《投资学》课后习题参考答案
金德环《投资学》课后习题答案
金德环《投资学》课后习题答案习题答案第一章习题答案第二章习题答案练习题1:答案:(1),公司股票的预期收益率与标准差为:Er,，，,，，,0.570.350.2206，，，，，，，，A1/2222，， ,0.5760.3560.22068.72,,，,,，,,，，，，，，A，，(2),公司和,公司股票的收益之间的协方差为:Covrr,0.5762510.50.3561010.5,,,，,,,，，，，，，，，，，AB ，,,,,,0.22062510.590.5，，，，(3),公司和,公司股票的收益之间的相关系数为:Covrr,，，,90.5AB ,,,,,0.55AB，8.7218.90,,AB练习题2:答案:如果,,,的投资投资于,公司，余下,,,投资于,公司的股票，这样得出的资产组合的概率分布如下:钢生产正常年份钢生产异常年份股市为牛市股市为熊市概率 0.5 0.3 0.2 资产组合收益率(,) ,, ,., -2.5 得出资产组合均值和标准差为:Er=0.516+0.32.5+0.2-2.5=8.25，，，，，，，，，，组合1/22222，， ,=0.516-8.25+0.32.5-8.25+0.2-2.5-8.25+0.2-2.5-8.25=7.94，，，，，，，，组合，，1/22222,=0.518.9+0.58.72+20.50.5-90.5=7.94，，，，，，，，，，，，，,,组合，，练习题3:答案:尽管黄金投资独立看来似有股市控制，黄金仍然可以在一个分散化的资产组合中起作用。
因为黄金与股市收益的相关性很小，股票投资者可以通过将其部分资金投资于黄金来分散其资产组合的风险。
练习题4:答案:通过计算两个项目的变异系数来进行比较:0.075 CV==1.88A0.040.09 CV==0.9B0.1考虑到相对离散程度，投资项目B更有利。
练习题5:答案:R(1)回归方程解释能力到底如何的一种测度方法式看的总方差中可被方程解释的方差所it2,占的比例。
投资学课后习题答案
第一章1. 答：交易机制指市场的交易规则和保证规则实施的技术以及规则和技术对定价机制的影响。
它的主要研究内容包括：从市场微观结构的角度去看，价格是在什么样的规则和程序中形成的，并分析交易机制对资产交易的过程和结果的影响。
2. 答：报价驱动机制与指令驱动机制的区别在于：①价格形成方式不同。
在采用做市商制度的市场上，证券的开盘价格和随后的交易价格是由做市商报出的，而指令驱动制度的开盘价与随后的交易价格都是竞价形成的。
前者从交易系统外部输入价格，后者的成交价格是在交易系统内部生成的。
②信息传递范围与速度不同。
采用做市商机制，投资者买卖指令首先报给做市商，做市商是唯一全面及时知晓买卖信息的交易商，成交量与成交价随后才会传递给整个市场。
在指令驱动机制中，买卖指令、成交量与成交价几乎同步传递给整个市场。
③交易量与价格维护机制不同。
在报价驱动机制中，做市商有义务维护交易量与交易价格。
而指令驱动机制则不存在交易量与交易价格的维护机制。
④处理大额买卖指令的能力不同。
做市商报价驱动机制能够有效处理大额买卖指令。
而在指令驱动机制中，大额买卖指令要等待交易对手的买卖盘，完成交易常常要等待较长时间。
其它交易机制还包括混合交易机制、特殊会员制度等。
3. 答：一般来说，做市商市场的流动性要高于竞价市场，即投资者在竞价市场所面临的执行风险要大于做市商市场。
但是，竞价市场的透明度要好于做市商市场，同时，做市商市场的平均交易成本要高于竞价市场。
竞价市场的优点：①透明度高。
在指令驱动制度中，买卖盘信息、成交量与成交价格信息等及时对整个市场发布，投资者几乎可以同步了解到交易信息。
透明度高，有利于投资者观察市场。
②信息传递速度快、范围广。
指令驱动制度几乎可以实现交易信息同步传递，整个市场可以同时分享交易信息，很难发生交易信息垄断。
③运行费用较低。
投资者买卖指令竞价成交，交易价格在系统内部生成，系统本身表现出自运行特征。
这种指令驱动系统，在处理大量小额交易指令方面，优越性较明显。
《投资学》习题及其参考答案
《投资学》习题及其参考答案第1章投资概述一、填空题1、投资所形成的资本可分为和。
2、资本是具有保值或增值功能的。
3、按照资本存在形态不同，可将资本分为、、、等四类。
4、根据投资所形成资产的形态不同，可以将投资分为、、三类。
5、按研究问题的目的不同，可将投资分成不同的类别。
按照投资主体不同，投资可分为、、、四类。
6、从生产性投资的每一次循环来，一个投资运动周期要经历、、、等四个阶段。
一、填空题1、真实资本、金融资本2、持久性经济要素3、实物资本、无形资本、金融资本、人力资本4、实物资本投资、金融资本投资、人力资本投资5、个人投资、企业投资、政府投资、外国投资6、试比较主要西方投资流派理论的异同？7、资金筹集、分配、运用、回收与增值第2章市场经济与投资决定四、问答题1、一定的经济主体如何才能成为真正的投资主体？2、计划经济和市场经济下的投资决定有何不同？3、结合新制度经济学的有关知识，谈谈你对中国投融资制度改革的看法或建议。
四、问答题1、答：投资主体是指从事投资活动的法人和自然人。
投资主体是投资权利体、投资责任体和投资利益体的内在统一。
一定的经济主体要成为真正的投资主体必须具有三个特征：（1）拥有投资权利，能相对独立地作出投资决策，包括投资目标的确定、投资方式的选择等方面的自主决策。
（2）投资主体必须承担相应的投资风险和责任，包括承担的政治风险、经济风险、法律风险和社会道德风险。
（3）投资主体必须享有一定的投资收益，不能享受投资收益的法人或自然人不是真正的投资主体。
2、答：计划经济和市场经济下投资决定的不同表现在四个方面：（1）计划经济下的投资决定。
计划经济下的投资制度是政府主导型的投资制度。
这种投资制度的典型是改革前的前苏联、东欧、和中国等国家。
①投资主体。
政府是主要、甚至是唯一的投资主体。
政府投资主体以中央政府为主，包揽了各行各业的几乎所有投资。
企业不是投资主体，只是政府部门的附属和政府投资的实施者。
《投资学(第6版)》课后习题参考解答.docx
第一章一、单项选择题1.下列选项中,（）不是投资的特点。
A.投资通常是刚性兑付B.投资的复杂性和系统性C.投资周期相对较长D.投资项目实施的连续性和资金投入的波动性E.投资金融答案：A。
应为"投资具有风险性”。
2.下列选项中,（）不是投资对经济增长的影响或作用的表现。
A.从资源配置角度看，投资影响经济结构，从而促进经济增长B.国民收入水平下降的年份，年度投资规模也相应减少，以保证人民生活水平改善的步伐C.从要素投入角度看，投资供给对经济增长有推动作用，增加生产资料供给，为扩大再生产提供物质条件D.从要素投入角度看，投资需求对经济增长有拉动作用，增加一笔投资会带来大于这笔投资额数倍的国民收入增加答案：B。
B为投资的特点之三。
年度投资规模的增长具有波动性。
年度投资规模与国民经济形势和国民收入多少密切相关。
二、多项选择题1.投资的要素包括（）。
A.投资主体B.投资客体C.投资目的D.投资方式E.投资金额答案：ABCD。
2.投资学的研究方法包括（）。
A.理论与实践相结合B.实证分析与规范分析相结合C.历史分析与比较分析相结合D.系统分析与定量分析相结合E.静态分析与动态分析相结合答案：ABCDE。
三、判断题1.从1992年开始，尽管我国经济体制改革不断深入，但社会各界对投资概念、投资范围的认识并未变化,投资只包括直接投资，即将资金直接投入建设项目形成固定资产和流动资产。
（）答案：错。
解释：投资概念、投资范围的认识也不断深化，投资包括直接投资也包括间接投资，即购买有价证券，形成金融资产。
2.无论哪一种方式的金融投资，都是货币资金转化为金融资产，没有直接实现实物资产的增加。
现实生活中实物投资与金融投资具有相互依存和相互促进的关系，金融投资以实物投资为基础,除了某些特殊的金融投资外，并不转化为实物投资。
（）答案：对。
3.尽管社会主义市场经济不断发展与完善，但我国原有的以国家投资为主的投融资格局仍未被打破。
金德环《投资学》课后习题答案共11页
答：证券是一种凭证，它表明持有人有权依凭证所记载的内容取得相应的权益并具有法律效力。按权益是否可以带来收益，证券可以分为有价证券和无价证券。有价证券可分为广义有价证券和狭义有价证券。广义有价证券分为商品证券、货币市场证券、和资本证券三种，狭义有价证券仅指资本证券。
2.证券投资主体。包括个人投资者、机构投资者、政府投资者和企业投资者。
3.证券市场中介。主要包括证券公司、证券投资咨询公司、证券交易所、证券服务机构。
证券市场的类型主要包括货币市场、债券市场、股票市场。
4、什么是货币市场？如何细分？货币市场的利率和工具有哪些？
货币市场指融通短期资金的货币工具交易市场，又称为短期资金市场，该市场交易的短期货币工具具有期限短、流动性强的特征。主要有同业拆借市场、票据贴现市场、债券回购市场、可转让大额存单市场短期国债市场。货币市场的利率主要有
第一章证券市场概述
要练说，先练胆。说话胆小是幼儿语言发展的障碍。不少幼儿当众说话时显得胆怯：有的结巴重复，面红耳赤；有的声音极低，自讲自听；有的低头不语，扯衣服，扭身子。总之，说话时外部表现不自然。我抓住练胆这个关键，面向全体，偏向差生。一是和幼儿建立和谐的语言交流关系。每当和幼儿讲话时，我总是笑脸相迎，声音亲切，动作亲昵，消除幼儿畏惧心理，让他能主动的、无拘无束地和我交谈。二是注重培养幼儿敢于当众说话的习惯。或在课堂教学中，改变过去老师讲学生听的传统的教学模式，取消了先举手后发言的约束，多采取自由讨论和谈话的形式，给每个幼儿较多的当众说话的机会，培养幼儿爱说话敢说话的兴趣，对一些说话有困难的幼儿，我总是认真地耐心地听，热情地帮助和鼓励他把话说完、说好，增强其说话的勇气和把话说好的信心。三是要提明确的说话要求，在说话训练中不断提高，我要求每个幼儿在说话时要仪态大方，口齿清楚，声音响亮，学会用眼神。对说得好的幼儿，即使是某一方面，我都抓住教育，提出表扬，并要其他幼儿模仿。长期坚持，不断训练，幼儿说话胆量也在不断提高。1、什么是投资？实体投资与金融投资、直接金融与间接金融、直接金融投资与间接金融投资的区别在哪里？
投资学课后题及答案
投资学课后题及答案Chapter 1 The Investment Environment 1.What is a real asset?Real assets are used to produce goods and services. Real assets consist of land, labor, and buildings. These generate income to the economy and determine both the material wealth and productive capacity of the economy. Additionally, real assets appear on only one side of the balance sheet.2.What is a financial asset?Financial assets are claims on real assets and income from them. Financial assets consist of stocks and bonds. These contribute indirectly to the productive capacity of the economy. Additionally, financial assets appear on both sides of the balance sheet.3.What is consumption timing and why is it important? Consumption timing allows flexibility between earnings and spending. Therefore, when we are younger and we can consume more than we earn by borrowing money to by homes and automobiles. As we age, we can invest to so that we can retire someday and live off of our prior earnings. Financial assets4.What is allocation of risk and why is it important?Allocation of risk is creating assets with various degrees of risk. This enables firms to raise capital and also gives investors a choice of assets with various risk levels from which to choose5.What is separation of ownership and why is it important?The separation of ownership and management is important. Unlike a sole proprietorship where the owners are the managers, owners of corporations are stockholders. Stockholders elect the broad of directors that hires the management team. The objective that all owners can agree to is for management to maximize the value of the firm (share price).6.What are the three sectors of the economy and what is theirprimary need?A. Firms are typically net borrowers as they seek to expand the firm and require resources to take on valuable projects.B. Households are typically net savers as they seek to use consumption timing to plan for longer-term financial requirements such as educating their children and investing for retirement. As such, they are interested in risk and after tax returns of investments.C. Governments are typically net borrowers but their needs depend on the current relationship between tax receipts and expenditures7.List and explain four important functions that financialintermediates perform.Financial intermediaries connect borrowers and lenders. Financial intermediaries are able to sell their own securities and invest in the liabilities of other firms. As such they can:A. pool resources to spread management costs over an larger base which reduces costs to an individual investor.B. diversify investments by being able to invest in more securities.C. develop expertise through the increased volume of business that they do.D. achieve economies of scale by being spread research costs over the pool.]8.What is securitization and why is it important?Securitization allows borrowers to enter capital markets directly. Loans are arranged into pass-through securities (such as mortgage pool) and investors can invest in securities backed by those pools9.List and briefly explain five ways an investor can globallydiversityA primary market transaction is where securities are initially issued. Thus, the issuing firm receives the money and deliversthe securities. The secondary market is where existing securities are traded. Thus, the firm that originally issued the securities receives no proceeds from the transaction. The individual selling the securities receives the money and delivers the securities while the individual buying the securities delivers the money 10.The four types of markets where trading takes place are listedbelow.A. Direct search markets. In direct search markets buyers and sellers must find each other. These markets are characterized by sporadic trading and low-priced non-standard goods such as refrigerator or sofas.B. Brokered markets. In markets that have active trading, brokers find it profitable to offer search services to buyers and seller. One example of this is real estate.C. Dealer market. In dealer markets, the dealers specialize by buying and selling for their own account. Dealers profit from the difference between their buying price and selling price (bid-ask spread). The OTC market is a dealer market.D. Auction market. In an auction market, such as the NYSE, all tradersconverge in one place to buy or sell an asset. Auction markets require heavy trading to make them efficient.11.The five ways for investors to globally diversify portfolio arelisted and discussed below.A.Investors can purchase American Depository Receipts (ADR=s) whichare a certificate that is denominated in dollars and represents a claim ona bundle of stock.B.Investors can purchase directly purchase foreign securities offered forsale in dollars.C.Investors can purchase international mutual funds that invest ininternational securities.D.Investors can purchase derivatives on foreign securities.E.Investors can purchase World Equity Benchmark Shares (WEBS) whichuse the same structure as an ADR but allow an investor to tradeportfolios of foreign stocks in a selected country.Chapter 2 Financial Instruments1.The price quotations of Treasury bonds in the Wall Street Journalshow an ask price of 101:12 and a bid price of 101:07.A. As a buyer of the bond what is the dollar price you expect to pay?B. As a seller of the bond what is the dollar price you expect to receive?A. You would pay the ask price of the dealer, 10112/32 or 101.375% of$10,000, or $10,137.50.B. You would receive the bid price of the dealer, 1017/32 or 101.21875% of$10,000, or $10,121.875.2.An investor is considering the purchase of either a municipal or acorporate bond that pay before tax rates of return of 6.92% and9.67%, respectively. If the investor is in the 25% marginal taxbracket, his or her after tax rates of return on the municipal and corporate bonds would be_________ and _________, respectively.Corporate bonds are taxable, therefore the after tax return would ber c=0.0967(1-0.25) =0.0725 or 7.25%. Since municipal bonds are free of federal tax the after tax return is equal to the before tax rate of return r m=0.0692(1-0) =6.92%.3. A 6.25% 25-year municipal bond is currently priced to yield8.7%. For a taxpayer in the 25% marginal tax bracket, this bondwould offer an equivalent taxable yield of __________.The equivalent taxable yield is the yield divided by the quantity one minus the tax rate or r m/ (1-t). Therefore,0.087/0.75=11.6%.4.If three stocks comprise an index and the returns on the threestocks during a given period were 17%, -13%, and 6%, whatwould be the geometric return of the index?To compute a geometric average, add one to each of the returns and multiply each of the terms to find the geometric sum. To find the geometric average, the geometric sum is raised to 1/n and then one is subtracted. Therefore, the geometric mean is [(1.17) (0.87) (1.06)]1/3-1=2.566%.5.In order for you to be indifferent between the after tax returns ona corporate bond paying 8.15% and a tax-exempt municipalbond paying 6.32%, what would you tax bracket need to be? For you to be indifferent, the after tax returns would need to be equal. Since only the corporate bond is taxed, r c(1-t)= r m. Therefore,0.0632=0.0815(1-t), (1-t) =0.77546, and t=0.2245 or 22.45%.6. A $1,000 face value bond pays annual coupon payments of $65and is currently priced at $967. The current yield of the bond is __________.The current yield is annual interest divided by the current price ($65/$967) = 6.72%./doc/ec9d072a4b73f242336c5fe7.html pare the after tax return to a corporation that buys a share of preferred stock at the beginning of the year for $65, receives a dividend of $4.50 during the year, and sells the stock at the end of the year for $65. The corporation is in the 30% tax bracket.Answer the questions below based on the information given in the following table.Stock Price Number of shares outstandingStock A $35 2,000Stock B $82 4,500Stock C $21 1,600The total before tax income is the $4.50 dividend. Since the firm can exclude 70% of the dividend from tax, the firm must pay tax on 30% of the dividend, or ($4.50×0.30) =$1.35. Since the firm is in the 30% tax bracket the taxliability is $1.35×0.30=0.405. Therefore, the firm nets (after tax)$4.50-0.41=4.09. Since the firm experienced no capital gain (or loss), the after tax return is $4.09/$65 = 0.06292 or 6.29%.8.The price-weighted index constructed with the three stocks is__________.A price weighted index is constructed by adding the prices of the securities and dividing by the number of securities in the index ($35 + $82 + $21)/3 = $46.9.The value-weighted index constructed with the three stocksusing a divisor of 1,000 is __________.A value-weighted index is computed by first computing the market value of each stock (price time the number of shares outstanding). Once each market value is computed, add the market values together and divide by the divisor. In this case it is [($35×2,000) + ($82×4,500) +($21×1,600)]/1,000 = 472.60.10.Assume that the return on stocks A, B, and C (above) during theyear were 18%, -6%, and 30%, respectively.A.The return of the price-weighted index would be__________.B.The return of the value-weighted index would be__________.C.The arithmetic return of the equally weighted index wouldbe__________.A. To compute the return of the price-weighted index you need to find the new prices of the stocks and then compute the average as follows:Stock A = [$35×(1.18)] = $41.30Stock A = [$82×(0.94)] = $77.08Stock A = [$21×(1.30)] = $27.30Average = (41.30 + 77.08 +27.30)/3 = $48.56.The change in the index value (return) is (48.56 - 46)/46 = 5.565%.B. To compute the return of the value-weighted index you need to use the new prices to find the new value of the index. The return will be the change in the value of the index. In this case the new value is [($41.30×2,000) + ($77.08×4,500) + ($27.30×1,600)]/1,000 = 473.14. The old value is [($35×2,000) + ($82×4,500) + ($21×1,600)]/1,000 = 472.60. Therefore, the return is (473.14 – 472.60)/472.60 = 0.11%.C. The return of an equally weighted index is the sum of the return of eachsecurity in the index divided by the number of securities or [18% + (-6%) + 30%]/3 = 14%.Chapter 3 Security Markets1.Assume you purchased 400 shares of IBM common stock onmargin at $85 per share from your broker. If the initial margin is 60%, how much did you borrow from the broker?If you bought 400 shares@ $85/share, the cost is 400*$85=$34,000. Of this you invested $34,000*0.6=20,400 and borrowed $34,000*(1-0.6)=$13,600.2.You sold short 350 shares of common stock at $42 per share. Theinitial margin is 60%. Your initial investment was___________.If you sold short 350 share@ $42/share the proceeds are350*$42=$14,700. With a margin of 60% you must invest$14,700*0.6=$8,820.3.You purchased 1,000 shares of Cisco common stock on margin at$18 per share. Assume the initial margin is 50% and themaintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.If you purchased 1,000 shares@ $18/share the cost is$18*1,000=$18,000. Of this you must invest 50% and can borrow 50%.Therefore, the loan amount is $18,000*0.5=$9,000. Margin=[1,000P-$9,000]/1,000P.Therefore, 0.30 = (1,00P-$9,000)/1,000P; 300P=1,000P-$9,000;-700P=-$9,000; P=$12.864.You purchased 600 shares of common stock on margin at $27 pershare. Assume the initial margin is 50% and the stock pays nodividend. What would the maintenance margin be if a margin call is made at a stock price of $22? Ignore interest on margin. If you purchased 600 shares@ $27/share the cost is $27*600=$16,200.Therefore, you invest 50% and borrowed the other 50% of the amount.The loan amount is 16,200*0.5=%8,100.Margin = [600*$22-$8,100]/ 600*$22; Margin = 0.386 or 38.6%.5.You purchased 200 shares of common stock on margin at $35 pershare. Assume the initial margin is 50% and the stock pays no dividend. What would your rate of return be if you sell the stock at price of $45.50 per share? Ignore interest on margin.The initial investment is 200*$35*0.50=$3,500. The change in value of the stock is ($45.50-$35)*200 = $2,100. Therefore, the return =$2,000/$3,500 = 60%.6.Assume you sell short 100 shares of common stock at $30 pershare, with initial margin at 50% and the stock pays no dividend.What would your rate of return if you repurchase the stock at $37/share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.The profit on the stock is = ($30-$37)*100 = -$700. The initialinvestment is $100*0.30*0.5=1,500. Therefore, the return is-$700/$1,500 = -46.67%.7.You sold short 200 shares of common stock at $30 per share. Theinitial margin at 50%. At what stock price would you receive a margin call if the maintenance margin is 35%.The amount in your account is 200*$50*1.5 = $15,000 and you owe 200 shares of stock. Therefore your net equity is $15,000-200P.Margin = net equity/amount you owe or 0.35 = ($15,000 -200P)/200P.Rearranging, $70 = $15,000 – 200P; 270P=$15,000; P = $55.55.8.Assume you sold short 100 shares of common stock at $25 pershare. The initial margin at 50%. What would be themaintenance margin if a margin call is made at a stock price of $30?The amount your account is $25*100*1.5 = $3,750 and you owe 100 shares of stock. Therefore your net equity is $3,750-100P.Margin = net equity/amount you owe or 0.35 = ($3,750-100*$30)/100*$30=25%..Rearranging, $70 = $15,000 – 200P; 270P=$15,000; P = $55.55.9.You want to purchase AMAT stock at $42 from your broker usingas little of your own money as possible. If initial margin is 50% and you have $2,700 to invest, how many shares can you buy?The margin is 50% or = 0.5 = ($42Q - $2,700)/$42Q. Therefore, $21Q = $42Q - $2,700.Rearranging, -$21Q = -$2,700; Q = 128.54. Since you can only buy whole shares, you can buy 128 shares. Alternatively, you can buy[$2,700*2]/$42 = 128. 57 shares.10.You buy 150 shares of Citicorp for $25 per share and depositinitial margin of 50%. The next day Citicorp's price drop to $20 per share. What is your actual margin?The actual margin (AT) is AM = [150*$20-0.5*150*25]/[150*$20] =0.375 or 37.5%.Chapter 4 Mutual Funds and Other Investment Companies1. A mutual fund had NAV per share of $14.25 on January 1, 2003.On December 31 of the same year the fund's NAV was $14.87.Income distributions were $0.59 and the fund had capital gain distributions of $1.36. Without considering taxes and transactions costs, what rate of return did an investor receive on the fund last year?The return is calculated by finding the change in value of the investment divided by the price. The change in value is the capital gain (whether realized or not) plus the sum of all distributions. Therefore,Return= ($14.87 -14.25 + 0.59 + 1.36)/ $14.25 = 18.04%.2. A mutual fund had NAV per share of $16.25 on January 1, 2003.On December 31 of the same year the fund's rate of return was14.2%. Income distributions were $1.02 and the fund had capitalgain distributions of $0.63. Without considering taxes andtransactions costs, what ending NAV would you calculate?The return is equals the capital gain plus the all distributions divided by the investment. Therefore, 0.142 = (P - $16.25 + 1.02 + 0.63)/$16.25;P = $16.9075.3. A mutual fund had year-end assets of $316,000,000 andliabilities of $42,000,000. If the fund's NVA was $28.64, how many shares must have been held in the fund?The number of shares equals the assets minus the liabilities divided by the NAV. Therefore, ($316,000,000 -$42,000,000)/$28.64 =9,567,039.106 shares.4. A mutual fund had year-end assets of $750,000,000 andliabilities of $8,000,000. There were 40,750,000 shares in the fund at year end. What was the mutual fund's Net Asset Value? NAV equals assets minus liabilities divided by the number of shares.Therefore, ($750,000,000 – 8,000,000)/40,750,000 = $18.21.5. A mutual fund had average daily assets of $1.8 billion on 2003.The fund sold $625 million worth of stock and purchased $900 million worth of stock during the year. The fund's turnover ratio is ___________.Turnover is the value of securities sold divided by the average assets of the fund. Therefore, 625,000,000/1,800,000,000 = 34.7%.6.You purchased shares of a mutual fund at a price of $18 per shareat the beginning of the year and paid a front-end load of 5.75%.If the securities in which the fund invested increased in value by 12% during the year, and the fund's expense ratio was0.75%, your return of you sold the fund at the end of the year would be _______.Since the fund has a front-end load, only (1-load) (or 0.9425) times NAV(18) is actually invested and growing. The money invested will grow at12% minus the 0.75% fees (or 11.25%). Therefore, [($18)(0.9425)(1.12-0.075) - $18]/$18 = 4.85% return.7.Apex fund has a NAV of 16.12 and a front load of 5.62%. What isthe offer price?The offer price equals NAV divided by one minus load. Therefore, $16.12 / (1 – 0.0562) = $17.08.8.Exponential growth fund has an offer price of 14.77 and a load of6%. What is the NAV?The offer price times on minus load equals NAV. Therefore, NAV equals $14.77 (0.94) = $13.889. A fund owns only three stocks with prices and quantities shownbelow. The fund has 50,000 shares outstanding. If the fund has $47,000 in liabilities, its NAV is________.Stock Price Number of shares outstandingStock A $35 2,000Stock B $82 4,500Stock C $21 1,600The value of assets is [($35?2,000) + ($82?4,500) + ($21?1.600)] = $472,600. Since NAV is asset minus liabilities divided by the number of shares outstanding, NAV = ($472,600 - $47,000)/50,000 = $8.5110.You have decided to invest $10,000 in the Pinnacle fund. Overthe long haul, the Pinnacle fund is expected to earn a return of10.25% on the portfolio (gross of fees). However, Pinnacle fundoffers several classes of funds. Therefore, you can choose to paya front load of 5% and escape 12-b1 fees or you can avoid theload fee by paying 12-b1 fees of 0.75%. If you investmenthorizon is 16 years, which should you choose?Since both strategies have a claim on the same portfolio of securities, you need to compute you expected terminal wealth under each strategy.The terminal wealth in the no-load fund would be the initial investment ($10,000) times one plus the net rate of return (return minus 12-b1 fee) or 1.095 raised to the N number of years (16). Therefore, 10,00(1.095)16 = $42,719.48.The terminal wealth in the front-end load fund would be the initialinvestment in the portfolio ($10,000) (1-load) times on plus the rate of return or 1.1025 raised to the N number of years (16). Therefore,9,500(1.1025)16= $45,266.94.In this case, you would be better off with the load-end fund.———⼤猫。
张元萍主编《投资学》课后习题答案
张元萍《投资学》课后习题答案第一章能力训练答案选择题1 2 3 4 5 6A B A D D C7 8 9 10 11 12B AC ABC ABD ABCD13 14 15 16 17ABCD ACD BD AB BD思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。
也就是说，投资是要素投入权、资产所有权、收益占有权的统一。
这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。
从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。
②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。
尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。
③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。
投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。
这一全过程实际上都是投资三权统一的实现过程。
④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。
投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。
这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。
2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。
这是金融投资最基本的功能。
筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。
社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。
（2）分散化与多元化功能。
金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。
《投资学》课后习题答案
张元萍《投资学》课后习题答案第一章能力训练答案选择题思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。
也就是说，投资是要素投入权、资产所有权、收益占有权的统一。
这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。
从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。
②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。
尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。
③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。
投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。
这一全过程实际上都是投资三权统一的实现过程。
④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。
投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。
这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。
2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。
这是金融投资最基本的功能。
筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。
社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。
（2）分散化与多元化功能。
金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。
金融投资把投资权力扩大到了整个社会。
（３）自我发展功能。
金融投资具有一种促进自己不断创新和发展的内在机制。
（4）资源配置优化功能。
货币是经济增长的第一推动力和持续动力，因此如筹集货币和分配货币并通过货币的分配而优化整个经济系统的资源配置，是经济运行的首要问题。
投资学 课后习题及答案
投资学课后习题及答案投资学练习导论习题1证券投资是指投资者购买_______、________、________等有价证券以及这些有价证券的_______以获取________、_________及________的投资行为和投资过程，是直接投资的重要形式。
(填空)2 ____是投资者为实现投资目标所遵循的基本方针和基本准则。
(单选) A证券投资政策 B证券投资分析 C证券投组合 D评估证券投资组合的业绩3 一般来说，证券投资与投机的区别主要可以从________等不同角度进行分析。
(多选) A 动机 B对证券所作的分析方法 C投资期限 D投资对象 E风险倾向4在证券市场中，难免出现投机行为，有投资就必然有投机。
适度的投机有利于证券市场发展(判断)第一至第四章习题1在股份有限公司利润增长时，参与优先股股东除了按固定股息率取得股息外，还可以分得___________。
(填空)2 累积优先股是一种常见的、发行很广泛的优先股股票。
其特点是股息率______，而且可以 ________计算。
(填空)3________不是优先股的特征之一。
(单选)A约定股息率 B股票可由公司赎回 C具有表决权 D优先分派股息和清偿剩余资产。
4 股份有限公司最初发行的大多是_____，通过这类股票所筹集的资金通常是股份有限公司股本的基础。
(单选)A特别股 B优先股 CB股 D普通股5 当公司前景和股市行情看好、盈利增加时，可转换优先股股东的最佳策略是_______ 。
(单选)A转换成参与优先股 B转换成公司债券 C转换成普通股 D转换成累积优先股6 下列外资股中，不属于境外上市外资股的是________。
(单选)A H股 BN股 CB股 DS股7 股份制就是以股份公司为核心，以股票发行为基础，以股票交易为依托。
(判断) 8 可赎回优先股是指允许拥有该股票的股东在一个合理的价格范围内将资金赎回。
(判断) 9________是指在管理层和股东之间发生冲突的可能性，它是由管理层在利益回报方面的控制以及管理人员的低效业绩所产生的问题。
投资学课后习题参考答案
习题参考答案第2章答案：一、选择1、D2、C二、填空1、公众投资者、工商企业投资者、政府2、中国人民保险公司；中国国际信托投资公司3、威尼斯、英格兰4、信用合作社、合作银行；农村信用合作社、城市信用合作社；5、安全性、流动性、效益性三、名词解释：财务公司又称金融公司，是一种经营部分银行业务的非银行金融机构。
其最初是为产业集团内部各分公司筹资，便利集团内部资金融通，但现在经营领域不断扩大，种类不断增加，有的专门经营抵押放款业务，有的专门经营耐用消费品的租购和分期付款业务，大的财务公司还兼营外汇、联合贷款、包销证券、不动产抵押、财务及投资咨询服务等。
信托公司是指以代人理财为主要经营内容、以委托人身份经营现代信托业务的金融机构。
信托公司的业务一般包括货币信托（信托贷款、信托存款、养老金信托、有价证券投资信托等）和非货币信托（债权信托、不动产信托、动产信托等）两大类。
保险公司是一类经营保险业务的金融中介机构。
它以集合多数单位或个人的风险为前提，用其概率计算分摊金，以保险费的形式聚集资金建立保险基金，用于补偿因自然灾害或以外事故造成的经济损失，或对个人因死亡伤残给予物质补偿。
四、简答1、家庭个人是金融市场上的主要资金供应者，其呈现出的主要特点如下：（1）投资目标简单；（2）投资活动更具盲目性（3）投资规模较小，投资方向分散，投资形式灵活。
企业作为非金融投资机构，其行为呈现出了以下的显著特点：（1）资金需求者地位突现；（2）投资目标的多元化；（3）投资比较稳定；（4）短期投资交易量大。
2、商业银行在经济运行中主要的职能如下：（1）信用中介职能；（2）支付中介职能；（3）调节媒介职能；（4）金融服务职能；（5）信用创造职能；总的来说，商业银行业务可以归为以下三类:（1）负债业务：是指资金来源的业务；（2）资产业务：是商业银行运用资金的业务；（3）中间业务和表外业务：中间业务指银行不需要运用自己的资金而代客户承办支付和其他委托事项，并据以收取手续费的业务第3章答案：一、选择题1、D2、D3、B二、填空题1、会员制证券交易所和公司制证券交易所、会员制、公司制。
投资学(金德环)1-10课后习题解答
E ( Ri ) R f [ E ( Rm ) R f ]i (1) E ( RA ) R f [ E ( Rm ) R f ] A R f [ E ( Rm ) R f ]*0.8 (2) E ( RB ) R f [ E ( Rm ) R f ] B 19% R f [ E ( Rm ) R f ]*1.5 (3) E ( RC ) R f [ E ( Rm ) R f ]C 15% R f [ E ( Rm ) R f ]C (4) E ( RD ) R f [ E ( Rm ) R f ] D 7% R f [ E ( Rm ) R f ]*0 (5) E ( RE ) R f [ E ( Rm ) R f ] E 16.6% R f [ E ( Rm ) R f ]*1.2
证券 A B C
n
贝塔值 0.9 1.3 1.05
权重 0.3 0.1 0.6
p X ii 0.9*0.3 1.3*0.1 1.05*0.6 1.03
i 1
10、请根据CAPM中收益与风险的关系补充下表中 缺失的数据： i E ( Ri ) i i 2 证券名称
0.5*(16 8.25) 2 0.3*(2.5 8.25) 2 0.2*(2.5 8.25) 2 7.94
p
4、项目A的收益为4％，标准差为7.5％，项目B的收益为10 ％，标准差为９％ ，投资哪个项目？
方法I ：变异系数（取小：B） CV 7.5% 1.88; CV 9% 0.9 A B
《投资学》课后习题参考答案
习题参考答案第2章答案：一、选择1、D2、C二、填空1、公众投资者、工商企业投资者、政府2、中国人民保险公司；中国国际信托投资公司3、威尼斯、英格兰4、信用合作社、合作银行；农村信用合作社、城市信用合作社；5、安全性、流动性、效益性三、名词解释：财务公司又称金融公司，是一种经营部分银行业务的非银行金融机构。
其最初是为产业集团内部各分公司筹资，便利集团内部资金融通，但现在经营领域不断扩大，种类不断增加，有的专门经营抵押放款业务，有的专门经营耐用消费品的租购和分期付款业务，大的财务公司还兼营外汇、联合贷款、包销证券、不动产抵押、财务及投资咨询服务等。
信托公司是指以代人理财为主要经营内容、以委托人身份经营现代信托业务的金融机构。
信托公司的业务一般包括货币信托（信托贷款、信托存款、养老金信托、有价证券投资信托等）和非货币信托（债权信托、不动产信托、动产信托等）两大类。
保险公司是一类经营保险业务的金融中介机构。
它以集合多数单位或个人的风险为前提，用其概率计算分摊金，以保险费的形式聚集资金建立保险基金，用于补偿因自然灾害或以外事故造成的经济损失，或对个人因死亡伤残给予物质补偿。
四、简答1、家庭个人是金融市场上的主要资金供应者，其呈现出的主要特点如下：（1）投资目标简单；（2）投资活动更具盲目性（3）投资规模较小，投资方向分散，投资形式灵活。
企业作为非金融投资机构，其行为呈现出了以下的显著特点：（1）资金需求者地位突现；（2）投资目标的多元化；（3）投资比较稳定；（4）短期投资交易量大。
2、商业银行在经济运行中主要的职能如下：（1）信用中介职能；（2）支付中介职能；（3）调节媒介职能；（4）金融服务职能；（5）信用创造职能；总的来说，商业银行业务可以归为以下三类:（1）负债业务：是指资金来源的业务；（2）资产业务：是商业银行运用资金的业务；（3）中间业务和表外业务：中间业务指银行不需要运用自己的资金而代客户承办支付和其他委托事项，并据以收取手续费的业务第3章答案：一、选择题1、D2、D3、B二、填空题1、会员制证券交易所和公司制证券交易所、会员制、公司制。
投资学课后题及答案
Chapter 1 The Investment Environment 1.What is a real asset?Real assets are used to produce goods and services. Real assets consist of land, labor, and buildings. These generate income to the economy and determine both the material wealth and productive capacity of the economy. Additionally, real assets appear on only one side of the balance sheet.2.What is a financial asset?Financial assets are claims on real assets and income from them. Financial assets consist of stocks and bonds. These contribute indirectly to the productive capacity of the economy. Additionally, financial assets appear on both sides of the balance sheet.3.What is consumption timing and why is it important? Consumption timing allows flexibility between earnings and spending. Therefore, when we are younger and we can consume more than we earn by borrowing money to by homes and automobiles. As we age, we can invest to so that we can retire someday and live off of our prior earnings. Financial assets4.What is allocation of risk and why is it important?Allocation of risk is creating assets with various degrees of risk. This enables firms to raise capital and also gives investors a choice of assets with various risk levels from which to choose5.What is separation of ownership and why is it important?The separation of ownership and management is important. Unlike a sole proprietorship where the owners are the managers, owners of corporations are stockholders. Stockholders elect the broad of directors that hires the management team. The objective that all owners can agree to is for management to maximize the value of the firm (share price).6.What are the three sectors of the economy and what is theirprimary need?A. Firms are typically net borrowers as they seek to expand the firm and require resources to take on valuable projects.B. Households are typically net savers as they seek to use consumption timing to plan for longer-term financial requirements such as educating their children and investing for retirement. As such, they are interested in risk and after tax returns of investments.C. Governments are typically net borrowers but their needs depend on the current relationship between tax receipts and expenditures7.List and explain four important functions that financialintermediates perform.Financial intermediaries connect borrowers and lenders. Financial intermediaries are able to sell their own securities and invest in the liabilities of other firms. As such they can:A. pool resources to spread management costs over an larger base which reduces costs to an individual investor.B. diversify investments by being able to invest in more securities.C. develop expertise through the increased volume of business that they do.D. achieve economies of scale by being spread research costs over the pool.]8.What is securitization and why is it important?Securitization allows borrowers to enter capital markets directly. Loans are arranged into pass-through securities (such as mortgage pool) and investors can invest in securities backed by those pools9.List and briefly explain five ways an investor can globallydiversityA primary market transaction is where securities are initially issued. Thus, the issuing firm receives the money and delivers the securities. The secondary market is where existing securities are traded. Thus, the firm that originally issued the securities receives no proceeds from the transaction. The individual selling the securities receives the money and delivers the securities while the individual buying the securities delivers the money 10.The four types of markets where trading takes place are listedbelow.A. Direct search markets. In direct search markets buyers and sellers must find each other. These markets are characterized by sporadic trading and low-priced non-standard goods such as refrigerator or sofas.B. Brokered markets. In markets that have active trading, brokers find it profitable to offer search services to buyers and seller. One example of this is real estate.C. Dealer market. In dealer markets, the dealers specialize by buying and selling for their own account. Dealers profit from the difference between their buying price and selling price (bid-ask spread). The OTC market is a dealer market.D. Auction market. In an auction market, such as the NYSE, all tradersconverge in one place to buy or sell an asset. Auction markets require heavy trading to make them efficient.11.The five ways for investors to globally diversify portfolio arelisted and discussed below.A.Investors can purchase American Depository Receipts (ADR=s) whichare a certificate that is denominated in dollars and represents a claim ona bundle of stock.B.Investors can purchase directly purchase foreign securities offered forsale in dollars.C.Investors can purchase international mutual funds that invest ininternational securities.D.Investors can purchase derivatives on foreign securities.E.Investors can purchase World Equity Benchmark Shares (WEBS) whichuse the same structure as an ADR but allow an investor to tradeportfolios of foreign stocks in a selected country.Chapter 2 Financial Instruments1.The price quotations of Treasury bonds in the Wall Street Journalshow an ask price of 101:12 and a bid price of 101:07.A. As a buyer of the bond what is the dollar price you expect to pay?B. As a seller of the bond what is the dollar price you expect to receive?A. You would pay the ask price of the dealer, 10112/32 or 101.375% of$10,000, or $10,137.50.B. You would receive the bid price of the dealer, 1017/32 or 101.21875% of$10,000, or $10,121.875.2.An investor is considering the purchase of either a municipal or acorporate bond that pay before tax rates of return of 6.92% and9.67%, respectively. If the investor is in the 25% marginal taxbracket, his or her after tax rates of return on the municipal and corporate bonds would be_________ and _________,respectively.Corporate bonds are taxable, therefore the after tax return would ber c=0.0967(1-0.25) =0.0725 or 7.25%. Since municipal bonds are free of federal tax the after tax return is equal to the before tax rate of return r m=0.0692(1-0) =6.92%.3. A 6.25% 25-year municipal bond is currently priced to yield8.7%. For a taxpayer in the 25% marginal tax bracket, this bondwould offer an equivalent taxable yield of __________.The equivalent taxable yield is the yield divided by the quantity one minus the tax rate or r m/ (1-t). Therefore, 0.087/0.75=11.6%.4.If three stocks comprise an index and the returns on the threestocks during a given period were 17%, -13%, and 6%, whatwould be the geometric return of the index?To compute a geometric average, add one to each of the returns and multiply each of the terms to find the geometric sum. To find the geometric average, the geometric sum is raised to 1/n and then one is subtracted. Therefore, the geometric mean is [(1.17) (0.87) (1.06)]1/3-1=2.566%.5.In order for you to be indifferent between the after tax returns ona corporate bond paying 8.15% and a tax-exempt municipalbond paying 6.32%, what would you tax bracket need to be? For you to be indifferent, the after tax returns would need to be equal. Since only the corporate bond is taxed, r c(1-t)= r m. Therefore,0.0632=0.0815(1-t), (1-t) =0.77546, and t=0.2245 or 22.45%.6. A $1,000 face value bond pays annual coupon payments of $65and is currently priced at $967. The current yield of the bond is __________.The current yield is annual interest divided by the current price ($65/$967) = 6.72%.pare the after tax return to a corporation that buys a share ofpreferred stock at the beginning of the year for $65, receives a dividend of $4.50 during the year, and sells the stock at the end of the year for $65. The corporation is in the 30% tax bracket.Answer the questions below based on the information given in the following table.Stock Price Number of shares outstandingStock A $35 2,000Stock B $82 4,500Stock C $21 1,600The total before tax income is the $4.50 dividend. Since the firm can exclude 70% of the dividend from tax, the firm must pay tax on 30% of the dividend, or ($4.50×0.30) =$1.35. Since the firm is in the 30% tax bracket the taxliability is $1.35×0.30=0.405. Therefore, the firm nets (after tax)$4.50-0.41=4.09. Since the firm experienced no capital gain (or loss), the after tax return is $4.09/$65 = 0.06292 or 6.29%.8.The price-weighted index constructed with the three stocks is__________.A price weighted index is constructed by adding the prices of the securities and dividing by the number of securities in the index ($35 + $82 + $21)/3 = $46.9.The value-weighted index constructed with the three stocksusing a divisor of 1,000 is __________.A value-weighted index is computed by first computing the market value of each stock (price time the number of shares outstanding). Once each market value is computed, add the market values together and divide by the divisor. In this case it is [($35×2,000) + ($82×4,500) +($21×1,600)]/1,000 = 472.60.10.Assume that the return on stocks A, B, and C (above) during theyear were 18%, -6%, and 30%, respectively.A.The return of the price-weighted index would be__________.B.The return of the value-weighted index would be__________.C.The arithmetic return of the equally weighted index wouldbe__________.A. To compute the return of the price-weighted index you need to find the new prices of the stocks and then compute the average as follows:Stock A = [$35×(1.18)] = $41.30Stock A = [$82×(0.94)] = $77.08Stock A = [$21×(1.30)] = $27.30Average = (41.30 + 77.08 +27.30)/3 = $48.56.The change in the index value (return) is (48.56 - 46)/46 = 5.565%.B. To compute the return of the value-weighted index you need to use the new prices to find the new value of the index. The return will be the change in the value of the index. In this case the new value is [($41.30×2,000) + ($77.08×4,500) + ($27.30×1,600)]/1,000 = 473.14. The old value is [($35×2,000) + ($82×4,500) + ($21×1,600)]/1,000 = 472.60. Therefore, the return is (473.14 – 472.60)/472.60 = 0.11%.C. The return of an equally weighted index is the sum of the return of eachsecurity in the index divided by the number of securities or [18% + (-6%) + 30%]/3 = 14%.Chapter 3 Security Markets1.Assume you purchased 400 shares of IBM common stock onmargin at $85 per share from your broker. If the initial margin is 60%, how much did you borrow from the broker?If you bought 400 shares@ $85/share, the cost is 400*$85=$34,000. Of this you invested $34,000*0.6=20,400 and borrowed$34,000*(1-0.6)=$13,600.2.You sold short 350 shares of common stock at $42 per share. Theinitial margin is 60%. Your initial investment was___________.If you sold short 350 share@ $42/share the proceeds are350*$42=$14,700. With a margin of 60% you must invest$14,700*0.6=$8,820.3.You purchased 1,000 shares of Cisco common stock on margin at$18 per share. Assume the initial margin is 50% and themaintenance margin is 30%. Below what stock price level would you get a margin call? Assume the stock pays no dividend; ignore interest on margin.If you purchased 1,000 shares@ $18/share the cost is$18*1,000=$18,000. Of this you must invest 50% and can borrow 50%.Therefore, the loan amount is $18,000*0.5=$9,000. Margin=[1,000P-$9,000]/1,000P.Therefore, 0.30 = (1,00P-$9,000)/1,000P; 300P=1,000P-$9,000;-700P=-$9,000; P=$12.864.You purchased 600 shares of common stock on margin at $27 pershare. Assume the initial margin is 50% and the stock pays nodividend. What would the maintenance margin be if a margin call is made at a stock price of $22? Ignore interest on margin.If you purchased 600 shares@ $27/share the cost is $27*600=$16,200.Therefore, you invest 50% and borrowed the other 50% of the amount.The loan amount is 16,200*0.5=%8,100.Margin = [600*$22-$8,100]/ 600*$22; Margin = 0.386 or 38.6%.5.You purchased 200 shares of common stock on margin at $35 pershare. Assume the initial margin is 50% and the stock pays no dividend. What would your rate of return be if you sell the stock at price of $45.50 per share? Ignore interest on margin.The initial investment is 200*$35*0.50=$3,500. The change in value of the stock is ($45.50-$35)*200 = $2,100. Therefore, the return =$2,000/$3,500 = 60%.6.Assume you sell short 100 shares of common stock at $30 pershare, with initial margin at 50% and the stock pays no dividend.What would your rate of return if you repurchase the stock at $37/share? The stock paid no dividends during the period, and you did not remove any money from the account before making the offsetting transaction.The profit on the stock is = ($30-$37)*100 = -$700. The initialinvestment is $100*0.30*0.5=1,500. Therefore, the return is-$700/$1,500 = -46.67%.7.You sold short 200 shares of common stock at $30 per share. Theinitial margin at 50%. At what stock price would you receive a margin call if the maintenance margin is 35%.The amount in your account is 200*$50*1.5 = $15,000 and you owe 200 shares of stock. Therefore your net equity is $15,000-200P.Margin = net equity/amount you owe or 0.35 = ($15,000 -200P)/200P.Rearranging, $70 = $15,000 – 200P; 270P=$15,000; P = $55.55.8.Assume you sold short 100 shares of common stock at $25 pershare. The initial margin at 50%. What would be themaintenance margin if a margin call is made at a stock price of $30?The amount your account is $25*100*1.5 = $3,750 and you owe 100 shares of stock. Therefore your net equity is $3,750-100P.Margin = net equity/amount you owe or 0.35 = ($3,750-100*$30)/100*$30=25%..Rearranging, $70 = $15,000 – 200P; 270P=$15,000; P = $55.55.9.You want to purchase AMAT stock at $42 from your broker usingas little of your own money as possible. If initial margin is 50% and you have $2,700 to invest, how many shares can you buy?The margin is 50% or = 0.5 = ($42Q - $2,700)/$42Q. Therefore, $21Q = $42Q - $2,700.Rearranging, -$21Q = -$2,700; Q = 128.54. Since you can only buy whole shares, you can buy 128 shares. Alternatively, you can buy[$2,700*2]/$42 = 128. 57 shares.10.You buy 150 shares of Citicorp for $25 per share and depositinitial margin of 50%. The next day Citicorp's price drop to $20 per share. What is your actual margin?The actual margin (AT) is AM = [150*$20-0.5*150*25]/[150*$20] =0.375 or 37.5%.Chapter 4 Mutual Funds and Other Investment Companies1. A mutual fund had NAV per share of $14.25 on January 1, 2003.On December 31 of the same year the fund's NAV was $14.87.Income distributions were $0.59 and the fund had capital gain distributions of $1.36. Without considering taxes andtransactions costs, what rate of return did an investor receive on the fund last year?The return is calculated by finding the change in value of the investment divided by the price. The change in value is the capital gain (whether realized or not) plus the sum of all distributions. Therefore,Return= ($14.87 -14.25 + 0.59 + 1.36)/ $14.25 = 18.04%.2. A mutual fund had NAV per share of $16.25 on January 1, 2003.On December 31 of the same year the fund's rate of return was14.2%. Income distributions were $1.02 and the fund had capitalgain distributions of $0.63. Without considering taxes andtransactions costs, what ending NAV would you calculate?The return is equals the capital gain plus the all distributions divided by the investment. Therefore, 0.142 = (P - $16.25 + 1.02 + 0.63)/$16.25;P = $16.9075.3. A mutual fund had year-end assets of $316,000,000 andliabilities of $42,000,000. If the fund's NVA was $28.64, how many shares must have been held in the fund?The number of shares equals the assets minus the liabilities divided by the NAV. Therefore, ($316,000,000 - $42,000,000)/$28.64 =9,567,039.106 shares.4. A mutual fund had year-end assets of $750,000,000 andliabilities of $8,000,000. There were 40,750,000 shares in the fund at year end. What was the mutual fund's Net Asset Value?NAV equals assets minus liabilities divided by the number of shares.Therefore, ($750,000,000 – 8,000,000)/40,750,000 = $18.21.5. A mutual fund had average daily assets of $1.8 billion on 2003.The fund sold $625 million worth of stock and purchased $900 million worth of stock during the year. The fund's turnover ratio is ___________.Turnover is the value of securities sold divided by the average assets of the fund. Therefore, 625,000,000/1,800,000,000 = 34.7%.6.You purchased shares of a mutual fund at a price of $18 per shareat the beginning of the year and paid a front-end load of 5.75%.If the securities in which the fund invested increased in value by 12% during the year, and the fund's expense ratio was 0.75%, your return of you sold the fund at the end of the year would be _______.Since the fund has a front-end load, only (1-load) (or 0.9425) times NAV(18) is actually invested and growing. The money invested will grow at12% minus the 0.75% fees (or 11.25%). Therefore, [($18)(0.9425)(1.12-0.075) - $18]/$18 = 4.85% return.7.Apex fund has a NAV of 16.12 and a front load of 5.62%. What isthe offer price?The offer price equals NAV divided by one minus load. Therefore, $16.12 / (1 – 0.0562) = $17.08.8.Exponential growth fund has an offer price of 14.77 and a load of6%. What is the NAV?The offer price times on minus load equals NAV. Therefore, NAV equals $14.77 (0.94) = $13.889. A fund owns only three stocks with prices and quantities shownbelow. The fund has 50,000 shares outstanding. If the fund has $47,000 in liabilities, its NAV is________.Stock Price Number of shares outstandingStock A $35 2,000Stock B $82 4,500Stock C $21 1,600The value of assets is [($35?2,000) + ($82?4,500) + ($21?1.600)] = $472,600. Since NAV is asset minus liabilities divided by the number of shares outstanding, NAV = ($472,600 - $47,000)/50,000 = $8.5110.You have decided to invest $10,000 in the Pinnacle fund. Overthe long haul, the Pinnacle fund is expected to earn a return of10.25% on the portfolio (gross of fees). However, Pinnacle fundoffers several classes of funds. Therefore, you can choose to paya front load of 5% and escape 12-b1 fees or you can avoid theload fee by paying 12-b1 fees of 0.75%. If you investmenthorizon is 16 years, which should you choose?Since both strategies have a claim on the same portfolio of securities, you need to compute you expected terminal wealth under each strategy.The terminal wealth in the no-load fund would be the initial investment ($10,000) times one plus the net rate of return (return minus 12-b1 fee) or 1.095 raised to the N number of years (16). Therefore, 10,00(1.095)16 = $42,719.48.The terminal wealth in the front-end load fund would be the initialinvestment in the portfolio ($10,000) (1-load) times on plus the rate of return or 1.1025 raised to the N number of years (16). Therefore,9,500(1.1025)16= $45,266.94.In this case, you would be better off with the load-end fund.———大猫。
张元萍主编《投资学》课后习题答案
张元萍主编《投资学》课后习题答案。
张元萍《投资学》课后习题答案第一章能力训练答案选择题1 2 3 4 5 6A B A D D C7 8 9 10 11 12B AC ABC ABD ABCD13 14 15 16 17ABCD ACD BD AB BD思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。
也就是说，投资是要素投入权、资产所有权、收益占有权的统一。
这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。
从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论第9页共36页是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。
②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。
尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。
③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。
投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。
这一全过程实际上都是投资三权统一的实现过程。
④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。
投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。
这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。
2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。
这是金融投资最基本的功能。
筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。
社会经济发展的第9页共36页最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。
（2）分散化与多元化功能。
《投资学》习题及其参考答案(中南财经政法大学)
《投资学》习题及其参考答案《投资学》习题第1章投资概述《》一、填空题1、投资所形成的资本可分为和。
2、资本是具有保值或增值功能的。
3、按照资本存在形态不同，可将资本分为、、、等四类。
4、根据投资所形成资产的形态不同，可以将投资分为、、三类。
5、按研究问题的目的不同，可将投资分成不同的类别。
按照投资主体不同，投资可分为、、、四类。
6、从生产性投资的每一次循环来，一个投资运动周期要经历、、、等四个阶段。
二、判断题1、资本可以有各种表现形态，但必须有价值。
（）2、无形资本不具备实物形态，却能带来收益，在本质上属于真实资本范畴。
（）3、证券投资是以实物投资为基础的，是实物投资活动的延伸。
（）4、直接投资是实物投资。
（）5、投机在证券交易中既有积极作用，又有消极作用。
（）6、投资所有者主体、投资决策主体、投资实施主体、投资存量经营主体是可以分离的。
（）三、多项选择题1、投资主体包括（）A．投资所有者主体B．投资决策主体C．投资实施主体D．投资存量经营主体E．投资收益主体2、下列属于真实资本有（）A．机器设备B．房地产C．黄金D．股票E．定期存单3、下列属于直接投资的有（）A．企业设立新工厂B．某公司收购另一家公司51%的股权C．居民个人购买1000股某公司股票D．发放长期贷款而不参与被贷款企业的经营活动E．企业投资于政府债券4、下列属于非法投机活动是（）A．抢帽子B．套利C．买空卖空D．操纵市场E．内幕交易四、名词解释投资投资主体产业投资证券投资直接投资间接投资五、简答题1、怎样全面、科学的理解投资的内涵？2、投资有哪些特点？3、投资的运动过程是怎样的？4、投资学的研究对象是什么？5、投资学的研究内容是什么？6、试比较主要西方投资流派理论的异同？第2章市场经济与投资决定一、填空题1、投资制度主要由、、等三大要素构成。
2、一般而言，投资制度分为和两类。
3、投资主体可以按照多种标准进行分类，一种较为常用的分类方法是根据其进行投资活动的目标，把投资主体划分为和。
张元萍主编投资学课后习题答案
元萍《投资学》课后习题答案第一章能力训练答案选择题思考题1．投资就是投资主体、投资目的、投资方式和行为在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。
也就是说，投资是要素投入权、资产所有权、收益占有权的统一。
这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。
从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球围，投资都无一例外地是这三权的高度统一。
②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。
尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。
③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。
投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。
这一全过程实际上都是投资三权统一的实现过程。
④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。
投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。
这些都使投资与其他经济活动区别开来，从而构成独立的经济畴和研究领域。
2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。
这是金融投资最基本的功能。
筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。
社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。
（2）分散化与多元化功能。
金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。
金融投资把投资权力扩大到了整个社会。
（３）自我发展功能。
金融投资具有一种促进自己不断创新和发展的在机制。
（4）资源配置优化功能。
货币是经济增长的第一推动力和持续动力，因此如筹集货币和分配货币并通过货币的分配而优化整个经济系统的资源配置，是经济运行的首要问题。
《投资学》课后习题答案
张元萍《投资学》课后习题答案第一章能力训练答案选择题1 2 3 4 5 6A B A D D C7 8 9 10 11 12B AC ABC ABD ABCD13 14 15 16 17ABCD ACD BD AB BD思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。
也就是说，投资是要素投入权、资产所有权、收益占有权的统一。
这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。
从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。
②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。
尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。
③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。
投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。
这一全过程实际上都是投资三权统一的实现过程。
④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。
投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。
这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。
2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。
这是金融投资最基本的功能。
筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。
社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。
（2）分散化与多元化功能。
金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。