2025年CFA二级金融分析模拟（附答案）.docxVIP

2025年CFA二级金融分析模拟（附答案）

考试时间：______分钟总分：______分姓名：______

试卷开始

1.Ananalystisevaluatingtheequityofacompanythatexpectstogrowitsearningsatahighrateforthenextfewyearsbutthenexpectsgrowthtoslowdowntoaconstantrateindefinitely.Whichofthefollowingvaluationmodelsismostappropriateforthiscompany?

a)Dividenddiscountmodel(DDM)withzerogrowth.

b)Constantgrowthdividenddiscountmodel(GordonGrowthModel).

c)Two-stagedividenddiscountmodel.

d)Freecashflowtoequity(FCFE)modelwithconstantgrowth.

e)Priceearnings(P/E)ratiobasedonhistoricalmultiples.

2.Aportfoliomanagerusesafactormodeltoexplainthereturnsofaportfolio.Themodelisspecifiedas:R_p=R_f+β_mkt(R_mkt-R_f)+β_smb(R_smb)+ε_p.Inthiscontext,whatdoesthetermε_prepresent?

a)Therisk-freerate.

b)Themarketriskpremium.

c)Theidiosyncraticriskoftheportfolio.

d)Thesystematicriskexposuretothesizefactor.

e)Theexpectedreturnofthemarketportfolio.

3.Aninvestorisconsideringbuyingastockthatcurrentlytradesat$50pershare.Thecompanyjustpaidadividendof$2pershare,andtheinvestorexpectsdividendstogrowataconstantrateof5%peryearindefinitely.Iftheinvestorrequiresa10%rateofreturn,whatistheimpliedequitybeta(β_e)ofthestock,accordingtotheCapitalAssetPricingModel(CAPM)?

a)0.80

b)1.00

c)1.25

d)1.50

e)1.75

4.Acompanyhasabetaof1.2withrespecttothemarket.Therisk-freerateis2%,andtheexpectedreturnonthemarketportfoliois8%.AccordingtotheCapitalAssetPricingModel(CAPM),whatistheexpectedreturnonthecompanysstock?

a)2.00%

b)6.00%

c)7.00%

d)8.00%

e)10.40%

5.Whichofthefollowingstatementsabouttheefficientmarkethypothesis(EMH)ismostaccurate?

a)TheEMHsuggeststhatallassetsarecurrentlypricedattheirintrinsic