2025年CFA《企业融资》真题解析.docxVIP

2025年CFA《企业融资》真题解析

考试时间：______分钟总分：______分姓名：______

Part1:ConceptualQuestions

1.Acompanyisevaluatinganewprojectthatrequiresaninitialinvestmentof$1,000,000.Theprojectisexpectedtogenerateannualcashflowsof$300,000forthenextfiveyears.Thecompanysweightedaveragecostofcapital(WACC)is10%.Calculatethenetpresentvalue(NPV)oftheproject.ShouldthecompanyaccepttheprojectbasedonthisNPV?

2.Explaintheconceptofriskaversionandhowitimpactstherelationshipbetweenriskandrequiredreturn.Provideanexampleofhowriskaversioninfluencesinvestmentdecisions.

3.Afirmisconsideringissuingnewequitytofinanceacapitalexpenditure.Whataretheprimaryadvantagesanddisadvantagesofequityfinancingcomparedtodebtfinancing?

4.Definethefollowingfinancialterms:

a)Beta

b)Arbitrage

c)Operatingleverage

5.Describethetrade-offtheoryofcapitalstructure.Howdoesitattempttoexplainafirmsoptimaldebt-equityratio?

Part2:ApplicationandAnalysis

6.Youaregiventhefollowinginformationaboutacompany:

*Marketvalueofequity:$5,000,000

*Marketvalueofdebt:$3,000,000

*Costofequity:12%

*Costofdebt(after-tax):6%

*Corporatetaxrate:30%

Calculatethecompanysweightedaveragecostofcapital(WACC).

7.Acompanyhasthefollowingbalancesheetitems:

*Currentassets:$800,000

*Fixedassets:$2,000,000

*Currentliabilities:$400,000

*Long-termdebt:$1,200,000

*Equity:$1,600,000

Calculatethecompanyscurrentratio,quickratio,anddebt-to-equityratio.

8.Acompanyisconsideringwhethertopurchaseanewmachinefor$500,000.Themachineisexpectedtogenerateadditionalannualcashflowsof$100,000forthenextfiveyears.Themachinehasasalvagevalueof$50,000attheendofitsfive-yearlife.ThecompanysWACCis8%.Calculatetheinternalrateofreturn(IRR)forthe