CFA一级历年真题（三）

　　面对CFA考试要多做考题练习，从实践中学习重要知识点。下面为大家精选出10到CFA历年真题，大家可以阅读学习，更快掌握CFA考点。

1.单选：Which of the following is not a function of the financial system? 

A．To regulate arbitrageurs’ profits (excess returns).

B．To help the economy achieve allocational efficiency.

C．To facilitate borrowing by businesses to fund current operations.

答案：A

解析：金融市场有三大主要功能：其一是满足不同参与者的需求，这里企业为了经营去发债(borrowing)就是一种需求；其二是确定均衡利率；其三是资产有效配置(capital allocation efficiency)。对套利者(arbitrageur)利润的监管不是金融市场的功能。

关联考点：6-36-1 Functions of the Financial System

2.单选： Akihiko Takabe has designed a sophisticated forecasting model, which predicts the movements in the overall stock market, in the hope of earning a return in excess of a fair return for the risk involved. He uses the predictions of the model to decide whether to buy, hold, or sell the shares of an index fund that aims to replicate the movements of the stock market. Takabe would best be characterized as a(n):

A．hedger.

B．investor.

C．information-motivated trader.

答案：C

解析：分析这种问题主要看交易动机：AT这个人设计了一个复杂的预测模型，可以预测整个股市的走势，以期为相关风险获得超过公平回报的回报。他利用该模型的预测来决定是否购买、持有或出售旨在复制股市走势的指数基金的股票。通过设计模型积极寻找被高估或低估的金融产品，主要动机是利用优越的信息获得超额回报，这样的人是信息驱动型交易者(information-motivated trader)。投资者(pure investor)的动机是为了未来的资金需求来做当前的投资。对冲者(hedger)一般担心价格波动带来的风险，为了抵消和规避这种风险来选一些金融产品。

关联考点：6-36-1 Functions of the Financial System

3.单选：Lisa Smith owns a manufacturing company in the United States. Her company has sold goods to a customer in Brazil and will be paid in Brazilian real (BRL) in three months. Smith is concerned about the possibility of the BRL depreciating more than expected against the US dollar (USD). Therefore, she is planning to sell three-month futures contracts on the BRL. The seller of such contracts generally gains when the BRL depreciates against the USD. If Smith were to sell these future contracts, she would most appropriately be described as a(n): 

A．hedger.

B．investor.

C．information-motivated trader.

答案：A

解析：分析这种问题主要看交易动机：担心自己的外币销售收入受汇率影响贬值，为了抵消和规避这种风险来选一些期货合约对冲贬值风险，这样的投资者是对冲者(hedger)。利用优越的信息获得超额回报，这样的人是信息驱动型交易者(information-motivated trader)。投资者(pure investor)的动机是为了未来的资金需求来做当前的投资。

关联考点：6-36-1 Functions of the Financial System

4.单选：James Beach is young and has substantial wealth. A significant proportion of his stock portfolio consists of emerging market stocks that offer relatively high expected returns at the cost of relatively high risk. Beach believes that investment in emerging market stocks is appropriate for him given his ability and willingness to take risk. Which of the following labels most appropriately describes Beach? 

A．hedger.

B．investor.

C．information-motivated trader.

答案：B

解析：分析这种问题主要看交易动机：一个拥有巨大财富的年轻人，在衡量自己的投资能力和风险水平后，选择高风险高收益的产品，主要动机是为了未来的资金需求来做当前的投资，这样的人是投资者(pure investor)。信息驱动型交易者(information-motivated trader)积极主动寻找被高估或低估的金融工具，利用优越的信息获得超额回报。对冲者(hedger)一般担心价格波动带来的风险，为了抵消和规避这种风险来选一些金融产品。

关联考点：6-36-1 Functions of the Financial System

5.单选：A friend has asked you to explain the differences between open-end and closed-end funds. Which of the following will you most likely include in your explanation? 

A．Closed-end funds are unavailable to new investors.

B．When investors sell the shares of an open-end fund, they can receive a discount or a premium to the fund’s net asset value.

C．When selling shares, investors in an open-end fund sell the shares back to the fund whereas investors in a closed-end fund sell the shares to others in the secondary market.

答案：C

解析：当投资者想要卖出基金份额时，开放式基金(open-end fund)的投资者可以将股票卖回基金，而封闭式基金(Closed-end fund)的投资者需要将股票在二级市场交易。封闭式基金可供新投资者参与，但他们必须在二级市场购买基金份额。封闭式基金的份额以净值折价率来报价(trade at a premium or discount to net asset value)，开放式基金采用净值报价(net asset value）。

关联考点：6-36-2 Classification of Assets

6.单选：Consider a mutual fund that invests primarily in fixed-income securities that have been determined to be appropriate given the fund’s investment goal. Which of the following is least likely to be a part of this fund? 

A．Warrants.

B．Commercial paper.

C．Repurchase agreements.

答案：A

解析：认股权证（warrant)不可能是这只基金的组成部分。认股权证的持有者有权利以一个固定执行价格（exercise price)购买公司发行的普通股（common stock)。因此，权证一般被看成为股票（equity），不可能在固定收益共同基金（a fixed-income mutual fund）中出现。固定收益证券会在合同中约定未来如何还本付息，是一种债权（debt）。商业票据（Commercial paper）是公司发行的短期债券，回购协议（Repurchase agreement）是借款方卖出高质量资产，约定未来高价回购，也是一种借款形式。

关联考点：6-36-2 Classification of Assets

7.单选：Which of the following statements about exchange-traded funds is most correct? 

A．Exchange-traded funds are not backed by any assets.

B． The investment companies that create exchange-traded funds are financial intermediaries.

C．The transaction costs of trading shares of exchange-traded funds are substantially greater than the combined costs of trading the underlying assets of the fund.

答案：B

解析：创建ETF的公司是金融中介(financial intermediaries)，金融中介处于买方和卖方中间，使资产(asset)、资本金(capital)和风险(risk)的交换更加便利。ETF代表一篮子股票的所有权(ownership)，可以像股票一样在股票市场进行交易。ETF的交易成本(transaction cost)明显小于真实持有ETF基金中的一揽子股票的交易成本。

关联考点：6-36-2 Classification of Assets

8.单选：An oil and gas exploration and production company announces that it is offering 30 million shares to the public at $45.50 each. This transaction is most likely a sale in the: 

A．futures market.

B．primary market.

C．secondary market.

答案：B

解析：发行人(issuers)向公众发行股票(selling securities to investors or offering shares to the public)是一级市场(primary market)上交易。而当投资者要将股票卖给其他人，这要在二级市场交易(secondary market)。一级市场中，资金从股票购买方流入到发行人手中，二级市场的资金在交易双方之间流动。

关联考点：6-36-3 Classification of Markets

9.单选：A hedge fund holds its excess cash in 90-day commercial paper and negotiable certificates of deposit. The cash management policy of the hedge fund is best described as using: 

A．capital market instruments.

B．money market instruments.

C．intermediate-term debt instruments.

答案：B

解析：金融市场(financial markets)可以分类为货币市场(money markets)和资本市场(capital markets)。货币市场用来交易一年内到期的债券产品，比如回购协议(repurchase agreements)，可转让存单(negotiable certificates of deposit)，政府票据(government bills)， 商业票据(commercial paper)。这里对冲基金将多余的现金持有90天商业票据和可转让存单，投资期限一年之内，就属于货币市场产品。与之相反，资本市场交易长期的产品，比如股票和债券。

关联考点：6-36-3 Classification of Markets

10.单选：The Standard & Poor’s Depositary Receipts (SPDRs) is an investment that tracks the S&P 500 stock market index. Purchases and sales of SPDRs during an average trading day are best described as: 

A．primary market transactions in a pooled investment.

B．secondary market transactions in a pooled investment.

C．secondary market transactions in an actively managed investment.

答案：B

解析：标准普尔存托凭证(The Standard & Poor’s Depositary Receipts (SPDRs))是追踪标普500指数(S&P 500 stock market index)的投资，买卖这种存托凭证(DR)，属于在二级市场被动指数投资，不属于积极管理(actively managed)的主动投资。这个存托凭证代表了标普500指数构成的投资组合中不可分割的所有权利益(ownership of an undivided interest)，是一个集合投资工具(pooled investment vehicle)。

关联考点：6-36-3 Classification of Markets