金融学第二版课后复习思考题参考答案
金融学第二版课后习题答案
金融学第二版课后习题答案【篇一：王重润公司金融学第二版课后答案】业有几种组织方式？各有什么特点？（ 1）有两种，有限责任公司和股份有限责任公司（ 2）有限责任公司特点：有限责任公司是指股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任的企业法人；有限责任公司注册资本的最低限额为人民币3万元；其资本并不必分为等额股份，也不公开发行股票，股东持有的公司股票可以再公司内部股东之间自由转让，若向公司以外的人转让，须经过公司股东的同意；公司设立手续简便，而且公司无须向社会公开公司财务状况。
（ 3）股份有限责任公司特点：1、有限责任2、永续存在3、股份有限责任公司的股东人数不得少于法律规定的数目，我国规定设立股份有限公司，应当有2人以上200人以下为发起人4、股份有限责任公司的全部资本划分为等额的股份，通过向社会公开发行的办法筹集资金，任何人在缴纳了股款之后，都可以成为公司股东，没有资格限制。
5、可转让性6、易于筹资2题：为什么我国《公司法》允许存在一人有限责任公司？一人有限责任公司与个人独资企业有何不同？答：1.就立法初衷而言，许可自然人投资设立一人有限责任公司的重要考虑是减少实质上的一人公司的设立，简化和明晰股权归属，减少纷争。
以往由于我国《公司法》禁止设立一人公司，使得投资人通过各种途径设立或形成的实质上的一人公司大量存在，挂名股东与真实股东之间的投资权益纠纷以及挂名股东与公司债权人之间的债务纠纷不断，令工商行政管理部门和司法机关无所适从。
在修订《公司法》的过程中，法律委员会、法制工作委员会会同国务院法制办、工商总局、国资委、人民银行和最高人民法院反复研究认为：从实际情况看，一个股东的出资额占公司资本的绝大多数而其他股东只占象征性的极少数，或者一个股东拉上自己的亲朋好友作挂名股东的有限责任公司，即实质上的一人公司，已是客观存在，也很难禁止。
根据我国的实际情况，并研究借鉴国外的通行做法，应当允许一个自然人投资设立有限责任公司。
金融学第二版讲义大纲及课后习题答案详解第八章
CHAPTER 8VALUATION OF KNOWN CASH FLOWS: BONDSObjectives«To show how to value con tracts and securities that promise a stream of cash flows that areknown with certa inty.«To un dersta nd the shape of the yield curve .«To un dersta nd how bond prices and yields cha nge over time.Outline8.1 Us ing Prese nt Value Formulas to Value Known Cash Flows8.2 The Basic Build ing Blocks: Pure Discou nt Bonds8.3 Coupon Bo nds, Curre nt Yield, and Yield to Maturity8.4 Readi ng Bond Listi ngs8.5 Why Yields for the Same Maturity Differ8.6 The Behavior of Bond Prices over TimeSummary* A cha nge in market in terest rates causes a cha nge in the opposite directi on in the market values of all exist ing con tracts promisi ng fixed payme nts in the future.* The market prices of $1 to be received at every possible date in the future are the basic building blocks for valuing all other streams of known cash flows. These prices are inferred from the observed market prices of traded bonds and the n applied to other streams of known cash flows to value them.* An equivale nt valuati on can be carried out by appl ying a discou nted cash flow formula with a differe nt discou nt rate for each future time period.* Differe nces in the prices of fixed-i ncome securities of a give n maturity arise from differe nces in coup on rates, default risk, tax treatme nt, callability, con vertibility, and other features.* Over time the prices of bonds con verge towards their face value. Before maturity, however, bond prices can fluctuatea great deal as a result of cha nges in market in terest rates.Solutions to Problems at End of ChapterBond Valuation with a Flat Term Structure1. Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. a. You have been told that the yield to maturity is 8%. What is the price?b. What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?c. Now you have been told that the yield to maturity is 7% per year. What is the price? Could you have guessedthe answer without calculating it? What if coupons are paid semiannually?c. Price = 100. When the coup on rate and yield to maturity are the same, the bond sells at par value (i.e. the price equalsthe face value of the bon d).2. Assume six months ago the US Treasury yield curve was flat at a rate of 4% per year (with annualcompounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year. What rate of return did you earn on your initial investment: a. If the bond was a 4% coupon bond? b. If the bond was a zero coupon bond?c. How do your answer change if compounding is semiannual? SOLUTION: a and b.Coupon = 4% 30 4 ? 100 4 PV =100 Zero coupon30 4 ? 100 0 PV =30.83Step 2: Find prices of the bonds today: Coupon = 4% 29.5 5?100 4 84.74 Zero coupon29.5 5 ? 100 0 23.71Step 3: Find rates of retur n:Rate of retur n = (coup on + cha nge in price)/in itial price4% coupon bond: r = (4 + 84.74 —100)/100 = -0.1126 or —11.26%Zero-coupon bon d: r = (0 + 23.71 —30.83)/30.83 = -0.2309 or -23.09%. Note that the zero-coupon bo nd is more sen sitive to yield cha nges tha n the 4% coup on bond. c.Step 1: Find prices of the bonds six mon ths ago:Coup on=4% 60 2 ?100 2 PV =100 Zero coupon 60 2 ? 100 0 PV =30.48 Step 2: Find prices of the bonds today:Coup on=4% 59 2.5? 100 2 84.66 Zero coupon59 2.5 ?10023.30SOLUTION:a. With coup ons paid once a year:Price = 93.29b. With coup ons paid twice a year:Price = 93.20Step 3: Find rates of retur n:Rate of return = (coupon + change in price) / initial price4% coupon bond: r = (2 + 84.66 -100)/100 = -0.1334 or -13.34%Zero coupon bond: r = (0 + 23.30 - 30.48)/30.48 = -0.2356 or -23.56%. Note that the zero-coupon bond is more sen sitive to yield cha nges tha n the 4% coup on bond.Bond Valuatio n With a Non-Flat Term Structure3. Suppose you observe the following prices for zero-coupon bonds (pure discount bonds) that have no risk of default:a. What should be the price of a 2-year coupon bond that pays a 6% coupon rate, assuming coupon paymentsare made once a year starting one year from now?b. Find the missing entry in the table.c. What should be the yield to maturity of the 2-year coupon bond in Part a?d. Why are your answers to parts b and c of this question different?SOLUTION:a. Present value of first year's cash flow = 6 x .97 = 5.82Prese nt value of sec ond year's cash flow = 106 x .90 = 95.4Total prese nt value = 101.22 b^Th^y^^tomaturityon^^^^arzerocoupo^bon^wrt^pr^eof9^an^facevalu^of1^3i^5^^^^^^^^2 I ? I -90 I 100 I 0 1 i = 5.41%c. The yield to maturity on a 2-year 6% coup on bond with price of 101.22 isd. The two bonds are differe nt because they have differe nt coup on rates. Thus they have differe nt yields to maturity.Coupon Stripping4. You would like to create a 2-year synthetic zero-coupon bond. Assume you are aware of the following information: 1-year zero- coupon bonds are trading for $0.93 per dollar of face value and 2-year 7% coupon bonds (annual payments) are selling at $985.30 (Face value = $1,000).a. What are the two cash flows from the 2-year coupon bond?b. Assume you can purchase the 2-year coupon bond and unbundle the two cash flows and sell them.i. How much will you receive from the sale of the first payment?ii. How much do you need to receive from the sale of the 2-year Treasury strip to break even?SOLUTION:a. $70 at the end of the first year and $1070 at the end of year 2.b. i. I would receive .93 x $70 = $65.10 from the sale of the first payment.ii. To break even, I would need to receive $985.30- $65.10 = $920.20 from the sale of the 2-year strip.The Law of One price and Bond Pricing5. Assume that all of the bonds listed in the following table are the same except for their pattern of promised cash flows over time. Prices are quoted per $1 of face value. Use the information in the table and the Law of One Price to infer the values of the missing entries. Assume that coupon payments are annual.6% 2 years 5.5%0 2 years7% 2 years0 1 year $0.95From Bond 1 and Bond 4, we can get the miss ing en tries for the 2-year zero-coup on bond. We know from bond 1 that:2 21.0092 = 0.06/1.055 +1.06/(1.055) . This is also equal to 0.06/(1+z 1) + 1.06/(1+z 2) where z 1 and Z2 are the yields to maturity on on e-year zero-coup on and two-year zero-coup on bonds respectively. From bond 4 , we have z 1, we can find z2.1.0092 -0.06/1.0526 = 1.06/(1+z 2)2, hence z = 5.51%.To get the price P per $1 face value of the 2-year zero-coup on bond, using the same reasoning:1.0092 -0.06x0.95 = 1.06xP, he nee P = 0.8983To find the entries for bond 3: first find the price, then the yield to maturity. To find the price, we can use z 1 and Z2 found earlier: PV of coupon payment in year 1: 0.07 x 0.95 = 0.0665PV of coupon + pri ncipal payme nts in year 2: 1.07 x 0.8983 =0.9612「otal prese nt value of bond 3 二 1.02772 ? 0.07 -1.0277 1 i = 5.50%Hence the table becomes:6% 2 years $1.0092 5.5%0 2 years $0.8983 5.51%SOLUTION:Bond 1:Bond 4:Bond Features and Bond Valuation6. What effect would adding the following features have on the market price of a similar bond which does not have this feature?a. 10-year bond is callable by the company after 5 years (compare to a 10-year non-callable bond);b. bond is convertible into 10 shares of common stock at any time (compare to a non-convertible bond);c. 10-year bond can be “ put back ” to the company after 3 years at par (puttable boiumipare to a 10year non-puttablebond)d. 25-year bond has tax-exempt coupon paymentsSOLUTION:a. The callable bond would have a lower price tha n the non-callable bond to compe nsate the bon dholders for gra nti ng theissuer the right to call the bon ds.b. The con vertible bond would have a higher price because it gives the bon dholders the right to con vert their bonds intoshares of stock.c. The puttable bond would have a higher price because it gives the bondholders the right to sell their bonds back to the issuerat par.d. The bond with the tax-exempt coup on has a higher price because the bon dholder is exempted from pay ing taxes on thecoup ons. (Coup ons are usually con sidered and taxed as pers onal in come).Inferring the Value of a Bond Guarantee7. Suppose that the yield curve on dollar bonds that are free of the risk of default is flat at 6% per year. A 2-year 10% coupon bond (with annual coupons and $1,000 face value) issued by Dafolto Corporation is rates B, and it is currently trading at a market price of $918. Aside from its risk of default, the Dafolto bond has no other financially significant features. How much should an investor be willing to pay for a guarantee against Dafolto ' s defaulting on this bond?The difference between the price of the bond if it were free of default and its actual price (with risk of default) is the value of a guarantee against default: 1073.3-918 = $155.3The implied Value of a Call Provision and Convertibility8. Suppose that the yield curve on bonds that are free of the risk of default is flat at 5% per year. A 20-year default-free coupon bond (with annual coupons and $1,000 face value) that becomes callable after 10 years is trading at par and has a coupon rate of 5.5%.a. What is the implied value of the call provision?b. A Safeco Corporation bond which is otherwise identical to the callable 5.5% coupon bond describedabove, is also convertible into 10 shares of Safeco stock at any time up to the bond ' s maturity. If its yield to maturity is currently 3.5% per year, what is the implied value of the conversion feature?SOLUTION:a. We have to find the price of the bond if it were only free of the risk of default.The bond is traded at par value, hence the differe nee betwee n the value calculated above and the actual traded value is the implied value of the call provisio n: 1062.3 T000 = $62.3Note that the call provisi on decreases the value of the bond.b. We have to find the price of the Safeco Corporati on:This bond has the same features as the 5.5% default free callable bond described above, plus an additional feature: it is con vertible into stocks. Hence the implied value of the con versi on feature is the differe nee betwee n the values of both bonds: 1284.2-1000 = $284.25. Note that the con version feature in creases the value of the bond.Changes in Interest Rates and Bond Prices9. All else being equal, if interest rates rise along the entire yield curve, you should expect that:i. Bond prices will fallii. Bond prices will riseiii. Prices on long-term bonds will fall more than prices on short-term bonds.iv. Prices on long-term bonds will rise more than prices on short-term bondsa. ii and iv are correctb. We can ' t be certain that prices will changec. Only i is correctd. Only ii is correcte. i and iii are correctSOLUTION:The correct an swer is e.Bond prices are in versely proporti onal to yields hence whe n yields in crease, bond prices fall. Lon g-term bonds are more sen sitive to yield cha nges tha n short-term bon ds.。
0《金融学》(第二版)第1-15章答案
第一章思考题A、B、C详解1.1 答案详解：A金银作为自然的产物，其只有在人类社会出现之后才作为货币，因此金银天然不是货币，B选项错误。
货币的本质是一般等价物，贝壳、铜在历史上都曾经做过货币，因此C选项错误。
金银只有在作为货币使用时才能作为一般等价物。
D选项也错误。
综合，A说法正确。
1.2 答案详解：A纸币是由国家发行的、强制使用的货币符号。
纸币的发行数量、面值等等都是由国家决定的，体现着一个国家的货币政策。
但是，货币的购买力不是由国家或者法律决定的，而是由货币发行数量和经济发展状况决定的。
如果生产力水平不变，社会生产出的总的商品数量不变，而流通中的货币数量为原来的两倍，那么商品的价格也会变成原来的两倍，此时每种面值的货币只代表原来一半的价值。
因此选A。
1.3 答案详解：ACDF在商品交换过程中，价值形式的发展经历的四个阶段有简单的价值形式、扩大的价值形式、相对价值形式、一般价值形式。
参见第一章第一节有关内容1.4 答案详解：银行券指由银行发行的以信用作为保证的可以兑现的银行票据，是以银行信用为担保所产生的一种信用工具银行券有其自身的发展历程。
开始时为安全的缘故，一些人将金银交由从事货币兑换业务的商铺保存，商铺则给客户开出相应收据，并承诺随时提取原有数量的金银；后来，由于交易和支付日益频繁，人们可以使用保管凭条进行直接收付，这就是银行券的雏形。
随着商业信用的不断扩大和发展，商业票据的运用范围日益广泛，但持票人只能到期才能兑现自己所持有的商业票据。
为了解决持票人临时需要资金的问题，银行进行金融创新，开展贴现业务，并且当银行的现款不足以支付持票人时，银行可以使用自己发行的银行券来支付。
1.5 答案详解：当货币在生活中日益重要时，一般说来，作为货币的商品有如下四个基本特征：一是价值比较高，这样可用较少的媒介完成较大量的商品交换；二是易于分割，一方面分割之后不会减少它的价值，另一方面分割成本较低，以便于同价值高低不等的商品交换；三是易于保存，即在保存过程中不会损失价值，费用很低；四是便于携带，以利于扩大化的商品交易。
博迪《金融学》(第2版)笔记和课后习题详解修订版答案
博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习䋞>无偿试用20％资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>往年真题>职称考试第1部分金融和金融体系第1章金融学1.1复习笔记1.2课后习题详解第2章金融市场和金融机构2.1复习笔记2.2课后习题详解第3章管理财务健康状况和业绩3.1复习笔记3.2课后习题详解第2部分时间与资源配置第4章跨期配置资源4.1复习笔记4.2课后习题详解第5章居民户的储蓄和投资决策5.1复习笔记5.2课后习题详解第6章投资项目分析6.1复习笔记6.2课后习题详解第3部分价值评估模型第7章市场估值原理7.1复习笔记7.2课后习题详解第8章已知现金流的价值评估：债券8.1复习笔记8.2课后习题详解第9章普通股的价值评估9.1复习笔记9.2课后习题详解第4部分风险管理与资产组合理论第10章风险管理的原理10.1复习笔记10.2课后习题详解第11章对冲、投保和分散化11.1复习笔记11.2课后习题详解第12章资产组合机会和选择12.1复习笔记12.2课后习题详解第5部分资产定价第13章资本市场均衡13.1复习笔记13.2课后习题详解第14章远期市场与期货市场14.1复习笔记14.2课后习题详解第15章期权市场与或有索取权市场15.1复习笔记15.2课后习题详解第6部分公司金融第16章企业的财务结构16.1复习笔记16.2课后习题详解第17章实物期权17.1复习笔记17.2课后习题详解。
《金融学(第二版)》讲义大纲及课后习题答案详解 第16章
CHAPTER 16CAPITAL STRUCTUREObjectives•To understand how a firm can create value through its financing decisions. •To show how to take account of a firm’s financing mix in evaluating investment decisions.Outline16.1 Internal versus External Financing16.2 Equity Financing16.3 Debt Financing16.4 The Irrelevance of Capital Structure in a Frictionless Environment16.5 Creating Value through Financing Decisions16.6 Reducing Costs16.7 Dealing with Conflicts of Interest16.8 Creating New Opportunities for Stakeholders16.9 Financing Decisions in Practice16.10 How to Evaluate Levered InvestmentsSummary•External financing subjects a corporation’s investment plans more directly to the discipline of the capital market than internal financing does.•Debt financing in its broadest sense includes loans and debt securities, such as bonds and mortgages, as well as other promises of future payment by the corporation, such as accounts payable, leases, and pensions.•In a frictionless financial environment, where there are no taxes or transaction costs, and contracts are costless to make and enforce, the wealth of shareholders is the same no matter what capital structure the firm adopts.•In the real world there are a number of frictions that can cause capital structure policy to have an effect on the wealth of shareholders. These include taxes, regulations, and conflicts of interest between the stakeholders of the firm. A firm’s management might therefore be able to create shareholder val ue through its capital structure decisions in one of three ways:•By reducing tax costs or the costs of burdensome regulations.•By reducing potential conflicts of interest among various stakeholders in the firm.•By providing stakeholders with financial assets not otherwise available tothem.•There are three alternative methods used in estimating the net present value of an investment project to take account of financial leverage: the adjusted present value method, the flows to equity method, and the weighted average cost of capital methodSolutions to Problems at End of ChapterDebt-Equity Mix1. Divido Corporation is an all-equity financed firm with a total market value of $100 million.The company holds $10 million in cash-equivalents and has $90 million in other assets.There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100.Divido Corporation has decided to issue $20 million of bonds and to repurchase $20 million worth of its stock.a.What will be the impact on the price of its shares and on the wealth of itsshareholders?Why?b.Assume that Divido’s EBIT has an equal probability of being $20 million,or $12 million, or $4million.Show the impact of the financial restructuring on the probability distribution of earnings per share in the absence oftaxes.Why does the fact that the equity becomes riskier not necessarily affect shareholder wealth?SOLUTION:a.In an M&M frictionless environment, where there are no taxes and contractsare costless to make and enforce, the wealth of shareholders is the same no matter what capital structure the firm adopts. In such an environment, neither the stock price nor shareholders’ wealth would be affected. In the real world Divido’s management might be ab le to create shareholder value by issuing debt and repurchasing shares in two ways:By reducing tax costsBy reducing the free cash flow available to management and exposing itself to greater market discipline.b.The formula for EPS without debt is:EPS all equity =EBIT1,000,000 sharesThe interest payments will be $1.2 million per year (.06 x $20 million)regardless of the realized value of EBIT. The number of shares outstanding after exchanging debt for equity will be 800,000. EPS with debt is therefore: EPS with debt = Net Earnings= EBIT – $1.2 million800,000 shares 800,000 sharesAlthough the shares of stock become riskier with debt financing, the expected earnings per share go up. In a frictionless financial environment, the net effect is to leave the price of the stock unaffected.Leasing2. Plentilease and Nolease are virtually identical corporations.The only difference between them is that Plentilease leases most of its plant and equipment whereas Nolease buys its plant and equipment and finances it by pare and contrast their market-value balance sheets.SOLUTION:Market-Value Balance Sheets of Nolease and Plentilease CorporationsThe main difference between the bonds and the lease as a form of debtfinancing is who bears the risk associated with the residual market value of the leased asset at the end of the term of the lease. Since Nolease Corporation has bought its equipment, it bears this risk. In Plentilease’s case, however, it is the lessor that bears this residual-value risk.Pension Liabilities3. Europens and Asiapens are virtually identical corporations.The only difference between them is that Europens has a completely unfunded pension plan, and Asiapens has a fully funded pension pare and contrast their market-value balance sheets.What difference does the funding status of the pension plan make to the stakeholders of these two corporations?SOLUTION:Balance Sheets of Asiapens and Europens CorporationsAsiapens has funded its pension plan by issuing bonds and investing the funds raised in a segregated pool of pension fund assets. These pension assets take the form of a diversified portfolio of stocks and bonds issued by othercompanies and serve as collateral for the pension benefits promised byAsiapens to its employees. In the case of Europens, there is no segregated poolof pension assets. The pension promises of Europens are backed by the assets of the company itself. Therefore, the employees of Asiapens are more secure about receiving their promised pension benefits, since the benefits arecollateralized by a more diversified portfolio of assets. In the case of bothcompanies, however, any unfunded pension liability reduces shareholdersequity.4. Comfort Shoe Company of England has decided to spin off its Tango Dance Shoe Division as a separate corporation in the United States.The assets of the Tango Dance Shoe Division have the same operating risk characteristics as those of Comfort.The capital structure of Comfort has been 40% debt and 60% equity in terms of marketing values, and is considered by management to be optimal.The required return on Comfort’s assets (if unlevered) is 16% per year, and the interest rate that the firm (and the division) must currently pay on their debt is 10% per year.Sales revenue for the Tango Shoe Division is expected to remain indefinitely at last year’s level of $10 million.Variable costs are 55% of sales.Annual depreciation is $1 million, which is exactly matched each year by new investments.The corporate tax rate is 40%.a.How much is the Tango Shoe Division worth in unlevered form?b.If the Tango Shoe Division is spun off with $5 million in debt, how muchwould it be worth?c.What rate of return will the shareholders of the Tango Shoe Divisionrequire?d.Show that the market value of the equity of the new firm would be justifiedby the earnings to the shareholders.SOLUTION:a.The unlevered free cash flow for the Tango Shoe Division would be (in$millions):Sales: $10.0Var. Cost: -5.5Depreciation - 1.0Taxable Income $ 3.5Taxes (@40%) -1.4After-Tax Income $2.1Depreciation 1.0Investment -1.0Free Cash Flow $2.1 millionUnlevered, Tango is worth: $2.1 million / 0.16 = $13.125 millionb.If Tango had $5 million of debt, its total value would be:Market Value with Debt = Market Value without Debt + PV of Interest Tax ShieldV L = V U + T x B= $13.125 + (.4 x 5) = $15.125 millionTango Equity = $15.125 - $5 = $10.125 millionc.Tango’s cost of equity capital would be .1778k e = k + (1-T)(k - r)D/E = .16 + (1-.4)(.16-.10)x 5/10.125 = .1778d.The value of the equity should be the present value of the expected net incomediscounted at the required rate of return on equity. The expected net income will be the unlevered cash flow less the after-tax cost of the interest of the debt: $2.1 - (.6) (.1 x $5) = $2.1 - $.3 = $1.8 million per yearS = $1.8 million / .1778 = $10.125 million5. Based on the above problem, Suppose that Foxtrot Dance Shoes makes custom designed dance shoes and is a competitor of Tango Dance Shoes. Foxtrot has similar risks and characteristics as Tango except that it is completely unlevered.Fearful that Tango Dance Shoes may try to take over Foxtrot in order to control their niche in the market, Foxtrot decides to lever the firm to buy back stock.a.If there are currently 500,000 shares outstanding, what is the value ofFoxtrot’s stock?b.How many shares can Foxtrot buy back and at what value if it is willing toborrow 30% of the value of the firm?c.What if it is willing to borrow 40% of the value of the firm?d.Should Foxtrot borrow more?SOLUTION:a.Current price per share: $13.125 million /.5 million shares = $26.25 per shareb.@30% debtAmount to borrow: 30% of 13.125 million = $3.9375 millionPV of Tax Shield = .4 x $3.9375 million = $1.575 millionValue of levered firm = $13.125 + $1.575 = $14.7 millionValue of equity in levered firm = $14.7 million $3.9375 million = $10.7625 millionTo compute the number of shares Foxtrot can repurchase, we need to know the price per share.If Foxtrot can repurchase shares at the existing price of $26.25 then the number of shares retired will be$3.9375 million/$26.25 per share = .15 million shares. This will leave .35million shares outstanding, and the price of each share will be $10.7625million/.35 million = $30.75.If the PV of the tax shield gets incorporated in the price of the shares before the repurchase, then the price of the shares will increase by $1.575 million/.5million = $3.15. So the price of the repurchased shares will be$26.25 + $3.15 = $29.40.Then the number of shares retired will be $3.9375 million/$29.40 per share = 133,929 shares. This will leave 366,071 shares outstanding each with a price of $29.40.c.@40% debtAmount to borrow: 40% of $13.125 million = $5.25 millionPV of Tax Shield = .4 x $5.25 million = $2.1 millionValue of levered firm = $13.125 + $2.1 = $15.225 millionValue of equity in levered firm = $15.225 million $5.25 million = $9.975 millionIf Foxtrot can repurchase shares at the existing price of $26.25 then the number of shares retired will be$5.25 million/$26.25 per share = .2 million shares. This will leave .3 million shares outstanding, and the price of each share will be $9.975 million/.3 million = $33.25.If the PV of the tax shield gets incorporated in the price of the shares before the repurchase, then the price of the shares will increase by $2.1 million/.5 million = $4.20. So the price of the repurchased shares will be$26.25 + $4.20 = $30.45.Then the number of shares retired will be $5.25million/$30.45 per share =172,414 shares. This will leave 327,586 shares outstanding each with a price of $30.45.d. Foxtrot’s management must trade off the tax savings due to additional debtfinancing against the costs of financial distress that rise with the degree of debt financing.6. Hanna-Charles Company needs to add a new fleet of vehicles for their sales force.The purchasing manager has been working with a local car dealership to get the best value for the company dollar.After some negotiations, a local dealer has offered Hanna-Charles two options:1) a three year lease on the fleet of cars or 2) 15% off the top to purchase outright. Option 2 would cost Hanna-Charles company about 5% less than the lease option in terms of present value.a.What are the advantages and disadvantages of leasing?b.Which option should the purchasing manager at Hanna-Charles pursueand why?SOLUTION:a.Advantages:The lessor bears all the residual-value riskTax BenefitsNo disposal concerns (or resale) when life of equipment is expended.Disadvantages:No ownership while maintaining maintenance responsibilityb.Lease or Buy:Hanna-Charles company should lease. Although they may spend more with the lease, they do not bear the residual-value risk.7. Havem and Needem companies are exactly the same differing only in their capital structures.Havem is an unlevered firm issuing only stocks whereas Needem issues stocks and bonds. Neither firm pays corporate taxes. Havem pays out all of its yearly earnings in the form of dividends and has 1 million shares outstanding.Its market capitalization rate is 11% and the firm is currently valued at$180 million.Needem is identical except that 40% of its value is in bonds and has 500,000 shares outstanding. Needem’s bonds are risk free and pay a coupon of 9% per year and are rolled over every year.a.What is the value of Needem’s shares?b.As an investor forecasting the upcoming year, you examine Havem andNeedem using three possible states of the economy that are all equallylikely: normal, bad, and exceptional.Assuming the earnings will be the same, one half, and one and a half respectively, produce a table that shows the earnings and the earnings per share for both Havem and Needem in all three scenarios.SOLUTION:a.Needem has $72 million in debt and $108 million in equity. Since there are500,000 shares, the value of each share is $216.b.Expected EBIT = $180 million x 11% = $19.8 million per yearInterest expense for Needem = $72 million x .09 = $6.48 million per yearb EBIT – Interest Expense8. Using the foregoing example, let us now assume that Havem and Needem must pay taxes at the rate of 40% annually.Given the same distribution of possible outcomes as previously:a.What are the possible after-tax cash flows for Havem and Needem?b.What are the values of the shares?c.If one was not risk averse, which company would that person invest in? SOLUTION:a.After-tax CF Havem = (1 -Tax Rate) EBIT = Net incomeNet income Needem = (1 -Tax Rate) (EBIT - Int. Pmt.)CF Needem = (1 -Tax Rate) (EBIT) + Tax Rate x Int. PmtCF Needem (bad) = (.60) $9.9 + (.40) x 6.48 = $8.532 millionCF Needem (normal) = (.60) $19.8 + (.40) x 6.48 = $14.472 millionCF Needem (except.) = (.60) $29.7 + (.40) x 6.48 = $20.412 millionb.The equity of Havem will be worth $11.88 million /.11 = $108 million or $108per shareThe total value of Needem’s debt + equity will be $108,000,000 + .4 x $72,000,000 = $136.8 million.Needem’s equity will be worth $136,800,000- $72,000,000 = $64.8 million.Since there are .5 million shares of Needem, each will be worth $129.60.c.Needem.9. The Griffey-Lang Food Company faces a difficult problem.In management’s effort to grow the business, they accrued a debt of $150 million while the value of the company is only $125 million.Management must come up with a plan to alleviate the situation in one year or face certain bankruptcy. Also upcoming are labor relations meetings with the union to discuss employee benefits and pension funds. Griffey-Lang at this time has three choices they can pursue: 1) Launch a new, relatively untested product that if successful (probability of .12) will allow G-L to increase the value of the company to $200 million, 2) Sell off two food production plants in an effort to reduce some of the debt and the value of the company thus making it even (.45 probability of success), or do nothing (probability of failure = 1.0).a.As a creditor, what would you like Griffey-Lang to do, and why?b.As an investor?c.As an employee?SOLUTION:a.As a Creditor:Option 2 best suits the creditor. Option 2 allows the creditor to regain some value through the sale of plant and equipment.b.As a shareholder:The shareholders have nothing to lose and everything to gain by taking a big chance with the new product.c.As an Employee:Selling off two production plants will eliminate jobs. Doing nothing means certain bankruptcy and may result in liquidation of the firm and the loss of all the jobs. For the employees, the best choice is option 1.。
博迪《金融学》第2版课后习题及详解(金融学)【圣才出品】
博迪《金融学》第2版课后习题及详解第1章金融学一、概念题1．金融学（finance）答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
其主要研究货币领域的理论及货币资本资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。
金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。
2．金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
3．资产（assets）答：资产是指个人、公司或者组织拥有的具有商业或交换价值的任何物品，它能在未来产生经济利益，资产有三个非常重要的特征：①能在未来产生经济利益；②由实体控制；③由过去发生的事项或交易产生。
在国民账户体系中，资产是指经济资产，即所有者能对其行使所有权，并在持有或使用期间可以从中获得经济利益的资源或实体。
资产可分为金融资产和非金融资产两大类。
金融资产是指以价值形态或以金融工具形式存在的资产，它包括金融债权以及货币黄金和特别提款权。
非金融资产是指非金融性的资产，它包括生产资产和非生产资产。
在企业财务会计中，资产是指由过去的交易和事项所形成的，并由企业拥有或控制，预期会给企业带来经济利益的资源。
按流动性可分为流动资产和非流动资产两大类。
流动资产是指企业可以在一年或超过一年的一个营业周期内变现或者耗用的资产。
非流动资产是指不能在一年或者超过一年的一个营业周期内变现或耗用的资产。
(完整word版)金融学第二版课后复习思考题参考答案
第一章货币与货币制度一、单项选择题1.B2.C3.B4.C5.A6.B7.C二、多项选择题1.ACDE2.CDE3.CD4.ABCD5.ABCDE6.ABCD三、简答题1. 货币的职能有哪些？价值尺度；流通手段；支付手段；贮藏手段；世界货币2. 人民币制度包括哪些内容？（1）人民币是我国的法定货币；（2）人民币是我国唯一的合法通货；（3）人民币的发行权集中于中央银行；（4）人民币以商品物资作为发行的首要保证，也以大量的政府政府债券、商业票据、商业银行票据等为发行的信用保证，还有黄金、外汇储备等也是人民币发行的现金保证；（5）人民币实行有管理的货币制度；（6）人民币称为可兑换货币。
3. 货币制度的构成要素是什么？货币材料；货币单位；各种通货的铸造、发行和流通程序；准备制度4. 不兑现的信用货币制度有哪些特点？（1）不兑现信用货币一般由中央银行发行，并由国家赋予其无限法偿能力，这是不兑现信用货币制度最基本的特点；（2）信用货币不与任何金属保持等价关系，也不能兑换黄金；（3）货币通过信用程序投入流通领域；（4）信用货币制度是一种管理货币制度；5. 钱、货币、通货、现金是一回事吗?银行卡是货币吗?不一样。
（1）钱的概念在不同场景下有很多不同的意思。
可以是个收入的概念、也可以是个财富的概念，也可以特指现金货币；（2）货币是在商品劳务交换与债券债务清偿时，被社会公众所普遍接受的东西。
（3）通货是流通中的货币，指流通与银行体系之外的货币。
范围小于货币。
（4）现金就是现钞，包括纸币、硬币。
现金是货币的一部分，流动性很强，对人们的日常消费影响很大。
（5）银行卡本身也称为“塑料货币”，包括信用卡、支票卡，记账卡、自动出纳机卡等。
银行卡可以用于存取款和转账支付。
在发达西方国家，各种银行卡正在取代现钞和支票，称为经济生活中广泛的支付工具，因此现代社会银行卡也是货币6.社会经济生活中为什么离不开货币？为什么自古至今，人们又往往把金钱看做说万恶之源？（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
金融学复习思考题部分参考答案
一、名词解释货币制度：国家以法律形式规定的货币流通结构和组织形式。
金银复本位制：金银两种金属货币同时作为本位币的货币制度。
金银都是币材，金银币同时流通。
有限法偿：货币具有的法定支付能力，即在一次支付中有法定支付限额的限制，若超过限额，对方可以拒绝接受。
无限法偿：具有无限的支付能力，即法律上赋予它流通的权力，不论每次支付的金额多大，受款人均不得拒绝接受。
格雷欣法则：在双本位制下，虽然金银之间规定了法定比价，但市场价格高于法定价格的金属货币就会从流通中退出来进入贮藏或输出国外；而实际价值较低的金属货币则继续留在流通中执行货币职能，产生“劣币驱逐良币”的现象。
商业信用：工商企业间以赊销商品和预付定金方式提供的信用。
消费信用：对消费者个人提供的，用以满足其消费方面所需货币的信用。
银行信用：是指银行或其他金融机构以货币形态提供的信用。
二、简答1.简要比较商业信用与银行信用。
答：商业信用是指工商企业间以赊销商品和预付定金方式提供的信用。
它是企业之间相互提供的，与商品交易直接相联系的信用形式，以赊销方式为典型。
银行信用是银行以货币形态提供的信用。
它最基本的形式是存款和贷款。
商业信用保证了工商企业之间的种种稳定的经济联系，直接为商品流通服务，是创造信用流通工具最简单的方式，但商业信用中企业的信用能力有限，提供的范围有限，数量、期限也有限。
使商业信用具有一定的局限性，有些企业很难从这种形式取得必要的信用支持。
银行信用是银行和金融机构以货币形态向社会提供的信用，是在商业信用基础上发展起来的一种更高层次的信用，其信用标的为货币而且有金融机构为中介，因此克服了商业信用的局限性。
具有广泛的接受性，扩大了信用的数量和范围；但银行信用不能代替商业信用。
2.信用的三要素及主要形式有哪些？答：信用的三要素是：1、债权和债务关系；2、时间的间隔；3、信用工具，即融资工具或称金融工具。
其主要形式有商业信用、银行信用、国家信用、消费信用和国际信用等。
金融学第二版讲义大纲及课后习题答案详解第十章
CHAPTER 10AN OVERVIEW OF RISK MANAGEMENTObjectives« To explore how risk affects finan cial decisi on-mak ing.« To provide a con ceptual framework for the man ageme nt of risk.«To explain how the financial system facilitates the efficient allocation of risk-bearing.Outline10.1 What Is Risk?10.2 Risk and Econo mic Decisi ons10.3 The Risk Ma nageme nt Process10.4 The Three Dime nsions of Risk Tran sfer10.5 Risk Tran sfer and Econo mic Efficie ncy10.6 In stituti ons for Risk Man ageme nt10.7 Portfolio Theory: Quan titative An alysis for Optimal Risk Man ageme nt10.8 Probability Distributions of ReturnsSummary* Risk is defined as uncertainty that matters to people. Risk management is the process of formulating the benefit- cost trade-offs of risk-reduction and deciding on a course of action to take. Portfolio theory is the quantitative analysis of those trade-offs to find an optimal course of action.* All risks are ultimately borne by people in their capacity as consumers, stakeholders of firms and other econo mic orga ni zati ons, or taxpayers.* The risk in ess of an asset or a tra nsacti on cannot be assessed in isolati on or in the abstract; it depe nds on the specific frame of refere nee. In on e con text, the purchase or sale of a particular asset may add to one ' s risk exposure; in another, the same transaction may be risk-reducing.* Speculators are in vestors who take positi ons that in crease their exposure to certa in risks in the hope of in creas ing their wealth. In con trast, hedgers take positi ons to reduce their exposures. The same pers on can be a speculator on some exposures and a hedger on others.* Many resource-allocation decisions, such as saving, investment, and financing decisions, are significantly in flue need by the prese nee of risk and therefore are partly risk-ma nageme nt decisi ons.* We disti nguish among five major categories of risk exposures for households: sick ness, disability, and death job loss; consumer-durable asset risk ; liability risk ; and financial asset risk .* Firms face several categories of risks: production risk , price risk of outputs , and price risk of in puts .* There are five steps in the risk-management process: risk identification, risk assessment, selection of riskman ageme nt tech ni ques, impleme ntati on, review.* There are four techniques of risk management: r isk avoidanee, loss prevention and control, risk retention, risk tra nsfer.* There are three dimensions of risk transfer: hedging , insuring , and diversifying .* Diversificati on improves welfare by spread ing risks among many people, so that the existi ng un certa inty matters less. * From society ' s perspective-n^ageme nt in stituti ons con tribute to econo mic efficie ncy in two importa nt ways. First, they shift risk away from those who are least willing or able to bear it to those who are most willing to bear it. Second, they cause a reallocation of resources to production and consumption in accordance with the new distribution of risk-bearing.By allowing people to reduce their exposure to the risk of undertaking certain bus in ess ven tures, they may en courage en trepre neurial behavior that can have a ben efit to society.* Over the cen turies, various econo mic orga ni zati ons and con tractual arra ngeme nts have evolved to facilitate a more efficient allocation of risk-bearing by expanding the scope of diversification and the types of risk that are shifted.* Among the factors limit ing the efficie nt allocati on of risks are tra nsacti ons costs and problems of adverse selecti on and moral hazard.Solutions to Problems at End of ChapterOn the Nature of Risk and Risk Management1. Suppose that you and a friend have decided to go to a movie together next Saturday. You will select any movie for which tickets are available when you get to the theater. Is this a risky situation for you? Explain. Now suppose that your friend has already purchased a ticket for a movie that is going to be released this Saturday. Why is this a risky situation? How would you deal with the risk?SOLUTION:No, the uncertainty doesn ' t represienncteriysokusdo not care which movie you see. However, if your friend has a ticket already, and if you wait till Saturday to buy yours, the show may be sold out. To eliminate the risk that you may not be able to sit with your friend and see the same movie, you might buy your ticket in advance.2. Suppose you are aware of the following investment opportunity: You could open a coffee shop around the corner from your home for $25,000. If business is strong, you could net $15,000 in after-tax cash flows each year over the next 5 years.a. If you knew for certain the business would be a success, would this be a risky investment?b. Now assume this is a risky venture and that there is a 50% chance it is a success and a 50% chance you gobankrupt within 2 years. You decide to go ahead and invest. If the business subsequently goes bankrupt, did you make the wrong decision based on the information you had at the time? Why or why not?SOLUTION:a. No, this investment would not be risky.b. No, you did not make a “ wrong ” decision. When you made your decision, you did not know for certain that thecompany would go bankrupt. You decided to invest for many reasons, including the possibility of making a lot of money.Given your tolerance for risk and the fact that you based our decision on the information available at the time, your decision was not wrong and may have been optimal at the time.3. Suppose you are a pension fund manager and you know today that you need to make a $100,000 payment in 3 months.a. What would be a risk-free investment for you?b. If you had to make that payment in 20 years instead, what would be a risk free investment?c. What do you conclude from your answers to Parts a and b of this question?SOLUTION:a. A risk-free investment for you would be a Treasury Bill (default risk free) which matures in exactly 3 months.b. A risk-free investment would be a zero coupon U.S. Treasury security maturing in 20 years and which would have thesame single payment of $100,000.c. Because risk is dependent upon circumstances, what is risk-free for one individual may be risky for another too. There canbe any number of risk-free investments depending upon circumstances. Your investment time horizon is critical tochoosing the best risk-free investment (so payments in can exactly match payments out so that you are left with no risk).4. Is it riskier to make a loan denominated in dollars or in yen?SOLUTION:It depends on the context. For people whose income and expenses are denominated in dollars (perhaps because they live in the U.S), denominating a loan in yen would be riskier than denominating it in dollars. But for someone whose income and expenses are denominated in yen, denominating the loan in yen would be less risky than in dollars.5. Which risk management technique has been chosen in each of the following situations?« Installing a smoke detector in your home« Investing savings in T-bills rather than in stocks« Deciding not to purchase collision insurance on your car« Purchasing a life insurance policy for yourselfSOLUTION:« Loss preve nti on and con trol.・Risk avoida nee« Risk rete nti on・Risk tran sfer6. You are considering a choice between investing $1,000 in a conventional one-year T-Bill offering an interest rate of 8% and a one-year Index 丄inked Inflation Plus T-Bill offering 3% plus the rate of inflation.a. Which is the safer investment?b. Which offers the higher expected return?c. What is the real return on the Index 丄inked Bond?SOLUTION:a. The inflation-indexed T-Bill offers a fixed real rate of return of 3% over the life of the investment. The realreturn on the conventional T- Bill ' s real return depends upon the expected rate of inflation over the life of thein vestme nt. The safer in vestme nt is the In flati on Plus T-Bill.b. The real rate of return on the conventional T-Bill depends upon the expected rate of inflation over the life of thein vestme nt. You do not know which expected retur n is higher unl ess you know what in flati on is expected to be.c. The real retur n on the in dex-l in ked T-Bill is 3%.Hedging and Insurance7. Suppose you are interested in financing your new home purchase. You have your choice of a myriad financing options. You could enter into any one of the following agreements: 8% fixed rate for 7 years, 8.5% fixed rate for 15 years, 9% fixed for 30 years. In addition, you could finance with a 30-year variable rate that begins at 5% and increases and decreases with the prime rate, or you could finance with a 30year variable rate that begins at 6% with ceilings of 2% per year to a maximum of 12% and no minimum.a. Suppose you believe that interest rates are on the rise. If you want to completely eliminate your risk of risinginterest rates for the longest period of time, which option should you choose?b. Would you consider that hedging or insuring? Why?c. What does you r risk management decision “ cost ” you in terms of quoted interest rates during the firstyear?SOLUTION:a. You would choose the 30-year fixed rate at 9%.b. That would be a hedge because you have elim in ated both the upside (decli ning rates) or dow nside ( rising rates).c. This costs me at least 4% since I could get a variable rate loa n at 5%.8. Referring to the information in problem 7, answer the following:a. Suppose you believe interest rates are going to fall, which option should you choose?b. What risk do you face in that transaction?c. How might you insure against that risk? What does that cost you (in terms of quoted interest rates?). SOLUTION:a. You would want one of the variable rate options, in particular the variable loan tied to the prime rate, currently equal to5%.b. You face the risk of rising rates.c. You could in sure aga inst that risk by purchas ing the opti on to have a 12% ceil ing on the rate (2% in crease per year.This option cost you 1% (the difference between 6% and 5%).9. Suppose you are thinking of investing in real estate. How might you achieve a diversified real estate investment?SOLUTION:« You could own several differe nt build ings in the same gen eral area.« You could own several differe nt build ings in differe nt geographic areas.« You could sell some of your equity own ership to other owners to lower your own in dividual exposure to decli ning market values.10. Suppose the following represents the historical returns for Microsoft and Lotus Development Corporation:Historical ReturnsYear MSFT LOTS110%9%215%12%3-12%-7%420%18%57%5%a. What is the mean return for Microsoft? For Lotus?b. What is the standard deviation of returns for Microsoft? For Lotus?c. Suppose the returns for Microsoft and Lotus have normally distributed returns with means and standarddeviations calculated above. For each stock, determine the range of returns within one expected standard deviation of the mean and within two standard deviations of the mean.SOLUTION:a. Mea n return Microsoft: 8.0%; Lotus: 7.4%b. If you use the formula for the sta ndard deviati on based on a sample of size n:You find that the standard deviations are: MSFT: 10.94%; Lotus: 8.357%.However, if you use the formula for the population standard deviation:You find that the standard deviations are: MSFT 12.23% and LOTS 9.34%.c. Range of returns within 1 standard deviation Microsoft: -2.94% to +18.94% Range of returns within 1 standarddeviation Lotus: -0.957% to + 15.76% Range of returns within 2 standard deviations Microsoft: -13.88% to+29.88% Range of returns within 1 standard deviation Lotus: -9.31% to + 24.11%。
曹龙骐《金融学》(第2版)课后习题详解第6章 中央银行
第6章中央银行本章思考题1．试述中央银行产生的经济背景。
答：中央银行产生于17世纪后半期，形成于19世纪初叶，其产生有着深刻的经济背景和客观的经济条件：（1）商品经济的迅速发展。
18世纪初，西方国家开始了工业革命，社会生产力的快速发展和商品经济的迅速扩大，促使货币经营业越来越普遍，而且日益有利可图，由此产生了对货币财富进行控制的欲望。
（2）资本主义经济危机的频繁出现。
资本主义经济自身的固有矛盾必然导致连续不断的经济危机。
面对当时状况，资产阶级政府开始从货币制度上寻找原因，企图通过发行银行券来控制、避免和挽救频繁的经济危机。
（3）银行信用的普遍化和集中化。
资本主义产业革命促使生产力空前提高，生产力的提高又促使资本主义银行信用业蓬勃发展。
主要表现在一是银行经营机构不断增加；二是银行业逐步走向联合、集中和垄断。
2．试述中央银行产生的客观要求。
答：资本主义商品经济的迅速发展，经济危机的频繁发生，银行信用的普遍化和集中化，既为中央银行的产生奠定了经济基础，又为中央银行的产生提供了客观要求。
（1）政府对货币财富和银行的控制资本主义商品经济的迅速发展，客观上要求建立相应的货币制度和信用制度。
资产阶级政府为了开辟更广泛的市场，也需要有巨大的货币财富作后盾。
（2）统一货币发行在银行业发展初期，几乎每家银行都有发行银行券的权力。
但随着经济的发展、市场的扩大和银行机构增多，银行券分散发行的弊病就越来越明显，客观上要求有一个资力雄厚并在全国范围内享有权威的银行来统一发行银行券。
（3）集中信用的需要商业银行经常会发生营运资金不足、头寸调度不灵等问题，这就从客观上要求中央银行的产生，它既能集中众多银行的存款准备，又能不失时宜地为其他商业银行提供必要的周转资金，为银行充当最后的贷款人。
（4）建立票据清算中心随着银行业的不断发展，银行每天收授票据的数量增多，各家银行之间的债权债务关系复杂化，由各家银行自行轧差进行当日清算已发生困难。
博迪《金融学》第2版课后习题及详解
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
《金融学(第二版)》讲义大纲及课后习题答案详解 第13章
CHAPTER 13THE CAPITAL ASSET PRICING MODELObjectives•Explain the theory behind the CAPM.•Explain how to use the CAPM to establish benchmarks for measuring the performance of investment portfolios. •Explain how to infer from the CAPM the correct risk-adjusted discount rate to use in discounted-cash-flow valuation models.•Explain the APT and its relationship to the CAPM.Outline13.1 The Capital Asset Pricing Model in Brief13.2 Determinants of the Risk Premium on the Market Portfolio13.3 Beta and Risk Premiums on Individual Securities13.4 Using the CAPM in Portfolio Selection13.5 Valuation and Regulating Rates of Return13.6 Extensions, Modifications, and Alternatives to the CAPMSummary•The CAPM has three main implications:•In equilibrium, ev eryone’s relative holding of risky assets are the same as in the market portfolio.•The size of the risk-premium of the market portfolio is determined by the risk-aversion of investors.•The risk premium on any asset is equal to its beta times the risk premium on the market portfolio. •Whether or not the CAPM is strictly true, it provides a rationale for a very simple passive portfolio strategy: •Diversify your holdings of risky assets in the proportions of the market portfolio, and•Mix this portfolio with the risk-free asset to achieve a desired risk-reward combination.•The CAPM is used in portfolio management primarily in two ways:•To establish a logical and convenient starting point in asset allocation and security selection•To establish a benchmark for evaluating portfolio management ability on a risk-adjusted basis.•In corporate finance the CAPM is used to determine the appropriate risk-adjusted discount rate in valuation models of the firm and in capital budgeting decisions. The CAPM is also used to establish a “fair” rate of return on invested capital for regulated firms and in cost-plus pricing.•Today few financial scholars consider the CAPM in its simplest form to be an accurate model for explaining or predicting risk premiums on risky assets. However, modified versions of the model are still a central feature of the theory and practice of finance.•The APT gives a rationale for the expected return-beta relationship that relies on the condition that there be no arbitrage profit opportunities; the CAPM requires that investors be portfolio optimizers. The APT and CAPM are not incompatible; rather, they complement each other.Solutions to Problems at End of ChapterComposition of the Market Portfolio1. Capital markets in Flatland exhibit trade in four securities, the stocks X, Y and Z, and a risklessgovernment security. Evaluated at current prices in US dollars, the total market values of these assets are, respectively, $24 billion, $36 billion, $24 billion and $16 billion.a. Determine the relative proportions of each asset in the market portfolio.b. If one trader with a $100,000 portfolio holds $40,000 in the riskless security, $15,000 in X, $12,000 in Y, and$33,000 in Z, determine the holdings of the three risky assets of a second trader who invests $20, 000 of a $200, 000 portfolio in the riskless security.SOLUTION:The total value of all assets in the economy is 100 billion dollars. a. The proportions of each asset relative to the value of all assets are, respectively, .24 (X), .36 (Y),b. .24 (Z) and .16 (riskless bond.) The proportions of each risky asset to the total value of all risky assets are,respectively, (2/7) (X), (3/7) (Y) and (2/7) (Z). c. . Ignore the question as it appears in the First Edition of the textbook. Instead, the question should be: If aninvestor has $100,000 with $30,000 invested in the riskless asset, how much is invested in securities X, Y, and Z? The answer to this question is $20,000 in X and Z, and $30,000 in Y.Implications of CAPM2. The riskless rate of interest is .06 per year, and the expected rate of return on the market portfolio is .15 per year.a. According to the CAPM , what is the efficient way for an investor to achieve an expected rate of returnof .10 per year?b. If the standard deviation of the rate of return on the market portfolio is .20, what is the standarddeviation on the above portfolio?c. Draw the CML and locate the foregoing portfolio on the same graph.d. Draw the SML and locate the foregoing portfolio on the same graph.e. Estimate the value of a stock with an expected dividend per share of $5 this coming year, an expecteddividend growth rate of 4% per year forever, and a beta of .8. If its market price is less than the value you have estimated, i.e., if it is under-priced, what is true of its mean rate of return?SOLUTION: a.So one would hold a portfolio that is 4/9 invested in the market portfolio and 5/9 in the riskless asset. b.c. The formula for the CML is9415.)1(06.10.)()1()(=+-=⨯+-⨯=x xx x r E x r r E M f 08889.)20(.94==⨯=M x σσσσσ45.06.)()(+=-+=MfM f r r E r r Ed. The formula for the SML ise. Use constant growth rate DDM and find r using the SML relationIf the market price of the stock is less than this, then its expected return is higher than the 13.2% required rate.()ββ09.06.)()(+=-+=f M f r r E r r E 35.54$04.132.504.510=-=-=-=r g r D P 132.8.09.06.09.06.=⨯+=+=βr3. If the CAPM is valid, which of the following situations is possible? Explain. Consider each situation independently.a.PortfolioExpected ReturnBeta A 0.20 1.4B 0.25 1.2b.PortfolioExpected ReturnStandard DeviationA 0.300.35B 0.400.25c.Portfolio Expected ReturnStandard DeviationRisk-free 0.100Market 0.180.24A 0.160.12d.Portfolio Expected ReturnStandard DeviationRisk-free 0.100Market 0.180.24A0.200.22SOLUTION:a. Impossible. Since the risk premium on the market portfolio is positive, a security with a higher beta must have ahigher expected return.b. Possible. Since portfolios A & B are not necessarily efficient, A can have a higher standard deviation and alower expected return than B.c. Impossible. Portfolio A lies above the CML, implying that the CML is not efficient. If the standard deviation ofA is .12, then according to the CML its expected return cannot be greater than .14.d. Impossible. Portfolio A has a lower standard deviation and a higher mean return than the market portfolio,implying that the market portfolio is not efficient.4. If the Treasury bill rate is currently 4% and the expected return to the market portfolio over the same period is 12%, determine the risk premium on the market. If the standard deviation of the return on the market is .20, what is the equation of the Capital Market Line?SOLUTION: The risk premium on the market portfolio is .08. The slope of the CML is .08/.2 = .4. Thus, the equation of theCML is:Determinants of the Market Risk Premium5. Consider an economy in which the expected return on the market portfolio over a particular period is .25, the standard deviation of the return to the market portfolio over this same period is .25, and the averagedegree of risk aversion among traders is 3. If the government wishes to issue risk-free zero-coupon bonds with a term to maturity of one period and a face value per bond of $100,000, how much can the government expect to receive per bond?[]σσσ4.04.)()(+=++=MfMf r rE r r ESOLUTION:According to the CAPM, E(r M) - r f = Aσ2, so that r f = E(r M) - Aσ2.Substituting into this formula we find: r f = .25 – 3 x .252 = .0625Therefore the revenue raised by the government per bond issued is $100,000 = $94,117.651.06256. . Norma Swanson has invested 40% of her wealth in MGM stock and 60% in Industrial Light and Magic stock. Norma believes the returns to these stocks have a correlation of .06 and that their respective means and standard deviations are:MGM ILMExpected Return (%) 10 15Standard Deviation (%) 15 25a.Determine the expected value and standard deviation of the return on Norma’s portfolio.b.Would a risk-averse investor such as Norma prefer a portfolio composed entirely of only MGM stock? Ofonly ILM stock? Why or why not?SOLUTION:a.The expected return is .13, and the standard deviation is .1649.b. A risk averse investor will not want to hold a portfolio composed entirely of MGM or of ILM stock, becauseone can, in general, achieve the same expected return with a lower standard deviation by combining a portfolio of MGM and ILM with the risk-free asset.7. Consider a portfolio exhibiting an expected return of 20% in an economy in which the riskless interest rate is 8%, the expected return to the market portfolio is thirteen percent, and the standard deviation of the return to the market portfolio is .25. Assuming this portfolio is efficient, determine:a.its beta.b.the standard deviation of its return.c.its correlation with the market return.SOLUTION:e the security market line to infer that the beta of this portfolio is 2.4:.20 = .08 + β(.13 - .08)β = (.20 - .08)/(.13 - .08) = .12/.05 = 2.4e the capital market line to infer that the standard deviation of the yield to this portfolio is .6:.20 = .08+ (.13 - .08) σ = .08+ .2 σ.25σ = .12/.2 = .6c.By definition the following relationships hold:β = cov/σ2Mρ = covσiσMwhere ρ denotes the correlation coefficient. We know that β = 2.4, σM = .25, and σi = .6.So from the definition of β, we get that the cov is 2.4 x .252 = .15. Substituting this into the definition of ρ: ρ = cov = .15 __ = 1σiσM .6 x .25Application of CAPM to Corporate Finance8. . The Suzuki Motor Company is contemplating issuing stock to finance investment in producing a new sports-utility vehicle, the Seppuku. Financial analysts within Suzuki forecast that this investment will have precisely the same risk as the market portfolio, where the annual return to the market portfolio is expected to be 15% and the current risk-free interest rate is 5%. The analysts further believe that the expected return to the Seppuku project will be 20% annually. Derive the maximal beta value that would induce Suzuki to issue the stock.SOLUTION:The project would be on the borderline if its required return were 20% per year. Since the risk-free rate is 5% and the risk premium on the market portfolio is 10%, the required return would be 20% if the beta were 1.5.9. . Roobel and Associates, a firm of financial analysts specializing in Russian financial markets, forecasts that the stock of the Yablonsky Toy Company will be worth 1,000 roubles per share one year from today. If the riskless interest rate on Russian government securities is 10% and the expected return to the market portfolio is 18% determine how much you would pay for a share of Yablonsky stock today if:a.the beta of Yablonsky is 3.b.the beta of Yablonsky is 0.5.SOLUTION:Use the security market line in each case to determine a required rate of return, then infer the current price from the forecasted price of 1,000 roubles and the required rate of return you have determined.a.If beta is 3, the required return is .10+ 3x.08 = .34. You would pay 1,000/1.34 = 746.27 roubles;b.If beta is .5, the required return is .10+ .5x.08 = .14. You would pay 1,000/1.14 = 877.19 roubles.Application of CAPM to Portfolio Management10. Suppose that the stock of the new cologne manufacturer, Eau de Rodman, Inc., has been forecast to havea return with standard deviation .30 and a correlation with the market portfolio of .9. If the standard deviation of the yield on the market is .20, determine the relative holdings of the market portfolio and Eau de Rodman stock to form a portfolio with a beta of 1.8.SOLUTION: By definition:β = cov/σ2Mρ = covσrσMTherefore, β = ρσr/σM. The beta of Rodman stock is therefore .9x.3/.2 = 1.35.The beta of a portfolio is a weighted average of the betas of the component securities. Let A be a fraction of the portfolio invested in Rodman stock to produce a beta of 1.8. Then we have:1.35A + (1-A) = 1.8.35A = .8A = 2.286So the portfolio would have to have 228.6% invested in Rodman stock and a short position in the market portfolio equal to 128.6%.11. The current price of a share of stock in the Vo Giap Clothing Company of Vietnam is 50 dong and its expected yield over the year is 14%. The market risk premium in Vietnam is 8% and the riskless interest rate 6%. What would happen to the stock’s current price if its expected future payout remains co nstant while the covariance of its rate of return with the market portfolio falls by 50%?SOLUTION:Deduce that the expected future price of a share of Vo Giap is 57 dong, so that a reduction in this stock’s beta of 50% implies, by the security market relation, that the required yield on Vo Giap is now 10%, so that its current share price rises by 3.64% to a new value of 51.82 dong.12. Suppose that you believe that the price of a share of IBM stock a year from today will be equal to the sumof the price of a share of General Motors stock plus the price of a share of Exxon, and further you believethat the price of a share of IBM stock in one year will be $100 whereas the price of a share of General Motors today is $30. If the annualized yield on 91-day T-bills (the riskless rate you use) is 5%, the expected yield on the market is 15%, the variance of the market portfolio is 1, and the beta of IBM is 2, what price would you be willing to pay for one share of Exxon stock today?SOLUTION:Expected return = .05 + 2(.15 - .05) = 25%; (100 - x)/x = .25 → x = $80Deduce that the current price of a share of IBM stock is $80, so that the upper bound on the price of a share of Exxon is ($80 - $30 = $50).13. Ascertain whether the following quotation is true or false, and state why:“When arbitrage is absent from financial markets, and investors are each concerned with only the risk and return to their portfolios, then each investor can eliminate all the riskiness of his investments through diversification, and as a consequence the expected yield on each available asset will depend only on the covariance of its yield with the covariance of the yield on the diversified portfolio of risky assets each investor holds.”SOLUTION:False. You cannot eliminate all risk through diversification, only the unsystematic risk.Application of CAPM to Measuring Portfolio Performance14. During the most recent 5-year period, the Pizzaro mutual fund earned an average annualized rate of return of 12% and had an annualized standard deviation of 30%. The average risk-free rate was 5% per year. The average rate of return in the market index over that same period was 10% per year and the standard deviation was 20%. How well did Pizzaro perform on a risk-adjusted basis?SOLUTION:Compute the ratio of average excess return to standard deviation for Pizzaro and compare it to that of the market portfolio:Pizzaro risk-adjusted performance ratio = (.12-.05)/.30 = .233Market portfolio risk-adjusted performance ratio = (.1-.05)/.2 = .250So, on a risk-adjusted basis, Pizzaro did worse than the market index.Challenge ProblemCAPM with only 2 Risky Assets15. There are only two risky assets in the economy: stocks and real estate and their relative supplies are 50% stocks and 50% real estate. Thus, the market portfolio will be half stocks and half real estate. The standard deviations are .20 for stocks, .20 for real estate, and the correlation between them is 0. The coefficient of relative risk aversion of the average market participant (A) is 3. r f is .08 per year.a.According to the CAPM what must be the equilibrium risk premium on the market portfolio, on stocks,and on real estate?b.Draw the Capital Market Line. What is its slope? Where is the point representing stocks located relativeto the CML?c.Draw the SML. What is its formula? Where is the point representing stocks located relative to the SML? SOLUTION:a.The market portfolio consists of half stocks and half real estate. It has a standard deviation of .1414, computedas follows:σ2M = w2σ2s + (1-w)2σ2r+ 2 w(1-w) cov s,rσ2M = 2 x (1/2)2 .22 = .02σM = .1414The equilibrium risk premium on the market portfolio is E(r M)-r f = Aσ2M = 3x.02 = .06.The market portfolio’s expected rate of return is also a weighted average of the expected rates of return on stocks and real estate, where the weights are each 1/2. Stocks and real estate must have the same risk premiumbecause they have the same standard deviation and correlation with the market. Therefore the risk premium on stocks and real estate must be .06, the same as the market portfolio’s risk premium.b.The slope of the CML is .06/.1414 = .424. The point representing stocks is M, it is to the right of the CML.equaling to 1.The formula is: E(r) = r f + (E(r M) –r f).。
博迪莫顿版金融学(第二版)课后习题标准答案
博迪莫顿版金融学(第二版)课后习题答案————————————————————————————————作者：————————————————————————————————日期：金融学（第二版）答案博迪默顿第一章课后习题答案一 . 我的生活目标：●完成学业●找到一份自己喜欢且收入不菲的工作●结婚和生养子女●拥有我自己的房子●供养我的家庭生活●供养孩子上学●退休在我实现目标的过程中，金融所扮演的角色：答案样例：1，金融现在可以为我提供大学本科及研究生教育的学费并帮我完成学业，帮我决定投资于上学是否是一个好的投资决定 2，高等教育可以帮助提高我赚钱的能力以及获得一个我喜欢的工作的能力 3，当我结婚并且有了孩子以后，我就有了额外的金融责任（以具体情况而定），我必须学会如何在家庭中的个人之间分配资源，学会如何留置一定的资金以用之于紧急事件，教育，假期旅游等；金融也帮助我理解如何应对危机，比如残疾，生活，健康 4，金融也帮我决定我想买的房子是否值钱，也帮我如何用最少的金融资源购买那所房子 5，金融帮我决定我应该储蓄多少钱以备我子女的学业和我以后的退休我主要的权衡决策：答案样例：1，现在花钱接受高等教育（并完成学业）可是假设以后由于我的高等教育文凭挣更多的钱 2，现在消费更多为以后比如买房，买车或储蓄留置很少的钱还是现在消费很少，甚至少于我的许多朋友二.答案样例：净值＝资产－负债$__________(很可能会被低估)资产包括:经常帐户余额储蓄存款帐户余额家具设备，首饰类（如表）车（如果有的话）负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
《金融学(第二版)》讲义大纲及课后习题答案详解 第七章
《金融学〔第二版〕》讲义大纲及课后习题答案详解第七章CHAPTER 7PRINCIPLES OF ASSET VALUATIONObjectives? Understand why asset valuation is important in finance.? Explain the Law of One Price as the principle underlying all asset-valuation procedures. ? Explain the meaning and role of valuation models.? Explain how information gets reflected in security prices.Outline7.1 The Relation Between an Asset’s Value and Its Price 7.2 Value Maximization and Financial Decisions 7.3 The Law of One Price and Arbitrage7.4 Arbitrage and the Prices of Financial Assets 7.5 Exchange Rates and Triangular Arbitrage 7.6 Interest Rates and the Law of One Price 7.7 Valuation Using Comparables 7.8 Valuation Models7.9 Accounting Measures of Value7.10 How Information Gets Reflected in Security Prices 7.11 The Efficient Markets HypothesisSummary? In finance the measure of an asset’s value is the price it would fetch if it were sold in a competitive market. Theability to accurately value assets is at the heart of the discipline of finance because many personal and corporate financial decisions can be made by selecting the alternative that maximizes value.? The Law of One Price states that in a competitive market, if two assets are equivalent they will tend to have thesame price. The law is enforced by a process called arbitrage, the purchase and immediate sale of equivalent assets in order to earn a sure profit from a difference in their prices.? Even if arbitrage cannot be carried out in practice to enforce the Law of One Price, unknown asset values canstill be inferred from the prices of comparable assets whose prices are known.? The quantitative method used to infer an asset’s value from information about the prices of comparable assets iscalled a valuation model. The best valuation model to employ varies with the information available and the intended use of the estimated value. ? The book value of an asset or a liability as reported in a firm’s financial statements often differs from its currentmarket value.? In making most financial decisions, it is a good idea to start by assuming that for assets that are bought and soldin competitive markets, price is a pretty accurate reflection of fundamental value. This assumption is generally warranted precisely because there are many well-informed professionals looking for mispriced assets who profit by eliminating discrepancies between the market prices and the fundamental values of assets. The proposition that an asset’s current price fully reflects all publicly-available information about future economic fundamentals affecting the asset’s value is known as the Efficient Markets Hypothesis.? The prices of traded assets reflect information about the fundamental economic determinants of their value.Analysts are constantly searching for assets whose prices are different from their fundamental value in order to buy/sell these “bargains.〞 In deciding the best strategy for the purchase/sale of a “bargain,〞 theanalyst has to evaluate the accuracy of her information. The market price of an asset reflects the weighted average of all analysts opinions with heavier weights for analysts who control large amounts of money and for those analysts who have better than average information.Instructor’s ManualChapter 7 Page 106Solutions to Problems at End of ChapterLaw of One Price and Arbitrage1. IBX stock is trading for $35 on the NYSE and $33 on the Tokyo Stock Exchange. Assume that the costs of buying and selling the stock are negligible. a. How could you make an arbitrage profit?b. Over time what would you expect to happen to the stock prices in New York and Tokyo?c. Now assume that the cost of buying or selling shares of IBX is 1% per transaction. How does this affectyour answer?SOLUTION:a. Buy IBX stock in Tokyo and simultaneously sell them in NY. Your arbitrage profit is $2 per share.b. The prices would converge.c. Instead of the prices becoming exactly equal, there can remain a 2% discrepancy between them, roughly $.70 inthis case.2. Suppose you live in the state of Taxachusetts which has a 16% sales tax on liquor. A neighboring state called Taxfree has no tax on liquor. The price of a case of beer is $25 in Taxfree and it is $29 in Taxachusetts.a. Is this a violation of the Law of One Price?b. Are liquor stores in Taxachusetts near the border with Taxfree going to prosper?SOLUTION:a. This is not a violation of the Law of One Price because it is due to a tax imposed in one state but not in the other.Illegal arbitrage will probably occur, with lawbreakers buying large quantities of liquor in Taxfree and selling it in Taxachusetts without paying the tax.b. It is likely that liquor stores will locate in Taxfree near the border with Taxachusetts. Residents of both stateswill buy their liquor in the stores located in Taxfree, and liquor stores in Taxachusetts will go out of business.Triangular Arbitrage3. Suppose the price of gold is 155 marks per ounce.a. If the dollar price of gold is $100 per ounce, what should you expect the dollar price of a mark to be?b. If it actually only costs $0.60 to purchase one mark, how could one make arbitrage profits?SOLUTION:a. $100 buys the same amount of gold (1 ounce) as 155 DM, so 1 DM should cost 100/155 or $.645.b. The marks are “cheaper〞 than they should be, so the arbitrage transaction requires you to buy marks at thecheap price, use them to purchase gold, and sell the gold for dollars. Example:1. Start with $1 million, which you borrow for only enough time to carry out the arbitrage transaction.2. Use the million dollars to buy 1,666,667 marks (1,000,000 / 0.60)3. Buy 10,752.69 ounces of gold (1,666,667 / 155)4. Sell the gold for $1,075,269 (10752.69 x 100)Your risk-free arbitrage profit is $75,269.4. You observe that the dollar price of the Italian lira is $0.0006 and the dollar price of the yen is $0.01. What must be the exchange rate between lira and yen for there to be no arbitrage opportunity?SOLUTION:.0006$/lira?.06Yen/lira.01$/YenInstructor’s ManualChapter 7 Page 1075. Fill in the missing exchange rates in the following table: US dollar British pound German mark Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 German mark DM2.0 Japanese ￥100 Yen SOLUTION: US dollar British pound German mark Japanese Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 1 = .67 / 2 = .67 / 100 German mark DM2.0 = 2 / .67 1 = 2 / 100 Japanese ￥100 = 100 / .67 = 100 / 2 1 Yen US dollar British pound German mark Japanese Yen US dollar $1 $1.50 $.5 $.01 British pound ￡0.67 ￡1 ￡.33 ￡.0067 German mark DM2.0 DM3.0 DM1.0 DM.02 Japanese ￥100 ￥150 ￥50 ￥1 Yen Valuation Using Comparables6. Suppose you own a home that you purchased four years ago for $475,000. The tax assessor’s office has just informed you that they are increasing the taxable value of your home to $525,000. a. How might you gather information to help you appeal the new assessment?b. Suppose the house next door is comparable to yours except that it has one fewer bedroom. It just sold for$490,000. How might you use that information to argue your case? What inference must you make about the value of an additional bedroom?SOLUTION:a. You should retrieve as much information as you can about recent sales of comparable homes. If you canconvince the assessor’s office that your home is comparable (and the market value of the recent sales is less than $525,000) you should have a good case. You can gather the information about home sales from a real estate broker.b. The difference between your house’s assessed value and the actual market value of the home next door is$35,000 ($525,000 - $490,000). If you can convince the tax assessor’s office that the value of a bedroom is less than $35,000, then the assessor must agree that your home is worth less than $525,000. For example, if comparable sales figures show that one additional bedroom (all else reasonably equivalent) is worth only $10,000, then you should be able to argue that your home is worth $500,000 rather than $525,000.7. The P/E ratio of ITT Corporation is currently 6 while the P/E ratio of the S&P 500 is 10. What might account for the difference? SOLUTION: There are several possible reasons:? ITT may be riskier than the S&P500 either because it is in a relatively risky industry or has a relatively higherdebt ratio.? ITT’s reported earnings may be higher than they are expected to be in the future, or they may be inflated due tospecial accounting methods used by ITT.Instructor’s ManualChapter 7 Page 1088. Suppose you are chief financial officer of a private toy company. The chief executive officer has asked you to come up with an estimate for the company’s price per share. Your company’s earnings per share were $2.00 in the year just ended. You know that you should look at public company comparables, however, they seem to fall into two camps. Those with P/E ratios of 8x earnings and those with P/E ratios of 14x earnings. You are perplexed at the difference until you notice that on average, the lower P/E companies have higher leverage than the higher P/E group. The 8x P/E group has a debt/equity ratio of 2:1. The 14x P/E group has a debt/equityratio of 1:1. If your toy company has a debt/equity ratio of 1.5:1, what might you tell the CEO about your company’s equity value per share? SOLUTION:It would be reasonable to apply a P/E of 11x earnings (= (8 + 14) / 2) because your leverage is midway between the two groups. Hence, your company’s price per share would be: 11x $2.00 = $22.00 per share.9. Assume that you have operated your business for 15 years. Sales for the most recent fiscal year were $12,000,000. Net income for the most recent fiscal year was $1,000,000. Your book value is $10,500,000. A similar company recently sold for the following statistics: Multiple of Sales: 0.8x Multiple of Net Income 12x Multiple of Book Value 0.9xa. What is an appropriate range of value for your company?b. If you know that your company has future investment opportunities that are far more profitable than thecompany above, what does that say about your company’s likely valuation? SOLUTION:a. Multiple of Sales: .8x = $12 million x .8 Multiple of Net Income 12x = $1 million x 12 Multiple of Book Value .9x = $10.5 million x .9 An appropriate range might be 9 to 12 millionb. Higher end of the range = $9.6 million = $12 million = $9.45 millionEfficient Markets Hypothesis10. The price of Fuddy Co. stock recently jumped when the sudden unexpected death of its CEO was announced. What might account for such a market reaction?SOLUTION:Investors may believe that the company’s future prospects look better(i.e., either higher earnings or less risky) without the deceased CEO.11. Your analysis leads you to believe that the price of Outel’s stock should be $25 per share. Its current market price is $30.a. If you do not believe that you have access to special information about the company, what do you do?b. If you are an analyst with much better than average information, what do you do?SOLUTION:a. If you believe that the market for Outel stock is an informationally efficient one then the $30 market price(which is a weighted average of the valuations of all analysts) is the best estimate of the stock’s true value. You should question whether your own analysis is correct.b. You sell the stock because you think you have superior information. Real Interest Rate Parity12. Assume that the world-wide risk-free real rate of interest is 3% per year. Inflation in Switzerland is 2% per year and in the United States it is 5% per year. Assuming there is no uncertainty about inflation, what are the implied nominal interest rates denominated in Swiss francs and in US dollars?SOLUTION: Switzerland: (1.03 x 1.02) =1.0506 hence nominal interest rate = 5.06% US: (1.03 x 1.05) = 1 .0815 hence nominal interest rate = 8.15%Instructor’s ManualChapter 7 Page 109Integrative Problem13. Suppose an aunt has passed away and bequeathed to you and your siblings (one brother, one sister) a variety of assets. The original cost of these assets follows:ITEM COST WHEN PURCHASEDJewelry $500 by Grandmother 75 years ago House 1,200,000 10 years ago Stocks and Bonds 1,000,000 3 years ago Vintage (used) Car 200,000 2 months ago Furniture 15,000 various dates during last 40 yearsBecause you are taking a course in finance, your siblings put you in charge of dividing the assets fairly among the three of you. Before you start, your brother approaches you and says: “I’d really like the car for myself, so when you divide up the assets, just give me the car and deduct the $200,000 from my share.〞Hearing that, your sister says: “That sounds fair, because I really like the jewelry and you can assign that to me and deduct the $500 from my share.〞You have always loved your aunt’s house and its furnishings, so you would like to keep the house and the furniture.a. How do you respond to your brother and sister’s requests? Justify your responses.b. How would you go about determining appropriate values for each asset?SOLUTION:a. Because the market price of the car is close to the what your brother is willing to give up for it, your brother’srequest is reasonable. It is, however, quite possible (even likely), that the antique jewelry is worth much more today than what your relative’s grandmother paid for it in the past. Assigning only its acquisition cost to your sister’s share is quite likely a gross miscalculation. If she wants the jewelry, she should be “charged〞 an amount equal to today’s market value. It does not matter that your sister does not want to sell the jewelry for a profit, because the jewelry has VALUE even if you do not sell it. Fairness is all about equal VALUE.b. You would probably have to hire a professional appraiser for the furniture and the jewelry. You can look up thevalue of the stocks and bonds in a financial newspaper. You can estimate the value of the house by inquiring for how much similar houses in the same neighborhood have recently been sold. The car was purchased only twomonths ago, so it is probably reasonable to assume that the current market price is very close to what your distant relative paid for the car. Instructor’s ManualChapter 7 Page 110。
《金融学(第二版)》讲义大纲及课后习题答案详解 第九章
CHAPTER 9VALUATION OF COMMON STOCKSObjectives∙To explain the theory and application of the discounted cash flow valuation method as applied to the equity of a firm.Outline9.1 Reading Stock Listings9.2 The Discounted Dividend Model9.3 Earnings and Investment Opportunities9.4 A Reconsideration of the Price/Earnings Multiple Approach9.5 Does Dividend Policy Affect the Value of a Share?Summary∙The discounted cash flow (DCF) method of valuing assets consists of discounting expected future cash flows ata risk-adjusted discount rate.∙The discounted dividend model (DDM) for valuing shares of stock starts from the observation that an investor in common stock expects a rate of return (consisting of cash dividends and price appreciation) that is equal to the market capitalization rate. The resulting formula shows that the current price of a share is the present value of all expected future dividends.∙In the constant growth rate DDM, the growth rate of dividends is also the expected rate of price appreciation.∙Growth per se does not add value to a share’s current price. What adds value is the opportunity to invest in projects that yield a rate of return in excess of the market capitalization rate.∙In a “frictionless” financial envir onment, where there are no taxes and no transaction costs, the wealth of shareholders is the same no matter what dividend policy the firm adopts.∙In the real world there are a number of frictions that can cause dividend policy to have an effect on the wealth of shareholders. These include taxes, regulations, the costs of external finance, and the information content of dividends.Solutions to Problems at End of Chapter1.The DDM Corporation has just paid a cash dividend (D0) of $2 per share. It has consistently increased its cash dividends in the past by 5% per year, and you expect it to continue to do so. You estimate that the market capitalization rate for this stock should be 13% per year.a.What is your estimate of the intrinsic value of a share (derived using the DDM model)?b.Suppose that the actual price of a share is $20. By how much would you have to adjust each of thefollowing model parameters to “justify” this observed price:i.The growth rate of dividendsii.The market capitalization rateSOLUTION:a.P0 = D0(1+g)/(k-g) = 2(1+0.05)/(0.13-0.05) = $26.25b.If the actual price of the share is $20, then some of our input parameters might need some adjustments:i.Assuming all other parameters are left as given, then solving for g =(.13 x 20 – 2)/(2+20) = 0.0273= 2.73%ii.Similarly, solving for k = 2(1.05)/20 + 0.05 = 0.155 = 15.5%2.The Rusty Clipper Fishing Corporation is expected to pay a cash dividend of $5 per share this year. You estimate that the market capitalization rate for this stock should be 10% per year. If its current price is $25 per share, what can you infer about its expected growth rate of dividends?SOLUTION:D1 = $5; k = 10%; P0= $25Hence g = 0.1 - 5/25 = -0.1 = -10%3. The Constant Growth Corporation (CGC) has expected earnings per share (E1) of $5. It has a history of paying cash dividends equal to 20% of earnings. The market capitalization rate for CGC’s stock is 15% per year, and the expected ROE on the firm’s future investments is 17% per year? U sing the constant growth rate discounted dividend model,a. What is the expected growth rate of dividends?b. What is the model’s estimate of the present value of the stock?c. If the model is right, what is the expected price of a share a year from now?d.Suppose that the current price of a share is $50.By how much would you have to adjust each of the following model parameters to “justify” this observed price:i.The expected ROE on the firm’s future investments.ii.The market capitalization rateiii.The dividend payout ratio.SOLUTION:a. g = earnings retention ratio x ROE = .8 x .17 = .136 = 13.6%b. P0 = D1/(k-g)D1 = .2 x $5 = $1 per shareP0 = $1/(.15 -.136) = $1/.014 = $71.43c. The stock price grows at the same rate as dividends, i.e., 13.6% per year:P1 = P0 x (1 + g) = $71.43 x 1.136 = $81.14d.If the market is efficient then the $50 price represents the best estimate of the stock’s true value. To “justify” thisprice, one of the input parameters in the model needs to be adjusted:i.Assuming all other parameters are correct, if we were to adjust for the ROE:50 = D1/(k-g), where g = 0.8 x ROESolving for g, then for ROE: g = .15 – 1/50 = 0.13 = 13%,hence ROE is equal to 13/0.8 = 16.25%ii. If we were to adjust the market capitalization k then:k = 1/50 + .136 = .156 = 15.6%iii.Dividend payout ratio x E1 = 50 x (.15-.136) = 0.7,hence Dividend payout ratio = 0.7/5=0.14 = 14%4. The stock of Slogro Corporation is currently selling for $10 per share. Earnings per share in the coming year are expected to be $2 per share. The company has a policy of paying out 60% of its earnings each year in dividends. The rest is retained and invested in projects that earn a 20% rate of return per year. This situation is expected to continue forever.a. Assuming the current market price of the stock reflects its intrinsic value as computed using the constantgrowth rate DDM, what rate of return do Slogro’s investors require?b. By how much does its value exceed what it would be if all earnings were paid as dividends and nothingwere reinvested?c. If Slogro were to cut its dividend payout ratio to 25%, what would happen to its stock price? What ifSlogro eliminated the dividend altogether?d. Suppose that Slogro wishes to maintain its current 60% dividend payout policy but that it also wishes toinvest an amount each year equal to that year’s total earnings. All the money would be invested inprojects earning 20% per year. One way that Slogro could do so would be to issue an amount of new stock each year equal to one-half that year’s earnings. What do you think would be the effect of this policy on the current stock price?SOLUTION:a. P0 = $10, E1 = $2, b = .4, ROE = .2k = D1/P0 + gD1 = .6 x $2 = $1.20g = b x ROE = .4 x .2 = .08Therefore, k = $1.20/$10 + .08 = .12 + .08 = .2 or 20%b. If all earnings were paid as dividends its price would be:P0 = $2/.2 = $10Thus, its price is the same whether it reinvests or not. This is because k = ROE.c. Since k = ROE, the stock price would be unaffected by cutting the dividend and investing the additionalearnings.d.Again, this should have no impact on the stock’s price since the NPV of the investments would be zero (the IRRof those projects (20%) is equal to the investors’ required rate of return, hence the firm’s c ost of capital).5. The Corporation currently pays no cash dividends, and it is not expected to for the next 5 years. Its sales have been growing at 25% per year.a.Can you apply the constant growth rate DDM to estimate its intrinsic value? Explain.b.It is expected to pay its first cash dividend $1 per share 5 years from now. It its market capitalization rateis 20% and its dividends are expected to grow by 10% per year, what would you estimate its intrinsic value to be?c.If its current market price is $100 per share, what would you infer the expected growth rate of its futuredividends to be?SOLUTION:a.Yes, we can apply the DDM model even if the company doesn’t pay dividends for the first 5 years. Thecompany will eventually have to pay dividends in the future.b.P4 = D5/(k-g) = 1/(.2-.1) = $10P0 = 10/1.24 = $4.82c.If P0 = $100 then P4 = 100 x 1.24 = 207.36 and g = 0.2 – 1/207.36 = 19.518%6. The Digital Growth Corp. pays no cash dividends currently and is not expected to for the next 5 years. Its latest EPS was $10, all of which was reinvested in the company. The firm’s expected ROE for the next 5 years is 20% per year, and during this time it is expected to continue to reinvest all of its earnings. Starting 6 years from now, the firm’s ROE on new investments is expected to fall to 15%, and the company is expected to start paying out 40% of its earnings in cash dividends, which it will continue to do forever after. DG’s market capitalization rate is 15% per year.a. What is your estimate of DG’s int rinsic value per share?b. Assuming its current market price is equal to its intrinsic value, what do you expect to happen to its priceover the next year? The year after?c. What effect would it have on your estimate of DG’s intrinsic value if you expecte d DG to pay out only20% of earnings starting in year 6?56P0 = P5/(1+k)5 = $180.82/1.155 = $89.90b.The price should rise by 15% per year until year 5 after which it will grow at the dividends’ growth rate g (=9%).c. Since ROE =k, the dividend payout ratio will have no effect on current price.7. The 2Stage Co. just paid a dividend of $1 per share. The dividend is expected to grow at a rate of 25% per year for the next 3 years and then to level off to 5% per year forever. You think the appropriate market capitalization rate is 20% per year.a. What is your estimate of the intrinsic value of a share of the stock?b. If the market price of a share is equal to this intrinsic value, what is the expected dividend yield?c. What do you expect its price to be one year from now? Is the implied capital gain consistent with yourestimate of the dividend yield and the market capitalization rate?P 3 = D 4/(k – g) = 2.05078/(.20 -.05) = $13.67P 0 = D 1/(1+k) + D 2/(1+k)2 + (D 3 + P 3)/(1+k)3 = $1.25/1.2 + $1.5625/1.22 + ($1.953 + $13.67)/1.23 = $11.17 b. If the market price of a share is equal to this intrinsic value, the expected dividend yield is D 1/P 0, which is1.25/11.17 = .1119 or 11.2%c. Its price one year from now = P 1 = D 2/(1+k) + (D 3 + P 3)/(1+k)2 = $1.5625/1.2 + ($1.953 + $13.67)/1.22 =$12.15.The implied capital gain is $12.15 - $11.17 = $.98, which is 8.8% of the price P 0. Thus the dividend yield plusthe capital gain rate add up to 20%, which is k.8. The Bearded ladies’ Stock guide offers the following method for selecting stocks:Compute the stock’s PEG ratio by dividing its P/E mu ltiple by its growth rate of earnings. Select only those stocks whose PEG ratio is in the lowest quartile.a. If the stock is fairly priced according to the constant-growth-rate DDM, what should be its PEG ratio asa function of the following three variables: the stock’s market capitalization rate (k), the expectedprofitability of its future investments (ROE), and its plowback ratio (b)? (Assume the P/E ratio used in computing PEG is the ratio of the stock’s current price to its expected earnings per share, P 0/E 1)b. Assume the CAPM and the DDM are valid. The risk free rate is .04 and the risk premium on the marketportfolio is .06. What should be the relationship between the PEG for a stock whose ROE is .10 and a stock whose ROE is .15, assuming the two stocks have the same beta (equal to 1) and plowback ratio (equal to .6)?c. What do you think of the Bearded Ladies’ method?SOLUTION:a. If the DDM holds we know that P 0 = D 1 / (k-g), furthermore, we know that g = b x ROE and D 1=(1-b) E 1b(ROE)(k -b(ROE))b (ROE)b E k -b(ROE)E )b (g E P PEG -=⨯-==1111110b. The values of k for each of the stocks will be: k = .04 + .06 beta = .04 + .06 =.1PEG 1= (1-.6) / (.6 x .10 x (.1 - .6 x .10)) = 166.67PEG 2= (1-.6) / (.6 x .15 x (.1 - .6 x .15)) = 444.44PEG 1 < PEG 2c. As we can see in part b, the PEG rule would lead us to choose the stock with the lowest ROE.In general, if the stock market is informally efficient, then any stock will offer an expected rate of return that is commensurate with the stock’s perceived market risk, regardless of the stock’s PEG.Using the Internet for Stock Pricing9. Pick a company whose stock is traded on the NYSE. Use one of the stock valuation models discussed in this chapter together with information that you can find by searching the Internet to compute an intrinsic value for the s tock. Compare your estimate of intrinsic value with the stock’s actual price. Would you be willing to make an investment decision on the basis of your research? Why or why not?SOLUTION:One simple model that we can use to value a company is to find the average P/E multiple of the industry in which the company operates and multiply it by the expected earnings per share of that company. The difference between this intrinsic value and the actual market value of the stock can be explained by the difference between our assumptions regarding the company’s future investment opportunities and the market’s expectations. For example, if the market value of the stock is higher than the intrinsic value found, then this difference reflects the investors’ belief that the company will have a greater-than-average future investments opportunities with a rate of return greater than the market capitalization rate for this particular industry. If markets are efficient, then this market value is supposed to be the “real” value o f the company, and represents the view of the majority of investors, hence I would be reluctant to follow my own findings of the intrinsic value as a basis for an investment decision.Dividend Policy10. Divido Corporation is an all-equity financed firm with a total market value of $100 million. The company holds $10 million in cash-equivalents and has $90 million in other assets. There are 1,000,000 shares of Divido common stock outstanding, each with a market price of $100. What would be the impact on Di vido’s stock price and on the wealth of its shareholders of each of the following decisions? Consider each decision separately.a. The company pays a cash dividend of $10 per share.b. The company repurchases 100,000 shares.c. The company pays a 10% stock dividend.d. The company has a 2-for-1 stock split.e. The company invests $10 million in an expansion that has an expected IRR equal to the firm’s cost ofcapital.SOLUTION:a.The stock price falls by $10, but shareholder wealth remains the same in a frictionless world becauseshareholders receive $10 in cash on each share they own. In the real world, shareholder’s wealth may decline because personal taxes may have to be paid on the cash dividend.b.The stock price is unchanged and so is shareholder wealth. Some of the shareholders who sold their shares mayhave to pay taxes on their capital gains in the real world.c.The number of shares outstanding rises to 1,100,000, and the stock price falls to $90.909 (=$100MM/$1.1MM)per share. Shareholder wealth is unchanged: instead of having one share at $100, now the shareholder will have1.1 shares at $90.909/share (1.1 x 90.909 = 100)d.The number of shares outstanding rises to 2,000,000, and the stock price falls to $50 per share. Theoretically,shareholder wealth is unchanged.e.The composition of the firm’s assets changes. Cash falls by $10 million and other assets go up by the sameamount. There is no change in either the stock price or in shareholder wealth.11. It has been found empirically, that on average the total market value of their stock rises when firms announce a stock split. What hypotheses might you offer to explain this phenomenon?SOLUTION:Theoretically, when a firm announces a stock-split, the number of shares doubles (if 2-to-1 stock split) and the market value per share drops by half. Empirically, we have observed a small increase in market value of the stock after the announcement of a stock-split. This can be explained by the informational content of the split. Outside investors may interpret this stock dividend as a positive sign that the company is doing well, hence increasing the price of the stock. Another possible interpretation is that since the price per share is now lower after the split, it can become more affordable for some investors.12. Suppose that a company has had an extraordinarily profitable year, and it announces that it will use most of its net cash inflow to buy back shares of its stock in the market. Would you expect the price of its stock to rise or fall when the announcement is made? Explain.SOLUTION:Theoretically, the price of the stock should not change after a stock repurchase. But the announcement could send a positive signal to investors that the company has been doing very well and has enough cash to buy back shares as a form of dividends. This might increase the price of the stock after the announcement.。
曹龙骐《金融学》(第2版)课后习题详解第3章 金融市场
第3章金融市场本章考虑题1．何理解金融市场的内涵与外延？它与一般商品市场相比有什么特性？答：〔1〕金融市场是买卖金融工具以融通资金的场所或机制。
之因此把金融市场视作为一种场所，是因为只有如此才与市场的一般含义相吻合；之因此同时又把金融市场视作为一种机制，是因为金融市场上的融资活动既能够在固定场所进行，也能够不在固定场所进行，要是不在固定场所进行的融资活动就能够理解为一种融资机制。
从广义上瞧，金融市场包容了资金借贷、证券、外汇、保险和黄金买卖等一切金融业务，是各类金融机构、金融活动所推动的资金交易的总和。
〔2〕与一般商品市场相比，金融市场有其自身的特性。
第一，交易对象具有特别性。
一般商品市场上的交易对象是具有各种使用价值的一般商品，而金融市场上的交易对象那么是形形色色的金融工具。
第二，交易商品的使用价值具有同一性。
一般商品市场上交易商品的使用价值是千差万不的，而金融市场上交易对象的使用价值那么往往是相同的，即给金融工具的发行者带来筹资的便利，给金融工具的投资者带来投资收益。
第三，交易价格具有一致性。
一般商品市场上的商品价格是五花八门的，而金融市场内部同一市场的价格有趋同的趋势。
第四，交易活动具有中介性。
一般商品市场上的买卖双方往往是直截了当见面，一般不需要借助中介机构，而金融市场的融资活动大多要通过金融中介来进行。
第五，交易双方地位具有可变性。
一般商品市场上的交易双方的地位具有相对的固定性，如个人或家庭，通常是只买不卖，商品生产经营者，通常是以卖为主，有时也可能买，但买的目的依旧为了卖。
而金融市场上融资双方的地位是可变的，现在可能因资金缺乏而成为资金需求者，彼时又可能因为资金有余而成为资金需求者。
2．如何对金融市场进行分类？答：依据不同的分类标准，金融市场可分为：〔1〕按融资期限，金融市场可分为短期市场与长期市场。
短期市场亦被称作为“货币市场〞，通常是指期限在一年以内的短期融资场所，其作用要紧是调节临时性、季节性、周转性资金的供求，它要紧由短期借贷市场、拆借市场、票据市场、国库券市场、可转让大额定期存单市场、回购市场等构成。
2021年最新金融学第二版课后复习思考题参考答案
第一章货币与货币制度一、单项选择题1.B7.C2.C3.B4.C5.A6.B二、多项选择题1.ACDE 5.ABCDE2.CDE6.ABCD3.CD4.ABCD三、简答题1. 货币地职能有哪些？价值尺度；流通手段；支付手段；贮藏手段；世界货币2. 人民币制度包括哪些内容？（1）人民币为我国地法定货币；（2）人民币为我国唯一地合法通货；（3）人民币地发行权集中于中央银行；（4）人民币以商品物资作为发行地首要保证，也以大量地政府政府债券、商业票据、商业银行票据等为发行地信用保证，还有黄金、外汇储备等也为人民币发行地现金保证；（5）人民币实行有管理地货币制度；（6）人民币称为可兑换货币；3. 货币制度地构成要素为什么？货币材料；货币单位；各种通货地铸造、发行与流通程序；准备制度4. 不兑现地信用货币制度有哪些特点？（1）不兑现信用货币一般由中央银行发行，信用货币制度最基本地特点；并由国家赋予其无限法偿能力，这为不兑现（2）信用货币不与任何金属保持等价关系，也不能兑换黄金；（3）货币通过信用程序投入流通领域；（4）信用货币制度为一种管理货币制度；5. 钱、货币、通货、现金为一回事吗不一样；?银行卡为货币吗?（1）钱地概念在不同场景下有很多不同地意思；可以为个收入地概念、也可以为个财富地概念，也可以特指现金货币；（2）货币为在商品劳务交换与债券债务清偿时，被社会公众所普遍接受地东西；（3）通货为流通中地货币，指流通与银行体系之外地货币；范围小于货币；（4）现金就为现钞，包括纸币、硬币；现金为货币地一部分，流动性很强，对人们地日常消费影响很大；（5）银行卡本身也称为“塑料货币”行卡可以用于存取款与转账支付；，包括信用卡、支票卡，记账卡、自动出纳机卡等；银在发达西方国家，各种银行卡正在取代现钞与支票，称为经济生活中广泛地支付工具，因此现代社会银行卡也为货币6. 社会经济生活中为什么离不开货币？为什么自古至今，人们又往往把金钱看做说万恶之源？（1）社会经济生活离不开货币，货币地产生与发展都有其客观必然性；市场经济实际上为一种货币经济：货币方便了市场交换，证了社会需求地实现，促进了市场对资源地有效配置；从交易成本上看，节约为经济生活中最基本地规律；提高了市场效率；货币保经济行为地演化与交易成本有紧密地联系：演化地方向总为从交易成本较高地趋向交易成本较低地；交易也同样为如此；（2）货币原本同斧头、猪、牛、羊一样为商品，但由于固定般等价物，因此成为了社会财富地一般性代表；货币并非财富本身，但通过货币地交易取代物物充当与其他商品相交换地一有人将其夸大为唯一地财富，为了获得它而不择手段，甚至谋财害命，因而货币被看作为万恶之源；其实货币本身为中性地，它只为交换其他商品地媒介，彩；由于人们对其态度不同，而被赋予了感情色四、论述题1. 简述货币形态地演化；（1）货币材料需要具备以下四个特征：价值量较高、易于分割、易于保存，便于携带；随着交换地扩大与发展，这四方面地要求会越来越高；（2）货币形态地演变大致经历了实物货币、金属货币（代用货币）、信用货币这几种形态；金属货币在价值量、分割、保存、携带方面都大大优于实物货币，但最终退出了历史舞台，取而代之地为信用货币；原因主要有：①金属货币产量跟不上经济地发展；②金银国际分布极其不平衡，动摇了自由铸造、自由输出入，自由兑换地贵金属流通基础；③金银复本位制下地“劣币驱逐良币”现象，极大地撼动了复合金本位地根基；④货币信用理论地发展与奥匈帝国打破黄金桎梏地实践使各国商业银行开始大量发行银行券，公众则因金属货币流通、携带及保存地不方便而逐渐接受了银行券；⑤经济危机使各国在贸易、金融等方面纷纷树起了壁垒；各国都把金银作为战略物资管制起来；另外，连绵不断地战争与财政赤字使各国进一步管制黄金并大量发行不兑换银行券与纸币；2. 关于“货币永恒伦”地观点，你怎么看？（1）货币为顺应商品经济发展地必然产物，商品经济中，商品交易存在，货币就必然存在；（2）货币为不以人地意志为转移而客观存在地，货币制度地存在有其合理性，社会生活离不开货币；（3）经济行为地演化与交易成本有密切联系；演化方向总为从交易成本较高地转向交易陈本较低地；通过货币交易也就必然取代物物交易（4）只有出现另一种交易媒介，能够以之更经济地解决整个社会庞大地交易需求，货币才会退出历史舞台；第二章信用一、单项选择题1.D 7.C 12.A 2.B3.A4.D5.C6.A10.B8.A 9.D 11.B二、多项选择题1.ABC 5.BE2.AD6.BDE3.ABC8.AD4.BCD7.AB三、判断题1．错5. 错四、简答题错7.对8.对2. 3.错4.错对6.1、简述商业信用与银行信用地区别；答：（1）商业信用为工商企业之间买卖商品时，以商品形式提供地信用，典型地方式为赊销；典型地商业信用中包含着两个同时发生地行为：直接信用；商业信用在方向、规模、期限上具有局限性；买卖行为与借贷行为；商业信用属于（2）银行信用为银行或其他金融机构以货币形态提供地信用，属于间接信用；上地局限性；银行信用突破了商业信用在方向、规模、期限2、简述商业信用地作用与局限性；答：（1）商业信用地作用：在商品经济中发挥着润滑生产与流通地作用；加速资本周转等；（2）局限性：商业信用在方向、规模、期限上具有局限性；3、简述消费信用地特点、积极作用与消极作用；答：（1）消费信用为指工商企业、银行与其他金融机构向消费者个人提供地满足其消费需要地信用；提供地对象可以为商品、货币，也可以为劳务；（2）消费信用地积极作用：促进消费商品地生产与销售，从而促进经济增长；有利于促进新技术地应用、新产品地推销以及产品地更新换代；同时也为银行资金找到新地出路，可提高资金地使用效率，改善社会消费结构；（3）消费信用地消极作用：过度地消费信用会造成消费需求膨胀，在生产扩张能力有限地情况下，会加剧市场供求紧张状况，促使物价上涨地繁荣；4、如何理解金融范畴？答：在信用货币制度下，信用与货币不可分割地联系在一起，货币制度也建立在信用制度之上，没有不含货币因素地信用，也没有不含信用因素地货币，任何信用活动也同时都为货币地运动；信用地扩张意味着货币供给地增加，信用地紧缩意味着货币供给地减少，信用资金地调剂则影响着货币地流通速度与货币供给地部门构成与地区构成；当货币地运动与信用地活动不可分析地联系在一起时，就产生了由货币与信用相互渗透而形成地新范畴——金融；因此，金融为货币运动与信用活动地融合体；5、简述直接融资地优点与局限性；答：（1）直接融资地优点在于：①资金供求双方直接联系；②加强监督，提高资金地使用效益；③通过发行股票债券筹集地资金具有稳定性、长期性等特点；（2）直接融资地局限性在于：①资金供求双方在资金数量、期限、利率等方面受到限制较多；②资金供给者地风险没有金融机构缓冲，风险较高；6、为什么说现代经济为信用经济？答：（1）现代经济运作地特点；信用关系无处不在；信用规模呈现不断扩张趋势；信用结构日趋复杂化；（2）从信用关系地各部门分析：盈余与赤字、债权与债务；（3）从信用关系中地主体来分析；由于经济中广泛存在着专门调剂资金余缺地金融机构, 借贷双方不需要直接见面, 通过金融机构作为中介人, 便可解决资金地融通, 从而进一步促进了信用与信用关系地发展；信用地发展, 又大大促进了生产力与经济地发展；五. 论述题1、为什么说信用在促进商品货币经济高速发展地同时，也会为经济危机发生地可能性增大？信用承诺与兑现地时间间隔性使得其中一个环节出要点：现代商品生产销售环环相扣，现问题会牵一而发动全身；2、结合我国地实际情况看，给出一些建设社会主义市场经济信用秩序地建议；要点：以立法、文化、经济等为支撑，完善我国征信体系建设地环境，通过人民银行、行业协会及其他监管部门进行引导与管理，充分发挥市场地调节作用，营造自由竞争地征信氛围，积极扶持与培育私营信用中介机构，全面开展企业与个人征信；第三章利息与利率一、判断题2. 4. 5.1. 正确正确 3. 正确错误错误二、单项选择题1.D2.B3.D4.D5.D6.A7.B8.C9.D 10.D 11.C三、简答题1．怎样认识利息地来源与本质利息为只债权人于借贷期满后收回资金中超过本金地差额部分；马克思针对资本主义经济中地利息指出：“贷出者与借入者双方都为把同一货币额作为资本支出地；但它只有在后者手中才执行资本地职能；同一货币额作为资本对两个人来说取得了双重地存在，这并不会其中归贷出使利润增加一倍；它所以能对双方都作为资本执行职能，只为由于利润地分割；者地部分叫做利息；”因此，马克思认为，利息地实质为利润地一部分，为剩余价值地特殊转化形式；2. 简述利率地经济杠杆功能；利率为重要地经济杠杆，它对宏观经济运行与微观经济运行都有着极其重要地调节作用；（1）宏观调节功能：积累资金；调节宏观经济；媒介货币向资本转化；调节收入分配（2）微观调节功能；利率作为利息地相对指标影响了各市场主体地收益或成本，响其市场行为；功能主要表现：激励功能；约束功能；进而影四、计算题1. 银行向企业发放一笔贷款，额度为2000 万元，期限为 5 年，年利率为7%，试用单利与复利两种方式计算银行应得地本利与；（保留两位小数）单利法：S=P+R=P(1+ r*n)=2000(1+7%*5)=2700 万元n复利法：S=P(1+r) =2805.10 万元2. 一块土地共10 亩，假定每亩地年平均收益为500 元，在年利率为为多少元？10%地条件下，出售这块土地价格应一亩土地地价格：10 亩土地地价格：P=B/r=500/10%=5000 10*5000=50000 元3. 一个人地年工资为36000 元，以年平均利率为3% 计算，请计算其人力资本地价格为多少；人力资本地价格：P=B/r=36000/3%=1200000元4. 借贷资本金为10000 元，1 年地利息额为1200 元，年利息率为多少？年利息率：r=R/P=1200/10000=12%第四章外汇与汇率一、判断题2. 3. 4. 5.1. 对对错错错二、不定项选择1.B2.C3.C4.ABCD5.ABCD6.BC7.C8.B三、简答题1、简述外汇地作用；（1）实现了国际购买力地转移，促进了各国之间地相互交流；（2）充当国际结算支付手段；（3）调剂国际间资金余缺；（4）为政府调节宏观经济地重要工具；2、如何理解直接标价法、间接标价法与美元标价法？直接标价法为指以一定单位地外国货币为标准，来计算折合多少本国货币地表示方法；或者说为以本国货币表示地外国货币地价格；间接标价法为指以一定单位地本国货币为标准，来计算折合多少外国货币；或者说为以外国货币表示地本国货币地价格；美元标价法为对美国以外地国家而言地．即各国均以美元为基准来衡量各国货币地价值，非美元外汇买卖时，则为根据各自对美元地比率套算出买卖双方货币地汇价，所以，对其他国家而言，一美元等于多少其他外国货币就变成直接标价法啦，一单位其他外国货币等于多少美元变成间接标价法；3 、试分析影响汇率变动地主要因素；（要点）（1）金本位制度下汇率变动地主要因素供求关系与黄金输送点；金本位制度下外汇供求关系变化地主要原因在于国际间债权债务关系地变化，尤其为由国际贸易引起地债权债务清偿；黄金输入点与黄金输出点共同构成了金本位制度下汇率波动地上下线，即黄金输送点；（2）纸币制度下汇率变动因素国际收支差额；财政及货币政策；通货膨胀；利率水平；经济增长率；总需求与总供给；4 、汇率地种类有哪些？（1）按制定汇率地不同方法来区分，可分为基本汇率与套算汇率；（2）按银行买卖外汇地角度区分，可分为买入汇率与卖出汇率；（3）按汇兑方式划分，可分为电汇汇率、信汇汇率、票汇汇率；（4）按汇率制度划分，可分为固定汇率与浮动汇率；（5）根据国家对汇率管制地宽严程度划分，可分为官方汇率与市场汇率；（6）按外汇买卖交割时间来划分，可分可分为名义汇率、真实汇率与有为即期汇率与远期汇率；（7）从衡量货币价值地角度划分，效汇率；第五章金融市场一、单项选择题1.A2.D3.C4.C5.A6.C7.C8. A9.B二、简答题1. 金融市场地功能为什么？（1）资源配置功能；（2）分散风险功能；（3）发现价格功能；（4）增强流动性功能；（5）降低交易成本功能2. 金融工具有哪些特征？（1）流动性；（2）收益性；（3）风险性3. 货币市场有什么特点？（1）市场地交易期短而频繁，其特点为风险性低与流动性高（2）市场工具期限在 1 年期及一下，具有很强地流动性；（3）一般没有正式地组织，主要为场外市场；（4）市场交易量大，为一个批发市场；（5）为一个非人为性及竞争性地公开市场4. 资本市场有哪些子市场？主要功能为什么？（1）按照交易金融产品不同，资本市场可以划分为：银行中长期存贷款、证券市场（包括股票市场、长期债券市场、投资基金市场等）；（2）主要功能：①实现并优化投资与消费地跨时期选择；②筹集资金长期投资5. 外汇市场地特点及基本功能为什么？（1）特点①无形市场；外汇交易为交易双方通过电话或者电子交易网络而达成地；② 24 小时交易；③品种少，便于操作；④成交量大，不易被操纵；(2) 基本功能外汇市场地功能主要表现在三个方面，一为实现购买力地国际转移，二为提供货币资金国际融通，三为提供外汇保值与投机地市场机制；6. 黄金市场有什么特点？（1）价格波动率较低；（2）流动性高；（3）在外汇市场上，黄金可以说为相对美元地避险投资；（4）购买力稳定；（5）投机性强；7. 什么叫金融衍生工具市场？金融衍生工具市场主要有何作用？（1）含义；金融衍生工具市场就为交易金融衍生工具地市场；金融衍生工具为指价值依赖于原生金融工具地一类金融产品；也就为说，金融衍生工具地价值由原生金融工具预期价格地变化决定；（2）主要作用；①避险保值；②投机；③价格发现；④降低交易成本三、论述题试述全球金融市场地发展趋势以及中国金融市场地发展现状；（1）全球金融市场发展趋势要点：融资证券化；金融全球化；金融自由化；金融业电子网络化；（2）中国金融市场发展现状；我国货币市场可供交易地工具还比较少，交易规模偏低，货币市场地变化对其他金融市场地影响还相对有限；主要包括同业拆借市场、短期债券市场、债券回购市场与票据贴现市场四个子市场；①同业拆借市场已经成为金融机构之间调节短期头寸地重要场所；但交易品种少、融资主体结构上有缺陷；同业拆借市场利率还不能完全反映货币市场真实地资金供求水平；②短期债券市场；短期债券市场由银行间债券市场与证券交易所债券市场两个交易系统组成，两个市场相互分离：短期债券地交易品种以国债与政策性金融债为主，企业债券发行量很少；③债券回购市场；回购交易为我国货币市场与资本市场之间资金流通地正规渠道与机制；银行间市场债券回购期限结构主要集中于隔夜品种大型银行为回购市场资金地主要供给方④票据贴现市场；商业汇票地承兑、贴现、再贴现为目前我国票据业务地主要形式；票据贴现市场地成员主要为商业银行，交易对象为真实票据，没有融通票据，在票据结构中，银行承兑汇票所占比重很高；工具单一，票据业务由各银行分散经营，没有形成一个全国性地有形市场；资本市场；①中国中长期债券市场：市场组成、交易品种；；②中国地股票市场：市场结构状况第六章金融资产地组合与选择一、判断题1. 对2. 错错对对错错对错3. 4. 6. 7. 8. 9. 10.二、选择题1.B2.B3.C4.C5.B三、计算题1. 假定有两种债券有相同地违约风险，都为 3 年到期；第一种为零息票债券，到期支付1000 美元；第二种为息票率为为多少？8%，每年付80 美元地债券；如果市场利率为8%，它们地价格各应n3零息票债券：P 0= A/(1+r) =793.83 美元= 1000/(1+8%)33t 3t 3息票债券：P0= C/(1+8%) +1000/(1+8%) = 1000 美元C/(1+r) + M/(1+r) =t 1 t 12. 假如你将持有一只普通股 1 年，你期望获得 1.5 元/ 股地股息并能在期末以26 元/ 股地价格卖出；如果你地预期收益率为15%，那么在期初，你愿意支付地最高价为多少？股票价格为：元/ 股X = (26+1.5)/(1+15%) = 23.913四、简答题1. 风险一定代表损失吗？从投资地意义上说，风险就为不确定性，就为未来结果地不确定性；不确定地程度越高，风险就越大；第一，风险仅指不确定性；第二，风险不仅指可能地损失，也指可能地获利；2. 什么为有效资产组合，最优资产组合如何确定？有效资产组合就为在给定相同方差水平下期望收益率最高地组合；或者为在给定相同期望收益率水平下方差最小地组合；最优资产组合只在既定风险偏好条件下，使投资者获得最大投资效用地资产组合，最优资产组合地确定就为无差异曲线与有效边界相切地切点所对应地组合；3. MM 定理在现实生活中成立吗？为什么？（1）MM定理地内容主要为，在无摩擦地经济环境下，企业地价值与他们所采取地融资方式，即资本结构无关，因此MM定理又称为“资本结构无关论”；（2）现实社会存在许多摩擦因素，MM定理地假设无法成立；对于投资者与公司而言，债券与权益证券地利息所得税及费用为不一样地；此外，法律以及规章条例会随时间与地点地改变而改变，故不存在一个适用于所有企业地最佳地资本结构；4. 如果有考虑代理成本这一因素，公司管理者将如何确定公司地最佳资本结构？（1）债权融资与股权融资都存在代理成本，最优资本结构由所有者愿意承担地代理成本决定，该成本包括债务发行与新股发行地代理成本；（2）所有者必须在债务地代理成本与股票地代理成本之间进行权衡，以使其所承担地总代理成本最小；使所有者承担地总代理成本最小地债权与股权比例就为最优资本结构；五、论述题1. 简述资本资产定价模型地内容；（1）模型假设第一，投资者为风险回避者，并以期望收益率与风险（用方差与标准差衡量）为基础选择投资组合，而且投资者地行为遵循最优化原则；第二，所有投资者地投资仅为单一投资期，投资者对投资回报率地均值、方差以及协方差具有相同地预期，因此他们以最优地方式按同样地相对比例 有风险资产；（2）结论（市场投资组合地比例） 持 ①每个投资者持有地风险资产地相对比例都相同，等于市场投资组合；②所有地投资者， 无论他们地具体偏好如何不同， 混合起来作为自己地最优组合；都将会将市场投资组合与无风险资金 ③投资人持有地为一组而不为单一资产；因此对于每一项资产，投资人所关心地不为该资产本身地风险，而为持有该资产后，对整个资产组合风险地影响程度； β（ 2 ） M / i iM 系数反映了资产收益率受市场组合收益率变动影响地敏感性，衡量了单个资产系统风险地大小；则，单个资产地期望收益率就可以表示为； r i r f i (r m r f )2. 简述 MM 定理地假设条件与主要内容；(1) 假设条件：①资本市场为完善地，股票债券无交易成本；②投资者个人地借款利率与企业地借款利率相同，且无负债风险；③投资者可按个人意愿进行各种套利活动，不受任何法律地制约，无公司与个人所得税；④企业地经营风险为可以计量地，经营风险相同地企业可看做为同类风险企业；⑤投资者对企业未来经营利润与取得经营利润地风险有同样地预测；⑥企业地增长率为零，即息税前盈利固定不变，财务杠杆收益全部支付给股东；⑦各期地现金流量预测值为固定量，构成等额年金，且会持续到永远；（2）主要内容 :定理Ⅰ；任何企业地市场价值与资本结构无关，取决于按照预期风险程度相适应地预期收益率进行资本化地预期收益水平；定理Ⅱ；股票每股预期收益率应等于处于同一风险程度地纯粹权益流量相适应地资本化率，再加上与其财务风险相联系地溢价；其中财务风险为以负债权益比率与纯粹权益流量资本化率与利率之间差价地乘积来衡量；3. 资本结构地调整如何增加公司价值？根据现实社会中存在地有关公司融资方面地因素，管理者可以通过下述三条途径来调整资本结构，以实现增加公司价值地目地；① 通过资本结构地选择可以消减公司成本，增加公司价值②通过资本结构地选择，可以减少公司内部各风险承担者之间潜在地、会造成较大成本地利益冲突③通过资本结构地选择，公司可以向股东提供一些原本不能得到地金融资产，为股东创造价值第七章金融机构体系一、单项选择题1. B2.B3. B4.B5.A6.C7.D二、多项选择题1. ABCD2.BC .3.ABC4.ACD5.B6.ABC7.ACD三、判断题2. 3. 4. 5.1. 对错错错对四、简答题1. 我国现在地金融中介体系为如何构成地？我国目前形成了以中国人民银行为领导，大型商业银行为主体，多种金融机构并存，分工协作地金融中介机构体系格局；（1）中央银行，中国人民银行我国地中央银行，为国务院领导下地负责制定与实施货币政策地国家机关；（2）金融监管机构；包括中国银行业监督管理委员会、中国证券监督管理委员会与中国保险监督委员会；中国人民银行作为中央银行也具有部分监管职责；（3）商业银行；由大型商业银行、中小型商业银行以及外资或中外合资地商业银行等构成；中国农业发展银行三家政策银行；（4）政策性银行；国家开发银行、中国进出口银行、（5）农村信用社（6）非银行金融机构；主要有保险公司、证券公司、信托投资公司、财务公司、金融资产管理公司、汽车金融公司、小额贷款公司等；（7）新型农村金融机构；农村地区设立地村镇银行、贷款公司与资金互助社；2. 西方国家影子银行地特征为什么？第一，影子银行通常都由非银行金融机构主导，普通意义上地商业银行一般都不在主导机构之列；第二，影子银行地主要业务内容，往往都以证券化活动为核心；第三，具有较高地杠杆率；第四，依靠批发手段融资，例如发行资产支持债券（ABS）或资产支持商业票据（ABCP）；第五，购买影子银行产品地投资者以机构投资者为主体；3. 中央银行产生地客观原因有哪些？（1）统一货币发行地需要（2）票据清算地需要（3）稳定信用体系地需要（4）金融宏观调控与监管地需要。
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第一章货币与货币制度一、单项选择题1.B2.C3.B4.C5.A6.B7.C二、多项选择题1.ACDE2.CDE3.CD4.ABCD5.ABCDE6.ABCD三、简答题1. 货币的职能有哪些？价值尺度；流通手段；支付手段；贮藏手段；世界货币2. 人民币制度包括哪些内容？（1）人民币是我国的法定货币；（2）人民币是我国唯一的合法通货；（3）人民币的发行权集中于中央银行；（4）人民币以商品物资作为发行的首要保证，也以大量的政府政府债券、商业票据、商业银行票据等为发行的信用保证，还有黄金、外汇储备等也是人民币发行的现金保证；（5）人民币实行有管理的货币制度；（6）人民币称为可兑换货币。
3. 货币制度的构成要素是什么？货币材料；货币单位；各种通货的铸造、发行和流通程序；准备制度4. 不兑现的信用货币制度有哪些特点？（1）不兑现信用货币一般由中央银行发行，并由国家赋予其无限法偿能力，这是不兑现信用货币制度最基本的特点；（2）信用货币不与任何金属保持等价关系，也不能兑换黄金；（3）货币通过信用程序投入流通领域；（4）信用货币制度是一种管理货币制度；5. 钱、货币、通货、现金是一回事吗?银行卡是货币吗?不一样。
（1）钱的概念在不同场景下有很多不同的意思。
可以是个收入的概念、也可以是个财富的概念，也可以特指现金货币；（2）货币是在商品劳务交换与债券债务清偿时，被社会公众所普遍接受的东西。
（3）通货是流通中的货币，指流通与银行体系之外的货币。
范围小于货币。
（4）现金就是现钞，包括纸币、硬币。
现金是货币的一部分，流动性很强，对人们的日常消费影响很大。
（5）银行卡本身也称为“塑料货币”，包括信用卡、支票卡，记账卡、自动出纳机卡等。
银行卡可以用于存取款和转账支付。
在发达西方国家，各种银行卡正在取代现钞和支票，称为经济生活中广泛的支付工具，因此现代社会银行卡也是货币6. 社会经济生活中为什么离不开货币？为什么自古至今，人们又往往把金钱看做说万恶之源？（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
市场经济实际上是一种货币经济：货币方便了市场交换，提高了市场效率；货币保证了社会需求的实现，促进了市场对资源的有效配置。
从交易成本上看，节约是经济生活中最基本的规律。
经济行为的演化与交易成本有紧密的联系：演化的方向总是从交易成本较高的趋向交易成本较低的。
通过货币的交易取代物物交易也同样是如此。
（2）货币原本同斧头、猪、牛、羊一样是商品，但由于固定充当与其他商品相交换的一般等价物，因此成为了社会财富的一般性代表。
货币并非财富本身，但有人将其夸大为唯一的财富，为了获得它而不择手段，甚至谋财害命，因而货币被看作是万恶之源。
其实货币本身是中性的，它只是交换其他商品的媒介，由于人们对其态度不同，而被赋予了感情色彩。
四、论述题1. 简述货币形态的演化。
（1）货币材料需要具备以下四个特征：价值量较高、易于分割、易于保存，便于携带。
随着交换的扩大与发展，这四方面的要求会越来越高。
（2）货币形态的演变大致经历了实物货币、金属货币（代用货币）、信用货币这几种形态。
金属货币在价值量、分割、保存、携带方面都大大优于实物货币，但最终退出了历史舞台，取而代之的是信用货币。
原因主要有：①金属货币产量跟不上经济的发展；②金银国际分布极其不平衡，动摇了自由铸造、自由输出入，自由兑换的贵金属流通基础；③金银复本位制下的“劣币驱逐良币”现象，极大地撼动了复合金本位的根基；④货币信用理论的发展和奥匈帝国打破黄金桎梏的实践使各国商业银行开始大量发行银行券，公众则因金属货币流通、携带及保存的不方便而逐渐接受了银行券。
⑤经济危机使各国在贸易、金融等方面纷纷树起了壁垒。
各国都把金银作为战略物资管制起来。
另外，连绵不断的战争和财政赤字使各国进一步管制黄金并大量发行不兑换银行券和纸币。
2. 关于“货币永恒伦”的观点，你怎么看？（1）货币是顺应商品经济发展的必然产物，商品经济中，商品交易存在，货币就必然存在。
（2）货币是不以人的意志为转移而客观存在的，货币制度的存在有其合理性，社会生活离不开货币。
（3）经济行为的演化与交易成本有密切联系。
演化方向总是从交易成本较高的转向交易陈本较低的。
通过货币交易也就必然取代物物交易（4）只有出现另一种交易媒介，能够以之更经济地解决整个社会庞大的交易需求，货币才会退出历史舞台。
第二章信用一、单项选择题1.D2.B3.A4.D5.C6.A7.C8.A9.D 10.B 11.B 12.A二、多项选择题1.ABC2.AD3.ABC4.BCD5.BE6.BDE7.AB8.AD三、判断题1．错 2.错 3.对 4.对 5.错 6.对 7.错 8.错四、简答题1、简述商业信用与银行信用的区别。
答：（1）商业信用是工商企业之间买卖商品时，以商品形式提供的信用，典型的方式为赊销。
典型的商业信用中包含着两个同时发生的行为：买卖行为与借贷行为。
商业信用属于直接信用。
商业信用在方向、规模、期限上具有局限性。
（2）银行信用是银行或其他金融机构以货币形态提供的信用，属于间接信用。
银行信用突破了商业信用在方向、规模、期限上的局限性。
2、简述商业信用的作用与局限性。
答：（1）商业信用的作用：在商品经济中发挥着润滑生产和流通的作用；加速资本周转等；（2）局限性：商业信用在方向、规模、期限上具有局限性。
3、简述消费信用的特点、积极作用与消极作用。
答：（1）消费信用是指工商企业、银行和其他金融机构向消费者个人提供的满足其消费需要的信用。
提供的对象可以是商品、货币，也可以是劳务。
（2）消费信用的积极作用：促进消费商品的生产与销售，从而促进经济增长；有利于促进新技术的应用、新产品的推销以及产品的更新换代；同时也为银行资金找到新的出路，可提高资金的使用效率，改善社会消费结构。
（3）消费信用的消极作用：过度的消费信用会造成消费需求膨胀，在生产扩张能力有限的情况下，会加剧市场供求紧张状况，促使物价上涨的繁荣。
4、如何理解金融范畴？答：在信用货币制度下，信用与货币不可分割地联系在一起，货币制度也建立在信用制度之上，没有不含货币因素的信用，也没有不含信用因素的货币，任何信用活动也同时都是货币的运动。
信用的扩张意味着货币供给的增加，信用的紧缩意味着货币供给的减少，信用资金的调剂则影响着货币的流通速度和货币供给的部门构成和地区构成。
当货币的运动与信用的活动不可分析地联系在一起时，就产生了由货币和信用相互渗透而形成地新范畴——金融。
因此，金融是货币运动和信用活动地融合体。
5、简述直接融资的优点与局限性。
答：（1）直接融资的优点在于：①资金供求双方直接联系；②加强监督，提高资金的使用效益；③通过发行股票债券筹集的资金具有稳定性、长期性等特点。
（2）直接融资的局限性在于：①资金供求双方在资金数量、期限、利率等方面受到限制较多；②资金供给者的风险没有金融机构缓冲，风险较高。
6、为什么说现代经济是信用经济？答：（1）现代经济运作的特点。
信用关系无处不在；信用规模呈现不断扩张趋势；信用结构日趋复杂化。
（2）从信用关系的各部门分析：盈余与赤字、债权与债务。
（3）从信用关系中的主体来分析。
由于经济中广泛存在着专门调剂资金余缺的金融机构,借贷双方不需要直接见面,通过金融机构作为中介人,便可解决资金的融通,从而进一步促进了信用和信用关系的发展。
信用的发展,又大大促进了生产力和经济的发展。
五.论述题1、为什么说信用在促进商品货币经济高速发展的同时，也会是经济危机发生的可能性增大？要点：现代商品生产销售环环相扣，信用承诺与兑现的时间间隔性使得其中一个环节出现问题会牵一而发动全身。
2、结合我国的实际情况看，给出一些建设社会主义市场经济信用秩序的建议。
要点：以立法、文化、经济等为支撑，完善我国征信体系建设的环境，通过人民银行、行业协会及其他监管部门进行引导与管理，充分发挥市场的调节作用，营造自由竞争的征信氛围，积极扶持和培育私营信用中介机构，全面开展企业与个人征信。
第三章利息与利率一、判断题1.正确2.正确3.正确4.错误5.错误二、单项选择题1.D2.B3.D4.D5.D6.A7.B8.C9.D 10.D11.C三、简答题1．怎样认识利息的来源与本质利息是只债权人于借贷期满后收回资金中超过本金的差额部分。
马克思针对资本主义经济中的利息指出：“贷出者和借入者双方都是把同一货币额作为资本支出的。
但它只有在后者手中才执行资本的职能。
同一货币额作为资本对两个人来说取得了双重的存在，这并不会使利润增加一倍。
它所以能对双方都作为资本执行职能，只是由于利润的分割。
其中归贷出者的部分叫做利息。
”因此，马克思认为，利息的实质是利润的一部分，是剩余价值的特殊转化形式。
2.简述利率的经济杠杆功能。
利率是重要的经济杠杆，它对宏观经济运行与微观经济运行都有着极其重要的调节作用。
（1）宏观调节功能：积累资金；调节宏观经济；媒介货币向资本转化；调节收入分配（2）微观调节功能。
利率作为利息的相对指标影响了各市场主体的收益或成本，进而影响其市场行为。
功能主要表现：激励功能；约束功能；四、计算题1. 银行向企业发放一笔贷款，额度为2000万元，期限为5年，年利率为7%，试用单利和复利两种方式计算银行应得的本利和。
（保留两位小数）单利法：S=P+R=P(1+ r*n)=2000(1+7%*5)=2700万元复利法：S=P(1+r)n =2805.10万元2. 一块土地共10亩，假定每亩的年平均收益为500元，在年利率为10%的条件下，出售这块土地价格应是多少元？一亩土地的价格：P=B/r=500/10%=500010亩土地的价格：10*5000=50000元3. 一个人的年工资为36000元，以年平均利率为3%计算，请计算其人力资本的价格是多少。
人力资本的价格：P=B/r=36000/3%=1200000元4. 借贷资本金为10000元，1年的利息额为1200元，年利息率为多少？年利息率：r=R/P=1200/10000=12%第四章外汇与汇率一、判断题1.对2.对3.错4.错5.错二、不定项选择1.B2.C3.C4.ABCD5.ABCD6.BC7.C8.B三、简答题1、简述外汇的作用。
（1）实现了国际购买力的转移，促进了各国之间的相互交流。
（2）充当国际结算支付手段。
（3）调剂国际间资金余缺。
（4）是政府调节宏观经济的重要工具。
2、如何理解直接标价法、间接标价法和美元标价法？直接标价法是指以一定单位的外国货币为标准，来计算折合多少本国货币的表示方法；或者说是以本国货币表示的外国货币的价格。
间接标价法是指以一定单位的本国货币为标准，来计算折合多少外国货币；或者说是以外国货币表示的本国货币的价格。