复旦大学金融学研究生复试试题
复旦大学2023考研431金融硕士真题及解析(完整版)
2023年复旦大学431金融硕士真题及解析一、选择题（每题3分，共30分）1.请问中国金融机构贷款市场利率参考下述哪个利率？（）A.公开市场操作利率B.常备借贷便利利率C.贷款基准利率D.贷款市场报价利率参考答案：D贷款市场报价利率（LoanPrimeRate），由具有代表性的报价行，根据本行对最优质客户的贷款利率，以公开市场操作利率（主要指中期借贷便利利率）加点形成的方式报价。
是目前中国金融机构贷款市场的基准利率。
2.下列说法不正确的是（）。
A.稳定的货币需求是货币政策盯住货币供应量目标的有效前提B.货币政策的内部时滞一般短于财政政策，但外部时滞长于财政政策C.信用卡的使用会增大货币流通速度D.货币主义学派支持相机抉择的政策建议参考答案：D货币主义认为货币需求对利率不敏感，而取决于恒久性收入，货币需求相对稳定，相机抉择会导致经济过度波动，其反对相机抉择，建议单一规则的货币规则。
3.关于国际收支调节，下列说法错误的是（）。
A.根据马勒条件，当进出口商品需求弹性之和越大，贬值改善贸易收支的效果越好B.当本币贬值时，若进出口的需求弹性之和小于供给弹性之和时，会使贸易条件改善C.货币论认为，为平衡国际收支采取的贬值、进口限额、关税等干预手段，只有当它们的作用是提高货币需求，尤其是提高国内价格水平时，才能改善国际收支D.吸收论认为，当国际收支逆差时，应采用货币财政政策来减少吸收，同时采用货币贬值来增加出口和收入参考答案：B本币贬值对贸易条件的影响需要看条件，应是需求弹性的乘积大于供给弹性乘积时，贸易条件才会改善，故B项错误。
14.A公司是一家无杠杆公司，公司产生永续的现金流，EBIT为12000万，所有利润均发放股利，公司计划发行10000万的债务进行股票回购，债务资本成本为10%，无杠杆股权资本成本为20%，公司所得税税率为25%，请问回购后的权益价值为（）万。
A.45000B.47500C.37500D.19000参考答案：C公司的所有者权益S=Vu+t C B-B=12000×（1-25%）/20%+10000×25%-10000=37500元。
复旦大学2023考研431金融硕士真题
2023年复旦大学431金融硕士真题一、选择题（每题3分，共30分）1.请问中国金融机构贷款市场利率参考下述哪个利率？（）A.公开市场操作利率B.常备借贷便利利率C.贷款基准利率D.贷款市场报价利率2.下列说法不正确的是（）。
A.稳定的货币需求是货币政策盯住货币供应量目标的有效前提B.货币政策的内部时滞一般短于财政政策，但外部时滞长于财政政策C.信用卡的使用会增大货币流通速度D.货币主义学派支持相机抉择的政策建议3.关于国际收支调节，下列说法错误的是（）。
A.根据马勒条件，当进出口商品需求弹性之和越大，贬值改善贸易收支的效果越好B.当本币贬值时，若进出口的需求弹性之和小于供给弹性之和时，会使贸易条件改善C.货币论认为，为平衡国际收支采取的贬值、进口限额、关税等干预手段，只有当它们的作用是提高货币需求，尤其是提高国内价格水平时，才能改善国际收支D.吸收论认为，当国际收支逆差时，应采用货币财政政策来减少吸收，同时采用货币贬值来增加出口和收入4.A公司是一家无杠杆公司，公司产生永续的现金流，EBIT为12000万，所有利润均发放股利，公司计划发行10000万的债务进行股票回购，债务资本成本为10%，无杠杆股权资本成本为20%，公司所得税税率为25%，请问回购后的权益价值为（）万。
A.45000B.47500C.37500D.190005.企业的全部固定资产和部分长期资产采用长期融资策略，你认为公司采用的属于什么融资策略？（）A保守投资策略B激进投资策略1C稳健投资策略D期限匹配投资策略6.不属于巴赛尔协议II中操作风险的是（）。
A.外部欺诈B.灾难性事件引致的资产损失C.舆情处理不当导致的声誉损失D.系统出错7.下列不属于信用风险评估或度量的专家分析法的是（）。
A.5C法PP评估C.ZETA模型D.五级分类8.期货和远期合约都能对标的资产进行套期保值策略。
关于二者的区别，下列说法错误的是（）。
A.期货合约是在场内交易所进行，相对于远期合约，信用风险比较小B.远期合约签订时要比期货合约更具灵活性，它能满足套期保值者的特殊需求C.当套期保值计划发生变化时，期货合约要比远期合约在头寸平仓上更具灵活性D.使用期货进行套期保值，期货在套期保值的时候既避免了损失也丧失了获利机会，远期合约则不会9.某企业持有大量的上证50ETF的成分股，但该公司担心股票价格下跌，以下操作不正确的是（）。
2010复旦金融(基金管理)研究生考试复试试题
1、财政政策的工具，被追问到为什么本科学数学，却要考金融？2、房价推动地价，还是地价推动房价？2房地产是否泡沫？是的话，原因？如何解决？3.给你1亿，让你在你熟悉的领域（我的是生物）找个项目，怎么找？找什么样的项目？3、一个问题是人民币国际化的前景；一个问题是给你一笔投资，公路铁路和航空，怎么选择？（这个应该是根据本科专业问的）4、现行的国际货币体系~ 再谈了一下优缺点”5、外汇市场干预的效力6、貌似是那个布雷顿森林体系面临的那个特里芬两难问题。
记不清了。
呵呵7、购买力平价8、题目：货币乘数是什么？老师问的问题：1、解释货币乘数是什么2.货币乘数与国民经济的关系3.货币乘数与流动性的关系4.当前金融危机情况下，银行缩紧流动性的原因是什么？与货币乘数有关系吗？就这些~第4个问题的第2问我没回答出来，我认为就是银行觉得风险很大，不原意发信贷，于是货币乘数减小，流动性变差。
不知道银行缩紧流动性这一行为的原因与货币乘数有什么关系。
或许是我把问题理解错了~我题目记得异常清晰。
呵呵~但愿能有帮助~9、抽题目被问到购买力平价，然后基金经理问到对电信业的了解（我本科专业），对深圳房地产的了解（黑线），然后最后叫我英文做自我介绍。
10、我去年是孙立坚老师那个组最后一名面试的。
题目已经抽完了。
现场提问了几个问题：1.英文自我介绍。
2.利率对股市影响是怎么样的？答曰：反向。
一旁的基金经理问：那存款准备金的效果怎么样？答曰：三大货币政策之一云云。
孙老师追问：那你解释一下为什么从国内国外经验看，利率提高股市多数会上涨？利率下降时股市会下降？答曰：央行逆市调控，流动性云云。
3.请解释一下为什么东方园林股价会这么高？（当时大概180几块）。
答曰：奥运会利好，很有发展前景，盈利能力很强之类。
11、黄金输送点12、你对未来国际金价走势的看法13、1，国际金融中心的定义和特征；2，上海建国际金融中心的优势和劣势14 分析一下汽车行业，选一只汽车股阐述15、如何看待财政政策带来的通胀预期。
2014年复旦大学金融学专业考博真题,真题解析,复试真题,真题笔记
考博详解与指导金融学1、比较东南亚金融危机与本次美国金融危机的联系与区别及其特点（25分）2、股票交易有哪两种交易机制并比较这两种机制，我国采取的是哪一种，分析其优缺点。
（25分）3、阐述一下巴拉萨—萨缪尔森定理并分析其对中国人民币汇率改革的选择。
（25分）4、货币政策中央行准备金率变动（1）用图示分析法分析其影响；（2）商业银行准备金变动对M1，M2货币乘数的影响。
（25分）第一部分、传统面试问题（Sample Traditional Interview Questions）1、What can you tell me about yourself?（关于你自己，你能告诉我些什么？）这一问题如果面试没有安排自我介绍的时间的话。
这是一个必问的问题。
考官并不希望你大谈你的个人历史，他是在寻找有关你性格、资历、志向和生活动力的线索，来判断你是否适合读研或者MBA。
下面是一个积极正面回答的好例子：“在高中我参加各种竞争性体育活动，并一直努力提高各项运动的成绩。
大学期间，我曾在一家服装店打工，我发现我能轻而易举地将东西推销出去。
销售固然重要，但对我来说，更重要的是要确信顾客能够满意。
不久便有顾客返回那家服装店点名让我为他们服务。
我很有竞争意识，力求完美对我很重要。
”In high school I was involved in competitive sports and I always tried to improve in each sport I participated in.As a college student,I worked in a clothing store part-time and found that I could sell things easily.The sale was important,but for me,it was even more important to make sure that the customer was satisfied.It was not long before customers came back to the store and specifically asked for me to help them.I’m very competitive and it means a lot to me to be the best.2、What would you like to be doing five years after graduation?（在毕业以后5年内你想做些什么？）你要清楚你实际上能胜任什么。
复旦大学金融考研题库
复旦大学金融考研题库金融学是研究资金的流动、分配和管理的学科，它在现代经济体系中扮演着极其重要的角色。
复旦大学作为中国顶尖的高等学府之一，其金融专业的考研题库涵盖了广泛的金融理论和实践问题。
以下是一些可能包含在复旦大学金融考研题库中的题目类型和示例问题：# 一、选择题1. 金融市场的基本功能包括以下哪项？- A. 资源配置- B. 风险管理- C. 信息提供- D. 所有以上选项2. 下列哪项不是现代投资组合理论的假设？- A. 投资者是风险厌恶的- B. 投资者是理性的- C. 投资者总是寻求最大收益- D. 投资者可以无限制地借贷# 二、简答题1. 请简述有效市场假说（EMH）的主要内容及其对投资策略的影响。
2. 描述金融衍生品的基本功能，并举例说明其在风险管理中的应用。
# 三、计算题1. 假设你购买了一份面值为1000元的债券，年利率为5%，期限为5年，每年支付一次利息。
请计算该债券的现值，如果市场利率为4%。
2. 某公司计划进行一项投资，初始投资成本为500万元，预期未来5年的现金流分别为100万元、120万元、140万元、160万元和180万元。
如果公司的折现率为10%，请计算该投资的净现值（NPV）。
# 四、论述题1. 论述金融危机对全球金融市场的影响，并分析金融危机发生的原因及其预防措施。
2. 讨论金融监管的重要性，以及金融监管机构在维护金融市场稳定中的作用。
# 结尾金融考研题库的题目设计旨在考察学生对金融学基本概念、理论的掌握程度，以及运用这些知识解决实际问题的能力。
通过对这些题目的练习，学生可以加深对金融学科的理解，提高分析和解决问题的能力，为未来的学术研究或职业生涯打下坚实的基础。
复旦大学金融学考研，复试经验分享
宏观金融
¾ 只抽取一道题目，三个老师面试 ¾ 最适度通货区的概念和理论
（货币区，名义比价相互固定，占主导货币，自由兑换，协 调机构，货币主权削弱；单一指标法和综合分析法）
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复书
祝大家在最后一次金融联考中取得佳绩！
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微观金融
¾ 也是抽取一道题目，可以换题，三个老师面试 ¾ 什么是Contingent Claims ?有何应用？
复旦大学金融学复试经验分享
庄达
专业来自百分百的投入 Copyright © 1999~2008. All rights reserved
专业英语
¾ 一男一女两位老师 ¾ 了解本科情况，为什么读金融（关于个人选择） ¾ Self-introduction ¾ What will you do if you fail ?
¾ 追问：
这个求偿权是不是没有条件的？和期权有什么不同？假 设上海有一个新能源汽车的项目，你想进行投资，要考虑哪 些风险？如何把这个claim运用到这个新能源汽车的项目 中？如果你作为出资人，和新能源汽车的专利持有人，在这 项投资上会有什么不同？如何保障自己的权益？
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复试基本流程
¾ 专业英语 ¾ 微观金融 ¾ 宏观金融
22
专业英语
¾ 必答题：
你去看电影，花50块钱买了电影票，在去电影院的路上 却丢了票，你是应该再买一张还是放弃？如果你是在买票之 前丢了钱呢？你该如何选择？
¾ 抽题：
Sterilized interventions have no effects on exchange rates.” Is this statement true false or uncertain? Explain your answer
复旦金融单考历年复试题目
2009年（含近年）复旦金融学单独考试面试试题（根据同学回忆整理）1、国民经济转轨时期对居民储蓄的影响.2、利率结构.3、贴现与再贴现.4、英语:你对现行的货币体系有何建议.5、经济:衍生资产和基础资产的区别.6、专业:为什么说生产资料公有制是社会主义经济的基础.7、英语:围绕自己的专业问,另外问了金融危机和自己的工作情况.8、简述MM理论,有何作用和意义?9、特别提款机可以作为一国的储备货币吗?为什么?10、关于国库券.11、对SDA的看法.12、社会主义生产的目的及实现这一目的的手段.13、国际收支调节的需求管理政策.14、谈谈对流动陷阱的看法. 凯恩斯的主要贡献，什么是有效需求?货币方面他有哪几个重要理论?时事方面是问你的工作?15、对房地产的看法16、人民币国际结算.17、英语:工作情况和经济危机影响.相关的经济问题.18、需求拉动型通货膨胀的两种形态.19、私有经济进入自然垄断领域的分析,货币需求动机.20、经济危机的产生原因.21、介绍布雷顿森林体系极其崩溃的原因.22、社会主义国家宏观调控的必要性.23、专业问题:汇率的有演变过程,外汇市场套利的种类. 基金的比较分析.24、建立健全社会主义保障制度的作用和意义.25、国家货币体系的演变过程,现行货币体系对发展中国家的影响.26、各国是如何进行外汇管制的.27、专业:货币需求动机28、英语:对周小川提出的建立新的货币体系提出自己的观点.2010年复旦金融硕士单考面试问题1，专业：美国金融危机产生的原因和影响。
2，英语：人民币汇率变动对外国在华投资的影响。
3，专业：人民币升值对中国有何影响。
4，英语：工作情况，还有人民币升值。
5，专业：对三农的看法6，专业：国有企业退出一般竞争行业的战略7，英语：人民币汇率。
8，英语：通货膨胀。
9，专业：特里芬两难，布雷顿森林体系的崩溃。
10，专业：建国以来我国经济体制中计划和市场的演变过程。
11，专业：试述财政政策和货币政策对国民经济的影响。
2018年复旦大学金融硕士(MF)金融学综合真题试卷(题后含答案及解析)
2018年复旦大学金融硕士（MF）金融学综合真题试卷(题后含答案及解析)题型有：1. 选择题 5. 计算题 6. 简答题7. 论述题单项选择题1．根据中国人民银行对货币的定义口径，个人到银行将现金转为活期存款，直接影响到( )。
A．M0下降，M1上升B．M1下降，M2不变C．M1不变，M2不变D．M0下降，M2下降正确答案：B解析：中国人民银行于1994年第三季度开始，正式确定并按季公布货币供应量指标，根据当时的实际情况，货币层次的划分具体如下：M0=流通中的现金；M1=M0+企业活期存款+机关、团体、部队存款+农村存款+个人持有的信用卡存款；M2=M1+城乡居民储蓄存款+企业存款中具有定期性质的存款+信托类存款+其他存款；M3=M2+金融债券+商业票据+大额可转让定期存单等。
现金属于M0，个人储蓄存款属于M2，个人到银行将现金转为活期存款会导致M1下降，M2不变。
2．在商业银行的业务中，可能会带来或有负债增加的是( )。
A．托收业务B．基金产品销售C．备用信用D．并购咨询正确答案：C解析：表外业务是指商业银行从事的不列入资产负债表，但能影响银行当期损益的经营活动。
表外业务会带来或有负债。
托收业务、基金产品销售和并购咨询都属于商业银行的中间业务。
备用信用证简称SBLC(standby letters of credit)又称担保信用证，是指不以清偿商品交易的价款为目的，而以贷款融资，或担保债务偿还为目的所开立的信用证。
备用信用证属于商业银行的表外业务，这类业务会增加银行经营的风险。
3．在外国发行且计价货币是非债券发行交易货币国的债券被称为( )。
A．外国投资B．可转换债券C．外国债券D．欧洲债券正确答案：D解析：外国债券，指在另一国的债券市场以该国货币为面值发行的债券，比如扬基债券就是非美国主体在美国市场上发行的以美元计价的债券。
欧洲债券，指在另一国的债券市场上以第三国的货币为面值发行的债券。
4．一般而言，由( )引起的国际收支失衡是长期且持久的。
复旦金融专硕复试英语
复旦金融专硕复试英语Good morning/afternoon/evening, my name is [Your Name]. I am here today for the Fudan Master of Finance interview. Thank you for giving me this opportunity.I would like to begin by briefly introducing my background. I graduated from [University Name] with a Bachelor's degree in [Major] and have been working in the finance industry for [Number] years. During my undergraduate studies, I developed a strong interest in finance and decided to pursue a Master's degree in Finance to deepen my knowledge in this field.Now, I would like to answer any questions you may have.1. Can you tell us about your previous finance-related work experience?Certainly. After graduating from university, I started working at [Company Name] as a financial analyst. My main responsibilities included conducting financial analysis, preparing financial statements, and advising on investment strategies for clients. I also gained experience in risk assessment and portfolio management. This role allowed me to apply the theoretical knowledge I learned in university to real-life financial situations.2. What motivated you to pursue a Master's degree in Finance at Fudan?Fudan University has an excellent reputation for its finance program, and I believe that obtaining a Master's degree from thisinstitution will greatly enhance my career prospects. Additionally, Fudan's strong network and industry connections would provide me with valuable opportunities for internships and job placements. The rigorous academic curriculum and diverse student body at Fudan also attracted me to choose this program.3. What specific skills or knowledge do you hope to gain from this program?I hope to gain a deeper understanding of financial theories and concepts, as well as practical skills in financial analysis and risk management. I also hope to develop my critical thinking and problem-solving abilities through case studies and group projects. Additionally, I believe that this program will enhance my quantitative and analytical skills, which are essential in the finance industry.4. Have you considered any specific career paths after completing this program?Yes, I have considered a career in investment banking or asset management. I am particularly interested in working on mergers and acquisitions, as well as conducting financial analysis for investment decision-making. However, I am open to exploring other opportunities within the finance industry and I am excited to see where this program may lead me.5. How would you describe your strengths and weaknesses in relation to studying finance?As for my strengths, I am highly motivated and dedicated, which allows me to stay committed to my studies and complete tasks efficiently. I also possess excellent analytical skills, which would be beneficial in financial analysis and problem-solving. Furthermore, my experience in the finance industry has given me a solid foundation and practical understanding of financial concepts.In terms of weaknesses, I sometimes have a tendency to be perfectionistic, which can lead to spending too much time on details. However, I am constantly working on improving this aspect and learning to prioritize tasks effectively.Thank you for considering my application for the Master of Finance program at Fudan University. I am confident that my academic background, work experience, and passion for finance make me a strong candidate for this program. I look forward to the opportunity to contribute to and learn from the Fudan community. Thank you.。
2014复旦经院金砖复试题集锦
2014复旦经院专硕复试题整理复旦经院专硕复试题整理（（谢同学整理）1、吴卓然基金412专业课：美国推出QE的机制，推出QE对金融市场的影响经济学：格雷欣法则，在现实生活中举个例子英语：swap，index fund2、王杰非基金397我经济学基础问的索罗模型以及自然垄断怎么形成的英语问了cdo,CDS,以及举例说明互换专业课问了央行票据与国债对基础货币影响有何不同3、张涵雄非基金英语是问货币制度经济学基础问索罗模型下储蓄率上升的影响金融学问支付宝4、小昊基金经济学，（抽到的）企业向银行借钱，需要向银行缴纳抵押品，这种抵押行为属于哪种博弈？（追问）谈谈IPO注册制专业课，为什么去年的诺贝尔经济学奖会颁给有效市场的提出者法玛和行为学派的席勒？5、高岩基金专业课股票发行注册制的问题？对资本市场利弊。
经济学是水是生命之源为啥和钻石价格差那么大。
英语是cdo跟cds。
远期和期权的区别6、梁朔基金经济学中等收入陷阱专业课互联网金融创新在哪？英语自我介绍以及简单聊天7、李俊莹基金我专业课面的：什么是利率市场化？我国是否实现了利率市场化？还问了活期存款都变成余额宝是否算实现了利率市场化？经济学：什么是三元悖论？我国资本市场和人民币汇率之间的关系和前景，然后针对我回答的一些点又问了些其他的英语就是随便问：专业是什么？看我数学考得高问数学对金融学重要吗？心理学呢？还有利率与通胀率的关系8、冯杭初非基金英语：自我介绍，然后问的专业问题是描述下公共产品，供给和需求，还有个问题没怎么听清楚，貌似是问有没有上过英语讲的金融课专业问题抽到的是说说对于影子银行的想法经济学基础是说说财政政策的自动稳定器功能，还有后来补充了问题是说下医患矛盾的突破口9、何彬基金专业课：中国国内存在通货膨胀同时人民币对美元升值问人民币是否存在内外价值偏离？经济学基础：中国股市与中国经济是不是不一致，为什么专业英语：公共品怎样定义举例子其他闲聊10、解贞健非基金404我抽到的专业课：中国的外汇储备面临的风险和应对方法，外汇占款对于货币政策的影响；经济学：逆向选择与道德风险，理性人假设；英语：影响汇率的因素，贬值与低估的区别，本专业与金融的关系11、潘晨曦非基金经济学基础是：用经济学原理解释大学生毕业即失业专业课是利率市场化的进程和影响英语是特里分难题12、曹正勇基金经济学机会成本会计成本会计利润专业课外汇储备的成因和利弊分析英语行为金融我国金融市场咋样13、小新基金我的英语是自我介绍，然后老师问的公司金融和国际金融的区别，和谈谈对中国通货膨胀的看法。
复旦大学金融431复试专业英语--标记版
专业英语汇总1. How to define the aggregate price level? 如何衡量价格指数？Three measures of the aggregate price level are commonly encountered in economic data.(1)The first is the GDP deflator (GDP平减指数), which is defined as nominal GDP divided by real GDP.(2)Another popular measure of the aggregate price level is the Producer Price Index (生产者价格指数) which is a measure of the cost of a basket of goods and services bought by firms.(3)The measure of the aggregate price level that is most frequently reported in the press is the Consumer Price Index (消费者价格指数), which is measured by pricing a basket of goods and services bought by a typical urban household.2. What’s the disadvantage and advantage of holding equity rather than debt? 持有股权的优劣？(1)The main disadvantage of own ing a corporation’s equities rather than its debt is that an equity holder is a residual claimant (剩余求偿权), that is, the corporation must pay all its debt holders before it pays its equity holders .(2)The main advantage of holding equities is that equity holders benefit directly from any increases in the corporation’s profitability or asset value because equities confer ownership rights on the equity holders. Debt holders do not share in this benefit, because their payments are fixed.3. What’s the difference between primary and secondary market? 一级市场与二级市场的区别？(1)A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the funds.(2)A secondary market is a financial market in which securities that have been previously issued can be resold.4. What’s the difference between foreign bond and Eurobond? 外国债券和欧洲债券的区别？(1)Foreign bonds are sold in a foreign country and are denominated in that c ountry’s currency. For example, a bond issued by a Chinese company denominated in U.S. dollars sold in New York.(2)Eurobond is a bond denominated in a currency other than that of the country in which it is sold. For example, a bond denominated in U.S. dollars sold in China.5. What’s asset transformation and diversification？资产转换和分散化(1)Financial intermediaries create and sell assets with risk characteristics that people are comfortable with, and the intermediaries then use the funds they acquire by selling these assets to purchase other assets that may have far more risk. This process of risk sharing is referred as asset transformation, because in a sense, risky assets are turned into safer assets for investors.(2)Diversification entails investing in a portfolio of assets whose returns do not always move together with the result that overall risk is lower than for individual assets. It also refers to “You shouldn't put all your eggs in one basket”. Diversification can eliminate firm-specific risk—the uncertainty associated with the specific companies. But diversification cannot eliminate market risk—the uncertainty associated with the entire economy, which affects all companies traded on the stock market. For example, when the economy goes into a recession, most companies experience falling sales, profit and low stock returns. Diversification reduces the risk of holding stocks, but it does not eliminate it.6. Explain the following concepts: asymmetric information, adverse selection and moral hazard.(1)A symmetric information (信息不对称) refers to that one party often does not know enough about the other party to make accurate decisions. For example, a borrower who takes out a loan usually has better information about the potential returns and risk associated with the investment projects for which the funds are invested than the lender does.(2)Adverse selection(逆向选择) is the problem created by asymmetric information before the transaction occurs. Adverse selection in financial markets occurs when the potential borrowers who are the most likely to default are the ones who most actively seek out a loan and are thus most likely to be selected.(3)Moral hazard (道德风险) is the problem created by asymmetric information after the transaction occurs. Moral hazard in financial markets is the risk that the borrower might engage in activities that are undesirable from the lenders point of view, because they make it less likely that the loan will be paid back.7. What’s the function of money? 货币的职能？Money has three primary functions in any economy: as a medium of exchange, as a unit of account, and as a store of value.(1)When money is used to pay for goods and services, it plays the role of a medium of exchange (流通手段). The use of money as a medium of exchange promotes economic efficiency by minimizing the time spent in exchanging goods and services.(2)The second role of money is to provide a unit of account (价值尺度), that is, it is used to measure value of goods and services in the economy.(3)Money also functions as a store of value (储藏手段). A store of value is used to save purchasing power from the time income is received until the time it is spent. This function of money is useful, because most of us do not want to spend our income immediately upon receiving it, but rather prefer to wait until we have the time or the desire to shop.8. What’s the Fisher equation and Fisher effect? 费雪等式与费雪效应？(1)The Fisher equation states that the nominal interest rate equals the real interest rate plus the expected rate of inflation. The equation tells us that all else equal, a rise in a country’s expected inflation rate will eventually cause an equal rise in the nominal interest rate. Similarly, a fall in the expected inflation rate will eventually cause a fall in the nominal interest rate.(2)This long-run relationship between inflation and interest rates is called the Fisher effect. The Fisher effect implies, for example, that if U.S. inflation were to rise permanently from a constant level of 5 percent per year to a constant level of 10 percent per year, dollar interest rates would eventually catch up with the higher inflation, rising by 5 percentage points per year from their initial level. These changes would leave the real rate of return on dollar assets unchanged. The Fisher effect is therefore another example of the general idea that in the long run, purely monetary developments should have no effect on an economy’s real variables.9. How to explain the negative relation between the quantity of money demanded and the interest rate? We can explain that the quantity of money demanded and the interest rate should be negatively related by using the concept of opportunity cost (机会成本), the amount of revenue sacrificed by taking one course of action rather than another. As the interest rate on bonds rises, the opportunity cost of holding money rises, thus money is less desirable and the quantity of money demanded must fall.10. Risk Premium 风险溢价The spread between the interest rates on bonds with default risk and default-free bonds, both of the same maturity, called the risk premium, indicates ho\ much additional interest people must earn to be willing to hold that risky bond.11. Briefly introduce expectations theory, segmented markets theory and liquidity premium theory. (1)The expectations theory (预期假说) of the term structure states the following proposition: the interest rate on a long-term bond will equal an average of the short-term interest rates that people expect to occur over the life of the long-term bond.(2)The segmented markets theory (市场分割假说) of the term structure sees markets for different-maturitybonds as completely separate and segmented. The interest rate for each bond with a different maturity is then determined by the supply of and demand for that bond, with no effects from expected returns on other bonds with other maturities.(3)The liquidity premium theory(流动性溢价假说) of the term structure states that the interest rate on a long-term bond will equal an average of short-term interest rates expected to occur over the life of the long-term bond plus a liquidity premium. It is also called preferred habitat theory (偏好停留假说).12. What’s the difference between adaptive expectation and rational expectation?(1)Adaptive expectation(适应性预期) states that expectations form from past experience only and changes in expectations will occur slowly over time as past data change. For example, expectations of inflation is typically viewed as being an average of past inflation rates. So if inflation had formerly been steady at a 5% rate, expectations of future inflation would be 5% also.(2)Rational expectation(理性预期) can be stated as follows: expectations will be identical to optimal forecasts (the best guess of the future) using all available information.13. Efficient Market Hypothesis 有效市场假说The efficient market hypothesis states that current prices in a financial market will be set so that the optimal forecast of a security’s return using all available information equals the security’s equilibrium return, because in an efficient market all unexploited profit opportunities will be eliminated by arbitrager (套利者).14. “Lemons Problem”次品问题A particular aspect of the way the adverse selection problem interferes with the efficient functioning of a market is called “lemons problem”.We can use the used-car market to illustrate this concept. Potential buyers of used cars are frequently unable to assess the quality of the car, that is, they can’t tell whether a particular used car is a good car or a lemon (次品). The price that a buyer pays must therefore reflect the average quality of the cars in the market, somewhere between the low value of a lemon and the high value of a good car. The owner of a used car, by contrast, is more likely to know whether the car is a good car or a lemon. If the car is a lemon, the owner is more than happy to sell it at the price the buyer is willing to pay, which, being somewhere between the value of a lemon and a good car, is greater than the lemons value. However, if the car is a good car, the owner knows that the car is undervalued at the price the buyer is willing to pay, and so the owner may not want to sell it. As a result of this adverse selection, few good used cars will come to the market. Because the average quality of a used car available in the market will be low and because few people want to buy a lemon, there will be few sales. The used-car market will function poorly or even disappear.15. Principal-agent Problem 委托-代理问题Principal-agent problem refers to that the managers in control (the agents) may act in their own interest rather than in the interest of the stockholder (the principals) because the managers have less incentive to maximize profits than the stockholder do. The principal-agent problem, which is an example of moral hazard, arises only because a manager has more information about his activities than the stockholder does. So, there is asymmetric information.16. What’s “irrational exuberance” proposed by Alan Greenspan? 非理性繁荣Irrational exuberance refers to a phenomenon that asset prices, in the stock market and real estate, are driven well above their fundamental economic values by investor psychology. The result is an asset-price bubble (资产价格泡沫), such as the tech stock market bubble of the late 1990s or the recent housing price bubble in subprime crisis.17. How to solve asymmetric information problems? 如何解决信息不对称的问题？18. Securitization and Subprime mortgage 资产证券化与次级抵押贷款(1)Subprime mortgages are mortgages for borrowers with less-than-stellar credit records.(2)Securitization is the process of transforming otherwise illiquid financial assets(such as residential mortgages, auto loans, and credit card receivables), which have typically been the main business of banking institutions, into marketable capital market securities.19. What’s time-inconsistency problem? 时间不一致问题The time -inconsistency problem is some thing we deal with continually in everyday life. We often have a plan that we know will produce a good outcome in the long run, but when tomorrow comes, we just can't help ourselves and we deny our plan because doing so has short-run gains. In other words, we find ourselves unable to consistently follow a good plan over time, and the good plan is said to be time-inconsistent and will soon be abandoned .20. Political Business Cycle 政治经济周期Political business cycle is a process that can be illustrated in the following example. Just before an election, expansionary policies are pursued to lower unemployment and interest rates. After the election, the bad effects of these policies, that is high inflation and high interest rates, come home to roost,requiring contractionary policies that politicians hope the public will forget before the next election.21. What’s money multiplier and what are the factors that affect it? 货币乘数及其影响因素？(1)The money multiplier, denoted by m, tells us how much the money supply changes for a given change in the monetary base. The relationship between the money supply, the money multiplier and the monetary base is described by the following equation: M = m ×MB(2)The money multiplier is a function of the currency ratio set by depositor c, the excess reserves ratio set by banks e, and the required reserve ratio set by the Fed r. The money multiplier m is thus22. What are the tools of monetary policy? 货币政策工具There are three tools of monetary policy that can be conducted by the central bank, such as open market operations, discount lending and reserve requirements.(1)Open market operations (公开市场操作) are the most important monetary policy tool, because they are the primary determinants of changes in interest rates and the monetary base, the main source of fluctuations in the money supply. Open market purchases expand reserves and the monetary base, thereby increasing the money supply and lowering short-term interest rates. Open market sales shrink reserves and the monetary base, decreasing the money supply and raising short-term interest rates.Open market operations have four advantages over the other tools of monetary policy: ①Open market operations occur at the initiative of the Fed, which has complete control over their volume. ②Open market operations are flexible and precise, and they can be used to any extent. ③Open market operations are easily reversed.④Open market operations can be implemented quickly, since they involve no administrative delays. (2)The facility at which banks can borrow reserves from the Fed is called the discount window (贴现窗口). The facility is intended to be a backup source of liquidity for banks during financial crisis.The most important advantage of discount policy is that the Fed can use it to perform its role of lender of last resort (最后贷款人). The disadvantage of discount policy is that the decisions to take out discount loans are made by banks and are therefore not completely controlled by the Fed.(3)Changes in reserve requirements (法定存款准备金) affect the money supply by causing the money supply multiplier to change. A rise in reserve requirements reduces the amount of deposits that can be supported by a given level of the monetary base and will lead to a contraction of the money supply. A rise in reserve requirements also increases the demand for reserves and raises the federal funds rate. Conversely, a decline in reserve requirements leads to an expansion of the money supply and a fall in the federal funds rate.Reserve requirements have at least three disadvantages: ①Owing to financial innovation, reserve requirements are no longer binding for most banks, so this tool is much less effective than it once was. ②Raising the requirements can cause immediate liquidity problems for banks where reserve requirements are binding. ③Continually fluctuating reserve requirements would also create more uncertainty for banks and make their liquidity management more difficult.23. Law of One Price and Theory of Purchasing Power Parity一价定理与购买力评价理论(1)The law of one price states that if two countries produce an identical good, and transportation costs and trade barriers are very low, the price of the good should be the same throughout the world no matter which country produces it.(2)T he theory of purchasing power parity (PPP) states that exchange rates between any two currencies will adjust to reflect changes in the price levels of the two countries. The theory of PPP is simply an application of the law of one price to national price levels rather than to individual prices. The statement that exchange rates equal relative price levels is sometimes referred to as absolute PPP (绝对购买力平价). Relative PPP (相对购买力平价) states that the percentage change in the exchange rate between two currencies over any period equals the difference between the percentage changes in national price levels.24. Real Exchange Rate 实际汇率The real exchange rate refers to the rate at which domestic goods can be exchanged for foreign goods. In effect, it is the price of domestic goods relative to the price of foreign goods denominated in the domestic currency. For example, if a basket of goods in New York costs $50, while the cost of the same basket of goods in Tokyo costs $75 because it costs 7500 yen while the exchange rate is at 100 yen per dollar, then the real exchange rate is 0.66 (=$50/$75). The real exchange rate is below l, indicating that it is cheaper to buy the basket of goods in the United States than in Japan.25. Why the theory of purchasing power parity cannot fully explain exchange rates? 购买力平价的缺陷(1)Contrary to the assumption of the law of one price, transport costs and restrictions on trade certainly do exist. These trade barriers may be high enough to prevent some goods from being traded between countries.(2)Monopolistic practices in goods markets may interact with transport costs and other trade barriers to weakenfurther the link between the prices of similar goods sold in different countries.(3)Because the inflation data reported in different countries are based on different commodity baskets, there is no reason for exchange rate changes to offset official measures of inflation differences, even when there are no barriers to trade and all products are tradable.26. Monetary Neutrality 货币中性Monetary neutrality states that in the long run, a one-time percentage rise in the money supply is matched by the same one-time percentage rise in the price level, leaving unchanged the real money supply and all other real variables such as real interest rates.27. Exchange Rate Overshooting 汇率超调The phenomenon that the exchange rate falls by more in the short run than it does in the long run when the money supply increases is called exchange rate overshooting. It can help explain why exchange rates exhibit so much volatility.Exchange rate overshooting is a direct consequence of the short-run rigidity of the price level. In a hypothetical world where the price level could adjust immediately to its new, long-run level after a money supply increase, the interest rate would not fall because prices would adjust immediately and prevent the real money supply from rising. Thus, the exchange rate would maintain equilibrium simply by jumping to its new, long-run level right away.28. Interest Parity Condition 利率平价条件(1)The uncovered interest parity condition(非抛补利率平价) states that the domestic interest rate equals the foreign interest rate minus the expected appreciation of the domestic currency, or equivalently, the domestic interest rate equals the foreign interest rate plus the expected appreciation of the foreign currency.For example, If the domestic interest rate is higher than the foreign interest rate, there is a positive expected appreciation of the foreign currency, which compensates for the lower foreign interest rate. This condition can be rewritten as(2)The covered interest parity condition(抛补利率平价) states that the rates of return on dollar deposits and “covered” foreign deposits must be the same. Suppose you want to buy a euro deposit with dollars but would like to be certain about the number of dollars it will be worth at the end of a year. You can avoid exchange rate risk by buying a euro deposit and, at the same time, selling the proceeds of your investment forward. We say you have “covered” yourself, that is, avoided the possibility of an unexpected depreciation of the euro.29. Unsterilized Foreign Exchange Intervention and Sterilized Foreign Exchange Intervention(1)A foreign exchange intervention in which a central bank allows the purchase or sale of domestic currency to have an effect on the monetary base, is called an unsterilized foreign exchange intervention (非冲销式干预). An unsterilized intervention in which domestic currency is sold to purchase foreign assets leads to a gain in international reserves, an increase in the money supply, and a depreciation of the domestic currency. An unsterilized intervention in which domestic currency is purchased by selling foreign assets leads to a drop in international reserves, a decrease in the money supply, and an appreciation of the domestic currency.(2)A foreign exchange intervention with an offsetting open market operation that leaves the monetary base unchanged is called a sterilized foreign exchange intervention (冲销式干预). A sterilized intervention leaves the money supply unchanged and so has no direct way of affecting interest rates or the expected future exchange rate.30. Fixed Exchange Rate Regime, Floating Exchange Rate Regime and Managed Float Regime(1)In a fixed exchange rate regime(固定汇率制), the value of a currency is pegged relative to the value ofone other currency, which is called the anchor currency (锚货币), so that the exchange rate is fixed in terms of the anchor currency.(2)In a floating exchange rate regime (浮动汇率制), the value of a currency is allowed to fluctuate against all other currencies.(3)When countries intervene in foreign exchange markets in an attempt to influence their exchange rates by buying and selling foreign assets, the regime is referred to as a managed float ing regime (管理浮动汇率制)ora dirty floating (肮脏浮动).31. What are the advantages and disadvantages of Gold Standard? 金本位的利与弊？(1)Before World War I, the world economy operated under the gold standard, a fixed exchange rate regime in which the currency of most countries was convertible directly into gold at fixed rates, so exchange rates between currencies were also fixed.(2)The fixed exchange rates under the gold standard had the important advantage of encouraging world trade by eliminating the uncertainty that occurs when exchange rates fluctuate.(3)There are disadvantages of gold standard as follows: ①Adherence to the gold standard meant that a country had no control over its monetary policy, because its money supply was determined by gold flows between countries. ②Monetary policy throughout the world was greatly influenced by the production of gold and gold discoveries.32. Currency Board and Dollarization 货币局制度与美元化(1)Currency board (货币局制度) means that the domestic currency is backed 100% by a foreign currency and in which the note-issuing authority, whether the central bank or the government, establishes a fixed exchange rate to this foreign currency and stands ready to exchange domestic currency for the foreign currency at this rate whenever the public requests it. A currency board is just a variant of a fixed exchange-rate target in which the commitment to the fixed exchange rate is especially strong because the conduct of monetary policy is in effect put on autopilot, and taken completely out of the hands of the central bank and the government.(2)Dollarization(美元化) means the adoption of a sound currency, like the U.S. dollar, as a country’s money.Indeed, dollarization is just another variant of a fixed exchange-rate target with an even stronger commitment mechanism than a currency board provides.The common disadvantage of both regimes is that a country that ties its exchange rate to an anchor currency of a larger country loses control of its monetary policy.33. Quantity Theory of Money 货币数量论The quantity theory of money states that nominal income is determined solely by movements in the quantity of money. We can derive the conclusion from the equation of exchange (交易方程式): MV=PY.Since the institutional and technological features of the economy would affect velocity of money (货币流通速度) only slowly over time, so velocity V would normally be reasonably constant in the short run.Because the classical economists thought that wages and prices were completely flexible, they believed that the level of aggregate output Y produced in the economy during normal times would remain at the full-employment level, so Y in the equation of exchange could also be treated as reasonably constant in the short run.So, for the classical economists, the quantity theory of money provided an explanation of movements in the price level: movements in the price level result solely from changes in the quantity of money.34. Liquidity Preference Theory 流动性偏好理论The liquidity preference theory of John Maynard Keynes pointed out that there are three motives behind the demand for money: the transactions motive, the precautionary motive, and the speculative motive. The demand of money for transaction and precautionary motives is proportional to income, while the demand of money forspeculative motive is negatively related to the level of interest rate. So the demand for real money balances is a function of interest rate and income as follow35. Friedman’s Modern Quantity Theory of Money 弗里德曼的现代货币数量论Friedman stated that the demand for money should be a function of the resources available to individuals (their wealth) and the expected returns on other assets relative to the expected return on money. From this reasoning, Friedman expressed his formulation of the demand for money as follows:Unlike Keynes’s theory, which indicates that interest rates are an important determinant of the demand for money, Friedman's theory suggests that changes in interest rates should have little effect on the demand for money.36. Crowding Out Effect of Fiscal Policy 财政政策的挤出效应Expansionary fiscal policy will crowd out investment and net exports, which decrease because of the rise in the interest rate. This situation is called crowding out (挤出效应).When the demand for money is unaffected by the interest rate, the LM curve is vertical. An expansionary fiscal policy does not lead to a rise in output but a sharp in interest rate, which means the increased government spending have completely crowed out investment and net exports. This situation is called complete crowding out (完全挤出).37. Transmission Mechanisms of Monetary Policy 货币政策传导机制(1)Traditional Interest-Rate Channel 利率机制An expansionary monetary policy leads to a fall in real interest rates, which in turn lowers the cost of capital, causing a rise in investment spending, thereby leading to an increase in aggregate demand and a rise in output.(2)Exchange Rate Channel 汇率机制An expansionary monetary policy leads to a fall in real interest rates, which in turn the currency depreciates, causing a rise in net exports, thereby leading to an increase in aggregate demand and a rise in output.(3)Tobin’s q Theory 托宾q理论Tobin defines q as the market value of firms divided by the replacement cost of capital. If q is high, the market price of firms is high relative to the replacement cost of capital, and new plant and equipment capital is cheap relative to the market value of firms. Investment spending will rise, because firms can buy a lot of new investment goods with only a small issue of stock. Conversely, when q is low, firms will not purchase new investment goods because the market value of firms is low relative to the cost of capital. Investment spending, the purchase of new investment goods, will then be very low。
2023年复旦大学金融硕士(MF)金融学综合真题试卷
2023年复旦大学金融硕士（MF）金融学综合真题试卷T（总分：32.00,做题时间：90分钟）一、单项选择题（总题数：5,分数：10.00）1.依据CAPM模型，假定市场组合收益率为15%,无风险利率为6%,某证券的Beta系数为1.2,期望收益率为18%,则该证券（）。
（分数：2.00）A.被高估B.被低估√C.合理估值D.以上都不对解析：解析：该证券的市场要求收益率按CAPM计算为16∙8%V18%,所以该期望收益率被高估，即该证券价值被低估。
2 .货币市场的主要功能是（）o（分数：2.00）A.短期资金融通√B.长期资金融通C.套期保值D.投机解析：解析：货币市场是期限在•年之内的资金融通的市场，所以主要功能是短期资金融通。
3 .国际收支平衡表中将投资收益计入（）0（分数：2.00）A.贸易收支B.常常账户√C.资本账户D.官方储藏解析：解析：投资收益计入常常账户，这是书上定义。
4 .以下说法不正确的选项是（）0（分数：2.00）A.当央行进展正回购交易时，商业银行的超额预备金将削减；当央行进展逆回购交易时，商业银行的超额预备金将增加B.法定预备金率对货币供给的影响与公开市场操作及贴现率不同，后两者主要针对根底货币进展调控，而法定预备金则直接作用于货币乘数C法定预备金作为货币政策工具的历史长于其作为稳定金融，防止流淌性危机的政策工具√D.公开市场操作的有效性受国内金融市场的兴旺程度影响解析：解析：法定预备金先是作为稳定金融，防止流淌性危机的政策工具而消灭，之后才是货币政策工具，所以选项C将二者关系说反了。
5 .甲公司现有流淌资产500万元（其中速动资产200万元），流淌负债200万元。
现打算用现金100万元元归还应付账款，业务完成后，该公司的流淌比率和速动比率将分别和O（）0（分数：2.00）A.不变，不变B.增加，不变√C.不变，削减D.不变，增加解析：解析：由于现金是速动资产也是流淌资产，现金归还应付账款后，速动资产削减100万，流淌负债削减100万,原来流淌比率是5：2,现在是4：1,故增加。
复旦大学经济学面试试题
今年复旦的复试题目今年复旦的复试题目1。
一共五轮，每轮都是10道题目抽一道，抽到不会的可以换一道，但最多抽两次。
我按我面试的顺序把题目写一下。
国金：政府干预外汇市场对稳定汇率的作用有多大，为什么？货银：电子货币对经济和金融活动的影响。
投资：金融风险的种类，并结合中国证券市场进行分析。
公司财务：股利增长模型和npvgo模型的区别。
不会，换了一道：融资租赁和银行借款的区别。
英语：what's your comments on china's monetary policy recently?☆──────────────────────────────────────☆cancle (东方骆驼) 于2004年03月30日17:18:44 星期二提到：国金：均衡汇率以及均衡汇率的确定；货币局制度的利弊；货银：介绍一下我国银行贷款的五级结构（我换了题目才跟gblue一样的那个，运气差呀利率决定理论有那些，阐述之；货币数量说与弗里德曼的货币学派之间的对比货币内生与外生论;投资：gblue你抄袭偶的！你只有前面那半道！呵呵公司财务：第一道抽到的跟gblue一样，换了一道是公司净现金流分为正常和非正常，分析现金流的方法有四个，请你介绍一下怎样应用这些分析工具分别分析正常与非正常现金流。
英语：解释一下为什么ppp理论实证分析效果很差;moral hazard + adverse selection ;加入欧元区的利弊；（ms 英语题目的重复性很小，而且基本上都是专业课）如果你选择换一道题目，很有可能抽到talk about team work ,换了题目很有可能就不是专业课了btw：运气太差！抽到的都是不会的，会的没抽到一个，sigh☆──────────────────────────────────────☆kavin (为了忘却的纪念) 于2004年03月30日19:51:12 星期二提到：货银：如何理解货币中性和非中性，分别对货币政策的效果有何影响国金：人民币升值会改变中国国际收支的顺差吗?英语：compare open market operation and other monetary policy instrument s财务：1。
考研真题2020年复旦大学世界经济专业巴黎一大初试及复试真题
考研真题2020年复旦大学世界经济专业巴黎一大初试及复试真题2011复旦大学经济学综合基础1.消费者在收入和闲暇之间选择，收入为Y，闲暇时间为L。
效用函数U=YL+aL,求消费者的劳动供给函数。
问：供给函数的是向右上方倾斜的吗?(15分)2.两个人争论。
A说：农民在农村一年什么的纯收入只有1000元，应该去城市里工作。
B说：城市物价水平高，不确定性大以及就业压力，一年下来预期收入大概也只有1000元左右，还不如呆在农村。
然后问你赞成谁的观点?若赞成A的观点，认为农村劳动人口应该向城市流动，给出理由加以补充。
若赞成B的观点，给出理由加以补充。
(10分)3.政经。
分析信用在资本主义经济中二重性。
(10分)4.跨国公司的贸易结构对国际收支的影响。
(10分)5.劳动力市场的问题。
存在城市劳动力市场和农村劳动力市场，且两个市场相互分割，不能自由流动。
两个市场分别达到均衡，城市均衡工资水平为400元，农村为200元，均衡就业数量城市为Q1，农村为q1。
然后给了两个图，分别是城市和农村的劳动力市场均衡图。
(很普通的那种)作图回答以下问题。
(15分)(1)假定城市设定最低工资水平500元，问会对城市劳动力市场和农村劳动力市场产生什么影响?即就业数量，工资水平的变化。
(2)假定不存在分割，没有流动限制，城市没有设定最低工资水平，会怎样?均衡工资、均衡就业量变化(3)假定不存在流动限制，但是城市仍设定最低工资水平500元，会出现什么问题?(4)如果你是城市管理者，你会采取什么样的措施，既保证就业人数、市场稳定，又能增加城市工作者和进城务工人员的福利水平?二、计算题1。
消费者对X的消费数量满足x(px,py,m)=2m/(5px),px为x价格，py为y价格，m为收入;开始px=5，m=1000，py=20，变化后px=4，(15分)(1)求价格变化后x消费数量的变化。
(2)若价格和收入都变化，但收入约束仍为变化前的，求新的收入，以及变化后x的消费数量。
复旦大学金融硕士复试题库-微观金融部分 0528
复旦大学金融硕士复试题库-微观金融部分微观金融部分1、为什么证券市场上有高风险低收益的股票？其风险补偿体现在哪里？2、CAPM与ATP模型的异同比较。
资本资产定价模型（CAPM）和套利定价理论（APT）是关于资本市场均衡的两个比较著名的模型。
二种模型虽然在解释的角度、基本很设、方法、以及适用范围上均有重大区别，但是殊途同归，它们得出的结论是一致的：期望收益与风险之间存在着正相关的关系。
简单来说，APT与CAPM的本质区别在于CAPM是一种均衡资产定价模型，而APT不是均衡定价模型。
另外，（1）APT模型不需要效应函数的假设；（2）APT不需要资产收益分布的假设；（3）APT允许均衡状态下的资产收益受多个因素影响；（4）APT不需要定义有效市场组合；（5）APT可以是多时段模型(Ross, 1976)。
Wei(1988) 提出了一种能将CAPM和APT统一起来的观点。
如果非系统风险服从Ross的APT 假设，则只要加入市场组合作为一个新的因素，就可以得到精确定价模型。
并且略去因素越多，市场组合显得越重要。
他还证明在有限经济条件下，残差相关的因素模型中APT模型的定价误差是市场组合残差的ß绝对值的增函数。
Chen(1983)利用1963-1978年的数据，比较了APT和CAPM的表现效果。
检验APT是否能够解释CAPM所不能解释的“异象”。
系统性因素采用标准普尔500指数，市值加权的证券组合或等权重的组合替代，在这三种情况下APT的表现都比CAPM好。
因此，可以认为APT在解释资产收益的横截面方面是一个比CAPM更理想的模型。
Roll和Ross(1984)用一个图表很好的说明了APT和CAPM的联系，更加直观的给出了两者间的辩证关系。
他们将一个两因素（产出与通货膨胀）的APT模型与以标准普尔500为市场组合的CAMP进行比较。
3、对CAPM的评价。
4、期望效用理论体系与CAPM的关系。
5、股票投资分析的方法大致有哪些？目前，股票投资分析的方法主要有两类：第一，基本分析，二是技术分析。
复旦金融(公费基金专硕)复试题库含答案
1、按利率平价理论，汇率与利率之间存在何种关系？1.套补利率平价（CIP）: 汇率的远期升贴水率等于两国利率之差。
如果本国利率高于外国利率，则远期汇率必将升水，这意味着本币在远期将贬值。
如果本国利率低于外国利率，则本币在远期将升值。
也就是说，汇率的变动会抵消两国间的利率差异，从而使金融市场处于平衡状态2.非套补利率平价（UIP）: 预期的汇率远期变动率等于两国货币利率之差。
如果本国利率高于外国利率，则意味着市场预期本币在未来将贬值。
如果本国利率低于外国利率，则市场预期本币在未来将升值。
如果本币当局提高利率，则当市场预期未来的即期汇率并不因之发生变动时，本币的即期汇率将升值。
反之亦然。
2、简述汇率制度选择的理论。
（按照书上的内容写得，不确定对不对。
）1．浮动汇率制和固定汇率制优劣的对比分析: 书P186-1922．不同汇率制度下货币政策和财政政策相对有效性的分析: 蒙代尔-弗莱明模型。
3．三元悖论理论：讨论了汇率制度灵活程度的成本与代价问题。
4．最优货币区理论：讨论了汇率制度选择的经济标准问题。
5．复汇率理论：讨论了汇率作为相对价格，对不同产业结构的影响问题。
3、何谓均衡汇率，怎样衡量均衡汇率？1.纳克斯1945年将均衡汇率定义为，在国际收支平衡和充分就业情况下内外部同时均衡时的汇率。
2.对均衡汇率的计算目前主要有下述方法:1)第一种是相对购买力平价法;2)第二种是局部均衡和贸易方程法，其局限是仅仅考虑贸易均衡;3)第三种是一般均衡的均衡汇率计算方法。
主要分为基本要素均衡汇率理论（FEER），行为均衡汇率理论（BEER），自然均衡汇率理论，均衡实际汇率理论（具体解释：/wiki/%E5%9D%87%E8%A1%A1%E6%B1% 87%E7%8E%87%E7%90%86%E8%AE%BA）。
其中，IMF的McDonald提出了行为均衡汇率理论（BEER），对美元，德国马克在20世纪80年代的变化有很强的解释力。
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宏观：三元悖论英语：货币政策目标体系微观：投资的中性与期权定价模型中中性假设有什么本质区别，不会，又一次换体积会，银行贷款和融资租赁的异同，迎着头皮说的复旦大学2009年金融学研究生复试试题专业英语部分1、What is opportunity cost？2、Give some comments on the federal reserve system’spurchase of treasury’s bond。
3、diversification。
4、adverse selection and moral hazard。
5、Compare open market operations with other monetary policy instrument。
6、Describe the relation between financial market and economy。
7、Why is fiscal policy more e？ective under a fixed exchange rate than under a floating exchange rate。
8、Explain the PPP theory’s poor empirical performance。
9、asymmetric information。
10、factors determining the exchange rate。
11、Describe the gold standard and Bretton Wood system and their collapse。
12、costs and profits of monetary union。
13、Describe tools of monetary policy。
上面的题中抽一道回答，此外还有一道常识题，比如你靠什么养活自己。
微观金融部分1、为什么证券市场上有高风险低收益的股票？其风险补偿体现在哪里？2、CAPM与A TP模型的异同比较。
3、对CAPM的评价。
4、期望效用理论体系与CAPM的关系。
5、股票投资分析的方法大致有哪些？6、风险中性定价的定义和作用。
7、什么是contingent claim analysis。
8、债券投资分析的大致方法有哪些？9、开放式与封闭式基金的差别是什么？各有什么优缺点？在我国发展现状是什么？10、简要概括我国衍生品发展历史及现状。
11、什么是有效市场？我国的沪深市场是有效市场吗？12、金融风险包括哪些类别？请结合我国证券市场简要概述。
13、怎样投资股票？14、如何给上市公司定价？15、现金流的形态与正常与非正常之分,资本预算方法有净现值法、获利指数法、内含报酬率法和回收期法。
问: 如何根据现金流形态选择资本预算方法？16、如何理解并购的协同效应？17、什么是财务杠杆？其杠杆作用大小如何衡量？企业应如何降低财务风险？18、在众多股票定价模型中,股利增长模型与NPVGO模型的异同。
19、什么是经营杠杆？其作用大小一般用什么来表示？企业降低经营风险的途径有哪些。
20、什么是资本结构？请谈谈主要的资本结构理论。
哪些资本结构理论认为企业根本就不存在最优资本结构。
21、什么是筹资的无差别点,如何确定最佳的资本结构？22、租赁筹资与银行借款的异同。
21、风险投资定价与金融工程中期权定价的本质差别。
22、风险投资定价与证券投资中定价的本质差别。
23、真实期权如何在资本预算中发挥作用？24、即期利率与到期收益率的异同。
宏观金融部分1、按利率平价理论，汇率与利率之间存在何种关系？2、简述汇率制度选择的理论。
3、何谓均衡汇率，怎样衡量均衡汇率？4、适度外汇储备量的决定方法有哪些？5、说明最适度货币区概念与理论。
6、马歇尔-勒纳条件与J曲线有什么关系？7、资产组合理论能否解释国际资本流动？8、你认为如果人民币升值能改善我国的国际收支逆差吗？9、何谓货币高估？货币高估是怎样产生的？10、何谓吸收分析法？（几大论都应看看）11、解释离岸金融市场的概念。
简单分析香港人民币离岸金融业务对我国金融的影响。
12、“三元悖论”的内容是什么？你认为“三元悖论”正确吗？举例说明。
13、政府干预能否达到稳定外汇市场的作用？为什么？14、什么是货币局制度？其利弊何在？15、中央干预外汇的效果。
（冲销与非冲销）16、电子货币对经济和金融活动的影响。
17、介绍一下我国银行贷款的五级结构。
18、利率决定理论有哪些？阐述之。
19、货币数量说与弗里德曼的货币学派之间的对比。
20、货币内生论与外生论。
21、如何理解货币中性与非中性？其对货币政策的效果有何影响？22、商业银行流动性管理的方法及各自的利弊。
23、通货膨胀的基本类型和成因。
24、金融创新对货币政策的影响。
25、凯恩斯的货币需求函数。
26、现代货币主义与传统货币数量论的异同。
05复旦金融复试经济学考研2005-12-16 13:30:12 阅读380 评论1 字号：大中小刚才打电话去经院,，确定自己通过了，很高兴，终于能松口气了。
今年复试参加47人，据说录取40。
最高407，最低375（5个）。
大家分数都很集中，差距不是很明显。
复试时把大家分成3组，感觉没有什么规律，似乎是按地域分的。
轮着考3门，分别是：专业英语、宏观金融、微观金融。
一个一个进教室回答问题，每门课大概有5个左右的老师，老师很和蔼，气氛很轻松。
题目也不是特别难。
宏观金融一般是国金和货银题目，老师在抽题前会和你聊聊天，约10道题目抽1道，在回答完问题后，老师会加试一题，一般是所回答理论的实际运用问题。
微观金融题目可能比前两门多点，一般是投资学和公司理财的内容。
老师也有时会扩展性提问。
专业英语回答2道题，第一道是日常英语，5-6题里面抽取1题，一般是问什么你怎样看待team working 之类的，第二道就是专业问题了。
每门20分，一共60分，可能因为人比较多，考到下午3点。
比想像中轻松很多。
一、英语：1、What is your headache in preparing for the entrance exam.2、Compare open market operation with other instruments.(记不住原题了，大概说个意思，如果有语法错误是我的：）)宏观：论述三元悖论，你认为是否正确，并举例说明。
微观：比较CAPM和APT异同NOTICE：多注意历年复试题二、宏观金融：构建一个国家金融预警体系的指标（至少说出三种）微观金融：开放式基金和封闭式基金的区别是什么？各有什么优缺点？我国目前的发展现状专业英语：why the ppp theory has a bad evidence performance in the long run？英语：(1)Wh at’s your major head-ache in this entrance exam?(2)”Sterilized interventions have no effects on exchange rates.” Is this statement true false or uncertain? Explain your answer.宏观金融：凯恩斯的货币需求函数，以及后人对其的发展。
老师加试了一个问题：你认为日本80年代的零利率和流动性陷阱有什么关系？微观：期望效用理论体系与CAPM的关系两个月前说道复旦的复试，我来继续说完吧！我分到的是第三组，首先我进的是宏观，其实大家都认为宏观是最简单的，可是我是第一个进去的，心理感觉非常的紧张。
有一个女老师，很和蔼，她让我先介绍一下自己，但是我自己心理比较紧张，说得不太好。
后来她让我抽一道题，我抽到的是生息的问题。
后来我进入的是英语组，英语组里面有一位很和蔼的男老师，他坐在中间，我先是做一个自我介绍，然后问了一个所有人都要回答的问题“如果你这次失败了你会怎么样”我自己就实话实说。
然后抽了一道专业英语题。
最后我进入的是微观组，微观组大家的评价都是差不多的，都感觉自己回答的不太好，老师也喜欢追问。
我进去是三个男老师，他们有些很严肃有些很随意。
我抽了两道题，其中一道题我不太会，我就硬着头皮回答了一下。
幸好最后我还是能成功地被复旦大学录取。
非常感谢大家我的复旦复试经验今年3月3号出来的初试成绩，一直忐忑不安，根本不知道复试线会是多少。
尽管如此，还是每天去图书馆看公司财务，顺便翻阅《华尔街日报》和《金融时报》，期间效率很低。
大约两三个礼拜之后，打听到自己的初试排名，还是比较靠前，于是拿来金程的复试指南，对照着上面的历年复试题目，开始复习。
由于今年情况特殊，复试时间拖得特别晚。
4月10号上午8点，经院报道，然后开始等候面试。
我的复试顺序是专业英语、微观金融、宏观金融。
专业英语面试的是两个老师，一男一女。
进去之后先是了解下我的本科情况，然后问我本科数学，为什么要选择读金融；另一个老师问了我本科的数学金融学学了些什么。
接下来是自我介绍。
可能由于我的自我介绍有点短，老师又问我如果fail了怎么办。
接着是两道专业题，一道是必答题：去看电影，花5 0块钱买了电影票之后丢了电影票，和买票之前丢了钱，会选择承受哪一种。
中间会根据你的分析追问一些。
个人觉得没有标准答案，只要然老师觉得言之有理，而且英语说得流畅就基本可以了。
抽到的一道题目是：冲销式干预不会对汇率产生影响，这个说法是否正确？为什么？答完就出来了，没有再追问。
由于宏观金融面试时间比较块，而微观金融面得非常慢，因此实际上轮到我的时候，是先进行宏观金融，而且几乎和微观金融挤到一块儿，这时还是要保持镇静的。
宏观金融共三个老师，进去后抽一道题目，我抽到的是：最适度通货区的概念和理论。
我很完整地答完，老师也没有追问。
最后是微观金融，三个老师，也是抽一道题。
我抽到的是：什么是contigent claim analysis？有何应用。
老实说，对这个问题，我没有怎么准备，在参考书上也每看到过适合的答案，尽管复习指南上包含了这个问题。
老师说不会的话可以换一道，但最终还是硬着头皮上了。
然后老师老师开始追问：这个求偿权是不是没有条件的？和期权有什么不同？假设上海有一个新能源汽车的项目，你想进行投资，要考虑哪些风险？如何把这个claim运用到这个新能源汽车的项目中？如果你作为出资人，和新能源汽车的专利持有人，在这项投资上会有什么不同？如何保障自己的权益？感觉微观金融回答得还不是很理想，anyway，联考总算结束了。
两三天之后，打听到复试分数还不错，悬着的心总算落了。
一周之后，经院正式公布结果，可以打电话查询录取结果。
自此，我的金融联考路程尘埃落定。
我的2008年北京大学考研面试经历北京大学深圳商学院北大经济学-港大金融学双硕士项目的调剂生面试时间为2008年3月24日与25日两天，这两天将要从115名申请调剂考生中选出大约35名，竞争极其激烈。