainablegrowthrateofearningsanddividends?　　A)4.0%.　　B)7.8%.　　C)4.8%.　　ThecorrectanswerwasC　　g=ROE×retentionratio=ROE×(1–payoutratio)=12(0.4)=4.8%　　3.Theconstant-growthdividenddiscountmodelwouldtypicallybemostappropriateinvaluingastockofa:　　A)moderategrowth,"

4、mature"company.　　B)rapidlygrowingcompany.　　C)newventureexpectedtoretainallearningsforseveralyears.　　Thecorrectanswerwas:A　　Remember,theinfiniteperiodDDMhasthefollowingassumptions:　　§Thestockpaysdividendsandtheygrowataconstantrate.　　§Theconstantgrowthrate,g,continuesforaninfiniteperiod.　　§km

5、ustbegreaterthang.Ifnot,themathwillnotwork.　　Ifanyoneoftheseassumptionsisnotmet,themodelbreaksdown.TheinfiniteperiodDDMdoesn’tworkwithgrowthcompanies.Growthcompaniesarefirmsthatcurrentlyhavetheabilitytoearnratesofreturnoninvestmentsthatarecurrentlyabovetheirrequiredratesofreturn.Theinfinite

6、periodDDMassumesthedividendstreamgrowsataconstantrateforeverwhilegrowthcompanieshavehighgrowthratesintheearlyyearsthatleveloutatsomefuturetime.Thehighearlyorsupernormalgrowthrateswillalsogenerallyexceedtherequiredrateofreturn.Sincetheassumptions(constantgandk>g)don’thold,theinfiniteperiodDD

7、Mcannotbeusedtovaluegrowthcompanies.　　4.Thecapitalassetpricingmodelcanbeusedtoestimatewhichofthefollowinginputstothedividenddiscountmodel?　　A)Theexpectedinflationrate.　　B)Theexpectedgrowthrateindividends.　　C)Therequiredreturnonequity.　　Thecorrectanswerwa