历年注册金融分析师CFA考试真题.docx
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历年注册金融分析师CFA考试真题.docx
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历年注册金融分析师CFA考试真题
历年注册金融分析师(CFA)考试真题
InvestmentTools:
FinancialStatementAnalysis:
FinancialRatiosandEarningsperShare
1:
AnalysisofFinancialStatements
a:
Calculate,interpret,anddiscusstheusesofmeasuresofacompany'sinternalliquidity,operatingperformance,riskprofile,growthpotential,andexternalliquidity.
Measuresofacompany’sinternalliquidity
Theseratiosarethe:
1.Currentratio=currentassets/currentliabilities.
2.Quickratio=[cash+marketablesecurities+receivable]/currentliabilities.
3.Cashratio=[cash+marketablesecurities]/currentliabilities.
Thecurrent,quick,andcashratiosdifferonlyintheliquidityofthecurrentassetsthattheanalystprojectswillbeusedtopayoffthecurrentliabilities.Otherratiosask:
1.Doesthecompanycollectitsreceivablesonatimelybasis?
a.Receivablesturnover=sales/averagereceivables
b.Averagereceivablescollectionperiod=365/receivablesturnover
2.Howfastdoesthecompanymoveitsinventorythroughthesystem?
a.Inventoryturnover=costofgoodssold/averageinventory
b.Averageinventoryprocessingperiod=365/inventoryturnover
3.Doesthecompanypayitscurrentbills?
a.Payablesturnover=costofgoodssold/averageaccountspayable
b.Averagepaymentperiod=365/payablesturnover
Thecashcycleisthetimeperiodthatexistsfromwhenthefirmpaysoutmoneyforthepurchaseofrawmaterialstowhenitgetsthemoneybackfromthepurchasersofthefirm’sfinishedgoods.
Cashconversioncycle=collectionperiod+inventoryperiod-paymentperiod.
Example:
Receivablesturnover=9,daysreceivablesout(collectionperiod)=41days,inventoryturnover=6,daysinventoryinstock(inventoryperiod)=61days,payablesturnover=11,anddayspayablesout(paymentperiod)=33days.Cashconversioncycle=41days+61days-33days=69days.
Measuresofacompany’soperatingperformance
Operatingefficiencyratiosquestionhowefficientlymanagementisusingtheassetstheyhaveattheirdisposal.Efficiencyratiosareallsalestobalancesheetitemratios.
·totalassetturnover=sales/totalassets
·fixedassetturnover=sales/fixedassets
·equityturnover=sales/equity
Operatingprofitabilityratioslookathowgoodmanagementisatturningtheireffortsintoprofits.
Grossprofitmargin=grossprofits/sales.
Operatingprofitmargin=operatingprofit/sales,thisratioisalsowrittenasEBIT/sales
Netprofitmargin=EAT/sales,alsoknowthebeforetaxprofitmargin=EBT/sales
Returnontotalcapital=[EAT+interest]/capital
Returnonownersequity=ROE=EAT/equity
Measuresofacompany’sriskprofile
Businessriskisrelatedtothefirm’sindustry,thevariabilityofsalesduetothefirm’sproducts,customersandmethodofdoingbusiness.
1.Businessrisk=[standarddeviationofoperatingincome]/[meanoperatingincome]
2.Salesvariability=coefficientofvariationofsales,salesvariability=[standarddeviationofsales]/[meansales]
3.Operatingleverage=?
[ave%changeinoperatingearn]/[ave%changeinsales]?
Financialriskoccursontopofbusinessrisk.Financialriskisrelatedtotheuncertaintycausedbythefixedcostassociatedwithborrowedmoney.
Leverageratiosshowwherethemoneycomesfrom:
a.debttoequityratio=totallong-termdebt/equity
b.assetstoequityratio=assets/equityalsocalledthefinancialleveragemultiplier
c.debttocapitalratio=totallong-termdebt/totallong-termcapital
d.totaldebtratio=[long-term+short-termdebt]/totalcapital.
Earningsorcashflowratiosaredesignedtoshowtheearningsorcashthatisavailabletomeettherequiredinterestandleasepayments.Debtserviceratios.
a.Interestcoverage=operatingprofit/interestexpense=EBIT/I
b.Totalfixedchargecoverage=[EBIT+leasepayments]/[interest+leasepayments+(preferreddividends/{1-taxrate})]
c.Cashflow/interestexpense
d.Cashflowcoverage=(cashflow+interestexpense)/interestexpense
e.Cashflow/long-termdebt.
Measuresofacompany’sgrowthpotential
Growthanalysis:
Investorsandcreditorsareinterestedinthefirm’sgrowthpotential.Investorsbecausehighgrowthmeanshighstockprices,andcreditorsbecausehighgrowthmeansthefirm’sabilitytorepayitsobligationsisimproved.
1.Sustainablegrowth(g)=(earningsretentionrate)(ROE),Where:
theearningsretentionrate=[1-(dividends/netincome)]
2.ROE=[EAT/sales][sales/assets][assets/equity]
Example:
Afirmhasapredictabledividendpayoutratioof40%,anetprofitmarginof12%,anassetturnoverof1.3andanequitymultiplierleveragemeasureof1.4.Estimatethefirm’ssustainablegrowthrate.
g=(earningsretentionrate)(ROE)=(1-dividendpayout)(EAT/S)(S/A)(A/Eq)
g=(1-.4)(.12)(1.3)(1.4)=.13or13%
Measuresofacompany’sexternalliquidity
Externalliquidityistherelativespeedatwhichyoucantradeyourshareswithlittleimpactontheprice.Themostimportantdeterminantofexternalmarketliquidityisthenumberofsharestradedduringthetimeperiod.Othermeasuresofliquidityare:
·Thesizeofthebid-askspread.Thesmallerthespreadthegreatertheliquidity.
·Thetotalmarketvalueoftheoutstandingsecurities.
·Thenumberofshareholders.
·Thetradingturnover(sharestradedduringtheperiod)/(numberofsharesoutstanding).
b:
Calculatethevariouscomponentsofthecompany'sreturnonequityusingthetraditionalandextendedduPontsystems.
RatioanalysisusingtheduPontsystemisanimportanttooloftheanalyst.TheduPontsystemisthemethodofbreakingdownreturnratiosintotheircomponents.Therearemanyvariantsofthisbreakdown.
TraditionalversionoftheduPontequation:
·StartwiththebasicROEratio,(netincome/equity).
·MultiplyingtheROEbysales/salesgivesROE=(netincome/sales)(sales/equity).Therefore,ROE=(netprofitmargin)(equityturnover).
·ExpandingtheequationfurtherbyincorporatingfinancialleveragegivesusROE=(netincome/sales)(sales/equity).
·Multiplyingbyassets/assetsandrearrangingthedenominatorgivesusROE=(netincome/sales)(sales/assets)(assets/equity).
·Finally,weendupat(netprofitmargin)(assetturnover)(equitymultiplier).
ExtendedversionoftheduPontequation:
·FromtheincomestatementyouwillnoticethatEAT=EBT(1-t),wheretisthefirm'saveragetaxrate.SubstitutingEBT(1-t)forEATintheexpandedROEequationgivesusROE=(EBT/sales)(sales/assets)(assets/equity)(1-t).
·Nowlookattheincomestatement.TherelationshipbetweenEBTandEBITisEBT=EBIT-I,whereIequalsthefirm'stotalinterestexpense.Substituting(EBIT-I)intotheROEequationforEBTgivesusROE=[(EBIT/sales)(sales/assets)-(interestexpense/assets)](assets/equity)(1-t).
·Restatedinaccountingterms:
ROE=[(operatingprofitmargin)(totalassetturnover)-(interestexpenserate)](financialleveragemultiplier)(taxretentionrate).
c:
Calculateandinterpretacompany'sfinancialratiosrelativetoitsindustry,totheaggregateeconomy,andtothecompany'sownperformanceovertime.
Importanceofrelativefinancialratios.Asinglefinancialratiobyitselfisoflittleuse.Thepoweroffinancialratioscomesfromcomparingthemtorelativeratiosrepresentingthegeneraleconomy,thefirm’sindustry,thefirm’smajorcompetitorsandeventhefirm’sownpastperformancerecord.
1.Thecomparisonofthefirm’sratiostotheaggregateeconomyisimportantbecausemostfirmsareinfluencedbythegeneralbusinesscycle.
2.Itisalsoimportanttocompareafirm’sratiostoitsownindustryratios.Industryeffectsarestrongestwithindustrieshavinghomogeneousproducts.Itmaybenecessarytocompareafirmtoasmallersubsetwithintheindustrythathascomparablecharacteristics.Thistypeofanalysisiscalledcrosssectionalanalysis.
3.Itisalsohelpfultocompareafirm’sperformanceovertimetoitselftoseeifthefirmisprogressingordeclining.Thistypeofanalysisiscalledtimeseriesanalysis.
d:
Interpretcommon-sizebalancesheetsandcommon-sizeincomestatementsanddiscussthecircumstancesunderwhichtheuseofcommon-sizefinancialstatementsisappropriate.
Common-sizestatementsnormalizebalancesheetandincomestatementsandallowtheanalysttomakeeasiercomparisonsofdifferentsizedfirms.Acommon-sizebalancesheetexpressesallbalancesheetaccountsasapercentageoftotalassets.Acommon-sizeincomestatementexpressesallincomestatementitemsasapercentageofsales.
Common-sizedratiosconverttheindividuallineitemsontheincomestatementtopercentages.Rawnumbershiderelevantinformationthatpercentagesfrequentlyunveil.Common-sizedincomestatementratiosareespeciallyusefulinstudyingtrendsincostsandprofitmargins.
Common-sizedISratios=incomestatementaccount/sales
Balancesheetaccountscanalsobeconvertedtocommon-sizedratiosbydividingeachbalancesheetitembytotalassets.
Common-sizedBSratios=balancesheetaccount/totalassets
e:
Identifyanddiscussthelimitationsoffinancialratios(eg,differencesinaccountingtreatmentamongcompanies).
·Theuseofaccountinginformationthatpermitssomechoiceofaccountingprinciples.Thereisalwaysapotentialforearningsmanagementorearningsmanipulation.
·Itisdifficulttodeterminetheappropriateindustrytouseincomparingfirms.Manyfirmsoperateinseveraldifferentlinesofbusiness,makingitdifficulttoidentifytheindustry.
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