浙江财经大学金融学课后复习

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浙江财经大学《金融学》题库

第一章货币与货币制度一、不定项选择题1、与货币的出现紧密相联的是（ B ）A、金银的稀缺性B、交换产生与发展C、国家的强制力D、先哲的智慧2、商品价值形式最终演变的结果是（ D ）A、简单价值形式B、扩大价值形式C、一般价值形式D、货币价值形式3、中国最早的铸币金属是（ A ）A、铜B、银C、铁D、贝4、在下列货币制度中劣币驱逐良币律出现在（ C ）A、金本位制B、银本位制C、金银复本位制D、金汇兑本位制5、中华人民共和国货币制度建立于（ A ）A、1948年B、1949年C、1950年D、1951年6、欧洲货币同盟开始使用“欧元EURO”于（ B ）A、1998年B、1999年C、2001年D、2002年7、金银复本位制的不稳定性源于（ D ）A、金银的稀缺B、生产力的迅猛提高C、货币发行管理混乱D、金银同为本位币8、中国本位币的最小规格是（ C ）A、1分B、1角C、1元D、10元9、金属货币制度下的蓄水池功能源于（ C ）A、金属货币的稀缺性B、金属货币的价值稳定C、金属货币的自由铸造和熔化D、金属货币的易于保存10、单纯地从物价和货币购买力的关系看，物价指数上升25%，则货币购买力（ B ）A、上升20%B、下降20%C、上升25%D、下降25%11、在国家财政和银行信用中发挥作用的主要货币职能是（ C ）A、价值尺度B、流通手段C、支付手段D、贮藏手段12、下列货币制度中最稳定的是（ C ）A、银本位制B、金银复本位制C、金铸币本位制D、金汇兑本位制13、马克思的货币本质观的建立基础是（ A ）A、劳动价值说B、货币金属说C、货币名目说D、创造发明说14、对商品价格的理解正确的是（ C ）A、同商品价值成反比B、同货币价值成正比C、商品价值的货币表现D、商品价值与货币价值的比15、货币的本质特征是充当（ B ）A、特殊等价物B、一般等价物C、普通商品D、特殊商品16 、马克思关于货币起源的论述，是以如下哪种理论为依据的? （D ）A 、货币价值论B 、货币数量论C 、国家政权决定论D 、劳动价值论17、马克思主要是通过分析如下哪一要素的发展，来揭示货币产生的客观必然性的? （C）A 、经济体制B 、使用价值形式C 、价值形式D 、社会形态18、与货币的起源密不可分的是：（D）A 、私有制B 、社会分工C 、贫富分化D 、商品交换19、不同商品在量上可以比较、在质上同一的共同基础是：（C）A 、价格标准B 、使用价值C 、价值D 、价格20、属于物物的直接交换的价值形式包括：（CD ）A 、一般的价值形式B 、特殊的价值形式C 、简单的价值形式D 、扩大的价值形式21、最初的货币所采取的形态是：（B）A 、金币、银币B 、牲畜、皮革、烟草C 、纸币D 、银行券22、货币的各种职能都是从现实的货币出发来描述的，但可用货币符号来代替的是：（B ）A 、流通手段B 、价值尺度C 、储藏手段D 、支付手段23、货币支付手段职能最初是导源于：（B）A 、支付工资B 、商品赊销C 、吸收存款D 、发放贷款24、在价值形式的演进中，商品交换有质的变化的是：（A ）A 、扩大价值形式到一般价值形式B 、一般价值形式到货币形式C 、简单价值形式到货币形式D 、货币价值形式25、金本位制度下，汇价的基本决定因素是：（A）A 、铸币平价B 、商品的价格C 、货币购买力D 、物价指数26、第一次世界大战前，主要的国际储备货币是：（C ）A 、美元B 、黄金C 、英镑D 、德国马克27、作为流通手段职能的货币是：（AD ）A 、价值符号B 、现实的货币C 、信用货币D 、观念上的货币28、在发达的商品经济中，支付手段发挥作用的主要场所是：（D ）A 、信贷收支B 、支付工资C 、财政收支D 、大额交易29、以下属于货币发挥支付手段职能的有：（AC）A 、银行吸收存款B 、汽车购买C 、工资支付D 、商品购买30、经济对货币的需求包括对：（CD ）A 、世界货币的需求B 、储藏手段的需求C 、流通手段的需求D 、支付手段的需求31、货币所具有的特征是：（ACD ）A 、表现商品价值B 、在世界范围内流通C 、衡量商品价值D 、和一切商品相交换32、在我国境内严禁作为计算单位和价值尺度流通的有：（BCD ）A 、人民币B 、金银C 、港币、澳元D 、外国货币二、判断题1、最早的货币形式是金属铸币。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarieAnswer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases betterAnswer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries.Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows.总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities.General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership. Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person”separate and distinct from its owners .Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital.The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment.However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed. Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix.Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate. PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flowsX is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flows Z is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the requiredrate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financedby one type of shares with the total market value of and cost of equity and one typeof bonds with the total market value of and cost of debt , in a country with corporatetax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds(the beta) is the sensitivity of the expected excess asset returns to the expected excess marketreturns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, andis the value of a levered firm = price of buying a firm that is composed of some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

浙江财经大学金融知识学习题最终版

《金融学》（彭兴韵）习题集带※表示下面答案里没有第一章货币与货币制度名词解释货币制度准货币货币的流动性结构格雷欣法则无限法偿金银复本位制金本位制铸币税问答题：1.货币产生的经济原因是什么？2.货币有哪些职能？3.如何划分货币的层次？不同层次的货币包含了哪些方面的内容？4.货币制度有哪些构成要素？第二章金融系统名词解释间接金融直接金融一级市场二级市场固定收益证券信息不对称道德风险逆向选择贷款承诺债务性金融工具权益性金融工具衍生金融工具证券化问答题：1.金融系统有哪些功能？2.金融活动中的信息不对称会导致什么问题？解决信息不对称问题有哪些方法？3.金融中介机构参与资金融通为何能降低交易成本？请分析其降低交易成本的机制。

第三章货币资金的时间价值名词解释：货币的时间价值年金即时年金普通年金永续年金计算题：1.假定你在银行有一笔存款总共10万元，存期为五年，年利率为7.2%，每年复利一次，五年后，你的账上会有多少钱？设政府征收的利息所得税为20%，今后五年中每年的通货膨胀率为3％，你的这笔存款的税后实际利率为多少？假定你在银行开了一个零存整取的储蓄账户，每月存入500元，存期为五年，月利率为5.25‰。

五年后，你的账户上本息总额会有多少？假定在这五年中，每个月的通货膨胀率为2.5‰，政府征收的利息所得税为20%，那么，五年后你账户上的实际余额是多少？2.假设你以90元购买了一张面值为100元的债券，该债券两年后按面值偿付，即两年后你能够得到100元，那么你购买这张债券的年利率是多少？3.假定你购买了一套住房，从银行得到了20万元的抵押贷款，偿还期为20年，贷款年利率为8.4%，那么你的月供是多少？4.利率为8％的一年期贷款如果按月计息（月利率为8%/12），那么这笔贷款的年收益率是多少？5.你打算通过分期付款的方式买一辆汽车。

第一个经销商提出的方案是，你在未来3年每满一年支付37400元；第二个经销商提出的方案是，未来四年每满一年支付28700元。

浙江财经大学金融学期末复习资料

第一章货币与货币制度一、名词解释：货币制度金银复本位制有限法偿无限法偿格雷欣法则二、不定项选择题1、货币的基本职能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币2、纸币的基本功能是（）。

A 价值尺度B 流通手段C 贮藏手段D 支付手段E 世界货币3、格雷欣法则一般发生在以下哪一种货币制度下（）。

A 平行本位制B 金本位制C 银本位制 D双本位制E 跛行本位制4、货币制度的构成要素有哪些（）。

A 币材的确定B 货币单位的确定C 流通货币的确定D 货币铸造和发行E 支付能力的规定5、香港的港元由以下哪几家商业银行发行（）。

A 花旗银行 B汇丰银行 C 渣打银行 D 中国银行 E 中国人民银行第二章信用一、名词解释：商业信用消费信用银行信用二、选择题1、银行对客户发放的房地产按揭贷款是（）。

A 商业信用B 银行信用C 消费信用D 国家信用E 国际信用2、高利贷信用的特点有（）。

A 利率高B 生产性C 非生产性D 保守性E 扩张性三、简答：1、简要比较商业信用与银行信用。

2、信用的三要素及主要形式有哪些？第三章利息与利率一、名词解释：基准利率弗雪效应二、选择题1、我国在1994年时银行存款利率为10.98％，物价上涨率为21.4％，那么，当时的实际利率为（）。

A 10.98％B 21.4％C –10.42％D 10.42％2、一张面值为100元的“零息债券”，发行价为90元，一年到期后按面值赎回，这张债券的实际收益率为（）。

A 10％B 11.1％C –10％D 0三、简答：1、决定和影响利率的主要因素有哪些？2、简述凯恩斯流动性偏好利率理论。

3、简述关于利率决定的可贷资金理论。

4、简述IS-LM的利率理论。

四、论述：１、试比较实际利率理论（古典利率理论）、凯恩斯的利率理论和可贷资金利率理论。

２、分析利率变动对投资和储蓄的理论影响效应，结合实际分析有哪些因素可能制约这些理论效应的发挥。

浙江财经大学东方学院国际金融期末复习题

《国际金融》选修课复习题一、名词解释国际收支均衡表：是指国际收支按照特定账户分类和复试记账原则表示的会计报表。

自主性交易：是指个人和企业为某种自主性的目的而从事的交易。

国际收支均衡：是指国内经济处于均衡状态下的自主性国际收支平衡。

直接标价法：是以一定单位的外国货币作为标准，折算为一定数额的本国货币来表示其汇率。

例如：100美元=668.82元人民币在直接标价法下，外汇汇率的升降与本币币值的高低成反比变化。

间接标价法：是以一定单位的本国货币为标准，折算为一定数额的外国货币来表示其汇率。

例如：100元人民币=14.9517美元在间接标价法下，外汇汇率的升降与本币对外价值的高低成正变化。

套利：是利用不同国家或地区的短期投资利率的差异，将货币(通过货币兑换)由利率较低的地区或国家调往利率较高的地区或国家，以赚取利差收益的外汇交易行为。

套算汇率：是指各国在基本汇率制定出来以后，根据基本汇率套算得出的对其他国家的汇率。

保值性资本流动：又称“资本外逃”，是指短期资本的持有者为了使资本不遭受损失而在国与国之间调动资本所引起的资本国际转移。

资本外逃：同上。

远期外汇交易：是指以在当前营业日约定的汇率并在约定的未来某一个日期进行交割的外汇交易。

外汇期货交易：外汇期货又称货币期货，是指期货合同规定在将来某一特定时间买进或卖出规定金额外币的标准化合约。

地点套汇：是利用不同外汇市场的汇率差价，以低价买进、高价卖出的方法，赚取外汇差额收益的一种套汇业务，地点套汇又可分为直接套汇和间接套汇两种。

美式期权：自期权合约成立之日算起到到期日的截止时间之前，买方可以在此期间内之任一时点，随时要求卖方依合约的内容，买入或卖出约定数量的某种货币。

国际储备：是一国货币当局为弥补国际收支逆差、维持本国货币汇率稳定以及应付各种紧急支付而持有的、能为世界各国所普遍接受的资产。

欧洲货币市场：又称离岸金融市场、境外金融市场或化外金融市场，是指经营各国境外存放款业务的国际金融市场。

金融经济学(浙江财经大学)1461506161中国大学MOOC答案2023版完整版

金融经济学(浙江财经大学)中国大学MOOC答案2023版完整版模块一金融和金融系统个人家庭和企业的金融决策1、单选题：A business firm’s decision between financing the purchase of a delivery van by taking out a loan or by leasing is an example of ( ) A: capital-budgeting decisionB: working capital management decisionC: capital structure decisionD: risk management decision答案: capital structure decision2、单选题：In order to protect against a drop in price of the stocks you hold, you decide to lock in stock prices by signing a contract with financial intermediaries. What is the type of financial decision you make in the example? ( ) A: Consumption and saving decisionB: Investment decisionC: Financing decisionD: Risk-management decision答案: Risk-management decision金融市场的类型1、判断题：Stock is one of the financial instruments traded on the money market. A: 正确B: 错误答案:错误金融的概念1、判断题：The roles of time and conditions of uncertainty are the two distinguishing characteristics of financial decisions.A: 正确B: 错误答案:正确金融系统中资金的流动1、单选题：Suppose that Alice bought a house by obtaining a loan from a financialcompany, which raised funds by issuing stocks and bonds in the markets. Which one is correct about the flow of funds? ( )A: Surplus Units – Markets – Deficit UnitsB: Surplus Units – Markets – Intermediaries – Deficit UnitsC: Surplus Units – Intermediaries – Deficit UnitsD: Surplus Units – Intermediaries – Markets – Deficit Units答案: Surplus Units – Markets – Intermediaries – Deficit Units模块二跨时期优化时间价值与折现现金流分析PC1000项目1、单选题：Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. Your estimates assume that sales will be 4,000 units per year at a price of $5,000 per unit. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $4,000 per unit for the PC1000. The corporate income tax rate is 40% per year. The initial outlay for PC1000 is $5,000,000 and an additional $2,200,000 you will get back at the end of the project’s life in year 7. The rate used to discount the cash flows is 15%. What would be the NPV of the PC1000 project?A: -$1,260,845B: -$1,360,645C: -$1,270,645D: -$1,260,645答案: -$1,260,6452、单选题：Suppose you are a manager in the personal computer division of Compusell Corporation, a large firm that manufactures many different types of computers. You come up with an idea for a new type of personal computer, which you call the PC1000. The initial outlay for PC1000 is $5,000,000. The total fixed costs are $3,500,000 per year, in which the depreciation is $400,000. The variable costs are $3,750 per unit for the PC1000. Your estimates assume that the price of the personal computer is $5,000 per unit. The corporate income tax rate is 40% per year. And an additional $2,200,000 you will get back at the end of the project’s life in year 7.What would be the break-even volume for the PC1000 project if the cost of capital is 25% per year?A: 4,281B: 4,181C: 4,151D: 4,256答案: 4,181个人生命周期财务规划1、单选题：Georgette is currently 30 years old, plans to retire at age 65 and to live to age 85. Her labor income is $25,000 per year, and she intends to maintain a constant level of real consumption spending over the next 55 years. Assume no taxes, no growth in real salary, and a real interest rate of 3% per year. What is the value of Georgette’s human capital? And what is her permanent income?A: $547,180.50; $20,063.19B: $537,180.50; $20,063.19C: $537,180.50; $20,763.19D: $537,190.50; $20,163.19答案: $537,180.50; $20,063.19净现值与内部报酬率的计算1、单选题：As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.(a)What is the net present value (NPV) if the relevantdiscount rate (the company’s cost of capital) is 10%?(b)What is the internal rate of return (IRR)?A: (a) -$423.22; (b) 13.6%B: (a) -$413.22; (b) 12.6%C: (a) -$413.22; (b) 13.6%D: (a) -$403.22; (b) 13.9%答案: (a) -$413.22; (b) 13.6%单利、复利等基本概念1、单选题：Suppose you put $1,000 into an account earning an interest rate of 5% per year for 5 years, and assuming you take nothing out of the account before then. What is the future value? What are the simple interest and the compound interest?A: FV=$1,376.28; simple interest=$350; compound interest=$26.28B: FV=$1,226.28; simple interest=$200; compound interest=$26.28C: FV=$1,276.28; simple interest=$250; compound interest=$26.28D: FV=$1,279.28; simple interest=$250; compound interest=$29.28答案: FV=$1,276.28; simple interest=$250; compound interest=$26.28复利、计息频率与有效年利率You take out a loan at an APR (annual percentage rate) of 12% with monthly compounding. What is the effective annual rate on your loan?A: 13.68%B: 12.98%C: 13.98%D: 12.68%答案: 12.68%2、单选题：Suppose a $10,000 T-bill that will mature in 3 months is currently selling for $9,800. If you purchase and hold the T-bill to maturity what rate of return would you earn on this investment computed as a continuously compounding annual rate (over the 3-month period)?A: 8.181%B: 8.081%C: 9.011%D: 8.053%答案: 8.081%资本预算决策与净现值法则You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments. (a) If the interest rate is 16% per year what is the amount of the monthly payment?(b) If you can only afford to pay $1000 per month, how large a loan could you take? (c) If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it take to pay off the mortgage?(d) If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is the highest interest rate you can pay?A: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.582% per monthB: (a) $1368.89; (b) $73,590; (c) 176; (d) 1.482% per monthC: (a) $1358.89; (b) $75,590; (c) 166; (d) 1.482% per monthD: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month答案: (a) $1358.89; (b) $73,590; (c) 166; (d) 1.482% per month。

(完整word版)浙江财经大学《金融学》期末复习题库

一．名词解释1、货币制度：国家法律规定的国币流通的规则、结构和组织机构体系的总称。

2、金银复本位制：同时以金币和银币作为本位币，两种货币同时流通的货币制度。

3、有限法偿：主要是对辅币规定的，其含义是：在一次支付行为中，超过一定的金额，收款人有权拒收；在法定限额内，拒收则不受法律保护。

4、无限法偿：及法律规定的无限制偿付能力，其含义是：法律保护取得这种能力的货币，不论每次支付数额多大，不论属于何种性质的支付，即不论是购买商品、支付服务、结清债务、缴纳税款等，支付的对方均不得拒绝接受。

5、格雷欣法则：即两种市场价格不同而法定价格相同的货币同时流通时，市场价格偏高的货币（良币）会被市场价格偏低的货币（劣币）所排斥，在价值规律的作用下，良币退出流通进入贮藏，二劣币充斥市场，这种劣币驱逐良币的现象就是格雷欣法则。

6、商业信用：商业信用是企业之间以赊销、分期付款等形式提供的与商品交易直接联系的信用形式。

7、消费信用：为消费者个人提供的用于满足其消费方面所需货币的信用，是现代经济生活的一种信用形式。

8、银行信用：具有如下两个特点的信用：1)以金融机构（主要指银行以及经营类似银行业务的非银行的金融机构）作为媒介。

2）借贷的对象，直接就是出于货币形态的资本。

9、直接融资：资金需求者和资金供给者之间不与金融中介机构发生债权债务关系而直接融通资金。

（公司、企业在金融市场上通过发行股票或债券取得货币资金。

）10、间接融资：资金需求者和资金供给者之间通过与金融中介机构发生债权债务关系间接地发生金融联系。

11、商业汇票：由债权人向债务人发出的支付承诺说，承诺在约定期限支付一定款项给第三人或持票人12、商业期票（商业本票）：由债务人向债券人发出的支付承诺说，承诺在约定期限支付一定款项给债权人13、可转让大额存单：商业银行发行的一种金融产品，是存款人在隐含个的存款证明。

14、回购市场：是指对回购协议进行交易的短期融资市场。

15、场外市场：是指在证券交易所以外进行证券交易的网络。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

浙江财经大学金融学习题终版

浙江财经大学金融学习题终版————————————————————————————————作者：————————————————————————————————日期：《金融学》（彭兴韵）习题集带※表示下面答案里没有第一章货币与货币制度名词解释货币制度准货币货币的流动性结构格雷欣法则无限法偿金银复本位制金本位制铸币税问答题：1.货币产生的经济原因是什么？2.货币有哪些职能？3.如何划分货币的层次？不同层次的货币包含了哪些方面的内容？4.货币制度有哪些构成要素？第二章金融系统名词解释间接金融直接金融一级市场二级市场固定收益证券信息不对称道德风险逆向选择贷款承诺债务性金融工具权益性金融工具衍生金融工具证券化问答题：1.金融系统有哪些功能？2.金融活动中的信息不对称会导致什么问题？解决信息不对称问题有哪些方法？3.金融中介机构参与资金融通为何能降低交易成本？请分析其降低交易成本的机制。

浙江财经公司金融期末复习整理

1、公司外部治理结构：所有激励与约束公司利益相关主体行为，保护股东利益的机制，称之为公司的“治理结构”，公司的外部治理结构有两类，一类是外部市场，另一类是国家法律。

主要包括公司债权人治理，经理人市场等方面。

2、公司金融活动：现代公司经营离不开金融活动①投资决策②融资决策③股利决策④风险管理等。

3、混合类筹资方式：指兼具股权和债权双重属性的长期集资主要包括发型优先股发型可转混合类筹资方式换公司债券认股权证筹资等。

4、收购：是指企业用现金、债券或股票购买另一家企业的部分或全部资产或股权，以获得该企业的控制权。

5、资本分配：资本分配就是指公司在面临资本约束的情况下，在可行的项目中选择既定的资本能够满足的项目，并且所投资的项目的预期收益要满足既定资本投资收益最大化。

一、简述题1、上市公司信息披露的意义：答：1.有助于投资者进行投资决策2.反映上市公司管理部门对受托经营管理责任的履行情况3.帮助公司管理部门改善经营管理4.国家进行宏观调控和管理的重要依据5．促进资源的最优配置6.有利于投资者形成一个合理的证券投资组合2、公司金融原则的特征答：1.该原则是财务假设、原理的推论。

他们是经过论证的，合乎逻辑的结论，具有理性认识的特征。

2.该原则必须符合逻辑，被多数人所接受。

3.该原则是财务交易和财务决策的基础。

4.该原则解决新的问题提供指导。

5.原则不一定在任何情况下都绝对正确。

3、简述公司金融研究领域答：1、资本结构相关的研究。

主要有新优序融资理论、权衡理论等。

2、信息与公司金融活动相关的研究。

主要有交易场所与资产定价、资本结构信号模型、新股发行信号模型、股利信号模型等3、自由现金流量相关的研究。

4、公司控制权市场研究。

现代企业理论认为，所有权和控制权的分离使股东与管理者之间形成一种委托代理关系。

公司控制权市场主流理论的纵横两条轴线最终交叉在“公司股东收益”这一原点上。

4、简述财务报表的局限性答：a 财务比率分析的局限性：财务比率的根本问题在于，没有一个标准来判断比率是否高低。

(完整word版)浙江财经大学金融学习题最终版

第一个经销商提出的方案是，你在未来3年每满一年支付37400元；第二个经销商提出的方案是，未来四年每满一年支付28700元。

浙江财经大学东方学院金融市场学期末复习资料2

浙江财经大学东方学院金融市场学期末复习资料21、国债发行余额管理：所谓国债余额管理是指立法机关不具体限定中央政府当年国债发行额度，而是通过限定一个年末不得突破的国债余额上限以达到科学管理国债规模的方式。

2、央行票据：中央银行票据是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证。

它由中央银行发行，商业银行持有，其直接作用是吸收商业银行部分流动性。

3、报价驱动交易制度又称做市商制度，做市商制度就是以做市商为中心的市场交易方式和制度。

通过专业证券商对证券买卖价格的持续不断的申报，以维持市场成交活跃度和价格稳定性的一种证券交易制度。

4、备兑权证是指由标的股票公司之外的机构（通常为证券公司）发行的一种权利证书，约定持有权证的投资者在一定期限后，可以按约定价格向该机构购买标的公司股票。

5、期货逐日盯市制度:以每种期货合约在交易日收盘前最后1分钟或几分钟的平均成交价作为当日结算价，与每笔交易成交时的价格作对照，计算每个结算所会员账户的浮动盈亏，进行随市清算。

6、抵押支撑债券:是建立在抵押资产未来现金流入基础上的资产证券化债券。

7、认购权证:是股票衍生性金融商品，发行人发行一定数量、特定条件的有价证券，投资者付出权利金持有该权证后，有权在某一特定期间（美式权证）或特定时点（欧式权证），按一定的履约价格，向发行人买进一定数量之标的股票。

8、百慕大期权一种可以在到期日前所规定的一系列时间行权的期权。

介于欧式期权与美式期权之间9、期货对冲平仓机制对冲平仓是指投资者持有的期权部位由其交易方向相反，交易数量相等的相同期权对冲的期权合约了结方式。

10、看涨期权是指期权的购买者拥有在期权合约有效期内按执行价格买进一定数量标的物的权利。

11、回购协议指证券的买卖双方签订协议，回购方约定在指定日期以约定价格购回证券的交易行为。

12、保荐人制度。

保荐人制度则是由保荐人负责发行人的上市推荐和辅导，核实公司发行文件和上市文件的真实性、准确性和完整性，协助发行人建立严格的信息披露制度，并承担风险防范责任，并在公司上市后的规定时间内继续协助发行人建立规范的法人治理结构，督促公司遵守上市规定，完成招股计划书中的承诺，同时对上市公司的信息披露负有连带责任。

浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总：For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory，traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。

浙江财经大学金融英语复习版

单选2*5判断1*10中英互译8*5（中译英3，英译中2）名词解释5*6小作文10*1 结论+论据（5到6句话）单项选择比考点HKD 港币hongkongDEM 德国马克（Deutsche Mark）GermanyCHF 瑞士法郎SWITZERLAND 瑞士SEK 瑞典克朗sweden 瑞典BEF 比利时法郎Belgium 比利时CAD 加拿大元CanadaUSDGBP 英镑GREAT BRITAINITL 意大利里拉ItalyNLG 荷兰盾hollandNOK挪威克郎norwayDKK丹麦克朗denmarkFRF法国法郎franceJPY 日元AudESP 西班牙基点0.01% one hundredth of one percent名词解释Central bank: a financial institution designated by the central government to formulate and implement monetary policy and tosupervise and regulate the financial industrySavings（current）deposit(活期储蓄存款)：Savings（current）deposit is a method of deposit that sets no limit on length of maturity,time and amount of deposit and withdrawl.Time deposit :It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest in a lump sum or by installmentTime deposit of lump-sum deposit and withdrawal(整存整取定期储蓄存款)（50元）:It is a kind of deposit with a definite length of maturity,deposited and,withdrawn together with the interest and principal in a lump sumTime deposite of small savings for lump-sum withdrawl(零存整取定期存款)(5元)It is a kind of deposit thar the length of maturity and a fixed amount of deposit are agreed at the time of account opening, and money is deposited by monthTime deposite of principal receiving and interest withdrawal(存本取息定期储蓄存款)5000It refers to savings deposit whose principal is deposited by lump sum,whose interset is withdrawn by installment and whose principal is repaid when on due date.Time or savings optional deposit (定活两便储蓄存款) 50It is a kind of deposit with indefinite length of maturity whose interest rate varies in line with the length of maturity.Housing loansThey are loans granted by bank to borrowers to facilitate their housing purchasses.Housing loans for personal possessionThey are loans granted by bank to borrowers to facilitate their housing purchasses by taking credit funds (信贷资金)from the bank as the sourse of paymentHousing loans on AuthorizationThey refer to loans to individuals who buy ordinary houses granted by the bank on the authorization of the public reserve fund management department, according to the prescribed requirements,and with the public reserve deposits as the source of funding.Auto loansThey are Renminbi consumer-loans granted to individuals or legal persons to finance the purchases of carsCommercial education loanCommercial education loan refers to consumer loans granted by the lender to borrowers to finance the tuition and miscellaneous fees of the borrowers or the persons under their legal guardianship in studyin at domestic secondary schools or ordinary higher learning institutes or for master’s or doctor’s degree,or studing at universities or for master’s or doctor’s d egree outside chinaState education loansState education loans refer to educational loans granted by the lender to borrowers that are given fiscal interest discounts by the central financial authorities or local financial sectoes,and are used for the tuition and micellaneous fees,lodging and livin expenses of the borrowers in studying at domestic higher learing instirutes for full-time undergraduate,professional,or graduate courses. Small consumer credit loansSmall consumer credit loans are consumer credit loans granted by the lender to borrowers with good credit standing to facilitate normal consumption,labor service and other fee payments.Expected rate of return 预期收益率The rate of return that we expect to earn when we loan money to someone or invest in a businessThe earnings or profit on money we lend or invest expressed as a percentage of the amount of money loaned or investedThe possibility that a loan or investment will not produce the return we expect or that we will actually lose money.Risk is the financial uncertainty that the actual return on an investment will be different from the expected return,Factors of risk that can affect an investment include inflation orA draft accepted by a bank and used as a form of borrowing in the money marketCapital market 资本市场Markets for financial assets and liabilities with maturity greater than one year,including long-term government and corporate bonds,preferred stock,and common stock.Money obtained by issuin this type of instrument is repayable after one yeat and in the case of most equity securities,it is not expected to be repaid.Capital Structure 资本结构The proportion of debt and equity and the particular forms of debt and equity chosen to finance the assets of the firmDefault risk 违约风险The uncertainty that some or all of an investment may nor be returnedLiquidity 流动性，变现能力Liquidity is the ease with which financial assets can be converted to cash without creating a substancial change in price or value.Liquidity is influenced by the amount of float in the security,investor interest and size of the investment being converted to cashPrivate placement 私募配售A securities issue privately placed with a small group of investors rather than through a publicShares that pay a fixed dividend and have a claim on the assets of a corporation ahead of the common shareholdersCapital gain 资本利得The amount of profit realized when an asset sold at a price higher than the purchase price. Capital loss 资本损失The amount of profit realized when an asset sold at a price less than the purchase price. Discount 贴现（单选）The margin by which the purchase price is cheaper than the redemption 赎回；偿还；补救price.If a bond is selling below its face value,it is said to sell at a discount.The return earned on an investment taking into account the annual income and its present capital value.There are a number of different types of yield and in some cases different methods of calculating each type.Yield to maturity 到期收益率The discout rate that equates the present value of interest payments and redemption n.赎回；偿还；补救value with the present price of the bondZero coupon bond 零息债券Bonds that are sold at a deep discount and pay no interestRegistered bonds 记名债券Bonds for which each issuer maintains a record of its bonds.countries requiring thar bonds be issued in registered form include the United States and Japan不记名债券Bearer bondsCommon shareSecurity representing equity ownership ina corporation;holders of common shares have the rightto elect the directors and receive dividends;common shareholders rank after creditors, bondholders and preferred shareholders.Private placement 私募配售A securities issue privately placed with a small group of investors rather than through a public offeringAt the time of account opening,you will be asked to fill in a deposit slip,and the savings outlet will give you a certificate of deposit agaist which the principal and interest may be withdrawn at tine of maturity当账户开立时，开户时，你会被要求填写一张存款单，并且储蓄机构会给你一个存款证明关于本金和利息可以在到期时收回。

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一、名词解释货币制度：国家以法律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：在一次支付行为中，若超过规定的数额，收款人有权拒收；在法定限额内，拒收则不受法律保护。

无限法偿：法律保护取得这种能力的货币，不论每次支付数额多大，不论属于何种性质的支付，即不论是购买商品、支付服务、结清债务、缴纳税款等，支付的对方都不能拒绝接受。

格雷欣法则：即劣币驱逐良币规律，指在金银复本位制度下两种实际价值不同而法定价格相同的货币同时流通时，市场价格偏高的货币（良币）就会被市场价格偏低的货币（劣币）所排斥，良币退出流通被贮藏，而劣币充斥市场。

商业信用：工商企业之间买卖商品时以商品形式提供的信用，包括商品买卖行为和借贷行为。

借贷行为以买卖行为为基础，是企业之间的直接信用。

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：银行和金融机构以货币形态向社会提供的信用。

（具备如下两个特点:ａ.以金融机构作为媒介。

这里的金融机构主要指银行，同时也包括经营类似银行业务的其他非银行的金融机构。

ｂ.借贷的对象，直接就是处于货币形态的资本）基准利率：基准利率也叫再贷款利率或再贴现利率，是由中央银行公布的商业银行存款、贷款、贴现等业务的指导性利率，在整个利率体系中起核心作用并能制约其他利率。

直接融资：指最后放款人和最后借款人之间直接进行的资金融通方式。

间接融资：指由金融机构在最后借款人和最后贷款人之间充当媒介的融资活动。

商业汇票：指由付款人或存款人（或承兑申请人）签发，由承兑人承兑，并于到期日向收款人或被背书人支付款项的一种票据。

商业期票（商业本票）：是由债务人对债权人开出在一定时期内无条件支付款项的债务证书。

可转让大额存单：是由商业银行发行的一种金融产品，是存款人在银行的存款证明。

回购市场：是指对回购协议进行交易的短期融资市场。

场外市场：指在全球范围内连接证券商及其他客户的计算机和远程通信系统，又称柜台交易市场，是在交易所以外进行证券交易的网络。

金融衍生工具：又称"金融衍生产品"，是与基础金融产品相对应的一个概念，指建立在基础产品或基础变量之上，其价格随基础金融产品的价格(或数值)变动的派生金融产品。

期权合约：是指期权的买方有权在约定的时间或约定的时期内，按照约定的价格买进或卖出一定数量的相关资产，也可以根据需要放弃行驶这一权利。

期货合约：指由期货交易所统一制订的、规定在将来某一特定的时间和地点交割一定数量和质量实物商品或金融商品的标准化合约。

承兑：指远期汇票的付款人在汇票上签名，同意按出票人指示到期付款的行为。

票据贴现：是指资金的需求者，将自己手中未到期的商业票据、银行承兑票据或短期债券向银行或贴现公司要求变成现款，银行或贴现公司(融资公司)收进这些未到期的票据或短期债券，按票面金额扣除贴现日以后的利息后付给现款，到票据到期时再向出票人收款。

政策性银行：指那些多由政府创立、参股或保证的，不以营利为目的，专门为贯彻、配合政府社会经济政策或意图，在特定的业务领域内，直接或间接地从事政策性融资活动，充当政府发展经济、促进社会进步、进行宏观经济管理工具的金融机构。

商业银行负债业务：是指形成其资金来源的业务，其全部资金来源包括自有资本和吸收的外来资金两部分。

商业银行资产业务：是指讲自己通过负债业务所聚集的货币资金加以运用的业务。

商业银行中间业务：是指凡是银行不需要运用自己的资金而代理客户承办支付和其他委托事项，并据以收取手续费的业务。

表外业务：是指凡未列入银行资产负债表内且不影响资产负债总额的业务。

广义的表外业务既包括传统的中间业务，又包括金融创新中产生的一些有风险的业务。

回购协议：是指在出售证券的同时，与证券的购买商达成协议，约定在一定期限后按原定价格购回所卖证券，从而获取即时可用资金的一种交易行为。

货币需求：指在一定时间内，在一定经济条件下（如资源约束、经济制度等），整个社会要有多少货币来执行交易媒介、支付手段和价值储存等手段。

流动性陷阱：当一定时期的利率水平降到不能再低时，人们就会产生利率上升从而债券价格下跌的预期，货币需求弹性就会变得无限大，即无论增加多少货币，都会被人们储存起来。

基础货币：商业银行在中央银行的存款准备金与流通中现金两者的总和。

货币供给：指经济主体把所创造的货币投入流通的过程。

货币乘数：指货币供给量与基础货币相比的比值。

派生存款：由商业银行的放款、贴现和投资行为而形成的存款。

菲利普斯曲线：表明失业与通货膨胀存在一种此涨彼消置换关系的曲线，通货膨胀率高时，失业率低；通货膨胀率低时，失业率高。

公开市场操作：通过在公开市场上买卖政府债券，中央银行可以缩小或扩大商业银行的超额准备金，从而影响商业银行的创造能力。

货币政策传导机制：中央银行运用货币政策工具影响中介指标，进而最终实现既定政策目标的传导途径与作用机理。

二、简答1.简要比较商业信用与银行信用。

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。

银行信用是银行和金融机构以货币形态向社会提供的信用。

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.简述信用三要素及主要形式。

信用三要素为:(1)债权人和债务人(2)时间间隔(3)信用工具即融资工具或称金融工具。

主要形式有:(1)商业信用:是企业间以赊销商品和预付货款的形式提供的信用。

(2)银行信用:银行和金融机构以货币形态向社会提供的信用。

(3)国家信用：指政府或者更广泛地说统治当局的信用(4)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。

(5)国际信用：指一个国家的政府、银行及其他自然人或法人对别国的政府、银行及其他自然人或法人所提供的信用。

3.简述古典利率理论的基本原理。

古典学派强调资本供求对利率的决定作用，认为在实物经济中，资本是一种生产要素，利息是资本的价格。

利率的高低由资本供给即储蓄水平和资本需求即投资水平决定；储蓄是利率的递减函数，投资是利率的递增函数，均衡利率取决于投资流量和储蓄流量的均衡。

即储蓄等于投资为均衡利率条件。

古典利率理论强调实际因素而非货币因素决定利率。

利率有自动调节功能,使储蓄和投资趋于一致。

4.简述关于利率决定的可贷资金理论。

可贷资金利率理论主张在利率决定问题上把货币因素和实质因素结合起来考虑。

它认为，决定可贷资金供给方面的因素有:①当前的储蓄;②固定资产的出售收入;③货币的反贮藏;④银行新创造的货币量。

决定可贷资金需求方面的因素有:①当前的投资;②固定资产的重置以及折旧与报废的补偿;③货币的贮藏。

利率为总的可贷资金供给曲线与需求曲线的交点所决定。

同时，利率也为可贷资金的供求所决定。

可贷资金理论比较完整的描述了社会经济中可借贷资金的来源。

购买实物资产的投资者的实际资金需求类似于储蓄投资理论中的投资，指的是实际的计划投资（实质因素）；家庭和企业对货币需求量的增加类似于凯恩斯利率决定理论中的货币需求含义（货币因素）。

同样，这种划分也体现出可贷资金理论力图把古典学派利率决定理论和凯恩斯的流动性偏好理论相统一的思想。

5.简述凯恩斯流动性偏好利率理论。

利率决定理论：凯恩斯认为利率是纯粹的货币现象。

因为货币最富有流动性，它在任何时候都能转化为任何资产。

利息就是在一定时期内放弃流动性的报酬。

利率因此为货币的供给和货币需求所决定。

凯恩斯假定人们可贮藏财富的资产主要有货币和债券两种。

货币需求曲线的移动：在凯恩斯流动性偏好理论中，导致货币需求曲线移动的因素主要有两个，即收入增长引起更多的价值储藏，并购买更多的商品，物价的高低通过实际收入的变化影响人们的货币需求。

货币供给曲线的移动：凯恩斯假定货币供给完全为货币当局所控制，货币供给曲线表现为一条垂线，货币供给增加，货币供给曲线就向右移动，反之，货币供给曲线向左移动。

影响均衡利率变动的因素：所有上述这些因素的变动都将引起货币供给和需求曲线的移动，进而引起均衡利率的波动。

流动性陷阱对利率的影响：凯恩斯在指出货币的投机需求是利率的递减函数的情况下，进一步说明利率下降到一定程度时，货币的投机需求将趋于无穷大。

因为此时的债券价格几乎达到了最高点，只要利率小有回升，债券价格就会下跌，债券购买就会有亏损的极大风险。

于是，不管中央银行的货币供给有多大，人们都将持有货币，而不买进债券，债券价格不会上升，利率也不会下降。

这就是凯恩斯的"流动性陷阱"。

在这种情况下，扩张性货币政策对投资、就业和产出都没有影响。

6.决定和影响利率的主要因素有哪些？①平均利润率(是一个经济社会利率决定的基础)②借贷资本的供求关系③中央银行的货币政策④国际利率水平⑤预期通货膨胀率7.简要分析金融市场的功能金融市场通过组织金融资产、金融产品的交易，可以发挥多方面的功能：1) 帮助实现资金在盈余部门和短缺部门之间的调剂2) 实现风险的分散和转移3) 确定价格4) 帮助资产的持有者将资产售出、变现，因而发挥提供流动性的功能5) 降低交易的搜寻成本和信息成本8.货币市场主要有哪些子市场？货币市场的子市场主要有：票据与贴现市场；国库券市场；可转让大额存单市场；回购市场；银行间拆借市场。

9.什么商业银行的中间业务？主要有哪些？商业银行中间业务是指凡是银行不需要运用自己的资金而代理客户承办支付和其他委托事项，并据以收取手续费的业务。

主要有汇兑业务、信用证业务、代收业务、代客买卖等业务。

10.我国金融机构体系中有哪些类型的金融机构？我国金融机构体系中有中央银行、商业银行、专业银行和非银行类金融机构等。

我国商业银行体系包括：1）国有股份制商业银行，中国工商银行、中国农业银行、中国银行、中国建设银行、邮政储蓄银行。

2）其他股份制商业银行目前有交通银行、深圳发展银行、中信实业银行、中国光大银行、华夏银行、招商银行、广东发展银行、福建兴业银行、上海浦东发展银行、中国民生银行等12家。

3）外资商业银行。

4）农村金融机构。

专业银行有投资银行和政策性银行。

非银行金融机构有保险公司、证券公司、各类基金、财务公司、资产管理公司、货币经纪公司、信托公司、金融租赁公司等。

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