R62 练习: 公司发行人信用分析
考纲范围
Describe the qualitative and quantitative factors used to evaluate a corporate borrower’s creditworthiness.
Calculate and interpret financial ratios used in credit analysis.
Describe the seniority rankings of debt, secured versus unsecured debt and the priority of claims in bankruptcy, and their impact on credit ratings.
Q1.
Which of the following most likely implies higher default risk of a company?
A. Excellent operational strategy
B. Prudential and conservative accounting policies
C. Higher leverage than peer group
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答案：C
解析：更高的杠杆率(leverage)意味着更多的债务负担，增加了违约风险。优秀的经营战略和审慎保守的会计政策都是降低违约风险的正面因素。
选项 判断 解析 A ✗ 优秀的经营战略降低违约风险 B ✗ 审慎保守的会计政策降低违约风险 C ✓ 高于同行的杠杆率增加违约风险
Q2.
An investor focuses on recovery rate of secured debt. Which of the following can provide information to measure recovery rate?
A. The ratio of asset value to debt
B. Free cash flow to firm
C. Enterprise strategy
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答案：A
解析：资产价值与债务的比率(asset value/debt)可以衡量担保债务的回收率：资产价值越高相对于债务，违约时的回收率越高。FCFF和企业战略更多反映偿债能力和违约概率，而非回收率。
选项 判断 解析 A ✓ 资产/债务比率直接反映违约时资产能覆盖多少债务 B ✗ FCFF更多用于衡量偿债能力和违约概率 C ✗ 企业战略属于定性因素，不直接衡量recovery rate
Q3.
A multinational corporation issues three bonds with different priorities. Among these three bonds, bond A is subordinated debt, bond B is secured debt, and bond C is senior unsecured debt. What is the seniority ranking for these three bonds?
A. B→C→A
B. A→B→C
C. C→A→B
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答案：A
解析：债务清偿顺序：Secured(担保债) > Senior Unsecured(优先无担保债) > Subordinated(次级债)。因此B(secured) > C(senior unsecured) > A(subordinated)。
选项 判断 解析 A ✓ Secured > Senior Unsecured > Subordinated，即B→C→A B ✗ 顺序完全颠倒 C ✗ 顺序错误