2020年CFA考试《CFA一级》考试共240题，分为单选题。小编为您整理Equity Investments5道练习题，附答案解析，供您备考练习。

1、The Semi-strong form efficient market hypothesis assumes the security pricesfully reflect information about:【单选题】

A.industry trends.

B.trading volumes.

C.private information.

正确答案:A

答案解析:弱式有效市场（Weak-form efficient market）的价格充分反映了历史交易信息，包括价格和成交量。半弱式有效市场（Semi-strong form efficient market）的价格充分反映了所有公开信息。强式有效市场（Strong-form market efficient market）的价格充分反映了公开和内幕信息。

2、The issue of differences in accounting conservatism between companies is best addressed when companies are compared using which of the following ratios?【单选题】

A.Price-to-earnings

B.Price-to-cash flow

C.Price-to-book value

正确答案:B

答案解析:“Introduction to Price Multiples,” John D. Stowe, CFA, Thomas R. Robinson, CFA, Jerald E. Pinto, CFA, and Dennis W. McLeavey, CFA
2010 Modular Level I, Vol. 5, pp. 215-217
Study Session 14-59-a
Discuss the rationales for, and the possible drawbacks to, the use of price-to-earnings (P/E), price-to-book value (P/BV), price-to-sales (P/S), and price-to-cash flow (P/CF) in equity valuation.
Using price-to-cash flow rather than price-to-earnings addresses the issue of differences in accounting conservatism between companies (differences in quality of earnings).

3、The weak-form market efficiency most accurately assumes that current security prices:【单选题】

A.adjust rapidly to the release of all public information.

B.fully reflect all past market information, including transactions by exchange specialists.

C.fully reflect all information from public and private sources.

正确答案:B

答案解析:In the weak-form efficient market hypothesis, security prices fully reflect all past market data including transactions by exchange specialists.
2014 CFA Level I
“Market Efficiency,” W. Sean Cleary, Howard J. Atkinson, and Pamela Peterson Drake
Section 3

4、An analyst does research about equity valuation and gathers the followinginformation about a company and the economy.The current share price is$45, the price-to-earnings ratio is 15, the nominal risk-free rate is 3.1%,the risk premium is 7% , and the expected retention ratio is 40%.The best estimateof the company's dividend growth rate is:【单选题】

A.6.1%

B.7.4%

C.14.1%

正确答案:A

答案解析:P/E = payout ratio/(k - g)，其中 payout ratio = 1 - retention ratio = 1 -0.4=0.6，k = nominalrisk-free rate + risk premium = 3.1% + 7% = 10.1%，各数值代入有：15 = 0.6/(10.1% - g），得出g =6.1%。

5、An analyst does research about price multiples.Which of the following statementsis least accurate to explain using the price-to-sales ratio in equity valuationis better than the price-to-earnings ratio?【单选题】

A.Sales are more stable than earnings.

B.Earnings are sometimes negative.

C.Sales are the main driver of equity value.

正确答案:C

答案解析:销售收入比盈利更加难以操纵，所以也相对比较稳定。同时，销售收入不可能为负值，而盈利有时会为负，使市盈率没有意义。销售收入不是股票价格的主要决定因素，相比之下盈利显得更为重要。