CRFA注册金融分析师试题1

CRFA注册金融分析师试题1 考试1 上午考试题 专题 题号 分值 职业道德与执业操作1-18 27 准则 19-32 21 定量分析 经济分析 33-44 18 45-78 51 财务报表分析 79-84 9 投资组合管理 85-120 54 资产评估 总计 180 答案在考试1部分的结尾 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 试题1 上午试卷 职业道德与执业操作准则 1. 邱豪在一份研究报告里建议“XYZ公司应当是所有投机性投资组合的一部分，基于这家公司将很快与一家大型航空公司签署一份合并 协议 离婚协议模板下载合伙人协议 下载渠道分销协议免费下载敬业协议下载授课协议下载 ” 邱豪给出的这个建议是基于对XYZ公司的分析，而不是根据任何一家公司的合并声明。邱豪是否违反了职业行为准则, a. 没有 b. 是，由于没有区分事实和观点。 c. 是，因为他的建议没有合理的基础。 2. 一位基金经理在向其客户配置热门新股时，优先于其哥哥的账户。在她哥哥的账户中她并没有受益权。该经理是否违反了职业行为准则, a. 否。 b. 是。因为同时管理其他客户的账户和家庭成员的账户存在利益冲突。 c. 是。同管理其他客户的账户一样，她对其哥哥的账户也有信托责任。 3.一家投资公司新雇佣的初级分析员刚刚购买了豪华轿车并加入了市中心的高级俱乐部。该分析师的主管通过同事的投诉而对此进行调查，并发现在公司将某些股票列入购买建议之前，他已先购买来了多种。该公司的调研受很多投资者的尊重并且有众多的追随者。当买进的建议公布之后，股票的走势在头5天的表现非常突出。该分析师违反了“守则”和“准则”中的哪一个条款, 重大未公开消息 交易的优先权 a. 是 否 b. 否 是 c. 是 是 4.一位分析师在午餐时间向同公司的基金经理陈述了他所追踪那家公司的负面消息，并指出他将很快降低该公司的股票评级。在当天的午餐结束后该分析师便公布了他的报告和给出了卖出建议。第二天，股市一开盘该公司交易部门的主管便抛售该股票的多头仓位和停止买入，尽管内部控制部门禁止基金经理关闭任何客户的仓位。该公司交易部门的主管违反了“守则”和“准则”中的下列哪一项, 合理依据 交易优先权 a. 否 否 b. 否 是 c. 是 是 5.一位银行职员将他的名片递给一位客户，并将其介绍给投资部门的特别基金经理。如果该客户投资该投资部门，这位职员就会从投资部门获得一笔佣金。尽管投资部门与银行都是独立的公司，但它们都属银行控股公司所拥有。投资部门和银行都没有披露报酬协议。银行与投资部门的这种关系违反了“守则”和“准则”中的那一项条款, 利益冲突 介绍费 a. 否 否 b. 否 是 c. 是 是 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 6.公司被收购后，一位投资经理同意买下自己的早期养老金。因为她并没有打算从事专业的投资管理，所以她的名片上只有姓名和注册金融分析师称号。她已不再支付会费和签署职业行为准则的任何声明。这位投资经理可以: a. 继续使用注册金融分析师称号，只要她愿意。 b. 只有签署了职业行为准则并提及“退休”字样，才可以使用注册金融分析师称号 c. 支付会费和收到中国注册金融分析师培养 计划 项目进度计划表范例计划下载计划下载计划下载课程教学计划下载 执行办公室颁发的“处于退休状态的重新分类”通知后，才可以继续使用注册金融分析师称号。 7. 一位注册金融分析师证书持有者，义务为一家非盈利机构担任财务主管，近期收到了为该组织购买汽车的请求。该义工通过一位经销商朋友以零售价购买了汽车，以帮助朋友的生意。这辆汽车本可以以较便宜的价格购买，因为该机构是非盈利的。关于不当行为的禁止，这位注册金融分析师证书持有者: a. 违反了“守则”和“准则”。 b. 并没有违反“守则”和“准则”，因为她并没有受贿。 c. 并没有违反“守则”和“准则”，因为这些条款与职业行为有特别的联系，而义工只是她职业之外的工 作。 8. 一位分析员的哥哥在高尔夫球场偶然听到了一条非常重要的信息，便把这条信息告诉了这位分析员。该分析员以这条信息为依据公布了一篇调研报告。该分析员违反了“准则”中的下列哪一项: 重大未公开信息 合理和充足的依据 a. 否 否 b. 否 是 c. 是 是 9. 一位分析师为准备调研报告而阅读了国际金融惯例研究。另外，他也阅读了在最佳杂志上发表的同一研究的摘要。该分析师并没有利用最佳杂志所提供的分析。关于“守则”和“准则”中原始资料的使用，该分析师在他的调研报告里应列入下列那些参考文献, 国际金融惯例研究 最佳杂志 a. 否 是 b. 是 否 c. 是 是 10. 一位投资经理(IM)正在申请一份美国证券交易委员会的投资顾问一职而没有通知现任雇主。IM利用工作之余来执行所有与申请有关的其他工作和文件记录。根据准则，IM是否有责任将这一切通知现任客户或雇主, 雇主 客户 a. 否 是 b. 否 是 c. 是 否 11. 一位分析师出席了定量分析研讨会并与一位金融教授商讨了新的模型。这位分析师再创建和回溯测试了这个模型，并做了一些小调整极大地提高了模型的预测能力和取得了非常积极的结果。为了避免违反“守则”和“准则”中的错误陈述条款，模型的所有权应归: a. 分析师。 b. 金融教授。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and c. 分析师，并指出创意的来源。 12. 离开了前任雇主之后，投资经理写下了所有他能记起的客户名字，便开始寻找他们的电话号码。根据准则，这位投资经理: a. 不可以联络前任雇主的客户。 b. 可以利用前任雇主的通讯录。 c. 可以联络他的旧客户，但不得使用从前任雇主那儿抄袭的通讯录。 13. 一家投资顾问公司指示客户将资金存入到存款证，由联邦存款保险公司担保。根据一位客户的来信“银行在联邦存款保险公司的保护下，如果客户的资金达到一定金额，银行破产时可以保证投资者不会失去本金。其实，目前没有关于货币市场基金的本金价值的保证”。这家投资顾问公司的行为: a. 并没有违反“守则”和“准则”，因为将客户的资金存入存款证总是非常安全的。 b. 违反了“守则”和“准则”，因为在投资领域里没有什么是可以保证的。 c. 并没有违反“守则”和“准则”，因为这些账户达到一定金额之后是可以得到保证的，即使机构破产。 14. 投资顾问的一位客户想通过向慈善机构捐款$35,000以减少所付的所得税。这位投资顾问便向他的交响乐主席暗示了这件事情，随后交响乐基金便派人跟这位客户洽谈。根据准则，这位投资顾问: a. 泄露了客户的机密。 b. 并没有泄露客户的机密。 c. 违反了适用性的必要条件，因为向交响乐交款并不适合他的客户。 15.为了争取投资银行的业务，企业的财务总监口头要求调研部主管将主题公司的投资建议由“卖出”改为“买进”。该调研主管的所采取的最佳行动为: a. 将这支股票从调研组合里删除掉，并提供真实的数据。 b. 派一名新的分析师研究这家公司，并希望投资建议真的有所改变。 c. 请求财务总监审查目前投资建议的准确性，并允许该懂事作出适当的改变。 16.在一次会议上，一位分析师无意中听到两位首席分析师打算将某支股票列入买入评级，而这支股票已被自己列入卖出评级。他并没有听到买入的原因，回到办公室之后便立即更改了他的调研报告。通过更改投资建议，该分析师是否违反了中国注册金融分析师培养计划执行办公室的准则? a. 否，因为那两位分析师是行业里受人尊敬的权威人物，相信他们的报告是经过深入而认真的研究。 b. 是，因为他盗用了两位分析师的观点。 c. 是，因为他没有合理和正确的依据支持他的投资建议。 17. 一家投资公司要求员工事先获得个人交易的许可才能交易。一位投资顾问得到许可而购买了100股A股和100股B股。当他获得许可的时候，B股的股价已经有所上涨，所以他决定购买200股的A股。该顾问很有可能违反“守则”和“准则”中的下列哪一项, a. 忠诚 b. 公平交易 c. 操纵市场 18.关于不当行为的陈述下列哪项违反了“准则”, a. 因和平抗议原子核设施而与该组织的同事一同被捕。 b. 宣布破产。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and c. 同时担任俱乐部和慈善机构的主席将俱乐部财务的资金转到慈善机构。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 定量分析 19. 所有其他条件均相同，投资者最有可能喜欢的收益分布投资组合带有: a. 正偏斜 b. 负偏斜 c. 高峰度 20.投资组合的年收益(收费前)是正态分布，平均值为10%，标准差为15%。所有经理的年度收费标准是 0.5%。基金经理的年度净收益率大于-5.5%的概率接近于: a. 68% b. 84% c. 95% 21.一位分析师所计算的投资组合年收益率，如下所示: 年份 收益率 20×6 14.6% 20×7 - 7.3% 20×8 24.6% 投资组合的3年的几何平均值和算术平均值为: 几何平均值 算术平均值 a. 9.8% 较低 b. 9.8% 较高 c. 10.6% 较高 22.以下原始数据的排列方法为从左到右，从上到下逐渐增加。 163.5 196.9 212.3 234.1 166.4 198.3 216.2 238.5 175.6 199.5 216.9 239.8 177.5 200.7 218.3 240.7 184.4 202.0 222.0 243.0 187.6 205.5 222.2 243.9 189.9 208.4 224.5 255.5 在利用相等范围的5个区间构建频率分布中，如果第一个区间是“160至180”第四个区间的频率接近于: a. 4 b. 6 c. 8 23.保险公司提供递延年金产品，允许投资者首次存款$7,500和在以后的10年里每月存入$100.若10年后 的本金为$27,500，收益率接近于: a. 4.0% b. 4.8% c. 5.2% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 24.一位投资者的投资组合包括40%的A股和60%的B股。A股的预期收益率为10%，标准差为12%。B股的预期收益率为15%，标准差为16%。两种股票的相关系数为0.50。投资组合收益率的标准差接近于: a. 13% b. 14% c. 161% 25. 一支股票的买入价为$40，3年间的价格结果如下: 第一年 第二年 第三年 $60 $55 $60 几何平均值的年收益率接近于: a. 14.47% b. 16.92% c. 50.00% 26. 在不同的经济情况下，股票的表现概率如下所示: 扩张 停滞 衰退 40% 20% 40% 好 70 30 0 一般 30 30 40 差 0 40 60 经济停滞时期股票表现为一般的概率接近于: a. 6% b. 10% c. 34% 27. 分析师所估计的股票收益率分布如下所示: 收益率(X) 概率P(X) 0.10 0.2 0.15 0.3 0.20 0.5 分布的方差接近于: a. 0.0015 b. 0.0390 c. 0.1167 28. 一家共同基金刚刚结束了对130位投资者的分层取样，调查显示投资者的平均收益率为21.7%，标准差是33.2%。分析师利用样本公式而不是总体公式计算参数。每一个参数的正确计算应为: 平均值 标准差 a. 小于 大于 b. 相同 小于 c. 相同 大于 29. 一家企业的月度销售净额为$8000万，标准差$2000万。假设月度销售净额是正态分布，包括95%的置信区间接近于: leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and a. $2000万至$1.4亿 b. $4000万至 $1.20亿 c. $6000万至 $1亿 30. 一位分析师根据100个观察样本计算出检验统计量为2.35，其中理论平均值为0。通过测试原假设其中平均值并不是明显不同于0，分析师希望95%置信区间的平均值明显不同于0。分析师应当: a. 接受原假设。 b. 拒绝原假设，接受备择假设。 c. 因为没有足够的观测值应避免给出结论。 31. 一位分析师为共同基金收集资料，包括标普500指数和一年期债券。 共同基金 标普500 债券 收益 14% 7.4% 3.7% 标准差 8% 6% 1% 共同基金的夏普利率接近于: a. 0.83 b. 1.10 c. 1.29 32. 一位分析师持有了一年9%的息票债券: 最初价格 面值的100% 持有期结束时的价格 面值的98% 持有1年的债券收益率接近于: a. 3.8% b. 7.0% c. 10.2% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 经济分析 33.通过金融创新来降低货币需求的是: a.减少借记卡的使用。 b.增加信用卡的使用。 c.消除商业银行的地域限制。 34. 注册金融分析师特许资格的人数随着三级考试的高通过率而增加。在专业投资行业，拥有注册金融分析师特许资格的人比没有此资格的人工资更高。 由于注册金融分析师特许资格的人数的增加，注册金融分析师特许资格的人的供给曲线以及需求曲线可能会: 供 求 a.左移 不变 b.左移 左移 c.右移 不变 35.圆珠笔是由很多产商生产的产品，该行业是个完全竞争市场结构。A公司一盒圆珠笔的批发价格为5 美元，现在公司用了3,000,000美元的成本生产了750,000盒的圆珠笔，并正在考虑扩大生产工厂，每个扩大选择的总成本表如下所示: 盒数 总成本 1,000,000 $4,100,000 1,250,000 5,300,000 1,500,000 6,600,000 1,750,000 8,000,000 根据以上信息，生产的盒数最接近: a. 1,250,000 b. 1,500,000 c. 1,750,000 36.在自然垄断的管制下，当地的管制者最有可能迫使垄断者规定每个单元的价格为: a.低于边际成本。 b.等于平均可变成本。 c.等于平均总成本。 37. 如果准确预期，以下哪种扩张性宏观经济政策将会导致通货膨胀很少或无实质增长, 财政政策 货币政策 a. 不会 会 b. 会 不会 c. 会 会 38.假设以下数据适用于美国经济: 名义GDP 13.2 万亿美元 实际GDP 11.4万亿美元 货币供给 2.2 万亿美元 储备金要求 20% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 根据这些数据，货币的流通速度最接近于: 流通数度 a. 4 b. 5 c. 6 39.美国降低移民门槛，扩大非熟练劳动力进入该国的配额。对以下类型失业率的短期影响最有可能的是, 周期型 结构型 a. 增加 增加 b. 增加 减少 c. 没影响 增加 40.一位著名女主角演员穿着一种特别风格的鞋子出席好莱坞电影首映仪式，接着这种风格鞋子在美国变 得十分受欢迎。以下哪项最恰当的描述了对需求与供给曲线的短期影响, 需求 供给 a. 沿着曲线运动 移动 b. 移动 沿着曲线运动 c. 移动 移动 41.如果实际GDP等于潜在GDP，美联储意味增加货币供给，这个政策最有可能的影响是, 借方 贷方 a. 损失 获利 b. 获利 损失 c. 损失 损失 42.当前的失业率处于自然率上，充分预期的扩张性货币政策最有可能导致: a.长期来说，实际工资更高。 b. 长期来说，就业率增加。 c. 工资向上调整，迅速补偿更高预期通货膨胀的损失。 43.当政策意味增加开支时，当前经济处于充分就业的状态。根据传统的总需求/总供给分析，政府会增加 就业率吗, 短期 长期 a. 不会 会 不会 b. 会 c. 会 会 44.美联储公开市场委员会成员认为他们应该通过300亿美元的货币供给调整来抑制不断上升的通货膨胀。 如果储备金要求是20%，美联储应该: a. 购买60亿美元的国库券。 b. 出售48亿美元的国库券。 c. 出售60亿美元的国库券。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 财务报表分析 45.若某公司的净利润率为21%, 要使权益收益率到达14%，则权益周转率最接近于: a. 0.67x b. 0.78x c. 1.49x 46.某公司按折价出售10年期债券。相对按面值发行的债券来说，头2年内融资现金流(CFF) 和营运现金流(CFO)会 : CFF CFO a. 过高 过低 b. 过低 过高 c. 过高 过高 47.与适当费用化经常性维修费用的公司相比，资本化这些成本的公司的营运现金流(CFO)有可能将: a. 较低 b. 一样 c. 较高 48.分析师收集了某主题公司的以下数据: 负债比率 0.175 总负债 $5,000,000 总带息负债 $3,500,000 权益收益率 16.0% 该公司的资产收益率最接近于: a. 11% b. 12% c. 25% 49. 某公司收到应收账款37,500美元，偿还短期贷款17,500美元。这些交易的结合效应 使该公司现金流量表中的营运现金流: a. 增加 $ 20,000 b. 增加$ 37,500 c. 增加$ 55,000 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 50. 公司X 和公司 Y在所有方面都相同，除了存货评估时公司X 采用FIFO而公司Y采用LIFO。 最近几年内两个公司都处于价格上涨的环境中，则公司X最可能有较高的: a. 税项负债。 b. 存货周转率 c. 营运现金流 51. 发生LIFO清算当: a. LIFO准备价值增加。 b. 公司由LIFO转变为FIFO。 c. 已销售量大于生产量。 52. 某公司在其最近的资产负债表中报告的流动资产超过流动负债。披露但不记录提前或支付合约下 作出的承约(U.S.GAAP下允许)最有可能使该公司的比率: 流动比率 负债权益比率 a. 无影响 过低 b. 过高 过低 c. 过高 过高 53. 1月1日，某公司购买了一台价值38,000美元、预计使用年限为5年的机器，该年限末残值为5,000美元。 采用双倍余额递减法，第3年的折旧费用最接近: a. $3,283 b. $5,472 c. $9,120 54. 某公司报告的递延税项负债高于递延税项资产。采用债务法对递延税项进行会计处理，一家成长型公司将 计划提高法定税率使: a. 权益增加。 b. 权益减少。 c. 权益无变化。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 55. 某公司由于环境损害的缘故，执行SFAS 143并记录资产退废义务(AROs)。下列哪项最有可能 为任何给定年内记录AROs的结果? 权益收益率 折旧 a. 增加 增加 b. 增加 减少 c. 减少 增加 56. 下列哪项描述了公司费用化资产的成本而不是资本化成本对早年公司财务报表的影响, 税前现金流 负债权益比率 a. 一样 较低 b. 一样 较高 c. 较低 较低 57. 承租人支付的融资租赁款项将反映在现金流量表的哪个部分中: 营运现金流 融资现金流 a. 否 是 b. 是 否 c. 是 是 58. 下列哪项为表外融资形式, a. 合并分公司发生债务，贷款给有信誉的客户。 b. 租赁新设备给客户时使用销售式融资租赁法。 c. 未合并分公司发生债务，贷款给信誉可怀疑的客户。 59. 某公司的流动比率低于1.0x，下列哪项会计处理将增加其流动比率, a. 累积直接劳力成本 b. 使用现金支付应付账款 c. 使用短期循环信用透支来现金支付长期债务 60. 20X8年内某公司报告净收益489,000美元，宣告并支付现金股利275,000美元，并发行其他普通股64,000 美元。该公司期初和期末所有者权益分别为36,000美元和827,000美元。反映在所有者权益变动表中作 为20X8年其他综合收入的数额最接近: a. $13,000 b. $141,000 c. $502,000 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 61. 与直线折旧法比，采用累积折旧法最有可能在资产使用年限的早年使下面哪项较低, a.投资现金流 b.营运现金流 c.所有者权益 62.某分析师已认识到U.S.GAAP下递延税项负债的实质当他陈述: a. 永久性差异产生于子公司的未分配收益。 b. 临时性差异产生于收到的来自免税市政债券的投资利息。 c. 出于账面目的使用直线折旧法，出于税收报告目的使用加速法时产生临时性差异。 63. 一家有无息债务的公司在报告年的第1天建立了融资租赁。该租赁要求10年内每年年底支付 175,000美元。租赁期第2年，该公司报告EBIT450,000美元。假设租赁的估算利率为7%，则 该公司第2年的利息保障比率最接近: a. 4.3x b. 5.2x c. 5.6x 64. 三家经营相同产业的公司同年内产生下列结果: 平均存货 销售额 存货周转天数 公司 ($ 百万) ($ 百万) (DOH) A 1.8 25 60天 B 2.0 26 60天 C 2.3 27 65天 该年内哪家公司有最高的毛利润率, a.公司A b.公司B c.公司C 65. 年初公司按账面值出售它一半的应收账款并使用这些收益来支付长期银行贷款。假定应收账款的 出售满足所有构成GAAP下“真实出售”的条件，则这笔交易将: a. 增加流动比率。 b. 减少负债权益比率。 c. 减少利息保障比率。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 66. Rozier 公司花费50,000美元来购置一台预计使用年限为5年、残值为5,000美元的汽车。采用 年数加总折价法时该汽车第3年的折旧费用为多少, a. $6,000 b. $9,000 c. $10,000 67. U.S. GAAP下，支付股利和利息将影响现金流量表的下列哪个部分, 股利 利息 a.营运现金流 融资现金流 b.融资现金流 营运现金流 c.融资现金流 融资现金流 68. 增加存货周转天数(DOH)和应付款项周期对现金转换周期产生的影响为: 存货周转天数 应付款项周期 a. 增加 增加 b. 增加 减少 c. 减少 增加 69. 某公司正考虑两个和公司已从事项目类似的项目。这些项目的风险和公司总体风险相似。公司的加权平均资本成本为13%。下面的表格总结了每个项目的现金流: 年份 项目 1 项目 2 0 $(100,000) $(150,000) 1 60,000 80,000 2 40,000 70,000 3 20,000 50,000 这些项目相互独立但不互斥。基于净现值(NPV)法，该公司该投资: 项目1 项目 2 a. 否 否 b. 否 是 c. 是 是 70. 下列评估资本投资项目的方法隐含的再投资率为: NPV IRR a. 权益成本 IRR b. WACC IRR c. WACC WACC leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 71. 分析师得编制公司想要分析的两个项目的净现值曲线。项目B收到其项目现金流比项目A晚， 但两个项目的NPV一样。考虑到NPV曲线的敏感性能改变资本的成本和曲线倾斜度，她应该预 计项目B(与项目A相比)的NPV: a.没那么敏感，更平坦。 b. 更敏感、更平坦。 c. 更敏感、更陡峭。 72. 分析师汇编了某公司的如下信息: 最佳资本结构 税后部分成本 长期债务 40% 6% 优先股 10% 13% 普通股权益 50% 15% 公司预计该期的总收益为150,000,000美元。目标股利支付率将保持为45%。公司的税率为30%。假定 该期公司的新资本增加了165,000,000美元，公司资本的边际成本最接近: a. 10.5% b. 11.2% c. 15.0% 73. 某分析师用于获取某个项目的国别风险的模型中包括该国(发达国家)无风险政府债券的最高 收益率差额。他还考虑了A)该国股票指数的年度标准差，B)分析师所在国家的货币年度最高 债券市场的标准差。分析时应考虑: 项目 A 项目 B a. 否 否 b. 否 是 c 是 是 74. 某公司从供应商那购买信用期限为 2/10, 净值30的供应品。如果该公司在30日那天支付，不采取 折扣的实际借款成本最接近: a. 2.0% b. 46.1% c. 109.1% 75. 下列哪项常采用“收支”式来预测现金流, 短期预测 中期预测 a. 是 是 b 否 是 c. 是 否 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 76 某公司想要发行新优先股，并已确定以95美元出售9%的面值为100美元的股票。公司的税率为40%。公 司优先股权益的要素成本接近: a. 5.7% b. 9.0% c. 9.5% 77. 分析师得出Throckmorton公司如下的资本成本表: ($以百万计): 债务融资 债务成本(税后) 权益融资 权益成本* 新债务? $4 4.75% 新权益 ? $4.50 4.50% $4 < 新债务 ? $8 5.25% $4.50 < 新权益 ? $7.50 7.75% $8 < 新债务 5.75% $7.50 < 新权益 8.00% *包括发行成本 假定Throckmorton公司将使用它60%的流动债务和40%的权益资本结构来融资一个新的 价值10,000,000美元项目，边际加权平均资本成本将最接近: a. 5.75% b. 6.05% c. 6.25% 78. 公司特征中最有可能促进公司良好管理的是: a. 董事会成员的独立性 b. 股东主导的薪资委员会 c. 愿意接受股东提出的建议 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 投资组合管理 79. 分析师A说:“投资政策声明是投资组合管理流程中不可分割的一部分，在整个投资流程中起到指导作用。 由于这个原因，声明必须以书面方式记录。” 分析师B说:“监控投资组合管理流程的主要目的是衡量客户的投资组合相对于股票市场基准在一个可比 期限内的绩效。” 哪位分析师的陈述与投资组合管理流程相一致: 分析师A? 分析师B? a. 是 否 b. 否 否 c. 是 否 80. 资本市场线: a. 公式与资本资产定价模型(CAPM)的公式相同。 b. 倾斜度等于市场预期收益率对投资组合的预期标准差的比率。 c. 包含所有高效率投资组合的集合，但是所有的投资组合和股票都位于均衡状态下有效市场的证券市场线 上。 81. 根据资本市场理论，分散化的目标是将下列哪项最小化: a. 非系统风险。 b. 系统风险。 c. β系数。 82. 资本市场线(CML)和证券市场线(SML)中对风险的相关衡量取决于以下哪项风险的衡量, CML? SML? a.COVCOVi,M i,M b.COVσ组合i,M c.σ COV组合 i,M 83. 当编制含有风险资产的无杠杆投资组合时，投资者仅需考虑位于下列那条线上的投资组合集: a. 在有效边界上。 b. 在有效边界的上方。 c. 在证券市场线上。 84. 为了将分散化的利益最大化，投资者应添加的证券与当前投资组合之间的相关系数应最接近: a. -1.0 b. 0.0 c. 1.0 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 资产评估 85. 当投资者被要求使用实际上不属于他/她的证券来支付股息时，最有可能会用到: A(差额 B(卖空行为 C. 权益互换协议 86. 分析者使用了下列信息形成了一组价值加权指数: 十二月 31, 20X5 十二月31, 20X6 股票 价格 对外发行股票 价格 对外发行股票 A $20 10,000 $30 10,000 B $30 6,000 $35 6,000 C $40 9,000 $25 18,000 ,反映了一股分为二股的股权分割 假设12月31日，20X5初始的指数价值为100，那么最后20X6的价值加权指数最接近: a.110 b.125 c.130 87. 在最近的年度报告中，一家公司报告了如下数据: 净收入 = $1,700,000 总资产净值 = 5,000,000 资产总额 = 10,000,000 股息分配率 = 40% 根据其可持续增长模型预测，这家公司未来的盈利增长率最有可能是: a.6.0% b.10.2% c.20.4% 88. 以下哪个叙述是正确的, a. 市价/销售跨国公司通常是指资产成熟的公司。 b. 跨国公司可用来划分具有相似特征公司普通股的可比较价值的等级。 c. 如果某公司的普通股盈利等同于它的平均市场价盈利，那么这个公司的普通股的市场价应该等同于它的 账面值。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 89( 假设一个股票的数据如下: 贝塔系数 115 无风险利率 5% 市场预期报酬率 12% 股息分配额率 35% 预期股息增长率 12% 使用股息折现模型的方法，盈利乘数最接近: a.12 b.19 c.33 90( 一家公司每股股票的现期价格为$50，并且提供了如下资料给股东: 股本回报率 15% 目标留存比率 60% 现期普股股息 2.40 必要普通权益报酬率 15% 个股贝塔系数 0.8 通过这些数据分析，我们可以得出隐含的股价是: a.$28 b.$40 c.$44 91( 对于一个基于结构性因素的市场来说，以下哪项能够证明市场异常, a. 卖空交易 b. 事件研究 c. 元月效应 92. 价格连续性是市场运作良好的特征之一，它属于以下哪个类别, a. 流通性 b. 透明性 c. 外部效率 93. A公司交易15次(持续12个月)都是延迟盈余，如果A公司的股本回报率是12%，那么A公司的账面价值额最接近: a. 1.25x b. 1.50x c. 1.80x leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 94. 菲费尔公司公布了如下财政数据: 营运利润率 10% 资产周转率 4.0x 财务杠杆率 1.2x 有效所得税率 30% 销售额 $100,000,000 假设这家公司没有拖欠任何债务，它的股本回报率最接近: a. 12.0% b. 33.6% c. 48.0% 95. 迪莱拉公司的现期普通股息为$1.25。从长远来看，有望以4%的速度增长。假定无风险利率为4.25%，预期市场回报率为8%，个股贝塔系数为0.90，那么迪莱拉公司的个股价格应最接近: a. $32.50 b. $34.48 c. $35.86 96. 一美国投资者于一年前购买了18,000英镑的英国发行的证券。当时一英镑等于$1.75。假设这一年里，没有任何的股息收益.。现在这些证券的价值达24,000英镑。一英镑等于$1.88，那么总的美元收益最接近: a. 24% b. 33% c. 43% 97. 以下哪个收益率最可能成为投资者对债券估价的因素, a. 名义收益率 b. 到期收益率 c. 银行等值收益率 98. 根据以下数据: 利息率 5.90% 6.00% 6.10% 债券价格 99.75 99.50 99.30 那么，这个债券的久期最接近: a. 1.3年 b. 2.3年 c. 4.5年 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 99. 由于嵌入式期权债券收益率的改变，导致了现金流量的改变. 以下哪个选项是衡量调整的久期, 修正久期 有效久期 a. 是 不是 b. 不是 是 c. 是 是 100. 史蒂芬.翰逊正在考虑购买AAA级的10年有效期债券，它的有效久期为5年。利息率增长1%会改变该债 券价格: a. 大约+5% b.大约-5% c.大于-5% 101. 由于利息率: a. 上升，可赎回债券的价格上升，但少于无期权债券的价格。 b. 下降，可赎回债券的价格上升，但少于无期权债券的价格。 c. 变化，可赎回债券和无期权债券的价格变动相等。 102. 债券的买卖差价最直接受到什么影响, a. 流动性 b. 波动性 c. 利率风险 103. 根据以下即期汇率: 时间(年) 年即期率 1 13.5% 2 11.5% 3 10.0% 4 9.0% 那么，一年的远期汇率在两年后最接近: a.7.0% b.7.6% c.10.3% 104. 鲍勃.瓦格纳较喜欢通过资本增值来增加收入，他正在考虑购买一些10年期BBB级的债券。债券的报价相 同，但是债券的合约有不同的条款。如果鲍勃预计接下来的两年里利率大幅度下降，那么他最可能会选择: a.封顶的浮息债券 b.抵押担保债券 c.不可退还的逆向浮动利率抵押债券 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 105( 一家公司债券，应税收益率为7%。税级为30%，那么投资者的税后收益率将会是: a.2.1% b.4.9% c.10.0% 106. 当利率结构出现向上倾斜时，符合: 流动偏好 市场分割 a. 没有 有 b. 有 没有 c. 有 有 107. 一投资者期望利率平行下降25个基点。根据债券的特点，以下哪种情况下，获得最高利润, 久期 凸度 a. 4.5 -2.5 b. 4.5 15.0 c. 2.3 15.0 108. 假定3年期的年付债券的即期汇率为8%，2年期的年付债券即期汇率则为8.75%。由此可得，两年后，1 年期的债券即期汇率是多少, a.5.85% b.6.51% c.8.57% 109. 关于如何衡量当前收益率，以下哪个选项最正确: a.货币时间价值的考虑 b.包括资产利润的影响 c.通过公式轻松的获得 110. 再投资风险: a.不适用于逆向浮动利率抵押债券 b.随着券息上升而下降 c.不适用于零息债券 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 111. 一分析者收集了以下即期汇率数据: 时间(年) 年即期汇率 1 7.50% 2 6.25% 3 5.00% 4 3.75% 根据以上数据，两年后，一年期远期利率最接近: a. 2.54% b. 5.00% c.6.25% 112. 一保险公司购买了$10,000,000名义本金额，7x10个月的FRA(远期利率协议)，固定利率是6.75%。 合同 劳动合同范本免费下载装修合同范本免费下载租赁合同免费下载房屋买卖合同下载劳务合同范本下载 起始时的利息 合同终止时的利率 3个月 5.5% 5.2% 7个月 6.0% 5.7% 10个月 6.5% 6.2% 13个月 7.0% 6.9% 17个月 7.2% 7.3% 该保险公司需要支付多少,支付多少个月, 支付金额 截至月份 a. $38,253 7个月 b. $38,253 10个月 c. $38,750 7个月 113. 珍妮.纽维尔购买了以下看涨期权，并且以个股价$24.00出售了看跌期权: 看涨 看跌 起始期权价格 $2.75 $0.49 敲定价格 $22.00 $24.00 如果个股的交易价为$25，那么到截止日，珍妮的初期投资总收入或者总损失是, a.21.7% b.26.9% c.32.7% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 114. 某投资者出售欧洲看跌期权。期权合约说明，正股(底层股票)的每100股: 敲定价格 $38.00 个股价格 $35.50 期权金 $3.75 买卖权终止时，个股价格为$42.00每股。忽略货币的时间价值，投资者所处位置的损益平衡和终止时的个 股价格最接近: 损益平衡 利润 a. $41.75 $-25 b. $41.75 $375 c. $34.25 $375 115. 一般情况下，本金的交换是在以下哪个项目的初级阶段: 利率互换 货币互换 a. 不是 是 b. 是 不是 c. 是 是 116. 对于波动上升的底层证券来说，看涨和看跌的期权价值也会各自地: 看涨 看跌 a. 上升 上升 b. 上升 下降 c. 下降 下降 117. 某分析者使用买卖权等价理论公式来分析无套利方案。如果X=商定汇率，S=股票价格，r=无风险利率，F 不派息欧式买卖权价格会相等，当(假设各项相同): S=PV(X) r=0 F a. 不是 是 b. 是 不是 c 是 是 118. 关于REIT(不动产投资信托)和RELP(有限合伙制)，以下哪个选项正确, a.投资者也许会以资产净值赎回REIT。 b.RELP里的资产净值NAV较多取决于隐含财产的附加价值。 c.REIT可以进行不动产的权益投资(如办公楼、购物商场和公寓住房)，或者他们可以抵押不动产。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 119. 对冲基金不同于其他投资基金在于: a.比起典型的共有基金，对冲基金更注重于投机交易(卖空行为、财务杠杆的使用和衍生性金融工具)。 b.共同基金通过管理他们的投资证券组合的贝塔，来执行他们的基准，然而对冲基金则通过处理投资证券组合的阿尔法来取得。 c.对冲基金管理者一般获得其所管理财产的基本费用的1%，然而，其他的投资基金则直接从其基金产生的利润里获得。 120. 某投资者决定，花4年的时间进行400万美元的风险投资，以达到上市的可行性。IPO价值预期达到450万美元。每年的失败可能性如下: 第一年 第二年 第三年 第四年 P(失败) 0.4 0.3 0.3 0.2 根据以上数据，贴现率为25%，该项目的净现值(NPV)最接近: a.$608,000 b.$332,000 c.$14,432,000 上午考试题结束 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 考试1 下午考试题 专题 题号 分值 职业道德与执业操作准121-138 27 则 139-153 22 定量分析 经济分析 154-165 18 166-198 50 财务报表分析 199-204 9 投资组合管理 资产评估 205-240 54 总计 180 答案在考试1的结尾 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 试题1 下午试卷 职业道德与执业操作准则 121. 当在外企任职时，中国注册金融分析师培养计划执行办公室的会员必须遵循以下哪一项: a. 准则或当地法律，但必须一致。 b. 更严格的准则或国外的 规章 94财务与会计管理规章人事管理规章94财务与会计管理规章企业规章制度介绍肿瘤科规章制度 制度。 c. 以该国的规章制度作为最后的合法程序。 122. 一位分析师在认真研究的报告里没有将事实与观点区分开来，根据准则该分析师违反了下列哪一项: 勤奋和合理的依据 与客户交流 a. 否 是 b. 是 否 c. 是 是 123. 一位投资顾问删除了所有客户的档案，并计划在离开现任雇主时将这些档案带到新雇主那儿。在离职的前一天，该顾问联系了现有客户并只告诉他们她将离职，而没有说出新雇主的名字。关于对雇主的责任，该顾问的下列哪一项违反了准则: 删除文档 通知客户她将离职的消息 a. 否 是 b. 是 否 c. 是 是 124. 一位分析师参加上市公司的会议时，曾是大学同窗的首席财务官向其透漏了一些信息。该财务官并不是分析师所属的经纪公司客户，并在每年的圣诞节赠送分析师及其家人礼物。分析师的主管知道了这层关系之后，命令分析师不准公布其最新的调研报告。不顾主管的反对，分析师还是将其最新的公司报告公布于众。根据以上信息，该分析师有可能违反准则中的: 忠诚 利益冲突的披露 a. 否 是 b. 是 否 c. 是 是 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 125. 一位新上任的分析师拜访上市公司时面临以下情况 情况一:对于民航无法提供的航班，该公司提供公司的直升机负责接送。 情况二:凡是参加会议的分析师都可得到价值$5,000的高清电视，并刻有公司的商标。 下列哪一选项会损害或将损害分析师的客观性: A B 情况情况 a. 否 是 b. 是 否 c. 是 是 126. 一家投资公司的兼并&收购部门代表一家上市公司处理所有的收购业务(从该公司发行新股开始)。而投 资公司的两位高级职员是多家上市公司子公司的董事。分析员准备上市公司的调研报告时，最好的做法是: a. 拒绝写报告，因为两位高级职员的关系。 b. 作为报告的一部分，披露与上市公司的这种特别关系。 c. 只报告事实，因为两家公司的特别关系尽量不要发表任何观点。 127. . 奶奶送给孙子5股通用汽车股票作为生日礼物，孙子的父亲恰巧是汽车行业的分析师。根据准则，该分析 师披露并不需要包括儿子所持股票的仓位，因为: a. 无受益所有权。 b. 该分析师代管儿子股票。 c. 分析师的分析没有损害公正性。 128. . 与一位新客户进行简短的交谈之后，投资顾问便立即给出了投机性的投资建议。关于准则中投资的适用性， 该投资顾问必须首先: a. 向新客户介绍其教育背景，培训经历，工作经验和注册金融分析师称号的意义。 b. 在给出任何类型的投资建议之前，必须了解客户的需求，目的和风险承受力。 c. 向新客户彻底地介绍公司的特点，包括公司所处行业的特点。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 129. . 纪谦向一所私人大学捐助基金的董事会提供投资咨询。该董事会向纪谦提供了基金的财务信息和详细的数 据包括近5年的收支平衡表。纪谦的同事钱豪并没有联系董事会只是向纪谦所要相关的一切信息，包括计 划支出，为了在截止日期之前完成客户的捐赠。根据准则，纪谦是否可以披露该信息，并导致以下哪一选 项受益, 客户 捐助基金会 a. 否 否 b. 否 是 c. 是 否 130. . PJ公司刚刚签了一份大合同并公布了这一信息，分析师卫光立即将PJ公司的投资评级由卖出改为买进。 该投资建议将通过传真和电子邮件在第二天清晨发送给客户。卫光正考虑是否应通知他3个最大的客户， 因为他50%的收入来源于他们。为了避免违反公平交易，卫光应当: a. 立即联络3大客户，因为他们付较高的佣金，所以应得优惠待遇。 b. 直到所有的客户都收到通知之后，再联络3大客户进行进一步的商讨。 c. 除非与所有的客户商讨相同的内容，否则即使所有的客户都收到通知，也不许只与3大客户进行商讨。 131. . 一位主管怀疑其下属违反了公司的投资政策。根据准则，该主管首先应采取的行动是: a. 着手调查。 b. 通知法律部门。 c. 要求下属终止所有的个人账户。 132. . 一家投资顾问公司的销售代表对客户说“在密苏里州的布林，没有人敢说他们比我们有更多的注册金融分 析师会员，我们也保证我们的客户将享受到出众的投资成果。”该销售代表的那一项陈述违反了守则和准 则, 注册金融分析师会员, 投资成果, a. 否 是 b. 是 否 c. 是 是 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 133. 一位交易主管发现公司的规章制度不足以防止守则和准则的违规。根据准则，她应采取的最佳行动是: a. 立即辞职。 b. 要求公司制定适当的保障措施，若做不到这点，便拒绝监督职责。 c. 要求公司制定适当的保障措施，但她并不需要减少监督责任。 134. 一位投资顾问告诉其潜在客户从20 X0年1月1日起至当前报告期间他的投资收益为20%。他并没有告诉他 们这些收益主要来自于某位成功客户所付的投资收益百分比，而不是向其他客户一样只是收取固定收费。 而新客户不可能获得类似收益，况且该顾问也没有同雇主讨论这种特别协议。在中国注册金融分析师培养 计划执行办公室的条款下，该顾问是否需要披露以下协议, 业绩展示? 附加酬劳协议? a. 否 是 b. 是 否 c. 是 是 135. 一家大型投资公司的CEO指示经纪人在第四季度利用所赚的软美元购买电脑。研究部的同事将用这些电 脑为客户准备调研报告。关于软美元的收益分配和利用收益所购买的产品，该CEO是否违反了准则? 购买电脑收益分配 a. 否 否 b. 否 是 c. 是 是 136. 一位投资经理向白金俱乐部成员提供独家服务。这些成员的收益是通过资产的管理，佣金形成或他们的账 户与公司的前两种组合。该经理通过小册子向现有客户和新客户披露这些特别协议，当公司更新客户信息 时又会重申这些协议。关于政策规定，该经理是否会违反守则和准则? 佣金形成, 管理下的资产, a. 否 否 b. 是 否 c. 是 是 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 137. 中国注册金融分析师培养计划执行办公室纪律审查委员会指定的主管人发现一位会员违反了“守则”和“准 则”。主管人员对此作出了惩罚决定，该事项将提交由中国注册金融分析师培养计划执行办公室会员组成 的听证会，如果该会员: 接受惩罚, 拒绝接受惩罚, a. 否 否 b. 否 是 c. 是 是 138. 中国注册金融分析师培养计划执行办公室执行“守则”和“准则”的指导方针包括: 注册金融分析师章程 程序条例 a. 否 否 b. 是 否 c. 是 否 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 定量分析 139. 一家银行提供3种不同的国债以满足不同的客户需求。国债A的票面利率为(APR)4%按年复利，国债B的票面利率(APR)为4%按季复利，国债C的的实际年利率为4.2%(EAR)按季复利。哪一个国债的实际年利率最高, a. A b. B c. C 140. 曲霞向金融机构贷款$350,000, 必须以每年相同的额度分期付款，10%按年复利计息，期限为20年。她所偿还的贷款支付接近于: a. $19,250 b. $37,374 c. $41,110 141. 在一个正偏斜分布，众数和平均值的相对位置通常会是: a. 众数将处在平均值的左侧。 b. 众数将处在平均值的右侧。 c. 众数有可能处在平均值的左侧或右侧。 142. 一位分析师准备了以下的数据集: 观察值的# 月收益 1 -1.00% 1 0.00% 1 0.50% 1 1.50% 2 -0.75% 2 1.25% 8 0.25% 假设收益是正态分布，数据的算术平均值接近于: a. 0.18% b. 0.25% c. 0.00% 143. 一支股票的变异系数为0.25，预期收益率等于: a. 股票变量的4倍。 b. 股票标准差的4倍。 c. 股票标准差的四分之一。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 144. 在两种资产中，公司必须选择购买其中一种。年收益率和相关的概率为: 资产 P(收益率) 收益率(%) A 0.25 10 0.35 15 0.40 20 B 0.15 5 0.35 15 0.50 25 哪一个资产有更高的收益率, a. 资产A b. 资产B c. 他们有相同的预期收益率。 145. 一位分析师计算出一种比率，以预测公司每股收益的下降。当公司实际的每股收益下降时，该比率为负，当公司实际的每股收益并没有下降时，该比率为正，如下图所示: 负比率 正比率 总行数 6 4 10 EPS下降时 18 72 90 EPS没有下降 时 24 76 100 总列数 分析师随机挑选一家公司其比率为负。根据贝叶斯定理，公司明年每股收益下降的概率接近于: a. 6% b. 25% c. 33% 146. 一项投资的预期收益率是16%，标准差是14%。如果投资的收益率是正态分布，收益率小于2%概率接近于: a. 16% b. 20% c. 34% 147. 在美国只有40%的共同基金涉及债券业务，一位分析师从共同基金中随机抽取1000家，在这些基金的投资组合中涉及债券业务的最准确描述为: a. 离散随机变量 b. 二项式随机变量 c. 多项式随机变量 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 148. 关于一些美国公司(样本)的股权收益率，John收集了以下统计数据， 样本大小 31 总体大小 515 样本平均值 10% 样本标准差 15% 自由度 30 显著性水平 5% 若估计所有美国公司股权平均收益率的置信区间，John有可能利用: 样本平均值 样本标准差 a. 否 否 b. 是 否 c. 是 是 149. 一位统计员 设计 领导形象设计圆作业设计ao工艺污水处理厂设计附属工程施工组织设计清扫机器人结构设计 了下列图表以表示假设检验的决定。 H: 接受 拒绝 0 正确 D A B C 错误 下列哪一个决定将引起第二错误, a. A b. B c. C 150. 过去，一家公司的风险管理部门(RMD)在一定月份内利用正态分布来估计损失20%或更多的概率为5%。一位注册金融分析师证书持有者分析了这些数据，并且估计债券组合中的债券超额收益分布是零偏斜，大的正超峰度。根据这些发现，损失大于20%的概率将: a. 增加 b. 减少 c. 如果偏斜为零，将不会有任何改变。 151. 一位分析师在计算概率时，估计经济条件为好，一般和差的时候，公司的业绩表现将强于大盘，与大盘持平或低于大盘。若分析师已知公司的业绩表现强于大盘，并且想知道经济好的概率是多少时，分析师需要获得一个: a. 先验概率 b. 后验概率 c. 主观概率 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 152. 如果一支股票的年收益率为8.5%，连续复利收益接近于: a. 8.16% b. 8.50% c. 8.68% 153. 假设标普500的连续复利收益率为正态分布，该系列的指数价格分布将遵循: a. F – 分布。 b. 正态分布。 c. 对数正态分布。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 经济分析 154( 当政府不断出现很大的赤字时， 挤出效应的建议: 实际利率 净出口 a. 上升 上升 b. 上升 下降 c. 下降 上升 155. 货币政策以及财政政策随着所需时间的运作而带来滞后的影响可以被描述为: a. 实施政策之后的影响。 b. 通过收集和分析统计数据，分析家认为这是一个问题。 c. 由于新政府的管制，公司改变它们的运作。 156. 根据里卡多-巴罗效应, 通过国债降低当前税率会: a. 增加总需求。 b. 减少总需求。 c. 总需求不变。 157. 对于年度平衡预算参数，不是积极的策略是: a. 反周期的政府开支。 b. 不顾法律，国会超支。 c. 随着这种策略，周期恶化。 158. 哪种类型的利润测量考虑到机会成本，哪种类型的利润是估计过高的。 机会成本 估计过高利润 a. 经济 经济 b. 经济 会计 c. 会计 经济 159. 假设当前法律要求从事投资行业的雇员必须持有注册金融分析师特许资格。对注册金融分析师特许资格变 化的影响最有可能是: 需求曲线 供给曲线 a. 右移 右移 b. 右移 沿着曲线运动 c 沿着曲线运动 右移 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 160. 垄断导致: 无谓损失 剩余重新分配 a.不会 会 b.会 不会 c.会 不会 161. 一家公司决定给与参议员一定报酬作为交换，希望通过立法降低竞争，并在激烈竞争的市场上较便宜的赢 得竞争地位。这种例子是: a. 寻租。 b. 自然垄断。 c.价格歧视。 162. 单一家庭住宅允许的木材需求是: a. 派生需求。 b. 生产要素。 c. 需求交叉弹性。 163. 一个技术顾问每小时的工资很高。假设替代效应大于收入效应。更高的工资会导致顾问选择去工作: 替代效应 收入效应 a. 较小 较多 b. 较多 较小 c. 较多 较多 164. 美国使用泰勒规则让联邦基金与通货膨胀率和产量缺口相对应。被视为最好的例子是: a. 目标规则。 b. 说明规则。 c. 公开市场操作规则。 165. 货币供给的M1的定义包括: 银行存款 个人支票 a. 没有 有 b. 有 没有 c. 有 有 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 财务报表分析 166. 分子中包含有现金和有价证券的比率为: 现金比率? 速动比率 ? a. 否 是 b. 否 否 c. 是 是 167 完成百分比法会计处理长期合约: a. 减少所得税付款的现值。 b.较少依赖对公司要发生的未来成本的估计。 c.更准确地报告了未完成项目的现状。 168. A公司当前采用LIFO存货评估法。该公司这年报告LIFO准备增加了。如果该公司采用FIFO而不是 采用LIFO，则已销货成本和净收益将 已销货成本 净收益 a. 较低 较高 b. 较低 较低 c. 较高 较低 169 假定年期间销售持平或下降处于价格下降的环境中，公司可能希望LIFO (而不是FIFO)存货法下的营运现金流CFO和营业资本W/C: CFO W/C a. 较低 较低 b. 较低 较高 c. 较高 较低 170. 下列哪项最能反映IFRS和U.S.GAAP下交易证券和待售证券的未实现投资收入和损失的报告, 交易证券 待售证券 a. 来自持续经营的收益 来自持续经营的收益 b. 来自持续经营的收益 其他综合收入 c. 其他综合收入 来自持续经营的收入 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 171. 分析师正比较公司A和公司B的财务报表。本年度两家公司都花了近250,000,000美元来扩展其生产 设施。公司A高度杠杆化。公司B没有未偿债务，使用内部现金准备来支付这250,000,000美元。 两家公司资本结构差异的最可能影响为: a. 公司A会报告更高的有关设施建设的资产余额。 b. 两家公司报告相等的有关设施建设的资产余额。 c. 如果公司A费用化所有利息，则它的利息保障比率将比实际低。 172 公司A建立输送合同，通常会使流动比率的分子和分母: 分子 分母 a. 增加 增加 b. 增加 减少 c. 减少 增加 173 下列哪项在新设施建设中发生的费用将作为不动产、厂房和设备费用化(不资本化), a. 建设中的利息费用 b. 与聘用新雇员广告费相关的费用 c. 定做新设备所需装配的运输费用 174 某公司在7年资本租赁法下租得某设备，要求每年年终支付$20,541。该租赁负债的现值为近 $100,000，贴现率为10%。第一次付款的利息部分最接近: a. $10,000 b. $13,340 c. $14,200 175. 将某租赁报告为资本租赁而不是经营租赁对承租人的财务报表的最可能影响为: a. 租赁期内总租赁费用不变 b. 资本租赁年限内营运现金流减少 c. 资本租赁最初几年的营业利润减少 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 176. Partners (BP)公司以$175,000出售每台预计经济年限为10年的锄耕机。该公司也将把它们直接 Backhoe 租给有良好信用的建筑公司。如果Construction集团(CG)从BP那租得该设备, 相关利率为 10% ， 4年中每月租金为$4,000。CG通过经总理财务融资已经购买了该设备。假定CG 租赁该设备，BP应 该视该租赁为: a. 经营租赁 b. 直接融资资本租赁 c. 销售式资本租赁 177. 分析师记录了某公司如下比率的变化: 20X6 20X7 净利润率 5.4% 5.0% 权益收益率 17.6% 17.2% 资产收益率 12.5% 12.0% 根据以上信息，该公司将增加: 财务杠杆比率 资产周转率 a. 否 是 b. 是 否 c. 是 是 178. Huskie 公司在它最近的财务报表中报告了如下金额: 20X3 20X4 应收账款净值 $680,000 $870,000 商品存货 520,000 740,000 应付账款 375,000 320,000 净销售额 $ 6,500,000 $7,200,000 已销货成本 3,900,000 4,400,000 20X4年支付给供应商的现金最接近: a. $4,180,000 b. $4,620,000 c. $4,675,000 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 179. 分析师汇编了资本公司的如下信息: 净收益 650,000 普通股股利 200,000 优先股股利 50,000 加权平均普通股股数 5,000,000 普通股股数, 12月31日, 20X2 6,000,000 加权平均优先股股数 1,200,000 优先股股数, 12月31日, 20X21 1,200,000 20X2年这一年资本公司的每股基本收益(EPS)最接近: a. $0.09 b. $0.10 c. $0.12 180. 某公司记录在税收上的折旧比账面上的折旧多$42,000。假定未来采用的税率 为35%，该年将作为递延税项负债记录的金额为: a. $14,700 b. $27,300 c. $42,000 181. 某公司花费$7,000,000购买一台预计使用年限为7年、残值为$375,000的设备。假定公司采用年数 加总折旧法，不采用直线折旧法，第5年折旧费用差异和EBIT将为: 差异 EBIT a. -$236,608 较低 b. -$236,608 较高 c. -$473,215 较高 182. Ady Auto集团报告税前收益$48,000和应税收入$60,000。$12,000的差额归入保修费用中。 法定税率为30%。公司在它的资产负债表中报告应付所得税$18,000。Solar应该报告在利润表 中的所得税费用为: a. $6,000 b. $14,400 c. $21,600 183 债券持有人转换可转换债券对公司财务报表的影响包括: 税务开支 负债权益比率 a. 增加 增加 b. 增加 减少 c. 减少 增加 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 184. 某公司正考虑按6%的息票利率发行$10,000,000的长期债券或按5%的息票利率发行$10,000,000的可 转换债券。两者都按面值发行且同时到期。下列哪种说法最能描述对公司债务比率的影响, a. U.S. GAAP和IFRS下债务比率相同。 b. U.S. GAAP下的债务比率将比IFRS下的高。 c. IFRS下的债务比率将比U.S. GAAP下的高。 185. 某资产年限的最初几年内某公司采用加速折旧法而不是直线折旧法，该公司可以预计哪项的较 低价值, 所有者 资产 权益 周转率 a. 否 是 b. 是 否 c. 是 是 186. 为了IFRS和U.S.GAAP下的可比性调节财务报表，分析师将最有可能:: a. 把商誉加入所有者权益中。 b. 从资产负债表中除去所有无形资产。 c. 从LIFO存货成本计算法到FIFO法调整IFRS报表。 187. 权益分析师建立筛选工具来排除潜在会疲软的公司，他最可能保留有什么的公司, a. 负净收益 b. 高于某一临界点的负债权益比率 c. 低于某一临界点的负债对总资产比率 188. 会计分析系统中按账户报告业务的分部为: a. 试算表 b. 总账 c.财务报表 189. 对公开上市公司来说，资本部分中下列哪项成本最高, a. 债务资本 b. 优先股资本 c. 权益资本 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 190. 针对传统现金流项目，分析师采用IRR法和NPV法来排列资本预算项目，他最有可能关注 IRR法可能: a.需要更多复杂的计算。 b.在某些情况下得出多个答案(解决方法)。 c.相对NPV法来说，针对某些互斥项目得出不一致的项目排名。 191. Winthrop公司的资本结构根据市场价值包括20%的债务和80%的普通股权益。当前Winthrop 的普通股的β值为1.2，并且分析师预计S&P 500指数将产生长期超额收益率5%。无风险利 率为5%，相当于Winthrop公司债务的新发行债券的收益率为9%。假设所得税利率为35%, Winthrop的加权平均资本成本最接近: a. 8.75% b. 9.50% c. 10.00% 192. 确认资本预算框架中的发行成本的建议性方法为: a. 针对每股发行成本调整发行股票的价格。 b. 明确确认发行成本作为项目评估的现金流出。 c. 忽略这些成本，因为这些成本会出现在项目确认中。 193 在计算某个项目的资本成本时，资产β反映: 金融风险 业务风险 a. 否 是 b. 是 否 c 是 是 194. 发行比最佳资本结构里多的债务将最有可能导致公司的权益成本和资本边际成本MCC: 股本 MCC a. 增加 增加 b. 减少 增少 c. 减少 减少 195. Outer Circle公司以$998发行期限为20年、半年度息票率为7.5%的债券来资助一个运动服装生产厂。 假设边际税率为30%，分析师计算Outer Circle's WACC 的税后债务成本最接近: a. 3.81% b. 5.33% c. 7.62% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 196 分析师可以计算一家资本结构中有浮动利率债务的公司的债务资本成本，通过: a. 债务评级方法。 b. (针对具有类似债务的公司)期权调整差法。 c. 利率期限结构来确定平均成本。 197. 在其他所有方面都不变的情况下，某公司的营业资本有效性将加强，如果应收账款回收期和应付 账款偿付期: 应收帐款回收期 应付帐款偿付期 a. 变短 变短 b 变短 变长 c. 变长 变长 198. 某公司可发行商业票据，各利率分别为:年利率6.5% , 经销商的佣金率为1/10%, 备份成本率为 1/5%. 期限为三个月的借款2,000,000美元的实际年度成本最接近: a. 6.84% b. 6.91% c. 10.37% leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 投资组合管理 199. U UUUB2B1 A2 A1 收益率 R 有效边界 X W Z Y 2,) 风险(,(R) 根据以上图表中投资者A和B的效用曲线，风险厌恶程度最高的投资者及其最佳投资组合是: 更厌恶风险 最佳投资组合 a. A X b. B Y c. B Z 200. 一项投资组合包含价值为4万美元债券和6万美元的股票。债券的预期收益率为7%，标准差为1%;股票 的预期收益率为12%，标准差为8%。假设债券和股票不相关，确定债券和股票投资组合的标准差。 a. 5.0% b. 4.8% c. 4.6% 201. 最不可能作为编写投资政策声明的原因的是它: a. 允许投资者选择风险和收益限制范围内的投资项目。 b. 有助于投资者了解其风险承受能力范围内所存在的收益率限制。 c. 为税务顾问提供投资组合所选择的投资类型的原因，包括税收影响。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 202. 某分析师编制了关于A公司的普通股收益率: 收益率范围 范围内的样本数目 -10% 至 0% 30% 0% 至 10% 30% 10% 至20% 40% 分析师正在考虑编制一个A公司股份资产占60%，其余为收益率为5%的一年期国库券。投资组合的预期收益率和标准差最接近: 预期收益率 标准差 a. 5.6% 3.1% b. 5.6% 5.0% c. 6.0% 5.0% 203. 预期的股票市场收益率为10%，标准差为27%。无风险利率为3%。AB公司市场收益率的协方差(COV)为0.075。股票当前交易价格为每股100美元，预期将上涨到114美元。股票的必要收益率和对AB公司股票的建议很可能为: 必要收益率 建议 a. 10.2% 购买 b. 22.9% 购买 c. 22.9% 出售 204. 以下哪项陈述最准确, a. 唯一相关的风险衡量方法是资产与市场组合的相关系数。 b. 资本市场线上的所有投资组合完全位于平均方差有效边界的上方。 c. 唯一有效的投资组合位于资本市场线上，但是，所有投资组合和股票都位于均衡状态下有效市场的证券市场线上。 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 资产评估 205. 有三种价值加权法下的股票,每种股票的详情如下: 5月5日 5月6日 价格 #数量 价格 #数量 M $50 5000万 $55 5000万 N $20 8000万 $22 8000万 O $40 1亿 $34* 5000万 *反映相反的分股 从5月5日到5月6日的指数变化的百分比最接近: a.4.5% b.6.0% c.7.5% 206. 以下哪一项是使用市盈率而不用价格和销售比率的优势: a.收入通常比销售更具波动性 b.销售比收入更容易”管理” c.投资价值决定收入能力 207. 假设下列是一支股票的具体信息: 总资产 $10,000,000 总负债 5,000,000 优先股 1,000,000 年均优先红利 500,000股 年均销售 $ 12,000,000 净收入 1,500,000 普通股售价 每股$24.00 此公司的股价与账面价值比率最接近: a.1.0x b.2.4x c.3.0x 208. 一投资者以每股$25,50%保证金买入200股股票。如果维持保证金为25,，此投资者直到股价跌到大概多少之前都不会收到“补仓通知”: a.$12.50 b.$16.67 c.$18.75 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 209. 市场的不规则驳倒半强式有效市场假说，最有可能被用于赚取佣金为多少的非正常利润: a..小公司规模 b.元月效应 c.每季增益 210. 收益增长率的递增趋势应为: 收益自留额 资产周转率 a. 递增 递增 b. 递增 递减 c. 递减 递增 211. 专业经纪人及财管的调查研究结果能驳倒的有效市场假设为: 公司内部人员/专业经纪人 财管 a. 错 错 b. 对 错 对 c. 对 212. 一投资者的股票以20,股价下跌。投资者把这一信息告诉也买此股票的朋友，在股价$40的时候是很好的 投资环境,所以在$32时候趁机购入,并应该放开价格。一位金融从业者把这归类为: a.逐步上升乖离率 b.噪音交易者乖离率 c.过度自信乖离率 213. 通过核查数据，很容易发现异常的结果: 经济基本原理? 测试数据? a. 错 错 b. 对 错 c. 对 对 214. 一投资者告诉朋友说他想通过人们对热门公司的IPO定价过高的羊群心理获得利益, 此投资者说这是个 不规则现象,从中可获超额利润。以下哪项能最贴切说明为什么普通股投资者不能从这样的不规则现象中 获得利益, a. SEC阻挡了某些时间段IPO股份的所有短期销售 b. 没有足够的IPO股份详细目录供借款或短期出售 c. 机构交易者已经从定价过高的IPO股份中取得超额利润 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 215. 一投资者想降低他的美国股票资产组合多样化的风险，他最有可能从以下哪项选择证券: a. 日经指数 b. 摩根士丹利资本国际世界指数 c. 罗素3000指数 216. 一投资者想降低风险性投资组合的风险，但又得不到高级市场分析，应该分比例在零风险资产和风险资产 上投资。 零风险资产 风险资产 a. 错 对 b. 对 错 c. 对 对 217. 一价位为102.00，收益率为6.50,的债券，如果收益率减低到6.0,，会升到104.25;如果收益率上升到 7.0,，会降到99.75。它的久期大约是: a. 4.50年 b. 4.41年 c. 2.21年 218. 一久期为4.30年的债券目前以$865出售, 利息下降50基点会引起债券价格变动大约为: a. -2.15% b. 2.15% c. 4.3% 219. 一分析师把名义收益差额定义为可赎回公司债券的到期收益减去可对比到期国库券的差额。此分析: a. 夸大公司债券的吸引力 b. 保守说明公司债券的吸引力 c. 计算出比债券的利差与信用利差(OAS)低的价值 220. 一投资者关注改良的短期货币市场回扣的收益曲线而不持有任何内嵌期权的证券,他担心利率最有可能: a. 升 b. 降 c. 保持不变 221. 在头六个月后改变LIBOR差额为1.75%的浮息票据是: a.逆向浮动利率证券 b.双币指数浮动证券 c.递升浮动债券 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 222. 以下哪项是由利率波动率的增加导致的: 可退回债券价格 可赎回债券价格 a. 增 增 b. 增 减 c. 减 减 223. 一分析师分析国内证券的风险溢价包括: a. 流动性风险 b(货币风险 c. 国家信用风险 224. 一分析师编制了以下即期利率表: 到期 即期利率 1年 6.25, 2年 6.50, 3年 6.75, 4年 7.0, 使用适当的即期利率，3年期，年均票息6.5,国库券($100面值)的货币市场价最接近: a. $99.40 b. $100 c. $100.6 225. 以下哪项到期时间与即期利率的组合会导致既定利率递减的投资组合价值的大幅度递增? 到期 票息 a. 长 低 b. 长 高 c. 短 低 226. 公司可以在108时认购未偿付证券，但可以认购与票面值相等的证券抵消偿债专款资产，这些债券具有一 个: a . 卖回权 b. 赎回权 c. 特别赎回特征 227. 一投资者以贴现收益12%买入年支付9,的债券。利率支付额以10,用于再投资，此债券的实现收益率为: a. 等于或少于10% b. 10%至12, c. 12%或以上 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 228. 以下哪项差额测度把利率的条款结构和嵌入期权对预期收益的影响考虑在内: a. 名义价差 b. 当前收益率差 c. 期权调整差 229. 在平缓的收益率曲线和无利率波动性的环境中测量债券的相对价值，这样的分析可能使用到: 名义价差 Z差额 a. 错 对 b. 对 错 c. 对 对 230. 一家银行以,1,000,000的价格出售一张5年期浮息票据。它重置90%为期6个月的伦敦银行同业拆借利 率LIBOR +2.5%，那么重置日期的5%伦敦银行同业拆借利率LIBOR需要支付的利息为: a. $33,750 b. $35,000 c. 70,000 231. 保护性卖权策略上的最大损失主要和以下哪些相关: a. 协议价 b. 首次股票价 c. 保护性卖权的成本 232. 一商人想通过认购期权买入一公司的100,000股份,此股票目前以$24.50交易, 并有看跌和看涨期权可供 选择，每股执行价为$22。 看跌期权的时间值 $0.75 美国国库券收益 4, 期权满期 3个月 此商人应该支付或从执行策略所得到的赎回溢价为: 总额 方向 a. $271,470 收 b. $346,470 付 c. $ 346,470 收 233. 看涨投资者最有可能: a. 购买看跌期权 b. 出售看涨期权 c. 购买股票并出售看跌期权 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 234. 交易员乔发以$45的价格买入ABC股票。同时乔发以$50的协议价出售$2看涨期权。如果期权购买者以$50的执行价认购, 乔发的股份和期权的总收益/损失是: a. $3损失 b. $3收益 c. $7收益 235. 一投资顾问购买一股票,此股票在未来30天内可能保持价位不变或上涨,然后签订了与該证券金额相对的30天看涨期权.这样的策略的结果是: a. 如果在顾问能出售所有股份并买回看涨期权前股价持续激烈上涨, 将会造成很大损失。 b. 如果在顾问能出售所有股份并买回看涨期权前股价持续激烈下跌, 将会造成很大损失。 c.用出售保买权所得的溢价来抵消股价下跌,使之成为小风险的投资策略。 236. 关于欧式期权, “最大价值等于执行价的现值”适用于: 欧式看跌期权 欧式看涨期权 a. 错 错 b, 错 对 c. 对 错 237. 工厂计划开始生产和销售产品的风险性融资被看作是下列哪种融资形式: a. 第一阶段融资 b. 萌芽阶段融资 c. 中层阶段融资 238. 分区制限制和地区人口分布最有可能影响該地区的地产: 分区制限制 地区人口分布 a. 供给 供给 b. 供给 需求 c. 需求 供给 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and 239. 一投资者购买无限额基金$1,000的股份,并在4年后卖出,资金总额的年平均收益率为7%,开支比率每年为 1.25%,如果在头5年把此投资项目出售,要支付2%的撤离费,此投资者需要继续偿还的金额最接近: a. $1,221 b. $1,226 c. $1,250 240. 一地产分析师把近期售出的三组对比产权的信息编制如下: 产权A 产权B 产权C NOI 685,000 375,000 450,000 售价 10,000,000 4,285,000 10,000,000 分析师发现另一组淨经营收入为$575,000的对比产权,此产权的估价最接近: a.$8,090,000 b.$8,600,000 c.$9,250,000 下午考试题结束 leading role, strengthening the capacity of regional radiation. Urban and rural is an inevitable trend, also required from a broader construction of the rapid transit system. Entering the 21st century, the city has maintained fast development momentum, are feature-rich and enhanced. Inherent of city space tends to saturated, in more fast of development speed Xia, city population scale also constantly expansion, city function too concentrated by brings of problem increasingly serious, how Guide City by single center to core-network mode development, by Center City to peripheral group, and tablets District ordered, and efficient expand is future city development must faced of problem, apparently, track traffic for Guide City axis to development, support city space structure optimization and expand has not alternative of role. In 2014, Yibin city people's Government and the new road bridge stock limited liability company signed the modern streetcar project a strategic cooperation agreement, new road bridge agreement expressly limited shares ... 1.5.1 planning period and long term: as the main planning period to determine future needs of goal nets, planning period to 2030, consistent with the overall urban planning long term life in Yibin city. Vision: planning no specific period according to the overall vision of the city development planning and land use control in urban area and its prediction based on population size, as a condition of network scale of vision control. More in line with the law of network formation and maintain good flexibility in planning more scientific and