CFA特許金融分析師-CFA一級(jí)-05-Equity

CFA特許金融分析師-CFA一級(jí)-05-Equity[單選題]1.Enterprisevalueismostoftendeterminedasmarketcapitalizationofc（江南博哥）ommonequityandpreferredstockminusthevalueofcashequivalentsplusthe:A.bookvalueofdebt.B.marketvalueofdebt.C.marketvalueoflong-termdebt.正確答案：B參考解析：英文Biscorrect.Themarketvalueofdebtmustbecalculatedandtakenoutoftheenterprisevalue.Enterprisevalue,sometimesknownasthecostofatakeover,isthecostofthepurchaseofthecompany,whichwouldincludetheassumptionofthecompany’sdebtsatmarketvalue.中文B是正確的。債務(wù)的市場(chǎng)價(jià)值必須從企業(yè)價(jià)值中扣除。企業(yè)價(jià)值，有時(shí)被稱為收購(gòu)成本，是指購(gòu)買(mǎi)公司的成本，包括以市場(chǎng)價(jià)值承擔(dān)公司債務(wù)。[單選題]2.Aninvestorexpectstopurchasesharesofcommonstocktodayandsellthemaftertwoyears.Theinvestorhasestimateddividendsforthenexttwoyears,D1andD2,andthesellingpriceofthestocktwoyearsfromnow,P2.Accordingtothedividenddiscountmodel,theintrinsicvalueofthestocktodayisthepresentvalueof:A.nextyear’sdividend,D1.B.futureexpecteddividends,D1andD2.C.futureexpecteddividendsandprice—D1,D2andP2.正確答案：C參考解析：英文Ciscorrect.Accordingtothedividenddiscountmodel,theintrinsicvalueofastocktodayisthepresentvalueofallfuturedividends.Inthiscase,theintrinsicvalueisthepresentvalueofD1,D2,andP2.NotethatP2isthepresentvalueatPeriod2ofallfuturedividendsfromPeriod3toinfinity.中文C是正確的。根據(jù)股利貼現(xiàn)模型，股票的內(nèi)在價(jià)值是所有未來(lái)股利的現(xiàn)值。在這種情況下，內(nèi)在值是D1、D2和P2的現(xiàn)值。請(qǐng)注意，P2是從第3期到無(wú)限期的所有未來(lái)股息在第2期的現(xiàn)值。[單選題]3.TheprimarydifferencebetweenP/EmultiplesbasedoncomparablesandP/Emultiplesbasedonfundamentalsisthatfundamentals-basedP/Estakeintoaccount:A.futureexpectations.B.thelawofoneprice.C.historicalinformation.正確答案：A參考解析：英文Aiscorrect.Multiplesbasedoncomparablesaregroundedinthelawofonepriceandtakeintoaccounthistoricalmultiplevalues.Incontrast,P/EmultiplesbasedonfundamentalscanbebasedontheGordongrowthmodel,whichtakesintoaccountfutureexpecteddividends.中文A是正確的。基于可比數(shù)據(jù)的是使用市場(chǎng)價(jià)格因此是考慮了歷史數(shù)據(jù)。相比之下，基于基本面的市盈率倍數(shù)可以基于考慮未來(lái)預(yù)期股息的戈登增長(zhǎng)模型。[單選題]4.Whichofthefollowingstatementsregardingfixed-incomeindexesismostaccurate?A.Liquidityissuesmakeitdifficultforinvestorstoeasilyreplicatefixed-incomeindexes.B.Rebalancingandreconstitutionaretheonlysourcesofturnoverinfixed-incomeindexes.C.Fixed-incomeindexesrepresentingthesametargetmarketholdsimilarnumbersofbonds.正確答案：A參考解析：英文Aiscorrect.Thelargenumberoffixed-incomesecurities—combinedwiththelackofliquidityofsomesecurities—makesitcostlyanddifficultforinvestorstoreplicatefixed-incomeindexes.中文A是正確的。固定收益證券數(shù)量龐大，加上部分證券缺乏流動(dòng)性，使得投資者復(fù)制固定收益指數(shù)成本高昂，難度較大。C錯(cuò)在固定收益證券種類(lèi)繁多，從零息債券到具有嵌入期權(quán)的債券（即可贖回或可計(jì)算債券），導(dǎo)致有不同類(lèi)型的固定收益指數(shù)。所以有相同的目標(biāo)市場(chǎng)和相似的數(shù)量肯定是不對(duì)的。[單選題]5.Whichofthefollowingisnotalimitationofthecyclical/non-cyclicaldescriptiveapproachtoclassifyingcompanies?A.cyclicalcompanymayhaveagrowthcomponentinit.B.Business-cyclesensitivityisadiscretephenomenonratherthanacontinuousspectrum.C.Aglobalcompanycanexperienceeconomicexpansioninonepartoftheworldwhileexperiencingrecessioninanotherpart.正確答案：B參考解析：英文Biscorrect.Business-cyclesensitivityfallsonacontinuumandisnotadiscrete“either–or”phenomenon.中文B是正確的。關(guān)于周期和非周期行業(yè)的局限性，我們知道非周期行業(yè)有兩類(lèi)，一類(lèi)是成長(zhǎng)性行業(yè)，一類(lèi)是防御性行業(yè)。那么如果一個(gè)周期性行業(yè)的公司中有一個(gè)部門(mén)或者說(shuō)一項(xiàng)業(yè)務(wù)是正處在成長(zhǎng)期的，那么對(duì)于劃分這個(gè)公司屬于周期和非周期行業(yè)就帶來(lái)了困難，所以說(shuō)這是周期和非周期行業(yè)劃分的局限性。商業(yè)周期敏感性屬于一個(gè)連續(xù)現(xiàn)象，不是一個(gè)離散的“非此即彼”現(xiàn)象。[單選題]6.Ananalystgathersthefollowinginformationabouttwocompanies:

Whichofthefollowingstatementsismostaccurate?A.DeltahasthehighertrailingP/EmultipleandlowercurrentestimatedP/Emultiple.B.AlphahasthehighertrailingP/EmultipleandlowercurrentestimatedP/Emultiple.C.AlphahasthehighertrailingP/EmultipleandhighercurrentestimatedP/Emultiple.正確答案：B參考解析：英文Biscorrect.P/E=Currentprice/EPS,andEstimatedP/E=Currentprice/EstimatedEPS.AlphaP/E=$57.32/$3.82=15.01AlphaestimatedP/E=$57.32/4.75=12.07DeltaP/E=$18.93/$1.35=14.02DeltaestimatedP/E=$18.93/$1.40=13.52中文B是正確的。分別使用歷史數(shù)據(jù)和預(yù)測(cè)數(shù)據(jù)計(jì)算。P/E=Currentprice/EPS,andEstimatedP/E=Currentprice/EstimatedEPS.AlphaP/E=$57.32/$3.82=15.01AlphaestimatedP/E=$57.32/4.75=12.07DeltaP/E=$18.93/$1.35=14.02DeltaestimatedP/E=$18.93/$1.40=13.52[單選題]7.Whichofthefollowinglife-cyclephasesistypicallycharacterizedbyhighprices?A.Mature.B.Growth.C.Embryonic.正確答案：C參考解析：英文Ciscorrect.Theembryonicstageischaracterizedbyslowgrowthandhighprices.中文C是正確的。胚胎期的特點(diǎn)是生長(zhǎng)緩慢，價(jià)格高。[單選題]8.Whichofthefollowingstatementsregardingsectorindexesismostaccurate?Sectorindexes:A.trackdifferenteconomicsectorsandcannotbeaggregatedtorepresenttheequivalentofabroadmarketindex.B.provideameanstodeterminewhetheranactiveinvestmentmanagerismoresuccessfulatstockselectionorsectorallocation.C.applyauniversallyagreeduponsectorclassificationsystemtoidentifytheconstituentsecuritiesofspecificeconomicsectors,suchasconsumergoods,energy,finance,healthcare.正確答案：B參考解析：英文Biscorrect.Sectorindexesprovideameanstodeterminewhetheraportfoliomanagerismoresuccessfulatstockselectionorsectorallocation.中文B是正確的。行業(yè)指數(shù)提供了一種方法來(lái)確定投資組合經(jīng)理在股票選擇或行業(yè)配置方面是否更成功。A錯(cuò)在所有的分支集合匯集在一起是可以等同于大盤(pán)指數(shù)的。C錯(cuò)在板塊指數(shù)可以基于全國(guó)性的，地區(qū)性的，或全球基礎(chǔ)。因?yàn)椴煌慕?jīng)濟(jì)部門(mén)在商業(yè)周期的進(jìn)程不同。并不是普遍相同的部門(mén)分類(lèi)制度。[單選題]9.Afloat-adjustedmarket-capitalization-weightedindexweightseachofitsconstituentsecuritiesbyitspriceand:A.itstradingvolume.B.thenumberofitssharesoutstanding.C.thenumberofitssharesavailabletotheinvestingpublic.正確答案：C參考解析：英文：Ciscorrect.“Float”isthenumberofsharesavailableforpublictrading.中文：C是正確的?！傲魍ü伞笔侵缚晒┕_(kāi)交易的股票數(shù)量。[單選題]10.Asset-basedvaluationmodelsarebestsuitedtocompanieswherethecapitalstructuredoesnothaveahighproportionof:A.debt.B.intangibleassets.C.currentassetsandliabilities.正確答案：B參考解析：英文Biscorrect.Intangibleassetsarehardtovalue.Therefore,asset-basedvaluationmodelsworkbestforcompaniesthatdonothaveahighproportionofintangibleassets.中文B是正確的。無(wú)形資產(chǎn)很難估價(jià)。因此，基于資產(chǎn)的估值模型最適合那些無(wú)形資產(chǎn)比例不高的公司。[單選題]11.Usesofmarketindexesdonotincludeservingasa:A.measureofsystemicrisk.B.basisfornewinvestmentproducts.C.benchmarkforevaluatingportfolioperformance.正確答案：A參考解析：英文Aiscorrect.Securitymarketindexesareusedasproxiesformeasuringmarketorsystematicrisk,notasmeasuresofsystemicrisk.中文A是正確的。在資產(chǎn)配置模型中，證券市場(chǎng)指數(shù)作為資產(chǎn)類(lèi)別的代表指標(biāo)起著至關(guān)重要的作用。A錯(cuò)在指數(shù)是個(gè)proxies指標(biāo)，而不是度量工具。如果前面加了個(gè)proxies就是正確的。[單選題]12.Whencreatingasecuritymarketindex,anindexprovidermustfirstdeterminethe:A.targetmarket.B.appropriateweightingmethod.C.numberofconstituentsecurities.正確答案：A參考解析：英文：Aiscorrect.Thefirstdecisionisidentifyingthetargetmarketthattheindexisintendedtorepresentbecausethetargetmarketdeterminestheinvestmentuniverseandthesecuritiesavailableforinclusionintheindex.中文：A是正確的。第一個(gè)決定是確定指數(shù)打算代表的目標(biāo)市場(chǎng)，因?yàn)槟繕?biāo)市場(chǎng)決定了投資范圍和可納入指數(shù)的證券。[單選題]13.Inthefreecashflowtoequity(FCFE)model,theintrinsicvalueofashareofstockiscalculatedas:A.thepresentvalueoffutureexpectedFCFE.B.thepresentvalueoffutureexpectedFCFEplusnetborrowing.C.thepresentvalueoffutureexpectedFCFEminusfixedcapitalinvestment.正確答案：A參考解析：英文Aiscorrect.IntheFCFEmodel,theintrinsicvalueofstockiscalculatedbydiscountingexpectedfutureFCFEtopresentvalue.Nofurtheradjustmentsarerequired.中文A是正確的。在FCFE模型中，股票的內(nèi)在價(jià)值是通過(guò)將預(yù)期未來(lái)FCFE折現(xiàn)為現(xiàn)值來(lái)計(jì)算的。無(wú)需進(jìn)一步調(diào)整。[單選題]14.Whichfactorismostlikelyassociatedwithstablemarketshare?A.Lowswitchingcosts.B.Lowbarrierstoentry.C.Slowpaceofproductinnovation.正確答案：C參考解析：英文Ciscorrect.Aslowpaceofproductinnovationoftenmeansthatcustomersprefertostaywithsupplierstheyknow,implyingstablemarketshares.中文C是正確的。緩慢的產(chǎn)品創(chuàng)新步伐往往意味著客戶會(huì)一只選擇原有的供應(yīng)商，這意味著穩(wěn)定的市場(chǎng)份額。[單選題]15.Whichofthefollowingstatementsaboutcommercialandgovernmentindustryclassificationsystemsismostaccurate?A.Manycommercialclassificationsystemsincludeprivatefor-profitcompanies.B.Bothcommercialandgovernmentclassificationsystemsexcludenot-for-profitcompanies.C.Commercialclassificationsystemsaregenerallyupdatedmorefrequentlythangovernmentclassificationsystems.正確答案：C參考解析：英文Ciscorrect.Commercialsystemsaregenerallyupdatedmorefrequentlythangovernmentsystems,andincludeonlypubliclytradedfor-profitcompanies.中文C是正確的。商業(yè)系統(tǒng)通常比政府系統(tǒng)更新得更頻繁，而且只包括公開(kāi)交易的營(yíng)利性公司。[單選題]16.Anindustrywithhighbarrierstoentryandweakpricingpowermostlikelyhas:A.highbarrierstoexit.B.stablemarketshares.C.significantnumbersofissuedpatents.正確答案：A參考解析：英文Aiscorrect.Anindustrythathashighbarrierstoentrygenerallyrequiressubstantialphysicalcapitaland/orfinancialinvestment.Withweakpricingpowerintheindustry,findingabuyerforexcesscapacity(i.e.,toexittheindustry)maybedifficult.中文A是正確的。我們上課的時(shí)候說(shuō)過(guò)要有高的定價(jià)能力除了進(jìn)入壁壘高，退出壁壘要低。本題中進(jìn)入壁壘高，需要大量的實(shí)物資本和/或金融投資。但是由于該行業(yè)定價(jià)能力較弱，說(shuō)明該行業(yè)的退出壁壘也高，退出可能很困難，所以只能留在行業(yè)中競(jìng)爭(zhēng)造成產(chǎn)能過(guò)剩。因此定價(jià)能力就差。[單選題]17.Aninvestorisconsideringthepurchaseofacommonstockwitha$2.00annualdividend.Thedividendisexpectedtogrowatarateof4percentannually.Iftheinvestor’srequiredrateofreturnis7percent,theintrinsicvalueofthestockisclosestto:A.$50.00.B.$66.67.C.$69.33.正確答案：C參考解析：英文Ciscorrect.AccordingtotheGordongrowthmodel,V0=D1/(r–g).Inthiscase,D1=$2.00×1.04=$2.08,soV0=$2.08/(0.07–0.04)=$69.3333=$69.33.中文C是正確的。根據(jù)高登增長(zhǎng)模型，V0=D1/（r-g）。這道題目中，D1=$2.00×1.04=$2.08，所以V0=$2.08/(0.07–0.04)=$69.3333=$69.33.[單選題]18.Whichindustryclassificationsystemusesathree-tierclassificationsystem?A.RussellGlobalSectors.B.IndustryClassificationBenchmark.C.GlobalIndustryClassificationStandard.正確答案：A參考解析：英文Aiscorrect.TheRussellsystemusesthreetiers,whereastheothertwosystemsarebasedonfourtiersorlevels.中文A是正確的。Russell系統(tǒng)使用三層，而其他兩個(gè)系統(tǒng)基于四層。[單選題]19.Whichofthefollowingismostlikelyareasonforusingasset-basedvaluation?A.Theanalystisvaluingaprivatelyheldcompany.B.Thecompanyhasarelativelyhighlevelofintangibleassets.C.Themarketvaluesofassetsandliabilitiesaredifferentfromthebalancesheetvalues.正確答案：A參考解析：英文Aiscorrect.Asset-basedvaluationsaremostoftenusedwhenananalystisvaluingprivateenterprises.BothBandCareconsiderationsinasset-basedvaluationsbutaremorelikelytobereasonstoavoidthatvaluationmodelratherthanreasonstouseit.中文A是正確的。當(dāng)分析師對(duì)私營(yíng)企業(yè)進(jìn)行估值時(shí)，最常用的是基于資產(chǎn)的估值。在基于資產(chǎn)的估值中，B和C都是考慮因素，但更可能是避免使用該估值模型的理由，而不是使用該模型的理由。[單選題]20.Whencreatingasecuritymarketindex,thetargetmarket:A.determinestheinvestmentuniverse.B.isusuallyabroadlydefinedassetclass.C.determinesthenumberofsecuritiestobeincludedintheindex.正確答案：A參考解析：英文：Aiscorrect.Thetargetmarketdeterminestheinvestmentuniverseandthesecuritiesavailableforinclusionintheindex.中文：A是正確的。目標(biāo)市場(chǎng)決定了投資范圍和可納入指數(shù)的證券。B選項(xiàng)錯(cuò)在不一定總是廣泛定義的。C選項(xiàng)錯(cuò)在不是目標(biāo)市場(chǎng)所有的證券都會(huì)被納入指數(shù)，只是可供挑選。[單選題]21.Whichofthefollowinginformationaboutacompanywouldmostlikelydependonanindustryanalysis?Thecompany’s:A.dividendpolicy.B.competitiveenvironment.C.trendsincorporateexpenses.正確答案：B參考解析：英文Biscorrect.Determinationofacompany’scompetitiveenvironmentdependsonunderstandingitsindustry.中文B是正確的。企業(yè)競(jìng)爭(zhēng)環(huán)境的確定取決于對(duì)行業(yè)的了解。[單選題]22.Whichofthefollowingindustriesismostlikelytobecharacterizedasconcentratedwithstrongpricingpower?A.Assetmanagement.B.Alcoholicbeverages.C.Householdandpersonalproducts.正確答案：B參考解析：英文Biscorrect.AsdisplayedinExhibit4,thealcoholicbeverageindustryisconcentratedandpossessesstrongpricingpower.中文B是正確的。如原版書(shū)中表4所示，酒精飲料行業(yè)在集中行業(yè)中擁有強(qiáng)大的定價(jià)能力。[單選題]23.Whichofthefollowingismostlikelyacharacteristicofaconcentratedindustry?A.Infrequent,tacitcoordination.B.Difficultyinmonitoringotherindustrymembers.C.Industrymembersattemptingtoavoidcompetitiononprice.正確答案：C參考解析：英文Ciscorrect.Therelativelyfewmembersoftheindustrygenerallytrytoavoidpricecompetition.中文行業(yè)中相對(duì)較少的成員通常試圖避免價(jià)格競(jìng)爭(zhēng)。相比之下，在集中的行業(yè)中，每個(gè)參與者都可以相對(duì)容易地跟蹤其競(jìng)爭(zhēng)對(duì)手在做什么，這使得默契協(xié)作更加可行。所以A應(yīng)該是frequent而不是infrequent.B是easier。集中度高的市場(chǎng)比如寡頭壟斷的行業(yè)，會(huì)盡可能的去避免打價(jià)格戰(zhàn)。[單選題]24.AnanalysthasdeterminedthattheappropriateEV/EBITDAforRainbowCompanyis10.2.TheanalysthasalsocollectedthefollowingforecastedinformationforRainbowCompany:EBITDA=$22,000,000Marketvalueofdebt=$56,000,000Cash=$1,500,000ThevalueofequityforRainbowCompanyisclosestto:A.$169million.B.$224million.C.$281million.正確答案：A參考解析：英文Aiscorrect.EV=10.2×22,000,000=$224,400,000Equityvalue=EV–Debt+Cash=224,400,000–56,000,000+1,500,000=$169,900,000中文A是正確的企業(yè)價(jià)值=10.2×22,000,000=$224,400,000權(quán)益價(jià)值=EV–Debt＋Cash=224,400,000–56,000,000＋1,500,000=$169,900,000[單選題]25.ACanadianlifeinsurancecompanyhasanissueof4.80percent,$25parvalue,perpetual,non-convertible,non-callablepreferredsharesoutstanding.Therequiredrateofreturnonsimilarissuesis4.49percent.Theintrinsicvalueofapreferredshareisclosestto:A.$25.00.B.$26.75.C.$28.50.正確答案：B參考解析：英文Biscorrect.Theexpectedannualdividendis4.80%×$25=$1.20.Thevalueofapreferredshareis$1.20/0.0449=$26.73.中文B是正確的。預(yù)期年度股息為4.80%×25美元=1.20美元。優(yōu)先股價(jià)值為1.20美元/0.0449=26.73美元。[單選題]26.Industryconsolidationandhighbarrierstoentrymostlikelycharacterizewhichlife-cyclestage?A.MatureB.GrowthC.Embryonic正確答案：A參考解析：英文Aiscorrect.Industryconsolidationandrelativelyhighbarrierstoentryaretwocharacteristicsofamature-stageindustry.中文A是正確的。產(chǎn)業(yè)整合和相對(duì)較高的進(jìn)入壁壘是成熟階段產(chǎn)業(yè)的兩大特征。[單選題]27.Ananalysthaspreparedatableoftheaveragetrailingtwelve-monthprice-to-earning(P/E),price-to-cashflow(P/CF),andprice-to-sales(P/S)fortheTanakaCorporationfortheyears2014to2017.

Asofthedateofthevaluationin2018,thetrailingtwelve-monthP/E,P/CF,andP/Sare,respectively,9.2,8.0,and2.5.Basedontheinformationprovided,theanalystmayreasonablyconcludethatTanakasharesaremostlikely:A.overvalued.B.undervalued.C.fairlyvalued.正確答案：A參考解析：Aiscorrect.Tanakasharesaremostlikelyovervalued.Asthetablebelowshows,allthe2018multiplesarecurrentlyabovetheir2014–2017averages.

A是正確的。Tanaka的股票很可能被高估了。所有2018年的倍數(shù)目前均高于2014-2017年的平均值。[單選題]28.Ananalystgathersthefollowingdataforavalue-weightedindex:

Thereturnonthevalue-weightedindexovertheperiodis:A.7.1%.B.11.0%.C.21.4%.正確答案：B參考解析：英文：Biscorrect.Itisthepercentagechangeinthemarketvalueovertheperiod:Marketvalueatbeginningofperiod:(20×300)+(50×300)+(26×2,000)=73,000Marketvalueatendofperiod:(22×300)+(48×300)+(30×2,000)=81,000Percentagechangeis81,000/73,000–1=0.1096or11.0percentwithrounding.中文：B是正確的。這是該期間市值變動(dòng)的百分比：期初市值：（20×300）＋（50×300）＋（26×2000）=73000期末市值：（22×300）＋（48×300）＋（30×2000）=81000百分比變化為81000/73000-1=0.1096或11.0%。[單選題]29.Inwhichofthefollowinglife-cyclephasesarepricewarsmostlikelytobeabsent?A.Mature.B.Decline.C.Growth.正確答案：C參考解析：英文Ciscorrect.Thegrowthphaseisnotlikelytoexperiencepricewarsbecauseexpandingindustrydemandprovidescompaniestheopportunitytogrowevenwithoutincreasingmarketshare.Whenindustrygrowthisstagnant,companiesmayonlybeabletogrowbyincreasingmarketshare,e.g.,byengaginginpricecompetition.中文C是正確的。增長(zhǎng)階段不太可能經(jīng)歷價(jià)格戰(zhàn)，即使沒(méi)有增加市場(chǎng)份額,不斷擴(kuò)大的行業(yè)需求為企業(yè)提供了增長(zhǎng)的機(jī)會(huì)。當(dāng)行業(yè)增長(zhǎng)停滯不前時(shí)，企業(yè)可能只能通過(guò)增加市場(chǎng)份額（如參與價(jià)格競(jìng)爭(zhēng)）來(lái)實(shí)現(xiàn)增長(zhǎng)。[單選題]30.Ifoveralongperiodoftimeacountry’saveragelevelofeducationalaccomplishmentincreases,thisdevelopmentwouldmostlikelyleadtothecountry’samountofincomespentonconsumerdiscretionarygoodsto:A.decrease.B.increase.C.notchange.正確答案：B參考解析：英文Biscorrect.Astheireducationallevelincreases,workersareabletoperformmoreskilledtasks,earnhigherwages,andasaresult,havemoreincomeleftfordiscretionaryexpenditures.中文B是正確的。隨著受教育程度的提高，工人能夠完成更多的技能性工作，賺取更高的工資，因此，他們有更多的收入可用于自由支配的支出。[單選題]31.Anaggregatefixed-incomeindex:A.comprisescorporateandasset-backedsecurities.B.representsthemarketofgovernment-issuedsecurities.C.canbesubdividedbymarketoreconomicsectortocreatemorenarrowlydefinedindexes.正確答案：C參考解析：英文Ciscorrect.Anaggregatefixed-incomeindexcanbesubdividedbymarketsector(government,governmentagency,collateralized,corporate),style(maturity,creditquality),economicsector,orsomeothercharacteristictocreatemorenarrowlydefinedindexes.中文題目問(wèn)所有的固定收益指數(shù)以下正確的是，C的意思是說(shuō)固定收益指數(shù)可以有很多細(xì)分的市場(chǎng)（政府，有無(wú)抵押的，公司），風(fēng)格方面細(xì)分（到期時(shí)間，信用質(zhì)量）等，也可根據(jù)其他特性進(jìn)行細(xì)分。C是正確的。A錯(cuò)在不全面，B錯(cuò)在所有的固定收益指數(shù)可以代表市場(chǎng)，但不能代表政府發(fā)行的，因?yàn)橛械牟皇钦l(fā)行的。[單選題]32.Bookvalueisleastlikelytobeconsideredwhenusing:A.amultipliermodel.B.anasset-basedvaluationmodel.C.apresentvaluemodel.正確答案：C參考解析：英文Ciscorrect.Multipliervaluationmodels(intheformofP/B)andasset-basedvaluationmodels(intheformofadjustmentstobookvalue)usebookvalue,whereaspresentvaluemodelstypicallydiscountfutureexpectedcashflows.中文C是正確的。乘數(shù)估值模型（比如P/B，市凈率）和基于資產(chǎn)的估值模型（以賬面價(jià)值調(diào)整的形式）都使用賬面價(jià)值，而現(xiàn)值模型通常貼現(xiàn)未來(lái)預(yù)期現(xiàn)金流.[單選題]33.Rebalancinganindexistheprocessofperiodicallyadjustingtheconstituent:A.securities’weightstooptimizeinvestmentperformance.B.securitiestomaintainconsistencywiththetargetmarket.C.securities’weightstomaintainconsistencywiththeindex’sweightingmethod.正確答案：C參考解析：英文：Ciscorrect.Rebalancingreferstoadjustingtheweightsofconstituentsecuritiesinanindextomaintainconsistencywiththeindex’sweightingmethod.中文：C是正確的。再平衡是指調(diào)整指數(shù)中組成證券的權(quán)重，以保持與指數(shù)權(quán)重方法的一致性。[單選題]34.Ananalystgathersorestimatesthefollowinginformationaboutastock:

Basedonadividenddiscountmodel,thestockismostlikely:A.undervalued.B.fairlyvalued.C.overvalued.正確答案：A參考解析：英文Aiscorrect.Thecurrentpriceof€22.56islessthantheintrinsicvalue(V0)of€24.64;therefore,thestockappearstobecurrentlyundervalued.Accordingtothetwo-stagedividenddiscountmodel:

中文A是正確的。目前22.56歐元的價(jià)格低于24.64歐元的內(nèi)在價(jià)值（V0）；因此，該股票目前被低估。根據(jù)兩階段股利貼現(xiàn)模型（如上）[單選題]35.Anautomotivemanufacturerismostlikelyclassifiedinwhichofthefollowingindustrysectors?A.ConsumerstaplesB.IndustrialdurablesC.Consumerdiscretionary正確答案：C參考解析：英文Ciscorrect.Automotivemanufacturersareclassifiedasconsumerdiscretionary.Consumerdiscretionarycompaniesderiveamajorityofrevenuefromthesaleofconsumer-relatedproductsforwhichdemandtendstoexhibitahighdegreeofeconomicsensitivity—thatis,highdemandduringperiodsofeconomicexpansionandlowdemandduringperiodsofcontraction.中文C是正確的。汽車(chē)制造商被歸類(lèi)為非必需消費(fèi)品。非必需消費(fèi)品公司的產(chǎn)品的需求往往表現(xiàn)出高度的經(jīng)濟(jì)敏感性，即經(jīng)濟(jì)擴(kuò)張期間的高需求和收縮期間的低需求。[單選題]36.Whichofthefollowingstatementsregardingthecalculationoftheenterprisevaluemultipleismostlikelycorrect?A.OperatingincomemaybeusedinsteadofEBITDA.B.EBITDAmaynotbeusedifcompanyearningsarenegative.C.Bookvalueofdebtmaybeusedinsteadofmarketvalueofdebt.正確答案：A參考解析：英文Aiscorrect.OperatingincomemaybeusedinplaceofEBITDAwhencalculatingtheenterprisevaluemultiple.EBITDAmaybeusedwhencompanyearningsarenegativebecauseEBITDAisusuallypositive.Thebookvalueofdebtcannotbeusedinplaceofmarketvalueofdebt.中文A是正確的。在計(jì)算企業(yè)價(jià)值倍數(shù)時(shí)，營(yíng)業(yè)收入可代替息稅折舊攤銷(xiāo)前利潤(rùn)。當(dāng)公司收益為負(fù)時(shí)，可以使用息稅折舊攤銷(xiāo)前利潤(rùn)，因?yàn)橄⒍愓叟f攤銷(xiāo)前利潤(rùn)通常為正。債務(wù)的賬面價(jià)值不能代替?zhèn)鶆?wù)的市場(chǎng)價(jià)值。[單選題]37.Twoanalystsestimatingthevalueofanon-convertible,non-callable,perpetualpreferredstockwithaconstantdividendarriveatdifferentestimatedvalues.Themostlikelyreasonforthedifferenceisthattheanalystsuseddifferent:A.timehorizons.B.requiredratesofreturn.C.estimateddividendgrowthrates.正確答案：B參考解析：英文Biscorrect.Therequiredrateofreturn,r,canvarywidelydependingontheinputsandisnotunique.Apreferredstockwithaconstantdividendwouldnothaveagrowthratetoestimate,andtheinvestor’stimehorizonwouldhavenoeffectonthecalculationofintrinsicvalue.中文B是正確的。所需的回報(bào)率r可以根據(jù)輸入數(shù)據(jù)的不同而有很大的差異，并且不是唯一的。股息不變的優(yōu)先股不會(huì)有增長(zhǎng)率可估計(jì)，投資者的時(shí)間范圍也不會(huì)影響內(nèi)在價(jià)值的計(jì)算。[單選題]38.Ifthetechnologyforanindustryinvolveshighfixedcapitalinvestment,thenonewaytoseekhigherprofitgrowthisbypursuing:A.economiesofscale.B.diseconomiesofscale.C.removaloffeaturesthatdifferentiatetheproductorserviceprovided.正確答案：A參考解析：英文Aiscorrect.Seekingeconomiesofscalewouldtendtoreduceper-unitcostsandincreaseprofit.中文A是正確的。尋求規(guī)模經(jīng)濟(jì)往往會(huì)降低單位成本，增加利潤(rùn)。[單選題]39.Withrespecttopresentvaluemodels,whichofthefollowingstatementsismostaccurate?A.Presentvaluemodelscanbeusedonlyifastockpaysadividend.B.Presentvaluemodelscanbeusedonlyifastockpaysadividendorisexpectedtopayadividend.C.Presentvaluemodelscanbeusedforstocksthatcurrentlypayadividend,areexpectedtopayadividend,orarenotexpectedtopayadividend.正確答案：C參考解析：英文Ciscorrect.Dividenddiscountmodelscanbeusedforastockthatpaysacurrentdividendorastockthatisexpectedtopayadividend.FCFEcanbeusedforbothofthosestocksandforstocksthatdonot,orarenotexpectedto,paydividendsinthenearfuture.Bothofthesemodelsareformsofpresentvaluemodels.中文C是正確的。股利貼現(xiàn)模型可用于支付當(dāng)期股利的股票或預(yù)期支付股利的股票。FCFE既可用于上述股票，也可用于近期內(nèi)不派息或預(yù)期不會(huì)派息的股票。這兩種模型都是現(xiàn)值模型的形式。[單選題]40.Thebestmodeltousewhenvaluingayoungdividend-payingcompanythatisjustenteringthegrowthphaseismostlikelythe:A.Gordongrowthmodel.B.two-stagedividenddiscountmodel.C.three-stagedividenddiscountmodel.正確答案：C參考解析：英文Ciscorrect.TheGordongrowthmodelisbestsuitedtovaluingmaturecompanies.Thetwo-stagemodelisbestforcompaniesthataretransitioningfromagrowthstagetoamaturestage.Thethree-stagemodelisappropriateforyoungcompaniesjustenteringthegrowthphase.中文C是正確的。高登增長(zhǎng)模型最適合評(píng)估成熟公司。兩階段模型最適合從成長(zhǎng)階段過(guò)渡到成熟階段的公司。三階段模式適合剛進(jìn)入成長(zhǎng)期的年輕公司。[單選題]41.Whichofthefollowingisnotarealestateindexcategory?A.Appraisalindex.B.Initialsalesindex.C.Repeatsalesindex.正確答案：B參考解析：英文Biscorrect.Itisnotarealestateindexcategory.中文B是正確的，房地產(chǎn)指數(shù)有Appraisalindex、Repeatsales(transaction-based)index、REITindex。B不屬于房地產(chǎn)指數(shù)。[單選題]42.Whichofthefollowingindustrycharacteristicsisgenerallyleastlikelytoproducehighreturnsoncapital?A.HighbarrierstoentryB.HighdegreeofconcentrationC.Shortleadtimetobuildnewplants正確答案：C參考解析：英文Ciscorrect.Withshortleadtimes,industrycapacitycanberapidlyincreasedtosatisfydemand,butitmayalsoleadtoovercapacityandlowerprofits.中文C是正確的。由于建造新工廠的時(shí)間短，行業(yè)產(chǎn)能可以迅速增加以滿足需求，但也可能導(dǎo)致產(chǎn)能過(guò)剩和利潤(rùn)下降。[單選題]43.Acompanythatissensitivetothebusinesscyclewouldmostlikely:A.nothavegrowthopportunities.B.experiencebelow-averagefluctuationindemand.C.sellproductsthatthecustomercanpurchaseatalaterdateifnecessary.正確答案：C參考解析：英文Ciscorrect.Customers’flexibilityastowhentheypurchasetheproductmakestheproductmoresensitivetothebusinesscycle.中文C是正確的?？蛻粼谫?gòu)買(mǎi)產(chǎn)品時(shí)的靈活性使產(chǎn)品對(duì)商業(yè)周期更加敏感。[單選題]44.Whichofthefollowingindexweightingmethodsismostlikelysubjecttoavaluetilt?A.Equalweighting.B.Fundamentalweighting.C.Market-capitalizationweighting.正確答案：B參考解析：英文：Biscorrect.Fundamentalweightingleadstoindexesthathaveavaluetilt.中文：B是正確的?；久婕訖?quán)導(dǎo)致指數(shù)具有價(jià)值傾斜。價(jià)值傾斜是指指數(shù)中通常使用賬面價(jià)值價(jià)格比、盈利價(jià)格比等基本面要素確定權(quán)重。而通常價(jià)值股的以上幾種比率都會(huì)更高，導(dǎo)致其權(quán)重也偏高。[單選題]45.Ananalystgathersthefollowingdataforaprice-weightedindex:

Thepricereturnoftheindexovertheperiodis:A.4.2%.B.7.1%.C.21.4%正確答案：A參考解析：英文：Aiscorrect.Thesumofpricesatthebeginningoftheperiodis96;thesumattheendoftheperiodis100.Regardlessofthedivisor,thepricereturnis100/96–1=0.042or4.2percent.中文：A是正確的。期初價(jià)格之和為96；期末價(jià)格之和為100。價(jià)格回報(bào)率是100/96-1=0.042或4.2%。[單選題]46.Onemonthafterinception,thepricereturnversionandtotalreturnversionofasingleindex(consistingofidenticalsecuritiesandweights)willbeequalif:A.marketpriceshavenotchanged.B.capitalgainsareoffsetbycapitallosses.C.thesecuritiesdonotpaydividendsorinterest.正確答案：C參考解析：英文：Ciscorrect.Thedifferencebetweenapricereturnindexandatotalreturnindexconsistingofidenticalsecuritiesandweightsistheincomegeneratedovertimebytheunderlyingsecurities.Ifthesecuritiesintheindexdonotgenerateincome,bothindexeswillbeidenticalinvalue.中文：C是正確的。價(jià)格回報(bào)指數(shù)和由相同證券和權(quán)重組成的總回報(bào)指數(shù)之間的差額是標(biāo)的證券的期間收入。如果指數(shù)中的證券不產(chǎn)生收益，兩個(gè)指數(shù)的價(jià)值將相同。[單選題]47.Whichofthefollowingstatementsismostaccurate?A.Commodityindexesallsharesimilarweightingmethods.B.Commodityindexescontainingthesameunderlyingcommoditiesoffersimilarreturns.C.Theperformanceofcommodityindexescanbequitedifferentfromthatoftheunderlyingcommodities.正確答案：C參考解析：英文Ciscorrect.Theperformanceofcommodityindexescanbequitedifferentfromthatoftheunderlyingcommoditiesbecausetheindexesconsistoffuturescontractsonthecommoditiesratherthantheactualcommodities.中文C是正確的。商品指數(shù)的表現(xiàn)可能與標(biāo)的商品的表現(xiàn)大不相同，因?yàn)橹笖?shù)由商品的期貨合約而不是實(shí)際商品組成。[單選題]48.TheBeasleyCorporationhasjustpaidadividendof$1.75pershare.Iftherequiredrateofreturnis12.3percentperyearanddividendsareexpectedtogrowindefinitelyataconstantrateof9.2percentperyear,theintrinsicvalueofBeasleyCorporationstockisclosestto:A.$15.54.B.$56.45.C.$61.65.正確答案：C參考解析：英文Ciscorrect.P0=D1/(r–g)=1.75(1.092)/(0.123–0.092)=$61.65.中文C是正確的。P0=D1/(r–g)=1.75(1.092)/(0.123–0.092)=$61.65.美元。[單選題]49.Ananalystgathersthefollowinginformationforamarket-capitalization-weightedindexcomprisedofsecuritiesMNO,QRS,andXYZ:

Thepricereturnoftheindexis:A.–9.33%.B.–10.23%.C.–13.90%.正確答案：B參考解析：英文：Biscorrect.Thepricereturnoftheindexis(48,250,000–53,750,000)/53,750,000=–10.23%.中文：B是正確的。該指數(shù)的價(jià)格回報(bào)率為（48250000-53750000）/53750000=-10.23%。[單選題]50.Whichofthefollowingismostlikelyusedinapresentvaluemodel?A.Enterprisevalue.B.Pricetofreecashflow.C.Freecashflowtoequity.正確答案：C參考解析：英文Ciscorrect.FCFEcanbeusedinaformofpresentvalue,ordiscountedcashflow,model.BothEVandpricetofreecashflowareformsofmultipliermodels.中文C是正確的。股東自有現(xiàn)金流可以用于現(xiàn)金流折現(xiàn)模型。EV和價(jià)格自由現(xiàn)金流比率都是乘數(shù)模型的形式。[單選題]51.Economicvalueiscreatedforanindustry’sshareholderswhentheindustryearnsareturn:A.belowthecostofcapital.B.equaltothecostofcapital.C.abovethecostofcapital.正確答案：C參考解析：英文Ciscorrect.Economicprofitisearnedandvaluecreatedforshareholderswhenthecompanyearnsreturnsabovethecompany’scostofcapital.中文C是正確的。當(dāng)獲得高于公司資本的成本時(shí)，公司為股東創(chuàng)造經(jīng)濟(jì)利潤(rùn)和價(jià)值。[單選題]52.Withregardtoformingacompany’speergroup,whichofthefollowingstatementsisnotcorrect?A.Commentsfromthemanagementofthecompanyaboutcompetitorsaregenerallynot