2025年CFA《权益投资》真题解析练习.docxVIP

2025年CFA《权益投资》真题解析练习

考试时间：______分钟总分：______分姓名：______

Section1:MultipleChoiceQuestions

1.AninvestorisconsideringpurchasingsharesofCompanyXYZ.Thecompanyrecentlyannouncedadividendpayoutratioof40%.Whichofthefollowingstatementsbestdescribesthedividendpayoutratio?

a)Itindicatestheproportionofearningsreinvestedbackintothecompany.

b)Itmeasuresthecompanysabilitytogeneratecashflowsfromitsoperations.

c)Itreflectsthepercentageofmarketcapitalizationrelativetoitsbookvalue.

d)Itrepresentstheportionofearningsdistributedtoshareholdersasdividends.

2.AccordingtotheCapitalAssetPricingModel(CAPM),theexpectedreturnonanassetisdeterminedbywhichofthefollowingfactors?

a)Therisk-freerate,theassetsbeta,andthemarketriskpremium.

b)Theassetsbeta,themarketreturn,andthecompanysdividendyield.

c)Theassetsalpha,therisk-freerate,andthestandarddeviationoftheassetsreturns.

d)Theassetsbeta,therisk-freerate,andtheinflationrate.

3.Whichofthefollowingmethodsismostcommonlyusedforvaluingacompanysequitywhenitsdividendsareexpectedtogrowataconstantrateindefinitely?

a)ComparableCompanyAnalysis

b)PrecedentTransactionsAnalysis

c)DiscountedCashFlow(DCF)AnalysisusingFreeCashFlowtoEquity(FCFE)

d)DividendDiscountModel(DDM)usingtheGordonGrowthModel

4.Astockcurrentlytradesat$50pershareandpaysanannualdividendof$2pershare.Therequiredrateofreturnforthisstockis10%.BasedontheDividendDiscountModel(DDM)usingtheGordonGrowthModel,whatistheimpliedgrowthrateofdividends?

a)4%

b)6%

c)8%

d)10%

5.WhichofthefollowingstatementsisTRUEregardingtherelationshipbetweenacompanysdebt-to-equityratioanditsfinancialrisk?

a)Ahigherdebt-to-equityratioalwaysindicatesalowerfinancialrisk.

b)A