北外1603奥鹏远程教育--金融市场与机构 参考答案
北外1603奥鹏远程教育---国际投资--- 参考答案
第一单元单选题1 今年来，国际投资发展最快的产业部门是（ ））A. 第一产业B. 第二产业C. 第三产业D. 制造业 2 1914年以前，在全球投资中最大输出国是（A. 美国B. 法国C. 德国D. 英国3 总体来看，自20世纪80年代后半期以来，制造业在国际直接投资行业格局中的地位（）A. 下降了B. 提高了C. 未发生显著变化D. 一会高一会低4 （ ）是国际直接投资的主体A. 跨国公司B. 跨国金融机构C. 官方与半官方机构D. 个人投资者5 国际投资的根本目的是（ ）A. 政治利益B. 经济利益C. 实现价值增值D. 长期的战略性目标6 国际货币基金组织认为，视为对企业实施有效控制的股权比例一般是（ ）A. 10%B. 25%C. 35%D. 50%7 （ ）是当今发展中国家中吸引外资最多的国家。
A. 中国B. 巴西C. 泰国D. 南非8 区分国际直接投资和国际间接投资的根本原则是（ ）A. 股权比例B. 有效控制C. 持久利益D. 战略关系9 根据投资主体类型，国际投资可分为（ ）A. 实物资产投资和无形资产投资B. 官方投资和半官方投资C. 对外投资和对内投资1 0 二次世界大战前，国际投资是以（）为主A. 证券投资B. 实业投资C. 直接投资D. 私人投资 第一单元判断题1 国际投资一般而言较国内投资风险更大。
√2 统计表明，国际直接投资较国际间接投资波动性更大。
国际投资的发展对世界经济的影响有百利而无一害。
×3 ×4 近年来，发展中国家在吸收FDI 方面已超过发达国家，占据主要地位。
近年来，国际投资的发展很大程度上得益于政策的日益自由化。
中国援非建设不属于国际投资。
×5 √6 ×7 大三角地区是指：美国、北约、日本。
×8 自20世纪80年代后半期以来，初级产品部门在国际直接投资行业格局中的地位未发生显著变化。
无形资产包括生产诀窍、管理技术、厂房、商标专利等。
金融市场与机构课后习题答案.doc
Chapter 1Role of Financial Markets and InstitutionsQuestions1. Explain the meaning of surplus units and deficit units. Provide an example of each.ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds.2. Distinguish between primary and secondary markets.ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities.3. Distinguish between money and capital markets.ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments.4. Distinguish between perfect and imperfect security markets.ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired.5. Explain why the existence of imperfect markets creates a need for financial institutions.ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire.6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of thetime?ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market.7. In recent years, several securities firms have been guilty of using inside information when purchasingsecurities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain.ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market.12 Chapter 1/Role of Financial Markets and Institutions8. What was the purpose of the Securities Act of 1933? What was the purpose of the SecuritiesExchange Act of 1934? Do these laws prevent investors from making poor investment decisions?Explain.ANSWER: The Securities Act of 1933 was intended to assure complete disclosure of relevantfinancial information on publicly offered securities, and prevent fraudulent practices when selling these securities. The Securities Exchange Act of 1934 extended the disclosure requirements tosecondary market issues. It also declared a variety of deceptive practices illegal, but does not prevent poor investments.9. If barriers to international securities markets are reduced, will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities? Explain.ANSWER: If international securities market barriers are reduced, a country's interest rate will likely become more susceptible to foreign lending and borrowing activities. Without barriers, funds will flow more freely in between countries. Funds would seek out countries where expected returns are high. Then, the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10. In what way could the international flow of funds cause a decline in interest rates?ANSWER: If a large volume of foreign funds was invested in the United States, it could placedownward pressure on U.S. interest rates. Without this supply of foreign funds, U.S. interest rates would have been higher.11. Distinguish between the functions of a broker and those of a dealer, and explain how each iscompensated.ANSWER: Brokers are commonly compensated with commissions on trades, while dealers are compensated on their positions in particular securities. Some dealers also provide brokerage services.12. Why is it necessary for securities to be somewhat standardized?ANSWER: Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known. If securities were not standardized, transactions would be slowed considerably as participants would have to negotiate all the provisions.13. What are the functions of securities firms?ANSWER: Securities firms provide a variety of functions (such as underwriting and brokerage) that either enhance a borrower's ability to borrow funds or an investor’s abi lity to invest funds.14. Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER: Some financial flows, such as most commercial loans, must be provided on a personal basis, since the firms requesting loans have particular needs.15. If securities were not standardized, how would this affect the volume of financial transactionsconducted by brokers?ANSWER: If securities were not standardized, the volume of financial transactions conducted by brokers would be reduced, because the documentation would be greater.16. Commercial banks use some funds to purchase securities and other funds to make loans. Why are thesecurities more marketable than loans in the secondary market?ANSWER: Securities are more standardized than loans and therefore can be more easily sold in the secondary market. The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17. How have the asset compositions of savings and loan associations differed from those of commercialbanks? Explain why and how this distinction may change over time.ANSWER: Savings and loan associations have traditionally concentrated in mortgage lending, while commercial banks have concentrated in commercial lending. Savings and loan associations are nowChapter 1/Role of Financial Markets and Institutions 3 allowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans (but not to the same degree as commercial banks.18. With regard to the profit motive, how are credit unions different from other financial institutions?ANSWER: Credit unions are non-profit financial institutions.19. Compare the main sources and uses of funds for finance companies, insurance companies, andpension funds.ANSWER: Finance companies sell securities to obtain funds, while insurance companies receive insurance premiums and pension funds receive employee/employer contributions. Finance companies use funds to provide direct loans to consumers and businesses. Insurance companies and pension funds purchase securities.20. What is the function of a mutual fund? Why are mutual funds popular among investors?ANSWER: A mutual fund sells shares to investors, pools the funds, and invests the funds in aportfolio of securities. Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21. How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER: A money market mutual fund invests in money market securities, whereas other mutual funds normally invest in stocks or bonds.22. Classify the types of financial institutions mentioned in this chapter as either depository ornondepository. Explain the general difference between depository and nondepository institution sources of funds.ANSWER: Depository institutions include commercial banks, savings and loan associations, and credit unions. These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies, insurance companies, pension funds, mutual funds, and money market funds.23. It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types. Consequently, many financial institutions are becoming more similar in terms of their operations. Yet, the performance levels still differ significantly among types of financial institutions. Why?ANSWER: Even though financial institutions are becoming more similar, they often differ distinctly from each other in terms of sources and uses of funds. Therefore, their performance levels differ as well.24. Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions. For this transaction, determine the following:a. How will each institution's balance sheet be affected?b. Will either institution receive immediate income from the transaction?c. Who is the ultimate user of funds?d. Who is the ultimate source of funds?ANSWER: This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions. When a financial institution simply acts as a middleman, income (fees or commissions) are earned, but the institution's asset portfolio is not significantly affected.25. Which types of financial institutions do you deal with? Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER: This exercise allows students to realize that they constantly interact with financialinstitutions, and that they often play the role of a deficit unit (on car loans, tuition loans, etc.).4 Chapter 1/Role of Financial Markets and Institutions26. Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER: The privatization of companies will force these companies to finance with stocks and debt securities, instead of relying on the federal government for funds. Consequently, secondary markets for stocks and debt securities will be developed over time.Chapter 2Determination of Interest RatesQuestions1.Explain why interest rates changed as they did over the past year.ANSWER: This exercise should force students to consider how the factors that influence interest rates have changed over the last year, and assess how these changes could have affected interest rates.2. Explain what is meant by interest elasticity.ANSWER: Interest elasticity of supply represents a change in the quantity of loanable funds supplied in response to a change in interest rates. Interest elasticity of demand represents a change in thequantity of loanable funds demanded in response to a change in interest rates.3. Would you expect federal government demand for loanable funds to be more or less interest elasticthan household demand for loanable funds? Why?ANSWER: Federal government demand for loanable funds should be less interest elastic than the consumer demand for loanable funds, because the government's planned borrowings will likely occur regardless of the interest rate. Conversely, the quantity of loanable funds by consumers is moreresponsive to the interest rate level.4. If the federal government planned to expand the space program, how might this affect interest rates?ANSWER: An expanded space program would (a) force the federal government to increase its budget deficit, (b) possibly force any firms involved in facilitating the program to borrow more funds.Consequently, there is a greater demand for loanable funds. The additional spending could cause higher income and additional saving. Yet, this impact is not likely to be as great. The likely overall impact would therefore be upward pressure on interest rates.5. Explain why interest rates tend to decrease during recessionary periods.ANSWER: During a recession, firms and consumers reduce their amount of borrowing. The demand for loanable funds decreases and interest rates decrease as a result.6. Obtain or develop forecasts of economic growth and inflation. Use this information to forecastinterest rates one year from now.ANSWER: Open-ended question, intended to illustrate the ease of subjectively creating forecasts, but the difficulty in deciding the appropriate weight to be assigned to each influential factor.7. Jayhawk Forecasting Services analyzed several factors that could affect interest rates in the future.Most factors were expected to place downward pressure on interest rates. Jayhawk also felt that although the annual budget deficit was to be cut by 40 percent from the previous year, it would stillChapter 1/Role of Financial Markets and Institutions 5 be very large. Thus, Jayhawk believed that the deficit's impact would more than offset the othereffects and therefore forecast interest rates to increase by 2 percent. Comment on Jayhawk's logic.ANSWER: A reduction in the deficit should free up some funds that had been used to support the government borrowings. Thus, there should be additional funds available to satisfy other borrowing needs. Given this situation plus the other information, Jayhawk should have forecasted lower interest rates.8. Should increasing money supply growth place upward or downward pressure on interest rates? Justifyyour answer.ANSWER: If one believes that higher money supply growth will not cause inflationary expectations, the additional supply of funds places downward pressure on interest rates. However, if one believes that inflation expectations do erupt as a result, demand for loanable funds will also increase, and interest rates could increase (if the increase in demand more than offsets the increase in supply).9. Consider a scenario where inflation is low and is not expected to rise in the future. In addition,assume that the Fed substantially increases the money supply. Explain how this would likely affect interest rates.ANSWER: Interest rates should decrease because the amount of loanable funds will increase withouta corresponding increase in the demand for loanable funds.10. What is the logic behind the Fisher effect's implied positive relationship between expected inflationand nominal interest rates?ANSWER: Investors require a positive real return, which suggests that they will only invest funds if the nominal interest rate is expected to exceed inflation. In this way, the purchasing power of invested funds increases over time. As inflation rises, nominal interest rates should rise as well since investors would require a nominal return that exceeds the inflation rate.11. What is the difference between the nominal interest rate and real interest rate?ANSWER: The nominal interest rate is the quoted interest rate, while the real interest rate is defined as the nominal interest rate minus the expected rate of inflation. The real interest rate represents the recent nominal interest rate minus the recent inflation rate.12. Estimate the real interest rate over the last year.ANSWER: This exercise forces students to measure last year's nominal interest rate and inflation rate.13. Review historical interest rates to determine how they react to recessionary periods. Explain thisreaction.ANSWER: In general, interest rates tend to decline in recessionary periods. This reaction occurs because the demand for loanable funds declines during the recessionary periods, which placesdownward pressure of interest rates.14. Why do forecasts of interest rates differ among experts?ANSWER: Various factors may influence interest rates, and changes in these factors will affectinterest rate movements. Experts disagree about how various factors will change. They also disagree about the specific influence these factors have on interest rates.15. During the stock market crash in October 1987, interest rates declined. Use the loanable fundsframework discussed in this chapter to explain why.ANSWER: The crash led to concerns of a possible recession. The demand for loanable funds declined, causing downward pressure on interest rates. In addition, investors shifted funds out of stocks and into money market securities, causing an increase in the supply of loanable funds.6 Chapter 1/Role of Financial Markets and Institutions16. If foreign investors expected that the U.S. dollar's value would weaken over the next few years, howmight this affect (a) the foreign supply of funds to the U.S. markets and (b) U.S. interest rates?Explain.ANSWER: The expectation of a weaker U.S. dollar can cause a lower foreign supply of funds to the U.S. markets, as foreign investors reduce their investment in the United States, because a weakened dollar over the investment horizon reduces the return to foreign investors. The reduced foreign supply of funds to U.S. markets places upward pressure on U.S. interest rates.17. A well-known economist recently suggested that lower interest rates will stimulate the economy. Yet,this chapter implied that a strong economy can cause high interest rates. Do these concepts conflict?Explain.ANSWER: The concepts do not conflict. There are feedback effects between interest rates andeconomic growth. Lower interest rates stimulate the economy because they encourage borrowing and therefore spending. Yet, a strong economy can cause an additional desire to borrow, which places upward pressure on interest rates.18. Assume that if the U.S. dollar strengthens, it can place downward pressure on U.S. inflation. Basedon this information, how might expectations of a strong dollar affect the demand for loanable funds in the United States and U.S. interest rates? Is there any reason to think that expectations of a strong dollar could also affect the supply of loanable funds? Explain.ANSWER: As a strong U.S. dollar dampens U.S. inflation, it can reduce the demand for loanable funds, and therefore reduce interest rates. The expectations of a strong dollar could also increase the supply of funds because it may encourage saving (there is less concern to purchase goods before prices rise when inflationary expectations are reduced). In addition, foreign investors may invest more funds in the United States if they expect the dollar to strengthen, because that could increase their return on investment.19. If financial market participants overestimate inflation in a particular period, will real interest rates berelatively high or low? Explain.ANSWER: If inflation is overestimated, the real interest rate will be relatively high. Investors had required a relatively high nominal interest rate because they expected inflation to be high (according to the Fisher effect).20. Why might you expect interest rate movements of various industrialized countries to be more highlycorrelated in recent years than in earlier years?ANSWER: Interest rates among countries are expected to be more highly correlated in recent years because financial markets are more geographically integrated. More international financial flows will occur to capitalize on higher interest rates in foreign countries, which affects the supply and demand conditions in each market. As funds leave a country with low interest rates, this places upwardpressure on that country's interest rates. The international flow of funds caused this type of reaction.21. In November 1989, the wall separating East and West Germany was removed. Some analysts say thatthis event led to an increase in German and U.S. interest rates. Offer a possible explanation as to why this event could have caused an increase in German and U.S. interest rates.ANSWER: The removal of the wall led to the reunification of East and West Germany, and resulted in economic expansion in Germany. This led to an increased demand for loanable funds from sources in Germany and in the United States, placing upward pressure on interest rates.22. In August 1990, the Persian Gulf crisis occurred, resulting in some significant reactions in financialmarkets. Why would the crisis be expected to place upward pressure on U.S. interest rates? Why might some investors expect the crisis to place downward pressure on U.S. interest rates?ANSWER: The Persian Gulf crisis placed upward pressure on U.S. interest rates because it (1)increased inflationary expectations in the United States as oil prices increased abruptly, and (2)increased the expected U.S. budget deficit as government expenditures were necessary to boostChapter 1/Role of Financial Markets and Institutions 7 military support. However, the crisis also caused some analysts to revise their forecasts of economic growth downward. In fact, some analysts predicted that a U.S. recession would occur. The slower economy reflects a reduced corporate demand for funds, which by itself places downward pressure on interest rates. If inflation was not a concern, the Fed may attempt to increase money supply growth to stimulate the economy. However, the inflationary pressure restricted the Fed from stimulating the economy (since any stimulative policy could cause higher inflation).23. Offer an argument for why the terrorist attack on the United States on September 11, 2001 couldplace downward pressure on U.S. interest rates. Offer an argument for why the terrorist attack could place upward pressure on U.S. interest rates.ANSWER: The terrorist attack could cause a reduction in spending related to travel (airlines, hotels), and would also reduce the expansion by those types of firms. This reflects a decline in the demand for loanable funds, and places downward pressure on interest rates. Conversely, the attack increases the amount of government borrowing needed to support a war, and therefore places upward pressure on interest rates.Interpreting Financial NewsInterpret the following comments made by Wall Street analysts and portfolio managers.a. “The flight of funds from bank deposits to U.S. stocks will pressure interest rates.”As the supply of loanable funds declines (due to bank deposit withdrawals), there will be upward pressure on interest rates.b. “Since Japanese interest rates have recently declined to very low levels, expect a reduction in U.S.interest rates.”As Japanese interest rates decline, Japanese savers invest more loanable funds in the UnitedStates, which places downward pressure on U.S. interest rates.c. “The cost of borrowing by U.S. firms is dictated by the degree to which the federal governmen tspends more than it taxes.”As the federal government spends more than it taxes, it borrows the difference; the greater theamount borrowed, the higher the pressure on U.S. interest rates.Managing in Financial MarketsAs the treasurer of a manufacturing company, your task is to forecast the direction of interest rates. You plan to borrow funds and may use the forecast of interest rates to determine whether you should obtain a loan with a fixed interest rate or a floating interest rate. The following information can be considered when assessing the future direction of interest rates:♦Economic growth has been high over the last two years, but you expect that it will be stagnant over the next year.♦Inflation has been 3 percent over each of the last few years, and you expect that it will be about the same over the next year.♦The federal government has announced major cuts in its spending, which should have a major impact on the budget deficit.♦The Federal Reserve is not expected to affect the existing supply of loanable funds over the next year. ♦The overall level of savings by households is not expected to change.a. Given the preceding information, determine how the demand for and the supply of loanable fundswould be affected (if at all), and determine the future direction of interest rates.The demand for loanable funds should decline in response to: (1) stagnant economic growth(because a relatively low level of borrowing will be needed), and (2) a major cut in government8 Chapter 1/Role of Financial Markets and Institutionsspending. The supply of loanable funds should remain unchanged because the savings level is not expected to change, and the Fed is not expected to affect the existing money supply. Given a large decline in the demand for loanable funds and no significant change in the supply of loanablefunds, U.S. interest rates should decline.b. You can obtain a one-year loan at a fixed-rate of 8 percent or a floating-rate loan that is currentlyat 8 percent but would be revised every month in accordance with general interest ratemovements. Which type of loan is more appropriate based on the information provided?Since interest rates are expected to decline, you should prefer the floating-rate loan. As interest rates decline, the rate charged on this type of loan would decline.c. Assume that Canadian interest rates have abruptly risen just as you have completed your forecastof future U.S. interest rates. Consequently, Canadian interest rates are now 2 percentage pointsabove U.S. interest rates. How might this specific situation place pressure on U.S. interest rates?Considering this situation along with the other information provided, would you change yourforecast of the future direction of U.S. interest rates?This situation could encourage U.S. individuals and firms to withdraw their savings from U.S.financial institutions and send their funds to Canada to earn a higher interest rate (although they would have to convert their U.S. dollars into Canadian dollars and are therefore exposed toexchange rate risk). To the extent that savings are withdrawn from U.S. financial institutions,there would be a reduction in the supply of loanable funds in the U.S. Consequently, this specific situation places upward pressure on the U.S. interest rates.While this specific situation places upward pressure on U.S. interest rates, the economic growth and the budget deficit are expected to place downward pressure on interest rates.Therefore, you would still forecast a decline in U.S. interest rates, unless you believe that theimpact of the Canadian situation would overwhelm the impact of the economic growth and thebudget deficit.Problems1.Suppose the real interest rate is 6 percent and the expected inflation is 2 percent. What would youexpect the nominal rate of interest to be?ANSWER:i = E(INF) + i ki = 2% + 6% = 8%2. Suppose that Treasury bills are currently paying 9 percent and the expected inflation is 3 percent.What is the real interest rate?ANSWER:i = E(INF) + i ki k = i – E(INF)i k = 9% – 3% = 6%Chapter 3Structure of Interest RatesChapter 1/Role of Financial Markets and Institutions 9Questions1.Identify the relevant characteristics of any security that can affect the security's yield.ANSWER:The relevant characteristics are:1. default risk2. liquidity3. tax status4. maturity5. special provisions (such as a call feature)2. What effect does a high credit risk have on securities?ANSWER: Investors require a higher risk premium on securities with a high default risk.3. Discuss the relationship between the yield and liquidity of securities.ANSWER: The greater the liquidity of a security, the lower is the yield, other things being equal.4. Do investors in high-tax brackets or those in low-tax brackets benefit more from tax-exemptsecurities? Why?ANSWER: High-tax bracket investors benefit more from tax-exempt securities because their tax savings from avoiding taxes is greater.5. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Why?Which has the higher after-tax yield?ANSWER: Corporate bonds offer a higher before-tax yield, since they are taxable by the federal government. The municipal bonds may have a higher tax yield for investors subject to a high tax rate.For low-tax bracket investors, the corporate bonds would likely have a higher after-tax yield.6. If taxes did not exist, would Treasury bonds offer a higher or lower yield than municipal bonds withthe same maturity? Why?ANSWER: Treasury bonds would offer a lower yield than municipal bonds because they areperceived to be risk-free. If taxes did not exist, the required return on Treasury bonds would be lower than on municipal bonds.7. Explain how a yield curve would shift in response to a sudden expectation of rising interest rates,according to the pure expectations theory.ANSWER: The demand for short-term securities would increase, placing upward (downward)pressure on their prices (yields). The demand for long-term securities would decrease, placingdownward (upward) pressure on their prices (yields). If the yield curve was originally upward sloped, it would now have a steeper slope as a result of the expectation. If it was originally downward sloped, it would now be more horizontal (less steep), or may have even become upward sloping.8. What is the meaning of the forward rate in the context of the term structure of interest rates?ANSWER: The forward rate is the expected interest rate at a future point in time.9. Why might forward rates consistently overestimate future interest rates? How could such a bias beavoided?ANSWER: If forward rates are estimated without considering the liquidity premium, it mayoverestimate the future interest rates. If a liquidity premium is accounted for when estimating the forward rate, the bias can be eliminated.10. Assume there is a sudden expectation of lower interest rates in the future. What would be the effecton the shape of the yield curve? Explain.ANSWER: The demand for short-term securities would decrease, placing downward (upward)pressure on their prices (yields). The demand for long-term securities would increase, placing upward。
2020年新编北外1603-远程教育--商业银行经营管理(经管专科选修)--参考答案名师精品资料.
第一单元选择题1 下列哪一个因素不会直接影响商业银行货币创造的规模？（）A. 原始存款B. 法定存款准备金率C. 现金漏损率D. 银行的利润率2 最早设立股份制银行的国家是（）A. 美国B. 英国C. 德国D. 法国3 在商业银行的内部组织结构中，董事会属于（）A. 决策机构B. 执行机构C. 监督机构D. 管理机构4 商业银行能够随时满足客户提现，这是其经营原则中的（）A. 安全性原则B. 流动性原则C. 盈利性原则D. 风险性原则5 商业银行经营的首要目标在于（）A. 获得盈利B. 保证安全C. 保证流动性D. 以上都是6 商业银行把社会上各种闲散资金集中起来再通过贷款将资金投向社会经济各部门，这体现了商业银行的哪一个职能？（）A. 信用中介职能B. 支付中介职能C. 货币创造职能D. 金融服务职能7 在下列金融机构中，哪一个是能够吸收活期存款的？（）A. 中央银行B. 商业银行C. 保险公司D. 证券公司8 自20世纪90年代以来，商业银行在经营和业务上也产生了很多变化，下列哪一项不是变化的趋势之一？（）A. 银行的国际化进程加快B. 金融业务与工具不断创新C. 银行越来越专业化D. 金融管制总体呈现放松趋势9 商业银行在社会经济生活中存在的组织形式设立应该遵循（）原则A. 公平竞争、注重效率B. 积极进取、优胜劣汰C. 规模不限、不断扩大D. 以上都是1 0世界上大多数国家的商业银行在外部组织形式上采取了（）A. 单一银行制B. 多元银行制C. 总分行制D. 全能银行制第一单元是非题1 商业银行的行政首脑是总经理（行长），是商业银行决策机构的构成部分。
商业银行通过支付中介职能可以称为工商企业、社会团体和个人的货币保管者、出纳者和支付代理人。
在各类金融机构中，商业银行的历史最为悠久×2 √3 √4 现代商业银行都是根据资本主义经济发展、按照资本主义原则，以股份公司形式组建而成的。
北外1603 国际金融 参考答案
北外1603 国际金融参考答案北外1603-国际金融参考答案单元一多项选择题1在国际收支失衡后一国可以采取一些政策措施来加以调节，以下哪一项不属于货币政策的调节方式。
a.调整出口退税政策b.改变准备金比率c.调整再贴现率d、公开市场操作2国际收支的弹性理论分析中提出的马歇尔-勒纳条件是货币贬值改善贸易收支的必要条件，是指下列哪一组弹性之和大于1？a.出口商品的供给弹性和进口商品的供给弹性b.出口商品的需求弹性和进口商品的需求弹性c.出口商品的需求弹性和进口商品的供给弹性d.出口商品的供给弹性和进口商品的需求弹性根据《蒙代尔分配法》，当国内经济出现通货膨胀，国际收支出现顺差时，应该采取的政策组合是a.扩张性货币政策和紧缩性财政政策B.紧缩性货币政策和紧缩性财政政策C.扩张性货币政策和扩张性财政政策D.紧缩性货币政策和扩张性财政政策4。
判断一项交易是否应列入国际收支平衡表的依据是：a.交易双方的国籍B.交易的货币C.交易发生的地点d.交易双方的居住地在国际收支平衡表中，为一个人设立的项目是a.经常账户B.资本账户c.净错误与遗漏d.金融项目6以下哪项交易最有可能是监管交易a.日本一家公司从中国进口1000万日元的玩具b.美国的高利率吸引了很多国家的资本流入c、住在英国的李小姐每年都会向留在中国的父母汇一笔赡养费d.随着中国贸易顺差的不断增长，我国货币当局大幅度增加外汇储备7在国际收支平衡表的金融项目中，通常最具稳定性的是a.直接投资b.证券投资c.其他投资d.以上都不是8.由于国民收入的增加或减少而引起的国际收支不平衡称为A.周期性不平衡B.收入不平衡C.结构性不平衡D.货币不平衡9针对不同国家在相同时期内的国际收支平衡表进行分析，是国际收支平衡表的哪种分析方法a.静态分析法b.动态分析法c.比较分析法d.差额分析法国际收支顺差的潜在不利后果是a.外汇储备的增加b.本币坚挺，经济环境稳定c、国内货币供应量增加和通货膨胀压力D.更友好的贸易伙伴第一单元是非题国际收支平衡是存量的概念。
奥鹏东财2020年3月课程考试《金融市场学》复习资料及参考答案
奥鹏东北财经大学网络考试复习练习题及答案单选题1.企业对外筹资的主要渠道不包括（）。
A.发行股票B.发行债券C.向银行等金融机构借款D.民间借贷答案: D2.欧洲货币体系正式起动于（）。
A.1971年B.1975年C.1979年D.1991年答案: C3.同业拆借的期限最长不得超过（）。
A.半年B.一年C.二年D.三年答案: B4.一般而言，证券卖出者信用、证券流动性越高，回购利率（）。
A.高B.相同C.低D.无法确定答案: C5.理性预期理论认为，在没有新信息的条件下，对下期利率的最佳预期可能是（）。
A.当期利率B.历史利率C.预期调整后的当期利率D.以上皆不对答案: A6.股票市场价格的最直接影响因素是（），其他因素都是通过该因素而影响股票价格。
A.供求关系B.公司经营状况C.宏观经济因素D.政治因素答案: A7.投资基金在美国一般被称为（）。
A.单位信托基金B.共同基金C.投资基金D.证券投资信托答案: B8.（）不是衍生工具对金融市场的正面影响。
A.为金融机构带来了拓展业务的机会B.加剧了金融业的竞争，提高了金融体系的效率C.降低了筹资成本，促进了经济增长D.为企业带来了巨额利润答案: D9.证券市场按层次结构关系，可以分为（）。
A.发行市场和流通市场B.集中市场和场外市场C.股票市场和债券市场D.国内市场和国际市场答案: A10.在其他条件不变的情况下，利率的提高会（）。
A.缩减即期消费，增加储蓄B.缩减即期消费，缩减储蓄C.增加即期消费，增加储蓄D.增加即期消费，缩减储蓄答案: A11.金融衍生工具产生的最主要的原因是（）。
A.为了满足人们规避风险和保值的需求B.为金融机构带来了拓展业务的机会C.加剧了金融业的竞争，提高了金融体系的效率D.降低了筹资成本，促进了经济增长答案: A12.下列说法不正确的是（）。
A.期货合约是标准化合约B.期货合约是场内交易产品C.期货合约采取实物交割方式D.进行期货交易需要缴纳保证金答案: C13.外汇市场的实际操作者是（）。
奥鹏东财2020年3月课程考试《金融市场学》复习资料及参考答案
奥鹏东北财经大学网络考试复习练习题及答案单选题1.企业对外筹资的主要渠道不包括（）。
A.发行股票B.发行债券C.向银行等金融机构借款D.民间借贷答案: D2.欧洲货币体系正式起动于（）。
A.1971年B.1975年C.1979年D.1991年答案: C3.同业拆借的期限最长不得超过（）。
A.半年B.一年C.二年D.三年答案: B4.一般而言，证券卖出者信用、证券流动性越高，回购利率（）。
A.高B.相同C.低D.无法确定答案: C5.理性预期理论认为，在没有新信息的条件下，对下期利率的最佳预期可能是（）。
A.当期利率B.历史利率C.预期调整后的当期利率D.以上皆不对答案: A6.股票市场价格的最直接影响因素是（），其他因素都是通过该因素而影响股票价格。
A.供求关系B.公司经营状况C.宏观经济因素D.政治因素答案: A7.投资基金在美国一般被称为（）。
A.单位信托基金B.共同基金C.投资基金D.证券投资信托答案: B8.（）不是衍生工具对金融市场的正面影响。
A.为金融机构带来了拓展业务的机会B.加剧了金融业的竞争，提高了金融体系的效率C.降低了筹资成本，促进了经济增长D.为企业带来了巨额利润答案: D9.证券市场按层次结构关系，可以分为（）。
A.发行市场和流通市场B.集中市场和场外市场C.股票市场和债券市场D.国内市场和国际市场答案: A10.在其他条件不变的情况下，利率的提高会（）。
A.缩减即期消费，增加储蓄B.缩减即期消费，缩减储蓄C.增加即期消费，增加储蓄D.增加即期消费，缩减储蓄答案: A11.金融衍生工具产生的最主要的原因是（）。
A.为了满足人们规避风险和保值的需求B.为金融机构带来了拓展业务的机会C.加剧了金融业的竞争，提高了金融体系的效率D.降低了筹资成本，促进了经济增长答案: A12.下列说法不正确的是（）。
A.期货合约是标准化合约B.期货合约是场内交易产品C.期货合约采取实物交割方式D.进行期货交易需要缴纳保证金答案: C13.外汇市场的实际操作者是（）。
北外1603-远程教育--商业银行经营管理(经管专科选修)--参考答案
第一单元选择题1 下列哪一个因素不会直接影响商业银行货币创造的规模？（）A. 原始存款B. 法定存款准备金率C. 现金漏损率D. 银行的利润率2 最早设立股份制银行的国家是（）A. 美国B. 英国C. 德国D. 法国3 在商业银行的内部组织结构中，董事会属于（）A. 决策机构B. 执行机构C. 监督机构D. 管理机构4 商业银行能够随时满足客户提现，这是其经营原则中的（）A. 安全性原则B. 流动性原则C. 盈利性原则D. 风险性原则5 商业银行经营的首要目标在于（）A. 获得盈利B. 保证安全C. 保证流动性D. 以上都是6 商业银行把社会上各种闲散资金集中起来再通过贷款将资金投向社会经济各部门，这体现了商业银行的哪一个职能？（）A. 信用中介职能B. 支付中介职能C. 货币创造职能D. 金融服务职能7 在下列金融机构中，哪一个是能够吸收活期存款的？（）A. 中央银行B. 商业银行C. 保险公司D. 证券公司8 自20世纪90年代以来，商业银行在经营和业务上也产生了很多变化，下列哪一项不是变化的趋势之一？（）A. 银行的国际化进程加快B. 金融业务与工具不断创新C. 银行越来越专业化D. 金融管制总体呈现放松趋势9 商业银行在社会经济生活中存在的组织形式设立应该遵循（）原则A. 公平竞争、注重效率B. 积极进取、优胜劣汰C. 规模不限、不断扩大D. 以上都是1 0世界上大多数国家的商业银行在外部组织形式上采取了（）A. 单一银行制B. 多元银行制C. 总分行制D. 全能银行制第一单元是非题1 商业银行的行政首脑是总经理（行长），是商业银行决策机构的构成部分。
商业银行通过支付中介职能可以称为工商企业、社会团体和个人的货币保管者、出纳者和支付代理人。
在各类金融机构中，商业银行的历史最为悠久×2 √3 √4 现代商业银行都是根据资本主义经济发展、按照资本主义原则，以股份公司形式组建而成的。
《金融市场》参考答案
多的机构投资者存在，而基金公司作为重要的机构投资者对于证券市场的发展与稳定起到了不可估量的作用。
所以基金行业的稳定关系到证券市场的稳定，基金的发展关系到证券市场与整个国民经济的发展。
“老鼠仓”事件从局部来看可能只属于一个个案，但是，从整体来看，关系到一个国家的证券市场和国家整个经济秩序的发展与稳定。
引起老鼠仓的原因：1、官商勾结老鼠仓是中国官商勾结的重要途径。
加之老鼠仓行为本身牵涉利益链条庞大，监管者往往投鼠忌。
在这一背景下，中国股市发展十余年来，与老鼠仓相关的市场操纵行为、内幕交易行为、官员贪污腐败行为比比皆是，但是真正查处落实的案件并不多，而查处的案件也往往是“案值小、处罚轻”。
2、监管难度大由于老鼠仓”行为并不需要成文的合同甚至任何文字，往往是一个电话、一个暗语就能够促成，因此难以察觉，难以取证，更难以从法律角度给出准确结论，对于监管部门来说一直是一个重大挑战。
现在已有多家基金公司下发内控文件，内控矛头主要指向了投资管理人员监管，主要包括公司投资决策委员会成员、公司分管投资、研究、交易业务的高级管理人员、公司投资、研究部门的负责人、交易室人员、基金经理以及基金经理助理。
根据内控文件要求，上述投资管理人不得以非受控方式在交易时间访问互联网；公司将完善监控系统，在中央交易室安装摄像头的基础上，投资管理部办公室内也将安装摄像头；公司完善上网行为监控系统，以有效控制和记录投资管理人员对互联网的访问。
但是由于老鼠仓的行为有时非常隐蔽，所有这些措施可能根本不起作用，因此对于老鼠仓的监管有很大的难度。
3、基金经理虽然学历高，但法律意识淡薄在今年查处的涉嫌老鼠仓的三基金经理都具有高学历。
涂强，毕业于南京大学，获经济学硕士学位。
具有九年证券行业从业经验，曾任职于长城证券有限责任公司，历任投资部投资经理、资产管理部投资经理、资产管理部副总经理。
2005年3月加入景顺长城基金管理公司。
韩刚，1999年毕业于中国人民银行研究生部，获经济学硕士学位。
北外1603-远程教育--证券投资(经管专科选修)--参考答案
第一单元选择题1 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（）关系。
A. 正比B. 反比C. 不相关D. 线性2 很多情况下人们往往把能够带来报酬的支出行为称为（）。
A. 支出B. 储蓄C. 投资D. 消费3 证券按其性质不同，可以分为（）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. 虚拟证券和有价证券4 证券投资通过投资于证券将资金转移到企业部门，因此通常又被称为（）。
A. 间接投资B. 直接投资C. 实物投资D. 以上都不正确5 直接投融资的中介机构是（）A. 商业银行B. 信托投资公司C. 投资咨询公司D. 证券经营机构6 由于（）的作用，投资者不再满足投资品种的单一性，而希望建立多样化的资产组合。
A. 边际收入递减规律B. 边际风险递增规律C. 边际效用递减规律D. 边际成本递减规律7 广义的有价证券包括（）、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8 有价证券是（）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9 证券按发行主体不同，可分为公司证券、（）、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1 0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（）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. 虚拟资本价值第一单元是非题 1 证券的最基本特征是法律特征和书面特征。
√2 有价证券是指无票面金额，证明持券人有权按期取得一定收入并可自由转让和买卖的所有权或债权证券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。
有价证券是虚拟资本的一种形式，能给持有者带来收益。
有价证券本身没有价值，所以没有价格。
×3 √4 √5 ×6 持有有价证券可以获得一定数额的收益，这种收益只有通过转让有价证券才能获得。
北外1603-远程教育--市场营销学--参考答案
8
×
9
近年来ERP等网络管理系统的问世大大方便了企业实施关系营销。
√
1
0确定企业业务组合的先决条件是有无足够的资源。
√
第二单元选择题
1
分层抽样法（
）
A.亦称“等距”抽样法
B.第一步按自然形成的“群”随机抽样
C.是从各群中抽取几个群体，然后再从被抽中的群体中抽取个体作为调查对象
D.是将总体按某指标分成所谓“层”的各个部分，然后在各层中抽取调查对象
）
A.生产观念
B.产品观念
C.关系营销观念
D.社会营销观念
4
在推广迅驰移动计算技术的中国发布会上，英特尔公司争取到3家电信运营商、微软、金碟等11家软件厂商和IBM、联想等25家知名硬件厂商的支持。英特尔还在全球推广活动中，从总额3亿美元的宣传费中支出5000万美元
赞助IBM和三星两家公司，以鼓励它们跟进迅驰的积极性。这表明公司奉行（
细分市场，其细分标准属于（
）
A.购买时机
B.寻求的利益
C.忠诚程度
D.待购阶段
3
面临轿车和卡车市场群雄争霸的局面，某公司却努力发现并迎合了特殊用途车的需求。这种战略被称为（
）
A.本地营销
B.补缺营销
C.子市场营销
D.一对一营销
4
北京红黄蓝公司在当地各新兴居民小区中挑选部分小区为目标市场，以电话和互联网为媒介，开展日常副食品的销售。这种目标营销属于（
第一单元选择题
1
不顾消费者是否需要，用大量广告和营业推广活动促进销售，以使产品迅速出手的做法反映了（
）
A.生产观念
B.推销观念
C.产品观念
D.营销观念
北京大学远程教育金融市场作业答案
2.金融自由化不包括(C) 监管自由化4.以下货币市场工具中，通常情况下哪一种的收益率最低(D) D. 银行承兑汇票5股票市盈率是(D)D. 股票市场价格/每股收益名词解释6.金融工具:P4金融工具是指标明交易双方权利、义务关系的书面凭证。
包括股票、债券、贷款和约和存单等，这些也被称作有价证券。
7.持续期持续期的含义有三条:(1)债券产生的现金的平均回收期；(2)债券价格对收益率的弹性；(3)修正的持续期又是债券价格对收益率的导数。
8.风险升水债券的风险性的上升导致债券的利率上升升水是指远期汇率高于即期汇率。
与贴水对应。
在通常情况下，银行报出的升贴水数只报两位或三位数。
如果是两位数，即为小数点后第三和第四位，如果报三位数，即为小数点后第二、三、和第四位数。
升贴水数的大小，两个数的排列次序也按升水或贴水而不同。
在直接标价法下，小数在前，大数在后，即为升水；在间接标价法下，若是小数在后，大数在前，即为升水。
简答题:13.假如你当前持有一份可赎回债券，该债券每年利息收入75元，买卖时经纪人收取35元手续费，政府收取20元的转手税。
债券公告说要在两年后以1050元价格将债券赎回，如果当前适当的贴现收益类是9%，请问该债券当前的市场价格应是多少？75/1.09+1125/1.09^2=1015.714.假定预期的市场收益率是15%，无风险收益率是5.7%，如果一个证券的贝塔系数是1.3，根据资本资产定价模型，该证券的预期收益率是多少？(5.7%)*1.3*15%=0.2061(则20.61%)15.假定2010年4月1日，你购买了一笔500份的黄豆期货合约，需要缴纳的初始保证金是10000元，每份合约的价格是200元，即该笔交易的总价值是100,000元。
在以下的三个交易日，该合约的结算价格分别是205、197元和190元(假定在此前你既没有提出也没有增加保证金。
再假定在这三个交易日中，亏损时，你会补足保证金；获利时，你会取走获利部分)。
北外金融市场与机构网考复习答案1
（1）努力发展直接信用市场，改变直接信用和间接信用的比例（2）货币市场和资本市场要合理配置（3）进一步加快利率市场化的步伐（4）减少垄断，搞活金融市场。
2. 招商银行成立于1987 年，总部位于中国深圳，业务以中国市场为主。
截至2008 年12 月31 日，招行在中国境内设有44 家分行及623 家支行（含分理处），一个代表处（北京），一个信用卡中心，一个小企业信贷中心，1,567 家自助银行，离行式单台设备1,400 多台（ATM 和CDM），一家全资子公司——招银金融租赁有限公司。
招行高效的分销网络主要分布在长江三角洲地区、珠江三角洲地区、环渤海经济区域等中国相对富裕的地区以及其他地区的一些大城市。
招行在香港拥有永隆银行有限公司（以下简称“永隆银行”）和招银国际金融有限公司（以下简称“招银国际”）两家子公司，及一家分行，在纽约有一家分行和一个代表处，还与93 个国家及地区的1,756 家海外金融机构保持着业务往来。
招商银行并未采取跟随型产品定位战略，而是采取挑战型产品定位战略，在深入调查研究的基础上，进行市场细分，同时结合自身的优势和特点，寻求“人无我有、人有我新、人新我特”的产品定位战略。
结合具体银行的例子，论述商业银行管理理论的演变过程。
答案：商业银行是特殊的企业，有自己的经营管理理论。
随着经济环境的变化，银行自身业务的发展，其管理理论经历了资产管理、负债管理和资产负债管理演变过程。
（1）资产管理理论经历了三个不同的发展阶段：第一阶段，商业贷款理论（真实票据论）；第二阶段，可转换性理论；第三阶段，预期收入理论。
（2）负债管理理论是在金融创新中发展起来的理论。
负债管理理论的核心是，银行的流动性不仅可以加强资产管理获得，向外借款也可提供流动性，只要借款领域扩大，流动性就有保证。
而且，负债管理有效，则无须经常保有大量流动性资产，并可将资金投入到更有利可图的资产上，银行收益将提高。
负债管理存在的缺陷在与经营成本的提高可能给银行增加压力。
1403批次之前的,北外《金融市场与机构》自测1-8单元
答案与解析单选题1 下列不属于初级市场活动内容的是（）。
A. 发行股票B. 发行债券C. 转让股票D. 增发股票你的答案 C本题考察的知识点是初级市场和二级市场的含义。
2 下列关于初级市场与二级市场关系的论述正确的是（）。
A. 初级市场是二级市场的前提B. 二级市场是初级市场的前提C. 没有二级市场初级市场仍可存在D. 没有初级市场二级市场仍可存在你的答案 A本题考察的知识点是初级市场和二级市场的关系：初级市场（发行市场）是二级市场（买卖市场）存在的前提。
一级市场是二级市场的基础和前提：没有一级市场，就没有直接筹资的场所，也没有金融工具的发行，更谈不上流通。
3 目前我国有（）家证券交易所。
A. 1B. 2C. 3D. 4你的答案 B本题考察的知识点是我国的深圳和上海证券交易所。
判断题1 新证券的发行，有公募与私募两种形式。
A. 正确B. 错误你的答案 A本题考察的知识点是新证券发行的形式：一级市场上的证券发行方式有两种：私募发行（Private Placement）和公募发行（Public Offering）。
2 可转换债券是利率衍生工具的一种。
A. 正确B. 错误你的答案 B金融衍生工具要求有初始或者基本的指数或利率做基础，可转换公司债券本身就是基础的融资工具，只不过插入了期权的性质，但本质上还是债券。
答案与解析单选题1 下列不属于货币市场的是（）。
A. 银行同业拆借市场B. 贴现市场C. 短期债券市场D. 证券市场。
北外 奥鹏远程教育1603--宏观经济学-- 参考答案
第一单元选择题1 计划投资若超过计划储蓄，那么（）。
A. 总供给将大于总需求B. 在未充分就业情况下将增加就业C. 将产生通货膨胀缺口D. 经济将处于非预期状态2 下列（）项不属于要素收入但被居民收到了。
A. 租金B. 银行存款利息C. 红利D. 养老金3 我们通常用下列哪项指标来反映人民生活水平的变化（）。
A. 实际国民生产总值B. 名义国民生产总值C. 人均实际消费额D. 人均实际国民生产总值4 某国有企业为其总经理购买一辆汽车和该企业支付给总经理一笔钱让他自己购买一辆汽车，在国民收入帐户中的区别在于（）。
A. 前者使投资增加，后者使消费增加B. 前者使消费增加，后者使投资增加C. 前者使政府购买增加，后者使消费增加D. 前者使消费增加，后者使政府购买增加5 一国的国内生产总值大于国民生产总值，则该国公民从国外取得的收入（）外国公民从该国取得的收入。
A. 大于B. 小于C. 等于D. 不能确定6 下列选项中，哪一项不属于总需求（）。
A. 政府支出B. 净出口C. 税收D. 投资7 如果个人收入是570美元，而个人所得税是90美元，消费是430美元，利息支付总额为10美元，个人储蓄为40美元，个人可支配收入则等于（）。
A. 500美元B. 480美元C. 470美元D. 400美元8 如果中国一个公司在国外建立一个工厂，那么这个活动将被（）。
A. 排除在中国的GNP外B. 全部计入中国的GDP内C. 只对中国的资本和劳动有贡献的那部分计算在中国的GNP内D. 计入中国的GDP，但不计入GNP9 若实际产出位于储蓄函数和投资曲线交点的左方，则（）。
A. 存在超额产出B. 存货中包含有非计划投资C. 计划储蓄多于计划投资D. 以上各项都是1 0 总支出由四个部分构成，以下哪一项不是这四个部分之一（ ）。
A. 消费B. 储蓄C. 投资D. 政府开支第一单元是非题1 私人家庭购买轿车在GDP 的核算中被计入投资。
北外1603奥鹏远程教育--金融市场与机构 参考答案
第一单元单选题1 下列不属于初级市场活动内容的是（）。
A. 发行股票B. 发行债券C. 转让股票D. 增发股票2 下列关于初级市场与二级市场关系的论述正确的是（）。
A. 初级市场是二级市场的前提B. 二级市场是初级市场的前提C. 没有二级市场初级市场仍可存在D. 没有初级市场二级市场仍可存在3 目前我国有（）家证券交易所。
A. 1B. 2C. 3D. 44 目前一些经济发达国家以证券交易方式实现的金融交易，已占有越来越大的份额。
人们把这种趋势称为（）。
A. 资本化B. 市场化C. 证券化D. 电子化5 金融市场上的交易主体指金融市场的（）。
A. 供给者B. 需求者C. 管理者D. 参加者6 下列不属于直接金融工具的是（）。
A. 可转让大额定期存单B. 公司债券C. 股票D. 政府债券7 短期资金市场又称为（）。
A. 初级市场B. 货币市场C. 资本市场D. 次级市场8 下列属于短期资金市场的是（）。
A. 票据市场B. 债券市场C. 资本市场D. 股票市场9 长期资金市场又称为（）。
A. 初级市场B. 货币市场C. 资本市场D. 次级市场1 0 下列属于所有权凭证的金融工具是（）。
A. 公司债券B. 股票C. 政府债券D. 可转让大额定期存单 第一单元判断题1 新证券的发行，有公募与私募两种形式。
√2 可转换债券是利率衍生工具的一种。
×3 期货合约的买卖双方可能形成的收益或损失都是有限的。
国家债券是由政府发行的，主要用于政府贷款。
期权买方的损失可能无限大。
×4 ×5 ×6 偿还期限是指债务人必须全部归还利息之前所经历的时间。
金融自由化的标志之一就是政府放弃对金融业的干预。
传统的商业票据有本票和支票两种。
×7 ×8 ×9 二级市场的主要场所是证券交易所，但也扩及交易所之外。
√1 0 金融市场发达与否是一国金融发达程度及制度选择取向的重要标志。
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第一单元单选题1 下列不属于初级市场活动内容的是（）。
A. 发行股票B. 发行债券C. 转让股票D. 增发股票2 下列关于初级市场与二级市场关系的论述正确的是（）。
A. 初级市场是二级市场的前提B. 二级市场是初级市场的前提C. 没有二级市场初级市场仍可存在D. 没有初级市场二级市场仍可存在3 目前我国有（）家证券交易所。
A. 1B. 2C. 3D. 44 目前一些经济发达国家以证券交易方式实现的金融交易，已占有越来越大的份额。
人们把这种趋势称为（）。
A. 资本化B. 市场化C. 证券化D. 电子化5 金融市场上的交易主体指金融市场的（）。
A. 供给者B. 需求者C. 管理者D. 参加者6 下列不属于直接金融工具的是（）。
A. 可转让大额定期存单B. 公司债券C. 股票D. 政府债券7 短期资金市场又称为（）。
A. 初级市场B. 货币市场C. 资本市场D. 次级市场8 下列属于短期资金市场的是（）。
A. 票据市场B. 债券市场C. 资本市场D. 股票市场9 长期资金市场又称为（）。
A. 初级市场B. 货币市场C. 资本市场D. 次级市场1 0 下列属于所有权凭证的金融工具是（）。
A. 公司债券B. 股票C. 政府债券D. 可转让大额定期存单 第一单元判断题1 新证券的发行，有公募与私募两种形式。
√2 可转换债券是利率衍生工具的一种。
×3 期货合约的买卖双方可能形成的收益或损失都是有限的。
国家债券是由政府发行的，主要用于政府贷款。
期权买方的损失可能无限大。
×4 ×5 ×6 偿还期限是指债务人必须全部归还利息之前所经历的时间。
金融自由化的标志之一就是政府放弃对金融业的干预。
传统的商业票据有本票和支票两种。
×7 ×8 ×9 二级市场的主要场所是证券交易所，但也扩及交易所之外。
√1 0 金融市场发达与否是一国金融发达程度及制度选择取向的重要标志。
√第二单元单选题1 下列不属于货币市场的是（）。
A. 银行同业拆借市场B. 贴现市场C. 短期债券市场D. 证券市场2 金融工具的价格与其盈利率和市场利率分别是那种变动关系（ ）。
A. 反方向，反方向B. 同方向，同方向C. 反方向，同方向D. 同方向，反方向3 金融工具的流动性与偿还期限成（ ）。
B. 正比C. 倒数关系D. 不相关4 SWIFT 汇兑形式属于下面哪种国际结算方式。
（）A. 信汇B. 票汇C. 电汇D. 托收5 西方国家所说的基准利率，一般是指中央银行的（）。
A. 贷款利率B. 存款利率C. 市场利率D. 再贴现利率6 国家信用的主要工具是（）。
A. 政府债券B. 银行贷款C. 银行透支D. 发行银行券7 银行在国际业务中的通汇网点除了联行形式外，还有另外一种形式称为（）。
A. 代表处B. 办事处C. 分理处D. 代理行8 个人获得住房贷款属于（）。
A. 商业信用B. 消费信用C. 国家信用D. 补偿贸易9 一种储蓄账户，可付息，但可开出可转让支付命令，是（）。
A. NOWB. ATSC. MMDAD. MMMF1 0下列哪种借款属于商业性借款。
（）A. 国际金融公司信贷B. 国际开发协会信贷C. 出口信贷D. 亚洲开发银行信贷第二单元判断题1 在间接融资中，资金供求双方并不形成直接的债权和债务关系，而是分别与金融机构形成债权债务关系。
√2 一般来说，凡专门从事各种金融活动的组织，均称为银行。
×3 中间业务是指银行所从事的未列入银行资产负债表以及不影响资产和负债总额的经营活动。
4 官定利率过低是金融压抑的表现之一。
√5 信托业务由于能够使商业银行获利，所以是资产业务。
×6 银行券是随着资本主义银行的发展而首先在欧洲出现于流通中的纸制货币。
一般情况下，同业拆借市场的拆借利率应该高于中央银行的再贴现率。
票据虽有本票、汇票、支票之分，但需要承兑的票据只有汇票一种。
国库券之所以受欢迎，主要原因是盈利高、流动性强。
√7 ×8 √9 ×1 0 金融市场形成后，信用工具便产生了。
×第三单元单选题1 大额可转让定期存单是由（）首先发行的。
A. 美国联邦银行B. 纽约花旗银行C. 英格兰银行D. 日本银行2 大额可转让定期存单的发行人主要是（）。
A. 中央银行B. 中小商业银行C. 大企业D. 大商业银行3 以下（ ）发行方式，承销商要承担全部发行失败的风险。
A. 代销B. 余额包销C. 全额包销D. 中央银行包销4 下列证券投资品种中，（）是风险最大的？ A. 公司债券B. 国债C. 普通股票D. 金融债券5 历史最悠久、规划最大的（）为世界第一大证券交易所。
A. 纽约股票交易所B. 东京证券交易所C. 伦敦证券交易所D. 香港联合交易所6 最早实行存款准备金制度的中央银行是（ ）。
A. 联邦储备银行B. 英格兰银行C. 法兰西银行D. 中国人民银行7 在同一城市或地区的金融机构通过中介机构进行拆借，多是以（）作媒体。
A. 支票B. 本票C. 汇票D. 期票8 我国曾于1993年开展金融衍生交易（ ）。
A. 利率期货B. 国债期货C. 股指期货D. 外汇期货9 某股份公司（总股本小于4亿）如果想在上海证券交易所上市，其向社会公开发行的股份不得少于公司股本总数的（ ）。
A. 15%B. 25%C. 10%D. 15%1 0 我国A 股上市公司成立时间必须在（ ）以上。
A. 3年B. 1年C. 2年D. 5年 第三单元判断题1 20世纪80年代以来，西方国家对金融市场的监督管理出现了“放松管制”的较大转变。
放松管制并非不要监管，而是监管的松紧程度及监管手段发生了变化。
√2 同普通股票相比，优先股票具有风险小、收益相对稳定的特点。
√3 公司股本总额超过4亿元人民币的，向社会公开发行股票的比例在25%以上。
即使在金融市场发达的国家，次级市场流通的证券也只占整个金融工具的2/3，说明次级市场的重要性不如初级市场。
同业拆借市场利率变化可以成为中央银行调整货币政策的重要参考指标。
大多数国家对同业拆借的期限都没有限制。
×4 ×5 √6 ×7 欧洲债券一般是在欧洲范围内发行的债券。
×8 在场外交易市场交易的证券不仅可以是已经在交易所上市交易的证券，还可以是还未在交易所上市的各类证券。
优先股股东只具有有限表决权。
√9√1 0在商业票据的发行方式中，代销发行费用最高，助销发行费用最低。
√第四单元单选题1 资产带给其所有者的价值占购买者同期购买该资产所支付成本的百分比称为资产的（）。
A. 流动性B. 可逆性C. 可分性D. 收益性2 可被证券化的基本前提是（）。
A. 具有明显的信用特征B. 可预测的现金流C. 拖欠率和违约率低D. 完全分期偿还3 （）是指在一国证券市场流通的代表外国公司有价证券的可转让凭证。
A. 存托凭证B. 权证C. 股票期权D. 可转化债券4 资产证券化体现的核心内容是指（）。
A. 基础资产的现金流分析B. 资产重组C. 风险隔离D. 信用增级环节5 当银行的住房抵押贷款实行证券化后，资产的收益转移给了证券的投资者，而风险也同时转移给了证券的投资者。
这属于资产证券化的（）环节。
A. 基础资产的现金流分析B. 资产重组C. 风险隔离D. 信用增级6 通过各种通讯方式，不通过集中的交易所，实行分散的、一对一交易的衍生工具是指（）。
A. OTC交易的衍生工具．B. 独立衍生工具C. 嵌入衍生工具(Embedded Derivatives)D. 信用衍生工具7 不属于建构模块工具的是（）。
A. 金融远期合约B. 金融期权C. 金融船货D. 结构化金融衍生工具8 （）被称为“中国资产证券化元年”。
A. 2003年B. 2005年C. 2006年D. 2004年9 最早的证券化产品以（）房地产按揭贷款为支持，故称为按揭支持证券（MBS）。
A. 非银行金融机构B. 投资公司C. 政策银行D. 商业银行1 0 1998年，美国财务会计准则委员会（FASB ）所发布的《衍生工具与避险业务会计准则》，将金融衍生工具划分为独立衍生工具和（）两大类。
A. 生嵌入衍生工具B. 交易所交易的衍生工具C. 嵌入式衍生工具D. OTC 交易的衍生工具 第四单元判断题1 根据金融资产确认和计量的会计准则，一旦被确认为衍生产品或可分离的嵌入式衍生产品，相关机构就要把这一部分资产归入交易性资产类别，按照公允价格计价。
国内融资方通过在国外的特殊目的机构或结构化投资机构在国际市场上以资产证券化的方式向国外投资者融资的方式称为离岸资产证券化。
按照嵌入式衍生产品的属性不同，结构化金融衍生产品可分为股权联结型产品、利率联结型产品、汇率联结型产品、商品联结型产品等种类。
二级市场交易非常活跃是2006年以来我国资产证券化业务表现出的特点。
√2 √3 √4 ×5 资产证券化是以特定资产组合或特定现金流为支持，发行可交易证券的一种融资形式。
√6 根据证券化产品的金融属性不同，资产证券化的种类包括股权型证券化、债权型证券化和混合型证券化。
传统的证券发行是以企业和政府为基础，而资产证券化则是以特定的资产池为基础发行证券。
√7 √8 结构化金融产品通常会内嵌一个或一个以上的衍生产品，它们都是以合约规定条款（如提前终止条款）形式出现的。
按收益保障性分类，结构化金融衍生产品可分为保本型和保证最低收益型产品。
√9 ×1 0 目前最为流行的结构化金融衍生产品主要是由商业银行开发的各类结构化理财产品以及在交易所市场上可上市交易的各类结构化票据。
√第五单元单选题1 拆借利率（ ）。
A. 一般高于中央银行的再贴现率B. 一般低于中央银行的再贴现率C. 一般高于商业银行的贷款利率D. 一般低于商业银行的贷款利率2 作用力度最强的货币政策工具是（）。
A. 公开市场业务B. 再贴现率C. 流动性比率D. 存款准备率3 下列中央银行的行为和服务中，体现其“银行的银行”的职能是（）。
A. 代理国库B. 对政府提供信贷C. 集中商业银行现金准备D. 发行货币4 对于通货，各国的解释一致是指（）。
A. 活期存款B. 支票存款C. 银行券D. 世界货币5 世界上最早的证券交易所是（）。
A. 荷兰阿姆斯特丹证券交易所B. 英国伦敦证券交易所C. 德国法兰克福证券交易所D. 美国纽约证券交易所6 中央银行若提高再贴现率,将（）。
A. 迫使商业银行降低贷款利率B. 迫使商业银行提高贷款利率C. 使商业银行没有行动D. 使企业得到成本更高的贷款7 我国历史上第一家证券交易所是成立于1918年的（）。
A. 上海华商证券交易所B. 北京证券交易所C. 上海证券物品交易所D. 天津证券、华纱、粮食、皮毛交易股份有限公司8 在中央银行初创时期，最早设立的中央银行是（）。