2025年CFA《公司发行》模拟题库.docxVIP

2025年CFA《公司发行》模拟题库

考试时间：______分钟总分：______分姓名：______

1.Acompanyisplanningtoissuenewcommonstocktoraisecapitalforamajorexpansionproject.Whichofthefollowingstatementsbestdescribestheprimarygoaloftheunderwritingprocessinthisscenario?

(A)Toensurethestockisissuedatthehighestpossibleprice,maximizingimmediateprofitsforthecompany.

(B)Tofacilitatethedistributionofthestocktoinvestorsandtoassumetheriskofunsoldshares.

(C)Toprovidedetailedfinancialanalysisandvaluationofthecompanytopotentialinvestors.

(D)Tonegotiatethelowestpossibleissuancecostswithinvestmentbanks.

2.Afirmscurrentearningspershare(EPS)are$3.00.Itplanstoissue1millionnewsharesatapriceof$20pershare.Theissuancewillraise$18million,whichwillbeusedtobuyback500,000sharesatthecurrentmarketprice.WhatistheexpecteddilutedEPSifthenewsharesareissuedandthebuybackisexecuted,assumingnochangeinnetincome?

(A)$2.70

(B)$2.85

(C)$3.00

(D)$3.15

3.Whichofthefollowingmethodsofequityissuancegenerallyinvolvesthelowestfloatationcostsforthecompany?

(A)Arightsoffering

(B)Ageneralcashoffer

(C)Aprivateplacement

(D)A首次公开募股(IPO)

4.Acompanyisissuing$500millionin10-yearbondswithacouponrateof6%.Thecurrentmarketrateforsimilarbondsis5.5%.Ifthebondsareexpectedtosellatapremium,whichofthefollowingstatementsismostaccurate?

(A)Thebondswillsellfor$500million,andthecompanywillreceivelessthan$500millionafterpayingunderwritingfees.

(B)Thebondswillsellformorethan$500million,andthecompanywillreceiveexactly$500million.

(C)Thebondswillsellforlessthan$500million,andthecompanywillreceivemorethan$500millionafterpayingunderwritingfees.

(D)Thebondswillsellfor$500million,andthecompanywillreceiveexactly