NACVA CVA 問題集

質問 1：
The fundamental risk measures and their correlation coefficient with observed equity risk premiums are as follows EXCLUDING:
A. Volatility of earnings or cash flows
B. Coefficient of variation of operating margins
C. Coefficient of variation of return on book value of equity
D. Operating margin
正解：A

質問 2：
The state of the art in the twenty-first century involves incorporating one or all of the following elements into the discount rate to reflect risk EXCEPT:
A. One or more coefficients modifying the basic equity risk premium based on industry or other characteristics that are expected to affect the degree of risk for the subject investment
B. A basic equity risk premium over the risk -free rate selected as the base
C. An element reflecting the size effect
D. None of these
正解：D

質問 3：
The United State is by far the world leader in markets for both publicly traded securities and closely held businesses and business interests. Two factors have combined to accelerate the spread of U.S technology in financial appraisals and market throughout the world. Which of the following is/are of those factors?
A. Increased inflation in major parts of the world
B. Secondary market securities trading phenomenon
C. Growing privatization of formerly socially owned businesses in almost every country of the world.
D. Rapidly increasing international flow of capital
正解：C,D

質問 4：
Qualitative factors might also cause the required yield to be higher or lower than that based solely on the quantitative ratio analysis. Whish of the following
is NOT out
of such quantitative factors?
A. Trends in diversification of revenue sources
B. Depth and competence of management
C. Trends in diversification of strategies
D. The competitive environment in the industry
正解：C

質問 5：
For valuation purposes, the measurement of economic income to be analyzed can be defined in several different ways. Different measurements of economic income that are commonly analyzed in this approach include the following EXCEPT:
A. Cash flow (often measured as net cash flow)
B. Some measure of accounting earnings (often net income or net)
C. The discount rate
D. Payouts (e.g. dividends, interest, security sales proceeds, or partnership withdrawals)
正解：C

質問 6：
With respect to the contents, must include:
1.The date of the appraisal
2.The date of the transfer
3.The purpose of the appraisal
4.The description of the property
5.A description of the assumption utilized
6.A description of the appraisal process employed, including the valuation method utilized
7.A description of any hypothetical conditions considered etc.
A. Applicable valuation restrictions
B. Lapse of certain rights
C. Appraisal report
D. Three-year gift tax statute of limitations
正解：C

質問 7：
If a $1000 per share value of convertible bond is issued for $1000, and is convertible into 20 shares of issuer's common stock that pays no dividend, there will be no economic benefit in converting the debt to stock as long as the common stock is selling for less than $50 per share. If the bond value is indeed in the equity-equivalent region, as the value of a single share of common stock increases $1, the bond value will increase:
A. $25
B. $20
C. $10
D. $50
正解：B