2019年CFA二级押题密卷（上午卷）

学习财经，只在高顿2019CFA二级考前押题密卷咨询：400-600-8011邮箱：网站：高顿财经-1-学习财经，只在高顿2019IISampleAM（一）Themorningsessionofthe2019LevelIICharteredFinancial®Samplehas60questions.bestsimulatetheexperience,advisedanof18minutespersetand6multiplechoicequestions)aof180minuteshours)thissessionoftheQuestions18andMethods7–1218181818181818181818013–1819–2425–3031–3637–4243–4849–5455–60FinancialReportingandAnalysisFinancialReportingandAnalysisFinanceIncomeaccessingthisSampleagreetheofuse:ThisSampleiscandidates.viewandprintthepersonalTheactivitiesstrictlyandindisciplinaryaction:accessingorpermittingaccessbyotherthancopying,postingemailing,distributingreprintingtheSamplepurpose.®2019Institute.Allrightsreserved.咨询：400-600-8011邮箱：网站：高顿财经-2-学习财经，只在高顿2019IISampleAMEthicsTheFundCaseJasonZhang,hasbeenastheChiefOfficeroftheRegionalGovernmentEmployees’Fund.heisconductingevaluationsofallemployedbytheFundensurethattheyactingtheirreturnstheirownmandates,whilecomplyingwithallapplicableandregulations.isalocalassetmanagementfirmwith10%ofthepensionfundassetsABCdueitsgoodofperformancepasttheactivitiesofthisfirm,JasonameetingwiththefundEmmaJasonEmmathepositionsoncommoditiesinthesincethedidnotwiththeIPSofthepensionfund.Emmarepliedthattheresalotofopportunitiesincommoditysincethebecamemoreobvious,thewasThoughbeingahand,shewastheseprofitsfurtherlypushupthereturnsofthefund.JasonthenhadathoroughcheckonABCfirmscompliancepolicy：1)PerformancemustbedocumentedeachofABCsactiveaccounts,bediscloseduponandbewiththefirmscomposite,whichiscomposedofactivemustbeona咨询：400-600-8011邮箱：网站：高顿财经-3-学习财经，只在高顿basisallclients,withthedisclosureallperformancecomputed2)DisclosuresofConflictsABCitsbeinthebusinessOnlybusiness-relatedconflictsofholdingsneedbethesupervisors.3)ViolationsAnyviolationoftheABCcompliancepolicytheemployeeswillbetheandemployeeswillanofficialwarning.4)CompensationAlltheemployeesofABCneeddiscusswiththeirsupervisoralloutsidecompensationthattheyreceivingor5)onlythePensionFundthe6)Securities1：Ifplansinclients’accountsontheycouldnotthosesameinpersonalonT-3,T-2andT-1.2：montharandomlyselectedofpersonnelmustconfirmationstheABCcompliance3：personnelmustpriorpersonalonlythosethan$10,000.咨询：400-600-8011邮箱：网站：高顿财经-4-学习财经，只在高顿1.thecommoditypositions,doesEmmascomplywiththeInstitutecodeandA.becauseitisagoodopportunityearnreturns.No,becauseincommoditydoesnottheIPS.No,becauseshehasnotenoughexperiencecommodities.DoesABCscompliancepolicywiththeInstituteCodeandwithperformanceA.No,becauseNo,becauseperformanceisallclientsgrossofNo,becauseperformanceonabasis.3.DoesABCscompliancepolicywiththeInstituteCodeandwithdisclosuresofAbecausenotonlybusinessbutalsopersonalbeliefBbecausenotjustthoseholdingsbutalsoallactualandpotentialconflictsofC4.DoesABCscompliancepolicywiththeInstituteCodeandwithto:ViolationsANoCompensationNoBNoC咨询：400-600-8011邮箱：网站：高顿财经-5-学习财经，只在高顿DoesABCscompliancepolicywiththeInstituteCodeandwith？ANo,becausethemaintaininginelectronicBbecausetheInstitutemaintainingleast7C6.WhichofABCsSecuritiesiswiththeInstituteStandards?ASecurities1BSecurities2CSecurities3咨询：400-600-8011邮箱：网站：高顿财经-6-学习财经，只在高顿QuantitativeMethods:AnnaGuCaseScenarioAnnaGu,hasbeenasthechiefofficeroftheM3GloryFund,aprestigiousboutiquefundinChinaGuisreadingananalysisreporthercolleagueAngelZhouabouttheChinese5Gcommunicationreportincludestheresultsofaofthemonthlyreturnsa5Gcommunicationequityindexthe100monthsonvariablesthemonthlyreturnstheShanghai-Shenzhen300Index(CSI300),andthemonthlybetweenlong-termandshort-termChinesebonds(SPREAD).AnnaGudoubtsthatCSI300andSPREADreasonableindependentvariablesandBecausethehasonlytwoindependentvariables,GudecidesthesignificanceofthebetweenCSI300andwithsignificancelevelof5%.UsingGufindstheis0.18.GuisalsonotofthevalidityofmodelandthenrunsabyresultsinExhibit1.Exhibit1:Model5GCommunicationCSI300Coefficient0.02690.018p-value0.950.46256.190<0.01<0.01SPREAD1.12644.28020.400.84Durbin-WatsonStatisticDurbin–Watsoncriticalvalues(5%significance)1.631.72咨询：400-600-8011邮箱：网站：高顿财经-7-学习财经，只在高顿GuthattheonSPREADequalsone,andsheusetheresultsthishypothesiswithasignificanceof5%.Selectedofthet-distributioninExhibit2.Exhibit2Selectedofthet-Distributionoffreedom=one-tailedprobabilities=p)Dfp=0.051.6601.6591.6581.6531.645p=0.0251.984100110120200∞1.9821.9801.9721.960AnnaGualsodiscussesthemodelwithacolleagueinGuangzhouoffice.believesnon-stationaritybeaandconductsaunitoneachofthetimeseries.TheinExhibit3.Exhibit3oftheTimeSeriesValueoftheTestStatisticStandardErrort-StatisticSignificanceoft5GcommunicationequityindexCSI3001.6600.00231.5910.11231.6591.6580.07240.043–5.846–13.5100SPREADtellsGuitispossiblefindmorethanonemodelswithsameset,thustheremustbeacriterionselecttheone.Gu“Themeansquared(RMSE)criterionistypicallyusedtheout-of-sample咨询：400-600-8011邮箱：网站：高顿财经-8-学习财经，只在高顿replies,“IfusetheRMSEcriterion,themodelwiththesmallestRMSEistheoneshouldjudgeasthe7.BasedonthebetweenCSI300andwhichoftheisA.Theis1.811andmulticollinearityTheis2.976andmulticollinearitydoesnotTheis1.811andmulticollinearitydoesnot8.resultsinExhibit1,ifthemonthlybothCSI300andSPREAD1.0thenthemonthlythe5GCommunicationEquityIndexisclosestto:A..theresultsinExhibit1,theandconclusionrelatingabouttheonSPREADis:A.0.11,andthenullhypothesiscannotbe0.48,andthenullcannotbe4.28,andthenullhypothesiscanbe10.WhatisthetheinExhibit1?TheA.isinconclusive.rejectsthenullhypothesisandconcludethereispositiveserialthenullhypothesisofnoserial咨询：400-600-8011邮箱：网站：高顿财经-9-学习财经，只在高顿11.Assuminga5%levelofsignificance,theconclusionthatcanbetheresultsinExhibit3isthat:A.thedependentvariableexhibitsaunitbutbothoftheindependentvariablesdonot.theaunitisinconclusivethedependentvariable.theindependentvariablesexhibitunitrootsbutthedependentvariabledoesnot.12.WiththeabouttheRMSEcriterion:A)Guiscorrect,andisGuiscorrect,butisincorrect.Guisbutiscorrect.咨询：400-600-8011邮箱：网站：高顿财经-10-学习财经，只在高顿EconomicsAlbaCaseAlbaisadevelopingThehasadoptedopenpoliciesandtheflowofisnowwithEuropeancountriesandisoftendenominatedin(€Duringtheearly2000s,ofsomepubliclyownedindustries;ofanewfree-floatingtheAlbaDollar(ALD);andsoundpoliciesimplementedthebankputtheonaandMinisterofFinanceBubsispreparinghisannualreportontheoftheeconomyandcurrencythelegislativeofwillthelong-andshort-terminGDPgrowth,perincome,inflation,andisalsoresponsiblerecommendingpolicyinitiativesthelegislatureconsiderpromoteeconomicprosperityAlbascitizens.long-termGDPgrowth,BubstheinExhibit1anduseSolowsaccountingequation.Exhibit1ofAlba’sduecapitaldeepening2.1%2.9%inlaborproductivityin1.4%5.3%60%of0.2%productivityShareofGDPpaidlaborBubsconsultshiscolleagueLarrySmiththepolicychoicestheandthepossibleoneconomicandperincome.SmithAlbaspoliticiansdebatingtheofpoliciesonthreeoutcomes:咨询：400-600-8011邮箱：网站：高顿财经-11-学习财经，只在高顿higherofandimportingmoretechnologicalandinanddevelopment(R&D).Smithconcludes:Theimpactthesepolicieswillalong-termincreaseinthesandtheofliving.Furthermore,ifemphasizespending,thenhigherofsavingandencounterdiminishingmarginalBubsthatAlbaneedsaddressaincreaseininflationandappreciationintheIfthesethesprosperitycouldbeBubsandSmithdiscusspolicyBubsBecauseAlbaallowsflowthechoiceisimplementexpansionarymonetaryandfiscalpoliciestheappreciationofthecurrencytheMundell–Flemingmodel.Smithreplies:ThereisalsoatimingdimensioneconomistüdigerDornbusch,withinflexibledomesticpricesintheshortrun,decreaseinnominalmoneysupplywillinduceanincreaseinthedomesticThisresponsewillcapitalinflowsandthetheupsideintheshortrun,untildomesticpricesachanceBubsalsoconcernstheimportanceofGDPandtheoflivingbetweencountries.Smithexplains:1:WhenconsiderourthelongtheprimaryshouldbeontheofGDPgrowth.longertimechangesinearningsandtheprice/earningsmultiplelessimportantindeterminingappreciationintheWhenlookourshouldinmindthathigherofGDPwillreal咨询：400-600-8011邮箱：网站：高顿财经-12-学习财经，只在高顿andrealasset2:Manycountriesthesamepopulationsavingandproductionfunctionwillandperoutputthattime3:countrieswillonlytheincomeofthecountriesiftheyinstitutionalchanges.InthecurrencyBubsisconcernedthatlocalcurrencydealersbeingofbytheinExhibit2evidenceoftriangularandopportunitiesbyEuropeanhedgefunds.Exhibit2InterbankandDealerCurrencyQuotesandSpotinOneLIBORCurrencyBid(spot)(spot)EUR/USD0.80451.20500.80651.21000.82001.2280EUR0.8%USD0.9%ALD/USDAlbasDealer:ALD/EUR1.51401.5190ALD2.1%13.Usingthespecifiedaccountingequation,whichistheconclusionBubscanhisonintheGDPisprimarilydrivenbyisperformingaofgrowth.GDPisprimarilydrivenby咨询：400-600-8011邮箱：网站：高顿财经-13-学习财经，只在高顿14.conclusionthepolicyiswithwhichmodelofeconomicgrowth?EndogenousClassicalNeoclassical15.WhichofthepolicydiscussedbetweenBubsandSmithinresponseAlbasincreaseininflationandappreciationinisA.SmithsRüdigerDornbuschBubssMundell–FlemingmodelBoth16.InreviewingthethreestatementstoaddresstheimportanceofGDPgrowthtoinvestorsandtheconceptofconvergence,whichofBubsscolleagues’statementsismostinaccurate?A.Statement2Statement3Statement117.BasedontheinExhibit2,anopportunisticEuropeanfundintriangularbetweenthedealerandinterbankismostto:A.buyEURintheinterbankandsellEURtheAlbasbuyEURtheAlba’sdealerandsellEURintheinterbanknotriangularopportunity咨询：400-600-8011邮箱：网站：高顿财经-14-学习财经，只在高顿18.UsingtheinExhibit2theinterbankaEuropeanwhoanormalone-yearbasedonaEUR100,000positionwillanetinEURclosestA.1,865.1,065.1,318.咨询：400-600-8011邮箱：网站：高顿财经-15-学习财经，只在高顿FinancialReportingandAnalysisNelsonGroupCaseScenarioAlbertSmithisajuniorNelsonGroup.NelsonisainonandindustryandinNYSE.endedDecember31,2015and2016isinExhibit1.AsapartofhisAlbertisconsideringthepossibleonincomeoftheaccountingclassificationofincomeExhibit1EURinthousandsBasinHeldMaturity34,00032,00039,000GronolaClassificationsaleHeldMaturityCosta20,00024,00026,00068,00068,60074,000asofDec31,2015asofDec31,2016aAllsecuritiespurchasedInadditiontheNelsonhasanimportantDecember312016,Nelsonpaid€300million50inGoldenTheofthepricethevalueofnetassetswaspreviouslylicenses.TheselicensesaneconomicofsixThevalueofassetsandliabilitiesotherthanlicenseswasequaltheirbookBothcompaniestheirfinancialinwithNelsonhasnotannouncedwhichmethoditwilluse.Smiththatthosecompanies’financialresultsin2017willthesameastheresultsin2016adjustmenttheNelsonandincomeended2016,asasthebalance咨询：400-600-8011邮箱：网站：高顿财经-16-学习财经，只在高顿sheetamountasDecember312016,inExhibit2and3.Exhibit2IncomestatementforendedDec31,2016Nelson(inmillions)Golden(inmillions)NetSales€1,20040018030CostofgoodssoldSellingexpense40030020010545AdministrativeexpenseDepreciationandamortizationexpenseInterestexpense355025EarningbeforetaxTaxexpense(30%taxrate)NetIncome15045802410556Exhibit3BalanceSheetofDec31,2016(inmillions)Nelson(inBalanceSheetasofDec31,2016bmillions)Golden(inmillions)Cash€2008020AccountsreceivableInventory8010040TotalCurrentAssetProperty,plant,&equipment—netInvestmentinGoldenTotalAsset3805003001,18038016054034030064014025039030CurrentLiabilityLongTermDebtTotalLiability120150110130240CommonStocksRetainedEarningTotalEquity咨询：400-600-8011邮箱：网站：高顿财经-17-学习财经，只在高顿TotalLiabilityandEquity1,180390Note:BalancesheetsreflectNelson’spurchaseprice,butnotyetconsidertheimpactoftheaccountingmethodchoice.NelsondairyindustryinVietnamviainancompanyanditsadvancedtechnologyinmilkproduction.Afterscreening,BlueaVietnamesedairyisconsidered.SomeaboutBlueDairyisas1.During2016,BlueDairybankloansofnon-consolidatedsubsidiaries,soldreceivableswithpartialandwhenpossible.2.Despiteeconomicconditions,thedoubtfulaccountswassignificantlyreducedby€300million.3.BlueDairyusesdecliningbalancedepreciationmethodallassetstheleasedasset,whichiswithmethodthelease19.IfGronolaisreclassifiedassale,thebalancesheetcarryingvalueof(in€thousands)December31,2016wouldbeclosestto:A.128,000.165,000.134,000earningsin2016,ifBasinhadbeenclassifiedasaheldtheearnings(in€thousands)wouldbeen:A.thesame.€2,0004,000咨询：400-600-8011邮箱：网站：高顿财经-18-学习财经，只在高顿21.BasedonExhibit3,iflong-termdebtequityonDec31,2016wasusingmethods,whichmethodwouldintheresult?A.method.Consolidationwithfullgoodwill.Consolidationwithpartialgoodwill.22.BasedonifNelsondeemsacquiredofGolden,in2017,amountshouldbeunderdepreciationandexpense?€155million215million€235million23.Basedonnetmargin2017willbehighestunderwhichmethod?A.Method.Consolidationwithpartialgoodwill.Consolidationwithfullgoodwill.oftheactivitiesofBlueDairywouldleastaqualityofearningstheTheA.saleofreceivableswithpartialchoiceofdepreciationmethodsassets.ofbankloansnon-consolidatedsubsidiaries.咨询：400-600-8011邮箱：网站：高顿财经-19-学习财经，只在高顿CaseScenarioPhilipMorrisInc.(PMI)isaleadingtobaccoin1987andinVirginia,Unitedsoldinmorethan180andinmanyoftheseholdthenumberoneornumbertwoshareposition.PMIawidelyapplieddefinedbenefitpensionplanandhealthbenefitplanitsemployeesandemployees.IvyisanequityChase&Co.andisreviewingthefile.Shethefullofpensiondetermineitssolvencyposition.ShelearnedthatPMIitsfinancialusingUSacceptedaccountingprinciplesGAAP).IvyandhersomeaboutpensionplansandsummarizedtheinExhibit1.Exhibit1.Selected(in$Millions)Note13.BenefitPlans20172016valueofplanassetsJanuary1valueofplanassetsDecember31BenefitJanuary1BenefitDecember31Unamortizedactuarial(orloss)January1a7,2007,5008,4009,0001,0006,1007,2008,0008,400650Employercontribution700800900670CurrentserviceServiceperiodisbeActualonplanassets1012011179aUsingtentheofbeginningplanassetsandbenefitruleamortizethecumulativeamountofactuarialandlosses.IvyPMIchangeditsassumptionswhendeterminingthebenefit咨询：400-600-8011邮箱：网站：高顿财经-20-学习财经，只在高顿andbenefitobligationsduring2017.TheinExhibit2.Exhibit2.onassumptions20162017201620171.8%4.5%2%4%ExpectedofonplanassetsHealthtrendassumednextUltimate7.15%6.15%5.2%20304.6%2035reachestheultimatetrendMillertheimpactsonthoseassumptionschangesanddiscusseswithhermightdecreaseifdiscountincreasesPMIsincethecompanyhasaworkWhile,decreaseinofonplanassetswillperiodicpensionMillerInaddition,Ivynotes“therebigchangesinassumptionappliedhealthbenefitplan.ThosechangeswoulddecreaseobligationsinMillercomparetheofPMIwiththeofindustryitssolvencyposition.Inc.isatobaccocompanyin1980withsimilarsizewithPMI.alsoadoptsdefinedbenefitplanitsemployeesbutwasapoorperformancemanySelectedfinancialofInc.inexhibit3.MillerfindstheanalysisresultsabnormalwiththeofindustryandIvyhelp.AfterworkingIvynotesMillerneedsomeP&Lcalculatingthe咨询：400-600-8011邮箱：网站：高顿财经-21-学习财经，只在高顿Exhibit3.SelectedfinancialofInc.theperiodof2017($inmillions)SelectedincomeincomeEBIT201711,500(50)11,450900expenseNI6,300Selected2017PeriodicpensioninSelling,andExpenseswas$2,000of:service1,790310Expectedonplanassets100IvyasksMillerstock-basedcompensationplans.theMillerlearnsthatPMIhadannuallyoptionandunit(RSU)managersandTheofmanageroptionafterthreesinceanda10-yearmanagerunit(RSU)andinofcommontheExhibit4theonshare-basedcompensationplans.Exhibit4.onshare-basedcompensationplansOptionUnit(RSU)Options(inUnits(inthousandthousands)s)咨询：400-600-8011邮箱：网站：高顿财经-22-学习财经，只在高顿Price(per$8.489.00option)BeginningBal.260,00025,000$60.7472.415,0001,800$62.7865.20Jul.1,2017orCanceledor(50,000)(1,600)46.0069.987.649.42(1,300)(120)59.8067.10EndingBal.233,40068.568.875,38064.69IvyfindsincalculatingthecompensationexpenseoptionsPMIutilizeabinomialmodel.Assumptionsinthemodel,whichandconditionsandexperience,hadbeenchangedduringtwoinexhibit5.Exhibit5.AssumptionsappliedinutilizingthebinomialmodelInputsthemodelRisk-free20172%20161.8%pricevolatilityDividendyield15%3.2%17%3.5%of12options10WhenMillerherworkshetwo1:duringtheserviceperiodofoptionandtherewouldbeaimpactontheequityofPMIsincethecompensation咨询：400-600-8011邮箱：网站：高顿财经-23-学习财经，只在高顿expenseshouldbeduringthis2:optionscanbestalignwithinandliquiditythecompanywhenoptionsInshare-basedcompensationacurrent-periodcashoutflowsthecompanyandwouldleadmanagersberisk25.UsingtheExhibit1andExhibit2,theperiodicpension(inmillions)in2017incomeiscloseto?A.$627$664$69626.WiththediscussionIvyandMilleronassumptionschanges,whichofisA.changesondiscountischangesonofonplanassetsiscorrect.changesonassumptionsappliedhealthbenefitplaniswrong.27.Assumingactualonplanassets2017was$300millionloss,theanperspective,iscloseto:A.咨询：400-600-8011邮箱：网站：高顿财经-24-学习财经，只在高顿28.TheamountofthecompensationexpenseinP&LtheStockUnit(RSU)in2017isclosest(inthousands):A.$11,736$37,500$75,00029.theassumptionschangesindeterminingthevalueofoptions,whichonewouldpositiveimpactonearnings?A.ThechangesondividendyieldThechangesonpricevolatilityThechangesonofoptions30.themadewhichoftheisA.1is2isBothnotcorrect.咨询：400-600-8011邮箱：网站：高顿财经-25-学习财经，只在高顿FinanceGaoCaseScenarioMaryisreviewingtwocapitalproposalsheroneisBrasilia(BD),aheldBrazilianelectroniccomponentstheotherisVincentInc.,aintheUnitedhasinitiatedaproposalanewdistributionSpecificofthisproposalinExhibit1.VincentInc.needs$300,000amanufacturingSpecificofthisproposalinExhibit2.Exhibit1SelectedDistributionProposal(currencyamountsinBRLthousands)Initialfixedcapitaloutlay(5,000allocatedtoland)IncreaseinnetworkingcapitalAnnualsalesrevenues(cash)50,00030,00053,000Annualoperatingcosts(cash)27,000Annualdepreciation4,500InvestmenthorizonSixyears18,000Salvagevalue(book)attheendofinvestmenthorizonSalvagevalue(market)attheendofinvestmenthorizonMarginaltaxrate25,00040%Increaseinnetworkingcapitalwillberecoveredattheendoftheinvestmenthorizon.Exhibit2:ForecastedCashFlow(in$)Year1Year2Year3Year4Year5Sales420,000441,000463,050486,203510,513咨询：400-600-8011邮箱：网站：高顿财经-26-学习财经，只在高顿VariableCashExpensesFixedCashExpenses180,000189,000198,450208,373218,79130,00030,00030,00030,00030,000Depreciation*60,00060,00060,00060,00060,000OperatingIncomeBefore150,000162,000174,600187,830201,722TaxTax(40%)60,00090,00064,80097,20069,84075,13280,689OperatingIncomeAfter104,760112,698121,033TaxAfterTaxOperatingCashFlow150,000157,200164,760172,698181,033SalvageValue20,00012,000SalvageValueAfterTax*Straight-lineoverfiveyears.Assume10%annualdiscountratePetersonAeroplaneManufacturersisanotherclientofMary.Thecompanyhasbothsharerepurchaseplananddividendpayoutpolicy.Maryisnotsurewhichplangivesthebestinteresttotheshareholders.ShediscusseswithJackPeterson,whoisthefounderofPetersonAeroplaneManufacturers.Jackfeelsconfidentaboutthecompanyandwantstoensurethatfuturedividendsarenotcut.Thecompanyplanstodeterminedividendswithatargetpayoutadjustmentmodelusingafive-yearperiodtoadjusttowardsthetarget.TherelatedfinancialinformationareshowinginExhibit3.Exhibit3PetersonsEstimatesofFutureEarningsandDividendsandProposedLong-RunDividendPolicyEarningsDividends咨询：400-600-8011邮箱：网站：高顿财经-27-学习财经，只在高顿2017actualresults2018forecast$7.5/share$9.5/share$2.5/shareProposedLong-RunDividendPolicy,beginningin2018Long-runtargetpayout30%$100pershareCurrentSharePriceJackPetersonalsocommentsshareholderspreferdividendpayoutifdividendincometaxrateishigherthancapitalgaintaxrate.Marydoesnotagreewiththisstatementasshethinksthetaxrateisirrelevant.Jackalsostatesthatifthecompanydecidestoborrow$2milliondebtatanafter-taxcostof5%,thecompanysearningspersharewillbehigherafterrepurchase.JackPetersonsaysalthoughthecompanyhasnotusedanylong-termdebtsince2015,Iwouldliketoseethecompanyuselong-termdebtagain.Itshouldissuelong-termdebtandrepurchasesharestoreturntoitshistoricalcapitalstructure,whichis0.2debt-to-totalcapitalratio.Weshouldbeabletoissuelong-termdebtatabefore-taxcostof7%,andthisshouldnotmateriallyincreasethecostsoffinancialdistress,agencycosts,orasymmetricinformation.Withourcurrentcostofequityof14%andataxrateof30%,ourweightedaveragecostofcapitalwoulddrop,enhancingshareholdervalue.”JackPetersonthenmakestwocommentsontheModiglianiandMiller’stheory:Statement1:Ifinvestorshavehomogeneousexpectationsonfuturecashflows,themarketisefficient,andtherearenotaxes,notransactionscosts,ornobankruptcycosts,theModiglianiandMillerPropositionIstatesthatmanagerscanchangethevalueofthecompanybyusingmoreorlessdebt.Statement2:AccordingtoModiglianiandMiller’sPropositionIIwithtaxes,Firmswillseektousedebtfinancinguptothepointthatthevalueofthetaxshieldbenefitequalsthecostsoffinancialdistress.terminalaftercashflow(TNOCF)andthe咨询：400-600-8011邮箱：网站：高顿财经-28-学习财经，只在高顿cashflowintheterminal(inthousands)bederivedtheproposeddistributionrespectivelyclosestto:A.TNOCF=52,200;=18,400.TNOCF=54,200;=14,400.TNOCF=52,200;=17,40032.Theeconomicincome($)forYear3ofVincentInc.’smanufacturingprojectisclosestto:A.34,365.43,754.58,67433.GivenMarysestimatesinExhibit3,andassumingthatthecompanyadoptshissuggesteddividendpolicy,thecompanys2018dividendspersharewillbeclosestto:A.$2.5.$2.57.$2.62.34.BasedonJacksdiscussionwithMary,whichofthefollowingstatementsiscorrect?A.Jacksonshareholder’sondividendMarysresponseJackinoftheofJack’sonthechangeinearningper35.GivenJackPetersonsassumptions,thecompany’sweightedaveragecostofcapitalunderhisproposedfinancingplanwouldbeclosestto:A.15.23%.13.56%.13.16%.咨询：400-600-8011邮箱：网站：高顿财经-29-学习财经，只在高顿aboutModiglianiandMiller’stheoryiscorrect?A.1isbut2isnot.2isbut1isnot.Both咨询：400-600-8011邮箱：网站：高顿财经-30-学习财经，只在高顿TheSingbocaseAlanHull,aninCapitalfirm,isvaluingcommonofSingboCo.withcashflowmethod.accountingaboutSingboin2016and2017inExhibit1andExhibit2.Exhibit1SelectedbalancesheetofSingbo($millions)asof31December2017232732016assets143421148166accumulateddepreciationCashandequivalentsassets1356Notes18portionoflongtermdebtliabilities94132Exhibit2SelectedIncomeofSingbo($millions)Ending31December20171,33432854depreciation,and(EBITDA)Depreciationexpenseincomeexpenseincome2742425080Income(32%)Netincome170咨询：400-600-8011邮箱：网站：高顿财经-31-学习财经，只在高顿Inaddition,someofequipmentwithoriginalbookof$67millionsold50$millionin2017fiscalThecompanydidntissueornewduring2017.AlanthatSingbosofcapitalandofequity8%and11%.Since2018,thesFCFEwouldincreaseinperpetuity4%MelissaSmith,AlansAlansandmadethe1.Singbocouldincreaseitsequitybyincreasingitsnetdebtanditslevel.2.ThebetweenFCFEanddividendcausedbyeconomic3.FreecashflowperformsthandividenddiscountwhenSingbosdividendpolicybecomesunpredictable.37.UsingtheinExhibitSingboscapitalin2017isclosestto:A.$89million$106million$39million38.BasedonExhibit1,Singbosworkingin2017isclosestto:A.$2million$-1million$8million咨询：400-600-8011邮箱：网站：高顿财经-32-学习财经，只在高顿39.BasedonExhibit1andExhibit2,thecashflowthefirm(FCFF)ofSingboin2017isclosestto:A.$126.32million$132.32million$134.00million40.BasedonExhibit1andExhibit2,thecashflowtheequity(FCFE)ofSingboin2017isclosestto:A.$232.31million$128.32million$110.00million41.AlanHullsestimationoftheSingbosequityvalueisclosestto:A.$1634.28million$2860.00million$1000.00million42.InMelissaSmithsabouttheswhichoneisA.123咨询：400-600-8011邮箱：网站：高顿财经-33-学习财经，只在高顿XRailCaseRichardAlfredisanewemployeeofaleadingmanagementagencyinHongEllenChau,hissupervisorAlfredassisthiminXRailChauAlfredsomedetailedaboutXRailandhimfinishinspreadsheetmodel.ChauAlfredbuildupamodelthesustainableofXRail.Theofthecompanyis171.45%,andotherisinExhibit1andExhibit2.Exhibit1SelectedIncomeofXRail(HK$millions)(HK$millions,outstanding)20175,798835SalesIncome236Netincome599Dividends173Commonoutstanding(millions)140Exhibit2SelectedbalancesheetofXRail($millions)2017(HK$millions)892Cashassetsdebt78921833咨询：400-600-8011邮箱：网站：高顿财经-34-学习财经，只在高顿Common’equity3762841Non-controllingThecommonpriceofXRailisHK$45.23perandtheofequityofXRailis11%.ChauAlfredvalueofopportunity(PVGO)thepriceundertheassumptionthatnextsearningsofXRailwouldthesustainableAlfredaccomplishedhisquicklyandChauwaswithhisAlfredvalueXRailbasedonthenewdetailedestimationinExhibit3.Alfreddecidedusemodelandfinishedhisworkaheadofschedule.Exhibit3otherofXRailin2018-20232023declineslinearly5%ChauwasimpressedbysperformanceanddecidedassignhimmoreequityAlfredwaspleasedaboutthisandtoldChau:Iamwithcashflowmodels,andIcanwithincomeandcashflowssuchasdividends,cashflowthefirmandresidualincome.IwouldnotearningadjustmentIinputtheincome”Chaudidn’tagreewithhetoldAlfred:“onlyonincomeandcashflowsisnotenough.shouldmorethediscountbecausethereriskwouldtheoffirm.CAPM,buildupmethodandsupplysidemodelall咨询：400-600-8011邮箱：网站：高顿财经-35-学习财经，只在高顿modelswhichcanhelpthediscountbeingmoresounded.”43.BasedonAlfred‘smodel,thesustainableofXRailisclosestto:A.3.75%9.25%13.01%answerChau’squestionaboutis:A.PVGO=$6.33persharePVGO=$2.74persharePVGO=$38.89pershare45.UsingtheH-modelandthenewestimationinExhibit3,theintrinsicvalueofXRailisclosestto:A.$23.90pershare$26.09pershare$24.01pershare46.BasedonsaboutusingcashflowvaluewhichoftheincomeandcashflowisinequityA.DividendFreecashflowfirmincome咨询：400-600-8011邮箱：网站：高顿财经-36-学习财经，只在高顿47.BasedonsaboutinputwhichoftheisleastincludedinthenormalizeearningadjustmentmethodequityA.CalculatingEPSAdjustingnon-recurringinEPSEliminatingpersonalandexpenseEPS48.BasedonChausaboutdiscountprojection,whichofthemethodsissuitableequity:A.CAPMBuildupmethodSupplysidemodel咨询：400-600-8011邮箱：网站：高顿财经-37-学习财经，只在高顿IncomeHighlandCaseScenarioHighlandisofIncomeworkingmornin