CFA一級考試中考試題型大家都知道是單選題，單選題也是有區(qū)別的，考試考定量和定性考試題，那是怎樣的？跟著融躍CFA一起看看CFA考試?yán)}就知道了！

Which of the following types of investment clients most likely have the lowest liquidity needs？

A.Endowments and foundations

B.Insurance companies

C.Banks

【答案】A

【解析】A基金的投資期限長，投資目標(biāo)是在獲得資本增值的同時(shí)，得到復(fù)核機(jī)構(gòu)目標(biāo)的收入，流動性需求較保險(xiǎn)公司及銀行來說較小。因?yàn)楸ｋU(xiǎn)公司要應(yīng)對賠付，銀行要應(yīng)對客戶取款。

Faye Harlan, CFA, is estimating the cost of common equity for Cyrene Corporation.She prepares the following data for Cyrene:

·Price per share = $50.

·Expected dividend per share = $3. ·Expected retention ratio = 30%.

·Expected return>·Beta = 0.89.

·Yield to maturity>·The expected market rate of return is 12% and the risk-free rate is 3%.

Based on these data, Harlan determines that Cyrene's cost of common equity is 14%. Harlan most likely arrived at this estimate by using the:

A. dividend discount model approach.

B. capital asset pricing model approach.

C. bond yield plus risk premium approach.

【答案】C

【解析】運(yùn)用CAPM：estimated cost of common equity = 3% + 0.89(12% - 3%) = 11%.

運(yùn)用DDM：growth rate = (0.3)(0.2)=6%,estimated cost of common equity = $3 / $50 + 6% = 12%.

因此如果計(jì)算出的股權(quán)融資成本為14%, Harlan運(yùn)用的方法應(yīng)該是bond yield + risk premium。

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