2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Equity Valuation (3)5道练习题，附答案解析，供您备考练习。

1、The language in the offering document that Madan asks Chen to explain most likely describes:【单选题】

A.a clawback provision.

B.carried interest.

C.a ratchet clause.

正确答案:A

答案解析:A is correct. A clawback provision requires the GP to return capital to LPs in excess of the agreed profit split between the LPs and GPs. This provision ensures that when a private equity firm exits a highly profitable investment early in the life of the fund but subsequent exits are less profitable, the GP pays back capital contributions, fees, and expenses to LPs to ensure that the profit split is in line with the terms outlined in the fund’s prospectus. Carried interest represents the GP’s share of profits generated by the fund. A ratchet clause is a mechanism that determines the allocation of equity between shareholders and the management team of the private equity controlled company.

2、Using the excess earnings method, the value of the intangibles is closest to:【单选题】

A.$144.0 million.

B.$205.7 million.

C.$338.8 million.

正确答案:B

答案解析:B is correct:

3、【单选题】

A.18.4.

B.20.6.

C.27.9.

正确答案:B

答案解析:Normalizing EPS using the method of average EPS is accomplished by averaging the EPS over the six-year period from 

4、When Aims further investigates the two investment criteria (the PEG ratio and the comparison between the trailing and leading P/E ratio), should he find his colleague's use of them to be appropriate?【单选题】

A.No.

B.The PEG ratio criterion is appropriate, but the P/E ratio criterion is not.

C.The P/E ratio criterion is appropriate, but the PEG ratio criterion is not.

正确答案:A

答案解析:Both criteria are poorly applied by the associate. Generally, a lower PEG ratio is considered desirable, not a higher one. The difference in the trailing and leading P/E ratios could be due to transitory elements in the current year's income in the denominator of the trailing P/E. In a constant growth model (admittedly a strong assumption), the leading P/E will naturally be smaller than the trailing P/E because earnings are growing by g.

5、Is Chen most likely accurate regarding provisions that benefit LPs versus those that benefit GPs?【单选题】

A.Yes

B.No, with regard to items that benefit the LPs

C.No, with regard to items that benefit the GPs

正确答案:C

答案解析:C is correct. The co-investment provision is generally favorable for LP investors. With this provision, LPs generally have a first right of co-investing along with the GP. This can be advantageous for the LPs because fees and profit share are likely to be lower (or zero) on co-invested capital. The GP and affiliated parties are also typically restricted in their co-investments to prevent conflicts of interest with their LPs. Placement fees are paid to the fundraiser, either up front or as a trailer fee, corresponding to a fraction of the amount invested by the limited partners.