试卷：2019年CFA二级M1模考卷 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在询问JiayinCFA考试的注意事项的时候并没有希望打听考试内容，所以不违反准则.Jiayin在询问中，提到了各门科目的重要程度，但并没有提到考试会在哪些知识点上有侧重，所以也不违反准则。2.WithXiaoxiangswhichtheInstituteConductisbeA.dealingDutiesAnswer:B解析：Xiaoxiang利用Zeping的名气和2支表现最好的基金来吸引投资者无可厚非，但是不能利用历史业绩来向潜在客户保证说未来一定会获得多高的收益率，属于明显违反I(C)misrepresentation不当陈述这条细则。3.WhichJiayinsplansaboutthenewmodelConduct?A.thesupportingthemodelConfidentialitymechanismBothandconfidentiality4Answer:B事会和高级管理人员知道的范围内，因此保密机制的安排违反了V(B)communicatewithclientsandprospectiveclients这条准则。而另外对于所有相关资料必须留档这一行为是符合V(C)recordretention的准则规定的。所以选B。4.LeopardsbusinesstheInstituteConductisA.DisclosureResponsibilitysupervisorsAnswer:C解析：在Everblack让trader把大量交易导向Leopard的行为上，Everblack并未向投资人披露Andy与Leopard的管理人是MBA进行披露，违反VI(A)disclosureofconflicts.此外，Leopard与Everblack的互惠互利的生意模式也没有向客户进行适当的披VI(C)referralfee.而题目中并未有关主管管理下属不利的场景，因此IV(C)responsibilityofsupervisor不违反。所以选C。5.updatingmodeltheonblog,whoseactionConduct?A.TheblogBoththemAnswer:CJiayin5处，这点Jiayin没有做到，因此违反I(C)Misrepresentation的条款。而Blog的博主在CFA名称的使用上用CFACFA与不是自己名字的SEC一起使用，也违反了VII（B）ReferencetoCFAInstitute,theCFAdesignationandtheCFAprogram。所以选C。6.WhichConductJiayinviolateabouthisA.DutiesconfidentialityAnswer:C解析：Jiayin料根据准则V(C)Recordretention和IV(A)Loyalty都是属于公司资产，公司资产未经许可带走就是违反以上两条，且IV(A)又是属于大准则Dutiestoemployer，所以不选A和B。III(E)Preservationofconfidentiality的保密是出于对客户的机密进行保护，而题目中未牵涉到客户的相关秘密，因此C不违反，选C。6ECONOMICSTheThomasJackson,majoriseconomics,discussingtheeconomicaboutCountryACountryCountryAisacountrywhileCountryBisadevelopingThomasthatCountryAdeepeningCountryanoppositeopinion.theydiscussthetheeconomicThomashowtheCountryAusingtheCapitaldeepeningLaborproductivitylabor1.8%3.5%2.1%answeringThomassthat,allparticularCountryBwillwithCountryAperoutput.”ThomaswithJackson.theydiscusstheeconomicregulations.Thomashisopinionthearelationshipbetweenindustryandalsothesocialsoundeconomicpolicies.”responds,IwithbutIalsothatthespecialtheindustrythanthepublic”mostdeepening?A.CountryA.7CountryB.NeithertheAnswer:B资本深化增加GDPGDP化增加GDP的作用比较明显，更能受益。所以选发展中国家B。12.JacksonstheAisA.7.4%5.3%5.6%Answer:CPotentialGDP的增长率=劳动生产率的增长率+劳动力的增长率=3.5%+2.1%=5.6%13.JacksonseconomicaboutBiswith:A.AbsoluteConditionalClubAnswer:A完全趋同假设是指不论发展中国家什么特征，最终都能和发达国家的人均GDP以及人均GDPBA涉及B国的制度改变，所以选择完全趋同假设A。814.Jacksonsabouttheiswith:A.competition.Answer:AJacky指出他怀疑监管者在过去更多的是代表行业内部的利益而不是代表广大内部专家的影响，做出对行业内部有利的监管举动。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比较稳定，在计算EPS时，可以直接使用trailingearnings。但是对于GasPlus,因为Earning的波动性比较大，因此需要对它进行NormalizedP/SratioRevenuerecognition）的影响,因此Steve的意见不正确。28.Exhibit1andthePinesfinancialthetrailingPineusingunderlyingisA.3.33.3.243.56.Answer:B在计算trailingP/E时，需要从DilutedtrailingEPS出发，同时需要将NonrecurringDepreciation,是recurringcost。然后用市场价格除以经过调整的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计算股票价值的公式中，bookvalue占据很大的比重，TerminalvalueA净资产的质量，同时也直接影响使用RI计算的股票价值的质量。C答案中如果公司自由现金流不可得，是比较适用RImodel的。31.thefollowingreasonmostcausethecompanysbookvalueequalstoitsintrinsicvalueusingtheRImodel?A.Reason1Reason2Reason3Answer:A代入公式，13当ROE=r时，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