CFA一级模块练习-权益投资技术分析.docx

全球最大的CFA(特许金融分析师)培训中心  PAGE \* MERGEFORMAT 17 总部地址：上海市虹口区花园路171号A3幢高顿教育 电话：400-600-8011 网址：finance.gaodun.cn 微信公众号：gaoduncfa CFA一级模块练习-权益投资 　　1 . One advantage ofusing price-to-book value (PBV) multiples for stock valuation is that: 　　A most of the time itis close to the market value. 　　B)it is a stable andsimple benchmark for comparison to the market price. 　　C)book value of a firmcan never be negative. 　　The correct answer wasB 　　Book value provides arelatively stable measure of value that can be compared to the market price.For investors who mistrust the discounted cash flow estimates of value, itprovides a much simpler benchmark for comparison. Book value may or may not becloser to the market value. A firm may have negative book value if it showsaccounting losses consistently. 　　2 . The threat ofsubstitute products is most likely to be low for a firm that: 　　A)produces a commodityproduct in an industry with significant unused capacity. 　　B)operates in afragmented market with little unused capacity. 　　C)produces adifferentiated product with high switching costs. 　　The correct answer wasC 　　The threat ofcompetition from substitute products is likely to be low for a firm thatproduces a differentiated product with high switching costs. Unused capacityand low industry concentration (a fragmented market) tend to intensify rivalryamong industry competitors but are not directly related to the threat ofsubstitute products. 　　3 . Given thefollowing estimated financial results, value the stock of FishnChips, Inc.,using the infinite period dividend discount model (DDM). 　　§ Sales of $1,000,000. 　　§ Earnings of $150,000. 　　§ Total assets of $800,000. 　　§ Equity of $400,000. 　　§ Dividend payout ratio of 60.0%. 　　§ Average shares outstanding of 75,000. 　　§ Real risk free interest rate of 4.0%. 　　§ Expected inflation rate of 3.0%. 　　§ Expected market return of 13.0%. 　　§ Stock Beta at