2025年CFA二级权益投资测试卷（附答案）.docxVIP

2025年CFA二级权益投资测试卷（附答案）

考试时间：______分钟总分：______分姓名：______

试卷内容

1.AnanalystisevaluatingtheequityofCompanyXYZ.Thecompanyrecentlypaidadividendof$1.00pershare(D0).Theanalystexpectsdividendstogrowataconstantrateof5%peryearindefinitely.TherequiredrateofreturnforCompanyXYZsstockis12%.BasedontheDividendDiscountModel(GordonGrowthModel),whatistheintrinsicvalueofCompanyXYZsstock?

2.Astockhasacurrentmarketpriceof$50pershare.Thecompanyisexpectedtopayadividendof$2.50pershareattheendoftheyear(D1).Therequiredrateofreturnis10%.Ifthecompanysdividendisexpectedtogrowataconstantrateof6%peryearforever,whatistheimpliedpriceofthestockoneyearfromnow(P1)?

3.Compareandcontrastthevaluationapproachesusedforcompanieswithstableearningsanddividendsversuscompanieswithhighgrowthrates.Whichapproachistypicallymoresuitableforeachtypeofcompany,andwhy?

4.Acompanyhasaprice-to-earnings(P/E)ratioof18.Itsearningspershare(EPS)areexpectedtogrowat8%peryear.Themarketsrequiredrateofreturnis12%,andtherisk-freerateis3%.AssumingtheP/Eratioisjustifiedbythecompanysgrowthprospectsandrisk,whatistheimpliedmarketriskpremium?

5.ExplaintheconceptoftheSecurityMarketLine(SML).WhatdoestheslopeoftheSMLrepresent,andhowisitcalculated?

6.Aninvestorisconsideringbuyingashareofstockthatcurrentlytradesat$100.Thestockpaysnodividends.Theinvestoralsohastheoptiontobuyacalloptiononthestockwithastrikepriceof$110for$5.Ifthestockpriceatexpirationis$115,whatistheinvestorsmaximumlossfromthecalloptionstrategy(assumingtheoptionisheldtoexpiration)?

7.Describetheprotectiveputstrategy.Whatistheprimarypurposeofthisstrategy,andwhatarethepotentialriskandreturnprofilescomparedtosimplybuyingthestock?

8.Define