金融市场学 第四章 答案
金融市场基础智慧树知到课后章节答案2023年下上海杉达学院
金融市场基础智慧树知到课后章节答案2023年下上海杉达学院上海杉达学院第一章测试1.世界上第一个有形的、有组织的证券交易所是（）A:纽约证券交易所B:伦敦证券交易所C:威尼斯证券交易所D:阿姆斯特丹证券交易所答案:阿姆斯特丹证券交易所2.金融市场交易的对象是（）A:土地与房屋B:劳动力C:资本D:金融资产答案:金融资产3.资本市场指的是（）。
A:外汇市场和货币市场B:股票市场和货币市场C:债券市场和股票市场D:货币市场和债券市场答案:债券市场和股票市场4.与货币市场工具相比，资本市场工具的风险更高。
（）A:错 B:对答案:对5.金融机构在金融市场上的重要作用体现在其可以降低交易成本和信息成本。
（）A:错 B:对答案:对第二章测试1.假如你有一笔资金收入，若目前领取可得10000元，而3年后领取则可得15000元。
如果当前你有一笔投资机会.年复利收益率为20%。
则下列说法正确的是( )。
A:无法比较何时领取更有利B:目前领取并进行投资更有利C:目前领取并进行投资和3年后领取没有差别D:3年后领取更有利答案:目前领取并进行投资更有利2.王先生投资某项目初始投入10000元，年利率10%，期限为一年，每季度付息一次，按复利计算，则其一年后本息和为（）元。
A:11000B:11214C:14641D:11038答案:110383.关于现值的特征，以下说法错误的是（）。
A:现值和终值的变动方向是一致的B:未来支付的期限越短，现值越大C:终值越大，现值越大D:利率越低，现值越小答案:利率越低，现值越小4.利息是( )的价格。
A:借贷资本B:外来资本C:银行贷款D:货币资金答案:借贷资本5.下列选项中，关于单利和复利表述正确的是( )。
A:只有复利才反映了利息的本质B:单利反映了利息的本质C:单利和复利都反映了利息的本质答案:只有复利才反映了利息的本质第三章测试1.下列不属于货币市场的是（）A:同业拆借市场B:股票市场C:回购市场D:票据市场答案:股票市场2.金融市场分为货币市场、资本市场、外汇市场和黄金市场的分类依据是( )A:融资方式不同B:交易场所不同C:交易标的物不同D:交易对象的交割方式不同答案:交易标的物不同3.回购市场的主要作用是（）A:调节流动性B:融通短期资金C:支持银行资产负债业务的扩张D:增加社会投资渠道答案:融通短期资金4.从交易对象的角度看，货币市场主要由( )等子市场组成。
金融市场学习题答案
从微观层面来讲，金融市场的功能还包括价格发现、提供流动性、降低交易成本、 示范作用等等。
4、金融创新的动因是什么？ 答：金融创新的动因归结为以下三个方面： ①顺应需求的变化。利率剧烈波动导致经济环境变化，激励人们创造一些能够降低利率 风险的新的金融工具。 ②顺应供给的变化。计算机和通讯技术的飞速发展是导致供给条件发生变化的最重要的 源泉，它有力地刺激了金融创新。 ③规避既有法律法规。由于金融业较其他行业相比受到更为严格的监管，政府管理法规 就成为这个行业创新的重要推动力量。 5、金融创新对金融和经济的影响。 答：一、对金融和经济发展的推动作用。当代金融创新对金融和经济发展的推动，主要 是通过以下四个方面来实现的： ①提高了金融机构的运作效率。首先，金融创新通过大量提供具有特定的内涵与特性的 金融工具、金融服务等提高了金融机构的运作效率；其次，提高了支付清算能力和速度；再 次，大幅度增加了金融机构的资产和盈利率。 ②提高了金融市场的运作效率。首先，提高了市场价格对信息反应的灵敏度；其次，增 加了可供选择的金融商品种类；再次，增强了剔除个别风险的能力；最后，降低了交易成本 与平均成本，吸引了更多投资者和筹资者进入市场，提高了交易的活跃程度。 ③增强了金融产业发展能力。 ④金融作用力大为增强。金融作用力主要是指金融对整体经济运作和经济发展的作用能 力，一般通过对总体经济活动和经济总量的影响及其作用程度体现出来。 二、产生的新矛盾和挑战： ①金融创新使货币供求机制、总量和结构乃至特征都发生了深刻变化，对金融运作和宏 观调控影响重大。 ②在很大程度上改变了货币政策的决策、操作、传导及其效果，对货币政策的实施产生 了一定的不利影响。 ③金融风险有增无减，金融业的稳定性下降。 ④金融市场出现过度投机和泡沫膨胀的不良倾向。 综上所述，当代金融创新虽然利弊作用皆存，但从总体上看，金融创新的利远远大于弊， 并且其利始终是主流性的。当然，当代金融创新的负作用亦不能忽视，必须加以有效的引导 和监管进行防范和控制。 6、金融全球化的影响。 答：金融全球化的影响具有双重性：一方面，金融全球化提高了国际金融市场的效率， 高效地配置资源，促进了世界经济金融的发展，有利于增进全球福利。另一方面，全球化也 带来了一些消极影响，对各国金融体系的稳定性提出了挑战。
《金融市场学》课后习题答案张亦春邓振龙主编高等教育出版社第二版
第三章资本市场1． （1）从理论上说，可能的损失是无限的，损失的金额随着X股票价格的上升而增加。
停止损失买进委托就会变成市价买进委托，因此最大损因此最大损（2）当股价上升超过22元时，停止损失买进委托就会变成市价买进委托，失就是2 000元左右。
2． （1）该委托将按最有利的限价卖出委托价格，即40.25美元成交。
（2）下一个市价买进委托将按41.50美元成交。
美元以下有较多的买盘，意味着下跌风意味着下跌风因为该股票在40美元以下有较多的买盘，我将增加该股票的存货。
因为该股票在（3）我将增加该股票的存货。
险较小。
相反，卖压较轻。
3． 你原来在账户上的净值为15 000元。
若股价升到22元，则净值增加2000元，上升了13.33%；（1） 若股价维持在20元，则净值不变；若股价跌到18元，则净值减少2000元，下降了13.33%。
令经纪人发出追缴保证金通知时的价位为X，则X满足下式：（2） （1000X-5000）/1000X=25%所以X=6.67元。
此时X要满足下式：（3） （1000X-10000）/1000X=25%所以X=13.33元。
（4） 一年以后保证金贷款的本息和为5000×1.06=5300元。
若股价升到22元，则投资收益率为：（1000×22-5300-15000）/15000=11.33%若股价维持在20元，则投资收益率为：（1000×20-5300-15000）/15000=-2%若股价跌到18元，则投资收益率为：（1000×18-5300-15000）/15000=-15.33%投资收益率与股价变动的百分比的关系如下：投资收益率=股价变动率×投资总额/投资者原有净值-利率×所借资金/投资者原有净值4．你原来在账户上的净值为15 000元。
（1）若股价升到22元，则净值减少2000元，投资收益率为-13.33%；若股价维持在20元，则净值不变，投资收益率为0；若股价跌到18元，则净值增加2000元，投资收益率为13.33%。
金融市场学课后习题答案
③有利于全球金融体制与融资结构的整合。金融全球化促进全球金融体制的整合，有 利于金融机构加速改革和重组，提高金融体系的效率。首先，促使一些国家的专业银行制 度逐步向全能银行制度转变。其次，促进了以银行为主导的间接金融为主转向以直接金融 为主导的金融结构转变。
6、金融全球化的影响。
答：金融全球化的影响具有双重性：一方面，金融全球化提高了国际金融市场的效 率，高效地配置资源，促进了世界经济金融的发展，有利于增进全球福利。另一方面，全 球化也带来了一些消极影响，对各国金融体系的稳定性提出了挑战。
一、 金融全球化的积极意义
①有利于资金在全球范围内的高效配置。金融资本跨国界流动的增加，使有限的资金 在全球范围内得到了更合理的分配，起到了及时调剂资金余缺的作用。
2、金融中介的基本功能是什么？ 答：①充当信用中介。信用中介是指商业银行等金融机构从社会借入资金，再贷给
借款人，金融机构在社会货币供需过程中起着一种桥梁，或者说中介作用。信用中介是 金融中介最基本的职能，通过间接融资方式实现借贷者之间的资金融通。
②提供支付机制。如今，大多数交易并不使用现金，而是使用支票、信用卡、借记 卡和电子转账系统。这种付款方式称为支付机制，一般是由特定的金融中介提供的。
④反映功能。金融市场历来被称为国民经济的“晴雨表”，是公认的国民经济信号系 统。这实际上就是金融市场反映功能的写照。
从微观层面来讲，金融市场的功能还包括价格发现、提供流动性、降低交易成本、 示范作用等等。
4、金融创新的动因是什么？ 答：金融创新的动因归结为以下三个方面：
①顺应需求的变化。利率剧烈波动导致经济环境变化，激励人们创造一些能够降低利 率风险的新的金融工具。
《金融市场学的》习题解答
《金融市场学的》习题解答《金融市场学》第一~四章一、名词解释1、广义的金融市场：泛指资金供求双方运用各种金融工具，通过各种途径进行的全部金融性交易活动，包括金融机构与客户之间，各金融机构之间，资金供求双方之间所有的以货币为交易对象的金融活动，如存款，贷款，信托，租赁，保险，票据抵押与贴现，股票和债券买卖，黄金外汇交易等。
2、狭义的金融市场：一般限定在以票据和有价证券为金融工具的融资活动，金融机构之间的同业拆借以及黄金外汇交易等范围之内。
3、金融市场：资金供求双方以票据和有价证券为金融工具的货币资金交易，黄金外汇买卖以及金融机构之间的同业拆借等活动的总称。
4、初级市场：又称发行市场或一级市场，是资金需求者将金融资产首次出售给公众时所形成的交易市场。
5、二级市场：已发行的旧证券在不同投资者之间转让流通的交易市场。
6、金融工具：又称信用工具，它是证明债权债务关系，并据以进行货币资金交易的合法凭证。
7、股票：一种有价证券，它是股份有限公司发行的用以证明投资者的股东身份和权益，并据以获得股息和红利的凭证。
8、普通股票：股份公司发行的一种基本股票，是最标准的股票。
9、优先股票：股份公司发行的在公司收益和剩余资产分配方面比普通股东具有优先权的股票。
10、债券：一种由债务人向债权人出具的在约定时间承担还本付息义务的书面凭证。
11、国库券：政府为弥补国库资金临时不足而发行的短期债务凭证。
12、抵押公司债：发行债券的公司以不动产或动产为抵押品而发行的债券。
13、信用公司债：发行债券的公司不以任何资产做抵押或担保，全凭公司的信用发行的债券。
14、转换公司债：这种债券规定债券持有者可以在特定的时间内按一定比例和一定条件转换成公司股票。
15、附新股认购权公司债：这种债券赋予持券人购买公司新发股票的权利。
16、重整公司债：经过改组整顿的公司，为了减轻债务负担而发行的一种利率较低的债券。
17、偿债基金公司债：这种债券规定发行公司要在债券到期之前，定期按发行总额提取一定比例的赢利作为偿还基金，交由接受委托的信托公司或金融机构保管，逐步积累以保证债券到期一次偿还。
上交大《金融学》第四章课后习题答案
复习思考题1 •影响汇率变动的因素有哪些？答：影响汇率变动的因素很多，即包括经济因素又包括政治因素, 甚至还包括心理因素，各个因素互相制约，共同对汇率的变动产生作 用。
主要有：(1) 经济增长速度，从长期来看，经济增长会引起本币升值。
(2) 国际收支状况，当一国国际收支出现较大顺差时，该国外 汇收入大于支出，即外汇供大于求，外汇汇率下跌，本币汇率上升。
(3) 通货膨胀，如果本国的通货膨胀程度超过了外国的通货膨 胀程度，会引起外汇汇率上涨，本币汇率下跌。
(4) 利率水平，一般而言，资本总是从利率低的国家流向利率 高的国家。
当一国利率提高时，可使得外汇汇率下跌，本币汇率上升。
(5) 心理因素，指人们对某种货币升值、贬值的预期所导致的 汇率变动。
答：目前，固定汇率制度和浮动汇率制度孰优孰劣尚无定论。
实行浮动汇率制度的好处是：(1)浮动汇率制度可以保证货币政策的独立性；(2)浮动的汇率可以帮助减缓外部的冲击；(3)干预减少, 汇率将由市场决定，更具有透明性；(4)不需要维持巨额的外汇储备。
第四章外汇与汇率 H I但是浮动汇率也有不足之处：（1）在浮动汇率制度下，汇率往往会出现大幅过度波动，可能不利于贸易和投资；（2）由于汇率自由浮动，人们就可能进行投机活动；⑶浮动汇率制度对一国宏观经济管理能力、金融市场的发展等方面提出了更高的要求。
现实中，并不是每一个国家都能满足这些要求。
固定汇率制度的好处是：（1）汇率波动的不确定性将降低；（2）促进物价水平和通货膨胀预期的稳定。
但固定汇率制度也存在一些缺陷：（"容易导致本币币值高估，削弱本地出口商品竞争力，引起难以维系的长期经常项目收支失衡；（2）在固定汇率制度下，一国必须要么牺牲本国货币政策的独立性，要么限制资本的自由流动，否则易引发货币和金融危机。
3.简述人民币的汇率演变。
答冲国的人民币汇率制度经历了：计划经济时期外汇制度（1949 —1978）、双重汇率时期（1981—1984）x官方汇率和外汇调剂市场汇率并存时期（1985—1993）、有管理的浮动汇率制度改革阶段（1994）。
金融市场学04第四章外汇市场
第三节 外汇市场的交易方式
2. 如果两个即期汇率都以美元作为计价货币，那么， 汇率的套算也是交叉相除。
例：假如目前市场汇率是： GBP1=USD1.6125-1.6135 AUD＝USD0.7120-0.7130 则单位英镑换取澳元的汇价为： GBP1＝AUD 1.6125 - 1.6135
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第三节 外汇市场的交易方式
• 电汇。电汇即汇款人用本国货币向外汇银行购 买外汇时，该行用电报或电传通知国外分行或 代理行立即付出外汇。
• 信汇。信江是指汇款人用本国货币向外汇银行 购买外汇时，由银行开具付款委托书，用航邮 方式通知国外分行或代理行办理付出外汇业务。
• 票汇。票汇是指外汇银行开立由国外分行或代 理行付款的汇票交给购买外汇的客户，由其自 带或寄给国外收款人办理结算的方式。
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第三节 外汇市场的交易方式
二、 远期外汇交易
• 远期外汇交易（Forward Transaction），又称 期汇交易，是指买卖外汇双方先签订合同，规定 买卖外汇的数量、汇率和未来交割外汇的时间， 到了规定的交割日期买卖双方再按合同规定办理 货币收付的外汇交易。
• 远期交易的期限有1个月、3个月、6个月和1年等 几种，其中3个月最为普遍。远期交易很少超过1 年，因为期限越长，交易的不确定性越大。
• 确定择期交割日的方法有两种：
1. 事先把交割期限固定在两个具体日期之间。 2. 事先把交割期限固定在不同月份之间。
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第三节 外汇市场的交易方式
（一）交叉汇率的计算
• 在国际外汇市场上，各种货币的汇率普遍以美元标价，即 与美元直接挂钩，非美元货币之间的买卖必须通过美元汇 率进行套算。通过套算得出的汇率叫交叉汇率。交叉汇率 的套算遵循以下几条规则： 1. 如果两种货币的即期汇率都以美元作为单位货币，那 么计算这两种货币比价的方法是交叉相除。 例：假定目前外汇市场上的汇率是： USD1=DEM1.8100—1.8110 USD1=JPY127.10—127.20 这时单位马克兑换日元的汇价为： DEM1＝JPY—=JPY70.182—70.276
金融市场学第三版习题与解答
第一章本章小结1．金融市场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。
2．金融市场可以按多种方式进行分类，其中最常用的是按交易的标的物划分为货币市场、资本市场、外汇市场和黄金市场。
3．金融市场的主体有筹资者、投资者（投机者）、套期保值者、套利者和监管者。
4．金融市场在经济系统中具有聚敛功能、配置功能、调节功能和反映功能。
5．资产证券化、金融全球化、金融自由化和金融工程化是金融市场的发展趋势。
本章重要概念金融市场金融资产金融工具套期保值者套利者投资者投机者货币市场资本市场外汇市场直接金融市场间接金融市场初级市场二级市场第三市场第四市场公开市场议价市场有形市场无形市场现货市场衍生市场资产证券化金融全球化金融自由化金融工程化思考题：1．什么是金融市场，其含义可包括几个层次？2．从金融市场在储蓄一投资转化机制中的重要作用这一角度理解“金融是现代经济的核心”。
3．金融市场有哪些分类，哪些主体？4．理解金融市场的经济功能，其聚敛功能、配置功能、调节功能和反映功能各表现在哪些方面？5．结合实际经济生活把握金融市场的四大发展趋势：资产证券化、金融全球化、金融自由化和金融工程化。
第二章本章重要概念同业拆借市场回购协议逆回购协议商业票据银行承兑票据大额可转让定期存单政府债券货币市场共同基金思考题：1．货币市场的界定标准是什么？它包括哪些子市场？2．同业拆借市场的主要参与者、交易对象及利率形成机制？3．回购市场的交易原理，及其与同业拆借市场的区别？4．商业票据市场和银行承兑票据市场的联系和区别？5．大额存单市场是如何产生的，有哪些特征？6．为什么国库券市场具有明显的投资特征？7．了解货币市场共同基金的动作及其特征。
第三章简短小结1．资本市场通常由股票市场、债券市场和投资基金三个子市场构成。
2．股票是投资者向公司提供资金的权益合同，是公司的所有权凭证，按剩余索取权和剩余控制权的不同有不同种类的股票，最基本的分类是普通股和优先股。
《金融学》答案第四章 货币的时间价值与现金流贴现分析
CHAPTER 4THE TIME VALUE OF MONEY AND DISCOUNTED CASH FLOW ANALYSISObjectives∙To explain the concepts of compounding and discounting, future value and present value.∙To show how these concepts are applied to making financial decisions.Outline4.1Compounding4.2The Frequency of Compounding4.3Present Value and Discounting4.4Alternative Discounted Cash Flow Decision Rules4.5Multiple Cash Flows4.6Annuities4.7Perpetual Annuities4.8Loan Amortization4.9Exchange Rates and Time Value of Money4.10Inflation and Discounted Cash Flow Analysis4.11Taxes and Investment DecisionsSummary∙Compounding is the process of going from present value (PV) to future value (FV). The future value of $1 earning interest at rate i per period for n periods is (1+i)n.∙Discounting is finding the present value of some future amount. The present value of $1 discounted at rate i per period for n periods is 1/(1+i)n.∙One can make financial decisions by comparing the present values of streams of expected future cash flows resulting from alternative courses of action. The present value of cash inflows less the present value of cash outflows is called net present value (NPV). If a course of action has a positive NPV, it is worth undertaking.∙In any time value of money calculation, the cash flows and the interest rate must be denominated in the same currency.∙Never use a nominal interest rate when discounting real cash flows or a real interest rate when discounting nominal cash flows.How to Do TVM Calculations in MS ExcelAssume you have the following cash flows set up in a spreadsheet:A B1t CF20-1003150426053706NPV7IRRMove the cursor to cell B6 in the spreadsheet. Click the function wizard f x in the tool bar and when a menu appears, select financial and then NPV. Then follow the instructions for inputting the discount rate and cash flows. You can input the column of cash flows by selecting and moving it with your mouse. Ultimately cell B6should contain the following:=NPV(0.1,B3:B5)+B2The first variable in parenthesis is the discount rate. Make sure to input the discount rate as a decimal fraction (i.e., 10% is .1). Note that the NPV function in Excel treats the cash flows as occurring at the end of each period, and therefore the initial cash flow of 100 in cell B2 is added after the closing parenthesis. When you hit the ENTER key, the result should be $47.63.Now move the cursor to cell B7to compute IRR. This time select IRR from the list of financial functions appearing in the menu. Ultimately cell B7 should contain the following:=IRR(B2:B5)When you hit the ENTER key, the result should be 34%.Your spreadsheet should look like this when you have finished:A B1t CF20-1003150426053706NPV47.637IRR34%Solutions to Problems at End of Chapter1.If you invest $1000 today at an interest rate of 10% per year, how much will you have 20 years from now,assuming no withdrawals in the interim?2. a. If you invest $100 every year for the next 20 years, starting one year from today and you earninterest of 10% per year, how much will you have at the end of the 20 years?b.How much must you invest each year if you want to have $50,000 at the end of the 20 years?3.What is the present value of the following cash flows at an interest rate of 10% per year?a.$100 received five years from now.b.$100 received 60 years from now.c.$100 received each year beginning one year from now and ending 10 years from now.d.$100 received each year for 10 years beginning now.e.$100 each year beginning one year from now and continuing forever.e.PV = $100 = $1,000.104.You want to establish a “wasting” fund which will provide you with $1000 per year for four years, at which time the fund will be exhausted. How much must you put in the fund now if you can earn 10% interest per year?SOLUTION:5.You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments.a.What is the monthly payment?b.What is the total amount of interest paid over the 12-month term of the loan?SOLUTION:b. 12 x $88.85 - $1,000 = $66.206.You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments.a.If the interest rate is 16% per year what is the amount of the monthly payment?b.If you can only afford to pay $1000 per month, how large a loan could you take?c.If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it taketo pay off the mortgage?d.If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is thehighest interest rate you can pay?SOLUTION:a.Note: Do not round off the interest rate when computing the monthly rate or you will not get the same answerreported here. Divide 16 by 12 and then press the i key.b.Note: You must input PMT and PV with opposite signs.c.Note: You must input PMT and PV with opposite signs.7.In 1626 Peter Minuit purchased Manhattan Island from the Native Americans for about $24 worth of trinkets. If the tribe had taken cash instead and invested it to earn 6% per year compounded annually, how much would the Indians have had in 1986, 360 years later?SOLUTION:8.You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?SOLUTION:9.Your great-aunt left you $20,000 when she died. You can invest the money to earn 12% per year. If you spend $3,540 per year out of this inheritance, how long will the money last?SOLUTION:10.You borrow $100,000 from a bank for 30 years at an APR of 10.5%. What is the monthly payment? If you must pay two points up front, meaning that you only get $98,000 from the bank, what is the true APR on the mortgage loan?SOLUTION:If you must pay 2 points up front, the bank is in effect lending you only $98,000. Keying in 98000 as PV and computing i, we get:11.Suppose that the mortgage loan described in question 10 is a one-year adjustable rate mortgage (ARM), which means that the 10.5% interest applies for only the first year. If the interest rate goes up to 12% in the second year of the loan, what will your new monthly payment be?SOLUTION:Step 2 is to compute the new monthly payment at an interest rate of 1% per month:12.You just received a gift of $500 from your grandmother and you are thinking about saving this money for graduation which is four years away. You have your choice between Bank A which is paying 7% for one-year deposits and Bank B which is paying 6% on one-year deposits. Each bank compounds interest annually. What is the future value of your savings one year from today if you save your money in Bank A? Bank B? Which is the better decision? What savings decision will most individuals make? What likely reaction will Bank B have? SOLUTION:$500 x (1.07) = $535Formula:$500 x (1.06) = $530a.You will decide to save your money in Bank A because you will have more money at the end of the year. Youmade an extra $5 because of your savings decision. That is an increase in value of 1%. Because interestcompounded only once per year and your money was left in the account for only one year, the increase in value is strictly due to the 1% difference in interest rates.b.Most individuals will make the same decision and eventually Bank B will have to raise its rates. However, it isalso possible that Bank A is paying a high rate just to attract depositors even though this rate is not profitable for the bank. Eventually Bank A will have to lower its rate to Bank B’s rate in order to make money.13.Sue Consultant has just been given a bonus of $2,500 by her employer. She is thinking about using the money to start saving for the future. She can invest to earn an annual rate of interest of 10%.a.According to the Rule of 72, approximately how long will it take for Sue to increase her wealth to $5,000?b.Exactly how long does it actually take?SOLUTION:a.According to the Rule of 72: n = 72/10 = 7.2 yearsIt will take approximately 7.2 years for Sue’s $2,500 to double to $5,000 at 10% interest.b.At 10% interestFormula:$2,500 x (1.10)n = $5,000Hence, (1.10)n = 2.0n log 1.10 = log 2.0n = .693147 = 7.27 Years.095310rry’s bank account has a “floating” interest rate on certain deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?SOLUTION:$20,000 x 1.07 x 1.06 x 1.05 = $23,818.2015.You have your choice between investing in a bank savings account which pays 8% compounded annually (BankAnnual) and one which pays 7.5% compounded daily (BankDaily).a.Based on effective annual rates, which bank would you prefer?b.Suppose BankAnnual is only offering one-year Certificates of Deposit and if you withdraw your moneyearly you lose all interest. How would you evaluate this additional piece of information when making your decision?SOLUTION:a.Effective Annual Rate: BankAnnual = 8%.Effective Annual Rate BankDaily = [1 + .075]365 - 1 = .07788 = 7.788%365Based on effective annual rates, you would prefer BankAnnual (you will earn more money.)b.If BankAnnual’s 8% annual return is conditioned upon leaving the money in for one full year, I would need tobe sure that I did not need my money within the one year period. If I were unsure of when I might need the money, it might be safer to go for BankDaily. The option to withdraw my money whenever I might need it will cost me the potential difference in interest:FV (BankAnnual) = $1,000 x 1.08 = $1,080FV (BankDaily) = $1,000 x 1.07788 = $1,077.88Difference = $2.12.16.What are the effective annual rates of the following:a.12% APR compounded monthly?b.10% APR compounded annually?c.6% APR compounded daily?SOLUTION:Effective Annual Rate (EFF) = [1 + APR] m - 1ma.(1 + .12)12 - 1 = .1268 = 12.68%12b.(1 + .10)- 1 = .10 = 10%1c.(1 + .06)365 - 1 = .0618 = 6.18%36517.Harry promises that an investment in his firm will double in six years. Interest is assumed to be paid quarterly and reinvested. What effective annual yield does this represent?EAR=(1.029302)4-1=12.25%18.Suppose you know that you will need $2,500 two years from now in order to make a down payment on a car.a.BankOne is offering 4% interest (compounded annually) for two-year accounts, and BankTwo is offering4.5% (compounded annually) for two-year accounts. If you know you need $2,500 two years from today,how much will you need to invest in BankOne to reach your goal? Alternatively, how much will you need to invest in BankTwo? Which Bank account do you prefer?b.Now suppose you do not need the money for three years, how much will you need to deposit today inBankOne? BankTwo?SOLUTION:PV = $2,500= $2,311.39(1.04)2PV = $2,500= $2,289.32(1.045)2You would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 two years from today.b.PV = $2,500= $2,222.49(1.04)3PV = $2,500= $2,190.74(1.045)3Again, you would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 three years from today.19.Lucky Lynn has a choice between receiving $1,000 from her great-uncle one year from today or $900 from her great-aunt today. She believes she could invest the $900 at a one-year return of 12%.a.What is the future value of the gift from her great-uncle upon receipt? From her great-aunt?b.Which gift should she choose?c.How does your answer change if you believed she could invest the $900 from her great-aunt at only 10%?At what rate is she indifferent?SOLUTION:a. Future Value of gift from great-uncle is simply equal to what she will receive one year from today ($1000). Sheearns no interest as she doesn’t receive the money until next year.b. Future Value of gift from great-aunt: $900 x (1.12) = $1,008.c. She should choose the gift from her great-aunt because it has future value of $1008 one year from today. Thegift from her great-uncle has a future value of $1,000. This assumes that she will able to earn 12% interest on the $900 deposited at the bank today.d. If she could invest the money at only 10%, the future value of her investment from her great-aunt would only be$990: $900 x (1.10) = $990. Therefore she would choose the $1,000 one year from today. Lucky Lynn would be indifferent at an annual interest rate of 11.11%:$1000 = $900 or (1+i) = 1,000 = 1.1111(1+i)900i = .1111 = 11.11%20.As manager of short-term projects, you are trying to decide whether or not to invest in a short-term project that pays one cash flow of $1,000 one year from today. The total cost of the project is $950. Your alternative investment is to deposit the money in a one-year bank Certificate of Deposit which will pay 4% compounded annually.a.Assuming the cash flow of $1,000 is guaranteed (there is no risk you will not receive it) what would be alogical discount rate to use to determine the present value of the cash flows of the project?b.What is the present value of the project if you discount the cash flow at 4% per year? What is the netpresent value of that investment? Should you invest in the project?c.What would you do if the bank increases its quoted rate on one-year CDs to 5.5%?d.At what bank one-year CD rate would you be indifferent between the two investments?SOLUTION:a.Because alternative investments are earning 4%, a logical choice would be to discount the project’s cash flowsat 4%. This is because 4% can be considered as your opportunity cost for taking the project; hence, it is your cost of funds.b.Present Value of Project Cash Flows:PV = $1,000= $961.54(1.04)The net present value of the project = $961.54 - $950 (cost) = $11.54The net present value is positive so you should go ahead and invest in the project.c.If the bank increased its one-year CD rate to 5.5%, then the present value changes to:PV = $1,000= $947.87(1.055)Now the net present value is negative: $947.87 - $950 = - $2.13. Therefore you would not want to invest in the project.d.You would be indifferent between the two investments when the bank is paying the following one-year interestrate:$1,000 = $950 hence i = 5.26%(1+i)21.Calculate the net present value of the following cash flows: you invest $2,000 today and receive $200 one year from now, $800 two years from now, and $1,000 a year for 10 years starting four years from now. Assume that the interest rate is 8%.SOLUTION:Since there are a number of different cash flows, it is easiest to do this problem using cash flow keys on the calculator:22.Your cousin has asked for your advice on whether or not to buy a bond for $995 which will make one payment of $1,200 five years from today or invest in a local bank account.a.What is the internal rate of return on the bond’s cash flows? What additional information do you need tomake a choice?b.What advice would you give her if you learned the bank is paying 3.5% per year for five years(compounded annually?)c.How would your advice change if the bank were paying 5% annually for five years? If the price of thebond were $900 and the bank pays 5% annually?SOLUTION:a.$995 x (1+i)5 = $1,200.(1+i)5 = $1,200$995Take 5th root of both sides:(1+i) =1.0382i = .0382 = 3.82%In order to make a choice, you need to know what interest rate is being offered by the local bank.b.Upon learning that the bank is paying 3.5%, you would tell her to choose the bond because it is earning a higherrate of return of 3.82% .c.If the bank were paying 5% per year, you would tell her to deposit her money in the bank. She would earn ahigher rate of return.5.92% is higher than the rate the bank is paying (5%); hence, she should choose to buy the bond.23.You and your sister have just inherited $300 and a US savings bond from your great-grandfather who had left them in a safe deposit box. Because you are the oldest, you get to choose whether you want the cash or the bond. The bond has only four years left to maturity at which time it will pay the holder $500.a.If you took the $300 today and invested it at an interest rate 6% per year, how long (in years) would ittake for your $300 to grow to $500? (Hint: you want to solve for n or number of periods. Given these circumstances, which are you going to choose?b.Would your answer change if you could invest the $300 at 10% per year? At 15% per year? What otherDecision Rules could you use to analyze this decision?SOLUTION:a.$300 x (1.06)n = $500(1.06)n = 1.6667n log 1.06 = log 1.6667n = .510845 = 8.77 Years.0582689You would choose the bond because it will increase in value to $500 in 4 years. If you tookthe $300 today, it would take more than 8 years to grow to $500.b.You could also analyze this decision by computing the NPV of the bond investment at the different interest rates:In the calculations of the NPV, $300 can be considered your “cost” for acquiring the bond since you will give up $300 in cash by choosing the bond. Note that the first two interest rates give positive NPVs for the bond, i.e. you should go for the bond, while the last NPV is negative, hence choose the cash instead. These results confirm the previous method’s results.24.Suppose you have three personal loans outstanding to your friend Elizabeth. A payment of $1,000 is due today, a $500 payment is due one year from now and a $250 payment is due two years from now. You would like to consolidate the three loans into one, with 36 equal monthly payments, beginning one month from today. Assume the agreed interest rate is 8% (effective annual rate) per year.a.What is the annual percentage rate you will be paying?b.How large will the new monthly payment be?SOLUTION:a.To find the APR, you must first compute the monthly interest rate that corresponds to an effective annual rate of8% and then multiply it by 12:1.08 = (1+ i)12Take 12th root of both sides:1.006434 = 1+ ii = .006434 or .6434% per monthOr using the financial calculator:b.The method is to first compute the PV of the 3 loans and then compute a 36 month annuity payment with thesame PV. Most financial calculators have keys which allow you to enter several cash flows at once. This approach will give the user the PV of the 3 loans.Note: The APR used to discount the cash flows is the effective rate in this case, because this method is assuming annual compounding.25.As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.a.What is the net present value if the relevant discount rate (the company’s cost of capital) is 10%?b.Would you accept the offer?c.What is the internal rate of return? Can you explain why you would reject a project which has aninternal rate of return greater than its cost of capital?SOLUTION:At 10% discount rate:Net Present Value = - 0 + $5,000 + $4,000 - $11,000 = - 413.22(1.10)(1.10)2 (1.10)3c.This example is a project with cash flows that begin positive and then turn negative--it is like a loan. The 13.6% IRR is therefore like an interest rate on that loan. The opportunity to take a loan at 13.6% when the cost of capital is only 10% is not worthwhile.26.You must pay a creditor $6,000 one year from now, $5,000 two years from now, $4,000 three years from now, $2,000 four years from now, and a final $1,000 five years from now. You would like to restructure the loan into five equal annual payments due at the end of each year. If the agreed interest rate is 6% compounded annually, what is the payment?SOLUTION:Since there are a number of different cash flows, it is easiest to do the first step of this problem using cash flow keys on the calculator. To find the present value of the current loan payments:27.Find the future value of the following ordinary annuities (payments begin one year from today and all interest rates compound annually):a.$100 per year for 10 years at 9%.b.$500 per year for 8 years at 15%.c.$800 per year for 20 years at 7%.d.$1,000 per year for 5 years at 0%.e.Now find the present values of the annuities in a-d.f.What is the relationship between present values and future values?SOLUTION:Future Value of Annuity:e.f.The relationship between present value and future value is the following:FV = PV x (1+i)n28.Suppose you will need $50,000 ten years from now. You plan to make seven equal annual deposits beginning three years from today in an account that yields 11% compounded annually. How large should the annual deposit be?SOLUTION:You will be making 7 payments beginning 3 years from today. So, we need to find the value of an immediate annuity with 7 payments whose FV is $50,000:29.Suppose an investment offers $100 per year for five years at 5% beginning one year from today.a.What is the present value? How does the present value calculation change if one additional payment isadded today?b.What is the future value of this ordinary annuity? How does the future value change if one additionalpayment is added today?SOLUTION:$100 x [(1.05)5] - 1 = $552.56.05If you were to add one additional payment of $100 today, the future value would increase by:$100 x (1.05)5 = $127.63. Total future value = $552.56 + $127.63 = $680.19.Another way to do it would be to use the BGN mode for 5 payments of $100 at 5%, find the future value of that, and then add $100. The same $680.19 is obtained.30.You are buying a $20,000 car. The dealer offers you two alternatives: (1) pay the full $20,000 purchase price and finance it with a loan at 4.0% APR over 3 years or (2) receive $1,500 cash back and finance the rest at a bank rate of 9.5% APR. Both loans have monthly payments over three years. Which should you choose? SOLUTION:31.You are looking to buy a sports car costing $23,000. One dealer is offering a special reduced financing rate of 2.9% APR on new car purchases for three year loans, with monthly payments. A second dealer is offering a cash rebate. Any customer taking the cash rebate would of course be ineligible for the special loan rate and would have to borrow the balance of the purchase price from the local bank at the 9%annual rate. How large must the cash rebate be on this $23,000 car to entice a customer away from the dealer who is offering the special 2.9% financing?SOLUTION:of the 2.9% financing.32.Show proof that investing $475.48 today at 10% allows you to withdraw $150 at the end of each of the next 4 years and have nothing remaining.SOLUTION:You deposit $475.48 and earn 10% interest after one year. Then you withdraw $150. The table shows what happensAnother way to do it is simply to compute the PV of the $150 annual withdrawals at 10% : it turns out to be exactly $475.48, hence both amounts are equal.33.As a pension manager, you are considering investing in a preferred stock which pays $5,000,000 per year forever beginning one year from now. If your alternative investment choice is yielding 10% per year, what is the present value of this investment? What is the highest price you would be willing to pay for this investment? If you paid this price, what would be the dividend yield on this investment?SOLUTION:Present Value of Investment:PV = $5,000,000 = $50,000,000.10Highest price you would be willing to pay is $50,000,000.Dividend yield = $5,000,000 = 10%.$50,000,00034. A new lottery game offers a choice for the grand prize winner. You can receive either a lump sum of $1,000,000 immediately or a perpetuity of $100,000 per year forever, with the first payment today. (If you die, your estate will still continue to receive payments). If the relevant interest rate is 9.5% compounded annually, what is the difference in value between the two prizes?SOLUTION:The present value of the perpetuity assuming that payments begin at the end of the year is:$100,000/.095 = $1,052,631.58If the payments begin immediately, you need to add the first payment. $100,000 + 1,052,632 = $1,152,632.So the annuity has a PV which is greater than the lump sum by $152,632.35.Find the future value of a $1,000 lump sum investment under the following compounding assumptions:a.7% compounded annually for 10 yearsb.7% compounded semiannually for 10 yearsc.7% compounded monthly for 10 yearsd.7% compounded daily for 10 yearse.7% compounded continuously for 10 yearsa.$1,000 x (1.07)10 = $1,967.15b.$1,000 x (1.035)20 = $1,989.79c.$1,000 x (1.0058)120 = $2,009.66d.$1,000 x (1.0019178)3650 = $2,013.62e.$1,000 x e.07x10 = $2,013.7536.Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe? SOLUTION:Sammy Jo has taken a $1,000 loan at 1.5% per month and is paying it off in monthly installments of $50. We could work out the amortization schedule to find out how much she still owes after 12 payments, but a shortcut on the financial calculator is to solve for FV as follows:37.Suppose you are considering borrowing $120,000 to finance your dream house. The annual percentage rate is 9% and payments are made monthly,a.If the mortgage has a 30 year amortization schedule, what are the monthly payments?b.What effective annual rate would you be paying?c.How do your answers to parts a and b change if the loan amortizes over 15 years rather than 30?EFF = [1 + .09]1238.Suppose last year you took out the loan described in problem #37a. Now interest rates have declined to 8% per year. Assume there will be no refinancing fees.a.What is the remaining balance of your current mortgage after 12 payments?b.What would be your payment if you refinanced your mortgage at the lower rate for 29 years? SOLUTION:Exchange Rates and the Time Value of Money39.The exchange rate between the pound sterling and the dollar is currently $1.50 per pound, the dollar interest rate is 7% per year, and the pound interest rate is 9% per year. You have $100,000 in a one-year account that allows you to choose between either currency, and it pays the corresponding interest rate.a.If you expect the dollar/pound exchange rate to be $1.40 per pound a year from now and are indifferentto risk, which currency should you choose?b.What is the “break-even” value of the dollar/pound exchange rate one year from now?SOLUTION:a.You could invest $1 today in dollar-denominated bonds and have $1.07 one year from now. Or you couldconvert the dollar today into 2/3 (i.e., 1/1.5) of a pound and invest in pound-denominated bonds to have .726667(i.e., 2/3 x 1.09) pounds one year from now. At an exchange rate of $1.4 per pound, this would yield 0.726667(1.4) = $1.017 (this is lower than $1.07), so you would choose the dollar currency.b.For you to break-even the .726667 pounds would have to be worth $1.07 one year from now, so the break-evenexchange rate is $1.07/.726667 or $1.4725 per pound. So for exchange rates lower than $1.4725 per pound one year from now, the dollar currency will give a better return.。
(完整版)金融市场学课后习题参考答案(福建农林大学)
1. 假设你发现一只装有100万元的宝箱。
（答：A、这是金融资产B、整个社会的实物资产不会因为这个发现而增加C、因为得到这笔资金我会变得更富有D、金融资产代表了实物资产的要求权，当宝箱的发现者要求获得更多实物资产时，社会上其他人能获得的实物资产就变少了）2. 与产品市场及其他要素市场比较，金融市场有哪些主要特点？（答：（1）商品特殊性：以货币和资本为交易对象（2）交易活动集中性：通常在交易所集中进行（3）主体角色的可变性：参与主体在金融市场上可以既是资金供给者又是资金需求者（4）金融市场可以是有形市场，也可以是无形市场）3. 什么是金融工具的流动性？它对金融市场有何重要意义？（答：金融工具的流动性是指金融资产能够以一个合理的价格顺利变现的能力流动性对金融市场的意义：与一般商品不同，金融资产往往不具备特定的物质属性。
金融资产持有者主要关心持有期间所能获得的收益及其面临的风险，因而金融资产的流动性（转手买卖的难易度）成为投资者关心的重点。
流动性好的市场通常被认为是能够提供交易而且对价格影响较小的市场，除了能够增强交易者的信心，而且还能够抵御外部冲击，从而降低系统风险。
市场流动性的增强不仅保证了金融市场的正常运转，也促进了资源有效配置和经济增长。
）4. 什么是资产证券化？如何理解资产证券化对金融市场的影响？（答：资产证券化是以特定资产组合或特定现金流为支持，发行可交易证券的一种融资形式。
其对金融市场的影响主要表现在以下几个方面：（1）增强资产流动性（2）降低融资成本（3）减少风险资产，提高资产质量（4）资产担保类证券提供了比政府担保债券更高的收益（5）资产证券化为投资者提供了多样化的投资品种）5. 结合实际分析：金融全球化对中国的积极与消极影响。
（答：积极影响：（1）金融全球化有利于中国从国际市场引入外资（2）金融全球化有利于中国学习发达国家金融运作的先进经验（3）金融全球化有利于中国金融机构参与世界竞争消极影响：（1）金融全球化使中国本土金融机构的生存面临巨大压力（2）金融全球化为国际游资攻击中国金融市场提供了条件（3）金融全球化加剧了中国经济的泡沫化程度（4）金融全球化给中国的金融监管和调控带来挑战）6. 简述金融机构在金融市场上的特殊地位。
(完整版)金融市场学课后习题参考答案(福建农林大学)
1. 假设你发现一只装有100万元的宝箱。
（答：A、这是金融资产B、整个社会的实物资产不会因为这个发现而增加C、因为得到这笔资金我会变得更富有D、金融资产代表了实物资产的要求权，当宝箱的发现者要求获得更多实物资产时，社会上其他人能获得的实物资产就变少了）2. 与产品市场及其他要素市场比较，金融市场有哪些主要特点？（答：（1）商品特殊性：以货币和资本为交易对象（2）交易活动集中性：通常在交易所集中进行（3）主体角色的可变性：参与主体在金融市场上可以既是资金供给者又是资金需求者（4）金融市场可以是有形市场，也可以是无形市场）3. 什么是金融工具的流动性？它对金融市场有何重要意义？（答：金融工具的流动性是指金融资产能够以一个合理的价格顺利变现的能力流动性对金融市场的意义：与一般商品不同，金融资产往往不具备特定的物质属性。
金融资产持有者主要关心持有期间所能获得的收益及其面临的风险，因而金融资产的流动性（转手买卖的难易度）成为投资者关心的重点。
流动性好的市场通常被认为是能够提供交易而且对价格影响较小的市场，除了能够增强交易者的信心，而且还能够抵御外部冲击，从而降低系统风险。
市场流动性的增强不仅保证了金融市场的正常运转，也促进了资源有效配置和经济增长。
）4. 什么是资产证券化？如何理解资产证券化对金融市场的影响？（答：资产证券化是以特定资产组合或特定现金流为支持，发行可交易证券的一种融资形式。
其对金融市场的影响主要表现在以下几个方面：（1）增强资产流动性（2）降低融资成本（3）减少风险资产，提高资产质量（4）资产担保类证券提供了比政府担保债券更高的收益（5）资产证券化为投资者提供了多样化的投资品种）5. 结合实际分析：金融全球化对中国的积极与消极影响。
（答：积极影响：（1）金融全球化有利于中国从国际市场引入外资（2）金融全球化有利于中国学习发达国家金融运作的先进经验（3）金融全球化有利于中国金融机构参与世界竞争消极影响：（1）金融全球化使中国本土金融机构的生存面临巨大压力（2）金融全球化为国际游资攻击中国金融市场提供了条件（3）金融全球化加剧了中国经济的泡沫化程度（4）金融全球化给中国的金融监管和调控带来挑战）6. 简述金融机构在金融市场上的特殊地位。
金融市场学双语题库及答案(第四章)米什金金融市场与机构
Financial Markets and Institutions, 8e (Mishkin)Chapter 4 Why Do Interest Rates Change?4.1 Multiple Choice1) As the price of a bond ________ and the expected return ________, bonds become more attractive to investors and the quantity demanded rises.A) falls; risesB) falls; fallsC) rises; risesD) rises; fallsAnswer: ATopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition2) The supply curve for bonds has the usual upward slope, indicating that as the price ________, ceteris paribus, the ________ increases.A) falls; supplyB) falls; quantity suppliedC) rises; supplyD) rises; quantity suppliedAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition3) When the price of a bond is above the equilibrium price, there is excess ________ in the bond market and the price will ________.A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: CTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition4) When the price of a bond is below the equilibrium price, there is excess ________ in the bond market and the price will ________.A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: ATopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition5) When the price of a bond is ________ the equilibrium price, there is an excess supply of bonds and the price will ________.A) above; riseB) above; fallC) below; fallD) below; riseAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition6) When the price of a bond is ________ the equilibrium price, there is an excess demand for bonds and the price will ________.A) above; riseB) above; fallC) below; fallD) below; riseAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition7) When the interest rate on a bond is above the equilibrium interest rate, there is excess ________ in the bond market and the interest rate will ________.A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition8) When the interest rate on a bond is below the equilibrium interest rate, there is excess ________ in the bond market and the interest rate will ________.A) demand; riseB) demand; fallC) supply; fallD) supply; riseAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition9) When the interest rate on a bond is ________ the equilibrium interest rate, there is excess ________ in the bond market and the interest rate will ________.A) above; demand; fallB) above; demand; riseC) below; supply; fallD) above; supply; riseAnswer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition10) When the interest rate on a bond is ________ the equilibrium interest rate, there is excess ________ in the bond market and the interest rate will ________.A) below; demand; riseB) below; demand; fallC) below; supply; riseD) above; supply; fallAnswer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition11) When the demand for bonds ________ or the supply of bonds ________, interest rates rise.A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; increasesAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition12) When the demand for bonds ________ or the supply of bonds ________, interest rates fall.A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; increasesAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition13) When the demand for bonds ________ or the supply of bonds ________, bond prices rise.A) increases; decreasesB) decreases; increasesC) decreases; decreasesAnswer: ATopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition14) When the demand for bonds ________ or the supply of bonds ________, bond prices fall.A) increases; increasesB) increases; decreasesC) decreases; decreasesD) decreases; increasesAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition15) Factors that determine the demand for an asset include changes in theA) wealth of investors.B) liquidity of bonds relative to alternative assets.C) expected returns on bonds relative to alternative assets.D) risk of bonds relative to alternative assets.E) all of the above.Answer: ETopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition16) The demand for an asset rises if ________ falls.A) risk relative to other assetsB) expected return relative to other assetsC) liquidity relative to other assetsD) wealthAnswer: ATopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition17) The higher the standard deviation of returns on an asset, the ________ the asset's ________.A) greater; riskB) smaller; riskC) greater; expected returnD) smaller; expected returnAnswer: ATopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition18) Diversification benefits an investor byB) increasing expected return.C) reducing risk.D) increasing liquidity.Answer: CTopic: Chapter 4.A1 Models of Asset Pricing Question Status: Previous Edition19) In a recession when income and wealth are falling, the demand for bonds________ and the demand curve shifts to the ________.A) falls; rightB) falls; leftC) rises; rightD) rises; leftAnswer: BTopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition20) During business cycle expansions when income and wealth are rising, the demand for bonds ________ and the demand curve shifts to the ________.A) falls; rightB) falls; leftC) rises; rightD) rises; leftAnswer: CTopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition21) Higher expected interest rates in the future ________ the demand for long-term bonds and shift the demand curve to the ________.A) increase; leftB) increase; rightC) decrease; leftD) decrease; rightAnswer: CTopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition22) Lower expected interest rates in the future ________ the demand for long-term bonds and shift the demand curve to the ________A) increase; left.B) increase; right.C) decrease; left.D) decrease; right.Answer: BTopic: Chapter 4.1 Determining Asset DemandQuestion Status: Previous Edition23) When people begin to expect a large stock market decline, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; fallsB) right; risesC) left; fallsD) left; risesAnswer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition24) When people begin to expect a large run up in stock prices, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; risesB) right; fallsC) left; fallsD) left; risesAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition25) An increase in the expected rate of inflation will ________ the expected return on bonds relative to that on ________ assets, and shift the ________ curve to the left.A) reduce; financial; demandB) reduce; real; demandC) raise; financial; supplyD) raise; real; supplyAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition26) A decrease in the expected rate of inflation will ________ the expected return on bonds relative to that on ________ assets.A) reduce; financialB) reduce; realC) raise; financialD) raise; realAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition27) When the expected inflation rate increases, the demand for bonds ________, the supply of bonds ________, and the interest rate ________.A) increases; increases; risesB) decreases; decreases; fallsC) increases; decreases; fallsD) decreases; increases; risesAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition28) When the expected inflation rate decreases, the demand for bonds ________, the supply of bonds ________, and the interest rate ________.A) increases; increases; risesB) decreases; decreases; fallsC) increases; decreases; fallsD) decreases; increases; risesAnswer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition29) When bond prices become more volatile, the demand for bonds ________ and the interest rate ________.A) increases; risesB) increases; fallsC) decreases; fallsD) decreases; risesAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition30) When bond prices become less volatile, the demand for bonds ________ and the interest rate ________.A) increases; risesB) increases; fallsC) decreases; fallsD) decreases; risesAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition31) When prices in the stock market become more uncertain, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; risesB) right; fallsC) left; fallsD) left; risesAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition32) When stock prices become less volatile, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; risesB) right; fallsC) left; fallsD) left; risesAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition33) When bonds become more widely traded, and as a consequence the market becomes more liquid, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; risesB) right; fallsC) left; fallsD) left; risesAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition34) When bonds become less widely traded, and as a consequence the market becomes less liquid, the demand curve for bonds shifts to the ________ and the interest rate ________.A) right; risesB) right; fallsC) left; fallsD) left; risesAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition35) Factors that cause the demand curve for bonds to shift to the left includeA) an increase in the inflation rate.B) an increase in the liquidity of stocks.C) a decrease in the volatility of stock prices.D) all of the above.E) none of the above.Answer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition36) Factors that cause the demand curve for bonds to shift to the left includeA) a decrease in the inflation rate.B) an increase in the volatility of stock prices.C) an increase in the liquidity of stocks.D) all of the above.E) only A and B of the above.Answer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition37) During an economic expansion, the supply of bonds ________ and the supply curve shifts to the ________.A) increases; leftB) increases; rightC) decreases; leftD) decreases; rightAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition38) During a recession, the supply of bonds ________ and the supply curve shifts to the ________.A) increases; leftB) increases; rightC) decreases; leftD) decreases; rightAnswer: CTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition39) An increase in expected inflation causes the supply of bonds to ________ and the supply curve to shift to the ________.A) increase; leftB) increase; rightC) decrease; leftD) decrease; rightAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition40) When the federal governments budget deficit increases, the ________ curve for bonds shifts to the ________.A) demand; rightB) demand; leftC) supply; leftD) supply; rightAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition41) When the federal government's budget deficit decreases, the ________ curve for bonds shifts to the ________.A) demand; rightB) demand; leftC) supply; leftD) supply; rightAnswer: CTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition42) When the inflation rate is expected to increase, the expected return on bonds relative to real assets falls for any given interest rate; as a result, the ________ bonds falls and the ________ curve shifts to the left.A) demand for; demandB) demand for; supplyC) supply of; demandD) supply of; supplyAnswer: ATopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition43) When the inflation rate is expected to increase, the real cost of borrowing declines at any given interest rate; as a result, the ________ bonds increases and the ________ curve shifts to the right.A) demand for; demandB) demand for; supplyC) supply of; demandD) supply of; supplyAnswer: DTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous EditionFigure 4.444) In Figure 4.4, the most likely cause of the increase in the equilibrium interest rate from i1 to i2 isA) an increase in the price of bonds.B) a business cycle boom.C) an increase in the expected inflation rate.D) a decrease in the expected inflation rate.Answer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition45) In Figure 4.4, the most likely cause of the increase in the equilibrium interest rate from i1 to i2 is a(n) ________ in the ________.A) increase; expected inflation rateB) decrease; expected inflation rateC) increase; government budget deficitD) decrease; government budget deficitAnswer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition46) In Figure 4.4, the most likely cause of a decrease in the equilibrium interest rate from i2 to i1 isA) an increase in the expected inflation rate.B) a decrease in the expected inflation rate.C) a business cycle expansion.D) a combination of both A and C of the above.Answer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition47) Factors that can cause the supply curve for bonds to shift to the right includeA) an expansion in overall economic activity.B) a decrease in expected inflation.C) a decrease in government deficits.D) all of the above.E) only A and B of the above.Answer: ATopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition48) Factors that can cause the supply curve for bonds to shift to the left includeA) an expansion in overall economic activity.B) a decrease in expected inflation.C) an increase in government deficits.D) only A and C of the above.Answer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition49) The economist Irving Fisher, after whom the Fisher effect is named, explained why interest rates ________ as the expected rate of inflation ________.A) rise; increasesB) rise; stabilizesC) rise; decreasesD) fall; increasesE) fall; stabilizesAnswer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition50) An increase in the expected rate of inflation causes the demand for bonds to________ and the supply for bonds to ________.A) fall; fallB) fall; riseC) rise; fallD) rise; riseAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition51) A decrease in the expected rate of inflation causes the demand for bonds to________ and the supply of bonds to ________.A) fall; fallB) fall; riseC) rise; fallD) rise; riseAnswer: CTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition52) When the economy slips into a recession, normally the demand for bonds________, the supply of bonds ________, and the interest rate ________.A) increases; increases; risesB) decreases; decreases; fallsC) increases; decreases; fallsD) decreases; increases; risesAnswer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition53) When the economy enters into a boom, normally the demand for bonds ________, the supply of bonds ________, and the interest rate ________.A) increases; increases; risesB) decreases; decreases; fallsC) increases; decreases; risesD) decreases; increases; risesAnswer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous EditionFigure 4.254) In Figure 4.2, one possible explanation for the increase in the interest rate from i1 to i2 is a(n) ________ in ________.A) increase; the expected inflation rateB) decrease; the expected inflation rateC) increase; economic growthD) decrease; economic growthAnswer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition55) In Figure 4.2, one possible explanation for the increase in the interest rate from i1 to i2 isA) an increase in economic growth.B) an increase in government budget deficits.C) a decrease in government budget deficits.D) a decrease in economic growth.E) a decrease in the riskiness of bonds relative to other investments.Answer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition56) In Figure 4.2, one possible explanation for a decrease in the interest rate from i2to i1 isA) an increase in government budget deficits.B) an increase in expected inflation.C) a decrease in economic growth.D) a decrease in the riskiness of bonds relative to other investments. Answer: CTopic: Chapter 4.3 Changes in Equilibrium Interest Rates Question Status: Previous Edition57) In Keynes's liquidity preference framework, individuals are assumed to hold their wealth in two forms:A) real assets and financial assets.B) stocks and bonds.C) money and bonds.D) money and gold.Answer: CTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition58) In his liquidity preference framework, Keynes assumed that money has a zero rate of return; thus, when interest rates ________ the expected return on money falls relative to the expected return on bonds, causing the demand for money to ________.A) rise; fallB) rise; riseC) fall; fallD) fall; riseAnswer: ATopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition59) The loanable funds framework is easier to use when analyzing the effects of changes in ________, while the liquidity preference framework provides a simpler analysis of the effects from changes in income, the price level, and the supply of________.A) expected inflation; bondsB) expected inflation; moneyC) government budget deficits; bondsD) the supply of money; bondsAnswer: BTopic: Chapter 4.A3 Loanable Funds FrameworkQuestion Status: Previous Edition60) When comparing the loanable funds and liquidity preference frameworks of interest rate determination, which of the following is true?A) The liquidity preference framework is easier to use when analyzing the effects of changes in expected inflation.B) The loanable funds framework provides a simpler analysis of the effects of changes in income, the price level, and the supply of money.C) In most instances, the two approaches to interest rate determination yield the same predictions.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 4.A3 Loanable Funds FrameworkQuestion Status: Previous Edition61) A higher level of income causes the demand for money to ________ and the interest rate to ________.A) decrease; decreaseB) decrease; increaseC) increase; decreaseD) increase; increaseAnswer: DTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition62) A lower level of income causes the demand for money to ________ and the interest rate to ________.A) decrease; decreaseB) decrease; increaseC) increase; decreaseD) increase; increaseAnswer: ATopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition63) A rise in the price level causes the demand for money to ________ and the demand curve to shift to the ________.A) decrease; rightB) decrease; leftC) increase; rightD) increase; leftAnswer: CTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition64) A decline in the price level causes the demand for money to ________ and the demand curve to shift to the ________.A) decrease; rightB) decrease; leftC) increase; rightD) increase; leftAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition65) A decline in the expected inflation rate causes the demand for money to ________ and the demand curve to shift to the ________.A) decrease; rightB) decrease; leftC) increase; rightD) increase; leftAnswer: BTopic: Chapter 4.2 Supply and Demand in the Bond MarketQuestion Status: Previous Edition66) Holding everything else constant, an increase in the money supply causesA) interest rates to decline initially.B) interest rates to increase initially.C) bond prices to decline initially.D) both A and C of the above.E) both B and C of the above.Answer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition67) Holding everything else constant, a decrease in the money supply causesA) interest rates to decline initially.B) interest rates to increase initially.C) bond prices to increase initially.D) both A and C of the above.E) both B and C of the above.Answer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous EditionFigure 4.368) In Figure 4.3, the factor responsible for the decline in the interest rate isA) a decline in the price level.B) a decline in income.C) an increase in the money supply.D) a decline in the expected inflation rate.Answer: CTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition69) In Figure 4.3, the decrease in the interest rate from i1 to i2 can be explained byA) a decrease in money growth.B) an increase in money growth.C) a decline in the expected price level.D) only A and B of the above.Answer: BTopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition70) In Figure 4.3, an increase in the interest rate from i2 to i1 can be explained byA) a decrease in money growth.B) an increase in money growth.C) a decline in the price level.D) an increase in the expected price level.Answer: ATopic: Chapter 4.3 Changes in Equilibrium Interest RatesQuestion Status: Previous Edition71) If the liquidity effect is smaller than the other effects, and the adjustment of expected inflation is slow, then theA) interest rate will fall.B) interest rate will rise.C) interest rate will initially fall but eventually climb above the initial level in response to an increase in money growth.D) interest rate will initially rise but eventually fall below the initial level in response to an increase in money growth.Answer: CTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition72) When the growth rate of the money supply increases, interest rates end up being permanently lower ifA) the liquidity effect is larger than the other effects.B) there is fast adjustment of expected inflation.C) there is slow adjustment of expected inflation.D) the expected inflation effect is larger than the liquidity effect.Answer: ATopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition73) When the growth rate of the money supply decreases, interest rates end up being permanently lower ifA) the liquidity effect is larger than the other effects.B) there is fast adjustment of expected inflation.C) there is slow adjustment of expected inflation.D) the expected inflation effect is larger than the liquidity effect.Answer: DTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition74) When the growth rate of the money supply is decreased, interest rates will rise immediately if the liquidity effect is ________ than the other effects and if there is________ adjustment of expected inflation.A) larger; rapidB) larger; slowC) smaller; slowD) smaller; rapidAnswer: BTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The LiquidityPreference FrameworkQuestion Status: Previous Edition75) When the growth rate of the money supply is increased, interest rates will rise immediately if the liquidity effect is ________ than the other effects and if there is________ adjustment of expected inflation.A) larger; rapidB) larger; slowC) smaller; slowD) smaller; rapidAnswer: DTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition76) If the Fed wants to permanently lower interest rates, then it should lower the rate of money growth ifA) there is fast adjustment of expected inflation.B) there is slow adjustment of expected inflation.C) the liquidity effect is smaller than the expected inflation effect.D) the liquidity effect is larger than the other effects.Answer: CTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition77) If the Fed wants to permanently lower interest rates, then it should raise the rate of money growth ifA) there is fast adjustment of expected inflation.B) there is slow adjustment of expected inflation.C) the liquidity effect is smaller than the expected inflation effect.D) the liquidity effect is larger than the other effects.Answer: DTopic: Chapter 4.A4 Supply and Demand in the Market for Money: The Liquidity Preference FrameworkQuestion Status: Previous Edition78) Milton Friedman contends that it is entirely possible that when the money supply rises, interest rates may ________ if the ________ effect is more than offset by changes in income, the price level, and expected inflation.A) fall; liquidityB) fall; riskC) rise; liquidityD) rise; riskAnswer: C。
金融市场学 试题,附答案
经营风险
• 不可控因素 包括经济景气程度、价格控制、具有竞争力的 新产品开发能力。由不可控因素导致的公司未来 营运收入下降的不确定性称为基本经营风险 （basic business risk）。
经营风险
• 可控或部分可控因素 ＊产品需求的变异性 ＊产品售价的变异性 ＊投入因素价格的变异性 ＊随着投入因素价格变动而调整产品售价的能力 ＊公司成本的固定程度
资本结构（capital structure）与风险概念
u资本结构的影响 u影响资本结构的因素 Ø公司的经营风险 Ø公司的所得税率高低 Ø融资弹性
资本结构的影响
ü 公司加权平均资本成本以及投资方案的选择 ü 普通股的风险以及必要报酬率与每股股价
u目标资本结构（target or optimal capital structure, OCS） l资本结构的决策涉及到风险与报酬的均衡。 lOCS 刚好使风险与收益达到平衡，并同时导致股票价 格最大化与公司整体资本成本最小化时的资本结构
营业杠杆
公司营运中固定成本的使用成度。固定成 本的存在会销售变动一个百分比产生一个放大 了的营业利润（或损失）变动的百分比。 • 杠杆效应象一把双刃剑，就象公司的利润可 以被放大一样，公司的损失也可以被放大。 • 高度的营业杠杆意味着只要销售量产生相当 小的变动，公司的营运收入（即息税前利润） 就会产生相当大的变动。
总杠杆
总杠杆系数（Degree of total leverage / DTL） DTL = DOL * DFL = (⊿EPS/EPS) / (⊿Q/Q) = Q (P-V) /[Q(P-V)-FC-I] DTL的作用：
u使企业得以估计出销售额或销售量变动对EPS所造成的影响。 u使企业得以显示存在于财务杠杆与营业杠杆之间的相互关系。 u杠杆程度对投资者也相当重要。如果产业中公司系按其总杠 杆程度来划分的话，则一位对该公司的前途看好的投资者可 能会看重那些总杠杆程度较高的公司；反之也然。
自考金融市场学4-6章客观题与答案
第四章债券市场客观题单选1.下列有价证券中，具有“二次融资”特点的是：B 100A.普通可转换公司债券B.可分离交易转换债券C.普通股D.优先股2按照债券的交易性质的不同，债券交易方式可以分为现券交易、期货交易和（A）A 回购交易B 全价交易C 竞价交易D 分次交易3．国际公认的三大专业信用评级机构不包括：．．．．．．．（．D．）．108A．标准普尔公司B．穆迪投资服务公司C．惠誉国际信用评级有限公司 D．大公国际资信评估有限公司4.德国一家机构在日本债券市场上发行的以美元作为计价货币的债券是( A)100A.欧洲债券B.美国债券C.外国债券D.国际债券5．我国现阶段对证券发行实行（B）138A．注册制B．核准制C．登记制D．审批制6．扬基债券的发行人、发行所在国、发行计值货币属于（B）99A．同一个国家B．两个不同国家C．三个不同国家D．四个不同国家7．债券流通市场又称为（C）113A．债券一级市场B．债券初级市场C．债券二级市场D．交易所市场8．我国的证券投资基金都属于（C）163A．开放式基金B．封闭式基金C．契约型基金D．公司型基金9.扬基债券、武士债券、熊猫债券的发行人、发行所在国、发行计值货币属于( B )99A.同一个国家B.两个不同国家C.三个不同国家D.四个不同国家10.可转换债券的最重要性质是( D)100A.有偿性B.流通性C.风险性D.可转换性11.债券发行价格确定方式中，以募集完发行额为止的所有投标者报出的最低中标价格作为最终发行价格的是(C)111A.美国式招标B.混合式招标C.荷兰式招标D.簿记建档式12.证券投资基金起源于( A)158A.英国B.美国C.日本D.加拿大13.信用等级处于AAA与BBB之间的债券一般被划分为( A)109A.投资级别B.投机级别C.金边债券D.垃圾债券14.一张正在发行的债券，面值为100元，期限是半年，票面利率为8％，发行价格为100元，则到期后还本付息一共支付的金额为( C)110A.92元B.96元C.104元D.108元15．关于债券票面利率的确定依据，下列描述正确的是（C ）108A．单利计息的票面利率低于复利计息的票面利率B．单利计息的票面利率低于贴现计息的票面利率C．当债券的期限较长时，票面利率较高D．当债券的信用级别较高时，票面利率较高16.通过为市场参与者报出买入价格和卖出价格，从而获取价差收入的金融专业人员是( D )147A.经纪人B.交易商C.承销商D.做市商17.当市场利率高于票面利率时，发行债券采取( B )108A.平价B.折价C.溢价D.中间价18.按是否通过中介机构，债券发行分为( B )A.公募发行和私募发行B.直接发行和间接发行C.有券发行和无券发行D.招标发行和非招标发行19.在余额包销方式中，经销商获得的收入是( B )112A.佣金B.佣金加部分差价收入C.佣金加全部差价收入D.全部差价收入20.A级债券的AAA级债券信誉最高、风险最小，被称做是( C )108A.垃圾债券B.金边债券C.投资家债券D.投机性债券21．下列不属于．．．债券二级市场上主要交易方式的是（C）114A．现货交易B．期货交易C．掉期交易D．回购协议22．如果假定其他条件不变，则贴现率越低，证券价值（B）A．越大B．越小C．不变D．无法判断23债券的本质是（）96A 交易证明B 纸质凭证C 具有法律效力的债权债务书面凭证24一般情况下，债券的期限是（B）96A 不固定的B 固定的C 半固定的25债券发行人不能按时足额支付本金、利息而给投资者带来损失，即为债券的（A）A 信用风险B 流动性风险C 利率风险D 通货膨胀风险26因债券的流动性不足而给投资者带来的损失，即为（B）A 信用风险B 流动性风险C 利率风险D 通货膨胀风险27债券分为政府债券和公司债券的依据是（A）A 发行主体的性质B 发行主体的国别C 债券票面利率是否固定D 债券是否存在选择权28债券分为普通债权和含权债券依据的标准是（D）A 发行主体的性质B 发行主体的国别C 债券票面利率是否固定D 债券是否存在选择权29在流通市场上，债券的价格波动幅度（B）股票的价格波动幅度。
金融市场学课后答案
金融市场学课后答案金融市场学课后答案第一章：金融市场概述1. 金融市场的定义是什么？金融市场是指以金融资产为交易对象的场所或机构，供买卖双方进行资金融通和资本配置的地方。
在金融市场中，资金可以从拥有盈余资金的个体转向资金需求者，实现资源的有效配置。
2. 金融市场的特点有哪些？（1）金融市场的流动性较高，交易双方可以随时买入和卖出金融资产；（2）金融市场具有全球性和连通性，金融资产可以在国际市场上进行交易；（3）金融市场具有高度专业化和复杂性，需要各类专业机构和人员参与；（4）金融市场具有风险传导和扩大的特征，金融市场的波动会对实体经济产生较大影响。
3. 金融市场的分类有哪些？金融市场可以按照交易方式、金融资产类型、期限等因素进行分类。
（1）按照交易方式分类：现货市场、期货市场、衍生品市场等；（2）按照金融资产类型分类：证券市场、货币市场、银行市场等；（3）按照期限分类：一级市场、二级市场等。
第二章：金融市场的参与者1. 金融市场的参与者有哪些？金融市场的参与者主要包括金融机构、非金融企业、个人投资者和政府机构等。
（1）金融机构：包括银行、证券公司、保险公司等；（2）非金融企业：包括各类企业、事业单位等；（3）个人投资者：包括个人、家庭、基金等；（4）政府机构：包括央行、金融监管机构等。
2. 金融市场参与者的作用是什么？金融市场参与者在金融市场中扮演不同的角色，发挥不同的作用。
（1）金融机构：提供各类金融服务，例如银行贷款、证券交易、保险保障等；（2）非金融企业：通过金融市场融资，进行投资和经营活动；（3）个人投资者：参与金融市场交易，实现财富增值和风险管理；（4）政府机构：对金融市场进行监管和调控，维护金融市场的稳定和安全。
第三章：金融市场的功能1. 金融市场的功能有哪些？（1）资源配置功能：金融市场通过资金融通，将闲置资金引导到有效投资领域，实现资源的优化配置；（2）风险管理功能：金融市场提供各类金融工具，帮助投资者分散风险、转移风险；（3）信息传递功能：金融市场通过价格和交易活动，传递各类经济信息，反映市场预期和供需关系；（4）流动性功能：金融市场提供资金的流动性，方便交易双方进行买卖；（5）利率形成功能：金融市场价格反映了市场对资金的需求和供应，进而影响利率的形成。
金融市场学 第四章 答案
第四章本章重要概念短期国库券国库券是政府发行的期限最短的一种债券, 是政府为筹措短期资金，解决财政需要而发行的短期融资债券。
商业票据商业票据（Commercial Paper）最初是商业信用的一种工具。
其形式多为以出票人为付款人的本票，由出票人承诺在一定时间、地点，支付一定金额给收款人的票据，是出票人的债务凭证。
现代意义上的商业票据是信誉良好的企业为了筹集资金，主要以贴现方式出售给投资者的一种短期无担保的债务凭证。
或者说，是一种以融资为目的、直接向货币市场投资者发行的无担保的本票。
大额银行存单，大额可转让定期存单（简称CD）, 是银行接受客户大额存款后出具的凭证。
该凭证可以在二级市场上进行转让，因而不同于其它银行定期存款。
回购协议回购协议（repurchase agreement）指证券的买卖双方签订协议，回购方约定在指定日期以约定价格购回证券的交易行为。
同业拆借之间为了调剂资金余缺，利用资金融通货币市场共同基金共同基金是将众多的小额投资者的资金集中起来，由专门的经理人进行市场运作，赚取收益后按一定的期限及持有的份额进行分配的一种金融组织形式。
对于主要在货币市场上进行运作的，主要投资于货币市场各种短期证券，如国库券、商业票据、大额CD存单等工具的共同基金，则称为货币市场共同基金。
央行票据中央银行票据是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证。
它由中央银行发行，商业银行持有，其直接作用是吸收商业银行部分流动性。
企业短期融资券，短期融资券是指具有法人资格的非金融企业，依照规定的条件和程序在银行间债券市场发行并约定在一定期限内还本付息的有价证券。
1、了解短期国库券发行的目的，熟悉国外短期国库券发行的基本特点。
2、了解银行折扣收益率和有效年收益率的计算及两者的区别。
PPT1553、了解美式拍卖和荷兰式拍卖的概念。
①美国式拍卖，是按价高者得的原则，按出价高低依次中标认购。
②荷兰式拍卖，投标者统一按最低有效价格中标认购。
西财《金融市场学》教学资料 课后习题答案 第四章
第四章证券发行与流通市场复习思考题1.答：（1）发行前的准备工作；（2）选择、确定证券承销机构；（3）承销机构选择有利时机销售证券；（4）选择证券销售方式。
2.答：（1）按发行对象划分，证券发行方式可分为公募发行和私募发行。
公募发行也称公开发行，是指发行人向不特定的社会公众投资者发售证券的发行方式。
私募发行也称不公开发行，是指以少数特定投资者为对象的发行。
（2）按有无发行中介划分，证券发行方式可分为直接发行和间接发行。
直接发行又称自营发行，是指证券发行者不委托其他机构，而是自己组织认购，进行销售，从投资者手中直接筹措资金的发行方式。
间接发行是直接发行方式的对称，也称委托发行，是指证券发行者委托一家或几家证券中介机构（如证券公司、投资银行等）代理出售证券的发行方式。
（3）按发行担保方式划分，证券发行可分为信用担保发行、证券担保发行、实务担保发行和产品担保发行。
信用担保发行是指证券的发行没有任何担保品，仅凭债券发行者的信用。
证券担保发行是指债券发行者用自己所持有的其他有价证券作为发行债券的担保品，按照惯例，作为担保品的证券价值必须大大超过以此为担保发行的债券价值。
实物担保发行是指债券发行者用实物作抵押或补偿，保证债券到期还本付息的方式。
产品担保发行是指发行债券的企业或公司用产品作为担保品的发行方式。
（4）按证券发行条件及投资者的决定方式划分，证券发行可分为招标发行和议价发行。
招标发行是证券发行者通过招标、投标选择承销商推销证券的发行方式。
议价发行也称非招标发行，是指证券发行者与证券承销商就证券发行价格、手续费等权责事项充分商讨后再发行或推销的一种发行方式。
3.答：证券交易机制种类可以从不同角度划分。
从交易时间的连续特点划分，有定期交易系统和连续交易系统；从交易价格的决定特点划分，有指令驱动系统和报价驱动系统。
（1）定期交易系统和连续交易系统在定期交易系统中，成交的时点是不连续的。
在某一段时间到达的投资者的委托订单并不马上成交，而是要先存储起来，然后在某一约定的时刻加以匹配。
[管理学]《金融市场学》作业参考答案
![[管理学]《金融市场学》作业参考答案](https://img.taocdn.com/s3/m/3951c4dbb7360b4c2f3f646d.png)
第一章基本训练一、概念题1、金融市场：货币资金的供求双方借助于各种金融工具，以市场方式进行金融资产交易或提供金融服务，进而实现资金融通的场所或空间，或者简单地说，是资金供求双方以市场方式买卖金融工具的场所。
2、金融工具：也称信用工具，是指在信用活动中产生的、能够证明债权债务关系并据以进行货币资金交易的一种合法凭证，这种凭证对于债权债务双方所应承担的义务和享有的权利均具有法律效力。
3、初级市场：新证券发行的市场，又称一级市场或证券发行市场。
4、次级市场：是旧证券流通、转让的市场，又称二级市场或证券转让市场。
5、资本市场：是指以一年以上的有价证券为交易工具进行长期资金融通的市场。
6、货币市场：是指以一年内的票据和有价证券为交易工具进行短期资金融通的市场。
二、填空题1、从本质上说，金融市场的交易对象是，但需要借助来进行交易。
（货币资金；金融工具这种载体）2、所谓，是指金融工具迅速转变为现金而不致遭受损失的能力。
（流动性）3、金融工具收益率是指购买金融工具所能带来的与之间的比率。
（持有期收益；本金）4、一般金融市场的基本构成要素包括：、、和。
（金融市场的参与者；金融市场的交易对象；金融市场的组织方式；金融市场的交易价格）5、国际经济一体化主要经历了、和三个阶段。
（贸易一体化；生产一体化；金融全球化）6、按成交与定价方式分类，金融市场可分为、、和。
（公开市场；议价市场；店头市场；第四市场）7、证券发行市场又被称为市场，它与证券市场相辅相成，共同构成统一的证券市场。
（初级或一级；次级或二级）三、单项选择题1、金融市场的客体是指金融市场的( A )。
A．金融工具 B．金融中介机构C．金融市场的交易者 D．金融市场价格2、现货市场的实际交割一般在成交后( A )内进行。
A．2日 B．5日C．1周 D．1月3、下列属于所有权凭证的金融工具是( C )。
A．商业票据 B．企业债券C．股票 D．可转让大额定期存单4、在金融市场发达国家，许多未上市的证券或者不足一个成交批量的证券，也可以在市场进行交易，人们习惯于把这种市场称之为( A )。
货币银行学(第三版)第四章金融市场习题答案
第四章金融市场参考答案一、填空题1．资本市场；2.银行间同业拆借；3.美国；4.柜台交易；5.外汇；6.汇率；7.利率互换；8.风险小；9.上海；10.二级市场。
二、单选题1．A 2.B 3.C 4.C 5.A 6.D 7.D三、多选题1．A B C D 2.A.BCD 3.ABCDE 4.ABC 5.ABCDE 6.ABCDE7.ABCD 8.ABC 9.AB 10.ABCD四、判断正误题1．错 2. 错 3. 错 4.对 5. 对 6. 对 7. 错 8. 错 9. 对五、名词解释1．金融市场是指以金融资产为交易对象而形成的供求关系的场所及其机制的总和。
2．贴现是指持票人为了资金融通的需要而在票据到期前以贴付一定利息的方式向银行出售票据。
3．同业拆借是指银行与银行之间、银行与其他金融机构之间进行短期、临时性资金拆出拆入的市场。
4．回购交易是指买卖双方在城郊的同时约定于未来某一时间以一定价格双方再行反向成交，即债券持有人（融资方）与资金持有人（融券方）在签订的合约中规定，融资方在卖出债券后须在双方商定的时间，以商定的价格再买回该笔债券，并按商定的利率支付利息。
5．货币市场是指融资期限在一年以下的金融交易市场。
6．资本市场是指融资期限在一年以上的中长期资金市场。
7．外汇市场是指由外汇的需求者与外汇的供给者以及买卖中介机构所构成的买卖外汇的场所或交易网络。
8．汇率是指一国货币折算成另一国货币的比率。
9．金融衍生工具是指以杠杆或信用交易为特征，以货币、债券、股票等传统金融工具为基础而衍生的金融工具或金融商品。
10．金融期货是指在特定的交易场所通过竞价方式成交，承诺在未来的某一日或期限内，以事先约定的价格买进或卖出某种金融商品的合约交易。
11．金融期权是指期权购买者在支付一笔较小的费用后，就获得了能在合约规定的未来某特定时间，以协定价格向期权出售者买进或卖出一定数量的某种金融商品的权利。
12．投资基金是指通过发行基金股份或受益凭证，将投资者分散的资金集中起来，由专业管理人员分散投资于股票、债券或其他金融资产，并将投资收益分配给基金持有者的一种金融中介机构。
高教版《金融市场学的》课后习题答案
第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。
请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：限价买入委托限价卖出委托价格（美元）股数价格（美元）股数39.75 1000 40.25 20039.50 1200 41.50 30039.25 800 44.75 40039.00 300 48.25 20038.50 700该股票最新的成交价为40美元。
（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。
你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。
贷款年利率为6%。
（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。
一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。
你的保证金账户上的资金不生息。
（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是2002年7月5日某时刻上海证券交易所厦门建发的委托情况：限价买入委托限价卖出委托价格（元）股数价格（元）股数13.21 6600 13.22 20013.20 3900 13.23 320013.19 1800 13.24 2400（1）此时你输入一笔限价卖出委托，要求按13.18元的价格卖出1000股，请问能否成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z股票。
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第四章
本章重要概念
短期国库券国库券是政府发行的期限最短的一种债券, 是政府为筹措短期资金，解决财政需要而发行的短期融资债券。
商业票据商业票据（Commercial Paper）最初是商业信用的一种工具。
其形式多为以出票人为付款人的本票，由出票人承诺在一定时间、地点，支付一定金额给收款人的票据，是出票人的债务凭证。
现代意义上的商业票据是信誉良好的企业为了筹集资金，主要以贴现方式出售给投资者的一种短期无担保的债务凭证。
或者说，是一种以融资为目的、直接向货币市场投资者发行的无担保的本票。
大额银行存单，大额可转让定期存单（简称CD）, 是银行接受客户大额存款后出具的凭证。
该凭证可以在二级市场上进行转让，因而不同于其它银行定期存款。
回购协议回购协议（repurchase agreement）指证券的买卖双方签订协议，回购方约定在指定日期以约定价格购回证券的交易行为。
同业拆借之间为了调剂资金余缺，利用资金融通
货币市场共同基金共同基金是将众多的小额投资者的资金集中起来，由专门的经理人进行市场运作，赚取收益后按一定的期限及持有的份额进行分配的一种金融组织形式。
对于主要在货币市场上进行运作的，主要投资于货币市场各种短期证券，如国库券、商业票据、大额CD存单等工具的共同基金，则称为货币市场共同基金。
央行票据中央银行票据是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证。
它由中央银行发行，商业银行持有，其直接作用是吸收商业银行部分流动性。
企业短期融资券，短期融资券是指具有法人资格的非金融企业，依照规定的条件和程序在银行间债券市场发行并约定在一定期限内还本付息的有价证券。
1、了解短期国库券发行的目的，熟悉国外短期国库券发行的基本特点。
2、了解银行折扣收益率和有效年收益率的计算及两者的区别。
PPT155
3、了解美式拍卖和荷兰式拍卖的概念。
①美国式拍卖，是按价高者得的原则，按出价高低依次中标认购。
②荷兰式拍卖，投标者统一按最低有效价格中标认购。
◆4、掌握商业票据的概念、作用和优势。
5、掌握银行承兑汇票贴现利息的计算。
课堂案例中,若贴现率为 3.6%,试计算贴现利息.PPT170
6、大额CD存单的主要特点和作用是什么？对我国银行业的改革有何意义？
7、什么是回购交易？其实质是什么？有什么作用？回购交易是质押贷款的一种方式，通常用在政府债券上。
债券经纪人向投资者临时出售一定的债券，同时签约在一定的时间内以稍
高价格买回来。
债券经纪人从中取得资金再用来投资，而投资者从价格差中得利。
回购交易长的有几个月，但通常情况下只有24小时，是一种超短期的金融工具。
回购协议主要功能：
第一，能为机构提供短期资金融通。
第二，从逆回购方角度看，为资金供应者提供短期投资的途径。
逆回购方还可以利用抵押的证券来安排另一项回购协议，或者作为远期或期货合约的交割承诺等。
也就是说，回购协议对逆回购方来说，还具有套利与套期功能。
第三，是央行调节短期资金供求的重要渠道
8、回购市场的运行形式有哪些？各运行市场的主要参与者有哪些？
◆9、掌握回购利息的计算。
了解决定回购利率的主要因素。
Ppt192
10、能进行回购交易的案例设计并加以计算。
11、什么是同业拆借？同业拆借市场的参与者有哪些？
12、同业拆借市场有哪些分类？
◆13、掌握同业拆借利息的计算。
Ppt214
◆14、熟悉货币市场基金的特点及其现实意义。
◆15、什么是央行票据？为什么要发行央行票据？央行票据对我国货币市场发展的意义何在？中央银行票据是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证。
它由中央银行发行，商业银行持有，其直接作用是吸收商业银行部分流动性。
发行央行票据直接原因ppt223
16、我国发展短期融资券市场现实意义何在？请结合实际加以阐述。
◆17、请分析发展短期融资券对商业银行经营会产生什么样影响。
◆18、请从网上搜索有关银行承兑汇票在我国发展情况及存在问题的文献资料，並写出你不少于400字的体会。
◆19、请从网上搜索有关货币市场共同基金在我国发展情况及存在问题的文献资料，並写出你不少于400字的体会。