金融市场与机构 (6)
学习金融市场与金融机构的运作
学习金融市场与金融机构的运作金融市场是指买卖各种金融资产的场所，也是各种金融工具进行定价和交易的场所。
金融机构则是指金融市场的参与者，包括银行、证券公司、保险公司等。
学习金融市场与金融机构的运作，对于了解金融体系的运行机制，掌握金融风险管理和金融投资技巧具有重要意义。
一、金融市场的分类根据金融工具的性质和交易方式的不同，金融市场可以分为货币市场和资本市场两大类。
货币市场是指短期资金和短期金融工具进行买卖交易的场所，交易期限一般在一年以内。
资本市场则是指长期融资和长期金融工具进行买卖交易的场所，交易期限一般在一年以上。
1. 货币市场货币市场的主要功能是调节短期流动性和满足资金的短期需求。
货币市场的金融工具包括国库券、短期企业债券、银行同业存单等。
这些金融工具的特点是流动性强、风险低、交易周期短。
2. 资本市场资本市场的主要功能是进行长期融资和长期投资，为企业和个人提供长期资金来源。
常见的资本市场金融工具包括股票、债券、期货、期权等。
这些金融工具的特点是交易期限长、风险较高。
二、金融机构的分类金融机构的分类主要根据其经营范围和业务性质来划分，常见的金融机构包括银行、证券公司、保险公司等。
1. 银行银行是金融市场的核心机构，负责资金的存储、支付、融资等各种金融服务。
银行的主要业务包括存款、贷款、国内结算、外汇交易、信用卡业务等。
在金融市场和金融体系中，银行扮演着重要的角色，对经济发展和金融稳定起着至关重要的作用。
2. 证券公司证券公司是金融市场的重要参与者，负责股票、债券、基金等金融工具的发行和交易。
证券公司的主要业务包括证券承销、自营交易、经纪交易等。
证券市场的发展和运作直接促进了企业的融资和投资，对于经济增长具有重要意义。
3. 保险公司保险公司是金融市场的风险管理机构，负责为客户提供风险保障和保险服务。
保险公司的主要业务包括人寿保险、财产保险、车险、健康保险等。
保险市场的稳定和健康发展对于个人和企业的风险管理至关重要。
金融市场与金融机构ppt课件
金融机构在金融市场中的作用
金融机构是金融市场的中介， 连接了资金供给方和需求方， 实现了资金的转移和分配。
金融机构通过提供各种金融产 品和服务，满足了客户的投资 和融资需求，促进了金融市场 的多元化和专业化。
金融机构在金融市场中发挥着 风险管理、信息披露和监督等 作用，提高了市场的透明度和 效率。
金融市场对金融机构的影响
金融市场的规模和结 构影响金融机构的业 务规模和盈利能力。
金融市场的监管政策 影响金融机构的业务 范围和经营模式。
金融市场的利率、汇 率等价格因素影响金 融机构的融资成本和 投资收益。
04
金融市场的全球化
金融市场全球化的趋势
资本流动自由化
随着贸易壁垒的逐步消除，资本 在各国之间的流动更加自由，跨
金融机构的分类
按业务类型
可分为银行业、证券业、 保险业等。
按组织形式
可分为国有金融机构、股 份制金融机构、外资金融 机构等。
按地域范围
可分为全国性金融机构和 区域性金融机构。
金融机构的监管
监管机构
监管手段
各国政府、中央银行、金融监管机构 等。
包括现场检查、非现场检查、信息披 露等。
监管目标
维护金融市场稳定、保护投资者利益、 防止金融风险等。
中介机构
包括银行、证券公司、保险公 司和基金公司等。
监管机构
包括中央银行、证监会、银监 会和保监会等。
02
金融机构概述
金融机构的定义与功能
定义
金融机构是指专门从事金融活动的组 织，包括银行、证券公司、保险公司 等。
功能
金融机构的主要功能是提供金融服务 ，包括吸收存款、发放贷款、买卖证 券等，同时还承担着资金清算、风险 管理等职责。
金融市场与机构
金融市场与机构中远集团资产证券化一、引言在国内已成功实施的资产证券化项目有：中远集团航运收入资产证券化、中集集团应收帐款资产证券化、珠海高速公路未来收益资产证券化。
其中中远集团通过资产证券化融资渠道获得的资金约5.5亿美元左右，珠海高速公路约2亿美元左右，中集集团为8000万美元左右。
在这三个资产证券化案例中，都是由外资投资银行担任证券化项目的主承销商。
目前还未有国内证券公司实质性地运作过资产证券化项目，我国证券公司关于资产证券化积累的经验和知识还处于初步阶段，还需要借鉴和学习国内投资银行的经验。
本文是作者与中远集团资产证券化项目参与人交流后，获得的一些新的经验和体会。
二、中远集团基本介绍中远集团是以国际航运为主业，集船务代理、货运代理、空运代理、码头仓储、内陆集疏运、贸易、工业、金融、保险、房地产开发、旅游、劳务输出、院校教育等业务于一体的大型企业集团,是国家确定的56家大型试点企业集团之一。
中远集团在全国各地都有自己的企业和网点，其中在广州、上海、青岛、大连、天津等地的远洋运输企业已经成为具有相当实力的地区性公司。
此外，中远集团在世界38个国家和地区设有自己的代理机构或公司，在全球150多个国家和地区的1100多个港口设有自己的代理，已经形成了一个以北京为中心，以香港、美国、德国、日本、澳大利亚和新加坡为地区分中心的跨国经营网络。
三、中远集团融资方式介绍1．商业票据中国远洋运输（集团）总公司一直在美国资本市场连续发行商业票据，发行的商业票据最长期限为270天，通过组建银团进行分销，并且以信用证作为发行的商业票据担保。
2000年2月2日中远集团的商业票据续发签字仪式在纽约顺利举行，成为中远集团进入新千年后的第一个融资项目。
意大利锡耶纳银行、美洲银行、花旗银行、美国第一银行和大通银行等多家美国主要银行和中国银行、中国交通银行的代表出席了这一仪式，并在有关合约上签字。
2．资产支持证券在东南亚金融危机的冲击下，商业票据融资渠道的融资功能大大减弱，中远集团于1997年一次发行3亿美元的资产支持证券，发行期限为7年。
金融市场与机构(第六版)测试银行 Ch24
Chapter 24Risk Management in Financial Institutions24.1Multiple Choice24.1.1)Banks face the problem of _________ in loan markets because bad credit risks are the ones mostlikely to seek bank loans.A)adverse selectionB)moral hazardC)moral suasionD)intentional fraudAnswer:AQuestion Status:Previous Edition24.1.2)If borrowers with the most risky investment projects are more likely to seek bank loans thanborrowers with the safest investment projects, banks face the problem ofA)adverse credit risk.B)adverse selection.C)moral hazard.D)conflict of interest.Answer:BQuestion Status:Previous Edition24.1.3)Because borrowers, once they have a loan, are more likely to invest in high-risk investmentprojects, banks face theA)adverse selection problem.B)lemon problem.C)adverse credit risk problem.D)moral hazard problem.Answer:DQuestion Status:Previous Edition24.1.4)Banksʹ attempts to solve adverse selection and moral hazard problems help explain loanmanagement principles such asA)screening and monitoring of loan applicants.B)collateral and compensating balances.C)credit rationing.D)all of the above.E)only A and B of the above.Answer:DQuestion Status:Previous Edition24.1.5)In one sense, _________ appears surprising since it means that the bank is not _________ itsportfolio of loans and thus is exposing itself to more risk.A)specialization in lending; diversifyingB)specialization in lending; rationingC)credit rationing; diversifyingD)screening; rationingAnswer:AQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 351 24.1.6)From the standpoint of _________, specialization in lending is surprising but makes perfectsense when one considers the _________ problem.A)moral hazard; diversificationB)diversification; moral hazardC)adverse selection; diversificationD)diversification; adverse selectionAnswer:DQuestion Status:Previous Edition24.1.7)Provisions in loan contracts that proscribe borrowers from engaging in specified risky activitiesare calledA)proscription bonds.B)collateral clauses.C)restrictive covenants.D)liens.Answer:CQuestion Status:Previous Edition24.1.8)Banks attempt to screen good from bad credit risks to reduce the incidence of loan defaults. Todo this, banksA)specialize in lending to certain industries or regions.B)write restrictive covenants into loan contracts.C)expend resources to acquire accurate credit histories of their potential loan customers.D)do all of the above.Answer:DQuestion Status:Previous Edition24.1.9)A bankʹs commitment (for a specified future period of time) to provide a firm with loans up toa given amount at an interest rate that is tied to a market interest rate is calledA)credit rationing.B)a line of credit.C)continuous dealings.D)none of the above.Answer:BQuestion Status:Previous Edition24.1.10)Lines of credit and long-term relationships between banks and their customersA)reduce the costs of information collection.B)make it easier for banks to screen good from bad risks.C)enable banks to deal with moral hazard contingencies that are neither anticipated norspecified in restrictive covenants.D)do all of the above.E)do only A and B of the above.Answer:DQuestion Status:Previous Edition352 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.11)Compensating balancesA)are a particular form of collateral commonly required on commercial loans.B)are a required minimum amount of funds that a borrower (i.e., a firm receiving a loan)must keep in a checking account at the bank.C)allow banks to monitor firmsʹ check payment practices which can yield information abouttheir borrowersʹ financial conditions.D)all of the above.Answer:DQuestion Status:Previous Edition24.1.12)A bank that wants to monitor the check payment practices of its commercial borrowers, so thatmoral hazard can be prevented, will require borrowers toA)place a bank officer on their board of directors.B)place a corporate officer on the bankʹs board of directors.C)keep compensating balances in a checking account at the bank.D)do all of the above.E)do only A and B of the above.Answer:CQuestion Status:Previous Edition24.1.13)Of the following methods that banks might use to reduce moral hazard problems, the one notlegally permitted in the United States is the requirement thatA)firms keep compensating balances at the banks from which they obtain their loans.B)firms place on their board of directors an officer from the bank.C)loan contracts include restrictive covenants.D)individuals provide detailed credit histories to bank loan officers.Answer:BQuestion Status:Previous Edition24.1.14)When a lender refuses to make a loan, although borrowers are willing to pay the stated interestrate or even a higher rate, it is said to engage inA)constrained lending.B)strategic refusal.C)credit rationing.D)collusive behavior.Answer:CQuestion Status:Previous Edition24.1.15)When a lender refuses to make a loan, even though borrowers are willing to pay the statedinterest rate or even a higher rate, it is said to engage inA)specialized lending.B)strategic refusal.C)diversified lending.D)coercive behavior.E)none of the above.Answer:EQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35324.1.16)Credit rationing occurs when a bankA)refuses to make a loan of any amount to a borrower, even when she is willing to pay ahigher interest rate.B)restricts the amount of a loan to less than the borrower would like.C)does either A or B of the above.D)does neither A nor B of the above.Answer:CQuestion Status:Previous Edition24.1.17)Because larger loans create greater incentives for borrowers to engage in undesirable activitiesthat make it less likely they will repay the loans, banksA)ration credit, granting borrowers smaller loans than they have requested.B)ration credit, charging higher interest rates to borrowers who want large loans than tothose who want small loans.C)ration credit, charging higher fees as a percentage of the loan to borrowers who wantlarge loans than to those who want small loans.D)do none of the above.Answer:AQuestion Status:Previous Edition24.1.18)When banks offer borrowers smaller loans than they have requested, banks are said toA)shave credit.B)discount the loan.C)raze credit.D)ration credit.Answer:DQuestion Status:Previous Edition24.1.19)Which of the following are not generally rate-sensitive assets?A)Securities with a maturity of less than one yearB)Variable-rate mortgagesC)Fixed-rate mortgagesD)All of the above are rate-sensitive assetsE)None of the above is a rate-sensitive assetAnswer:CQuestion Status:Previous Edition24.1.20)Liabilities that are partially, but not fully, rate-sensitive includeA)checkable deposits.B)federal funds.C)non-negotiable CDs.D)fixed-rate mortgages.E)money market deposit accounts.Answer:AQuestion Status:Previous Edition354 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.21)If a bank has more rate-sensitive liabilities than rate-sensitive assets, then a(n) _________ ininterest rates will _________ bank profits.A)increase; increaseB)increase; reduceC)decline; reduceD)decline; not affectAnswer:BQuestion Status:Previous Edition24.1.22)If a bank has more rate-sensitive assets than rate-sensitive liabilities, then a(n) _________ ininterest rates will _________ bank profits.A)increase; increaseB)increase; reduceC)decline; increaseD)decline; not affectAnswer:AQuestion Status:Previous Edition24.1.23)If a bank has _________ rate-sensitive assets than rate-sensitive liabilities, then a(n) _________in interest rates will increase bank profits.A)more; declineB)more; increaseC)less; increaseD)both A and CAnswer:BQuestion Status:Previous Edition24.1.24)The difference between rate-sensitive liabilities and rate-sensitive assets is known as theA)duration.B)interest-sensitivity index.C)interest-rate risk index.D)gap.Answer:DQuestion Status:Previous EditionFirst National BankAssets LiabilitiesRate-sensitiveFixed-rate$20 million$50 million $80 million$40 million Table 24.124.1.25)Referring to Table 24.1, First National Bank has a gap of _________.A)-30B)+30C)60D)0Answer:AQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 355 24.1.26)Referring to Table 24.1, if interest rates rise by 5 percentage points, then bank profits (measuredusing gap analysis) willA)decline by $0.5 million.B)decline by $1.5 million.C)decline by $2.5 million.D)increase by $1.5 million.Answer:BQuestion Status:Previous Edition24.1.27)Refer to Table 24.1. Assuming that the average duration of its assets is five years, while theaverage duration of its liabilities is three years, a rise in interest rates from 5% to 10% will causethe net worth of First National to _________ by _________ of the total original asset value.A)increase; 11%B)decline; 11%C)increase; 10%D)decline; 5%Answer:BQuestion Status:Previous EditionFirst National BankAssets LiabilitiesRate-sensitiveFixed-rate$40 million$50 million $60 million$40 million Table 24.224.1.28)Referring to Table 24.2, First National Bank has a gap of _________.A)-10B)10C)20D)0Answer:AQuestion Status:Previous Edition24.1.29)Referring to Table 24.2, if interest rates rise by 5 percentage points, then bank profits (measuredusing gap analysis) willA)decline by $0.5 million.B)decline by $1.5 million.C)decline by $2.5 million.D)increase by $2.0 million.Answer:AQuestion Status:Previous Edition356 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.30)Refer to Table 24.2. Assuming that the average duration of the bankʹs assets is four years, whilethe average duration of its liabilities is three years, a rise in interest rates from 5 percent to 10percent will cause the net worth of First National to _________ by _________ of the totaloriginal asset value.A)decline; 5%B)decline; 1.3%C)decline; 6.2%D)increase; 5%Answer:CQuestion Status:Previous Edition24.1.31)If First State Bank has a gap equal to a positive $20 million, then a 5 percentage point drop ininterest rates will cause profits toA)increase by $10 million.B)increase by $1.0 million.C)decline by $10 million.D)decline by $1.0 million.Answer:DQuestion Status:Previous Edition24.1.32)If First National Bank has a gap equal to a negative $30 million, then a 5 percentage pointincrease in interest rates will cause profits toA)increase by $15 million.B)increase by $1.5 million.C)decline by $15 million.D)decline by $1.5 million.Answer:DQuestion Status:Previous Edition24.1.33)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gaptimes the change in the interest rate is calledA)basic duration analysis.B)basic gap analysis.C)interest-exposure analysis.D)gap-exposure analysis.Answer:BQuestion Status:Previous Edition24.1.34)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap forseveral maturity subintervals by the change in the interest rate is calledA)basic gap analysis.B)the segmented maturity approach to gap analysis.C)the maturity bucket approach to gap analysis.D)the segmented maturity approach to interest-exposure analysis.E)none of the above.Answer:CQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35724.1.35)Duration gap analysisA)is a refinement of basic gap analysis that accounts for interest-rate changes over amultiyear period.B)is a refinement of basic gap analysis that accounts for how long a gap will last.C)is a complement to basic gap analysis that accounts for the effect of interest rate changeson market value.D)is a complement to basic gap analysis that accounts for the influence of partiallyrate-sensitive assets.Answer:CQuestion Status:Previous Edition24.1.36)Duration analysis involves comparing the average duration of the bankʹs _________ to theaverage duration of its _________A)securities portfolio; non-deposit liabilities.B)loan portfolio; non-deposit liabilities.C)loan portfolio; rate-sensitive liabilities.D)rate-sensitive assets; rate-sensitive liabilities.E)assets; liabilities.Answer:EQuestion Status:Previous Edition24.1.37)To use the concept of duration to analyze the effect of changes in interest rates on the marketvalue of an asset, a bank manager would multiplyA)the negative of the duration of the asset by the change in the interest rate, Δi.B)the negative of the duration of the asset by Δi/(1 +i).C)the duration of the asset by the change in the interest rate, Δi.D)the duration of the asset by Δi/(1 +i).Answer:BQuestion Status:Previous Edition24.1.38)If a bank has a duration gap of 2 years, then a rise in interest rates from 6 percent to 9 percentwill lead toA)a rise in the market value of its net worth of 5.66 percent.B)a rise in net interest income of 5.66 percent.C)a fall in the market value of its net worth of 5.66 percent.D)a fall in net interest income of 5.66 percent.E)an unknown change.Answer:CQuestion Status:Previous Edition24.1.39)If a bank has a duration gap of 2 years, then a fall in interest rates from 6 percent to 3 percentwill lead toA)a rise in the market value of its net worth of 5.66 percent.B)a fall in the market value of its net worth of 5.66 percent.C)a rise in net interest income of 5.66 percent.D)a fall in net interest income of 5.66 percent.E)an unknown change.Answer:AQuestion Status:Previous Edition358 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.1.40)If a decline in interest rates causes the market value of a bankʹs net worth to rise, then the bankmust have aA)negative duration gap.B)positive duration gap.C)negative gap.D)positive gap.Answer:BQuestion Status:Previous Edition24.1.41)If a rise in interest rates causes the market value of a bankʹs net worth to rise, then the bankmust have aA)negative duration gap.B)positive duration gap.C)negative gap.D)positive gap.Answer:AQuestion Status:Previous Edition24.1.42)One problem with duration gap analysis is that itA)is calculated assuming that the yield curve is flat.B)is calculated assuming that the yield curve does not change.C)does not measure the sensitivity of net worth to interest rate changes.D)does not measure the sensitivity of income to interest rate changes.E)applies only to financial institutions.Answer:AQuestion Status:Previous Edition24.1.43)One problem with basic gap analysis is that itA)is calculated assuming interest rates on all maturities are equal.B)is calculated assuming interest rates on all maturities change by equal amounts.C)measures the sensitivity of net worth to interest rate changes.D)does not measure the sensitivity of income to interest rate changes.E)applies only to financial institutions.Answer:BQuestion Status:Previous Edition24.1.44)A bank manager concerned about interest income who expects interest rates to rise and whoknows the bank currently has a positive gap should _________ rate-sensitive assets and_________ rate-sensitive liabilities.A)increase; increaseB)decrease; increaseC)decrease; decreaseD)increase; decreaseAnswer:DQuestion Status:Previous EditionChapter 24 Risk Management in Financial Institutions 35924.1.45)A bank manager concerned about interest income who expects interest rates to fall and whoknows the bank currently has a positive gap should _________ rate-sensitive assets and_________ rate-sensitive liabilities.A)increase; increaseB)decrease; increaseC)decrease; decreaseD)increase; decreaseAnswer:BQuestion Status:Previous Edition24.2True/False24.2.1)If a bank has more rate-sensitive liabilities than assets, then an increase in interest rates willreduce bank profits.Answer:TRUEQuestion Status:Previous Edition24.2.2)The difference between rate-sensitive liabilities and rate-sensitive assets is known as theduration gap.Answer:FALSEQuestion Status:Previous Edition24.2.3)If a bank has a negative gap, then a decrease in interest rates will increase income.Answer:TRUEQuestion Status:Previous Edition24.2.4)Banks face the problem of adverse selection in loan markets because bad credit risks are theones most likely to seek bank loans.Answer:TRUEQuestion Status:Previous Edition24.2.5)Due-on-sale clauses in loan contracts reduce moral hazard.Answer:FALSEQuestion Status:Previous Edition24.2.6)A correspondent account is sometimes required of a borrower as a condition for a loan.Answer:FALSEQuestion Status:Previous Edition24.2.7)Credit rationing reduces adverse selection problems.Answer:TRUEQuestion Status:Previous Edition24.2.8)Credit rationing occurs when lenders charge higher interest rates on the loans they make toriskier borrowers.Answer:FALSEQuestion Status:Previous Edition360 Mishkin/Eakins · Financial Markets and Institutions, Sixth Edition24.2.9)Developing and maintaining long-term customer relationships help to reduce banksʹ costs ofscreening and monitoring borrowers.Answer:TRUEQuestion Status:Previous Edition24.2.10)Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap forseveral maturity subintervals by the change in the interest rate is called duration analysis.Answer:FALSEQuestion Status:Previous Edition24.2.11)If interest rates rise by 5 percentage points, then bank profits (measured using gap analysis)will increase regardless of the income gap.Answer:FALSEQuestion Status:Previous Edition24.3Essay24.3.1)What is the difference between credit risk and interest-rate risk?Question Status:Previous Edition24.3.2)How is credit risk related to the concepts of adverse selection and moral hazard?Question Status:Previous Edition24.3.3)What steps do banks take to reduce their exposure to credit risk?Question Status:Previous Edition24.3.4)How do the concepts of adverse selection and moral hazard explain the credit riskmanagement principles that banks adopt?Question Status:Previous Edition24.3.5)What is gap analysis and why is it important to a bank?Question Status:Previous Edition24.3.6)What is duration gap analysis and why is it important to a bank?Question Status:Previous Edition24.3.7)Explain how banks benefit from long-term customer relationships.Question Status:Previous Edition24.3.8)Explain how banks benefit from specialization in lending.Question Status:Previous Edition24.3.9)What special assumptions do income and duration gap analyses make about interest ratechanges and the yield curve?Question Status:Previous Edition。
第二篇金融市场与金融机构
第三章金融市场教学重点1．金融市场的概念及功能2．金融市场的分类3．货币市场的特点与组成4．资本市场的特点及其交易5．金融衍生市场的组成6．各类衍生金融交易的特点本章结构第一节金融市场概述第二节货币市场第三节资本市场第四节外汇市场与黄金市场第五节金融衍生市场第一节金融市场概述内容一、金融市场的概念二、金融市场的功能三、金融市场的主体一、金融市场的概念金融市场一般是指以金融资产为交易对象而形成的供求关系及其机制的总和。
金融市场上的资金融通分为两种方式，即直接融资和间接融资。
直接融资是指资金供给者和资金需求者直接进行资金的融通。
间接融资是指资金供给者和资金需求者通过银行等金融中介机构间接进行资金的融通。
二、金融市场的功能聚敛功能配置功能调剂功能反映功能（一）聚敛功能所谓聚敛功能是指金融市场能够引导众多分散的小额资金汇聚成为能够投人社会再生产的资金集合的功能。
（二）配置功能金融市场的配置功能表此刻三个方面：一是资源的配置二是财富的再分派三是风险的再分派（三）调剂功能金融市场的调剂功能是指金融市场对宏观经济的调剂作用。
（四）反映功能金融市场具有反映功能，称为国民经济的“晴雨表”。
三、金融市场的主体1.投资人金融市场上的投资人即资金的供给方，也是金融工具的购买者。
要紧包括各类企业、政府部门、金融机构及个人。
2.筹资人金融市场的筹资人即资金的需求者。
要紧包括企业、政府部门、家庭和金融机构。
3.金融中介金融市场的中介要紧由金融机构组成。
要紧包括商业银行、投资银行、保险公司、信托投资公司、信誉合作社、证券商和经纪人等等。
了解金融市场中的金融市场与金融机构市场与金融风险
了解金融市场中的金融市场与金融机构市场与金融风险金融市场与金融机构是金融系统中两个重要的组成部分。
金融市场是指进行金融资产买卖和金融资金流通的场所，其中包括货币市场、资本市场、外汇市场等；金融机构是指从事金融业务的机构，如商业银行、证券公司、保险公司等。
而金融风险是指在金融活动中可能带来损失的可能性。
一、金融市场金融市场是各类金融交易的场所和方式，是机构和个人进行金融资产交易的市场。
金融市场的主要功能包括资金融通、风险管理和价格发现等。
根据交易的期限和性质不同，可以将金融市场划分为货币市场和资本市场。
1. 货币市场货币市场是短期资金的融资和投资市场，包括央行票据市场、银行间市场和同业拆借市场等。
货币市场的参与主体主要是金融机构和非金融机构，其交易的主要对象是短期金融工具，如国库券、银行承兑汇票等。
货币市场的主要功能是满足金融机构短期流动性管理的需要，促进短期资金融通。
2. 资本市场资本市场是长期资金的融资和投资市场，包括股票市场和债券市场等。
资本市场的参与主体包括企业、个人和各类金融机构。
股票市场是企业发行股票融资的市场，主要有证券交易所和股份转让系统等；债券市场是企业和政府发行债券融资的市场，主要有债券交易所和柜台交易市场等。
资本市场的主要功能是为实体经济提供长期融资和投资工具，促进经济增长和资本配置。
二、金融机构市场金融机构市场是指金融机构从事金融业务的市场，包括银行市场、证券市场和保险市场等。
金融机构是金融市场的参与主体，通过提供金融服务来满足市场主体的金融需求。
1. 银行市场银行是最常见的金融机构，在金融市场中占有重要地位。
银行市场主要包括存款市场、贷款市场和外汇市场等。
存款市场是银行吸收存款和支付利息的市场，主要通过储蓄存款、定期存款和活期存款等产品进行；贷款市场是银行向企业和个人提供贷款的市场，主要通过信贷市场和房地产市场等进行；外汇市场是银行进行跨境货币兑换和外汇交易的市场，主要包括外汇现货市场和外汇衍生品市场等。
金融市场的金融市场机制与金融机构
金融市场的金融市场机制与金融机构金融市场是指进行货币、证券以及其他金融资产交易的场所或者平台，它是金融机制的重要组成部分。
金融机制是指金融市场中各个参与主体之间相互影响、相互制约的一系列规则、制度和操作方式。
而金融机构则是指在金融市场中发挥重要角色的各类机构。
本文将从以下几个方面对金融市场的机制及金融机构进行探讨。
一、金融市场的机制金融市场的机制一般包括市场结构和市场规则两个方面。
市场结构是指金融市场的参与主体组成和组织形式，包括汇率市场、货币市场、证券市场、商品市场等。
市场规则是指金融市场中参与主体之间的交易规则、信息披露规则、交易纪律等。
金融市场机制的健康运行是保证金融市场正常发展的基础。
二、金融机构的类型与职能金融机构按业务性质可分为银行、证券公司、保险公司、基金管理公司等。
银行是最常见的金融机构，其职能包括存款、贷款、国际结算、支付清算等。
证券公司提供证券经纪、承销、交易撮合等服务。
保险公司主要承担风险的分散和互助功能。
基金管理公司则是进行资产管理、基金发行和基金销售等。
这些金融机构在金融市场中承担着不同的角色和功能，共同促进金融市场的运转。
三、金融机构对金融市场的影响金融机构对金融市场的影响主要体现在金融资金的配置、风险管理和金融创新等方面。
首先，金融机构通过向各个领域提供资金支持，促进了经济的发展和投资的进行。
其次，金融机构通过风险管理来保护金融市场的稳定，确保交易的安全和信誉。
最后，金融机构通过不断进行金融创新，满足市场的需求，推动金融市场的进一步发展。
四、金融市场机制与金融机构的互动金融市场机制和金融机构之间存在着密切的互动关系。
金融机构依托金融市场机制进行资金配置、风险管理等活动。
同时，金融市场机制也对金融机构进行引导和监管，保证金融市场的秩序和平稳运行。
金融市场机制的健全与金融机构的规范运行相互促进，共同推动金融市场的繁荣与发展。
综上所述，金融市场的金融市场机制和金融机构是相辅相成的关系。
金融市场的机构与功能
金融市场的机构与功能金融市场是资金供求的重要场所，对于现代经济的发展起到至关重要的作用。
而金融市场中的机构与功能则是推动金融市场有效运转的基础。
本文将对金融市场的机构与功能进行探讨。
一、商业银行商业银行是金融市场中最重要的金融机构之一。
其主要功能包括吸收存款、发放贷款、进行汇兑等。
商业银行作为资金的主要提供者和投资者，在金融市场中起到了重要的中介作用。
通过汇集大量的资金，并将其投放到各个领域，商业银行促进了资源的优化配置，推动了经济的发展。
二、证券市场证券市场是金融市场中的另一个重要机构。
它提供了股票、债券、期货等各种金融工具的交易场所。
证券市场的主要功能是融资和投资。
通过证券市场，企业可以通过发行股票或债券来融资，而投资者可以通过购买证券来获取投资回报。
证券市场的有效运行对于促进企业发展和推动资本市场的健康发展至关重要。
三、期货市场期货市场是金融市场中的又一个重要机构。
它提供了各种商品、金融产品以及外汇等期货合约的买卖场所。
期货市场主要承担风险管理和价格发现的功能。
通过期货合约，投资者可以对冲风险，同时通过期货市场的交易活动，可以推动市场价格的形成力量，从而实现市场的有效运行。
四、保险行业保险行业是金融市场中的重要组成部分。
保险公司作为提供风险保障的机构，在金融市场中发挥了关键作用。
其主要功能是通过合理的风险评估和分散，为个人和企业提供保险服务。
通过保险的机制，保险公司为经济主体提供了一种有效的风险管理工具，促进了经济的稳定和发展。
五、外汇市场外汇市场是金融市场中进行不同货币交易的场所。
外汇市场的主要功能是提供汇率的形成和风险管理。
通过外汇市场的交易活动，可以决定不同货币之间的汇率，使参与者能够进行外汇交易，实现跨国货币的兑换与结算。
外汇市场的有效运行对于维护金融市场的稳定和促进国际贸易具有重要意义。
综上所述，金融市场的机构与功能是推动金融市场有效运转的基础。
商业银行、证券市场、期货市场、保险行业以及外汇市场等机构在各自领域都发挥着重要作用。
《金融市场和金融机构》课后习题答案解析
《金融市场与金融机构》米什金第七版课后习题答案
（请集中复习1-6、10-13、15章）
第一章为什么研究金融市场与金融机构
第二章金融体系概览
第三章利率的含义及其在定价中的作用
第四章为什么利率会变化
第五章利率的风险结构和期限结构如何影响利率
第六章金融市场是否有效
第十章货币政策传导：工具、目标战略和战术
第七版中的12题在第五六版中没有，此处的12-19题即为第七版的13-20题
第十一章货币市场
第十二章债券市场
第十三章股票市场
第十四章抵押贷款市场
第十五章外汇市场。
金融市场与机构(6)解析
Chapter 6Are Financial Markets Efficient?Multiple Choice Questions1. How expectations are formed is important because expectations influence(a) the demand for assets.(b) bond prices.(c) the risk structure of interest rates.(d) the term structure of interest rates.(e) all of the above.Answer: E2. According to the efficient market hypothesis, the current price of a financial security(a) is the discounted net present value of future interest payments.(b) is determined by the highest successful bidder.(c) fully reflects all available relevant information.(d) is a result of none of the above.Answer: C3. The efficient market hypothesis(a) is based on the assumption that prices of securities fully reflect all available information.(b) holds that the expected return on a security equals the equilibrium return.(c) both (a) and (b).(d) neither (a) nor (b).Answer: C4. If the optimal forecast of the return on a security exceeds the equilibrium return, then(a) the market is inefficient.(b) an unexploited profit opportunity exists.(c) the market is in equilibrium.(d) only (a) and (b) of the above are true.(e) only (b) and (c) of the above are true.Answer: D70 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition5. According to the efficient market hypothesis(a) one cannot expect to earn an abnormally high return by purchasing a security.(b) information in newspapers and in the published reports of financial analysts is already reflectedin market prices.(c) unexploited profit opportunities abound, thereby explaining why so many people get rich bytrading securities.(d) all of the above are true.(e) only (a) and (b) of the above are true.Answer: E6. Another way to state the efficient market condition is that in an efficient market,(a) unexploited profit opportunities will be quickly eliminated.(b) unexploited profit opportunities will never exist.(c) arbitrageurs guarantee that unexploited profit opportunities never exist.(d) both (a) and (c) of the above occur.Answer: A7. Another way to state the efficient market hypothesis is that in an efficient market,(a) unexploited profit opportunities will never exist as market participants, such as arbitrageurs,ensure that they are instantaneously dissipated.(b) unexploited profit opportunities will not exist for long, as market participants will act quickly toeliminate them.(c) every financial market participant must be well informed about securities.(d) only (a) and (c) of the above.Answer: B8. A situation in which the price of an asset differs from its fundamental market value is called(a) an unexploited profit opportunity.(b) a bubble.(c) a correction.(d) a mean reversion.Answer: B9. A situation in which the price of an asset differs from its fundamental market value(a) indicates that unexploited profit opportunities exist.(b) indicates that unexploited profit opportunities do not exist.(c) need not indicate that unexploited profit opportunities exist.(d) indicates that the efficient market hypothesis is fundamentally flawed.Answer: C10. Studies of mutual fund performance indicate that mutual funds that outperformed the market in onetime period(a) usually beat the market in the next time period.(b) usually beat the market in the next two subsequent time periods.(c) usually beat the market in the next three subsequent time periods.(d) usually do not beat the market in the next time period.Chapter 6 Are Financial Markets Efficient? 71 Answer: D72 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition11. The efficient market hypothesis suggests that allocating your funds in the financial markets on theadvice of a financial analyst(a) will certainly mean higher returns than if you had made selections by throwing darts at thefinancial page.(b) will always mean lower returns than if you had made selections by throwing darts at thefinancial page.(c) is not likely to prove superior to a strategy of making selections by throwing darts at thefinancial page.(d) is good for the economy.Answer: C12. Ivan Boesky, the most successful of the so-called arbs in the 1980s, was able to outperform themarket on a consistent basis, indicating that(a) securities markets are not efficient.(b) unexploited profit opportunities were abundant.(c) investors can outperform the market with inside information.(d) only (b) and (c) of the above.Answer: D13. To say that stock prices follow a “random walk” is to argue that(a) stock prices rise, then fall.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices are, for all practical purposes, unpredictable.Answer: D14. To say that stock prices follow a “random walk” is to argue that(a) stock prices rise, then fall, then rise again.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices cannot be predicted based on past trends.Answer: D15. Rules used to predict movements in stock prices based on past patterns are, according to the efficientmarkets theory,(a) a waste of time.(b) profitably employed by all financial analysts.(c) the most efficient rules to employ.(d) consistent with the random walk hypothesis.Answer: AChapter 6 Are Financial Markets Efficient? 7316. Tests used to rate the performance of rules developed in technical analysis conclude that(a) technical analysis outperforms the overall market.(b) technical analysis far outperforms the overall market, suggesting that stockbrokers providevaluable services.(c) technical analysis does not outperform the overall market.(d) technical analysis does not outperform the overall market, suggesting that stockbrokers do notprovide services of any value.Answer: C17. Which of the following types of information will most likely enable the exploitation of a profitopportunity?(a) Financial analysts’ published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) Insider informationAnswer: D18. Which of the following types of information will most likely enable the exploitation of a profitopportunity?(a) Financial analysts’ published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) None of the aboveAnswer: Dt19. The advantage of a “buy-and-hold strategy” is tha(a) net profits will tend to be higher because there will be fewer brokerage commissions.(b) losses will eventually be eliminated.(c) the longer a stock is held, the higher will be its price.(d) only (b) and (c) of the above are true.Answer: A20. The efficient market hypothesis suggests that(a) investors should not try to outguess the market by constantly buying and selling securities.(b) investors do better on average if they adopt a “buy and hold” strategy.(c) buying into a mutual fund is a sensible strategy for a small investor.(d) all of the above are sensible strategies.(e) only (a) and (b) of the above are sensible strategies.Answer: D21. Sometimes one observes that the price of a company’s stock falls after the announcement offavorable earnings. This phenomenon is(a) clearly inconsistent with the efficient market hypothesis.(b) consistent with the efficient market hypothesis if the earnings were not as high as anticipated.(c) consistent with the efficient market hypothesis if the earnings were not as low as anticipated.(d) the result of none of the above.74 Mishkin/Eakins ?Financial Markets and Institutions, Fifth EditionAnswer: BChapter 6 Are Financial Markets Efficient? 7522. Important implications of the efficient market hypothesis include which of the following?(a) Future changes in stock prices should, for all practical purposes, be unpredictable.(b) Stock prices will respond to announcements only when the information in these announcementsis new.(c) Sometimes a stock price declines when good news is announced.(d) All of the above.(e) Only (a) and (b) of the above.Answer: D23. Although the verdict is not yet in, the available evidence indicates that, for many purposes, theefficient market hypothesis is(a) a good starting point for analyzing expectations.(b) not a good starting point for analyzing expectations.(c) too general to be a useful tool for analyzing expectations.(d) none of the above.Answer: A24. The efficient market hypothesis suggests that(a) investors should purchase no-load mutual funds which have low management fees.(b) investors can use the advice of technical analysts to outperform the market.(c) investors let too many unexploited profit opportunities go by if they adopt a “strategy.(d) only (a) and (b) of the above are sensible strategies.Answer: A25. The efficient market hypothesis applies to(a) both the stock market and the foreign exchange market.(b) the stock market but not the foreign exchange market.(c) the foreign exchange market but not the stock market.(d) neither the stock market nor the foreign exchange market.Answer: A26. According to the January effect, stock prices(a) experience an abnormal price rise from December to January.(b) experience an abnormal price decline from December to January.(c) follow a random walk during January.(d) set the pattern for the entire year in January.Answer: A27. The small-firm effect refers to the observation that small firms’ stocks(a) follow a random walk but large firms’ stocks do not.(b) have earned abnormally low returns given their greater risk.(c) have earned abnormally high returns even taking into account their greater risk.(d) sell for lower prices than do large firms’ stocks.Answer: C76 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition28. The efficient markets hypothesis is weakened by evidence that(a) stock prices tend to follow a random walk.(b) stock prices are more volatile than fluctuations in their fundamental values can explain.(c) technical analysis does not outperform the overall market.(d) an investment adviser’s past success or failure at picking stocks does not predict his or herfuture performance.Answer: B29. Mean reversion refers to the observation that(a) stock prices overact to news announcements.(b) stocks prices are more volatile than fluctuations in their fundamental value would predict.(c) stocks with low returns are likely to have high returns in the future.(d) stocks with low returns are likely to have even lower returns in the future.Answer: C30. Which of the following does not weaken the efficient markets hypothesis?(a) Mean reversion(b) Success of buy-and-hold strategy(c) January effect(d) Excessive volatilityAnswer: B31. An important lesson from the Black Monday Crash of 1987 and the tech crash of 2000 is that(a) factors other than market fundamentals affect stock prices.(b) the strong version of the efficient market hypothesis, that stock prices reflect the truefundamental value of securities, is correct.(c) market psychology has little if any effect on stock prices.(d) there is no such thing as a rational bubble.Answer: A32. An investor gains from short selling by _________ and then later _________.(a) buying a stock; selling it at a higher price(b) selling a stock; buying at back at a lower price(c) buying a stock; selling it at a lower price(d) selling a stock; buying it back at a higher priceAnswer: B33. Which of the following is an insight from behavioral finance?(a) The price of securities fully reflects all available information.(b) Investor overconfidence leads to high trading volumes.ibrium return.(c) The optimal forecast of a security’s return equals the security’s equil(d) Investment advisors cannot consistently beat the market.Answer: BChapter 6 Are Financial Markets Efficient? 77True/False1. Evidence that stock prices sometimes fall when a firm announces good news contradicts the efficientmarket hypothesis.Answer: FALSE2. If the security markets are truly efficient, there is no need to pay for help selecting securities.Answer: TRUE3. Evidence that a mutual fund has performed extraordinarily well in the past contradicts the efficientmarket hypothesis.Answer: FALSE4. In an efficient market, every stock is a good choice.Answer: TRUE5. Technical analysts look at historical prices for information to project future prices.Answer: TRUE6. The evidence suggests technical analysts are not superior stock pickers.Answer: TRUE7. If the markets are efficient, the optimal investment strategy will be to buy and hold so as tominimize transaction costs.Answer: TRUE8. In an efficient market, abnormal returns are not possible even using inside information.Answer: FALSE9. “Short selling” refers to the practice of buying a stock and holding it for only a short time beforeselling it.Answer: FALSE10. Loss aversion means the unhappiness a person feels when he or she suffers a monetary loss exceedsthe happiness the same person experiences from receiving a monetary gain of the same amount.Answer: TRUE11. It is probably a good use of an investor’s time to watch as many shows featuring technical analystsas possible.Answer: FALSE78 Mishkin/Eakins ?Financial Markets and Institutions, Fifth EditionEssay1. Why are expectations important in understanding how financial instruments are valued?2. How is it possible that a firm can announce a record-breaking loss, yet its stock price rise when theannouncement is made?3. What is the optimal investment strategy according to the efficient market hypothesis? Why?4. Explain what the market reaction will be in an efficient market if a firm announces a fullyanticipated filing for bankruptcy.5. How do loss aversion, overconfidence of investors, and social contagion affect market efficiency?6. What is a rational bubble?。
金融机构与市场了解银行和其他金融机构的功能
金融机构与市场了解银行和其他金融机构的功能金融机构与市场：了解银行和其他金融机构的功能金融机构在现代经济体系中扮演着至关重要的角色。
银行和其他金融机构是我们日常生活中最常接触到的金融实体，它们提供了各种功能和服务，为个人和企业提供了资金的存储、借贷、投资和风险管理。
本文将深入探讨银行和其他金融机构的功能，以帮助我们更好地了解金融市场的运作。
一、金融机构的基本功能金融机构的首要功能是资金的融通和流动。
无论是个人还是企业，都需要金融机构来满足他们的融资需求。
银行和其他金融机构通过接受存款、发放贷款、提供信用以及其他金融产品和服务，实现了资源的配置和资金的流动。
它们在经济中的作用不仅仅是提供资金，还承担着支付和结算、风险管理、信用评估等功能。
二、银行的功能银行是最常见的金融机构之一，其主要功能包括：1. 存款功能：银行可以接受个人和企业的存款，并为存款人提供安全、流动性和回报率较高的储蓄工具，如活期存款、定期存款和储蓄存款等。
2. 贷款和信用功能：银行可以根据客户的信用状况，提供各种贷款和信用产品。
个人可以获得住房贷款、汽车贷款等，企业可以获得投资贷款、经营贷款等，以满足他们的融资需求。
3. 支付和结算功能：银行提供了各种支付方式，如支票、信用卡、借记卡等，方便人们进行交易和支付。
此外，银行还提供结算服务，为企业和个人提供资金清算和结算支持。
4. 投资和理财功能：银行可以为客户提供投资建议和理财服务，帮助个人和企业进行财富管理和资产增值。
5. 外汇和国际业务功能：银行在国际贸易和投资活动中具有重要地位，可以提供外汇交易、跨境支付、信用证和汇票等服务，促进国际贸易和资本流动。
三、其他金融机构的功能除了银行，还有其他各种类型的金融机构，它们在金融市场中发挥着不可或缺的作用。
以下是一些常见的金融机构及其功能：1. 保险公司：保险公司承担承保风险，并向个人和企业提供各种类型的保险产品，如人寿保险、财产保险、健康保险等。
金融市场和机构共62页文档
的承销将资金使用者（发行债券或股票的公司）与资 金的初始供给者（投资者）联系起来。 二级市场是已发行的金融工具交易的场所，通过证券 经纪商将金融市场与其他资金供给者联系起来。
2.按期限分，金融市场可分为货币市场（1年 以内）和资本市场（1年以上）；
金融市场与金融机构 考前辅导
2016年11月30日
第一章 导论
一、金融市场的概念
金融市场是指资金供应者和资金需求者双方通过信用工具进行交 易而融通资金的市场，广而言之，是实现货币借贷和资金融通、 办理各种票据和有价证券交易活动的市场。
二、金融市场的功能——有三个功能：
（l）流动性；（2）信息；（3）风险分担 （1）投资者因市场缺乏流动性而承受的交易困难和交易成本上升、甚
四、金融市场的先天缺陷
市场经济与生俱来具有三大先天缺陷： 一是人的本性有可能导致金融崩溃； 二是经济周期导致经济和金融的波动； 三是信息不完全和不可预期。因此金融危机不可避免
： 由此进一步认识导致金融市场先天缺陷的5个因素
（1）负的外部性； （2）公共品； （3）信息不对称； （4）垄断； （5）经济周期。
100万美元×（1+7%/2）=103.5万美元
该定期存单刚一发行，其市场利率就下降到了 6%。这样一来，此种面值为100万美元的定期 存单的二级市场价格将上升到：
103.5万美元/（1+6%/2）=100.4854万美元
Байду номын сангаас、欧洲美元
欧洲美元：【存在美国以外的美元】它并不是一种
特殊的美元，与美国国内流通的美元是同质的，具有 相同的流动性和购买力，所不同的是，欧洲美元不由 美国境内金融机构监管，不受美联储相关银行法规、 利率结构的约束。
金融市场与机构
K*：真实无风险利率
利率=无风险利率+风险溢价 =k*+IP+DRP+LP+MRP =Krf+DRP+LP+MRP
IP：通货膨胀风险补偿 Krf= K*+IP DRP：违约风险补偿
MRP：期限风险补偿
LP：流动性风险补偿
• 利率的种类
– 按债务期限分（注意在相同违约风险下） – 按债务人性质分，如国债利率，企业借款利率，个人借款利率 – 按债务风险分，如优惠贷款利率、次债利率 – 按投资人收益分，如银行贷款利率，投资收益率，到期收益率、 投资回报率
第二部分 金融市场基础
第三章 利率与金融产品价格 第四章 利率变动与利率期限结构 第五章 市场价格波动与市场有效
第三章 利率与金融产品价格 • 利率定义与种类 • 利率在定价中的作用
一、利率定义与利率种类
• 什么是利率
– 由于让渡资金使用权而收取的补偿。是资金的价格 – 利率是投资收益率的同义语
PV FV C (1 i) n (1 i) n
• 现值
– 例：预计2年后收到25000元，如果利率是15%，这笔未来 收入的现在价值是多少？
PV 25000 18904元 2 (1 15%)
• 资产定价的实质
– 对资产的未来收益确定当前价值 – 资产（资本）：能够产生未来收益的事、物
金融市场与金融机构
中国人民大学商学院 李焰 liyan@
目录
第一部分 第二部分 第三部分 第四部分 第五部分 第六部分 金融体系 金融市场基础 中央银行与货币政策 金融市场 金融机构 e金融
第二部分 金融市场基础
第三章 利率与金融产品价格 第四章 利率变动与利率期限结构 第五章 市场价格波动与市场有效
金融市场与金融机构概述
金融市场与金融机构概述1. 金融市场的定义与作用金融市场是指进行资金交换和金融工具交易的场所和平台。
它可以分为资本市场和货币市场两大类。
资本市场主要是指股票市场和债券市场，它是企业和政府融资的重要渠道。
股票市场主要是发行和交易股票，使得企业可以从公众募集资金，而债券市场则是发行和交易债券，政府和企业可以通过发行债券以借入资金。
资本市场对于经济的发展和企业的成长非常重要，它提供了一个有效的融资机制，吸引了大量的资金流动，促进了投资和创新。
货币市场主要是指短期债务和金融工具的买卖市场，用于管理和调节货币供应和利率水平。
货币市场包括各式各样的金融机构之间的短期借贷、买卖和交易，例如商业银行之间的拆借、买卖国库券和存款证明等。
货币市场的主要特点是流动性高、风险低，它对于金融机构和企业来说是非常重要的短期融资渠道。
金融市场的作用主要有以下几个方面：1.资金配置：金融市场将资金投向各种投资项目，包括企业投资、房地产、股票等，从而实现了资源的有效配置。
2.风险管理：金融市场提供了各种衍生品和保险产品，可以帮助企业和个人进行风险管理和避险。
3.股权融资：金融市场为企业提供了股票融资的机会，使得企业可以通过发行股票吸引更多的资金。
4.长短期融资：金融市场提供了长期和短期融资的机会，满足了企业和个人不同时间段的资金需求。
总之，金融市场是经济体系中不可或缺的一部分，它通过提供融资、风险管理和资本配置等功能，为经济的发展和企业的成长提供了有力支持。
2. 金融机构的定义与分类金融机构是指专门从事金融业务的机构和组织，主要包括银行、保险公司、证券公司、基金公司等。
2.1 银行银行是最常见和最重要的金融机构，它提供各种金融服务，包括存款、贷款、支付结算等。
银行可以分为商业银行、投资银行和中央银行等不同类型。
商业银行是指向个人和企业提供各种金融服务的银行，包括对公贷款、个人贷款、存款、信用卡等。
商业银行是经济中最重要的金融机构之一，它承担了资金存储和流通、信用和支付等基本金融功能。
了解金融市场中的金融市场与金融机构市场与金融机构投资
了解金融市场中的金融市场与金融机构市场与金融机构投资金融市场是指金融资产进行交易和流通的场所，是各种金融资本相互联系、流动的市场。
金融机构是指一切可以为居民和企业提供金融服务的机构。
投资是指把资金投入到某种具有收益和风险的项目或资产中，以期获得预期的回报。
金融市场与金融机构是金融领域中不可或缺的两个重要组成部分，它们之间存在着密不可分的关系。
在金融市场上，金融机构是重要的参与者和交易者。
而金融机构通过在金融市场上进行投资，为市场提供流动性和资金支持。
金融市场是一个开放、自由的市场，各种金融工具和金融产品在这里进行交易。
金融市场的主要功能包括资金融通、风险管理和资产定价。
资金融通是指将闲置资金引导到需要资金的领域，促进资源的优化配置。
风险管理是指通过各种金融衍生品和保险产品来降低和分散投资风险。
资产定价是指通过市场供求关系和投资者预期来确定金融资产的价格。
金融机构是金融系统的重要组成部分，包括商业银行、证券公司、保险公司等。
它们通过接受存款、发放贷款、提供咨询和投资服务等方式来为居民和企业提供金融服务。
金融机构在金融市场上的角色主要包括资金供给、信息中介和风险管理。
通过吸收存款和募集资金，金融机构向金融市场提供了充足的资金来源。
作为信息中介，金融机构收集、整理和传递市场信息，提供投资咨询和风险评估服务。
同时，金融机构通过分散风险、提供保险和衍生品等产品来实现风险管理。
在金融市场中，投资是金融机构的核心业务之一。
金融机构通过投资各类金融资产来获取回报，并为客户提供投资建议和组合管理服务。
投资的方式多样，包括股票、债券、衍生品、房地产等。
投资有风险，但也存在机会。
金融机构通过研究和分析市场趋势、经济形势和政策变化来进行投资决策，以获取预期的回报。
金融市场中的金融市场与金融机构紧密相连，相互促进和依赖。
金融市场提供了丰富的投资机会，为金融机构提供了获取资金和获利的渠道。
金融机构通过投资活动为金融市场注入流动性，推动市场的发展和繁荣。
金融市场与金融机构介绍
金融机构在金融市场中扮演着重要的角色，它们通过提供各种金融产 品和服务，满足企业和个人的需求
金融机构的种类繁多，不同的金融机构有着不同的业务范围和特点
金融机构的分类
银行机构：包 括中央银行、 商业银行、政
策性银行等
数字化转型：利用大数据、人工智能等技术提升服务效率和用户体验 绿色金融：推动绿色金融发展，支持可持续发展 金融科技：加强金融科技研发，提升金融行业的智能化水平 跨境金融服务：拓展跨境金融服务，满足全球化的金融需求
金融市场与金融机构的未来合作前景
金融科技的发展推动合作创新
监管政策推动合作规范化发展
添加标题
非银行金融机 构：如保险公 司、证券公司、
基金公司等
互联网金融： 如P2P、众筹、 第三方支付等
金融控股集团： 如中信集团、 光大永明人寿
保险等
金融机构的功能
吸收存款：金融机构通过吸收存款，将社会闲散资金集中起来，为经济发展提供资金支持
发放贷款：金融机构通过发放贷款，为企业和个人提供融资支持，促进经济发展 支付结算：金融机构通过支付结算功能，为经济交易提供方便快捷的支付方式 风险管理：金融机构通过风险管理功能，帮助企业和个人规避风险，保障经济安全
信息咨询：金融机构通过信息咨询功能，为企业和个人提供市场信息、投资建议等服务
投资者
投资者的定义： 投资者是指通过 购买金融产品或 资产来获取收益 的个人或机构
投资者的类型： 个人投资者、机 构投资者、政府 投资者等
投资者的行为： 投资决策、风险 管理、资产配置 等
投资者的作用： 促进金融市场的 流动性和活跃性， 推动经济发展和 财富增长
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Chapter 6Are Financial Markets Efficient?Multiple Choice Questions1. How expectations are formed is important because expectations influence(a) the demand for assets.(b) bond prices.(c) the risk structure of interest rates.(d) the term structure of interest rates.(e) all of the above.Answer: E2. According to the efficient market hypothesis, the current price of a financial security(a) is the discounted net present value of future interest payments.(b) is determined by the highest successful bidder.(c) fully reflects all available relevant information.(d) is a result of none of the above.Answer: C3. The efficient market hypothesis(a) is based on the assumption that prices of securities fully reflect all available information.(b) holds that the expected return on a security equals the equilibrium return.(c) both (a) and (b).(d) neither (a) nor (b).Answer: C4. If the optimal forecast of the return on a security exceeds the equilibrium return, then(a) the market is inefficient.(b) an unexploited profit opportunity exists.(c) the market is in equilibrium.(d) only (a) and (b) of the above are true.(e) only (b) and (c) of the above are true.Answer: D5. According to the efficient market hypothesis(a) one cannot expect to earn an abnormally high return by purchasing a security.(b) information in newspapers and in the published reports of financial analysts is already reflectedin market prices.(c) unexploited profit opportunities abound, thereby explaining why so many people get rich bytrading securities.(d) all of the above are true.(e) only (a) and (b) of the above are true.Answer: E6. Another way to state the efficient market condition is that in an efficient market,(a) unexploited profit opportunities will be quickly eliminated.(b) unexploited profit opportunities will never exist.(c) arbitrageurs guarantee that unexploited profit opportunities never exist.(d) both (a) and (c) of the above occur.Answer: A7. Another way to state the efficient market hypothesis is that in an efficient market,(a) unexploited profit opportunities will never exist as market participants, such as arbitrageurs,ensure that they are instantaneously dissipated.(b) unexploited profit opportunities will not exist for long, as market participants will act quickly toeliminate them.(c) every financial market participant must be well informed about securities.(d) only (a) and (c) of the above.Answer: B8. A situation in which the price of an asset differs from its fundamental market value is called(a) an unexploited profit opportunity.(b) a bubble.(c) a correction.(d) a mean reversion.Answer: B9. A situation in which the price of an asset differs from its fundamental market value(a) indicates that unexploited profit opportunities exist.(b) indicates that unexploited profit opportunities do not exist.(c) need not indicate that unexploited profit opportunities exist.(d) indicates that the efficient market hypothesis is fundamentally flawed.Answer: C10. Studies of mutual fund performance indicate that mutual funds that outperformed the market in onetime period(a) usually beat the market in the next time period.(b) usually beat the market in the next two subsequent time periods.(c) usually beat the market in the next three subsequent time periods.(d) usually do not beat the market in the next time period.Answer: D11. The efficient market hypothesis suggests that allocating your funds in the financial markets on theadvice of a financial analyst(a) will certainly mean higher returns than if you had made selections by throwing darts at thefinancial page.(b) will always mean lower returns than if you had made selections by throwing darts at thefinancial page.(c) is not likely to prove superior to a strategy of making selections by throwing darts at thefinancial page.(d) is good for the economy.Answer: C12. Ivan Boesky, the most successful of the so-called arbs in the 1980s, was able to outperform themarket on a consistent basis, indicating that(a) securities markets are not efficient.(b) unexploited profit opportunities were abundant.(c) investors can outperform the market with inside information.(d) only (b) and (c) of the above.Answer: D13. To say that stock prices follow a “random walk” is to argue that(a) stock prices rise, then fall.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices are, for all practical purposes, unpredictable.Answer: D14. To say that stock prices follow a “random walk” is to argue that(a) stock prices rise, then fall, then rise again.(b) stock prices rise, then fall in a predictable fashion.(c) stock prices tend to follow trends.(d) stock prices cannot be predicted based on past trends.Answer: D15. Rules used to predict movements in stock prices based on past patterns are, according to the efficientmarkets theory,(a) a waste of time.(b) profitably employed by all financial analysts.(c) the most efficient rules to employ.(d) consistent with the random walk hypothesis.Answer: A16. Tests used to rate the performance of rules developed in technical analysis conclude that(a) technical analysis outperforms the overall market.(b) technical analysis far outperforms the overall market, suggesting that stockbrokers providevaluable services.(c) technical analysis does not outperform the overall market.(d) technical analysis does not outperform the overall market, suggesting that stockbrokers do notprovide services of any value.Answer: C17. Which of the following types of information will most likely enable the exploitation of a profitopportunity?(a) Financial analysts’ published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) Insider informationAnswer: D18. Which of the following types of information will most likely enable the exploitation of a profitopportunity?(a) Financial analysts’ published recommendations(b) Technical analysis(c) Hot tips from a stockbroker(d) None of the aboveAnswer: D19. The advantage of a “buy-and-hold strategy” is tha t(a) net profits will tend to be higher because there will be fewer brokerage commissions.(b) losses will eventually be eliminated.(c) the longer a stock is held, the higher will be its price.(d) only (b) and (c) of the above are true.Answer: A20. The efficient market hypothesis suggests that(a) investors should not try to outguess the market by constantly buying and selling securities.(b) investors do better on average if they adopt a “buy and hold” strategy.(c) buying into a mutual fund is a sensible strategy for a small investor.(d) all of the above are sensible strategies.(e) only (a) and (b) of the above are sensible strategies.Answer: D21. Sometimes one observes that the price of a company’s stock falls after the announcement offavorable earnings. This phenomenon is(a) clearly inconsistent with the efficient market hypothesis.(b) consistent with the efficient market hypothesis if the earnings were not as high as anticipated.(c) consistent with the efficient market hypothesis if the earnings were not as low as anticipated.(d) the result of none of the above.Answer: B22. Important implications of the efficient market hypothesis include which of the following?(a) Future changes in stock prices should, for all practical purposes, be unpredictable.(b) Stock prices will respond to announcements only when the information in these announcementsis new.(c) Sometimes a stock price declines when good news is announced.(d) All of the above.(e) Only (a) and (b) of the above.Answer: D23. Although the verdict is not yet in, the available evidence indicates that, for many purposes, theefficient market hypothesis is(a) a good starting point for analyzing expectations.(b) not a good starting point for analyzing expectations.(c) too general to be a useful tool for analyzing expectations.(d) none of the above.Answer: A24. The efficient market hypothesis suggests that(a) investors should purchase no-load mutual funds which have low management fees.(b) investors can use the advice of technical analysts to outperform the market.(c) investors let too many unexploited profit opportunities go by if they adopt a “buy and hold”strategy.(d) only (a) and (b) of the above are sensible strategies.Answer: A25. The efficient market hypothesis applies to(a) both the stock market and the foreign exchange market.(b) the stock market but not the foreign exchange market.(c) the foreign exchange market but not the stock market.(d) neither the stock market nor the foreign exchange market.Answer: A26. According to the January effect, stock prices(a) experience an abnormal price rise from December to January.(b) experience an abnormal price decline from December to January.(c) follow a random walk during January.(d) set the pattern for the entire year in January.Answer: A27. The small-firm effect refers to the observation that small firms’ stocks(a) follow a random walk but large firms’ stocks do not.(b) have earned abnormally low returns given their greater risk.(c) have earned abnormally high returns even taking into account their greater risk.(d) sell for lower prices than do large firms’ stocks.Answer: C28. The efficient markets hypothesis is weakened by evidence that(a) stock prices tend to follow a random walk.(b) stock prices are more volatile than fluctuations in their fundamental values can explain.(c) technical analysis does not outperform the overall market.(d) an investment adviser’s past success or failure at picking stocks does not predict his or herfuture performance.Answer: B29. Mean reversion refers to the observation that(a) stock prices overact to news announcements.(b) stocks prices are more volatile than fluctuations in their fundamental value would predict.(c) stocks with low returns are likely to have high returns in the future.(d) stocks with low returns are likely to have even lower returns in the future.Answer: C30. Which of the following does not weaken the efficient markets hypothesis?(a) Mean reversion(b) Success of buy-and-hold strategy(c) January effect(d) Excessive volatilityAnswer: B31. An important lesson from the Black Monday Crash of 1987 and the tech crash of 2000 is that(a) factors other than market fundamentals affect stock prices.(b) the strong version of the efficient market hypothesis, that stock prices reflect the truefundamental value of securities, is correct.(c) market psychology has little if any effect on stock prices.(d) there is no such thing as a rational bubble.Answer: A32. An investor gains from short selling by _________ and then later _________.(a) buying a stock; selling it at a higher price(b) selling a stock; buying at back at a lower price(c) buying a stock; selling it at a lower price(d) selling a stock; buying it back at a higher priceAnswer: B33. Which of the following is an insight from behavioral finance?(a) The price of securities fully reflects all available information.(b) Investor overconfidence leads to high trading volumes.(c) The optimal forecast of a security’s return equals the security’s equil ibrium return.(d) Investment advisors cannot consistently beat the market.Answer: BTrue/False1. Evidence that stock prices sometimes fall when a firm announces good news contradicts the efficientmarket hypothesis.Answer: FALSE2. If the security markets are truly efficient, there is no need to pay for help selecting securities.Answer: TRUE3. Evidence that a mutual fund has performed extraordinarily well in the past contradicts the efficientmarket hypothesis.Answer: FALSE4. In an efficient market, every stock is a good choice.Answer: TRUE5. Technical analysts look at historical prices for information to project future prices.Answer: TRUE6. The evidence suggests technical analysts are not superior stock pickers.Answer: TRUE7. If the markets are efficient, the optimal investment strategy will be to buy and hold so as tominimize transaction costs.Answer: TRUE8. In an efficient market, abnormal returns are not possible even using inside information.Answer: FALSE9. “Short selling” refers to the practice of buying a stock and holding it for only a short time beforeselling it.Answer: FALSE10. Loss aversion means the unhappiness a person feels when he or she suffers a monetary loss exceedsthe happiness the same person experiences from receiving a monetary gain of the same amount.Answer: TRUE11. It is probably a good use of an investor’s time to watch as many shows featuring technical analystsas possible.Answer: FALSEEssay1. Why are expectations important in understanding how financial instruments are valued?2. How is it possible that a firm can announce a record-breaking loss, yet its stock price rise when theannouncement is made?3. What is the optimal investment strategy according to the efficient market hypothesis? Why?4. Explain what the market reaction will be in an efficient market if a firm announces a fullyanticipated filing for bankruptcy.5. How do loss aversion, overconfidence of investors, and social contagion affect market efficiency?6. What is a rational bubble?。