CFA考试公司金融精选练习题及解析

1、CFA考试公司金融精选练习题及解析The Seattle Corporation has been presented with aninvestment opportunity which will yield cash flows of$30,000 per year in years 1 through 4,$35,000 per year in years 5 through 9,and$40,000 in year 10.This investment will cost the firm$150,000 today,and the firm's cost of capita

2、l is 10%.The payback period for this investment is closest to:A. 4.86 years.B. 5.23 years.C. 6.12 years.Answer=AWith$30,000 unrecovered cost in year 5,and$35,000cash flow in year 5;$30,000/$35,000=0.86 years:4+0.86=4.86years.解析：先看问题，这道题求的是Payback Period,所以算年而且还限就可以了，就不需要直接列出所有的年份，也不需要任何 的折现。那先看 15 万

3、的金额， 在第五年就可以还清， 有剩余，那切实的就是第五年 30000/35000 得到 0.86。也就可得总额是 4.86。这类题， payback period 只要数年份就可以 了（处理一下最后一年）A company has the following information:A target capital structure of 40%debt and 60%equity.$1,000 par value bonds pay 10%coupon(semi-annualpayments),mature in 20 years,and sell for$849.54.The comp

4、any stock beta is 1.2.Risk-free rate is 10%,and market risk premium is 5%.The company's marginal tax rate is 40%.The weighted average cost of capital(WACC)is closest to:A. 13.0%.B. 12.5%.C. 13.5%.Answer=BKs=0.10+(0.05)*(1.2)=0.16 or 16%Kd=Solve for i:N=40,PMT=50,FV=1,000,PV=-849.54,CPT I=6X2=12%

5、WACC=(0.4)*(12)*(1-0.4)+(0.6)*(16)=2.88+9.6=12.48解析：WACC 的计算，其实就是要记住公式，一定要弄清税前税后都是哪个。公式就不多讲了，按上面的答案带入计算即可。Which of the following statements about business riskand financial risk is least accurate?A. Business risk is the riskiness of the company's assetsif it uses no debt.B. Factors that affect business risk are demand,salesprice,and input price variability.C. The greater a company's business risk,the higher itsoptimal debt ratio.Answer=CThe greater a company ' s business risk,the lower itsoptimal debt ratio.解析：这题是基本的概念理解题，没有那么重要，但是需要了解。公司的商业风险提高了，那么公司的股