2022年CFA考試《CFA二級(jí)》考試共240題，分為單選題。很多備考CFA考試的考生可能對(duì)于題型不是很清楚，在學(xué)習(xí)備考時(shí)比較茫然，今天幫考網(wǎng)給大家?guī)?lái)了Equity Valuation (3)5道練習(xí)題，附答案解析，希望能幫助到你們。

1、According to the revised method used by Metev, the WACC suggested by Nenkov, ａｎｄ　the data provided in Exhibit 3, RRBL\\\\'s capitalization rate is closest to:【單選題】

A.6.0%.

B.11.0%.

C.

正確答案:A

答案解析:Capitalization rate = (WACC 一 Long-term growth rate) = 11.0% - 5.0% = 6.0%

2、The weighted harmonic mean of the P/Es in Zhang’s index (Exhibit 2) is closest to:【單選題】

A.11.1

B.10.8

C.15.4

正確答案:A

答案解析:B is correct. The weighted harmonic mean is the value obtained by calculating the weighted average (based on market capitalization weights) of the reciprocals of the observations (the P/E) ａｎｄ　then taking the reciprocal of the average. The weighted harmonic mean fｏｒZhang’s index in Exhibit 2 is calculated as follows:

3、【單選題】

A.8.5%.

B.12.2%.

C.9.6%.

正確答案:A

答案解析:The H-model that Tanner decides to use is a variant of the two-stage dividend discount model. It assumes growth begins at a high rate ａｎｄ　declines linearly throughout the super-normal growth period until it reaches a normal rate at the end. In the case of GNSK, the H-model is appropriate fｏｒestimating the required return because Tanner expects extraordinary earnings growth of 20% next year with the rate of growth diminishing over time to match industry conditions in Year 6.

4、【單選題】

A.18.4.

B.20.6.

C.27.9.

正確答案: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 

5、GNSK can best be described as being in which of the following growth stages?【單選題】

A.Transition

B.Mature

C.Growth 

正確答案:C

答案解析:GNSK is in the growth stage because it is expanding rapidly ａｎｄ　enjoying the benefits of the health food market, which is also growing rapidly. GNSK is also experiencing high ａｎｄ　growing profit margins as well as abnormally high earnings per share growth, which are all indicative of a company in its growth phase.
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