CFA一级历年真题（二）

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1.单选：Corporate governance 

A．complies with a set of global standards.

B．is independent of both shareholder theory and stakeholder theory.

C．seeks to minimize and manage conflicting interests between insiders and external shareholders.

答案：C

解析：公司治理是指对公司的内部控制和流程进行管理的系统，使得公司内部与外部股东的利益冲突最小化，C正确；不同国家和司法管辖区的公司治理实践不同，甚至在国家内部，不同的公司治理体系也可能共存，A说遵循一套全球统一标准，错误；大多数国家采用的公司治理体系通常反映了股东理论或利益相关者理论，B错误。

关联考点：5-31-01 Corporate Governance 

2.单选：Under the stakeholder theory, corporate governance is most consistent with a system of:

A．internal controls and procedures by which individual companies are managed.

B．defined roles for management and the majority shareowner(s).

C．checks and balances to minimize the conflicting interests among shareowners.

答案：A

解析：公司治理是对公司的内部控制和流程进行管理的系统，A正确；大股东没有必要具有通过公司治理而定义的角色；相反，大股东通过所持股份相关的投票机制施加影响和/或控制，B错误；公司治理的主要目的是管理管理层与外部股东之间的利益冲突，而不是股东间的利益冲突，C错误。

关联考点：5-31-01 Corporate Governance 

3.单选：Which group of company stakeholders would be least affected if the firm’s financial position weakens？ 

A．Suppliers.

B．Customers.

C．Managers and employees.

答案：B 

解析：客户花钱向公司购买商品和服务，所以公司财务状况恶化不太可能影响客户，B正确；供应商关心公司是否能产生足够的现金流偿还其债务，A错误；管理层和员工关心公司生存能力（比如是否能及时足额发给他们薪金），C错误。 

关联考点：5-31-02 Stakeholder Groups

4.单选：Which of the following represents a principal–agent conflict between shareholders and management? 

A．Risk tolerance.

B．Multiple share classes.

C．Accounting and reporting practices.

答案：A

解析：股东与管理层利益在风险忍受程度（risk tolerance）方面可能存在分歧，由于股东特定的公司风险可以通过多元化组合投资而分散掉，具有较高的风险承受能力，而管理层为了保护自己的就业状况通常更倾向于规避风险，A正确；多重股权结构（multiple share classes）冲突存在于控股股东和少数股东之间，而不是股东和管理层之间，B错误；C不属于委托代理关系冲突。

关联考点：5-31-03 Principal–Agent Relationships

5.单选：The type of voting in board elections that is most beneficial to shareholders with a small number of shares is best described as:

A．statutory voting.

B．voting by proxy.

C．cumulative voting.

答案：C

解析：累积投票（cumulative voting）允许股东将其全部投票权分配给特定候选人，而不必在所有候选人中平均分配投票权，将所有选票投给一名候选人，就有机会在董事会中获得比法定投票所允许的更高级别的代表权，所以有利于小股东，C正确；法定投票制（statutory voting）有利于控股股东，A错误；代理投票（voting by proxy）指股票所有人授权他人代表自己在股东大会上进行投票，B错误。

关联考点：5-31-03 Principal–Agent Relationships

6.单选：Which of the following issues discussed at a shareholders’ general meeting would most likely require only a simple majority vote for approval? 

A．Voting on a merger.

B．Election of directors.

C．Amendments to bylaws.

答案：B 

解析：董事会选举（Election of directors）被认为是一项普通决议，因此，只需要少数投票（simple majority vote）通过即可，B正确；并购投票（Voting on a merger）和修改公司章程（Amendments to bylaws）都需要绝对多数投票（supermajority vote），A和C错误。  

关联考点：5-31-04 Stakeholder Management

7.单选：Which of the following statements regarding stakeholder management is most accurate? 

A．Company management ensures compliance with all applicable laws and regulations.

B．Directors are excluded from voting on transactions in which they hold material interest.

C．The use of variable incentive plans in executive remuneration is decreasing.

答案：B  

解析：通常关联交易需要经过董事会（或者股东会）投票决定，但持有相关利益的董事除外，B正确；是董事会（The board）而不是管理层确保遵守所有适用的法律法规，A错误；高管薪酬中使用可变激励计划的情况应该是增加而不是减少，C错误。

关联考点：5-31-04 Stakeholder Management

8.单选：In countries where employee representatives commonly sit on supervisory boards, the employee representatives are most likely:

A．appointed by the CEO.

B．elected by employees.

C．members of the management board.

答案：B

解析：监事会中的员工代表通常由员工选举产生，B正确，A错误；雇员代表通常是监事会（supervisory board）的一部分，而不是管理委员会（members of the management board），C错误。

关联考点：5-31-05 Composition of the Board of Directors

9.单选：Which of the following represents a responsibility of a company’s board of directors? 

A．Implementation of strategy.

B．Enterprise risk management.

C．Considering the interests of shareholders only.

答案：B 

解析：董事会通常需要确保公司拥有适当的企业风险管理系统，B正确；董事会是制定策略方向（Guides strategic direction ），管理层执行策略（Implementation of strategy），A错误；董事会不能仅仅只考虑股东利息，C错误。  

关联考点：5-31-06 Functions and Responsibilities of the Board

10.单选：Which of the following best allows a board of directors to act in the interest of the company and shareholders?

A．Independent board members are selected from outside the industry.

B．Internal directors provide monitoring of the firm’s management.

C．The board has the authority to select and terminate senior management.

答案：C

解析：董事会有责任做出最符合公司和股东利益的决定；通过执行董事会制定的战略来考核管理层绩效，为了确保战略强有力执行，董事会必须有权选择和终止高级管理人员；一些独立成员至少应该具备行业专业知识；外部董事应在公司内部提供监督。

关联考点：5-31-06 Functions and Responsibilities of the Board

　　上述内容为大家精选出10道CFA历年真题，大家可以参考学习，如果还有其他想了解的考试问题，可以咨询本站在线老师。