16/10/2024 Tài liệu ôn thi chứng chỉ CFA

Bài tập Corporate Issuers CFA (Môn Tài chính Doanh nghiệp CFA) kèm đáp án

Bài tập Corporate Issuers CFA sẽ đào sâu vào việc đánh giá quản trị doanh nghiệp và hiểu biết về các công ty, điều hướng các quyết định đầu tư và tài trợ. Dưới đây TACA sưu tầm cho bạn một số các câu hỏi luyện tập có kèm đáp án, hãy cùng tham khảo nhé!

Với môn Corporate Issuers CFA (Tài chính doanh nghiệp), Viện CFA chỉ để môn học xuất hiện ở đề thi của Level 1 và 2 với tỷ trọng như sau: Bài tập Corporative Issuers CFA

Xem thêm: Corporate Issuers CFA (Môn Tài chính doanh nghiệp)

1. Bài tập Corporate Issuers CFA Level 1

Question 1: If a corporation is financed with both debt and equity, which of the following must the corporation pay?

A. Interest only

B. Dividends only

C. Both interest and dividends

Question 2: A company that produces goods to be marketed by other firms is best described as having a:

A. value added reseller business model.

B. licensing arrangement business model.

C. contract manufacturer business model

Question 3: “Economic” profit is best described as the return to a firm’s owners:

A. in the form of retained earnings and distributions to the owners.

B. after corporate taxes and taxes on distributions have been paid.

C. in excess of what they could have earned elsewhere on different investments.

Question 4: The purchase of which of the following shares most likely requires investors to be accredited?

A. Public company shares only

B. Private company shares only

C. Both public company shares and private company shares

Question 5: Which best describes business growth that attracts more customers and merchants, contributing to further growth in the business?

A. Crowdsourcing

B. A one-sided network

C. A multi-sided network

Xem thêm: Bài tập môn Corporative Issuers Level 1 có đáp án (PDF Free Download)

2. Bài tập Corporate Issuers CFA Level 2

Question 1: Calfee Multimedia had earnings of $4.00 per share and paid a dividend of $0.30. In the current year, the company expects to earn $5.20 per share. Calfee has a 30% target payout ratio. If the expected dividend for this year is $0.51, what time period is Calfee most likely using in order to bring its dividend up to the target payout?

A. 6 years.

B .4 years.

C. 5 years.

Question 2: Which of the following statements about dividend policy is most accurate?

A. A person who believes in the agency cost eect and a proponent of the “bird-in-hand” theory would have opposite views on dividend payout policy.

B. A person who believes in bird-in-hand theory would have the same view as one that subscribes to the clientele theory.

C. Investors view a stock repurchase as a positive signal and a stock issue as a negative signal.

Question 3: Francis Investment Inc.’s Board of Directors is considering repurchasing $30,000,000 worth of common stock. Francis assumes that the stock can be repurchased at the market price of $50 per share. After much discussion Francis decides to borrow $30 million that it will use to repurchase shares. Francis’ Chief Financial Officer (CFO) has compiled the following information regarding the repurchase of the firm’s common stock:

Share price at the time of buyback = $50
Shares outstanding before buyback = 30,600,000
EPS before buyback = $3.33
Earnings yield = $3.33 / $50 = 6.7%
After-tax cost of borrowing = 4.0%
Planned buyback = 600,000 shares

Based on the information above, after the repurchase of its common stock, Francis’ EPS will be closest to:
A)$3.39.
B)$3.41.
C)$3.36.

Question 4: Which of the following statements about a stock repurchase is least accurate?
A. A stock repurchase occurs when a large block of stock is removed from the marketplace.
B. Disgruntled stockholders are forced to sell their shares, improving management’s position.
C. Management can distribute cash to shareholders at a favorable after-tax rate.

Question 5: Pearl City Breweries has 8 million shares outstanding that are currently trading at $34 per share. The company is choosing whether to distribute $22 million as dividends or to use the same amount to repurchase its shares. Ignoring tax effects, what will be the amount of total wealth from owning one share of Pearl City Breweries under each of these alternatives?

	Cash dividend	Share repurchase
A	$31.25	$37.00
B	$34.00	$34.00
C	$31.25	$34.00

Passage (Question 6-9):

Rainham Inc. has never paid a dividend from the cash flows it generates from its projects; rather it likes to reinvest them in growing the business. Rainham Inc. has experienced a period of sustained growth but management is of the opinion that this growth rate will moderate and they have therefore decided to move to a dividend pay-out. The company’s cost of equity is currently estimated to be 16%, with the industry’s cost of equity at around 12%. The firm has set the objective of achieving a 70% pay-out ratio.

The board of directors of Rainham Inc. is worried about the impact of moving immediately to a 70% pay-out ratio; whilst this remains their long term objective they feel that a gradual build-up of the pay-out ratio to 70% would be more appropriate. The proposal is to set an initial dividend pay-out ratio in year 1 of 30% and then increase this over the following five years to 70%. Rainham Inc. has set a growth rate in earnings consistent with their long run ROE and target pay-out ratio.

The Commercial Director of Rainham Inc. believes that the board is overly concerned about investors’ reaction to the change in dividend policy. He believes that dividend policy is influenced by the availability of investment opportunities, the future volatility of earnings, flotation costs and legal restrictions.

Question 6: According to Gordon, Litner, and Graham, what will be the impact of the dividend initiation on the cost of equity of Rainham Inc.?

A. It will increase.

B. It will decrease.

C. Unchanged.

Xem thêm: Bài tập môn Corporative Issuers Level 2 có đáp án (PDF Free Download)

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