[{"data":1,"prerenderedAt":47},["ShallowReactive",2],{"q-sec_sr_finance-115-2-047":3},{"exam":4,"examName":5,"chapterSlug":6,"question":7,"related":22},"sec_sr_finance","證券商高級業務員資格測驗——證券投資與財務分析(試卷「財務分析」)","c10",{"id":8,"exam":4,"session":9,"qno":10,"question":11,"options":12,"answer":17,"chapter":18,"freq":19,"explanation":20,"difficulty":21},"sec_sr_finance-115-2-047","115-2",47,"計算現金流量現值為能考慮各期的風險應從何項調整估計著手？",[13,14,15,16],"現金流量","折現率","風險貼水(Risk Premium)","選項(A)(B)(C)皆是",3,"財務預測、成長與企業評價",1,"把風險納入現值計算,實務上的著手處正好被三個選項完整涵蓋,故 (D) 正確。(A) 調整現金流量:即確定等值法,把各期不確定的預期現金流量乘上確定等值係數,換算成投資人願意接受的確定金額,風險愈高調整幅度愈大。(B) 調整折現率:即風險調整折現率法,直接以較高折現率折現,現金流量距今愈遠被折得愈兇,自然反映遠期愈不確定。(C) 風險貼水正是折現率高於無風險利率的那段加碼,估計風險貼水等於在決定折現率該調高多少,與 (B) 一體兩面,三者都要考慮。","easy",[23,27,31,35,39,43],{"id":24,"question":25,"qno":26},"sec_sr_finance-114-3-021","假設負債的利率為 15%，稅率為 17%，則在計算融資租賃價值時應用的折現率為多少？",21,{"id":28,"question":29,"qno":30},"sec_sr_finance-114-3-022","回收期限法（Payback Period Rule）：",22,{"id":32,"question":33,"qno":34},"sec_sr_finance-114-3-024","下列何者不影響每期淨現金流量？",24,{"id":36,"question":37,"qno":38},"sec_sr_finance-114-3-043","下列何者會增加可轉換公司債的價值？",43,{"id":40,"question":41,"qno":42},"sec_sr_finance-114-3-044","一般來說，我們會用統計上的迴歸方法來估計：",44,{"id":44,"question":45,"qno":46},"sec_sr_finance-114-3-045","假設某一股票之報酬率在市場報酬率為正時，其皆為負，且市場報酬率為負時，它皆為正，則此股票的β 值(Beta)：",45,1785904146255]