2025年CFA二级《公司金融》预测题.docxVIP

2025年CFA二级《公司金融》预测题

考试时间：______分钟总分：______分姓名：______

指示：请根据以下问题进行回答。

1.AnanalystisevaluatingtheequityvaluationofCompanyXYZ.Thecompanyhasabetaof1.2,therisk-freerateis3%,andthemarketriskpremiumis5%.Thecompanysdebt-to-equityratiois0.6,anditstaxrateis30%.Thecompanyhasnopreferredstock.BasedontheCapitalAssetPricingModel(CAPM),whatistherequiredrateofreturnonequityforCompanyXYZ?Showyourcalculations.

2.Aprojectrequiresaninitialinvestmentof$1,000,000.Theexpectedcashflowsforthenextthreeyearsare$400,000,$500,000,and$600,000,respectively.Thecompanysweightedaveragecostofcapital(WACC)is10%.CalculatetheNetPresentValue(NPV)oftheproject.ShouldthecompanyaccepttheprojectbasedontheNPVrule?

3.Considertwomutuallyexclusiveprojects,ProjectAandProjectB.ProjectAhasanNPVof$150,000atadiscountrateof8%,whileProjectBhasanNPVof$100,000atadiscountrateof8%.Atadiscountrateof6%,ProjectAhasanNPVof$200,000.CalculatetheInternalRateofReturn(IRR)forProjectB.(Hint:Youmayneedtouseinterpolation).

4.Acompanyisconsideringwhethertoleaseorbuyapieceofequipment.Theequipmentcosts$1,000,000andhasausefullifeof5years.Thecompanycanleasetheequipmentfor$250,000peryear,payableatthebeginningofeachyear.Ifthecompanybuystheequipment,itcanborrowata6%interestrate,andtheequipmentwillbedepreciatedstraight-linetozeroover5years.Thecompanystaxrateis30%.Shouldthecompanyleaseorbuytheequipmentbasedonanetpresentvalueanalysis?Showyourcalculationsforbothoptions.

5.AnanalystisvaluingCompanyABCusingtheFreeCashFlowtoEquity(FCFE)model.Thecompanyisexpectedtogeneratethefollowingfreecashflowstoequityforthenextthreeyears:$100million,$120million,and$140million.Afteryear3,thecompanyisexpectedtogrowataconsta