2025CFA二级《公司金融》历年真题.docxVIP

2025CFA二级《公司金融》历年真题

考试时间：______分钟总分：______分姓名：______

一、选择题

1.Acompanyisevaluatinganewprojectwithaninitialinvestmentof$1,000,000.Theprojectisexpectedtogeneratecashflowsof$300,000attheendofeachyearforthenext5years.Thecompanyscostofcapitalis8%.Whatisthenetpresentvalue(NPV)oftheproject?

a)$134,201

b)$150,000

c)$200,000

d)$231,407

2.WhichofthefollowingstatementsisTRUEregardingtheModigliani-Miller(MM)theoremwithcorporatetaxes?

a)Thevalueofaleveredfirmisalwaysgreaterthanthevalueofanunleveredfirm.

b)Thevalueofaleveredfirmisequaltothevalueofanunleveredfirmplusthetaxshieldprovidedbydebt.

c)Thecostofequityforaleveredfirmisalwayslowerthanthecostofequityforanunleveredfirm.

d)Theweightedaveragecostofcapital(WACC)foraleveredfirmisalwayshigherthanthecostofequityforanunleveredfirm.

3.Acompanyhasabetaof1.2.Therisk-freerateis3%andthemarketriskpremiumis5%.WhatistherequiredrateofreturnonthecompanysequityaccordingtotheCapitalAssetPricingModel(CAPM)?

a)6%

b)9%

c)12%

d)15%

4.WhichofthefollowingstatementsisTRUEregardingthedividendirrelevancetheory?

a)Thevalueofacompanyisaffectedbyitsdividendpolicy.

b)Investorsareindifferentbetweenreceivingdividendsandcapitalgains.

c)Companiesshouldmaximizetheirdividendstoincreasetheirstockprice.

d)Thecostofequityincreasesasthedividendpayoutratioincreases.

5.Acompanyisconsideringissuingnewdebttofundanewproject.Whichofthefollowingisapotentialriskassociatedwiththisdecision?

a)Increasedfinancialleveragemayleadtoahighercostofequity.

b)Thecompanymayfacedifficultiesinmeetingitsdebtobligations.

c)Thecompanysstockpricemaydecreaseduetotheincreasedrisk.

d)Alloftheabove.

6.W