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| Section | Weight | Objectives |
|---|---|---|
| Time Value of Money | 18% | - Effective vs nominal interest rates - Present value, future value, annuities, perpetuities - Discounted cash flow valuation |
| Financial Statement Analysis | 20% | - Income statement, balance sheet, cash flow statement - Ratio analysis: liquidity, profitability, solvency, efficiency - Common-size and trend analysis |
| Capital Structure and Financing | 10% | - Dividend policy and payout decisions - Leverage and cost of capital |
| Risk and Return | 12% | - Portfolio risk and diversification - Systematic vs unsystematic risk - Beta and Capital Asset Pricing Model |
| Valuation of Securities | 15% | - Stock valuation: dividend growth model, CAPM - Cost of capital components - Bond valuation, yield to maturity, risk characteristics |
| Financial Markets and Corporate Objectives | 15% | - Role of financial institutions - Types of financial markets and instruments - Goal of the firm: shareholder wealth maximization |
| Capital Budgeting | 10% | - NPV, IRR, payback period, profitability index - Cash flow estimation and project evaluation |
>> Financial-Management資格問題集 <<
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質問 # 64
What is a limitation of historical mean returns when estimating the cost of common equity?
正解：B
解説：
A limitation of using historical mean returns to estimate the cost of common equity is that past performance may not accurately reflect future investor expectations or future market conditions. Historical averages are backward-looking measures. They summarize what returns were earned over a past period, but they do not directly account for changing economic conditions, shifts in interest rates, changes in business risk, new competition, or revised growth expectations. Because the cost of equity is a forward-looking required return, relying only on historical mean returns can produce misleading estimates if the future differs materially from the past. Choice C is correct because it identifies the main weakness: historical returns may ignore current market conditions and future prospects. Choice A is incorrect because historical returns are usually straightforward to calculate. Choice B describes a dividend-based model, not a historical-return approach.
Choice D is also incorrect because the limitation is not that the method only applies to large firms. Financial managers often compare historical-return estimates with other methods, such as CAPM or dividend-growth approaches, to form a more balanced estimate of the cost of equity. Therefore, C is the correct answer.
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質問 # 65
What is a limitation of using the capital asset pricing model (CAPM) to estimate the cost of common equity?
正解：A
解説：
The Capital Asset Pricing Model (CAPM) is widely used to estimate the cost of common equity because of its clear risk-return framework. However, a major limitation is that it relies on several simplifying assumptions that may not hold in real-world markets. CAPM assumes investors are rational, markets are frictionless, all investors have the same expectations, and that a single factor-systematic risk measured by beta-fully explains expected returns. In reality, markets are affected by taxes, transaction costs, information asymmetry, and multiple sources of risk. Empirical evidence also suggests that factors such as firm size, value characteristics, and momentum can influence returns beyond beta alone. Because of these limitations, CAPM may underestimate or overestimate the true cost of equity for certain firms. Financial managers therefore often supplement CAPM with other models or judgment when estimating required returns. Option C correctly captures this fundamental limitation recognized in financial management theory.
質問 # 66
What is the purpose of covenants in a bond indenture?
正解：D
解説：
Covenants in a bond indenture are contractual provisions designed to protect bondholders by restricting or requiring certain actions by the issuer. These provisions help reduce agency problems between shareholders and debtholders after the debt has been issued. For example, covenants may limit additional borrowing, restrict dividend payments, require the maintenance of certain financial ratios, or prohibit the sale of important assets without approval. Some covenants are affirmative, meaning the issuer must do something, while others are negative, meaning the issuer must avoid certain actions. Their purpose is not to set the bond's coupon rate or determine its market price directly. Instead, they reduce risk for lenders by helping preserve the issuer's ability to repay interest and principal. In financial management, stronger covenants can sometimes allow a company to borrow at a lower interest rate because investors perceive less risk. The other answer choices are incorrect because interest rate, par value, and coupon amounts are bond terms, not the purpose of covenants. Therefore, A is correct because covenants are specifically used to protect bondholders' interests through enforceable conditions placed on the issuer.
質問 # 67
A company is expected to pay a dividend of $2 next year, and dividends are expected to grow at 5% per year indefinitely. The required rate of return on the company's stock is 10%.
What is the value of the stock using the Gordon growth model?
正解：B
解説：
The Gordon growth model values a stock assuming dividends grow at a constant rate indefinitely. The formula is:
Stock Value = D# ÷ (r # g),
where D# is the expected dividend next year, r is the required rate of return, and g is the growth rate.
Substituting the values:
$2 ÷ (0.10 # 0.05) = $2 ÷ 0.05 = $40.
This model is widely used in valuation for mature companies with stable dividend growth. It highlights the sensitivity of stock value to growth expectations and required returns. Option C correctly applies the Gordon growth model formula.
質問 # 68
In the capital asset pricing model (CAPM), what does a beta (#) greater than 1 signify for a portfolio?
正解：B
解説：
Within the CAPM framework, beta quantifies the degree of systematic risk relative to the market portfolio, which by definition has a beta of 1. A portfolio with a beta greater than 1 carries more systematic risk than the market, meaning its returns are expected to be more sensitive to market movements. This higher sensitivity increases both upside potential and downside exposure. According to CAPM, investors require a higher expected return for bearing this additional risk. Importantly, a higher beta does not guarantee superior performance; it simply reflects greater volatility relative to the market. Option B accurately captures this risk-based interpretation.
質問 # 69
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