試卷：2019年CFA二級(jí)M1?？季?下午卷（含解析）

2019IISamplePM（M1）Thethe2019IIFinancial?Sample60theexperience,18per6multiplechoicea(3thistheQuestions1–615and11–14–45–50EconomicsEquity15151560accessingthisSamplethetermsuse:ThisisviewtheThearestrictlyresultdisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingtheforpurpose.?2019Allrights12019IISamplePMEthicsTheXiaoxiangMosttheindividuals.thethenearlyStill,notdownrecruitingnewtheananalyst.Anequityanalyst,WilliamsishisIIandhethatbeenainstructorGoldensohehetipsontherepliedthat,thecurriculumeveryisInaddition,aonequitiesethics,Iamthewillasimilarweighting.”WilliamsItookthe”Inmanagementclients.sobecausethefundsbyZeping,whosonethecapablefundintheaclientsbeingfundstheDuringtheXiaoxiangclientswillobtainthanannualonlywhoZepingsfundthe20%annualinthefundsbytheremainingdidnotthebenchmark.2pushtheperformance,aselectionmodelbyusingamodelmacro-economicmodel.Thefirmwhenbackthemodel30availableThismodelisonincludingvalue,inflationXiaoxiangreplacethemodelsolelyprice12-monththenewone.Thisisournuclearweapon,shouldallsupportingthismodelinConfidentialitymechanismshouldalsobuiltthenewmodel.andseniorknowtheapplicationsdetailsthemodel.”susesaclients.AndyBell,onetheequitytheaportionthecommissionsInc.,abyoneAndyssLeopardisnotonpricing.ThesomebutssousefulthedidAndydistributesportionbusinessInrecommendstheservicesthisbusinesslowtheisdisclosedtheisresponsiblethemaintenanceenhancementhismodel.high-levelpublicationsblogsonblogby,somecouldbenefitsmodel.thediscussedonthebloghismodelinhisreport.AsaJiayinsmodelobtainingahugeanewjobworkingthetheoneEverblacksthesupportinghismodelfirm3withoutdiscussingthedideitherWilliamVII–ResponsibilitiesaMemberorA.thebothandWilliamtheNo.2.WithXiaoxiangswhichtheInstituteConductisbeA.dealingDuties3.WhichJiayinsplansaboutthenewmodelConduct?A.thematerialssupportingthemodelConfidentialitymechanismBothandconfidentiality4.LeopardsbusinesstheInstituteConductisA.DisclosureResponsibilitysupervisors5.updatingmodeltheonblog,whoseaction4Conduct?A.TheblogBoththem6.WhichConductJiayinviolateabouthisA.DutiesconfidentialityECONOMICSTheThomasJackson,majoriseconomics,discussingtheeconomicaboutCountryACountryCountryAisacountrywhileCountryBisadevelopingThomasthatCountryA5deepeningCountryanoppositeopinion.theydiscussthetheeconomicThomashowtheCountryAusingtheCapitaldeepeningLaborproductivitylabor1.8%3.5%2.1%answeringThomassthat,allparticularCountryBwillwithCountryAperoutput.”ThomaswithJackson.theydiscusstheeconomicregulations.Thomashisopinionthearelationshipbetweenindustryandalsothesocialsoundeconomicpolicies.”responds,IwithbutIalsothatthespecialtheindustrythanthepublic”deepening?A.CountryA.CountryB.Neitherthe12.JacksonstheAis6A.7.4%5.3%5.6%13.JacksonseconomicaboutBiswith:A.AbsoluteConditionalClub14.Jacksonsabouttheiswith:A.competition.7EQUITYThePinethe’quarterJohnbyhissupervisorwritereportabouttheandincomethethePineisadistributorTheearningsthequiteovertheduefamousinNewPlusisawholesaledistributorThesearningsperformancequiteaduringtheduetheandvolatileenergyprices.theJohndiscusstheinthePinePluswithJohnPinePrice-to-earningsusingtrailingshouldbechosenbecauseearnings.Plus,Price-to-earningsusingearningsshouldbechosenbecausevolatileearnings.withJohn.bothshouldthanisthethelongrun.Johnsomefinancialbothcompanies:Exhibit1:USDpriceperDilutedEPS4Q)DilutedEPS4Q)Pine11.5Plus23.53.451.833.581.358JohnunderlyingtrailingEPSPinePinebasictrailingEPS$3.82.JohnfindstheinsfinancialPineintheabasis,1.aanon-recurring$0.08;2.anon-recurring3.arecurringindepreciation.”4.Pine$1.5dividend,is$3.58,JohnaPinedividends8%Inaninternalmeeting,JohnStevediscusscharacteristicsofresidualincomemodels.StevetellsJohnthefollowing:StatementThepresentvaluetheterminalvalueRImodelsforalargerportionofthetotalintrinsicvaluethanotherDCFvaluationmodels.StatementThequalityandtheaccuracyvaluationusingtheRImodelisaffectedbythequalityearnings.StatementOncecompaniesdonothavepositivefreecashflows,RImodelsarenotsuitable.JohnuseRImodelGasPlussintrinsicfinishingthehefindsthebooktheequalstheintrinsicvalueusingtheRImodel.discussesthewithpossible1:Thefirmsequityequalsthefirms2:ThefirmsisbetheRI3:Thefirmsequityequalsthefirmscapital.Pinesfinancialassumptionsbelow:Bookvalueper$7.559Long-termearningsequity3.5%6.5%$11.58%priceperLong-termthechoicepricemultiples,whoseopinionisA.JohnNeitherthem28.Exhibit1andthePinesfinancialthetrailingPineusingunderlyingisA.3.33.3.243.56.29.istheGrowthmodelPineA.10.2511.5030.WhichStevesstatementsregardingresidualincomemodelsiscorrect?10A.Statement1Statement2Statement331.thefollowingreasonmostcausethecompanysbookvalueequalstoitsintrinsicvalueusingtheRImodel?A.Reason1Reason2Reason332.WhatisthePineWatersintrinsicvalueusingthesinglestageResidualIncomemodel?A.$11.33$13.84$9.8611TheisasenioraGermanmanufacturingfirm,andameetingwithhisJerrythemeeting,didincludingcollectionandanalysis.Duringthemeeting,recommendsabuildinginExhibit1.Exhibit1building(NOI):10,000,00012,000,00013,000,000DCFAssumptions:holdperiodGoing-inCapCap25%6%7%isalsoininPEfundsbutnothingabouttheallocationmechanism.Heswonderingifthemanagementandmaximizingallthetime.tellshimthePEfundsamechanismtheDuringthemeeting,alsohisinthea6.4%annualpriceduringtheInaddition,a3.8%annualtherolling12“Althoughandliabilitiesmoreflexibility.thenthemethodsonthefinancialExhibit2.Exhibit2FinancialaboutaREIT12NOI$100,000$10,000$20,000$5,000Other$200,000$50,000$30,00010%DebtOtherliabilities20,00045.Exhibit1,thethebuildingisA.0.75%1.00%.2.00%.46.onExhibit1,thethehotelbuildingutilizingtheflowisA.$35,000,000.$212,946,481.13Inthediscussionfunds,themechanismisa:A.distributionclawbackprovision.48.TheannualStevenssisA.6.4%3.8%10.2%49.Which’stheisA.flexibilitythanBothliabilityvaluepertheREITusingisA.$54.87.142019IISamplePM（M1）Thethe2019IIFinancial?Sample60theexperience,18per6multiplechoicea(3thistheQuestions1–615and11–14–45–50EconomicsEquity15151560accessingthisSamplethetermsuse:ThisisviewtheThearestrictlyresultdisciplinaryand/oraction:orpermittingbythancopying,postingemailing,distributingreprintingtheforpurpose.?2019Allrights12019IISamplePMEthicsTheXiaoxiangMosttheindividuals.thethenearlyStill,notdownrecruitingnewtheananalyst.Anequityanalyst,WilliamsishisIIandhethatbeenainstructorGoldensohehetipsontherepliedthat,thecurriculumeveryisInaddition,aonequitiesethics,Iamthewillasimilarweighting.”WilliamsItookthe”Inmanagementclients.sobecausethefundsbyZeping,whosonethecapablefundintheaclientsbeingfundstheDuringtheXiaoxiangclientswillobtainthanannualonlywhoZepingsfundthe20%annualinthefundsbytheremainingdidnotthebenchmark.2pushtheperformance,aselectionmodelbyusingamodelmacro-economicmodel.Thefirmwhenbackthemodel30availableThismodelisonincludingvalue,inflationXiaoxiangreplacethemodelsolelyprice12-monththenewone.Thisisournuclearweapon,shouldallsupportingthismodelinConfidentialitymechanismshouldalsobuiltthenewmodel.andseniorknowtheapplicationsdetailsthemodel.”susesaclients.AndyBell,onetheequitytheaportionthecommissionsInc.,abyoneAndyssLeopardisnotonpricing.ThesomebutssousefulthedidAndydistributesportionbusinessInrecommendstheservicesthisbusinesslowtheisdisclosedtheisresponsiblethemaintenanceenhancementhismodel.high-levelpublicationsblogsonblogby,somecouldbenefitsmodel.thediscussedonthebloghismodelinhisreport.AsaJiayinsmodelobtainingahugeanewjobworkingthetheoneEverblacksthesupportinghismodelfirm3withoutdiscussingthedideitherWilliamVII–ResponsibilitiesaMemberorA.thebothandWilliamtheNo.Answer:CWilliam在詢問JiayinCFA考試的注意事項(xiàng)的時(shí)候并沒有希望打聽考試內(nèi)容，所以不違反準(zhǔn)則.Jiayin在詢問中，提到了各門科目的重要程度，但并沒有提到考試會(huì)在哪些知識(shí)點(diǎn)上有側(cè)重，所以也不違反準(zhǔn)則。2.WithXiaoxiangswhichtheInstituteConductisbeA.dealingDutiesAnswer:B解析：Xiaoxiang利用Zeping的名氣和2支表現(xiàn)最好的基金來吸引投資者無可厚非，但是不能利用歷史業(yè)績(jī)來向潛在客戶保證說未來一定會(huì)獲得多高的收益率，屬于明顯違反I(C)misrepresentation不當(dāng)陳述這條細(xì)則。3.WhichJiayinsplansaboutthenewmodelConduct?A.thesupportingthemodelConfidentialitymechanismBothandconfidentiality4Answer:B事會(huì)和高級(jí)管理人員知道的范圍內(nèi)，因此保密機(jī)制的安排違反了V(B)communicatewithclientsandprospectiveclients這條準(zhǔn)則。而另外對(duì)于所有相關(guān)資料必須留檔這一行為是符合V(C)recordretention的準(zhǔn)則規(guī)定的。所以選B。4.LeopardsbusinesstheInstituteConductisA.DisclosureResponsibilitysupervisorsAnswer:C解析：在Everblack讓trader把大量交易導(dǎo)向Leopard的行為上，Everblack并未向投資人披露Andy與Leopard的管理人是MBA進(jìn)行披露，違反VI(A)disclosureofconflicts.此外，Leopard與Everblack的互惠互利的生意模式也沒有向客戶進(jìn)行適當(dāng)?shù)呐鸙I(C)referralfee.而題目中并未有關(guān)主管管理下屬不利的場(chǎng)景，因此IV(C)responsibilityofsupervisor不違反。所以選C。5.updatingmodeltheonblog,whoseactionConduct?A.TheblogBoththemAnswer:CJiayin5處，這點(diǎn)Jiayin沒有做到，因此違反I(C)Misrepresentation的條款。而Blog的博主在CFA名稱的使用上用CFACFA與不是自己名字的SEC一起使用，也違反了VII（B）ReferencetoCFAInstitute,theCFAdesignationandtheCFAprogram。所以選C。6.WhichConductJiayinviolateabouthisA.DutiesconfidentialityAnswer:C解析：Jiayin料根據(jù)準(zhǔn)則V(C)Recordretention和IV(A)Loyalty都是屬于公司資產(chǎn)，公司資產(chǎn)未經(jīng)許可帶走就是違反以上兩條，且IV(A)又是屬于大準(zhǔn)則Dutiestoemployer，所以不選A和B。III(E)Preservationofconfidentiality的保密是出于對(duì)客戶的機(jī)密進(jìn)行保護(hù)，而題目中未牽涉到客戶的相關(guān)秘密，因此C不違反，選C。6ECONOMICSTheThomasJackson,majoriseconomics,discussingtheeconomicaboutCountryACountryCountryAisacountrywhileCountryBisadevelopingThomasthatCountryAdeepeningCountryanoppositeopinion.theydiscussthetheeconomicThomashowtheCountryAusingtheCapitaldeepeningLaborproductivitylabor1.8%3.5%2.1%answeringThomassthat,allparticularCountryBwillwithCountryAperoutput.”ThomaswithJackson.theydiscusstheeconomicregulations.Thomashisopinionthearelationshipbetweenindustryandalsothesocialsoundeconomicpolicies.”responds,IwithbutIalsothatthespecialtheindustrythanthepublic”mostdeepening?A.CountryA.7CountryB.NeithertheAnswer:B資本深化增加GDPGDP化增加GDP的作用比較明顯，更能受益。所以選發(fā)展中國(guó)家B。12.JacksonstheAisA.7.4%5.3%5.6%Answer:CPotentialGDP的增長(zhǎng)率=勞動(dòng)生產(chǎn)率的增長(zhǎng)率+勞動(dòng)力的增長(zhǎng)率=3.5%+2.1%=5.6%13.JacksonseconomicaboutBiswith:A.AbsoluteConditionalClubAnswer:A完全趨同假設(shè)是指不論發(fā)展中國(guó)家什么特征，最終都能和發(fā)達(dá)國(guó)家的人均GDP以及人均GDPBA涉及B國(guó)的制度改變，所以選擇完全趨同假設(shè)A。814.Jacksonsabouttheiswith:A.competition.Answer:AJacky指出他懷疑監(jiān)管者在過去更多的是代表行業(yè)內(nèi)部的利益而不是代表廣大內(nèi)部專家的影響，做出對(duì)行業(yè)內(nèi)部有利的監(jiān)管舉動(dòng)。9EQUITYThePinethe’quarterJohnbyhissupervisorwritereportabouttheandincomethethePineisadistributorTheearningstheandquiteovertheduefamousinNewPlusisawholesaledistributorThesearningsperformancequiteaduringtheduetheseasonalityandvolatileenergyprices.theJohndiscusstheinthePinePluswithJohnPinePrice-to-earningsusingtrailingshouldbechosenbecauseearnings.Plus,Price-to-earningsusingearningsshouldbechosenbecausevolatileearnings.withbothshouldthanisthethelongrun.Johnsomefinancialbothcompanies:Exhibit1:USDpriceperDilutedEPS4Q)DilutedEPS4Q)Pine11.5Plus23.53.451.833.581.3510JohnunderlyingtrailingEPSPinePinebasictrailingEPS$3.82.JohnfindstheinsfinancialPineintheabasis,1.aanon-recurring$0.08;2.anon-recurring3.arecurringindepreciation.”4.Pine$1.5dividend,is$3.58,JohnaPinedividends8%Inaninternalmeeting,JohnStevediscusscharacteristicsofresidualincomemodels.StevetellsJohnthefollowing:StatementThepresentvaluetheterminalvalueRImodelsforalargerportionofthetotalintrinsicvaluethanotherDCFvaluationmodels.StatementThequalityandtheaccuracyvaluationusingtheRImodelisaffectedbythequalityearnings.StatementOncecompaniesdonothavepositivefreecashflows,RImodelsarenotsuitable.JohnuseRImodelGasPlussintrinsicfinishingthehefindsthebooktheequalstheintrinsicvalueusingtheRImodel.discussesthewithpossiblereasons:1:Thefirmsequityequalsthefirms2:ThefirmsisbetheRI3:Thefirmsequityequalsthefirmscapital.Pinesfinancialassumptionsarebelow:Bookvalueper$7.5511Long-termearningsequity3.5%6.5%$11.58%priceperLong-termthechoicepricemultiples,whoseopinionisA.JohnNeitherthemAnswer:AisPineWater的earnings比較穩(wěn)定，在計(jì)算EPS時(shí)，可以直接使用trailingearnings。但是對(duì)于GasPlus,因?yàn)镋arning的波動(dòng)性比較大，因此需要對(duì)它進(jìn)行NormalizedP/SratioRevenuerecognition）的影響,因此Steve的意見不正確。28.Exhibit1andthePinesfinancialthetrailingPineusingunderlyingisA.3.33.3.243.56.Answer:B在計(jì)算trailingP/E時(shí)，需要從DilutedtrailingEPS出發(fā)，同時(shí)需要將NonrecurringDepreciation,是recurringcost。然后用市場(chǎng)價(jià)格除以經(jīng)過調(diào)整的EPS。11.5/(3.45+0.08+0.02)=3.241229.isthemodelPineA.10.2511.50Answer:C代入公式P0/E1=(D1/E1)/(r-g)=(1.5/3.58)/(12%-8%)=10.4730.WhichStevesstatementsregardingresidualincomemodelsiscorrect?A.Statement1Statement2Statement3Answer:B在使用RI計(jì)算股票價(jià)值的公式中，bookvalue占據(jù)很大的比重，TerminalvalueA凈資產(chǎn)的質(zhì)量，同時(shí)也直接影響使用RI計(jì)算的股票價(jià)值的質(zhì)量。C答案中如果公司自由現(xiàn)金流不可得，是比較適用RImodel的。31.thefollowingreasonmostcausethecompanysbookvalueequalstoitsintrinsicvalueusingtheRImodel?A.Reason1Reason2Reason3Answer:A代入公式，13當(dāng)ROE=r時(shí)，intrinsicvalue=bookvalue。32.WhatisthePineWatersintrinsicvalueusingthesinglestageResidualIncomemodel?A.$11.33$13.84$9.86Answer:A代入公式,=7.55+（8%-6.5%）/（6.5%-3.5%）*7.55=11.3314TheisasenioraGermanmanufacturingfirm,andameetingwithhisJerrythemeeting,didincludingcollectionandanalysis.Duringthemeeting,recommendsabuildinginExhibit1.Exhibit1building(NOI):10,000,00012,000,00013,000,000DCFAssumptions:holdperiodGoing-inCapCap