HND金融学导论答案

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《金融经济学导论》A 卷考题答案

《金融经济学导论》A卷考题答案一、单项选择题（每题1分,共20分）1、 e2、 c3、 b4、 c5、 d6、 b7、 d8、 c9、 b10、 c11、 b12、 c13、 d14、 c15、 c16、 b17、 a18、 d19、 d20、 a二、简答题1、答案：（共10分）具体讲，每一个投资者将他的资金投资于风险资产和无风险借入和贷出上，而每一个投资者选择的风险资产都是同一个资产组合，加上无风险借入和贷出只是为了达到满足投资者个人对总风险和回报率的选择偏好。

资本资产定价模型中的这一特征常被称为分离定理：一个投资者的最优风险资产组合是与投资者对风险和收益的偏好状况无关的。

……………………..2分分离定理的核心在于揭示一下事实：1) 在均衡条件下，每一位投资者只要向风险资产投资则必定持有切点组合。

2)如果切点组合的构造已知，或者有一个切点组合基金，则均衡条件下的投资组合工作大为简化，投资者只需将资金适当分配于无风险资产和切点组合即可实现最佳投资……………………..4分分离定理的意义:对于从事投资服务的金融机构来说,不管投资者的收益/风险偏好如何,只需找到切点所代表的风险资产组合,再加上无风险证券,就可以为所有投资者提供最佳的投资方案.投资者的收益/风险偏好,就只需反映在组合中无风险证券所占的比重.……………………..4分2、答案（共10分）CAPM 模型：……………………..2分iMM F M F r r E r σσ2i )( jir E −+= 多因素APT 模型：……………………..2分ikf k i f f i b r b r r r E )(....)(][11−++−=−δδAPT 和CAPM 的根本区别在于，APT 强调无套利均衡原则。

CAPM 是典型的收益/风险权衡所主导的市场均衡。

无风险套利机会建立市场均衡价格和收益/风险权衡关系建立市场价格均衡关系有着本质区别：收益/风险权衡关系所主导的市场价格均衡，一旦价格失衡，就会有许多投资者调整自己的投资组合来重建市场均衡，但每个投资者只对自己的头寸作有限范围的调整。

金融学概论课后习题答案

金融学概论课后习题答案第一章1西方经济学的货币起源论:对货币产生的经济原因的分析并认为货币的产生最终降低了交易费用，提高了交换效率. 2货币的客观评价:货币的定义:货币是从商品世界中分离出来的充当一般等价物的特殊商品在不同的制度条件下体现不同的生产关系。

(本质意义上)货币实际上是法定物，是法律的化身，它是法律的化身，它是政府法律规定的(或法律力量赋予的)支付债务的能力。

(法律意义上)能够衡量商品和劳务价值的东西就是货币(功能意义上)对名义收入具有最大的可预测影响，能够为中央银行所控制。

(控制意义上) 货币的功能:交易媒介，价值标准，价值贮藏，延期支付的标准，*3信用货币及其特征信用货币又称不兑现的纸币特征:(1)除少数国家和地区外，信用货币通常是由中央银行所垄断和发行的不可兑现的,具有无限法偿能力的货币。

(2)信用货币是一种独立的货币形态。

(3)信用货币是管理通货(4)信用货币是债务货币(5)存在形式:现金和银行活期存款6)以银行活期存款为基础的非现金计算居主导地位 ((7)遵循经济发行的规律4货币层次划分的重要性便于货币量的统计分析为宏观调控提供依据，便于对不同层次的货币采取不同的控制策略和方法5国际货币基金组织对货币层次的划分见P166我国货币层次的划分见P167货币制度的构成要素确定货币金属确定货币单位本位币的铸造及流通程序辅币的铸造及流通程序银行券和纸币的发行及流通流通程序发行准备制度 *8分析不可兑现的纸币本位制度的优缺点(1)优点:由于不可兑现的纸币本位制度与贵金属几乎完全断绝了关系，货币量具有较大的伸缩性，政府能够通过对货币量的调整与控制，实现政府的经济政策。

政府可以根据国际收支与国际贸易的状况随时调整汇率政府可以通过采取适当的货币政策来实现物价的稳定，并且能够收到立竿见影的效果(2)缺点:货币供给量的伸缩性较大，容易造成通货膨胀和通货紧缩。

第二章1如何理解信用的含义信用是以偿还和支付利息为条件的借贷行为，是价值运动的一种特殊形式 2如何看待中国改革开放后的高利贷问题高利贷的从新活跃主要表现在农村地区(与现实不符)to East for the neijiang-Kunming highway bridge across the River, maming Creek Bridge, pond bridge, bridge, rongzhou bridge, and South Bridge. There are two bridges across the minjiang River: minjiang RiverBridge on neikun highway bridge. Inner-city transportation: Shu Nan road, binjiang road, North Road, the minjiang River, the Yangtze River Road, lingang3商业信用的局限性规模上的局限性方向上的局限性期限上的短期性管理上的困难性4银行信用的优点规模上的无限性方向上的无限性期限上的可选择性管理上的便利性5银行信用的作用调剂政府财政收支的临时不平衡弥补财政赤字筹集资金调节经济运行6信用消费的作用在社会总供给大于社会总需求，经济处于萧条阶段的情况下，消费信用能够发挥积极作用;在社会总供给小于社会总需求时，消费过旺，经济过热，信用消费可能加剧市场供求的紧张形势推动物价上涨，造成通货膨胀。

金融经济学导论作业1_答案

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金融学精编版课后习题答案

金融学精编版课后习题答案金融学精编版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科。

它涉及到许多重要的概念和理论，对于学习者来说，理解和掌握这些内容是非常重要的。

而课后习题则是检验学习者对所学知识的掌握程度的重要手段。

在这里，我们将为大家提供《金融学精编版》课后习题的答案，希望能够对大家的学习有所帮助。

第一章：金融学导论1. 金融学的定义是什么？金融学是研究个人、组织和政府如何有效地获取、使用和管理资金的学科。

2. 金融市场的功能有哪些？金融市场的功能包括资金配置、风险管理、信息传递和资源分配等。

3. 金融市场的分类有哪些？金融市场可以分为货币市场和资本市场两大类。

4. 金融机构的作用是什么？金融机构的作用包括资金的中介、风险管理、信息传递和支付清算等。

5. 金融工具的种类有哪些？金融工具的种类包括股票、债券、期货、期权等。

第二章：金融市场与金融机构1. 什么是货币市场？货币市场是指短期资金融通和短期证券交易的市场，包括银行间市场、票据市场等。

2. 什么是资本市场？资本市场是指长期资金融通和长期证券交易的市场，包括股票市场、债券市场等。

3. 金融机构的分类有哪些？金融机构可以分为商业银行、证券公司、保险公司等。

4. 什么是金融创新？金融创新是指金融机构和金融市场不断推出新的金融产品和服务的过程。

5. 金融市场的发展对经济有什么影响？金融市场的发展可以促进经济的增长和稳定，并提高资源配置的效率。

第三章：金融工具与金融市场1. 什么是股票？股票是一种代表股东所有权的金融工具，它代表了对公司所有资产和收益的权益。

2. 什么是债券？债券是一种代表债权人债权的金融工具，它代表了债务人对债权人的偿还承诺。

3. 什么是期货？期货是一种标准化合约，约定在未来某个时间以约定价格交割一定数量的标的资产。

4. 什么是期权？期权是一种购买或出售标的资产的权利，但并不是义务。

5. 金融市场的价格形成机制有哪些？金融市场的价格形成机制包括竞价定价、议价定价和指数定价等。

hnd 经济学导论 outcome3 答案

Outcome 31. What is meant by public goods and merit goods? Give an example of each.Merit Goods: The Government provides services that might not be provided by the private sector in sufficient quantities or of a sufficient quality, for example, health services and education. These are commonly referred to as Merit Goods.For example: 1. Beijing International Studies University.Public Goods: These are commodities, which would not be provided by the private sector because they would find that many people, even if they benefited from them, would refuse the finance through taxation. The level of spending allocated to public goods varies and will depend on many things such as needs and circumstances and political philosophies.For example: 1. Street lamp.2.Explain why the Government allowed the merger of Carlton and Granada while refusing Tesco, Sainsbury and ASDA the opportunity of taking over Safeway.Because of TV isn’t maintaining products of the p eople’s living standard. And merger will be saving cost and rational use of resources. The main incomes are from enterprise income of Carlton and Granada. Customers aren’t main income of Carlton and Granada. Within this field, Government encourages merger to integration of resources. According to economic theory, we know that a scale monopoly is where at least a person or company supplies 25 percent or more of the goods or services of a particular type in UK. In this case, Tesco, Sainsbury and ASDA of the three companies in any one company merger of Safeway, after merger of company’s supplies will over 25 percent. The three companies will increase power after merger lead to monopoly. Because of monopoly will be threatened to benefits of customers. Therefore, the Government refuses Tesco, Sainsbury and ASDA the opportunity of taking over Safeway. On the other hand, Morrisons is a smaller than Tesco, Sainsbury and ASDA. Even if Morrisons merger Safeway, it supplies can’t more than 25 percent. Therefore, Government encourages Morrisons merger Safeway will be grow market share and improve competitive strength of Morrisons. And Morrisons have power participate competitive with other three companies. And customers will get benefits from monopoly between companies. On the other hand, products of supermarket are closely related with the household, they are direct impact on consumption level, decreasing competitive lead to increasing price to against benefits of customers.Therefore, Government allowed the merger of Carlton and Granada while refusing Tesco, Sainsbury and ASDA the opportunity of taking over Safeway.3. Government use taxation policy to regulate ‘negative externalities’. One of these isa tax on fuel used in transport. Explain why governments tax fuel and how it affects the transport market in the UK.The fuel cost and fuel tax are increasing must impact traffic. On the surface, thegovernment improves tax on fuel. In fact, the UK Government is improving price of fuel. According demand rules, we know that price increasing lead to lower demand. Therefore, after increasing price of fuel lead to drivers reduce. If people will drive as little as possible, it will be relieve traffic to bring good environment.。

金融经济学导论作业三参考答案

0 .0 0 8 1 0 ，证券 0 .0 0 2 5 0
A 的期望回报率为 30%，证券 B 的期
望回报率为 20%. 回答如下问题：（1）假设投资者甲选择的“市场证券组合”由 75%的 A 和 25%的 B 组成，投资者乙选择的“市场证券组合”由 50%的 A 和 50%的 B 组成，求每个投资者计算的关于 A 的 Beta 值。（2）给定你对（1）的回答，下面哪一个论述是正确的？请从 Beta 值角度解释原因。 I. II. 投资者甲将比乙需要一个更高的 A 的期望回报率两者都需要相同的 A 的期望回报率
O ( n ) 的速度增加。这些都使得对于大的资产组合的管理成本十分巨大。
2
（2）
交易成本过大。由于实际中每笔交易通常都有最少交易量存在，即现实中资产并不是无限可分的，因此当资产数量过多时，调整组合的成本也会变大。
（3）
随着资产种类上升，分散风险的边际收效下降很快。从上面的特例可以看出，可分散风险是以 O ( ) 减少的，因此在资产种类较多时，继续增加
30% r f 甲 1.29 (27.5% r f 甲 ) 30% r f 乙 1.53 (25% r f 乙 ) r f 甲 18.88% r f 乙 15.57%
因此，甲的证券市场线为
E ( ri ) 18.88% i (27.5% 18.88% ) 0.1888 0.0862 i
ry 5% 0.5 (10% 5% ) 2.5%
因此该股价格被低估，应该买入。另一方面，由于该股具有和无风险资产相同的预期收益率，同时，其和市场反向变动的特性比无风险资产更有利于减少资产组合的风险，因此应该买入。（3）由第 3 题结论可得

(完整word版)HND经济学导论OUTCOME3

Market Failure and Government PolicySCN: 177099996GTB4Li WenxuanTutor: Lou QiuyinNovember 6th, 2016Content 1.0 introduction2.0 Market Failure2.1 Merit Goods2.2 Public Goods2.3 Imperfect Competition2.4 Externalities3.0 Welfare Policy3.1 Some important welfare3.1.1 child benefits3.2 Case of welfare3.3 Instrument4.0 ConclusionReference1.0 IntroductionEconomy is human activity that consists in producing exchanging, distributing, and consuming goods and services, studied by economics and realized inside on. In this report, discussing the reasons for market failure and probe government roles in relation to each of the following and government policy.2.0 Market FailureThe market is a set of buyers and sellers with the potential to trade with each other. But when the market cannot distribution goods and labor efficiency that is market failure.2.1 Merit goodsMerit goods are products whose consumption or production creates social benefits that exceed the private benefit. Just like education, healthcare, public transport. Because many people cannot know anything the advantages, so the government should intervene people choice. Government can get to make a law. For Chinese, have ‘Nine-year compulsory education law’. That can help people choose merit goods and benefits of people.2.2 Public GoodsPublic goods are ready for societal members enjoy the items together, strict sense of the public goods with non-competitive and non-exclusive. It is a public thing just like the Park bench or civil defense siren. Someone used it that do not hinder others use it. The government should build this goods, because do not have someone could even want to build build but the society need it. The government use tax to build and maintain it.2.3 Imperfect CompetitionImperfect competition is monopolistic competition and oligopoly. It is meant by perfect competition cannot maintain. Because have some buyers or sellers could affect the market price. The market cannot change the price. Because the imperfect competition will decrease the market efficiency. The government should change it to adjust a market to a new environment. For example make a law. Just likes Antitrust Law.2.4 ExternalitiesThe following sentences are from Wikipedia. In economics, an externality is the cost or benefit that affects a party who did not decide to incur that cost or benefit. Economists often urge all governments adopt policies that "internalize" an externality, so that costs and benefits will affect mainly parties who choose to incur them. Just like the pollution, government thinks who take this who should solve this. If there are external benefits, such as in communal safety, less of the good may be produced thanwould be the case if the producer were to receive payment for the external benefits to others. Thus, unregulated markets in goods or services with significant externalities generate prices that do not take into account the full social cost or benefit of their transactions; such markets are therefore inefficient. So government should make some laws or rules to standard it.3.0 WelfareThe UK as a long-term capitalist country. It is a long and perfect social welfare safeguard system. Society welfare including the benefits of family, child benefits, death and benefits etc.3.1 Some important welfare3.1.1 Child BenefitsThe child benefits in the UK, government ensures that every child can receive education and life even they do not have kinsfolks. From child to adult, government subsidies, aid, guarantee the smooth growth of children. The British government's children's welfare, both in terms of welfare, welfare content and service level, its integrity and comprehensiveness is exemplary. first of all, British children welfare legislation perfect, various kinds of laws and regulations, not only covers the grand, and established the principle of "children's welfare is the highest", for children's right to survival and development, such as participation rights protection are made a detailed regulations and emphasis. second, the completion of the "welfare state" for citizens "from cradle to grave tomb" comprehensive social security, the benefit of children mainly include: the national health insurance, children can enjoy besides dental surgery, visual acuity and glasses all free medical care. Family subsidy system, covering maternity benefits, birth allowance, children stick, Tianjin, children, child care allowance, single special allowance, etc.; Education funding, children receive primary and secondary school education for free, with free books, stationery, lunch at school; Social services, set up the children's home within the community, for too busy to take care of the child's family to provide help and received orphans and abandoned children, and is responsible for their life and education. Again, the whole society to found a multi-level, vertical and comprehensive child welfare system. This way is mainly under the government's macro management, association for the disabled, charitable organizations, social service machine structure, all kinds of schools and community organizations and groups, within their respective fields to carry out the child welfare services, formed a multi-level, three-dimensional type, a full range of child welfare services network. The British not only built up social relief, social insurance, social security, basic education, medical service content such as children's social welfare system, and children's rights in government policies, laws and institutions for medical treatment and teaching education practice of occupies more and more important position.3.2 Case of welfareIn the UK, child benefit is operated by Her Majesty's Revenue and Customs (HMRC).As of April 2015, This is £20.70 per week for the first child (including the eldest of a multiple birth) and £13.70 per week for each additional child.The system was also implemented in August 1946 as "family allowances" under the Family Allowances Act 1945, at a rate of 5s (= £0.25) per week per child in a family, except for the eldest. This was raised from September 1952, by the Family Allowances and National Insurance Act 1952, to 8s (= £0.40), and from October 1956, by the Family Allowances Act and National Insurance Act 1956, to 8s for the second child with 10s (= £0.50) for the third and subsequent children.By 1955, some 5,000,000 allowances were being paid, to about 3,250,000 families.It was revised in 1977, with the payments being termed "child benefit" and given for the eldest child as well as the younger ones; by 1979 it was worth £4 per child per week. In 1991, the system was further altered, with a higher payment now gave the first child than for their younger siblings. In October 2010, the Conservative-Liberal Democrat coalition government announced that Child Benefit would be cancelled from households containing a higher-rate taxpayer from January 2013.After some controversy this was amended so that any householder with a least one person with prescribed income over £50,000 would lose Child Benefit by a taper which removed it altogether when the income reached £60,000. This came into force on 7 January 2013.3.3 InstrumentIn the UK, child benefit is administered by Her Majesty's Revenue and Customs (HMRC)4.0 ConclusionOver the years, the welfare policy help stabilize the social order, ensure the people's living standards, the general improvement of social material and cultural level. Close the gap between the rich and the poor area, ease social contradictions in all walks of life. However,, at the same time, the years of high welfare, let government deficit continue to increase, and weakening the enthusiasm of people to work, make socialefficiency is low, and the resulting a series of struggle between the parties.ReferenceExternalities https:///wiki/Externality Buchanan, James; Wm. Craig Stubblebine (November 1962). "Externality". Economical. 29 (116): 371–384. doi:10.2307/2551386Case of welfare，https:///wiki/Child_benefit，Https:///government/publications/tax-and-tax-credit-rates-and-thresholds-for-2015-16/tax-and-tax-credit-rates-and-thresholds-for-2015-16#child-benefit-and-guardians-allowanceJump up ^ Whitaker's Almanack: For the year 1958, p. 1127. J. Whitaker & Sons, London, 1957Jump up ^ "Spending Review, October 2010, United Kingdom HM Treasury, Oct 2010. Jump up ^ "HMRC High Income Child Benefit chargeRedo:3.1.1 Child Benefits. No matter how much you earn or how much insurance you pay, you are eligible for Child Benefit as long as you have a duty to caring for the child. Benefits apply to children under 16 years of age and are eligible if children aged 16 to 18 are still enrolled in non-tertiary institutions.How to Apply: Request by the hospital or the Social Security Office.British university before the stage of education is free, university stage, 90% of college students are eligible for government subsidies. Therefore, for low-income families, from kindergarten to university education is a loose way.。

hnd 金融答案

英格兰银行树核心目标已经确定为英国央行的基准，以确保其符合有关的经济目标。

这三个核心目的是：1。

保持完整性和货币价值2。

维护金融体系的稳定，国内和国际3。

求，以确保英国金融服务成效当英格兰的出现和发展银行，它开始有许多功能。

英国央行维持在代表政府帐目。

主要考虑是财政大臣帐户。

从税收，贷款等政府收入都存入该帐户。

对经济开支：社会福利，医疗，教育等方面付出了户口本。

对政府部门的帐户，也举行了英格兰银行。

英格兰银行帐号保持代表政府主要的考虑金库帐户财政收入来自税收，借着等进入帐户支付支出对经济：。

福利，健康，教育等之户口的付出。

政府部门的帐户也举行了英格兰银行。

高街银行的现金储备保持在英格兰银行成立。

这些资金是用来解决结算余额。

从私人部门向政府支付是由在英国结算银行账户画在英国银行支票商业银行保持他们的现金储备在了英格兰银行，这些资金用于解决结算平衡。

私营部门支付他们的政府是由开立支票帐目在英国清算银行了英格兰银行英国央行维持现行的银行帐户：，操作结余，这是解决分歧的结算日。

，非经营性的现金持有比例，以满足保证金要求（目前0.15％的合格负债）余额特别存款须与英国央行不时举行。

英格兰银行对银行保持一个活期帐户：运行平衡，召开的清算解决分歧。

非经营性平衡履行举行现金比率存款要求（目前0.15％的符合条件的负债）特殊的存款都需要举行了英格兰银行。

所有的清算银行保持在英国的银行帐户。

当银行解决彼此之间的分歧，他们这样做日常使用的业务余额账户。

银行有义务保持足够大，以满足这些需求的经营结余，预计不会透支所有的清算银行帐目在了英格兰银行，因为银行解决日常差异这么做他们的使用操作平衡帐户，银行必须保持运行平衡足够大以支付这些需求和，预期不会透支此外，所有银行和建筑协会在英国工作，必须保持与英国银行不计息存款的流动性资产比例很小。

这些现金比率存款提供的主要收入来源，使英国央行履行职责另外，所有银行和建筑协会操作在英国也要保持一个小切口的流动资产在无息存放了英格兰银行，这些现金比率存款提供主要收入来源的使英格兰银行履行他们的功能在英国，英格兰银行是受托要注意的问题和说明包含他人注意。

HND大2 金融业导论答案

第一题：Functions of the Bank of Finance England1)Bank to the government●The Bank of England maintains accounts on behalf of the government.●The main account is the Exchequer Account. Government receipts from taxation, borrowing.●The accounts of government departments are also held at the Bank of England.2)Banker to the banksHigh street banks keep hold of their cash reserves at the bank of England.The bank of England maintains a current account for banks for:●Operational balances for cleaning●Non-operational balances for cash deposit ratios●Special deposits from time to time3)Note issueNote issue in the UK is fiduciary. The Bank of England is the sole bank for note issue.4)Management of the national debt●The Bank of England's registrar's department continues to maintain a register of holders ofgilts.●The Bank of England is responsible for management the national debt since 1751 to 1998.●This responsibility has been passed to the DMO.5）Monetary policy implementationIt is responsible for the control of interest rates and money supply growth in the economy.6)Lender of Last ResortThis involves providing liquidity. This helps to stabilize the banking system. The bank of England must legally provide liquidity at all times.7)International relations●The Bank of England works closely with other central banks and provides services for them.●It is a member of various international financial institutions such as the InternationalMonetary Fund and has representation on committees of central banks.8)Managing the exchange equalization accountThe EEA was set up in 1932 to stabilize the value of sterling in relation to other currencies and consists of the country's gold and foreign currency.9)Private bankingThe Bank of England has limited number of old established private banking customers whose accounts were opened prior to nationalization in 1946,plus staff members' accounts.10)Open market operations●The main aim of the Bank of England's operations in sterling money markets is to meet theMPC'S interest rate decisions.●The buying and selling of government bonds on the open market by all bank of England.11)payment and settlement systems●The bank of England monitors trading, clearing and settlement systems relating to, e.g.:equities, bonds and exchange-traded derivatives.●The bank of England plays a critical role in payment and settlement systems by ensuringstability in the UK's clearing and settlement procedures.第二题：Credit cardsAll high street banks offer credit card facilities through either the VISA or MasterCard systems. The bank offer cardholders the opportunity to obtain goods and services on credit with the option of repaying the balance of the account in full without interest penalty or paying the balance in installments’, subject to payment of interest.(is sued for people transfer of funds between accounts. The banker automated Clearing System the computerized version of APACS allows automated transfer of wages and salaries, standing orders and direct debits, etc. for full details of the types of transactions that are effected an APACS and for details of its membership,第三题：How to raise money?●Companies raise fresh capital through the stock exchange, which brings lenders andborrowers together and encourages of those with funds to invest.●It satisfies the requirements of those in need of funds, whether government.Why issue the shares in the primary market?● A government or company wishing to raise money sells securities and receives money.●Companies issue stocks and shares. A stock refers to fixed interest securities that pay aguaranteed interest rate.● A listing will be sought on the listed market or the smaller, less regulated market known asthe alternative investment market.●Reasons for such issues vary but the main reason is to cover any anticipated budget deficitwhere government spending is expected to exceed income from taxes.第四题：Advantages and disadvantages of quotation/listingAdvantages:1.Personal guarantees of directors are not usually required for borrowing.2.Offering employees extra incentive by granting shares IPO option.3.It being a public company can provide customers and suppliers with added reassurance.4.The company may gain a higher public profile which can be good for business.5. A float makes it easier for company and other investors to realize your investment.Disadvantages:1.The cost of quotation can be substantial and there are also ongoing costs such as higherprofession fees.2.The company may have to give up some management control of the business and ultimatelythere is a risk that the company could be taken over.3.Managers could be distracted from running the business by the demands of the floatationprocess, and by dealing with investors.4.If the market conditions change during the quotation process you may have to abandon thequotation.5.The business may become vulnerable to market fluctuations which are outside your control.第五题:Negotiable CDs1.Negotiable CDs are certificates acknowledging deposit of funds, the ownership of which canbe transferred to third parties.2.These are guaranteed by the bank and can usually be sold in a highly liquid secondary market,but they cannot be cashed-in before maturity.3.They are issued at par and carry a rate of interest that is usually fixed for the life of thecertificate, although occasionally floating rate CDs are issued.4. A certificate of deposit with a minimum face value of $100,000.5.Payable to the bearer, which means that the owner’s name does not appear anywhere on thecertificate.6.Technically, a certificate can be transferred to a third party by simply delivering it by hand.7.Issued on terms of 3 months to 5 years8.For amounts usually ranging from 50,000 to 500,000 pounds.9.Dollar is the main non-sterling currency of denomination but other currencies are used aswell.10.Institutions often use these as a way to invest in a low-risk, low-interest security.11.Due to their large denominations, NCDs are bought most often by large institutionalinvestors.第六题：Options1)Call optionsA call option gives the buyer the right, in return for paying a premium, to buy a share at a predetermined price up to a specified date.An investor would buy a call option if he/she expected the market price of the share to rise.2)Put optionsA put option gives the buyer the right, in return for paying a premium, to sell a share at a predetermined price up to a specified date.An investor would buy a put option if he/she expected the market price of the share to fall. Futures:●If the investor buys the contract, he/she must take delivery.●If the investor sells the contract, he/she must make delivery.●If the investor wishes to avoid having to take or make delivery investor must close outinvestor position.●The primary difference between options and futures is that options give the holder the right tobuy or sell the underlying asset at expiration, while the holder of a futures contract is obligated to fulfill the terms of his/her contract.。

2022年黑龙江大学专业课《金融学》科目期末试卷A(有答案)

2022年黑龙江大学专业课《金融学》科目期末试卷A（有答案）一、选择题1、一国货币升值对该国进出口的影响（）。

A.出口增加，进口减少B.出口减少，进口增加C.出口增加，进口增加D.出口减少，进口减少2、当价格水平上升，货币需求曲线，利率。

（）A.右移：上升B.右移：下降C.左移：下降D.左移：上升3、格雷欣法则是描述下列哪一种货币制度下货币现象的规律？（）A.金银复本位制B.金块本位制C.金币本位制D.金汇兑本位制4、中央银行进行公开市场业务操作的工具主要是（）。

A.大额可转让存款单B.银行承兑汇票C.金融债券D.国库券5、波浪理论考虑的因素主要包括三个方面，其中最重要的是股价的（）。

A.相对位置B.比例C.形态D.时间6、个人获得住房贷款属于（）。

A.商业信用B.消费信用C.国家信用D.补偿贸易7、股指期货的交割是通过什么形式完成的？（）A.从不交割B.根据股票指数进行现金交割C.对指数内每一支股票交割一个单位D.对指数内每一支股票按照指数的加权比例分别交割8、在现实生活中，影响货币流通速度的决定性因素是（）。

A.商品流通速度B.生产结构、产销衔接的程度C.信用经济发展程度D.人口数量9、10.如果复利的计息次数增加，则现值（）A.不变B.增大C.减小D.不确定10、L公司刚支付了2.25元的股利，并预计股利会以5%每年的速度增长，该公司的风险水平对应的折现率为11%，该公司的股价应与以下哪个数值最接近？（）A.20.45元B.21.48元C.37.50元D.39.38元11、关于马科维茨投资组合理论的假设条件，描述不正确的是（）。

A.证券市场是有效的B.存在一种无风险资产，投资者可以不受限制地借入和贷出C.投资者都是风险规避的D.投资者在期望收益率和风险的基础上选择投资组合12、下列属于直接金融工具的是（）。

A.企业债券B.银行债券C.银行抵押贷款D.大额可转让定期存单13、无摩擦环境中的MM理论具体是指（）。

HND经济学导论Outcome1考试题及翻译

Assessment task instructionsRead the following passage and answer the questions which follow.SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors.The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces.It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.The boards of directors of SteamScot are also considering a change in their pricingbut are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.1 SteamScot face a ‘basic economic problem’!What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?2 From the table in the previous passage, construct a demand and supply schedule ona diagram and identify the equilibrium price and quantity.3 (a) Calculate, using total revenue, the price elasticity of demand when: (i) price rises from £4 to £5(ii) price falls from £4 to £3(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?Show the effect on a diagram.5 Apart from an increase in price, what other determinant would encourage SteamScotto increase its supply of rail journeys?6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s product s? Explain your answer with reference to income elasticity of demand.7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.评估任务说明阅读下面的文章,回答下列问题。

HND大二金融业导论期末考试答案

金融业导论期末1 other function of Bank of England（选择）[Note issue]Bank of England should ensure that there are sufficient banknotes circulating in the financial market, and whether the issued note could be accepted by public relies on people’s trust rather than backed by gold. And issue banknotes also be permitted in other seven banks in the UK expect Bank of England. Three of them are in Scotland, and the rest four are in Northern Ireland.[International Relations] It means Bank of England should work with other Central Banks in the world and services are provided for them. Except that, Bank of England also is a member of many international financial institutions such as the International Monetary Fund. [Private banking] Bank of England provide this service only limited to the accounts were opened before nati onalisation in 1946 and the staff members’ accountsMonetary stabilityMonetary stability means stable prices and confidence in the currency. To achieve these, Bank of England should support the government economic objectives which focussed on economic growth and employment.Price stability is an aspect of monetary stability, which means Bank should take actions to ensure stable price and confidence in sterling. The stable prices are defined by the government’s inflation target, which the Bank seeks to mee t through the decisions taken by the Monetary Policy Committee.Market division is a responsibility of Bank to implement the monetary policy decisions which taken by Monetary Policy Committee through take actions in the sterling and foreign exchange marketQuantitative easing is an unconventional form of monetary policy, it means effectively creates new money into the economy through buying financial assets, rather than printing new notes directly. Aim of this process is to increase private sector spending in the economy Financial stabilityThere are five main activities to achieve financial stability.[First is through the work of Financial Policy Committee]. There are two types of policy could be used to support its work, directions and recommendations. Directions means there are valid instructions to the Prudential Regulation Authority and Financial Conduct Authority as example to make financial institutions raise or lower the capitalization in their balance sheet. Recommendations means the requests that can be made to anybody requesting a change in legislation to support their activities. The institutions that are required have the right to opt not to do so, but they should explain the reasons for that.[Second is the Bank’s financial operation], acting as lender of last resort are included. But today the phrase of ‘lender of last resort’ is replace by word ’liquidity insurance’. That is the Bank of England Cash Ratio Deposit requirement, which means all organisations operate as a bank in the UK are required an account in the Bank of England.[Third is the regulation of the financial institutions by the Prudential Regulatory Authority.] The PRA is a part of England and it has responsibility to supervise banks, to build societies and credit unions, insurers and major investment firms.[Fourth is oversight of the payment, clearing and settlement processes in the UK.] The two main interbank systems are CHAPS and CERST, respectively. CHAPS is the same day electronic funds transfer system for high value or wholesale market payments in the UK. CREST is an all-encompassing communications system for UK securities transactions, and it also includes a settlement function.[Fifth is managing resolutions.] That means in terms of the failing institution, Bank will apply the published framework to manage the document of the problem.The role of the Merchant (investment) bank.There are four main roles of a merchant bank, including [new issues, setting up mezzanine finance arrangements, providing capitals through acceptance credit facilities and the treasury services].Merchant take actions as a bridge that links companies that wish to raise capitals through issuing shares to the public with those clients who want to make a large investment. As well as underwriting the issue, merchant bank will help with inscribing of the companies. Based on their understanding of the current situation of market and companies, Bank also will give suggestions to the company as to the timing for new issue.Mezzanine finance is a hybrid of debt and equity financing that is often used to finance the expansion of existing companies. Merchant bank will focus on the arrangement about the issue of the debt capital, and sometimes it might also provide the mezzanine finance.An acceptance credit is a type of letter of credit, which is a facility that allows a client of the merchant bank to issue a bill of exchange, drawn on the merchant bank to achieve the bill’s value as its pre-arranged one. The merchant bank accepts the bill and then the drawer can arrange to discount the bill either at the merchant bank or another bank so that they could receive the funds right now.In term of multinational companies, the Treasury services have become important. This service is provided to companies whose future cash management strategy has been agreed with the merchant bank. Bank will monitor all the real time information about the receipts and payments on company accounts as well as the global exchange rates and interest rates, and then take actions immediately based on the agreed strategy to maximise the benefits for the multinational company.2 The stock ExchangeThe stock exchange is a financial intermediary who provides a means to government, industry and investors so that the saving of personal and institutional investors can meet those who need capitals.It has four main functions: 1. It provides a market where ensures investors could buy or sell securities easily and quickly. 2. The UK stock systems help with the fairness of price at which a deal is done. 3. The ready secondary market makes it easier for bodies who want to raise capital to buy or sell stock quickly. 4. It allows the short-terms saving from pooling of investors to reach the companies who have long-term requirements. (The companies can raise capital at once on the first market, if there is no chance to do so, the investment can be happened on the secondary market.)The existence of regulation in the market is considered to be strength and a significant feature of the stock exchange. In this connection, the Financial Conduct Authority who applies strict conduct on business rules for all engaged in activities relating to dealing with securities supports The Stock Exchange a lot. And it is the regulation is carried out by the market that appealing more overseas investors invest in British.3.The ways company can enter the marketIntroduction: this method is suitable for companies whose aim is not to raise capital in the market. To do this the 25% of the company shares should in the public hands and the company’s aims is to help with the future marketability of their shares and increasing the visibility of the company to potential investors.Placing: this method is suitable the company who target particular institutional investors and is a most common method of listing at present. The merchant bank will advise the company arrange for the shares which have been transferred to public ownership to be placed with other institutions. The institutions will usually pay a discounted price than the shares would have been achieved on the market. Especially the small companies are advised to use this method to enter the market, because of the less cost and the higher control rights.Initial public offering: this method involves a wider offering to public and private investors, which is advised in the financial press and set up a closing date. Though offerings can be made by tender auctions, typically now the price is fixed before adverting. The bank leading as advisor will have underwritten the sale, guaranteeing that all the shares will be sled as they will take up any shares not sold.4.LIBOR ( London interbank offered rate)It is a benchmark rate that some of the world’s leading banks charge each other for short-term loans. LIBOR is administered by the ICE Benchmark Administration.1. LIBOE is an indication of the average daily rate at which contributor banks were able to borrow loans on an unsecured basis from other banks in the London interbank market. The data received from between 11 and18 contributor banks is the basis for calculation of the rate.2. Before 11.am London time contributor banks will be asked question as follow:‘At what rate could you borrow funds, were you to do so, by asking for and then accepting interbank offers in a reasonable market size?’3. LIBOR is based on the lowest rate the banks perceive they would be able to do trades at.4. LIBOR is based on major five currencies: Sterling, the US Dollar, the Euro, the Swiss Franc and the Japanese Yen.5. The LIBOR serves seven time periods which range from overnight to one year. Therefore there are 35 LIBOR rates in fact, rather than stands for a single rate.Derivatives markets5.FutureIt is a legally binding obligation to buy or sell a given quantity of a specified asset at a fixed price on a fixed future date. The assets can be financial or a range of products. Financial one including Foreign Exchange Future and the products can be cotton, copper, crude oil, etc. For example selling 1500 shares in Royal Bank of Scotland on 23 June 2018 at 82p each, it could be a future, i.e. whether the price of the shares over or below 82p on 23 June 2018, the future should be exercised at 82p each. That means if at that day the price has risen to 85p, the investor who hold the future will have lost out, vice versa. To reduce this risk, before the agreed date investor could sell the future to those who believe the share’s price will fall.Option It is a right to buy or sell a given quantity of an individual security at a fixed price and this option can be exercised at any time.A call option means the right for buyer to buy a share at a predetermined price up to a specified date, in return for paying a premium. And investor will buy the call option if he expected the market price of the share to riseA put option means the right to sell a share at a predetermined price up to a specified date, in return for paying a premium. Investors will buy this if he expected the share market price to fall.The seller of the option has to honour the commitment they wrote when the holder of the option exercises it, though the price is not advantageous for themThe buyer of the option will exercised the option when it is to their advantage, if not they will let it expire.。

精选-HND经济学导论Outcome1考试题及翻译

Assessment task instructionsRead the following passage and answer the questions which follow. SteamScot is a privately run rail company, which provides steam train journeys in Scotland. At present they operate three specific rail journeys in various parts of Scotland. These journeys are aimed at the tourist market and operate throughout the summer months. Around 70% of passengers are domestic tourists with the other 30% overseas visitors. The company has been fairly profitable over the last decade, and with the help of various grants available, they are considering an expansion of its operations. However, it is also aware that within the next five years a major overhaul of its capital stock as well as major repairs will have to be undertaken. It is this dilemma that the board of the company faces. It is estimated that in the coming year it will have £2.5 million to spend. This money could be used to open a new line between Inverness and Fort William, or to begin the repair and replacement plan on its current routes.A recent report has highlighted that following recent terrorist threats, visitors from the USA are expected to fall within the next three years, but that European visitors are likely to increase as the Euro rises in value. It is also expected that Visit Scotland (the tourist organization) will mount a major advertising campaign in England to encourage more visitors from that country.The boards of directors of SteamScot are also considering a change in their pricing but are unsure if this is a wise move. At present the average price of a journey is £4 and 60,000 tourists use the services. A report commissioned by the board on price, supply and demand is shown on the following table.1 SteamScot face a ‘basic economic problem’!What is this ‘problem’ and what is the opportunity cost of the replace and repair programme?2 From the table in the previous passage, construct a demand and supply schedule on a diagram and identify the equilibrium price and quantity.3 (a) Calculate, using total revenue, the price elasticity of demand when:(i) price rises from £4 to £5(ii) price falls from £4 to £3(b) If you were a member of the SteamScot board, what would you recommend the company does in both situations? Give reasons for your advice.4 How would the advertising campaign by Visit Scotland affect demand for SteamScot journeys?Show the effect on a diagram.5 Apart from an increase in price, what other determinant would encourage SteamScot to increase its supply of rail journeys?6 If the Chancellor of the Exchequer was to reduce income tax, would this affect demand for SteamScot’s product s? Explain your answer with reference to income elasticity of demand.7 Using a diagram, show what would happen to the equilibrium if the Scottish Executive gave SteamScot a subsidy. Explain any changes and how the market would return to equilibrium.评估任务说明阅读下面的文章,回答下列问题。

金融学导论复习题及答案

判断题（正确选A、错误选B）1．俗话说的“不要把鸡蛋放在一个篮子里”体现的金融学原理是分散化投资可以降低风险。

（）A.正确B.错误正确答案：A答案讲解：2．对于一个经济系统而言，金融体系必须是一个能自我平衡的体系，否则将会引发金融危机、经济危机乃至政治危机。

（） A.正确 B.错误正确答案：A3．20世纪90年代以来，传统的银行业务正在遭受来自证券业、保险和基金组织的侵蚀，世界金融体系越来越显得多元化，银行作为各国金融体系的信贷中心、结算中心和现金出纳中心的地位已不复存在。

（）A.正确B.错误正确答案：B答案讲解：4．钱、货币、通货、现金都是一回事，银行卡也是货币。

（）A.正确B.错误正确答案：B答案讲解：5．所谓“流通中的货币”就是现金，即发挥支付手段职能的货币和发挥流通手段职能的货币的总和。

（）A.正确B.错误正确答案：B答案讲解：6．信用货币虽然本身没有价值，但由于其能够发挥货币的职能，所以构成社会财富的组成部分。

（）A.正确B.错误正确答案：A7．电子货币作为一种信用货币，预示着无现金社会的发展趋势，即完全没有货币的社会。

（）A.正确B.错误正确答案：B答案讲解：8．目前，世界各国普遍以金融资产安全性的强弱作为划分货币层次的主要依据。

（）正确答案A.正确B.错误正确答案：B答案讲解：9．我国M1层次的货币口径是：M1＝流通中现金＋定期存款。

（）A.正确B.错误正确答案：B答案讲解：10．在纸币本位制下，如果在同一市场上出现两种以上可流通纸币，会导致实际价值较低的货币排斥实际价值高的货币的“劣币驱逐良币”现象。

（）A.正确B.错误正确答案：B答案讲解：11．货币制度最基本的内容是确定货币名称和货币单位，货币名称和货币单位确定了，一国的货币制度也就确定了。

（）A.正确B.错误正确答案：B答案讲解：12．金融市场被称为国民经济的“晴雨表”，这实际上指的就是金融市场的调节功能。

（）正确答案A.正确B.错误正确答案：B答案讲解：13．资本市场是指以期限在1年以内的金融工具为交易对象的短期金融市场。

2018浙江大学远程教育学院《金融学》课程作业标准答案

2018浙江⼤学远程教育学院《⾦融学》课程作业标准答案浙江⼤学远程教育学院《⾦融学》课程作业参考答案说明：1、作业地参考答案中部分题⽬以提供要点为限.部分习题地详细答案请参见课件.2、部分章节设置地【思考题】,不要求上交,也不提供规范答案,仅供学有余⼒地同学进⼀步思考并进⾏探索性学习.第⼀章：⾦融学导论1、⾦融对于⼀个社会⽽⾔,其主要功能有哪些？答：⾦融地主要功能有：资⾦融通.转移风险.此外还有切割股份.提供激励.价格发现等重要功能.2.⾦融业地主要范畴包括哪些具体地业态？答：包括银⾏.证券（期货）.保险,还有⼀些新兴业态,⽐如互联⽹⾦融（⾦融科技）.融资租赁.股权投资等.3.【思考题】:现有⽐例⼤约是直接融资20%,间接融资80%.发展多层次资本市场,提⾼直接融资⽐重,有助于降低企业债务⽐率,并通过资本市场壮⼤⾃⾝实⼒,提升品牌.第⼆章：货币.货币制度与信⽤1、名词解释：M0：流通中现⾦.M1：流通在外地现⾦和活期存款M2：⼴义货币,⼤致包括现⾦+活期存款+定期存款.CDs：可转让⼤额定期存单,是由美国花期银⾏ 1961 年创造地⼀项⾦融⼯具.CD 是在银⾏定期存款地凭据上注明存款⾦额.期限.利率,到期持有⼈提取本⾦和利息地⼀种债务凭证.本票：是⼀个⼈向另⼀个⼈签发地,保证即期或定期或在可以确定地将来地时间,对某⼈或其指定⼈或持票⼈⽀付⼀定⾦额地⽆条件书⾯承诺.汇票：是由出票⼈签发地,要求付款⼈在见票时或在⼀定期限内,向收款⼈或持票⼈⽆条件⽀付⼀定款项地票据.消费信⽤：是由企业.银⾏或其他消费信⽤机构向消费者个⼈提供地信⽤.消费信⽤根据提供商地不同可以分为企业提供地消费信⽤和银⾏提供地消费信⽤等种类.其中由企业提供地消费信⽤主要有赊销和分期付款两种形式.赊销主要是对那些没有现款或现款不⾜地消费者采取地⼀种信⽤出售地⽅式；⽽分期付款则更多地是运⽤于某些价值较⾼地耐⽤消费品地购买⾏为中.2、简述货币地职能.答：货币地职能：价值尺度.流通⼿段.贮藏⼿段.⽀付⼿段.世界货币.3.⾦融学中关于流动性概念地三种不同阐述.答：⾦融学中对于流动性地阐述有三种.⼀是货币地流动性,是看货币能否迅速转化为现⾦.⼆是⾦融资产地流动性,看⼀种资产能否迅速以接近原值地价格变现.三是商业银⾏地流动性,是看存贷款地⽐例,是否能应对⽇常性提款地要求,是否能应对挤兑.4、【思考题】:消费信⽤.消费⾦融是当前⾦融热点,消费⾦融公司和不少P2P公司都在从事相关业务.主要涉及房屋租赁.3C产品地购买.汽车消费.⼤宗消费品等领域.第三章：投资融资决策与利率1.名词解释：实际利率：反映出真实地市场利率,是由名义利率减去通货膨胀率得到.LIBOR：伦敦同业拆借市场利率,是权威地短期利率,也是浮动利率条件下利率变动地依据.基准利率：是⾦融市场上具有普遍参照作⽤地利率,其他利率⽔平或⾦融资产价格均可根据这⼀基准利率⽔平来确定.外源融资分⽅式包括：银⾏贷款.发⾏股票.企业债券等.费雪⽅程：是传统货币数量论地⽅程式之⼀.20 世纪初 , 美国经济学家欧⽂·费雪在《货币地购买⼒》⼀书中提出了交易⽅程式 , 也被称为费雪⽅程式.这⼀⽅程式为 :MV=PT,M,货币地数量；V,货币流通速度；P,物价⽔平；T,各类商品地交易总量.流动性偏好：流动偏好⼜称灵活偏好,指⼈们愿意以货币形式或存款形式保持某⼀部分财富,⽽不愿以股票.债券等资本形式保持财富地⼀种⼼理动机.弗⾥德曼地货币需求函数：Md/P=f(Y,w,Rm,Rb,Re,gP,u) ,其中,Md 表⽰名义货币需求量,P 表⽰物价⽔平,Y 表⽰名义恒久收⼊,w 表⽰⾮⼈⼒财富占总财富地⽐例,Rm 表⽰货币地预期名义收益率,Rb 表⽰债券地预期收益率,Re 表⽰股票地预期收益率,gP 表⽰物价⽔平地预期变动率,也就是实物资产地预期收益率,u 表⽰影响货币需求地其他因素.w,u,Md 三者地关系是不确定地.2、简述利率地决定与影响因素答：⑴决定因素：资⾦地供求状况⼀般地,当借贷资本供不应求时,借贷双⽅地竞争结果将促进利率上升；相反,当借贷资本供过于求时,竞争地结果必然导致利率下降.⑵影响因素：①经济因素②通货膨胀③政策性因素④制度因素——主要是利率管制利率地总体运动,主要受经济活动周期.通货膨胀率.货币供求.货币政策.政府管制.世界利率⽔平地影响.从微观因素考察,期限.风险.担保品.信誉.预期都会对利率地变动产⽣影响.3、试⽐较债务融资与权益融资地差异.答：债务融资是指通过银⾏或⾮银⾏⾦融机构贷款或发⾏债券等⽅式融⼊资⾦,股权融资是指主要通过发⾏股票地⽅式融⼊资⾦.债务融资需⽀付本⾦和利息,能够带来杠杆收益,但是提⾼企业地负债率；股权融资不需还本,但没有债务融资带来地杠杆收益,且会稀释控制权.⼀般来说,对于预期收益较⾼,能够承担较⾼地融资成本,⽽且经营风险较⼤,要求融资地风险较低地企业倾向于选择股票融资⽅式；⽽对于传统企业,经营风险⽐较⼩,预期收益也较⼩地,⼀般选择融资成本较⼩地债务融资⽅式进⾏融资.4、试⽐较银⾏贷款和发⾏债券这两种债权型融资⽅式地差异.答：①银⾏贷款属于间接融资⽅式,发⾏债券属于直接融资⽅式.②融资成本不同.发⾏债券没有抵押,不需要担保,全凭企业信誉,债权⼈承担了较⼤地风险,所以⼀般会要求较⾼地利率.银⾏贷款⼀般会要求抵押担保,所以实际利率也⽐较⾼③债券融资灵活性⽐较好,但需满⾜⼀定地发⾏条件,发⾏成本较⾼.银⾏贷款没有信息披露等债券发⾏地条件.5、简述企业融资中地优序融资理论.答：企业优序融资理论以不对称信息理论为基础,并考虑交易成本地存在,认为权益融资会传递企业经营地负⾯信息,⽽且外部融资要多⽀付各种成本,因⽽企业融资⼀般会遵循内源融资.债务融资.权益融资这样地先后顺序.6、什么是系统性风险？什么是⾮系统性风险？它们与资产组合地关系如何？答：系统性风险即市场风险,即指由整体政治.经济.社会等环境因素对证券价格所造成地影响.系统性风险包括政策风险.经济周期性波动风险.利率风险.购买⼒风险.汇率风险等.这种风险不能通过分散投资加以消除,因此⼜被称为不可分散风险.⾮系统风险是指对某个⾏业或个别证券产⽣影响地风险,它通常由某⼀特殊地因素引起,与整个证券市场地价格不存在系统地全⾯联系,⽽只对个别或少数证券地收益产⽣影响. ⾮系统性风险可以通过资产组合抵消,系统风险⽆法通过资产组合消除. 资产组合能够消除⾮系统风险,但是不能消除系统风险.7.【思考题】:要点如下：1）直接融资,由于⽆信誉,发⾏股票和债券没⼈买.2）间接融资,向银⾏贷款,由于实⼒⼩,⽆抵押,⽆信誉,所以⽆法申请抵押贷款和信⽤贷款.3）银⾏⽅⾯：中⼩企业贷款⾦额⼩.分散.短期.银⾏⽆积极性.4）中⼩企业财务状况不透明.规范,银⾏较难监督.5）向家庭.熟⼈借：可能⽆法融到所需地⾦额.6）风险投资：风险投资地退出机制不完善,风险投资不敢轻易投. 解决途径：建⽴信⽤体系；完善⼆板市场；建⽴风险投资；发展中介机构等.第四章：⾦融机构体系：商业银⾏与中央银⾏1. 名词解释：法定准备⾦：指法律规定⾦融机构必须存在中央银⾏⾥地这部分资⾦.法定存款准备⾦地⽐例通常是由中央银⾏决定地,被称为法定存款准备⾦率.法定存款准备⾦＝法定存款准备⾦率×存款总额超额准备⾦：⾦融机构存放在中央银⾏.超出法定存款准备⾦地部分,主要⽤于⽀付清算.头⼨调拨或作为资产运⽤地备⽤资⾦.同业拆借：是指⾦融机构之间相互融通短期资⾦地⼀种形式.狭义表外业务：指资产负债表之外地业务活动,这些业务活动可能是偶然做出地承诺或者合约,它们给银⾏带来收⼊,但是不进⼊资产负债表.投资银⾏业务：狭义地投资银⾏业务仅指财务顾问（包括兼并收购.重组.股权转让等咨询服务）和承销（包括股票发⾏.债务发⾏.特殊⾦融⼯具发⾏等）.⼴义地投资银⾏业务还包括⼆级市场地销售与交易（证券经纪）.研究.资产经管.私⼈财富经管.私⼈股权和风险投资等等.中间业务：是商业银⾏不动⽤本⾏资产为客户办理地服务性业务.⼿续费是银⾏利润来源之⼀.主要包括：理财业务.结算业务.信⽤证业务.代收业务.代客买卖业务.信托业务.租赁业务.出租保管箱业务.代理融通.银⾏卡业务.咨询业务等.贴现：持票⼈在需要资⾦时,将其收到地未到期承兑汇票,经过背书转让给银⾏,先向银⾏贴付利息,银⾏以票⾯余额扣除贴现利息后地票款付给收款⼈,汇票到期时,银⾏凭票向承兑⼈收取现款.⽤于贴现地商业汇票主要包括商业承兑汇票和银⾏承兑汇票两种.政策性银⾏：主要指由政府创⽴或担保.以贯彻国家产业政策和区域发展政策为⽬地.具有特殊地融资原则.不以盈利为⽬标地⾦融机构.在我国,政策性银⾏有中国进出⼝银⾏.中国农业发展银⾏.国家开发银⾏.信托公司：经央⾏批准地⾦融信托投资公司可以经营资⾦信托.动产信托.不动产信托和其他财产信托等四⼤类信托业务.基础货币：基础货币,也称货币基数(MonetaryBase).强⼒货币.始初货币,因其具有使货币供应总量成倍放⼤或收缩地能⼒,⼜被称为⾼能货币(High-poweredMoney),它是中央银⾏发⾏地债务凭证,表现为商业银⾏地存款准备⾦（R）和公众持有地通货（C）.货币乘数：也称之为货币扩张系数或货币扩张乘数是指在基础货币（⾼能货币）基础上货币供给量通过商业银⾏地创造存款货币功能产⽣派⽣存款地作⽤产⽣地信⽤扩张倍数,是货币供给扩张地倍数.2、商业银⾏⼀般经营哪些业务？答：商业银⾏⼀般经营负债业务（存款业务）.资产业务（贷款.同业拆借.投资）.中间业务和狭义表外业务.具体含义见书本.3、什么是贴现？什么是再贴现？试⽐较两者地异同？答：贴现：是持票⼈将票据转让给银⾏,即持票⼈将未到期地票据向银⾏兑取现⾦,银⾏按票⾯⾦额扣除从贴现⽇到到期⽇地利息后,将票⾯余额⽀付给贴现⼈.银⾏待票据到期后,再向票据付款⼈索取款项.再贴现：商业银⾏将已贴现但未到期地票据转让给中央银⾏,从⽽获得现⾦.两者都是融资地⽅式之⼀,但是主体不同.贴现地主体是社会公众或企业,再贴现地主体是商业银⾏.⽽再贴现率地变动是货币政策地⼀种.4、哪些因素影响了银⾏体系对存款货币地创造,如何影响？答：存款货币地创造是整个商业银⾏体系重要职能.它不是创造出真实地资本,⽽是创造出信⽤货币.法定存款准备⾦率（rd）.现⾦漏损率（c）.超额准备⾦率（e）.活期存款转化为定期存款.前三者越⼤,K 乘数越⼩.第四个因素导致K 乘数增⼤.5、什么是商业银⾏地表外业务？试举两例.答：表外业务是指商业银⾏从事地不列⼊资产负债表,但能影响银⾏当期损益地经营活动,它有狭义和⼴义之分.狭义地表外业务是指那些虽未列⼊资产负债表,但同表内地资产业务或负债业务关系密切地业务.⼴义地表外业务除包括上述狭义地表外业务外,还包括结算.代理.咨询等业务.6、简述中央银⾏地公开市场业务,并说明其产⽣地影响.答：所谓公开市场业务,是指中央银⾏在公开市场上买进或者卖出有价证券,以扩张或收缩信⽤,调节货币供应量地⾏为.当总需求不⾜⽽失业有持续增加地趋势时,中央银⾏就会在公开市场上买进政府债券.这⾥有两种情况：1）央⾏向商业银⾏买进政府债券,⽽商业银⾏将获得地⽀票存⼊中央银⾏作为超额准备； 2）央⾏向个⼈买进政府债券,⽽个⼈将⽀票存⼊商业银⾏；但两种情况终都会增加商业银⾏在中央银⾏地超额准备⾦.于是就有下列逻辑关系成⽴：商业银⾏地超额准备⾦增加→整个商业银⾏体系地存款多倍地创造→贷款增多,利率下降,投资上升→总需求扩⼤.7、如何理解中央银⾏是“发⾏地银⾏,银⾏地银⾏,政府地银⾏”？答：中央银⾏是：◆发⾏地银⾏：垄断货币发⾏权◆银⾏地银⾏：含义：中央银⾏只同商业银⾏发⽣业务关系,集中商⾏地准备⾦并对它们提供信⽤.业务包括：集中商业银⾏地存款准备.办理商业银⾏之间地清算.对商业银⾏发放贷款：再贷款和再贴现◆政府地银⾏：含义：中央银⾏代表国家贯彻执⾏财政⾦融政策,代为经管财政收⽀.内容包括：代理国库；代解税款.兑付国库签发地⽀票,替政府发⾏债券和还本付息.对政府提供信贷：财政稳定时,发⾏短期贷款（抵押贷款or 国库券贴现）；连续⾚字时,央⾏通过购买政府公债＋给予短期透⽀（⽽⾮长期,长期意味着增发货币,不利于⾦融地稳定）.经管黄⾦和外汇,维护币值和国际收⽀.制订或执⾏⾦融政策代表国家处理国际⾦融事务.8、什么是⼩额贷款公司？⼩贷公司地业务有哪些特点？答：⼩额贷款公司是由⾃然⼈.企业法⼈与其他社会组织投资设⽴,不吸收公众存款,经营⼩额贷款业务地有限责任公司或股份有限公司.它地业务特点有：⼀是只贷不存,公司主要依靠股本⾦发放贷款.⼆是利率放开,⼩额信贷公司地利率可⾃由浮动,但不能超过法定利率地 4 倍.三是有特定地服务对象,主要服务于“三农”,“三农”贷款不得低于总贷款地 70%.四是业务区域受限制,只能服务于所在地⾏政区域,不能跨区.五是个⼈贷款,⼩额信贷公司资本⾦不得低于1500 万元,投资者应是⾃然⼈.9. 【思考题】什么是资产证券化？对于商业银⾏来说,开展资产证券化地好处是什么？答：资产证券化：资产证券化通俗⽽⾔是指将缺乏流动性.但具有可预期收⼊地资产,通过在资本市场上发⾏证券地⽅式予以出售,以获取融资,以⼤化提⾼资产地流动性.好处：优化商业银⾏地资产负债结构；以较低成本调节资本充⾜率,满⾜资本充⾜率地监管要求；防范.分散和转移银⾏风险；拓宽银⾏融资渠道,降低银⾏融资成本；提供介⼊资本市场地平台,是商业银⾏盈利地新增长点等.10.【思考题】近年来,国际上银⾏业主要从分业向混业转变,主要是提升银⾏业与其他证券业.保险业地协同效应,提升效率.我国地光⼤.中信.平安都是通过构建⾦融集团来实现混业经营地.第五章：债权型⾦融⼯具1、债券地发⾏价格会产⽣与票⾯价格不⼀致地情况,其原理如何？答：债券发⾏价格是指债券原始投资者购⼊债券时应⽀付地市场价格,与债券地⾯值可能⼀致也可能不⼀致.理论上,债券发⾏价格是债券地⾯值和要⽀付地年利息按发⾏当时地市场利率折现所得到地现值.⽽市场利率可能与票⾯利率不同,因此按市场利率折现地价格就会和⾯值不同.2、什么是债券地理论价格？什么是债券地市场风险？答：债券地理论价格：是⼀串利息地现值和债券⾯值（在到期出售时）地现值之和. 债券地市场风险：是指市场利率升⾼导致地债券价格下跌地风险.可以从债券地理论价格公式中导出.3、衡量债券地收益率有哪些指标？其含义如何？答：债券收益率有：票⾯收益率= 利息/票⾯额*100%当期收益率：当期收益率⼜称直接收益率,是指利息收⼊所产⽣地收益,通常每年⽀付两次,它占了公司债券所产⽣收益地⼤部分.当期收益率是债券地年息除以债券当前地市场价格所计算出地收益率.它并没有考虑债券投资所获得地资本利得或是损失,只在衡量债券某⼀期间所获得地现⾦收⼊相较于债券价格地⽐率.到期收益率：所谓到期收益,是指将债券持有到偿还期所获得地收益,包括到期地全部利息.到期收益率⼜称终收益率,是投资购买国债地内部收益率,即可以使投资购买国债获得地未来现⾦流量地现值等于债券当前市价地贴现率.它相当于投资者按照当前市场价格购买并且⼀直持有到满期时可以获得地年平均收益率. 提前赎回收益率：债券发⾏⼈在债券规定到期⽇之前赎回债券时投资⼈所取得地收益率.4、什么是债券评级？国际上有哪三家著名地评级机构？债券信⽤评级（bond credit rating）是以企业或经济主体发⾏地有价债券为对象进⾏地信⽤评级. 标普.穆迪.惠誉 .5.【思考题】可转换债券是债券持有⼈可按照发⾏时约定地价格将债券转换成公司地普通股票地债券.如果债券持有⼈不想转换,则可以继续持有债券,直到偿还期满时收取本⾦和利息,或者在流通市场出售变现.如果持有⼈看好发债公司股票增值潜⼒,在宽限期之后可以⾏使转换权,按照预定转换价格将债券转换成为股票,发债公司不得拒绝.该债券利率⼀般低于普通公司地债券利率,企业发⾏可转换债券可以降低筹资成本.可转换债券持有⼈还享有在⼀定条件下将债券回售给发⾏⼈地权利,发⾏⼈在⼀定条件下拥有强制赎回债券地权利.第六章：股权型⾦融⼯具1、名词解释：资本市场：是长期资⾦市场.是指证券融资和经营⼀年以上地资⾦借贷和证券交易地场所,也称中长期资⾦市场.⼀级市场：即发⾏市场,是进⾏各种证券发⾏地市场,是⼆级市场地基础.⼆级市场：即流通市场,是进⾏各种证券转⼿买卖交易地市场.开放式基⾦：是基⾦地募集规模不固定,基⾦投资⼈可以随时申购和赎回地基⾦,通常在基⾦公司地柜台上进⾏申购和赎回,其依据是基⾦地净值.封闭式基⾦：是基⾦地发起⼈规定募集资⾦地规模和时间,⼀旦达到资⾦地募集⽬标就封闭起来,在基⾦地存续期内不能申购和赎回地基⾦.ETF：为交易型开放式指数基⾦,是⼀种在交易所上市交易地.基⾦份额可变地⼀种开放式基⾦.私募基⾦：是指以⾮公开⽅式向特定投资者募集基⾦资⾦并以证券为投资对象地证券投资基⾦.共同基⾦：共同基⾦是⼀种利益共享.风险共担地集合投资⽅式,即通过发⾏基⾦单位,集中投资者地资⾦,从事股票.债券.外汇.货币等投资,以获得投资收益和资本增值.普通股：普通股是指在公司地经营经管和盈利及财产地分配上享有普通权利地股份,代表满⾜所有债权偿付要求及优先股东地收益权与求偿权要求后对企业盈利和剩余财产地索取权.对冲基⾦：也称避险基⾦或套利基⾦,是指由⾦融期货和⾦融期权等⾦融衍⽣⼯具与⾦融组织结合后以⾼风险投机为⼿段并以盈利为⽬地地⾦融基⾦.它是投资基⾦地⼀种形式,属于免责市场产品.2、什么是优先股？优先股股东和普通股股东在哪些⽅⾯上存在差异？答：股息固定,股息⽀付排列于普通股前；清偿时,优先股优先于普通股,后于债权.不能参与公司地经营经管.3、证券市场地功能有哪些？其含义如何？答：证券市场地定义：从事证券地发⾏.流通.交易地场所.1）筹资功能：证券市场地筹资功能是指证券市场为资⾦需求者筹集⾃⼰地功能.这⼀功能地另⼀个作⽤是为资⾦供给者提供投资对象.2）定价功能：证券地价格是证券市场上证券供求双⽅共同作⽤地结果.证券市场提供了资本地合理定价机制.3）资本配置功能：证券市场地资本配置功能是指通过证券价格引导资本地流动⽽实现资本地合理配置功能.4、试⽐较开放型基⾦与封闭型基⾦地异同.答：公司型基⾦分为封闭式和开放式两种.封闭式基⾦发⾏股票数量固定,发⾏期满基⾦规模即封闭,只可以在⼆级市场买卖.开放式基⾦⼜称共同基⾦,其股票数量和基⾦规模不封闭,投资⼈可以随时向基⾦经管公司购买或回售股票以撤资. 封闭式基⾦开放式基⾦基⾦总额固定不变基⾦总额可变基⾦发起设⽴时,投资者可以向基⾦经管公司或经销机构按⾯值或规定价格购买；当发⾏完毕或已经上市交易后,投资者则只能通过经纪商在证券交易市场上按市价买卖基⾦可以随时直接向基⾦经管公司或通过经销商购买买卖价格根据市场供求关系变化⽽变化买卖价格直接反映其净资产价值投资基⾦相对来说在经营上较为稳定,其资产可全部⽤于投资. 投资者进进出出,不利于基⾦资本额地稳定,开放型基⾦不能全部⽤于投资,要保持⼀定地流动性.但也能享有追加新资本地好处5、什么是股票市场地指数？当今世界上有哪些重要地股票指数?答：股票价格指数是⽤以表⽰多种股票平均价格⽔平及其变动并衡量股市⾏情地指标.世界上著名地股票价格指数：美国地道?琼斯指数；⽇本地⽇经指数；英国地⾦融时报指数；⾹港地恒⽣指数等.我国地股票价格指数：上证综合指数；深圳综合指数；上海 50 指数；深圳成份指数.6、什么叫公募？什么叫私募？两者有何不同？答：简单来说,公募就是证券地发⾏对象为社会公众；⽽私募就是指证券地发⾏对象为特定地个⼈或者法⼈,不向社会公众发⾏.两者主要区别在于信息披露义务地不同.公募必须向社会公众公开信息,因⽽受到地监管更为严格,必须遵循法定程序（如承销）.⽽私募则更为灵活.7、简述市盈率地概念及市盈率评估法地优缺点.答：市盈率=普通股每股市价÷普通股每股收益. 指标越⼤,说明市场对公司未来越看好,表明公司具有良好地发展前景,投资者预期能获得很好地回报.在每股收益确定时,市盈率越⾼,风险越⼤. 优点：(1)计算市盈率地数据容易取得,并且计算简单.(2)市盈率把价格和收益联系起来,直观地反映投⼊和产出地关系.(3)市盈率涵盖了风险补偿率.增长率.股利⽀付率地影响,具有很⾼地综合性.缺点：(1)每股市价很多情况下采⽤报告前⼀⽇地实际股价来计算,或是全年收盘价算术平均.(2)影响市盈率变动地因素之⼀是股价.(3)在每股收益很⼩或亏损时,市价不会降⾄0,相反,报亏地股票往往因资产重组等题材⽽使股价⼤涨,从⽽产⽣很⾼地市盈率.8、什么是创业板？中国地创业板和主板市场地上市条件有什么差别？为什么会有这样地差别？答：创业板是专门对⼩型企业以及创业企业地股票进⾏交易地市场,是主板市场之外地专业市场,其主要特点是在上市条件⽅⾯对企业经营历史和经营规模有较低地要求,但注重企业地经营9.【思考题】你在投资⼀家公司地股票时,主要考虑哪些因素？基本⾯分析.宏观⾯分析.市盈率分析.成长性分析等第七章：⾦融衍⽣⼯具1.名词解释：利率互换.看涨期权.看跌期权.期权地⾏权价格利率互换：利率互换是指不同地⾦融主体在资⾦借贷市场上对于获得固定利率和浮动利率地优势不同,通过互换利息负担达到降低双⽅利息负担地⾦融创新形式.看涨期权：赋予持有⼈在⼀个特定时期以某⼀固定价格购进⼀种资产(既股票,外汇,商品,利率等)地权利.看跌期权：是指期权地购买者拥有在期权合约有效期内按执⾏价格卖出⼀定数量标地物地权利. 期权地⾏权价格：是⾏使该项期权合约地执⾏价格..期权⾏权价⼤⼩决定了期权地内在价值（指期权地⾏权价与期权基础资产市场价格地差值）2.什么是套期保值？举例说明如何利⽤⾦融衍⽣⼯具（如远期.如看涨期权）进⾏套期保值. 答：详见课件3、什么是利率互换？⾦融主体进⾏利率互换地⽬地是什么？答：利率互换是指不同企业在融资过程中,通过互换利率负担来降低融资成本地⾦融创新措施.4.简述期货交易和期货交易地“逐⽇盯市制度”（每⽇⽆负债结算）地基本做法. 答：期货交易（Forward Transaction）,是指采⽤公开地集中交易⽅式或者国务院期货监督经管机构批准地其他⽅式进⾏地以期货合约或者期权合约为交易标地地交易活动.。

hnd 金融业导论

1、Banker to the Government The Bank maintains accounts on behalf of the government. The main account is the Exchequer Account. Government receipts from taxation, borrowing, etc are paid into this account. Expenditure on the economy: welfare, health, education, etc, is paid out of this account. The accounts of government departments are also held at the Bank.Banker to Banks High Street banks keep hold of their cash reserves at the Bank of England. These funds are used to settle clearing balances. Payments from the private sector to the government are made by cheques drawn on the accounts of the UK clearing banks at the Bank of England. Note Issue1)In England and Wales the Bank is the sole bank for note issue.2)In Scotland and Northern Ireland banks issue their own notes understrict regulation.3)In other words the note issue is based purely on faith that notes willbe acceptable to UK residents in settlement of debts at all times. Public Sector Net Cash Requirement (PSNCR) This is measured by the difference between what the government spends and what it receives in income. The amount that the government needs to borrow to meet this deficit is the PSNCR.Management of the National Debt The Debt Management Office records are kept of those who hold government stocks, ie gilts.Management of the National Debt involves helping the government with its short and long-term finance. It raises short-term finance through the issue of Treasury Bills and long-term finance through gilt-edged securities.The Debt Management Office It gave advice on, and arranged the financing of , the Government’s borrowing requirement, mainly by selling debt in the ofrm of gilt-edged securities. This responsibility has been passed to the Debt Management Office.Monetary Policy Implementation The Bank implements policy on behalf of the UK government and in accordance with the government’s wishes. It is responsible for the control of interest rates and money supply growth in the economy. It can alter reserve requirement ratios and request special deposits from banks and control credit supply by dictating terms made available by banks to their customers.Lender of Last Resort This involves providing liquidity, sometimes at penalty interest rates and secured by first class bills and securities. This helps to stabilize the banking system.International Relations The bank works clasely with other central banks and provides services for them. It is a member of various international financial institutions such as the International Monetary Fund and has representation on committees of Central Banks. It can arrange loans from overseas when necessary in order to strengthen the UK’s foreign currencyreserves.Managing the Exchange Equalisation Account The EEA was set up in 1932 to stabilize the value of sterling in relation to other currencies and consists of the country’s gold and foreign currency reserves.The Bank manages the EEA on behalf of the Treasury.2、 (1) Credit cardsA credit card is part of a system of payments named after the small plastic card issued to users of the system. It is a card entitling its holder to buy g oods and services based on the holder's promise to pay for these goods an d services. The issuer of the card grants a line of credit to the consumer (o r the user) from which the user can borrow money for payment to a merch ant or as a cash advance to the user.by all high street banks by either VISA or MasterCard system.. All the cardholders can obtain the goods and services on credit Having the option of repaying the balance of the account in full without interest penalty or paying the balance in installments with payment of interestWith a minimum amount(limited credit amount) offering and matures d ays (due date) requiring(2) Agent of paymentOperated through Association for Payment clearing System(APACS) Used for paper transfer of funds between accountsBanker Automatic Clearing System allows automated transfer for wage s and salaries, such standing order, direct debt.3. London Stock Exchange as primary marketThe London Stock Exchange as primary market which is new issue ma rket concerning with issuing new securities in return for capital.In this market, a government or company wishes to raise money。