证券投资学课后习题答案总结
《证券投资学》课后习题答案
《证券投资学》课后习题答案第一章证券市场概述1、什么是投资？实体投资与金融投资、直接金融与间接金融、直接金融投资与间接金融投资的区别在哪里？答：投资是经济主体为了获得未来的收益而垫支资本转换为资产的过程，这一结果因存在风险而存在不确定性。
实体投资是指对设备、建筑物等固定资产的购置以形成新的生产能力。
其最终的结果是增加了社会物质财富和经济总量。
金融投资是指投资者为了获得收益而通过银行存款，购买股票、债券等金融资产方式让渡资金使用权以获取收入行为过程。
直接金融是融资方与投资方不通过金融中介而直接融通资金的方式，间接金融是融资方与投资方通过金融中介而间接融通资金的方式，二者的区别是资金融通过程中是否有中介机构的参与并与投资者产生契约关系，在间接融资中，投资银行只起帮助其中一方寻找或撮合适当的另一方以实现融资的委托代理关系的作用。
直接金融投资是投资者通过在资本市场直接买卖股票、债券等由筹资者发行的基础证券以获得收益的投资方式，而间接金融投资指投资者不直接购买股票、债券等有价证券，他们购买银行存单、基金、信托产品或金融衍生产品以间接的获取收益。
直接金融投资者可以参加股东大会或债权人大会，了解发行公司信息较为容易，而间接金融投资者无这些特权。
2、什么是证券？其特征有哪些？可以分成几类？答：证券是一种凭证，它表明持有人有权依凭证所记载的内容取得相应的权益并具有法律效力。
按权益是否可以带来收益，证券可以分为有价证券和无价证券。
有价证券可分为广义有价证券和狭义有价证券。
广义有价证券分为商品证券、货币市场证券、和资本证券三种，狭义有价证券仅指资本证券。
证券的基本特征主要如下：1.所有权特征。
该特征指有价证券持有人依所持有的证券份额或数量大小对相应的资产拥有一定的所有权。
2.收益性特征。
指证券持有人可以通过转让资本的使用权而获取一定数额的资本收益。
3.流通性特征。
指证券持有人可以在规定的场所按自己的意愿快速地转让证券以换取现金。
证券投资学习题及答案
《证券投资学》习题（1-6章）一. 单项选择1．证券经纪商的收入来源是（）A、买卖价差B、佣金C、股利和利息D、税金2．贴现债券的发行属于（）A、平价方式B、折价方式C、溢价方式D、时价方式3．世界上历史最悠久的股价指数是（）A、金融时报指数B、道琼斯股价指数C、标准普尔股价指数D、日经指数4．在我国股票发行通常采用（）方式。
A、平价B、溢价C、时价D、贴现5．股份公司向股东送股体现了资本增值收益，这种送股的资金来源是（）A、公积金B、税后利润C、借入资金D、社会闲置资金6．优先股票的“优先”体现在（）A、对企业经营参与权的优先B、认购新发行股票的优先C、公司盈利很多时，其股息高于普通股股利D、股利分配和剩余资产清偿的优先7．以银行金融机构为中介进行的融资活动场所是（）A、直接融资市场B、间接融资市场C、资本市场D、货币市场8．公司不以任何资产作担保而发行的债券是（）A、信用公司债B、保证公司债C、抵押公司债D、信托公司债9．（）是股份有限公司最基本的筹资工具。
A、普通股票B、优先股票C、公司债券D、银行贷款10．（）的投资者可以享受税收优惠。
A、优先股票B、公司债券C、政府债券D、金融债券11．一般来讲，公司债券与政府债券比较（）A、公司债券风险小，收益低B、公司债券风险大，收益高C、公司债券风险小，收益高D、公司债券风险大，收益低12．我国证券交易所实行（）。
A、公司制B、会员制C、股份制D、合伙制13．股份有限公司的设立，一般有两种方法（）A、公募设立和私募设立B、发起设立和募集设立C、直接设立和委托设立D、直接设立和投标设立14.贴现债券的发行属于（）A、平价方式B、折价方式C、溢价方式D、时价方式15.金融机构证券是金融机构为筹集资金而发行的证券，以下不属于这类证券的是（）A、大额可转让定期存单B、银行承兑汇票C、银行本票D、银行股票16.世界上第一个股票交易所是（）A、纽约证券交易所B、阿姆斯特丹证券交易所C、伦敦证券交易所D、美国证券交易所17.以下不属于证券交易所的职责的是（）A、提供交易场所和设施B、制定交易规则C、制定交易价格D、公布行情18.根据市场组织形式的不同，可以将证券市场划分为（）。
证券投资学(第2版)课后习题参考答案
证券投资学（第2版）课后习题参考答案程蕾邓艳君黄健第一章导论1、证券投资与证券投机的关系？答：联系：二者的交易对象都是有价证券，都是投入货币以谋取盈利，同时承担损失的风险。
二者还可以相互转化。
区别：1）交易的动机不同。
投资者进行证券投资，旨在取得证券的利息和股息收入，而投机者则以获取价差收入为目的。
投资者通常以长线投资为主，投机者则以短线操作为主。
2）投资对象不同。
投资者一般比较稳健，其投资对象多为风险较小、收益相对较高、价格比较稳定或稳中有升的证券。
投机者大多敢于冒险，其投资对象多为价格波动幅度大、风险较大的证券。
3）风险承受能力不同。
投资者首先关心的是本金的安全，投机者则不大考虑本金的安全，一心只想通过冒险立即获得一笔收入。
4）运作方法有差别。
投资者经常对各种证券进行周密的分析和评估，十分注意证券价值的变化，并以其作为他们选购或换购证券的依据。
投机者则不大注意证券本身的分析，而密切注意市场的变化，以证券价格变化趋势作为决策的依据。
2、简述证券投资的基本步骤。
答：1）收集资料；2）研究分析；3）作出决策；4）购买证券；5）证券管理。
3、试述金融市场的分类及其特点。
答：1）按金融市场的交易期限可分为：货币市场和资本市场。
2）按金融市场的交易程序可分为：证券发行市场和证券交易市场。
3）按金融交易的交割期限可分为：现货市场和期货市场。
4）按金融交易标的物的性质可分为：外汇市场、黄金市场、保险市场和各种有价证券市场。
第二章证券投资工具1、简述债券、股票、投资基金的性质和特点。
答：债券是发行人对全体应募者所负的标准化证券，具有公开性、社会性和规范性的特点，一般可以上市流通转让。
债券具有一般有价证券共有的特征，即期限性、风险性、流动性和收益性，但它又有其独特之处。
股票只是代表股份资本所有权的证书，它本身并没有任何价值，不是真实的资本，而是一种独立于实际资本之外的虚拟资本。
股票在发行与流通中，具有收益性、风险性、非返还性、参与性、流通性、价格的波动性。
证券投资学习题及答案
课后习题答案总结第一章股票1、什么是股份制度？它的主要功能有哪些？答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。
股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。
在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。
功能：一、筹集社会资金；二、改善和强化企业的经营管理。
2、什么是股票？它的主要特性是什么？答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。
股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性：1 、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、普通股和优先股的区别？答：普通股是构成股份有限公司资本基础股份，是股份公司最先发行、必须发行的股票，是公司最常见、最重要的股票，也是最常见的股票。
其权利为：1、投票表决权2、收益分配权3、资产分配权4、优先认股权。
对公司优先股在股份公司中对公司利润、公司清理剩余资产享有的优先分配权的股份。
第一是领取股息优先。
第二是分配剩余财产优先。
优先股不利一面：股息率事先确定；无选举权和被选举权，无对公司决策表决权；在发放新股时，无优先认股权。
有利一面：投资者角度:收益固定，风险小于普通股，股息高于债券收益；筹资公司发行角度：股息固定不影响公司利润分配，发行优先股可以广泛的吸收资金，不影响普通股东经营管理权。
4、我国现行的股票类型有哪些？答：我国现行的股票按投资主体不同有国有股、法人股、公众股和外资股。
国有股是有权代表国家投资的部门或机构以国有资产向公司投资形成的股份，包括公司现有的国有资产折算的股份。
法人股是指企业法人或具有法人资格的事业单位和社会团体以其依法可支配的资产向股份有限公司非上市流通股权部分投资所形成的股份。
公众股即个人股，指社会个人或股份公司内部职工以个人合法财产投入公司形成的股份。
证券投资学习题与答案
第一章证券概述一、单选题1、证券按其性质不同，可以分为 (A ) 。
A .凭证证券和有价证券B .资本证券和货券C .商品证券和无价证券D .虚拟证券和有券2、广义的有价证券包括 ( A)货币证券和资本证券。
A .商品证券B .凭证证券C .权益证券D .债务证券3、有价证券是(C )的一种形式。
A .商品证券B .权益资本C .虚拟资本D .债务资本4、证券按发行主体不同，可分为公司证券、 (D ) 、政府证券和国际证券。
A .银行证券B .保险公司证券C .投资公司证券D .金融机构证券5、证券持有者可以获得一定数额的收益，这是投资者转让资金使用权的报酬。
此收益的最终源泉是(C ) 。
A .买卖差价B .利息或红利C .生产经营过程中的价值增值D .虚拟资本价值6、投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。
所以，收益是对风险的补偿，风险与收益成( A ) 关系。
A .正比B .反比C .不相关D .线性二、多选题1、本身不能使持券人或第三者取得一定收入的证券称为( BC ) 。
A .商业汇票B .证据证券C .凭证证券D .资本证券2、广义的有价证券包括很多种，其中有( ACD ) 。
A .商品证券B .凭证证券C .货币证券D .资本证券3、货币证券是指本身能使持券人或第三者取得货币索取权的有价证券。
属于货币证券的有(ABCD ) 。
A .商业汇票B .商业本票C .银行汇票D .银行本票4、下列属于货币证券的有价证券是( AB ) 。
A .汇票B .本票C .股票D .定期存折5、资本证券是指由金融投资或与金融投资有直接联系的活动而产生的证券，持券人对发行人有一定收入的请求。
这类证券有( BCD ) 。
A .银行证券B .股票C .债券D .基金证券6、未申请上市或不符合在证券交易所挂牌交易条件的证券称为( ABC ) 。
A .非挂牌证券B .非上市证C .场外证券D .场内证券三、判断题1、证券的最基本特征是法律特征和书面特征。
证券投资学习题集答案(新)
《证券投资学》第一部分参考答案一、单项选择题１、下面属于有价证券的是（Ｃ）。
Ａ、信用证Ｂ、存款单Ｃ、股票Ｄ、提单２、中期债券的偿还期限为（Ｂ）。
Ａ、１年以下Ｂ、１－１０年Ｃ、１０－１５年Ｄ、１５年以上３、根据我国股票发行条件规定，向社会公众发行的股份应不少于公司股本总额的（ B ）。
Ａ、２０％Ｂ、２５％Ｃ、３５％Ｄ、５０％４、契约型证券投资基金反映的是一种（Ｂ）关系。
Ａ、产权Ｂ、信托Ｃ、借贷Ｄ、租赁５、具有标准化合约特征的金融衍生工具是（Ａ）。
Ａ、期货合约Ｂ、远期合约Ｃ、期权合约Ｄ、掉期合约６、证券场内市场是指（Ａ）。
Ａ、交易所交易Ｂ、柜台交易Ｃ、店头交易Ｄ、第三市场７、在股利尚未分派之前，该种股票被称为（Ａ）股票。
Ａ、含权Ｂ、除权Ｃ、填权Ｄ、贴权８、《证券法》规定：股票上市公司应当在每一会计年度结束之日起（Ｃ）个月内，应向有关单位提交年度报告并予公告。
Ａ、２Ｂ、３Ｃ、４Ｄ、５９、我国《公司法》要求，动用公积金送股后留存的法定公积金应不少于注册资本的（Ｄ）。
Ａ、15℅Ｂ、18℅Ｃ、20℅Ｄ、25℅10、根据中国证监会的规定，上市公司每次配股比例最多只能10股配（Ｄ）。
Ａ、６B、５C、４D、３二、多项选择题１、证券按其性质不同，可以分为（ＡＢＣ）。
Ａ、证据证券Ｂ、凭证证券Ｃ、有价证券Ｄ、资本证券２、有价证券按发行的主体不同，可分为（ＢＣＤ）。
Ａ、货币证券Ｂ、政府证券Ｃ、金融证券Ｄ、公司证券3、目前我国境外上市的外资股有（ＡＣ）。
Ａ、Ｈ股Ｂ、Ａ股Ｃ、Ｎ股Ｄ、Ｂ股４、证券市场上的中介机构主要有（ＢＣ）。
Ａ、筹资者Ｂ、证券交易所Ｃ、证券公司Ｄ、投资者５、上市公司持续信息披露主要包括（ＡＢＣＤ）。
Ａ、季度报告Ｂ、中期报告Ｃ、年度报告Ｄ、临时公告６、我国《公司法》规定，股票可以按（ＢＣ）价格发行。
Ａ、折价Ｂ、面值Ｃ、溢价Ｄ、市价三、判断题１、证券是各类财产所有权或债权凭证的通称。
（∨）２、有价证券是虚拟资本的一种形式，是筹措资金的重要手段。
证券投资学课后习题答案smart_foi12_IM03
Chapter 3Investment Information and Securities TransactionsOutlineLearning GoalsI. Investment Research and PlanningA. Getting Started in Investment Research1. Investment Education Sites2. Investment Toolsa. Planningb. Screeningc. Chartingd. Stock Quotes and Portfolio TrackingB. Pros and Cons of the Internet as an Investment ToolConcepts in ReviewII. Types and Sources of Investment InformationA. Types of InformationB. Sources of Information1. Economic and Current Event Informationa. Financial Journalsb. General Newspapersc. Institutional Newsd. Business Periodicalse. Government Publicationsf. Special Subscription Services2. Industry and Company Informationa. Fair Disclosure Rulesb. Stockholders’ Reportsc. Comparative Data Sourcesd. Subscription Servicese. Brokerage Reportsf. Investment Letters3. Price Information4. Other Online Investment Information Sourcesa. Financial Portalsb. Bond Sites第1页共15页c. Mutual Fund Sitesd. International Sitese. Investment Discussion Forums5. Avoiding ScamsConcepts in ReviewIII. Understanding Market Averages and IndexesA. Stock Market Averages and Indexes1. The Dow Jones Averages2. Standard & Poor’s Indexes3. NYSE, NYSE Amex, and Nasdaq Indexes4. Value Line Indexes5. Other Averages and IndexesB. Bond Market Indicators1. Bond Yields2. Bond IndexesConcepts in ReviewIV. Making Securities TransactionsA. The Role of Stockbrokers1. Brokerage Services2. Types of Brokerage Firms3. Selecting a Stockbroker4. Opening an Accounta. Single or Jointb. Cash or Marginc. Wrap5. Odd-Lot and Round-Lot TransactionsB. Basic Types of Orders1. Market Order2. Limit Order3. Stop-Loss OrdersC. Online Transactions1. Day Trading2. Technical and Service Problems3. Tips for Successful Online TradesD. Transaction CostsE. Investor Protection: SIPC and ArbitrationConcepts in ReviewV. Investment Advisers and Investment ClubsA. Using Investment Advisers1. Regulation of Advisers2. Online Investment Advice3. The Cost and Use of Investment AdviceB. Investment ClubsConcepts in ReviewSummaryKey TermsDiscussion QuestionsProblemsCase Problems3.1 The Perezes’ Good Fortune3.2 Peter and Deborah’s Choices of Brokers and AdvisersExcel with SpreadsheetsKey Concepts1. The Internet empowers individual investors, provides savings in time and money, and offers currentinformation formerly available only to investing professionals. Tools such as financial planningcalculators and more are free, making buying and selling online convenient, relatively simple,inexpensive, and fast.2. The role, types, and uses of traditional and online investment information for making investmentdecisions3. Some of the key sources of investment information for economic and current events4. Sources of information to assess the performance of specific industries/companies5. The most commonly cited market averages and indexes, their interpretation, and their use in assessingmarket conditions; both stock and bond index covered6. The role of the stockbroker in making security transactions, the types of brokerage services available,and the various types of brokerage accounts7. A comparison of full-service, premium, and discount brokerage services8. The basic types of orders—market, limit, and stop-loss; their use in making security transactions; andtransaction costs9. The products and services offered, regulation, types, and cost of investment advisers10. The investment club as a device for pooling knowledge and money to create and manage a jointlyowned portfolio⏹Overview1. The Internet and online investing offer the individual investor advantages once enjoyed by only theprofessional investor. The number of households using online information for investment purposes is quickly expanding. The challenge now is to use the tools offered by the Internet wisely.2. Investment information is broadly classified into descriptive and analytical information. It isimportant that students understand the difference between these two kinds of information and the inves tor’s need for both types. Online investment tools help investors plan, screen, chart individual securities, and track portfolio performance.3. The chapter next mentions the benefits and costs of obtaining investment information. The instructorshould drive home the point that although an informed investor may perform better in the long run, obtaining and analyzing information costs the investor money and time. Therefore, an investor should analyze the worth of information.4. Five different types of information are delineated, and the instructor should point out that an investorusually needs all five types. For example, knowledge about a particular company alone would be insufficient for investment decision making. The investor would also require information about the economy, current events, the industry, and market prices in order to be able to make a good decision.5. The text mentions a number of specific sources of information, appropriately beginning with theWall Street Journal. Various other financial publications provide information of different types. The instructor might require students to bring their own copies of the WSJ to class and go through various sections with them. This is a good way to demonstrate how to read stock price quotations, as well as bond, option, mutual fund, commodity, and other quotations. The instructor might also find it useful to bring a company stockholder’s report to class and explain its contents. Presenting current examples of Internet sites also works well.6. The popular market averages and indexes are presented next. Movements in market averages andindexes are important indicators of the state of the economy; the instructor should describe, in class, stock market averages and indexes such as the Dow Jones, the S&P, and the NYSE Index, explaining the difference between averages and indexes and specifying what they measure and showing how to find recent listings in the print and online versions of the WSJ. The bond yield, which providesadditional information about the market and the economy, should be defined and the listing ofvarious yields pointed out in the WSJ.7. The next part examines the role of stockbrokers and the services they provide. Students usuallyencounter difficulties with the concepts of margin trading, market, limit, stop-loss orders, and short selling. Therefore, the instructor should devote adequate time to cover these topics and use examples for clarification.8. The role of the SIPC in protecting investors and procedures for settling disputes between investorsand brokerage firms is explained.9. The nature and functions of investment advisers are discussed next. The structure and regulation oftheir activities and the types of information they provide are described. The chapter closes with a discussion of investment clubs.⏹Answers to Concepts in Review1. In addition to providing low-cost investing, the Internet supplies a multitude of information sourcesdesigned to assist the individual investor in the decision-making process. Investment education sites range from the tutorials and online classes that educate the novice investors to the screening tools, financial calculators and worksheets used by experienced investors.2. The four types of online investment tools are as follows:a. Planning. Online calculators and worksheets help you find answers to your financial planningand investing questions.b. Screening. Screening tools help you sort through huge databases of stocks and mutual funds tofind those that have specific characteristics.c. Charting. This technique allows you to plot the performance of a stock or a group of stocks overa specified time period.d. Stock quotes and portfolio tracking. This tool allows the investor to track his or her investment,to be alerted whenever an analyst changes the rating, or to indicate how well the portfolio isdiversified among major asset classes.3. As for the advantages of online investing, it is now possible for even novice investors to participate inthe stock markets with a huge amount of information available at their fingertips to assist in making their decisions to invest. Commissions for online trades can be as low as $3.00 per trade, although $10 to $12 is more typical.On the con side, trading on the Internet requires that investors exercise the same caution they would if they were getting information from a human broker. Furthermore, you don’t have the safety net of dealing with a human who may be suggesting that you exercise additional caution. The ease of point-and-click investing can be the financial downfall of inexperienced investors. Transaction costs add up, and margin trading results in interest payments on a loan that will reduce possible gains.4. Descriptive information is factual information on past behavior of the economy, the market, or agiven investment vehicle. Analytical information, on the other hand, tends to analyze existing data and make projections and is quite often a source of recommendations for potential investments. The investor must evaluate whether the costs of acquiring the information are justified by the potential increase in return. Either direct or indirect costs are associated with information gathering. Direct costs include subscription fees and adviser’s fees. Indirect costs include the ti me involved to gather information.5.The Wall Street Journal, published by the Dow Jones, is perhaps the most popular source of financialnews in this country. Published daily, it provides daily price quotations on a multitude of securities. It also has a wealth of world reports, national reports, and regional and corporate news. Regular features, like “Your Money Matters,” address topics of interest to individual investors. Barron’s, on the other hand, is a weekly publication also published by Dow Jones. The articles in Barron’s are generally more in-depth and directed to financial issues than those in The Wall Street Journal. Barron’s also has special interest columns like “Up and Down Wall Street.” In addition, there are current price quotations and summary statistics on a wider variety of investments. Other sources of financial news include Investor’s Business Daily and the Financial Times.General news is available from a variety of published sources, especially daily newspapers in the local community. Many business people also rely on daily papers that have national reputations in the political and economic arena, such as the New York Times and the Los Angeles Times. USA Today isa national daily newspaper containing a “Money” section devoted to busi ness and personal financialnews. Time and Newsweek are also major periodicals in the general news category.Business news articles and statistics on general business and economic activities in the United States and abroad can be found in the Wall Street Journal and in such magazines as Newsweek, Time, U.S.News & World Report, Business Week, Fortune, The Economist, Federal Reserve Bulletin, and the Survey of Current Business. A variety of articles discussing the activities of securities markets and corporations can be found in the Wall Street Journal, Barron’s, Investor’s Business Daily, Forbes, Kiplinger’s Personal Finance, Money, and Smart Money. The last three are oriented toward individual investors and managing personal finances. Local metropolitan newspapers also provide information on securities of local interest.The distinctions between print sources and online sources has been blurring because many of the print sources now make their information available online. Two advantages of the online sources are the limited amount of advertising and the ability to be continually updated. And with the advances in mobile technology, such as smartphones and tablets, current information can be accessed quickly and easily just about anywhere.6. a. The sto ckholder’s report,also called the “annual report,” is an annual publication of publiclyheld corporations. These reports are usually free and contain a wealth of descriptive andanalytical information, including financial statements, about the firm. Stockholder reports are just one of the pieces of information that can be downloaded from company websites.b. Comparative data sources enable investors to analyze the financial condition of companies andare typically grouped by industry and size of firm. Thes e include Dun & Bradstreet’s KeyBusiness Ratios;RMA’s Annual Statement Studies; the Quarterly Financial Report for U.S.Manufacturing, Mining, and Wholesale Trade Corporations; and the Almanac of Business &Industrial Financial Ratios.c. Standard & Poor’s Stock Reports is a major service of the Standard & Poor’s Corporation. Itcontains up-to-date reports on numerous firms, including a summary of the firm’s financialhistory, its current financial situation, and for NYSE companies, an opinion on the firm’s future prospects.d.Mergent provides detailed financial information on companies and industries.e. Value Line Investment Survey offers ratings for all widely held stocks with full-page reportsincluding financial data, descriptions, analysis, and advice.7. a. The prospectus is part of the registration statement required by the SEC on a new security issue.It describes in detail the key aspects of the issuer, its management and financial position, and the security to be issued. Brokerage firms provide prospectuses at no cost to their clients. (Note: This information source is available only when a firm is making an issue of new securities.)b. Back office research reports present analyses and recommendations on the current and futureprospects for the security markets, specific industries, and specific securities. These are prepared by brokerage firm research staffs and are available (usually free of charge) to existing as well as potential clients. Several information vendors, such as Reuters and Zacks, consolidate researchfrom many companies and put it on the web.c. Investment letters provide the conclusions and recommendations of various analysts. Commonexamples of investment letters are Blue Chip Advisors, The Dines Letter,Dow Theory Letters,the Growth Stock Outlook, and Zacks Advisor. Although some investment letters concentrate on specific types of securities, others are concerned solely with assessing the economy and/orsecurity markets. There is a fee for subscription to these letters, which are generally weekly ormonthly. The Hulbert Financial Digest monitors the performance of investment letters.d. Price quotations include the current prices and price statistics for various types of securities.Almost all brokerage houses have automated devices for obtaining up-to-the-minute quotations.Many firms still use a ticker, a lighted screen on which stock transactions made on the floor ofthe exchange are reported immediately as they occur. The stock names are shown in anabbreviated form called ticker symbols. Recently, more firms have acquired sophisticatedcomputer terminals to more efficiently provide up-to-the-minute stock price information. Themost common sources of such information, however, are the daily newspaper and the WallStreet Journal, which contains current quotations on numerous investment vehicles. Barron’sand Investor’s Daily also provide a wealth of security price quotations, which is especiallyuseful for bond quotations.8.Online investment information allows individual investors to get timely historical and currentinformation, such as stock quotes and economic and financial information. Online information is generally more timely, as it is updated more frequently, and offers more educational resources for the novice investor. The resources on the Internet provide different levels of information through various subscriptions, allowing investors to receive as little or as much information as they are willing to pay for. Print versions of publications provide deeper analysis as well as a comprehensive view of the factors that affect investments. Table 3.4 lists a number of popular sites and describes the data that can be found on each site.9.Stock market averages and indexes are used to measure the general behavior of securities markets.Averages reflect the arithmetic average price behavior of a certain group of stocks at a given point in time, whereas indexes measure the current price behavior of the group relative to a base value set at an earlier point in time.Averages and indexes provide a convenient way of capturing the general mood of the market. When the averages or indexes reflect an upward trend in prices, a bull market is said to exist. Likewise, when these measures exhibit a downward trend, a bear market exists.10. a. The four Dow Jones Averages include the Dow Jones Industrial Average (30 widely held stocksissued by large firms), the Dow Jones Transportation Average (20 transportation stocks), theDow Jones Utility Average (15 public utility stocks), and the Dow Jones U.S. Total Market Index (includes all of the above).b. The six Standard & Poor’s (S&P) Indexes include the S&P 400 Industrial Index (400 industrialfirms); the Transportation Index (20 transportation companies); the Utilities Index (40 publicutility stocks); the Financials Index (40 financial stocks); the Composite Index (includes the 500stocks in the S&P indexes mentioned above); the MidCap Index (400 medium-sized companies);the SmallCap Index(made up of 600 small-sized companies); and the 1,500 SuperComp Index,which includes all stocks in the Composite, MidCap, and SmallCap indexes.Nearly all these indexes can be found in financial newspapers such as the Wall Street Journal,Barron’s, Investor’s Business Daily, and local newspapers in major metropolitan areas.11. a. The New York Stock Exchange Index includes the 2,100 stocks listed on the New York StockExchange. It is calculated in a manner similar to the S&P indexes. This index reflects the value of the stocks listed on the NYSE relative to a base of 5,000 set on December 31, 2002.b. The American Stock Exchange Index reflects the price of shares on the American StockExchange relative to a base of 550 set on December 29, 1995.c. The Nasdaq Stock Market Indexes reflect the behavior of the Nasdaq stock market. The mostpopular, the Nasdaq Composite Index, is calculated using more than 4,000 domestic commonstocks traded on the Nasdaq system. The index is based on a value of 100 set on February 5,1971. Another popular Nasdaq index is the Nasdaq 100, which includes 100 of the largestdomestic and international nonfinancial companies that are listed on the Nasdaq.d. The Value Line Composite Average includes the approximately 1,700 stocks in the Value LineInvestment Survey, which are traded on a broad cross section of exchanges as well as in the over-the-counter market. The base of 100 reflects the June 30, 1961, average of the stocks.12. a. Bond yields capture the behavior of market interest rates and represent a type of summarymeasure of the return an investor would receive on a bond if it were held to maturity. Barron’squotes the yields on the Dow Jones bond average of 10 high-grade corporate bonds and10 medium-grade corporate bonds; a ratio of the high-grade yield to the medium-grade yield iscalculated and known as the Confidence Index.b. The Dow Jones Corporate Bond Index, quoted in the Wall Street Journal and Barron’s, is themathematical average of the closing prices of 32 industrial, 32 financial, and 32 utility/telecombonds.13. Stockbrokers help investors buy and sell securities. Besides this major role, full-service stockbrokersprovide clients with several other benefits. For example, most brokerage firms offer their clients a wide variety of information. Many of them have research staffs who periodically review published economic, market, industry, or company behavior forecasts and make recommendations to their clients as to which securities they should buy or sell. Every month, they mail investors a record of transactions for that month with a total ending balance. Some brokerage firms also makearrangements to transfer funds from the sale of securities directly to an investor’s savings account, where the funds can earn interest. Many brokers have reference libraries that clients can use toresearch securities. They can provide up-to-the-minute stock price quotations. Many brokerage firms will also hold certificates for safekeeping to protect against loss.The major role of a stockbroker is to execute a client’s transactio ns at the best possible price. While it is not necessary to know your stockbroker personally, he or she should understand your investment goals. This should avoid potential conflicts. You should also make sure that the broker does notcharge you too much for the services provided and that you are not paying for services that you do not need.14. a. A brokerage account may be either single or joint. Joint accounts are typically between marriedcouples or between parent and child.b. A custodial account is one in which a parent or a guardian will take responsibility for alltransactions undertaken on behalf of a minor.c. A cash account is one in which a customer can only use cash to make transactions. This isperhaps the most common type of account.d. A customer who wishes to trade in securities using borrowed money establishes a marginaccount. By leaving the securities with the brokerage firm as collateral, the customer can borrowa pre-specified amount to trade in securities. Needless to say, the brokerage firm will first verifythe customer’s creditworthiness before opening a margin account in that customer’s name.e. A wrap account is an account in which customers with large portfolios pay the brokerage firm aflat annual fee, typically between 2% and 3% of their portfolio’s total asset value, to cover thecombined costs of a money manager’s services and the cost of commissions on their trades.These accounts allow the wealthy investor to conveniently shift the burden of stock-selectiondecisions to a professional—either in-house or independent—money manager.15. A market order is an order to buy or sell a security at the best price available at the time the order isplaced. It is the quickest way to make securities transactions. A limit order is an order to buy stock at or below or to sell stock at or above a specified price. It is best used when securities prices fluctuate widely. A stop-loss order is an order to buy or sell the stock when its market price reaches or drops below a specified level. It is used primarily by investors who wish to protect themselves from a rapid decline in the price of the stock. The stop-loss order gives them the opportunity to sell the stock when the price declines to the stop price, thereby reducing their potential losses. It becomes a market order and may in fact be executed at a lower price than the price at which the order was initiated.16. Typically, brokers charge fixed commissions in return for facilitating the purchase or sale ofsecurities. Negotiated commissions are also available to investors who maintain large accounts with the broker. The commissions usually vary depending on the services the broker provides to theinvestor. The major difference between a full-service and discount broker is the full-service broker provides investment advice. Because investing through a discount or deep-discount broker can save from 30% to 80% on the commission, the investor must weigh the benefit of advice against the higher commission. Online brokers are typically deep-discount brokers through whom investors can execute trades electronically online. These brokers charge very low commissions but offer little orno individualized research, information, or investment advice.Full-service brokers provide personalized, timely research and information. Basic discountersprovide low costs and fast trades. Premium discount brokers are in between these extremes.17.Day trading is the opposite of a buy-and-hold strategy since true day traders do not even own stocksovernight. The method is highly risky since it often involves margin and short transactions that may result in a total loss. In addition, day traders have high expenses for brokerage commissions, training, and computer equipment.You should consider several important factors before trading securities. First, know how to place and confirm your order before you begin trading. Second, verify the stock symbol of the security you wish to buy. Third, use limit orders. Fourth, don’t ignore the online reminders that ask you to check an d recheck. Fifth, don’t get carried away. Sixth, open accounts with two brokers. Lastly, double-check orders for accuracy.Many investors set aside an amount of their capital that is designated for purely speculative purposes and not required for day-to-day survival. In this way, they are not jeopardizing themselves or their loved ones if they suffer heavy losses.18. Most firms use a fixed-commission schedule for individual investors with accounts less than $50,000.Traditional brokers generally charge on the basis of the number of shares and price per share(e.g., market value of the purchase). They sometimes charge an annual management fee and lowercommissions. Online brokers, by comparison, charge a flat rate for transactions of up to 1,000 shares.Online investors will pay a surcharge if they seek personalized broker assistance.19. The Securities Investor Protection Corporation (SIPC), a nonprofit membership corporation, wasauthorized to protect customer accounts against the consequences of financial failure of the brokerage firm.Mediation is an informal, voluntary approach in which you and the broker agree to a third party who facilitates negotiations between the two of you to resolve disputes. If mediation is not pursued or it fails, you may choose arbitration, a formal process whereby you and your broker present the two sides of the argument before a panel of third-party individuals.20.Investment advisers are individuals or firms who advise clients about portfolio management. Thismay be done on a discretionary basis, in which case the adviser has complete control over the client’s portfolio. In other cases, the adviser provides investment information and advice, and the clientmakes his or her own investment decisions. Professional investment advisers are required to register and file regular reports with the SEC under the Investment Advisers Act of 1940; a 1960 amendment gave the SEC broader powers to monitor their activities. However, those who provide investment advice in addition to their primary job responsibility—such as financial planners, stockbrokers,bankers, and accountants—are not regulated by the act. Many states have similar legislation. It is important to remember that these laws only protect against fraud and unethical practices. They do not provide the investor any indication of the quality of investment advice. Professional investmentadvice usually costs between 1/4 of 1% and 3% annually of the amount of money being managed.For larger portfolios, the fee is in the range of 1/4% to 3/4%; for small portfolios, the annual feeranges from 2% to 3% of the dollar amount of funds managed.21. Investment clubs offer the individual investor access to information and/or advice from a broad rangeof differently experienced people who have similar attitudes, investments strategies, and goals. Also, through the investment club, the individual investor can participate in a larger and probably more diversified investment portfolio, therefore increasing the probability of earning a favorable return on his or her investments. For the novice investor, a club can provide an excellent mechanism forlearning key aspects of portfolio construction and investment management.Investment clubs regularly outperform the market and the professional money managers because they buy stocks for the long term instead of trying to time the market.⏹Suggested Answers to Ethics in Investing QuestionHello, I am Tim, an Insider TraderSuppose you are on an airplane and you overhear two executives of a company talking about a merger that is about to take place. If you buy stock based on what you overheard, are you committing insider trading?Answer:No, the information was unsolicited, acquired passively, and there is no guarantee that you are interpreting it correctly. If you purchase the stock, you are still at risk. Most important, your purchase would involve no breach of fiduciary duty or promise of confidentiality. Your purchase would not seem to violate either the law or any personal, ethical obligation.⏹Suggested Answers to Discussion QuestionsQuestions 1,2,4 and 6 will have answers that will vary depending on the choices made by the student.3. The broad categories of information and some examples of sources include economy-specific andcurrent event information (newspapers, magazines, journals, government releases and databases), industry or firm-specific information (company reports, brokerage firm reports, subscription services), price information relating to specific financial instruments (internet-based financial portals, websites of major newspapers and business sections of television networks) and other information, usually available online on investment strategies and skills (websites and forums such as on Yahoo! Finance).。
证券投资学习题附答案
证券投资学习题附答案1.基金经理下达交易指令以18/股买入某股票100万股，盘中交易员执行指令时，该股票价格降到17/股，则交易员下达的价格为（）。
A 17/股B 18/股(正确答案)C 需要与基金经理反馈D 需要与交易主管反馈答案解析：交易员接收到指令后有权根据自身对市场的判断选择合适时机完成交易。
交易员在执行交易的过程中必须严格按照公平公正的原则执行，在执行公平交易时需严格遵守公司的公平交易制度。
2.下列不属于衍生工具共有要素的是（）。
A 票面利率(正确答案)B 交易单位C 交割价格D 到期日答案解析：一般而言，衍生工具可由以下五个共同的要素组成：合约标的资产、到期日、交易单位、交割价格、结算。
3.根据互换形式不同，货币互换的形式有（）。
A 固定汇率换浮动汇率B 固定利率换浮动利率(正确答案)C 固定利率换浮动汇率D 固定汇率换浮动利率答案解析：货币互换可分为三种形式：固定利率对固定利率、固定利率对浮动利率、浮动利率对浮动利率。
4.下列投资的回报可以被视为无风险收益的是（）。
A 投资货币基金的回报B 投资保险公司理财产品的回报C 一年期国债的利息(正确答案)D 投资银行理财产品的回报答案解析：一般把国债利率视为无风险收益率。
5.某基金近两年的总收益为44%，采用加权平均计算近两年的年化收益率为（）。
A 20%(正确答案)B 19%C 21%D 22%6.一般来说，下列项目中不在财务会计报告中体现的是（）。
A 基金持有人明细(正确答案)B 基金盈利能力C 基金费用状况D 基金分红能力答案解析：基金的财务会计报告的分析包括以下几方面：基金持仓结构分析；基金盈利能力和分红能力分析；基金收入情况分析；基金费用情况分析；基金份额变动分析；基金投资风格分析7.以下关于最大回撤的说法，正确的是（）。
A 比较不同基金的最大回撤指标时，应尽量控制在同一个评估期间(正确答案)B 最大回撤无法衡量损失的大小C 最大回撤衡量投资管理人对上行风险及下行风险的控制能力D 最大回撤可以衡量损失发生的可能概率答案解析：最大回撤测量投资组合在指定区间内从最高点到最低点的回撤，计算结果是在选定区间内任一历史时点往后推，产品净值走到最低点时的收益率回撤幅度的最大值。
证券投资学练习答案(第一讲到第五讲)
证券投资学课后练习（第一讲到第五讲）第一讲投资环境1、假设你发现了一只装有100亿美元的宝箱。
1）这是实物资产还是金融资产？答：金融资产。
现金是一种为了财务管理而产生的资产，它本身并不能创造财富，其价值的体现必须依附于其他实物资产的价值，因此，这个宝箱应该属于金融资产。
2）社会财富会因此而增加吗？答：不会。
只有实物资产才是真正的财富，因此金融资产本省是不具有价值的，整个社会的金融资产总量为零，此宝箱并不能够增加社会财富。
3）你会更富有吗？答：会。
金融资产虽然本身不能创造财富，但可以依赖于实物资产而使其具有价值。
拥有这个装有100亿美元的宝箱即可交换等值的实物资产，实物资产为真正的财富，可以使拥有者更加富有。
4）你能解释你回答（2）、（3）时的矛盾吗？有没有人因为这个发现而受损呢？答：这个宝箱的拥有者购买力增加，必定以其他人购买力的下降为代价，最终使得社会财富不变。
因此，由于拥有者购买力的增加而导致购买力下降的经济中的其他人即为这个发现的受损方。
2、Lanni Products是一家新兴的计算机软件开发公司，它现有计算机设备价值30000美元，以及由Lanni的所有者提供的20000美元现金。
在下面的交易中，指明交易涉及的实物资产和（或）金融资产。
在交易过程中有金融资产的产生和损失吗？1）Lanni公司向银行贷款。
它共获得50000美元现金，并且签发了一张票据保证3年内还款。
答：银行贷款是Lanni公司的金融债务，而Lanni公司签发的票据则是银行的金融资产。
Lanni 公司从银行贷款获得的50000美元现金是金融资产，而为此签发的票据则是新产生的金融资产。
2）Lanni公司使用这笔现金和它自由的20000美元为其一新的财务计划软件开发提供融资。
答：Lanni公司将其金融资产（即70000美元现金）融资给某个软件开发公司进行新的财务计划的软件开发，而作为回报，Lanni公司则获得了实物资产，即为软件公司所开发的软件成品。
证券投资学课后习题答案参考
1、有价证券的种类和特征：按证券的经济性质可分为股票、债券和其他证券三大类有价证券的特征：1）、产权性。
有价证券的产权性是指它记载着权利人的财产权内容，代表着一定的财产所有权，拥有证券就意味着享有财产的占有、使用、收益和处分的权利。
2）、收益性。
收益性是指持有证券本身可以获得一定数额的收益，这是投资者转让资金使用权的回报。
3）、流动性。
证券的流动性又称变现性，是指证券持有人可按自己的需要，灵活地转让证券以换取现金。
4）、风险性。
证券的风险性是指证券持有者面临着预期投资收益不能实现，甚至使本金也受到损失的可能。
2. 股票的主要类型----------------课本P313. 普通股股票的基本特征和主要种类基本特征：(1) 持有普通股的股东有权获得股利，但必须是在公司支付了债息和优先股的股息之后才能分得。
普通股的股利是不固定的，一般视公司净利润的多少而定。
当公司经营有方，利润不断递增时普通股能够比优先股多分得股利，股利率甚至可以超过50%；但赶上公司经营不善的年头，也可能连一分钱都得不到，甚至可能连本也赔掉。
(2) 当公司因破产或结业而进行清算时，普通股东有权分得公司剩余资产，但普通股东必须在公司的债权人、优先股股东之后才能分得财产，财产多时多分，少时少分，没有则只能作罢。
由此可见，普通股东与公司的命运更加息息相关，荣辱与共。
当公司获得暴利时，普通股东是主要的受益者；而当公司亏损时，他们又是主要的受损者。
(3) 普通股东一般都拥有发言权和表决权，即有权就公司重大问题进行发言和投票表决。
普通股东持有一股便有一股的投票权，持有两股者便有两股的投票权。
任何普通股东都有资格参加公司最高级会议枣每年一次的股东大会，但如果不愿参加，也可以委托代理人来行使其投票权。
(4) 普通股东一般具有优先认股权，即当公司增发新普通股时，现有股东有权优先(可能还以低价)购买新发行的股票，以保持其对企业所有权的原百分比不变，从而维持其在公司中的权益。
《证券投资学》课后练习题9 大题答案
第九章证券投资技术分析主要理论与方法二、名词解释K线、开盘价、收盘价、最高价、最低价、阳线、阴线、影线、跳空、空头、多头、支撑线、压力线、趋势线、轨道线、黄金分割线、百分比线、速度线、甘氏线、反转形态、整理形态、头肩顶、头肩底、双重底、双重顶、三重底、三重顶、圆形底、圆形顶、三角形、矩形、楔形、旗形、喇叭形、菱形、V形、突破、随机漫步理论、循环周期理论、相反理论。
1. K线：Ｋ线图最早是日本德川幕府时代大阪的米商用来记录当时一天、一周或一月中米价涨跌行情的图示法，后被引入股市。
Ｋ线图有直观、立体感强、携带信息量大的特点，蕴涵着丰富的东方哲学思想，能充分显示股价趋势的强弱、买卖双方力量平衡的变化，预测后市走向较准确，是应用较多的技术分析手段。
2. 开盘价：目前我国股票市场采用集合竞价的方式产生开盘价。
3. 收盘价：是多空双方经过一段时间的争斗后最终达到的共识，是供需双方最后的暂时平衡点，具有指明价格的功能。
4. 最高价：是交易过程中出现的最高的价格。
5. 最低价：是交易过程中出现的最低的价格。
6. 阳线：收盘价高于开盘价时用空（或红）实体表示，称为阳线。
7. 阴线：开盘价高于收盘价时用黑（或蓝）实体表示，称为阴线。
8. 影线：影线表示高价和低价。
9.跳空：股价受利多或利空影响后，出现较大幅度上下跳动的现象。
大小所决定．10、空头：空头是投资者和股票商认为现时股价虽然较高，但对股市前景看坏，预计股价将会下跌，于是把借来的股票及时卖出，待股价跌至某一价位时再买进，以获取差额收益。
空头指的是变为股价已上涨到了最高点，很快便会下跌，或当股票已开始下跌时，认为还会继续下跌，趁高价时卖出的投资者。
采用这种先卖出后买进、从中赚取差价的交易方式称为空头。
人们通常把股价长期呈下跌趋势的股票市场称为空头市场，空头市场股价变化的特征是一连串的大跌小涨。
11、多头：多头是指投资者对股市看好，预计股价将会看涨，于是趁低价时买进股票，待股票上涨至某一价位时再卖出，以获取差额收益。
证券投资学课后简答习题汇总
第一章股票1、什么是股份制度？它的主要功能有哪些？（P10,P13）答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。
股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。
在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。
功能：一、筹集社会资金；二、改善和强化企业的经营管理。
2、什么是股票？它的主要特性是什么？（P20）答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。
股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性：1 、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、结合实际谈谈我国股份制改革的重大意义。
（P15-16）(1)推行股份制是建立现代企业制度、搞活企业的有效途径；（2）推行股份制有利于增强企业的自我约束机制，端正企业行为；（3）推行股份制有利于企业存量资产的重新优化配置；（4）推行股份制有利于企业内部明确权、责、利的关系，促进企业的干部、职工关心企业的经营与发展；（5）推行股份制有利于企业筹措资金，实现自我技术改造和设备的更新；（6）推行股份制有利于坚定外商投资信念，促进引进外资的不断增长。
第二章债券1、债券与股票的区别？（P33）答：（1）性质上，债券表示债券持有人对公司的债权，无参加经营管理的权利；股票表示对公司所有权，有参加经营管理的权利（2）发行目的上，股票是为了筹集公司资本的需要，追加资金列入资本；债券是追加资金的需要，追加资金列入负债。
（3）获得报酬时间，债券获得报酬优先于股票。
（4）投资风险上看，股票大于债券。
（5）投机角度上，债券投机性小，而股票投机性比债券要大。
（6）发行单位上看，债券发行单位多余股票发行单位。
（7）流通性上看，债券因为有期限，流通性要低于股票2、债券按发行主体分类有几种？（P34）答：政府公债券——政府或政府代理机构为弥补预算赤字，筹集建设资金及归还旧债本息而发行的债券。
证券投资学课后习题答案
证券投资学课后习题答案证券投资学是一门研究股票、债券等金融资产投资方法和策略的学科。
课后习题是帮助学生巩固理论知识和提高实际分析能力的重要手段。
以下是一些证券投资学课后习题的参考答案：一、选择题1. 股票的内在价值是指：A. 股票的市场价格B. 股票的账面价值C. 股票的清算价值D. 股票的预期收益的现值答案：D2. 以下哪项不是证券投资分析的基本方法？A. 基本分析B. 技术分析C. 宏观经济分析D. 心理分析答案：D3. 债券的到期收益率是指：A. 债券的票面利率B. 债券的购买价格C. 债券的市场价格D. 债券的年利息收入与购买价格的比率答案：D二、简答题1. 简述基本分析和技术分析的区别。
基本分析关注的是影响证券价格的基本面因素，如公司的财务状况、行业地位、宏观经济状况等。
它试图通过评估证券的内在价值来预测其价格走势。
技术分析则不考虑基本面因素，而是通过分析历史价格和交易量数据来预测证券价格的未来走势，它基于市场行为反映所有信息的假设。
2. 什么是有效市场假说（EMH）？有效市场假说认为在一个信息传递无阻的市场中，证券的价格总是反映其所有可获得的信息。
根据这一假说，任何新信息都会迅速被市场吸收，导致证券价格的即时调整，使得任何人都无法通过分析来获得超额回报。
三、计算题1. 假设你购买了一张面值为1000元，票面利率为5%，期限为5年的债券，如果市场利率为6%，计算债券的当前价格。
债券的年利息收入为1000元 * 5% = 50元。
使用现值公式计算债券的当前价格：\[ P = \frac{50}{(1+0.06)^1} + \frac{50}{(1+0.06)^2} + ... + \frac{50}{(1+0.06)^5} + \frac{1000}{(1+0.06)^5} \]通过计算，我们可以得到债券的当前价格。
2. 如果某公司的股票当前价格为50元，预计未来一年每股收益为5元，市场预期的股息支付率为40%，计算该股票的股息率和市盈率。
《证券投资学》课后习题答案
卖空股票所得资金 初始保证金 融入股票的市值
卖空股票所得资金
卖空股票所得资金
P
20%，
得到：P 12元。
由：保证金的实际维持率
保证金实际值
卖空股票所得资金 初始保证金 融入股票的市值 投入的现金
卖空股票所得资金
卖空股票所得资金
投入的现金 40%，
得到：投入的现金 10 000元。
第四章 复习题
一、名词解释 （略）
二、讨论题 1. ①期望收益率主要是根据持有期内租金和房价的预测进行计算。必要收益率主要是根据房 地产的风险进行计算，包括无风险收益以及风险溢价。对于自主性购房，购房者主要从房屋的使 用价值出发；对于投资性购房，购房者主要从房屋的投资价值出发。
②打新股的平均收益率需要考虑中签率、资金占用天数、新股持有时间假设、持有期间的价 格与中签价格之间的比较等等。普通股票投资不存在中签率的问题，持有的时间和持有的目的也 不一样。
组合的期望收益率为 19.24%（ = 10% × 500 + 25% × 800 +13.33% × 240 + 24% × 300 ）。
1840
1840
1840
1840
3.答：资产
1、资产
2、资产
3
和资产
4
的期望收益率分别是
10%
⎛ ⎜⎝
=
550 − 500 500
⎞ ⎟⎠
、25%、
13.33%、24%，投资组合的期望收益率为 19.24%
)S1 × 1+ f1,5 4 )S2 2 × 1+ f2,3
= (1+ S5 )5 = (1+ S3 )3
( ) ⎨
证券投资学吴晓求第四版课后题答案
《证券投资学》吴晓求第四版课后题答案第一章证券市场概述1.什么是证券市场？答：证券市场指的是买卖证券的场所和组织。
2.证券市场的基本功能有哪些？答：证券市场的基本功能包括资金融通、风险管理和价格发现三个方面。
3.证券市场的分类有哪些？答：证券市场可按照发行市场和交易市场划分。
发行市场包括新股发行市场和债券市场；交易市场包括一级市场和二级市场。
4.举例说明场内交易和场外交易的区别。
答：场内交易和场外交易的主要区别在于交易的场所不同。
场内交易指的是在交易所进行的证券交易，如上交所、深交所；场外交易则指的是在交易所以外的地方进行的证券交易。
5.什么是证券的价格？价格的形成条件是什么？答：证券的价格是指在市场上交易时，买卖双方同意的交易价格。
价格的形成条件包括供需关系、市场心理、经济基本面和政策因素等方面。
第二章投资组合理论1.投资组合的目的是什么？答：投资组合的目的是实现资产配置和风险管理的目标，以获得预期收益。
2.投资组合的本质是什么？答：投资组合本质上是通过对不同风险和收益特性的资产进行统计分析和选择，使其相互之间呈现理想的相关性，从而使得组合的整体效用达到最大。
3.什么是有效前沿？有效前沿有什么作用？答：有效前沿是指在风险相同的情况下，最大化预期收益水平的投资组合集合。
有效前沿对于投资者而言，是制定投资决策和风险管理的重要依据。
4.投资组合的优化目标是什么？答：投资组合的优化目标是在规定的风险水平下，实现预期收益最大化或在预期收益水平下，实现风险最小化。
5.什么是最小方差组合？答：最小方差组合是指在所有组合中，使得组合方差最小的投资组合。
第三章股票投资分析1.什么是股票？答：股票是公司吸收资金的一种证明，并代表对公司部分所有权。
2.股票的价格是由什么因素影响的？答：股票的价格受到多个因素的影响，包括公司基本面、市场情绪、政策环境等。
3.什么是价值投资？相对于价值投资，什么是成长投资？答：价值投资强调挑选低估值的股票，即选择价格低于股票内在价值的股票；成长投资则强调选择未来能够快速增长的公司。
证券投资学课后习题答案总结
证券投资学课后习题答案总结第一章股票1、什么是股份制度？它的主要功能有哪些？答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。
股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。
在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。
功能：一、筹集社会资金；二、改善和强化企业的经营管理。
2、什么是股票？它的主要特性是什么？答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。
股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性：1、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、普通股和优先股的区别？答：普通股是构成股份有限公司资本基础股份，是股份公司最先发行、必须发行的股票，是公司最常见、最重要的股票，也是最常见的股票。
其权利为：1、投票表决权2、收益分配权3、资产分配权4、优先认股权。
对公司优先股在股份公司中对公司利润、公司清理剩余资产享有的优先分配权的股份。
第一是领取股息优先。
第二是分配剩余财产优先。
优先股不利一面：股息率事先确定；无选举权和被选举权，无对公司决策表决权；在发放新股时，无优先认股权。
有利一面：投资者角度:收益固定，风险小于普通股，股息高于债券收益；筹资公司发行角度：股息固定不影响公司利润分配，发行优先股可以广泛的吸收资金，不影响普通股东经营管理权。
4、我国现行的股票类型有哪些？答：我国现行的股票按投资主体不同有国有股、法人股、公众股和外资股。
国有股是有权代表国家投资的部门或机构以国有资产向公司投资形成的股份，包括公司现有的国有资产折算的股份。
法人股是指企业法人或具有法人资格的事业单位和社会团体以其依法可支配的资产向股份有限公司非上市流通股权部分投资所形成的股份。
公众股即个人股，指社会个人或股份公司内部职工以个人合法财产投入公司形成的股份。
《证券投资学》课后习题答案
《证券投资学》课后习题答案第1章证券投资工具一、名词解释【风险】（易）风险可以理解为“未来结果的不确定性或损失”，也可以进一步定义为“个人和群体在未来获得收益和遇到损失的可能性以及对这种可能性的判断与认知”。
【债券】（易）债券（bond）是一种金融契约，是政府、金融机构、工商企业等机构直接向社会借债筹措资金时，向投资者发行，同时承诺按一定利率支付利息并按约定条件偿还本金的债权债务凭证。
【货币的时间价值】（中）不同时间发生的等额资金在价值上的差别。
【股票】（易）股票是股份有限公司在筹集资本时向出资人或投资者发行的股份凭证,代表其持有者(即股东)对股份公司的所有权。
【普通股】（易）普通股是指在公司的经营管理、盈利及财产的分配上享有普通权利的股份，代表满足所有债权偿付要求及优先股股东的收益权与求偿权要求后对企业盈利和剩余财产的索取权。
普通股构成公司资本的基础，是股票的一种基本形式。
【优先股】（易）优先股在利润分红及剩余财产分配的权利方面，优先于普通股。
优先股股东有两种权利：①优先分配权。
②剩余财产优先分配权。
【基金】（难）泛指证券投资基金及其发行的作为一种有价证券的基金单位。
【证券投资基金】（中）证券投资基金是一种实行组合投资、专业管理、利益共享、风险共担的集合投资方式。
与股票、债券不同，证券投资基金是一种间接投资工具，基金投资者、基金管理人和基金托管人是基金运作中的主要当事人。
【契约型基金】（难）契约型基金是指以信托法为基础，根据当事人各方之间订立的信托契约，由基金发起人发起设立的基金，基金发起人向投资者发行基金单位筹集资金。
契约型基金也称信托型基金。
【公司型基金】（难）公司型基金是指以《公司法》为基础设立、通过发行基金单位筹集资金并投资于各类证券的基金。
【封闭式基金】（难）封闭式基金是指基金的单位数目在基金设立时就已确定，在基金存续期内基金单位的数目一般不会发生变化，但出现基金扩募的情况除外。
【开放式基金】（难）放式基金是指基金股份总数是可以变动的基金，它既可以向投资者销售任意多的基金单位，也可以随时应投资者要求赎回已发行的基金单位。
证券投资学课后习题答案smart_foi12_IM02
Chapter 2Securities Markets and TransactionsOutlineLearning GoalsI. Securities MarketsA. Types of Securities Markets1. The Primary Marketa. Going Public: The IPO Processb. The Investment Banker’s Role2. The Secondary MarketB. Broker Markets and Dealer Markets1. Broker Markets2. The New York Stock Exchangea. Trading Activityb. Listing Policies3. NYSE Amex4. Regional Stock Exchanges5. Options Exchanges6. Futures Exchanges7. Dealer Marketsa. Nasdaqb. The Over-the-Counter MarketC. Alternative Trading SystemsD. General Market Conditions: Bull or BearConcepts in ReviewII. Globalization of Securities MarketsA. Growing Importance of International MarketsB. International Investment PerformanceC. Ways to Invest in Foreign SecuritiesD. Risks of Investing InternationallyConcepts in Review第1页共17页III. Trading Hours and Regulation of Securities MarketsA. Trading Hours of Securities MarketsB. Regulation of Securities Markets1. Securities Act of 19332. Securities Exchange Act of 19343. Maloney Act of 19384. Investment Company Act of 19405. Investment Advisers Act of 19406. Securities Acts Amendments of 19757. Insider Trading and Fraud Act of 19888. Sarbanes-Oxley Act of 2002Concepts in ReviewIV. Basic Types of Securities TransactionsA. Long PurchaseB. Margin Trading1. Essentials of Margin Tradinga. Magnified Profits and Lossesb. Advantages and Disadvantages of Margin Trading2. Making Margin Transactionsa. Initial Marginb. Maintenance Margin3. The Basic Margin Formula4. Return on Invested Capital5. Uses of Margin TradingC. Short Selling1. Essentials of Short Sellinga. Making Money When Prices Fallb. Who Lends the Securities?c. Margin Requirements and Short Sellingd. Advantages and Disadvantages2. Uses of Short SellingConcepts in ReviewSummaryKey TermsDiscussion QuestionsProblemsCase Problems2.1 Dara’s Dilemma: What to Buy?2.2 Ravi Dumar’s High-Flying Margin AccountExcel with Spreadsheets⏹Key Concepts1. The types of securities markets in which transactions are made2. The operations, function, and nature of broker (organized securities exchanges) and dealer (the over-the-counter) market3. The importance of international securities markets and a discussion on the performance and riskinvolved in these investments4. General market conditions and extended hours trading5. Regulation of the securities markets6. The basic long transaction7. The motives for margin transactions and the procedures for making them8. Margin requirements, formulas for initial and maintenance margin, and the uses of margin trading9. The short sale transaction, why one shorts securities, and the uses of short selling⏹Overview1. The text divides securities markets into money markets and capital markets. The instructor shouldexplain the difference.2. Both primary and secondary transactions are carried out in capital markets. The instructor shoulddefine these transactions for students and explain the role of the investment banker in the selling of new securities (primary transactions).3. Initial public offerings (IPOs) are the most important transactions in the primary market. Thesequence of events includes filing a prospectus with SEC, a quit period, the distribution of the “red herring” preliminary prospectus, and finall y the first day of trading. First day returns and the number of IPOs vary greatly over time with market conditions. Most IPOs take place with the assistance of an investment banking firm. In the underwriting process, the investment bankers buy all of the stock from the issuing firm and bear the risk of reselling at a profit.4. The secondary markets include various broker markets and dealer markets. Broker markets includethe organized securities exchanges, while dealer markets include the Nasdaq (the NationalAssociation of Securities Dealers Automated Quotation System) and over-the-counter (OTC) markets.The instructor should emphasize the importance of the NYSE Amex among all these markets. The instructor might also discuss these aspects of organized security exchanges: the membership of an exchange; its listing policies; the role of the brokers, traders, and specialists; trading activity; and the auctioning process. Instructors may also wish to mention the roll of the Amex and regionalexchanges in trading ETFs and options contracts.5. The dealer markets are described next. The instructor should point out that the Nasdaq and OTCmarkets are not physical institutions like the organized securities exchanges. The instructor should also mention that while there is only one specialist for each stock on an exchange, there may beseveral or even many dealers for large companies traded on Nasdaq. The distinctions between broker and dealer markets are blurring as more and more trades are executed electronically. Nasdaq includes larger companies than the over-the-counter market, with companies listed on the OTC Bulletin Board being larger than those included in the OTC Pink Sheets. The instructor should also point out that shares normally traded in the broker markets may trade in the dealer market, in what is known as the third market, while fourth market trades between institutions are completed using electroniccommunications networks.6. The chapter then discusses the globalization of international securities markets, including a descriptionof investing in the foreign securities marketplace, how to buy foreign securities, and the risks ofinternational investment. Related issues are the existence of after-hours trading and the mergers of stock markets foreshadowing the creation of a worldwide stock exchange, the NYSE Euronext. The chapter outlines the various options available for international investing including multinationalcorporations, global and country mutual funds, and ADRs.7. In the next section, various regulations applicable to brokers, investment advisers, and stockexchanges are described. The instructor need not dwell on this section at length; however, theinstructor might want to bring in any recent litigation or securities market trial (e.g., the insidertrading scandal involving Raj Rajaratnam of the defunct hedge fund Galleon Group) that is being widely covered by the press. Widespread allegations of malfeasance on the part of financial firms leading up to the crisis of 2007–2008 have perhaps added to the importance of this topic. Ethical issues and insider trading are interesting and serve to make a point about the challenges facing those attempting to regulate the exchanges.8. The text now moves to the different types of transactions, beginning with long purchases. The nextsection deals extensively with margin trading, including the magnification of profits and losses, initial and maintenance margin, and the formulas for their calculation. A number of review problems and a case at the end of the chapter will aid students in understanding the concept of margin.9. The final section of the chapter deals with short selling, including the mechanics and uses of shortsales. The text explains initial and maintenance margin requirements and the calculation of profit and loss on short sale transactions.Answers to Concepts in Review1. a. In the money market, short-term securities such as CDs, T-bills, and bankers’ acceptances aretraded. Long-term securities such as stocks and bonds are traded in the capital markets.b. A new security is issued in the primary market. Once a security has been issued, it can be boughtand sold in the secondary market.c.Broker markets are organized securities exchanges that are centralized institutions wheresecurities listed on a particular exchange are traded. The dealer market is a complex system ofbuyers and sellers linked by a sophisticated telecommunication network. Dealer markets include Nasdaq and OTC markets.2. The investment banker is a financial intermediary who specializes in selling new security issues inwhat is known as an initial public offering(IPO). Underwriting involves the purchase of the security issue from the issuing firm at an agreed-on price and bearing the risk of reselling it to the public at a profit. For very large issues, an investment banker brings in other bankers as partners to form the underwriting syndicate and thus spread the financial risk. The investment banker also provides the issuer with advice about pricing and other important aspects of the issue.In a public offering, a firm offers its shares for sale to the general public after registering the shares with the SEC. Rather than issue shares publicly, a firm can make a rights offering, in which it offers shares to existing stockholders on a pro rata basis. In a private placement of its shares, a firmsells directly to groups of investors, such as insurance companies and pension funds, and does not register with the SEC.3. a. 5. NYSE Amex is the second largest organized U.S. exchange.b. 2. The Chicago Board of Trade (CBT) is a futures exchange.c. 6. NYSE has the most stringent listing requirement.d. 4. The Boston Stock Exchange is a regional stock exchange.e. 3. The Chicago Board Options Exchange (CBOE) is an options exchange.f. 1. The over-the-counter (OTC) market trades unlisted securities.4. The dealer market is really a system of markets spread all over the country and linked together by asophisticated telecommunication system. It accounts for about 40% of the total dollar volume of all shares traded. These markets are made up of traders known as dealers, who offer to buy or sell stocks at specific prices. The “bid” price is the highest price offered by the dealer to purchase a security; the “ask” p rice is the lowest price at which the dealer is willing to sell the security. The dealers are linked together through Nasdaq. In order to create a continuous market for unlisted securities, IPOs, both listed and unlisted, are sold in the dealer market. About 2,700 Nasdaq stocks are included in the Nasdaq/National Market System, which lists, carefully tracks, and provides detailed quotations on these actively traded stocks. The Nasdaq Global Select Market contains the 1,000 biggest and most actively traded companies. An additional 1,000 firms are included in the Nasdaq National Market listing. Another 700 firms that are generally smaller can be found on the Nasdaq Capital Markets list.Companies that do not make the Nasdaq listing standards are traded on the OTC market’s Bulletin Board or “Pink Sheets.”Trading in large blocks of outstanding securities, known as secondary distributions, also takes place in the OTC market in order to reduce potential negative effects of such transactions on the price of listed securities. Third markets are over-the-counter transactions made in securities listed on the NYSE, the Amex, or any other organized exchange. Mutual funds, pension funds, and life insurancecompanies use third markets to make large transactions at a reduced cost. Fourth markets include transactions made directly between large institutional investors. Unlike the third market, this market bypasses the dealer; however, sometimes an institution will hire a firm to find a suitable buyer or seller and facilitate the transaction.5. The third market consists of over-the-counter transactions made in securities listed on the NYSE orone of the other exchanges. The fourth market consists of transactions using a computer network, rather than an organized exchange, between large institutional buyers and sellers of securities.6. A bull market is a favorable market normally associated with rising prices, investor optimism,economic recovery, and governmental stimulus. In contrast, bear markets are associated withfalling prices, investor pessimism, economic downturn, and government restraint.7. The globalization of securities markets is important because today investors seek out securities withhigh returns in markets other than their home country. They may invest in companies based incountries with rapidly growing economies or choose international investments to diversify theirportfolios. The U.S. securities markets, while still the world’s largest, no longer dominate theinvestment scene. In recent years, foreign exchanges have provided investors with high returns. Only once since 1980 has the United States finished number one among the major stock markets of the world. In 2005, investors could have earned higher returns from investing in markets in South Korea, Mexico, Japan, Finland, Germany, and France than from investing in markets in the United States. 8. To achieve some degree of international diversification, an investor can make foreign securityinvestments either indirectly or directly. An investor can diversify indirectly by investing in shares of U.S.-based multinational companies with large overseas operations that receive more than 50% of their revenues from overseas operations. Investors can make these transactions conventionallythrough their stockbrokers; the procedure is similar to buying a domestic security. An investor can also purchase foreign securities indirectly by purchasing shares in a mutual fund that primarilyinvests in these securities. The investor can also purchase foreign stocks and bonds directly onforeign exchanges, buy shares of foreign companies that are traded on organized or over-the-counter U.S. exchanges, or buy American depositary receipts (ADRs) and Yankee bonds.9. The investor must be aware of the additional risks involved in buying foreign securities: country risk,government policies, market regulation (or lack thereof), and foreign currency fluctuations. Investors must consider risks beyond those in making any security transaction. In particular, investors inforeign markets must bear risks associated with doing business in the foreign country, such as trade policies, labor laws, taxes, and political instability.Because investing internationally involves purchasing securities in foreign currencies, trading profits and losses are affected not only by security price changes, but by foreign exchange risk. This risk is caused by the varying exchange rates between two countries. Profits in a foreign security maytranslate into losses once the foreign currency has been exchanged for dollars. Similarly, transaction losses can result in gains. The bottom line is that investors must be aware that the value of the foreign currency relative to the dollar can have profound effects on returns from foreign security transactions.10. The exchanges, Nasdaq, and electronic communications networks (ECNs) offer extended tradingsessions before and after regular hours. Most of the after-hours markets are crossing markets, inwhich orders are only filled if they can be matched with identical opposing orders at the desired price. One after-hours session trades stocks at that day’s closing price on a first-come, first-served basis. Many large brokerage firms, both traditional and online, offer their clients after-hours trading services .ECNs handle after-hours trading for their client brokerages. ECNs are generally crossing markets, in which orders are filled only if they can be matched at the desired price. Obviously, the twoinvestors would have to have different expectations about subsequent share price performance. The development of securities markets around the globe has essentially created the situation where we have continuous trading in stocks. After-hours trading sessions carry more risk. Price changes tend to be more volatile than regular sessions, and the markets are generally less liquid than day-trading sessions.11. a. The Securities Act of 1933 requires companies to disclose all information relevant to newsecurity issues. The company must file a registration statement with the Securities and Exchange Commission (SEC) giving required and accurate information about the new issue. No newsecurities can be sold publicly unless the SEC approves the registration statement.b. The Securities Exchange Act of 1934 established the SEC as the agency in charge ofadministration of the federal securities laws. It gave the SEC power to regulate the organizedexchanges and the OTC. It required stock exchanges to register with the SEC a list of all stockstraded on the exchange.c. The Maloney Act of 1938 requires that all trade associations be registered with the SEC andallows for the self-regulation of the securities industry. Since its passage, only the NationalAssociation of Securities Dealers (NASD) has been formed under this act.d. The Investment Company Act of 1940 set certain rules and regulations for investment companies.It also empowered the SEC to regulate their practices and procedures. Investment companieswere required to register with the SEC and fulfill certain disclosure requirements. The actwas amended in 1970 to prohibit investment companies from paying excessive fees to advisersand charging excessive commissions to purchasers of shares.e. The Investment Advisers Act of 1940 was passed to protect the public from potential abuses byinvestment advisers. Advisers were required to register and file regular reports with the SEC. Ina 1960 amendment, the SEC was authorized to inspect the records of advisers and to revoke theirregistration if they violated the provisions of this act.f. The Securities Acts Amendments of 1975 were enacted to require the SEC and the securitiesindustry to develop a competitive national system for trading securities. The first step the SECtook was to abolish fixed commission rates. In 1978, the Intermarket Trading System (ITS) wasestablished, which today links eight markets in an electronic communications network.g. The Insider Trading and Fraud Act of 1988 established penalties for using nonpublic informationto make personal gain. An insi der, which originally referred only to a company’s employees,directors, and their relatives, was expanded to include anyone who obtains private informationabout a company. To allow the SEC to monitor insider trades, the SEC requires corporateinsiders to file monthly reports detailing all transactions made in the company stock.h. The Sarbanes-Oxley Act of 2002 attempts to eliminate fraudulent accounting and regulateinformation releases. Heavy penalties are applied to CEOs and financial officers who releasedeliberately misleading information. The law also establishes guidelines minimizing analystconflicts of interest, increases SEC authority, and requires instant disclosure of stock sales bycorporate executives.12. When an investor purchases a security in the hope that it will increase in value and can be sold laterfor a profit, the investor is making a long purchase. The long purchase, the most common type of transaction, derives its returns from dividends or interest received during ownership, plus capital gains or losses—the difference between the purchase price and the sale price.Margin trading involves buying securities in part with borrowed funds. Therefore, investors can use margin to reduce their money and use borrowed money to make a long purchase. Once theinvestment increases in value, the investor will pay off the loan (with fixed interest charges)and keep the rest as profits. Of course, buying on margin is quite risky, as the investors can losetheir whole capital if the investment decreases in value.13. When buying on margin, the investor puts up part of the required capital (perhaps 50% to 70% of thetotal); this is the equity portion of the investment and represents the investor’s margin. The investor’s broker (or banker) then lends the rest of the money required to make the transaction. Magnification of profits (and losses) is the main advantage of margin trading. This is called financial leverage and is created when the investor purchases stocks or other securities on margin. Only the equity portion is financed by the investor, but if the stock goes up, the investor gets all the capital gains, so leverage magnifies the return.Through leverage, an investor can (1) increase the size of his or her total investment, or (2) purchase the same investment with less of his or her own funds. Either way, the investor increases the potential rate of return (or potential loss). If the margin requirement is, say, 50%, the investor puts up only half the funds and borrows the other half. Suppose the security goes up 10%. If the investor bought the stock without using margin, he or she would earn 10%. However, if the investor used 50% margin, ignoring margin interest, he or she would earn the same dollar return with only half the funds, so the rate of return would double to 20%. On the other hand, suppose the stock fell by 10%. Withoutmargin trading, he or she has a 10% loss. With margin trading, the loss is also doubled. Both profits and losses are magnified using leverage. Note: Table 2.3 provides an excellent illustration of this point.Margin trading has both advantages and disadvantages. Advantages: Margin trading provides the investor leverage and the ability to magnify potential profits. It can also be used to improve current dividend income. Through margin trading, an investor can gain greater diversification or be able to take larger positions in the securities he or she finds attractive. Disadvantages: With greater leverage comes greater risk, and this is a disadvantage of margin trading. Interest rates on the debit balance can be high, a further disadvantage since these costs can significantly lower returns.14. In order to execute a margin transaction, an investor first must establish a margin account. Althoughthe Federal Reserve Board sets the minimum amount of equity for margin transactions, it is notunusual for brokerage houses and exchanges to establish their own, more restrictive, requirements.Once a margin account has been established, the investor must provide the minimum amount ofrequired equity at the time of purchase. This is called the initial margin, and it is required to prevent excessive trading and speculation. If the value of the investor’s account drops below this initialmargin requirement, the investor will have a restricted account. The maintenance margin is theabsolute minimum amount of equity that an investor must maintain in the margin account. If thevalue of the account drops below the maintenance margin, the investor receives a margin call, in which case the investor has limited time to replenish the equity up to the initial margin. If the investor cannot meet the margin call, the broker is authorized to sell the investor’s holdings to bring theaccount up to the required initial margin.The size of the margin loan is called the debit balance and is used along with the value of thesecurities being margined (the collateral) to calculate the amount of the investor’s margin.Typically, margin is used to magnify the returns to a long purchase. However, when a margin account has more equity than is required by the initial margin, an investor can use this “paper” equity topurchase more securities. This tactic is called pyramiding and takes the concept of magnifyingreturns to the limit.15. An investor atte mpting to profit by selling short intends to “sell high and buy low,” the reverse of theusual (long purchase) order of the transaction. The investor borrows shares and sells them, hoping to buy them back later (at a lower price) and return them to the lender. Short sales are regulated by the SEC and can be executed only after a transaction where the price of the security rises; in other words, short sales are feasible only when there is an uptick.Equity capital must be put up by a short seller; the amount is defined by an initial margin requirement that designates the amount of cash (or equity) the investor must deposit with a broker. For example, if an investor wishes to sell (short) $4,000 worth of stock when the prevailing short sale marginrequirement is 50%, he or she must deposit $2,000 with the broker. This margin and the proceeds of the short sale provide the broker with assurance that the securities can be repurchased at a later date, even if their price increases.16. In order to make a short sale, the investor must make a deposit with the broker that is equal to theinitial margin requirement. Maintenance margins are still the lowest allowed percentage of equity ina position. Short seller margins decline if the share price rises because some of the deposit (plus theinitial proceeds) will be necessary to buy back the shares. If the stock price rises by an amountsufficient to reduce short seller margins to the maintenance levels, they will receive a margin call.The short sellers can either deposit initial margin (and bet on a share price decline) or close out their position by buying back the shares (and take the loss).17. The major advantage of short selling is the chance to convert a price decline into a profit-makingsituation. The technique can also be used to protect profits already earned and to defer taxes on those profits. The major disadvantage of short selling is the high risk exposure in the face of limited return opportunities. Also, short sellers never earn dividends but must pay them as long as the transaction is outstanding.Short sales can earn speculative profits because the investor is betting against the market, whichinvolves considerable risk exposure. If the market moves up instead of down, the investor could lose all (or more) of the short sale proceeds and margin.Suggested Answers to Discussion Questions1. One reason for the large initial returns is the significant amount of hype surrounding new issues.This was especially true in the late 1990s, during what is now described as the “tech-stock bubble.”Investor demand for shares of these firms far exceeded the supply.Underwriters may intentionally underprice issues to increase their own profits and make it easier to sell the shares. Issuing firms may be willing to accept a lower price if it draws attention to their firm, making it easier to sell additional shares at a later date. Institutional investors tend to receive most of the shares in IPOs, particularly for those issues in great demand. Since they do not want to overpay for the shares, this is yet another factor contributing to underpricing. In any case, in recent years extraordinary profits from initial returns have become quite unusual. In some cases, like the highly publicized Facebook IPO, investors in the IPO experienced dramatic losses rather than profits.2. The main advantage of listing on the NYSE is the perception of greater prestige and public awarenessof the firm. The main disadvantage is that the NYSE has the strictest listing requirements of anysecurities market in the United States. For large tech firms, listing on Nasdaq is a part of their public image as innovative, technology-oriented companies.3. Not all securities markets are open simultaneously, although the possibility exists of trading in after-hour markets. This assumes the markets are equivalent when it comes to liquidity and information ability. There is talk of a market that could trade any share in the world, with the many mergers and cooperative arrangements among securities exchanges enhancing the likelihood of a worldwide stock exchange. Large companies headquartered in North America, Europe, or Japan already trade onmany national markets. However, major impediments to such trading still exist especially in listing and trading requirements. Many developing economies place foreign ownership restrictions on their listed stocks and do not insist on the level of disclosure required on the NYSE or other majorexchanges. Another stumbling block still prevails related to currency conversion. At present, there are still many foreign currencies that are not acceptable internationally. These restrictions prevent many foreign stocks from trading in one market place.。
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一．名词解释1.证券：经济权益的凭证，证明凭证持有人有权按期以其凭证取得收益2.证券投资分析：指人们通过各种专业性的投资方法对影响证券价值和价格进行综合分析，以判断证券价值及价格变动的行为3.权证：是一种有价凭证，投资者付出权利金购买后有权利而非义务，在某一特定时间或某一特定期间按约定价格向发行人购买或出售标的证券4.金融非衍生工具：以杠杆或信用为特征，以货币、证券、股票等传统金融工具为基础而衍生的金融工具5.初始保证金：买卖双方在交易之前都必须在经济公司开立专门的保证金账户，并存入一定金额的保证金6.维持保证金：它是初始保证金的75%，当保证金账户余额低于交易所规定的维持保证金的水平时，经济公司就会通知交易者补交到初始保证金水平，否则就会强制平仓7.远期：双方约定在未来的某一确定时间按确定价格买卖某种数量的标的资产的合约8.保荐人：保荐人是一个机构，由保荐人负责对发行人的上市推荐和辅导，合适公司发行的文件和上市的文件中所载的资料是否真实、完整，协助发行人建立严格的信息纰漏制并承担风险防范责任9.宏观经济政策：政府有意识的运用一定的工具调节控制宏观经济运行以达到政策目标10资本化利息：指公司自有资金不足，通过外部借款自建自用固定资产或生产生产期间超过一年的大型的设备机器过程中外部借款产生的利息11证券市场：是股票、债券、证券投资基金、金融衍生工具等各种有价证券发行和买卖的场所第一章股票1、什么是股份制度？它的主要功能有哪些？答：股份制度亦称股份公司制度，它是指以集资入股、共享收益、共担风险为特点的企业组织制度。
股份公司一般以发行股票的方式筹集股本，股票投资者依据他们所提供的生产要素份额参与公司收益分配。
在股份公司中，各个股东享有的权利和义务与他们所提供的生产要素份额相对应。
功能：一、筹集社会资金；二、改善和强化企业的经营管理。
2、什么是股票？它的主要特性是什么？答：股票是股份有限公司发行的，表示其股东按其持有的股份享受权益和承担义务的可转让的书面凭证。
股票作为股份公司的股份证明，表示其持有者在公司的地位与权利，股票持有者为公司股东.特性：1 、不可返还性2、决策性3、风险性4、流动性5、价格波动性6、投机性3、普通股和优先股的区别？答：普通股是构成股份有限公司资本基础股份，是股份公司最先发行、必须发行的股票，是公司最常见、最重要的股票，也是最常见的股票。
其权利为：1、投票表决权2、收益分配权3、资产分配权4、优先认股权。
对公司优先股在股份公司中对公司利润、公司清理剩余资产享有的优先分配权的股份。
第一是领取股息优先。
第二是分配剩余财产优先。
优先股不利一面：股息率事先确定；无选举权和被选举权，无对公司决策表决权；在发放新股时，无优先认股权。
有利一面：投资者角度:收益固定，风险小于普通股，股息高于债券收益；筹资公司发行角度：股息固定不影响公司利润分配，发行优先股可以广泛的吸收资金，不影响普通股东经营管理权。
4、我国现行的股票类型有哪些？答：我国现行的股票按投资主体不同有国有股、法人股、公众股和外资股。
国有股是有权代表国家投资的部门或机构以国有资产向公司投资形成的股份，包括公司现有的国有资产折算的股份。
法人股是指企业法人或具有法人资格的事业单位和社会团体以其依法可支配的资产向股份有限公司非上市流通股权部分投资所形成的股份。
公众股即个人股，指社会个人或股份公司内部职工以个人合法财产投入公司形成的股份。
外资股指股份公司向外国和我国香港、澳门、台湾地区投资者发行的股票。
第二章债券1、什么是债券？它必须具备哪三个条件？答：债券是发行者依法定程序发行，并约定在一定期限内还本付息的有价证券，是表明投资者与筹资者之间债权债务关系的书面债务凭证。
具备以下三个条件：1、必须可以按照同一权益和同一票面记载事项，同时向众多投资者发行；2、必须在一定期限内偿还本金，并定期支付利息；3、在国家金融政策允许条件下，必须能按照持券人的需要自由转让。
2、债券的基本特性？答：1、权利性：利息请求权、偿还本金请求权、财产索取权、其他权利。
2、有期性3、灵活性4、稳定性3、债券与股票的区别？答：（1）性质上，债券表示债券持有人对公司的债权，无参加经营管理的权利；股票表示对公司所有权，有参加经营管理的权利（2）发行目的上，股票是为了筹集公司资本的需要，追加资金列入资本；债券是追加资金的需要，追加资金列入负债。
（3）获得报酬时间，债券获得报酬优先于股票。
（4）投资风险上看，股票大于债券。
（5）投机角度上，债券投机性小，而股票投机性比债券要大。
（6）发行单位上看，债券发行单位多余股票发行单位。
（7）流通性上看，债券因为有期限，流通性要低于股票4、债券按发行主体分类有几种？答：政府公债券——政府或政府代理机构为弥补预算赤字，筹集建设资金及归还旧债本息而发行的债券。
金融债券——银行或其他金融机构为筹措中长期信用资金而发行的债券企业债券——企业为筹集投资资金而发行的债券。
国际债券——各主权国家政府、信誉好的大公司以及国际机构等，在本国以外的国际金融市场上发行的债券。
（欧洲债券——国外筹资人在欧洲金融市场上发行的，不以发行所在国货币，而是以另一种货币计值并还本付息的债券。
）第三章投资基金1、什么是投资基金？它有哪些特点？答：投资基金是一种利益共享、风险共担的集合证券投资方式，即通过发行投资基金单位，集中投资者的资金，由投资基金托管人托管，由投资基金管理人管理和运用的资金，从事股票、债券等金融工具投资，并将投资收益按基金投资者的投资比例进行分配的一种间接投资方式。
特点：1、小额投资，分散风险。
2、专业性投资管理3、成本较低，进退方便4、收益可观5、有利于机构投资者的内部管理。
2、投资基金同股票、债券投资工具的关系？答：性质上看，股票反映的是对公司的所有权；债券只是一种债权；契约型基金反映的是一种信托关系。
发行目的上看，股票是股份公司筹集自己资本的需要，债券是为了追加资金的需要；投资基金是为了形成一个以分散组合投资为特色，以降低风险从而达到资产增值为目的的投资基金组织。
发行者看，股票发行者是股份公司，债券发行者是政府、金融机构、公司企业等，而投资基金的发行者是一个比较松散的组织。
从期限上看，债券的性质决定了债券在一定期限内还本付息；股票是对公司所有权的代表，无到期日；投资基金较灵活，可有期，可无期。
从风险上看，股票风险最大，投资基金次之，债券风险最低。
收益与之相同。
从返还型上看，债券到期必须返本付息；股票具有不可返还性，但可在股票市场上转让；投资基金，封闭式不能赎回，但可转让；开放式可自由赎回。
投机性，债券投机性很小，股票投机性最大，投资基金介于二者之间。
3、封闭式投资基金与开放式投资基金的区别？答：封闭式投资基金是指投资基金资本总额及发行份数在未发行之前就已经确定下来，在发行期满后，投资基金就封闭起来，总量不在增减的投资基金，因此也称固定型投资基金。
封闭性投资基金受益凭证在封闭期间内不能追加认购或赎回，但投资者可以在证券交易所市场上交易。
开放式投资基金是指投资基金的发行总额不是固定不变的，可以随时根据市场供求状况发行新的份额或被投资人赎回的投资基金。
投资基金的单位总数变动，但追加购买或赎回的价格已投资基金的当时的净资产价值为基础加以确定。
区别: (1)封闭式投资基金的份额数量是固定的，其投资基金份额买卖和交换按标准费率执行；开放式投资基金的份额是不固定的，卖出或买进按净资产价值执行。
(2)封闭式投资基金在存续期内不得要求赎回，故信托资产稳定，便于投资基金管理人管理运作；开放式投资基金的单位总数是变动的，给投资基金管理人带来挑战。
(3)封闭式投资基金风险大于开放式投资基金风险。
4、契约型投资基金和公司型投资基金有何区别？答：契约型投资基金又称信托投资基金，是根据信托法组建的，也就是委托人、受托人和受益人三方订立信托投资契约，有投资基金经理公司根据契约运用信托资产，有托管人负责保管信托资产，而投资成果则由投资者享有的一种投资基金。
公司型投资基金是按照《公司法》组建而成的投资基金，投资者购买公司股份成为股东，由股东大会选出董事、监事，再由董事、监事投票委任某一投资管理公司来管理投资公司资产。
这种投资基金股份的出售一般都委任专门的承销公司进行。
区别：(1)公司型必须由具有独立法人资格的机构发起并发行投资基金股份；契约型无需单独组成具有法人资格的机构发起投资基金，由现有的金融机构发起即可。
(2)公司型投资基金管理依据是公司章程，契约型依据是信托契约。
(3)公司型投资基金发行股票，投资者为公司股东，具有投票表决权；而契约型发行收益证券，购买收益证券持有者，只享有受益权，不具有股东资格。
第四章衍生投资工具1、认股权证：股票认购售权证，由上市公司发行，表明持有人具有在指定时间内以事先确定的价格购买一定数量的该公司股票的权利凭证。
包括有效期限、换股比率、换股价。
2、认股权证与股票认股权的区别普通股认股权只是认股权证的低级形式，首先单就认股权来看，它存在两个缺点：一是认股权与原有普通股股票连在一起，未分离，因此就不能在市场上流通；二是公司发行新股时一般希望在较短时间迅速筹集资金，所以认股权期限较短。
而认股权证克服了上述缺点，它可以在市场上流通，并且期限长，甚至数年之久。
其次优先认股权产生于公司筹集资金而向现有股东发行新股时，是对普通股的优惠权；而优先认股权证产生于公司发行优先股和债券时，是对优先股股东和债权人的优惠。
再次，优先认股权的价格低于市场价格，而权证的价格高于当时的市场价格。
3、可转换按证券：指发行人以法定程序发行，持有人在一定时间内依据约定的条件可以转换成一定数量的另一类证券的证券。
实际上是一种普通股票的看涨期权。
4、证券期货：是指买卖双方支付一定数量的保证金，通过证券交易所进行的以将来特定的日期作为交割日期，按照约定的价格卖出或买入一定数量的证券的交易方式。
特点：(1)交易对象是有价证券的标准化合约。
(2)对冲交易多，实物交易少，投机性强。
(3)采用有形市场的形式，实行保证金制度，交易安全可靠。
(4)交易者众多，交易活跃，流动性好。
5、证券期权交易又称选择权交易，相对于现货交易而言，它是一种远期交易。
它指证券投资者实现支付一定费用取得一种可按既定价格买卖某种证券的权利。
与期货交易的区别：(1)期权交易对象是一种权利而非证券本身，期货交易对象是证券，只是把订约时间和履约时间隔;(2)期权的时效自动性。
期权有期限，超过期限未行使权利，期权自动失效，而期货交易在时间上要求双方必须履约。
(3)期权持有人可以在合同期限内任何一天执行合同，而期货交易往往规定执行的合同时间，提前延期均不可。
(4)期权属于单项合同，期权买方只有权利，无义务，而卖方有义务无权利；期货合约是双向合同，双方均有权利义务。