[{"data":1,"prerenderedAt":47},["ShallowReactive",2],{"q-sec_sr_finance-115-1-032":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-115-1-032","115-1",32,"一證券期望報酬率之高低與下列何者較無關係？",[13,14,15,16],"可以分散的風險","無風險利率","影響證券風險高低因素之風險溢酬（Risk Premium）","證券報酬率之風險",0,"財務預測、成長與企業評價",1,"本題考期望報酬率的決定因素。依資本資產定價模型（CAPM），一證券的期望報酬率等於無風險利率加上系統風險所要求的風險溢酬，公式概念為期望報酬＝無風險利率＋β×市場風險溢酬。因此（B）無風險利率是報酬的基準底線，（C）反映該證券系統風險高低的風險溢酬，（D）證券本身承擔的系統性風險，三者都直接影響期望報酬，關係密切。（A）為正確答案：可以分散的風險屬於非系統風險（公司獨有風險），投資人只要建立充分分散的投資組合即可將其消除，市場不會為這種可被免費消除的風險支付補償，故它與期望報酬率的高低最無關係。易混淆點在於「風險」不等於「有報酬的風險」，只有無法分散的系統風險才會反映在期望報酬上，這也是分散投資的核心價值所在。","medium",[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)：",45,1787293960595]