R43 练习: 公司分析：过去与现在
考纲范围
- describe the elements that should be covered in a thorough company research report
- determine a company’s business model
- evaluate a company’s revenue and revenue drivers, including pricing power
- evaluate a company’s operating profitability and working capital using key measures
- evaluate a company’s capital investments and capital structure
Q1.
Which of the following statements regarding initiation reports is least accurate?
A. The primary audience is those who are not already knowledgeable about the issuer or security.
B. The report may include a competitive analysis such as a Porter’s Five Forces analysis.
C. The reports require an update based on new information and analyses or a change in the analyst’s recommendation.
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答案：C
解析：Initiation reports (初始研究报告) 的目标受众是对发行人或证券不太了解的人，内容可包括竞争分析如波特五力分析。C 描述的是 subsequent reports (后续报告) 的特征，而非 initiation reports。
选项 判断 解析 A ✓ 初始报告面向的是对该证券不熟悉的受众 B ✓ 初始报告可以包含波特五力等竞争分析 C ✗ 这是后续报告 (subsequent report) 的特征，不是初始报告 关联：R43: 公司分析
Q2.
John Neal is a college student and found a summer internship in Vanguard Fund a few months ago. When reviewing the reports of a biotech company, Neal is confused about the differences about initial report and subsequent report. Neal then asks a senior analyst in the same company for help. The senior analyst responds with two statements:
Statement 1: The structure, content, and tone of initial reports depend on the analyst’s setting, while those of subsequent reports do not.
Statement 2: Initial reports include a company description and an industry overview, while subsequent reports do not.
Which statement(s) made by the senior analyst is(are) correct?
A. Statement 1 only
B. Statement 2 only
C. Both Statement 1 and Statement 2
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答案：B
解析：Statement 1 不正确，因为无论是初始报告还是后续报告，其结构、内容和语气都取决于分析师的环境（如买方/卖方）。Statement 2 正确，初始报告包含公司描述和行业概览，而后续报告通常不包含这些内容，后续报告侧重于更新信息。
选项 判断 解析 A ✗ Statement 1 错误：两种报告的结构、内容和语气都取决于分析师所处环境 B ✓ 仅 Statement 2 正确 C ✗ Statement 1 不正确 关联：R43: 公司分析
Q3.
When working on industry and company analysis, the first step is to:
A. determine the business model.
B. analyze the historical results and position for the company.
C. forecast a financial statement model that supports valuation.
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答案：A
解析：进行行业和公司分析时，第一步是确定公司的商业模式 (business model)。分析历史结果和预测财务报表是后续步骤。
选项 判断 解析 A ✓ 确定商业模式是行业和公司分析的第一步 B ✗ 分析历史结果和位置是后续步骤 C ✗ 预测财务报表模型是更后面的步骤 关联：R43: 公司分析
Q4.
Which of the following is not regarded as a business model element?
A. The products or services the company sells
B. Sales channels
C. Company’s pricing powers
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答案：C
解析：商业模式的要素包括：(1) 公司销售的产品或服务；(2) 客户和关键客户群体；(3) 销售渠道；(4) 产品或服务的定价和支付方式；(5) 有效运营所需的资源、供应商和合作伙伴关系。公司的定价能力 (pricing power) 不是商业模式要素，而是收入驱动因素的分析内容。
选项 判断 解析 A ✓ 产品/服务是商业模式要素之一 B ✓ 销售渠道是商业模式要素之一 C ✗ 定价能力不属于商业模式要素，而属于收入驱动因素分析 关联：R43: 公司分析
Q5.
Jason Tatum is an equity analyst that focus the furniture industry. When preparing a research report for Red Wood Industry, a large furniture manufacturer in Seattle, Tatum decides to use a bottom-up approach to identify revenue drivers. Which of the following factors will Tatum least likely consider?
A. Sales volume and price
B. Market share and market size
C. Geography
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答案：B
解析：Bottom-up approach (自下而上方法) 关注的是公司层面的驱动因素，如销售量和价格、定价能力等。Market share and market size (市场份额和市场规模) 属于 top-down approach (自上而下方法) 的考虑因素。Geography 可能与自下而上分析中的区域销售分析相关。
选项 判断 解析 A ✓ 销售量和价格是自下而上方法的核心考虑因素 B ✗ 市场份额和市场规模属于自上而下方法 C ✓ 地理因素可在自下而上分析中考虑（区域销售） 关联：R43: 公司分析
Q6.
Firms that operate in a highly competitive market tend to have little or no pricing power, which means that firms lack the ability to set prices and other economic terms without affecting their sales volumes. All the following would result in a highly competitive market except:
A. little product differentiation.
B. low barriers to firm entry.
C. high switching costs for customers.
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答案：C
解析：高度竞争的市场特征包括：产品差异化程度低、进入壁垒低等。高转换成本 (high switching costs) 会使客户难以转换供应商，这实际上降低了竞争程度，给现有企业带来定价能力，因此不是高度竞争市场的特征。
选项 判断 解析 A ✓ 产品差异化低会导致高度竞争 B ✓ 低进入壁垒会导致高度竞争 C ✗ 高转换成本降低竞争程度，不会导致高度竞争 关联：R43: 公司分析
Q7.
When talking about the company costs, there are operating costs, investing costs and financing costs. Which of the following would be included in investing costs?
A. Costs related to the delivery of goods and services.
B. Costs related to payments to debt and equity investors.
C. Costs related to production of property and equipment.
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答案：C
解析：公司成本分为三类：经营成本 (operating costs) 与商品和服务的交付相关；投资成本 (investing costs) 与不动产和设备的生产相关；融资成本 (financing costs) 与向债务和股权投资者的支付相关。
选项 判断 解析 A ✗ 与商品和服务交付相关的是经营成本 (operating costs) B ✗ 与债务和股权投资者支付相关的是融资成本 (financing costs) C ✓ 与不动产和设备生产相关的是投资成本 (investing costs) 关联：R43: 公司分析
Q8.
Operating costs can be categorized by a company’s behavior with output as variable costs and fixed costs. Using a fixed/variable operating cost classification, operating profit can be defined in the following equation:
Which of the following statements regarding operating profit is least accurate?
A. When the contribution margin is positive and the units of outputs sold is large enough, the company can be profitable.
B. If fixed costs occupy a small proportion of the total operating costs, operating profit can increase rapidly with increase in units of outputs sold.
C. A company can increase its degree of operating leverage by increasing its fixed costs and decreasing its variable costs.
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答案：B
解析：当固定成本占总经营成本比例较大（而非较小）时，经营利润会随着销量增加而迅速增长，这就是经营杠杆 (operating leverage) 的效果。。固定成本占比小意味着经营杠杆低，利润增长不会特别快。
选项 判断 解析 A ✓ 当边际贡献为正且销量足够大时，公司可以盈利 B ✗ 应该是固定成本占比大（而非小）时，经营利润才会随销量迅速增长 C ✓ 增加固定成本、降低可变成本确实会提高经营杠杆度 关联：R43: 公司分析
Q9.
When evaluating capital investments and capital structure, analysts can use the degree of financial leverage (DFL). Which of the following regarding DFL is least accurate?
A. The degree of financial leverage can measure risks related to the capital structure.
B. When a company has high interest expenses, the degree of financial leverage will be low.
C. The degree of financial leverage is the sensitivity of net income to changes in operating income.
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答案：B
解析：。当公司有高额利息费用时，财务杠杆度会更高（而非更低），因为利息费用是固定的财务成本，放大了经营收入变动对净利润的影响。
选项 判断 解析 A ✓ DFL 确实可以衡量与资本结构相关的风险 B ✗ 高利息费用会导致 DFL 更高，而非更低 C ✓ DFL 确实衡量的是净利润对经营收入变化的敏感度 关联：R43: 公司分析
Q10.
Linda Xu, a research analyst in a reputable mutual fund, is preparing initial research reports for several companies in automobile industry. She has collected the following information for two companies, Starlight and Starship.
Exhibit 1: 2X22 Financial Information of Starlight and Starship
| Starlight | Starship | |
|---|---|---|
| Net income | 4.2 | 5.2 |
| Retail sales | 378 | 406 |
| Asset turnover ratio | 3 | 2.8 |
| Equity multiplier | 3.5 | 3.2 |
Comparing to Starship, Starlight most likely has:
A. a higher ROE.
B. the same ROE.
C. a lower ROE.
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答案：A
解析：使用杜邦分析法：
Starlight:
Starship:
Starlight 的 ROE (11.67%) 高于 Starship (11.47%)。
选项 判断 解析 A ✓ Starlight ROE 约 11.67%，高于 Starship 的约 11.47% B ✗ 两者 ROE 不同 C ✗ Starlight 的 ROE 更高 关联：R43: 公司分析