2025年CFA考试《公司金融》专项训练试卷（含答案）.docxVIP

2025年CFA考试《公司金融》专项训练试卷（含答案）

考试时间：______分钟总分：______分姓名：______

一、

CompanyXYZisevaluatinganewprojectthatrequiresaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashinflowsof$300,000forthenextfiveyears.Thecompanyscostofcapitalis8%.UsingtheNetPresentValue(NPV)method,determinewhethertheprojectshouldbeaccepted.Clearlystateyourreasoning.

二、

Afirmhasthefollowingcapitalstructure:

Debt:$2,000,000outstandingbondswitha6%couponrate,maturityof10years,andamarketvalueof$1,800,000.

Equity:100,000sharesoutstanding,withacurrentmarketpriceof$50pershare.

Calculatethefirmsweightedaveragecostofcapital(WACC)givenacorporatetaxrateof30%.Assumethebondsarethefirmsonlydebtandignorepreferredstock.

三、

ExplaintheModigliani-Miller(MM)PropositionIwithtaxes.Whatareitskeyassumptions?Underwhatconditionsmightthepropositionspredictionsdeviatefromrealityinpractice?

四、

Acompanyisconsideringwhethertopurchaseanewmachinefor$500,000.Themachinehasanexpectedusefullifeof5yearsandnosalvagevalue.Itisexpectedtogenerateadditionalannualpre-taxoperatingincomeof$150,000byreplacingtheoldmachine.Theoldmachinehasabookvalueof$100,000andisexpectedtogenerate$50,000insalvagevalueifsoldnow.Thecompanyusesstraight-linedepreciationandhasa40%taxrate.ShouldthecompanypurchasethenewmachinebasedonanNPVanalysis?Showallrelevantcalculations.

五、

Compareandcontrastthedifferentformsofcorporategovernance.Whyiseffectivecorporategovernanceimportantforattractinginvestmentandensuringlong-termfirmvalue?

六、

Defineoperatingleverage.Howdoesacompanysoperatingleverageaffectitsprofitabilityandriskprofile?Provideanexampleofabusinesswithhighoperatingleverage.

七、

Whatistheprimarygoalofafirmaccordingtothetraditionalfinancialtheory?Discussthepo