2020年CFA考试《CFA二级》考试共题，分为。小编为您整理Equity Valuation (2)5道练习题，附答案解析，供您备考练习。

1、Based on Exhibit 4 and Intern 1’s analysis, Xavier Corporation’s sustainable dividend payout ratio is closest to:【单选题】

A.43.4%.

B.44.6%.

C.56.6%.

正确答案:C

答案解析:C is correct because it is based on the sustainable growth rate and the required rate of return:

2、2.From his review of the industry trade journal, the most appropriate conclusion that Bourne can make is that:【单选题】

A.An opportunity for the industry is to forward integrate into module manufacturing.

B.Customer switching costs reduce the threat of new entrants.

C.Fiber optic customers have high bargaining power.

正确答案:B

答案解析:The fact that the products are designed to meet specific customer requirements and require extensive set-up and trainings costs would make customer switching costs high which reduces the threat of new entrants. Due to the advanced technology and high degree of product reliability required customers would have low bargaining power. Module manufacturing involves small production runs, low profit margins and should not be attractive to this high profit margin specialized industry.

3、Based on Exhibit 2, forecasted interest expense will reflect changes in Chrome’s debt level under the forecast assumptions used by:【单选题】

A.Candidate A.

B.Candidate B.

C.Candidate C.

正确答案:A

答案解析:A is correct. In forecasting financing costs such as interest expense, the debt/equity structure of a company is a key determinant. Accordingly, a method that recognizes the relationship between the income statement account (interest expense) and the balance sheet account (debt) would be a preferable method for forecasting interest expense when compared with methods that forecast based solely on the income statement account. By using the effective interest rate (interest expense divided by average gross debt), Candidate A is taking the debt/equity structure into account whereas Candidate B (who forecasts 2013 interest expense to be the same as 2012 interest expense) and Candidate C (who forecasts 2013 interest expense to be the same as the 2010–2012 average interest expense) are not taking the balance sheet into consideration.

4、Based on Exhibit 4 and Intern 1’s estimate of the required rate of return and the dividend growth rate for the first four years, the growth rate beyond the first four years consistent with the current price of USD 52 is closest to:【单选题】

A.3.80%.

B.4.17%.

C.4.23%.

正确答案:B

答案解析:

5、The best answer to Marchand’s question about forecasting balance sheet accounts is:【单选题】

A.operating loans.

B.property, plant, and equipment.

C.inventory.

正确答案:C

答案解析:C is correct. The income statement can be the starting point for balance sheet modeling. A common way to forecast working capital accounts (i.e., inventory) would be by using efficiency