(完整word版)国际金融分析题
(完整word版)(附答案)第一篇试题,货币金融学试题库2018
第一篇范畴试题库一、单选1．实物货币是指（）A 没有内在价值的货币B 不能分割的货币C 专指贵金属货币D 作为货币价值与普通商品价值相等的价值2．货币作为价值尺度所要解决的是（）A 实现商品的交换B 表现特定商品的价值C 在商品之间进行价值比较的难题D 使人们不必对商品进行比较3．商品流通与物物交换的区别在于（）A 前者包括许多商品的交换，而后者只包括两种商品B 前者是指以货币为媒介的商品交换的总体，后者则是指包括两种商品C 前者是指以货币为媒介的商品交换的总体，后者则是不以某种商品为媒介的各种商品之间的交换D 前者是指不以货币为媒介的商品交换的总体，后者则是没有货币的两种商品之间的交换4．劣币是指实际价值（）的货币。
A 等于零B 等于名义价值C 高于名义价值D 低于名义价值5．本位货币是（）A 是一个国家货币制度规定的标准货币B 本国货币当局发行的货币C 以黄金为基础的货币D 可以与黄金兑换的货币6.典型的金本位制是（）A 金块本位制B 金汇兑本位制C 虚金本位制D 金币本位制7.本位货币在商品流通和债务支付中具有（）的特点。
A 有限法偿B 无限法偿C 债权人可以选择是否接受D 债务人必须支付8.信用起源于（）A 商品交换B 货币流通C 生产社会化D 私有制9.在信用关系的价值运动中，货币执行的职能是（）A 价值尺度B 流通手段C 支付手段D 贮藏手段10.利息是资金的（）。
A 价值B 价格C 指标D 水平11.利率是一种重要的（）。
A 经济杠杆B 政治手段C 法制手段D 经济措施12.西方国家一般以（）为基准利率。
A长期利率 B 浮动利率C 中央银行的再贴现利率D 中央银行的再贷款利率13.衡量利率最精确的指标通常是（）。
A 存款利率B 贷款利率C 到期收益率D 基准利率14.（）的出现，使利率管制越来越不适应经济发展的要求。
A 金融创新B 双轨制C 金融产品D 金融工具15.能较好地解释利率期限结构的理论是（）。
(完整word版)公司金融final模拟题和答案
Final Practice for the courseGoal of firm Answer: d MEDIUM i. The primary operating goal of a publicly-owned firm interested in serving itsstockholders should be toa. Maximize its expected total corporate income.b. Maximize its expected EPS.c. Minimize the chances of losses.d. Maximize the stock price per share over the long run, which is the stock’sintrinsic value.e. Maximize the stock price on a specific target date.Firm organization Answer: c EASY ii. Which of the following statements is CORRECT?a. One of the advantages of the corporate form of organization is that it avoidsdouble taxation.b. It is easier to transfer one’s ownership interest in a partnership than in acorporation.c. One of the disadvantages of a sole proprietorship is that the proprietor isexposed to unlimited liability.d. One of the advantages of a corporation from a social standpoint is that everystockholder has equal voting rights, i.e., “one person, one vote.”e. Corporations of all types are subject to the corporate income tax.Dividends, retained earnings Answer: b EASY/MEDIUM iii. Fine Breads Inc. paid out $26,000 common dividends during 2005, and it ended the year with $150,000 of retained earnings. The prior year’s retained earnings were$145,000. What was the firm's 2005 net income?a. $30,000b. $31,000c. $32,000d. $33,000e. $34,000Statement of cash flows Answer: d MEDIUM iv. Which of the following statements is CORRECT?a. In the statement of cash flows, depreciation charges are reported as a use ofcash.b. In the statement of cash flows, a decrease in accounts receivable is reported as ause of cash.c. In the statement of cash flows, a decrease in inventories is reported as a use ofcash.d. In the statement of cash flows, a decrease in accounts payable is reported as ause of cash.e. Dividends do not show up in the statement of cash flows because dividends areconsidered to be a financing activity, not an operating activity.Effect of reducing costs on ROE Answer: a MEDIUM v. Last year, Candle Corp had $200,000 of assets, $300,000 of sales, $20,000 of net income, and a debt-to-total-assets ratio of 40%. The new CFO believes a newcomputer program will enable it to reduce costs and thus raise net income to $30,000.Assets, sales, and the debt ratio would not be affected. By how much would the costreduction improve the ROE?a. 8.33%b. 8.67%c. 9.00%d. 9.33%e. 9.67%Du Pont equation: basic calculation Answer: b EASY vi. Midwest Lumber had a profit margin of 5.1%, a total assets turnover of 1.6, and an equity multiplier of 1.8. What was the firm's ROE?a. 14.39%b. 14.69%c. 14.99%d. 15.29%e. 15.59%Current ratio Answer: e EASY vii. A firm wants to strengthen its financial position. Which of the following actions would INCREASE its current ratio?a. Borrow using short-term debt and use the proceeds to repay debt that has amaturity of more than one year.b. Reduce the company’s days’ sales outstanding ratio to the industry average anduse the resulting cash savings to purchase plant and equipment.c. Use cash to increase inventory holdings.d. Use cash to repurchase some of the company’s own stock.e. Issue new stock and use some of the proceeds to purchase additional inventoryand hold the remainder of the funds received as cash.Estimating the 1-year forward rate Answer: e MEDIUM viii. Suppose the interest rate on a 1-year T-bond is 5.0% and that on a 2-year T-bond is6.0%. Assuming the pure expectations theory is correct, what is the market'sforecast for 1-year rates 1 year from now?a. 6.65%b. 6.74%c. 6.83%d. 6.92%e. 7.01%Default risk premium Answer: b EASYix. If 10-year T-bonds have a yield of 5.2%, 10-year corporate bonds yield 7.5%, the maturity risk premium on all 10-year bonds is 1.1%, and corporate bonds have a0.2% liquidity premium versus a zero liquidity premium for T-bonds, what is thedefault risk premium on the corporate bond?a. 2.00%b. 2.10%c. 2.20%d. 2.30%e. 2.40%Amortization Answer: a MEDIUM x. Which of the following statements regarding a 30-year, $100,000 mortgage with a nominal interest rate of 10%, compounded monthly, is NOT CORRECT?a. The monthly payments will decline over time.b. The proportion of the monthly payment that represents interest will be lowerfor the last payment than for the first payment on the loan.c. The total dollar amount of principal being paid off each month gets larger asthe loan approaches maturity.d. The amount paid toward interest in the first payment would be lower if thenominal interest rate were 8%.e. Over 90% of the first payment goes toward interestPV of an annuity due Answer: a EASY xi. Your father is about to retire, and he wants to buy an annuity that will provide him with $50,000 of income a year for 20 years, with the first payment comingimmediately. The going rate on such annuities is 6%. How much would it cost himto buy the annuity today?a. $607,905.82b. $416,110.34c. $517,513.68d. $615,976.84e. $488,349.15Comparing the effective cost of two bank loans Answer: e MEDIUM/HARD xii. Bank A offers to lend you $10,000 at a nominal rate of 6%, simple interest, with interest paid monthly. Bank B offers to lend you the $10,000, but it will charge 7%,simple interest, with interest paid at the end of the year. What is the difference in theeffective annual rates charged by the two banks?a. 1.17%b. 1.12%c. 0.91%d. 1.28%e. 0.83%Interest rate price risk Answer: b EASY/MEDIUM xiii. Assume that all interest rates in the economy decline from 10% to 9%. Which of the following bonds will have the largest percentage increase in price?a. A 10-year bond with a 10% coupon.b. A 10-year zero coupon bond.c. An 8-year bond with a 9% coupon.d. A 1-year bond with a 15% coupon.e. A 3-year bond with a 10% coupon.Determining the coupon rate Answer: c MEDIUM/HARD xiv. Moussawi Ltd's outstanding bonds have a $1,000 par value, and they mature in 5 years. Their yield to maturity is 9%, based on semiannual compounding, and thecurrent market price is $853.61. What is the bond's annual coupon interest rate?a. 5.10%b. 5.20%c. 5.30%d. 5.40%e. 5.50%Constant growth rate Answer: b EASY xv. Hahn Manufacturing is expected to pay a dividend of $1.00 per share at the end of the year (D1 = $1.00). The stock sells for $40 per share, and its required rate of return is11%. The dividend is expected to grow at a constant rate, g, forever. What is Hahn'sexpected growth rate?a. 8.00%b. 8.50%c. 9.00%d. 9.50%e. 10.00%Nonconstant growth stock price Answer: a HARD xvi. The Ehrhardt Company's last dividend was $2.00. The dividend growth rate is expected to be constant at 3% for 2 years, after which dividends are expected to growat a rate of 8% forever. Erhardt’s required return (r s) is 12%. What is Erhardt'scurrent stock price?a. $49.20b. $51.40c. $53.80d. $55.10e. $57.30WACC Answer: c MEDIUM xvii. Which of the following statements about the cost of capital is CORRECT?a. A change in a company’s target capital structure cannot affect its WACC.b. WACC calculations should be based on the before-tax costs of all the individualcapital components.c. If a company’s tax rate increases, then, all else equal, its weighted average cost ofcapital will decrease.d. Flotation costs associated with issuing new common stock normally lead to adecrease in the WACC.e. An increase in the risk-free rate will normally lower the marginal costs of bothdebt and equity financing.Risk and project selection Answer: b MEDIUMxviii. Wagner Inc estimates that its average-risk projects have a WACC of 10%, its below-average risk projects have a WACC of 8%, and its above-average risk projects have aWACC of 12%. Which of the following projects (A, B, and C) should the companyaccept?a. Project A is of average risk and has a return of 9%.b. Project B is of below-average risk and has a return of 8.5%.c. Project C is of above-average risk and has a return of 11%.d. None of the projects should be accepted.e. All of the projects should be accepted.WACC Answer: a MEDIUM xix. You were hired as a consultant to Locke Company, and you were provided with the following data: Target capital structure: 40% debt, 10% preferred, and 50%common equity. The interest rate on new debt is 7.5%, the yield on the preferred is7.0%, the cost of retained earnings is 11.50%, and the tax rate is 40%. The firm willnot be issuing any new stock. What is the firm’s WACC?a. 8.25%b. 8.38%c. 8.49%d. 8.61%e. 8.76%Component cost of preferred stock Answer: e EASY xx. Klieman Company’s perpetual preferred stock sells for $90 per share and pays a $7.50 annual dividend per share. If the company were to sell a new preferred issue, itwould incur a flotation cost of 5.00% of the price paid by investors. What is thecompany's cost of preferred stock?a. 7.50%b. 7.79%c. 8.21%d. 8.57%e. 8.77%Component cost of debt Answer: a MEDIUM xxi. Several years ago the Haverford Company sold a $1,000 par value bond that now has25 years to maturity and an 8.00% annual coupon that is paid quarterly. The bondcurrently sells for $900.90, and the company’s tax ra te is 40%. What is thecomponent cost of debt for use in the WACC calculation?a. 5.40%b. 5.73%c. 5.98%d. 6.09%e. 6.24%Component cost of retained earnings: DCF, D0Answer: b MEDIUM xxii. Assume that Mary Brown Inc. hired you as a consultant to help it estimate the cost of capital. You have been provided with the following data: D0 = $1.20; P0 = $40.00;and g = 7% (constant). Based on the DCF approach, what is Brown's cost of equityfrom retained earnings?a. 10.06%b. 10.21%c. 10.37%d. 10.54%e. 10.68%NPV, IRR, and MIRR Answer: a MEDIUM xxiii. Which of the following statements is CORRECT?a. If a project with normal cash flows has an IRR greater than the WACC, theproject must have a positive NPV.b. If Project A’s IRR exceeds Project B’s, then A must have the higher NPV.c. A project’s MIRR can never exceed its IRR.d. If a project with normal cash flows has an IRR less than the WACC, the projectmust have a positive NPV.e. If the NPV is negative, the IRR must also be negative.Discounted payback (nonconstant cash flows; 4 years) Answer: d MEDIUM xxiv. Reynolds Bikes is considering a project that has the following cash flow and WACC data. What is the project's discounted payback?WACC = 10%Year: 0 1 2 3 4Cash flows: -$1,000 $525 $485 $445 $405a. 1.66 yearsb. 1.82 yearsc. 2.03 yearsd. 2.36 yearse. 2.41 yearsIRR (uneven cash flows; 4 years) Answer: a EASY/MEDIUM xxv. Rockmont Recreation Inc. is considering a project that has the following cash flow data. What is the project's IRR? Note that a project's projected IRR can be lessthan the WACC (and even negative), in which case it will be rejected.Year: 0 1 2 3 4Cash flows: -$1,000 $250 $230 $210 $190a. -5.15%b. -3.44%c. -1.17%d. 2.25%e. 3.72%NPV vs IRR (size differences) Answer: c MEDIUM/HARD xxvi. Pettway Inc. is considering Projects S and L, whose cash flows are shown below.These projects are mutually exclusive, equally risky, and not repeatable. If thedecision is made by choosing the project with the higher IRR, how much value willbe forgone? Note that under some conditions choosing projects on the basis of theIRR will cause $0.00 value to be lost.WACC = 12%Year: 0 1 2 3 4CF S: -$1,025 $375 $380 $385 $390CF L: -$2,153 $750 $759 $768 $777a. $15.57b. $21.49c. $27.52d. $33.69e. $37.39Relevant cash flows Answer: e EASY xxvii. Which of the following is NOT a cash flow that should be included in the analysis of a project?a. Changes in net operating working capital.b. Shipping and installation costs.c. Cannibalization effects.d. Opportunity costs.e. Sunk costs that have been expensed for tax purposes.Sunk costs Answer: d EASY/MEDIUM xxviii. Which of the following statements is CORRECT?a.An example of a sunk cost is the cost associated with restoring the site of astrip mine once the ore has been depleted.b.Sunk costs must be considered if the IRR method is used but not if the firmrelies on the NPV method.c. A good example of a sunk cost is a situation where a bank opens a new office,and that new office leads to a decline in deposits of the bank’s other offices.d. A good example of a sunk cost is money that a banking corporation spent lastyear to investigate the site for a new office, expensed those funds for taxpurposes, and now is deciding whether or not to go forward with the project.e.If sunk costs are considered and reflected in a project’s cash flows, then theproject’s calculated NPV will be higher than it otherwise would be.Beta coefficient Answer: d MEDIUM xxix. Stock A has a beta of 1.5 and Stock B has a beta of 0.5. Which of the following statements must be true about these securities? (Assume the market is inequilibrium.)a. When held in isolation, Stock A has more risk than Stock B.b. Stock B would be a more desirable addition to a portfolio than Stock A.c. Stock A would be a more desirable addition to a portfolio than Stock B.d. In equilibrium, the expected return on Stock A will be greater than that onStock B.e. In equilibrium, the expected return on Stock B will be greater than that onStock A.Required return Answer: b MEDIUM xxx. In the next year, the market risk premium, (r M - r RF), is expected to fall, while the risk-free rate, r RF, is expected to remain the same. Given this forecast, which ofthe following statements is CORRECT?a. The required return for all stocks will fall by the same amount.b. The required return will fall for all stocks, but it will fall more for stocks withhigher betas.c. The required return will fall for all stocks, but it will fall less for stocks withhigher betas.d. The required return will increase for stocks with a beta less than 1.0 and willdecrease for stocks with a beta greater than 1.0.e. The required return on all stocks will remain unchanged.Portfolio beta Answer: e EASYxxxi. Tom Skinner has $45,000 invested in a stock with a beta of 0.8 and another $55,000 invested in a stock with a beta of 1.4. These are the only twoinvestments in his portfolio. What is his portfolio’s beta?a. 0.93b. 0.98c. 1.03d. 1.08e. 1.13Portfolio beta Answer: c HARDxxxii. Assume that you manage a $10.00 million mutual fund that has a beta of 1.05 anda 12.00% required return. The risk-free rate is 4.75%. You now receive another$10.00 million, which you invest in stocks with an average beta of 0.65. What is the required rate of return on the new $20.00 million portfolio? (Hint: You must first find the market risk premium, then find the new portfolio beta.)a. 10.02%b. 10.54%c. 10.62%d. 11.31%e. 12.62%Coefficient of variation Answer: bxxxiii. Ripken Iron Works faces the following probability distribution:Stock’s ExpectedState of Probability of Return if thisthe Economy State Occurring State OccursBoom 0.25 25%Normal 0.50 15Recession 0.25 5What is the coefficient of variation on the company’s stock?a. 0.06b. 0.47c. 0.54d. 0.67e. 0.71CAPM Answer: b MEDIUM xxxiv. Apex Roofing's stock has a beta of 1.50, its required return is 14.00%, and the risk-free rate is 5.00%. What is the required rate of return on the stock market?(Hint: First find the market risk premium.)a. 10.50%b. 11.00%c. 11.50%d. 12.00%e. 12.50%i. Goal of firm Answer: d MEDIUMThe primary operating goal should be to maximize the long-runstock price, or the intrinsic value.ii. Firm organization Answer: c EASY iii. Dividends, retained earnings Answer: b EASY/MEDIUMCurrent RE$150,000Previous RE = Current RE + increment$145,000Change in RE$5,000Plus dividends paid$26,000= Net income$31,000iv. Statement of cash flows Answer: d MEDIUM v. Effect of reducing costs on ROE Answer: a MEDIUMAssets$200,000Debt ratio40%Debt$80,000Equity$120,000Sales$300,000Old net income$20,000New net income$30,000New ROE25.000%Old ROE16.667%Increase in ROE8.33%vi. Du Pont equation: basic calculation Answer: b EASY Profit margin 5.1%TATO 1.60Equity multiplier 1.80ROE14.69%vii. Current ratio Answer: e EASY viii. Estimating the 1-year forward rate Answer: e MEDIUM1-year rate today 5.0%2-year rate today 6.0%Ending return if buy the 2-year bond = needed return on series of 1-year bonds 1.1236Rate of return, or yield, on a 1-year bond 1 year from now: X in (1.05)(1+X) = 1.1236X = 1.1236/1.05 - 1 =7.01% ix. Default risk premium Answer: b EASYT bond yield 5.20%Corporate yield7.50%MRP 1.10%LP0.20%DRP 2.10%x. Amortization Answer: a MEDIUM Statement a is false, because monthly payments will not decline overtime, they will stay the same. Statement b is true, because thepercentage paid toward interest declines over time. Statement c istrue, because interest due for every payment gets progressivelysmaller, which means that the portion toward principal gets larger.Statement d is true, because if the interest rate is lower, less ispaid toward interest. Statement e is true. Therefore, answer choicea is the correct answer.xi. PV of an annuity due Answer: a EASYBGN modeN20I/YR 6.00%PV$607,905.82PMT-$50,000FV$0.00xii. Comparing the effective cost of two bank loans Answer: e MEDIUM/HARD Students must understand that "simple interest with interest paid monthly" means that thebank gets the interest at the end of each month, hence it can invest it, presumably at the samenominal rate. This results in the same effective rate as if it were stated as "6%, monthlycompounding." The problem can be worked most easily using the interest conversion featureof a calculator. It could also be worked using the conversion formula. We applied the formulausing Excel.Nominal rate, Bank A6%Nominal rate, Bank B7%Periods/yr, A12Periods/yr, B1EFF% A 6.17%EFF% B7.00%Difference0.83%xiii. Interest rate price risk Answer: b EASY/MEDIUMStatement b is correct, because the longer-term, lowest coupon bond will have the greatest price effect due to interest rates.xiv. Determining the coupon rate Answer: c MEDIUM/HARDPar value $1,000.00Maturity 5Periods/year 2N 10YTM 9.00%Periodic rate 4.50%Coupon rate = 5.30%First use the data provided to find the dollar coupon payment per 6 months, multiply by 2 to get theannual coupon, and then divide by the par value to find the coupon rate.xv.Constant growth rate Answer: b EASYExpected dividend (D 1)$1.00Stock price $40.00xvi. Nonconstant growth stock priceAnswer: a HARDLast dividend (D 0)$2.00Short-run growth rate 3.0%Long-run growth rate 8%Required return 12%Year 0123Dividend$2.00$2.06$2.12$2.29Terminal value 57.29Total CFs $2.06$59.41PV of CFs $1.84$47.36Stock price$49.20xvii. WACCAnswer: c MEDIUMStatement c is true, because if the tax rate increases the tax deductibility benefits of debt financing increase, resulting in a lower WACC. The other statements are false.xviii. R isk and project selection Answer: b MEDIUMThe project whose return is greater than its risk-adjusted cost ofcapital should be selected. Only Project B meets this criterion.xix. WACC Answer: a MEDIUMWeights Rate AT CostsDebt40%7.50% 4.50%Preferred10%7.00%Common50%11.50%Tax rate40%xx. Component cost of preferred stock Answer: e EASY Preferred stock price$90.00Preferred dividend$7.50Flotation cost 5.00%r p8.77%xxi. Component cost of debt Answer: a MEDIUM Coupon rate8.00%Periods/year4Maturity (yr)25Bond price$900.90Par value$1,000Tax rate40%Calculator inputs:N100PV-$900.90PMT$20xxii. Component cost of retained earnings: DCF, D0Answer: b MEDIUMD0 $1.20P0 $40.00g7.00%D1 $1.28r s10.21%xxiii.NPV, IRR, and MIRR Answer: a MEDIUM xxiv. Discounted payback (nonconstant cash flows; 4 years) Answer: d MEDIUMWACC:10.00%01234 Cash flows-$1,000$525$485$445$405 Answer:PV of CFs-$1,000$477$401$334$277-$1,000-$523-$122$212$489--- 2.36-xxv. IRR (uneven cash flows; 4 years) Answer: a EASY/MEDIUM01234Cash flows-$1,000$250$230$210$190Answer:IRR =-5.15%xxvi. NPV vs IRR (size differences) Answer: c MEDIUM/HARD WACC:12.00%01234CF S -$1,025$375$380$385$390CF L -$2,153$750$759$768$777Answer:IRR, L15.5%IRR, S18.1%NPV, L$162.16S L134.6162.20%505.0901.02%431.0753.44%362.5616.86%299.1490.38%240.3372.910%185.6263.812%134.6162.214%87.167.316%42.7-21.218% 1.2-104.120%-37.7-181.822%-74.2-254.624%-108.6-323.1 xxvii.Relevant cash flows Answer: e EASYxxviii. Sunk costs Ans xxix. Beta coefficient Answer: d MEDIUMxxx.Required return Answer: b MEDIUM The easiest way to see this is to write out the CAPM: r s = r RF + (r M–r RF)b. Clearly, a change in the market risk premium is going to have themost effect on firms with high betas. Consequently, statement b is thecorrect choice.xxxi.Portfolio beta Answer: e EASY Company Investment Port. weight Beta Weight x betaStock 1$45,0000.4500.800.36Stock 2$55,0000.550 1.40$100,000 1.00xxxii.Portfolio beta Answer: c HARD Old funds (millions)$10.00New funds (millions)$10.00Total portfolio$20.00Req'd return, old stocks12.00%New portfolioOld portfolio's beta 1.05xxxiii.Coefficient of variation Answer: b The expected rate of return will equal 0.25(25%)+0.5(15%) + 0.25(5%)= 15%. The variance of the expected return is:0.25(25% - 15%)2 + 0.5(15% -15%)2 + 0.25(5% - 15%)2 = 0.0050.The standard deviation is the square root of 0.0050 = 0.0707.And, CV = 0.0707/0.15 = 0.47.xxxiv. CAPMAnswer: b MEDIUMBeta 1.50 Risk-free rate 5.00% Required return on stock14.00% Market risk premium 6.00% Required return on market11.00%。
托马斯国际金融课后习题答案解析
Suggested answers to questions and problems(in the textbook)Chapter 22. Disagree, at least as a general statement. One meaning of a current account surplusis that the country is exporting more goods and services than it is importing. Onemight easily judge that this is not good—the country is producing goods andservices that are exported, but the country is not at the same time getting theimports of goods and services that would allow it do more consumption anddomestic investment. In this way a current account deficit might be consideredgood—the extra imports allow the country to consume and invest domesticallymore than the value of its current production. Another meaning of a current account surplus is that the country is engaging in foreign financial investment—it is building up its claims on foreigners, and this adds to national wealth. This sounds good, but as noted above it comes at the cost of foregoing current domestic purchases ofgoods and services. A current account deficit is the country running down its claims on foreigners or increasing its indebtedness to foreigners. This sounds bad, but itcomes with the benefit of higher levels of current domestic expenditure. Differentcountries at different times may weigh the balance of these costs and benefitsdifferently, so that we cannot simply say that a current account surplus is better thana current account deficit.4. Disagree. If the country has a surplus (a positive value) for its official settlementsbalance, then the value for its official reserves balance must be a negative value of the same amount (so that the two add to zero). A negative value for this asset item means that funds are flowing out in order for the country to acquire more of these kinds of assets. Thus, the country is increasing its holdings of official reserve assets.6. Item e is a transaction in which foreign official holdings of U.S. assets increase. This isa positive (credit) item for official reserve assets and a negative (debit) item forprivate capital flows as the U.S. bank acquires pound bank deposits. The debit item contributes to a U.S. deficit in the official settlements balance (while the credit item is recorded "below the line," permitting the official settlements balance to be indeficit). All other transactions involve debit and credit items both of which areincluded in the official settlements balance, so that they do not directly contribute toa deficit (or surplus) in the official settlements balance.8. a. Merchandise trade balance: $330 - 198 = $132Goods and services balance: $330 - 198 + 196 - 204 = $124Current account balance: $330 - 198 + 196 - 204 + 3 - 8 = $119Official settlements balance: $330 - 198 + 196 - 204 + 3 - 8 + 102 - 202 + 4 = $23b. Change in official reserve assets (net) = - official settlements balance = -$23.The country is increasing its net holdings of official reserve assets.10. a. International investment position (billions): $30 + 20 + 15 - 40 - 25 = $0.The country is neither an international creditor nor a debtor. Its holding ofinternational assets equals its liabilities to foreigners.b. A current account surplus permits the country to add to its net claims onforeigners. For this reason the country's international investment position willbecome a positive value. The flow increase in net foreign assets results in the stock of net foreign assets becoming positive.Chapter 32. Exports of merchandise and services result in supply of foreign currency in theforeign exchange market. Domestic sellers often want to be paid using domesticcurrency, while the foreign buyers want to pay in their currency. In the process ofpaying for these exports, foreign currency is exchanged for domestic currency,creating supply of foreign currency. International capital inflows result in a supply of foreign currency in the foreign exchange market. In making investments in domestic financial assets, foreign investors often start with foreign currency and mustexchange it for domestic currency before they can buy the domestic assets. Theexchange creates a supply of foreign currency. Sales of foreign financial assets that the country's residents had previously acquired, and borrowing from foreigners by this country's residents are other forms of capital inflow that can create supply offoreign currency.4. The U.S. firm obtains a quotation from its bank on the spot exchange rate for buyingyen with dollars. If the rate is acceptable, the firm instructs its bank that it wants to use dollars from its dollar checking account to buy 1 million yen at this spotexchange rate. It also instructs its bank to send the yen to the bank account of the Japanese firm. To carry out this instruction, the U.S. bank instructs its correspondent bank in Japan to take 1 million yen from its account at the correspondent bank and transfer the yen to the bank account of the Japanese firm. (The U.S. bank could also use yen at its own branch if it has a branch in Japan.)6. The trader would seek out the best quoted spot rate for buying euros with dollars,either through direct contact with traders at other banks or by using the services of a foreign exchange broker. The trader would use the best rate to buy euro spot.Sometime in the next hour or so (or, typically at least by the end of the day), thetrader will enter the interbank market again, to obtain the best quoted spot rate for selling euros for dollars. The trader will use the best spot rate to sell her previously acquired euros. If the spot value of the euro has risen during this short time, thetrader makes a profit.8. a. The cross rate between the yen and the krone is too high (the yen value of the kroneis too high) relative to the dollar-foreign currency exchange rates. Thus, in aprofitable triangular arbitrage, you want to sell kroner at the high cross rate. Thearbitrage will be: Use dollars to buy kroner at $0.20/krone, use these kroner to buy yen at 25 yen/krone, and use the yen to buy dollars at $0.01/yen. For each dollarthat you sell initially, you can obtain 5 kroner, these 5 kroner can obtain 125 yen,and the 125 yen can obtain $1.25. The arbitrage profit for each dollar is therefore 25 cents.b. Selling kroner to buy yen puts downward pressure on the cross rate (the yenprice of krone). The value of the cross rate must fall to 20 (=0.20/0.01) yen/krone to eliminate the opportunity for triangular arbitrage, assuming that the dollar exchange rates are unchanged.10. a. The increase in supply of Swiss francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.b. The increase in supply of francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend thefixed exchange rate by buying SFr and selling dollars.c. The increase in supply of francs puts downward pressure on the exchange-ratevalue ($/SFr) of the franc. The monetary authorities must intervene to defend thefixed exchange rate by buying SFr and selling dollars.d. The decrease in demand for francs puts downward pressure on theexchange-rate value ($/SFr) of the franc. The monetary authorities must intervene to defend the fixed exchange rate by buying SFr and selling dollars.Chapter 42. You will need data on four market rates: The current interest rate (or yield) on bondsissued by the U.S. government that mature in one year, the current interest rate (or yield) on bonds issued by the British government that mature in one year, thecurrent spot exchange rate between the dollar and pound, and the current one-year forward exchange rate between the dollar and pound. Do these rates result in acovered interest differential that is very close to zero?4. a. The U.S. firm has an asset position in yen—it has a long position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchangecontract now in which the firm commits to sell yen and receive dollars at the current forward rate. The contract amounts are to sell 1 million yen and receive $9,000, both in 60 days.b. The student has an asset position in yen—a long position in yen. To hedge theexposure to exchange rate risk, the student should enter into a forward exchangecontract now in which the student commits to sell yen and receive dollars at thecurrent forward rate. The contract amounts are to sell 10 million yen and receive$90,000, both in 60 days.c. The U.S. firm has an liability position in yen—a short position in yen. To hedge itsexposure to exchange rate risk, the firm should enter into a forward exchangecontract now in which the firm commits to sell dollars and receive yen at the current forward rate. The contract amounts are to sell $900,000 and receive 100 million yen, both in 60 days.6. Relative to your expected spot value of the euro in 90 days ($1.22/euro), the currentforward rate of the euro ($1.18/euro) is low—the forward value of the euro isrelatively low. Using the principle of "buy low, sell high," you can speculate byentering into a forward contract now to buy euros at $1.18/euro. If you are correct in your expectation, then in 90 days you will be able to immediately resell those euros for $1.22/euro, pocketing a profit of $0.04 for each euro that you bought forward. If many people speculate in this way, then massive purchases now of euros forward(increasing the demand for euros forward) will tend to drive up the forward value of the euro, toward a current forward rate of $1.22/euro.8. a. The Swiss franc is at a forward premium. Its current forward value ($0.505/SFr) isgreater than its current spot value ($0.500/SFr).b. The covered interest differential "in favor of Switzerland" is ((1 + 0.005) (0.505) /0.500) - (1 + 0.01) = 0.005. (Note that the interest rate used must match the timeperiod of the investment.) There is a covered interest differential of 0.5% for 30 days(6 percent at an annual rate). The U.S. investor can make a higher return, coveredagainst exchange rate risk, by investing in SFr-denominated bonds, so presumably the investor should make this covered investment. Although the interest rate onSFr-denominated bonds is lower than the interest rate on dollar-denominatedbonds, the forward premium on the franc is larger than this difference, so that thecovered investment is a good idea.c. The lack of demand for dollar-denominated bonds (or the supply of these bondsas investors sell them in order to shift into SFr-denominated bonds) puts downward pressure on the prices of U.S. bonds—upward pressure on U.S. interest rates. Theextra demand for the franc in the spot exchange market (as investors buy SFr inorder to buy SFr-denominated bonds) puts upward pressure on the spot exchange rate. The extra demand for SFr-denominated bonds puts upward pressure on theprices of Swiss bonds—downward pressure on Swiss interest rates. The extra supply of francs in the forward market (as U.S. investors cover their SFr investments backinto dollars) puts downward pressure on the forward exchange rate. If the only rate that changes is the forward exchange rate, this rate must fall to about $0.5025/SFr.With this forward rate and the other initial rates, the covered interest differential is close to zero.10. In testing covered interest parity, all of the interest rates and exchange rates that areneeded to calculate the covered interest differential are rates that can observed inthe bond and foreign exchange markets. Determining whether the covered interest differential is about zero (covered interest parity) is then straightforward (although some more subtle issues regarding timing of transactions may also need to beaddressed). In order to test uncovered interest parity, we need to know not onlythree rates—two interest rates and the current spot exchange rate—that can beobserved in the market, but also one rate—the expected future spot exchangerate—that is not observed in any market. The tester then needs a way to find outabout investors' expectations. One way is to ask them, using a survey, but they may not say exactly what they really think. Another way is to examine the actualuncovered interest differential after we know what the future spot exchange rateactually turns out to be, and see whether the statistical characteristics of the actualuncovered differential are consistent with an expected uncovered differential ofabout zero (uncovered interest parity).Chapter 52. a. The euro is expected to appreciate at an annual rate of approximately ((1.005 -1.000)/1.000)⋅(360/180)⋅100 = 1%. The expected uncovered interest differential isapproximately 3% + 1% - 4% = 0, so uncovered interest parity holds (approximately).b. If the interest rate on 180-day dollar-denominated bonds declines to 3%, then thespot exchange rate is likely to increase—the euro will appreciate, the dollardepreciate. At the initial current spot exchange rate, the initial expected future spot exchange rate, and the initial euro interest rate, the expected uncovered interestdifferential shifts in favor of investing in euro-denominated bonds (the expecteduncovered differential is now positive, 3% + 1% - 3% = 1%, favoring uncoveredinvestment in euro-denominated bonds. The increased demand for euros in thespot exchange market tends to appreciate the euro. If the euro interest rate and the expected future spot exchange rate remain unchanged, then the current spot ratemust change immediately to be $1.005/euro, to reestablish uncovered interestparity. When the current spot rate jumps to this value, the euro's exchange ratevalue is not expected to change in value subsequently during the next 180 days. The dollar has depreciated immediately, and the uncovered differential then again iszero (3% + 0% - 3% = 0).4. a. For uncovered interest parity to hold, investors must expect that the rate of changein the spot exchange-rate value of the yen equals the interest rate differential, which is zero. Investors must expect that the future spot value is the same as the currentspot value, $0.01/yen.b. If investors expect that the exchange rate will be $0.0095/yen, then they expect theyen to depreciate from its initial spot value during the next 90 days. Given the other rates, investors tend to shift their investments toward dollar-denominatedinvestments. The extra supply of yen (and demand for dollars) in the spot exchange market results in a decrease in the current spot value of the yen (the dollarappreciates). The shift to expecting that the yen will depreciate (the dollarappreciate) sometime during the next 90 days tends to cause the yen to depreciate (the dollar to appreciate) immediately in the current spot market.6. The law of one price will hold better for gold. Gold can be traded easily so that anyprice differences would lead to arbitrage that would tend to push gold prices (stated in a common currency by converting prices using market exchange rates) back close to equality. Big Macs cannot be arbitraged. If price differences exist, there is noarbitrage pressure, so the price differences can persist. The prices of Big Macs(stated in a common currency) vary widely around the world.8. According to PPP, the exchange rate value of the DM (relative to the dollar) has risensince the early 1970s because Germany has experienced less inflation than has the United States—the product price level has risen less in Germany since the early1970s than it has risen in the United States. According to the monetary approach,the German price level has not risen as much because the German money supplyhas increased less than the money supply has increased in the United States, relative to the growth rates of real domestic production in the two countries. The Britishpound is the opposite case—more inflation in Britain than in the United States, and higher money growth in Britain.10. a. Because the growth rate of the domestic money supply (M s) is two percentagepoints higher than it was previously, the monetary approach indicates that theexchange rate value (e) of the foreign currency will be higher than it otherwisewould be—that is, the exchange rate value of the country's currency will be lower.Specifically, the foreign currency will appreciate by two percentage points more per year, or depreciate by two percentage points less. That is, the domestic currency will depreciate by two percentage points more per year, or appreciate by twopercentage points less.b. The faster growth of the country's money supply eventually leads to a faster rate ofinflation of the domestic price level (P). Specifically, the inflation rate will be twopercentage points higher than it otherwise would be. According to relative PPP, afaster rate of increase in the domestic price level (P) leads to a higher rate ofappreciation of the foreign currency.12. a. For the United States in 1975, 20,000 = k⋅100⋅800, or k = 0.25.For Pugelovia in 1975, 10,000 = k⋅100⋅200, or k = 0.5.b. For the United States, the quantity theory of money with a constant k meansthat the quantity equation with k = 0.25 should hold in 2002: 65,000 =0.25⋅260⋅1,000. It does. Because the quantity equation holds for both years with thesame k, the change in the price level from 1975 to 2002 is consistent with thequantity theory of money with a constant k. Similarly, for Pugelovia, the quantityequation with k = 0.5 should hold for 2002, and it does (58,500 = 0.5⋅390⋅300).14.a. The tightening typically leads to an immediate increase in the country's interestrates. In addition, the tightening probably also results in investors' expecting that the exchange-rate value of the country's currency is likely to be higher in the future. The higher expected exchange-rate value for the currency is based on the expectation that the country's price level will be lower in the future, and PPP indicates that thecurrency will then be stronger. For both of these reasons, international investors will shift toward investing in this country's bonds. The increase in demand for thecountry's currency in the spot exchange market causes the current exchange-ratevalue of the currency to increase. The currency may appreciate a lot because thecurrent exchange rate must "overshoot" its expected future spot value. Uncovered interest parity is reestablished with a higher interest rate and a subsequent expected depreciation of the currency.b. If everything else is rather steady, the exchange rate (the domestic currency priceof foreign currency) is likely to decrease quickly by a large amount. After this jump, the exchange rate may then increase gradually toward its long-run value—the value consistent with PPP in the long run.Chapter 62. We often use the term pegged exchange rate to refer to a fixed exchange rate,because fixed rates generally are not fixed forever. An adjustable peg is an exchange rate policy in which the "fixed" exchange rate value of a currency can be changedfrom time to time, but usually it is changed rather seldom (for instance, not morethan once every several years). A crawling peg is an exchange rate policy in whichthe "fixed" exchange rate value of a currency is changed often (for instance, weekly or monthly), sometimes according to indicators such as the difference in inflationrates.4. Disagree. If a country is expected to impose exchange controls, which usually makeit more difficult to move funds out of the country in the future, investors are likely to try to shift funds out of the country now before the controls are imposed. Theincrease in supply of domestic currency into the foreign exchange market (orincrease in demand for foreign currency) puts downward pressure on the exchange rate value of the country's currency—the currency tends to depreciate.6. a. The market is attempting to depreciate the pnut (appreciate the dollar) toward avalue of 3.5 pnuts per dollar, which is outside of the top of the allowable band (3.06 pnuts per dollar). In order to defend the pegged exchange rate, the Pugelovianmonetary authorities could use official intervention to buy pnuts (in exchange fordollars). Buying pnuts prevents the pnut’s value from declining (selling dollarsprevents the dollar’s value from rising). The intervention satisfies the excess private demand for dollars at the current pegged exchange rate.b. In order to defend the pegged exchange rate, the Pugelovian government couldimpose exchange controls in which some private individuals who want to sell pnuts and buy dollars are told that they cannot legally do this (or cannot do this without government permission, and not all requests are approved by the government). By artificially restricting the supply of pnuts (and the demand for dollars), thePugelovian government can force the remaining private supply and demand to"clear" within the allowable band. The exchange controls attempt to stifle the excess private demand for dollars at the current pegged exchange rate.c. In order to defend the pegged exchange rate, the Pugelovian government couldincrease domestic interest rates (perhaps by a lot). The higher domestic interestrates shift the incentives for international capital flows toward investments inPugelovian bonds. The increased flow of international financial capital into Pugelovia increases the demand for pnuts on the foreign exchange market. (Also, thedecreased flow of international financial capital out of Pugelovia reduces the supply of pnuts on the foreign exchange market.) By increasing the demand for pnuts (and decreasing the supply), the Pugelovian government can induce the private market to clear within the allowable band. The increased domestic interest rates attempt toshift the private supply and demand curves so that there is no excess privatedemand for dollars at the current pegged exchange rate value.8. a. The gold standard was a fixed rate system. The government of each countryparticipating in the system agreed to buy or sell gold in exchange for its owncurrency at a fixed price of gold (in terms of its own currency). Because eachcurrency was fixed to gold, the exchange rates between currencies also tended to be fixed, because individuals could arbitrage between gold and currencies if thecurrency exchange rates deviated from those implied by the fixed gold prices.b. Britain was central to the system, because the British economy was the leader inindustrialization and world trade, and because Britain was considered financiallysecure and prudent. Britain was able and willing to run payments deficits thatpermitted many other countries to run payments surpluses. The other countriesused their surpluses to build up their holdings of gold reserves (and of international reserves in the form of sterling-denominated assets). These other countries weresatisfied with the rate of growth of their holdings of liquid reserve assets, and most countries were able to avoid the crisis of running low on international reserves.c. During the height of the gold standard, from about 1870 to 1914, the economicshocks to the system were mild. A major shock—World War I—caused manycountries to suspend the gold standard.d. Speculation was generally stabilizing, both for the exchange rates between thecurrencies of countries that were adhering to the gold standard, and for theexchange rates of countries that temporarily allowed their currencies to float.10. a. The Bretton Woods system was an adjustable pegged exchange rate system.Countries committed to set and defend fixed exchange rates, financing temporarypayments imbalances out of their official reserve holdings. If a "fundamentaldisequilibrium" in a country's international payments developed, the country could change the value of its fixed exchange rate to a new value.b. The United States was central to the system. As the Bretton Woods system evolved,it became essentially a gold-exchange standard. The monetary authorities of other countries committed to peg the exchange rate values of their currencies to the U.S.dollar. The U.S. monetary authority committed to buy and sell gold in exchange for dollars with other countries' monetary authorities at a fixed dollar price of gold.c. To a large extent speculation was stabilizing, both for the fixed rates followed bymost countries, and for the exchange rate value of the Canadian dollar, whichfloated during 1950-62. However, the pegged exchange rate values of currenciessometimes did come under speculative pressure. International investors andspeculators sometimes believed that they had a one-way speculative bet againstcurrencies that were considered to be "in trouble.” If the country did manage todefend the pegged exchange rate value of its currency, the investors betting against the currency would lose little. They stood to gain a lot of profit if the currency wasdevalued. Furthermore, the large speculative flows against the currency requiredlarge interventions to defend the currency's pegged value, so that the government was more likely to run so low on official reserves that it was forced to devalue.12. a. The dollar bloc and the euro bloc. A number of countries peg their currencies to theU.S. dollar. A number of European countries use the euro, and, in addition, a number of other countries peg their currencies to the euro.b. The other major currencies that float independently include (as of the beginning of2002) the Japanese yen, the British pound, the Canadian dollar, and the Swiss franc.c. The exchange rates between the U.S. dollar and the other major currencies havebeen floating since the early 1970s. The movements in these rates exhibit trends in the long run—over the entire period since the early 1970s. The rates also showsubstantial variability or volatility in the short and medium runs—periods of less than one year to periods of several years. The long run trends appear to be reasonablyconsistent with the economic fundamentals emphasized by purchasing powerparity—differences in national inflation rates. The variability or volatility in the short or medium run is controversial. It may simply represent rational responses to thecontinuing flow of economic and political news that has implications for exchange rate values. The effects on rates can be large and rapid, because overshootingoccurs as rates respond to important news. However, some part of the largevolatility may also reflect speculative bandwagons that lead to bubbles thatsubsequently burst.Chapter 72. Disagree. In a sense a national government cannot go bankrupt, because it can printits own currency. But a national government can refuse to honor its obligations,even if it might be able to pay. If the benefit from not paying exceeds the cost of not paying, the government may rationally refuse to pay. And, a national governmentcan run short of foreign currency to pay obligations denominated in foreigncurrency, because it cannot print foreign money.4. The debt crisis in 1982 was precipitated by (a) increased cost of servicing debt,because of a rise in interest rates in the United States and other developed countries as tighter monetary policies were used to fight inflation, (b) decreased exportearnings in the debtor countries, because of decreased demand and lowercommodity prices as the tighter monetary policies resulted in a world recession, and(c) an investor shift to curtailing new lending and trying to get old loans repaidquickly, once it became clear that (a) and (b) would lead to some defaults.6. With free international lending Japan lends 1,800 (= 6,000 - 4,200) to America, at。
(完整word版)国际投资学名词解释
国际投资学复习与练习一、名词解释名词解释1.国际投资国际投资是指各类投资主体，包括跨国公司、跨国金融机构、官方与半官方机构和居民个人等，将其拥有的货币资本或产业资本，经跨国界流动与配置形成实物资产、无形资产或金融资产，并通过跨国运营以实现价值增殖的经济行为。
2.国际直接投资国际直接投资又称为海外直接投资，指投资者参与企业的生产经营活动，拥有实际的管理、控制权的投资方式，其投资收益要根据企业的经营状况决定，浮动性较强。
3.国际间接投资国际间接投资又称为海外证券投资，指投资者通过购买外国的公司股票、公司债券、政府债券、衍生证券等金融资产，依靠股息、利息及买卖差价来实现资本增值的投资方式。
1. 内部化内部化是指厂商为降低交易成本而构建由公司内部调拨价格起作用的内部市场，使之像固定的外部市场同样有效地发挥作用。
2. 产品生命周期产品生命周期是指新产品从上市开始依次经历导入期、增长期、成熟期、衰退期的周期变化过程。
3. 资本化率资本化率是指使收益流量资本化的程度，用公式表示为：K=C/I，这里K为资本化率，C为资产价值，I为资产收益流量。
4. 有效边界有效边界是马柯维茨证券组合可行集左上方边界的曲线，又称有效集或有效组合，位于该边界上的证券组合与可行集内部的证券组合相比，在各种风险水平条件下，提供最大预期收益率，在各种预期收益水平下，提供最小风险。
5. Black－Scholes期权定价模型Black－Scholes期权定价模型以无风险对冲概念为基础，为包括股票、债券、货币、商品在内的新兴衍生金融市场的各种以市价变动定价的衍生金融工具的合理定价奠定了基础，它已成为金融研究成果中对金融市场实践最有影响的理论，不仅应用于金融交易实践，还广泛应用于企业债务定价和企业投资决策分析。
名词解释1.跨国公司跨国公司是具有全球性经营动机和一体化的经营战略，在多个国家拥有从事生产经营活动的实体，并将它们置于统一的全球性经营计划之下的大型企业。
国际经济学习题集新
Word格式《国际经济学》习题集商务学院《国际经济学》课程组448 打印店有售绪论一、单项选择题1、国际经济学是以（）为其研究对象的。
A. 国际贸易B. 国际经济关系C. 国际金融D. 贸易政策2、国际经济学的国际贸易部分又分为（）两大部分。
A. 宏观与微观B. 实物面与货币面C. 理论与政策D. 开放与封闭3、在封闭条件下，一个经济社会生产均衡的条件是（）。
A.MRT = P X/PYB.MRS = P X/PYC.XC=XP，YC=YPD.P X（XC-XP）= PY（Y P-YC）4、在开放条件下，一个经济社会贸易均衡的条件是（）。
A.MRT = P X/PYB.MRS = P X/PYC.XC=XP，YC=YPD.P X（XC-XP）= P Y（YP-Y C）二、多项选择题1、国际经济学的研究内容包括（）两部分。
A. 宏观与微观B. 实物面与货币面C. 理论与政策D. 开放与封闭E. 国际贸易与国际金融2、在封闭条件下，一个经济社会均衡的条件是（）。
A.MRT = P X/PYB.MRS = P X/PYC.X C=XP，YC=YPD.PX（XC-XP）= PY（YP-Y C）E.P X=PY3、在开放条件下，一个经济社会均衡的条件是（）。
A.MRT = P X/PYB.MRS = P X/PYC.X C=XP，YC=YPD.PX（XC-XP）= PY（YP-YC）E.P X=PY三、名词解释生产可能性边界无差异曲线机会成本边际替代率边际转换率四、判断改错1、在开放经济条件下，只有市场出清才能实现开放的均衡。
（）2、国际经济学研究的主要内容是在国际格局下西方经济学研究的资源流动和管理机制问题。
（）3、在机会成本递增的条件下，生产可能性边界是一条直线。
（）五、简答题1、简述国际经济学的研究对象。
2、简述国际经济学的主要研究内容。
3、简述国际经济学与西方经济学的关系。
六、图形题1、作图说明封闭均衡的条件。
(完整word版)《金融监管学》综合测试题一答案
《金融监管学》综合测试题一答案一、单项选择题（共10个，每个1分）1、金融体系的负效应是指金融体系：（B）A、金融安全B、内在不稳定性C、金融风险D、金融稳定2、金融风险预警的方法包括数量模型法和：（B ）A、临界值法B、信号法C、调查研究D、指标判断3、为满足企业和居民在财富增长之后，日益高涨的理财需求，金融机构推出的创新型金融工具叫做：（D ）A、技术推动型的金融创新B、规避风险型金融创新：很多金融衍生工具C、逃避金融管制型的金融创新D、迎合理财需要型的金融创新4、维护一国经济和金融稳定的主角是：（B ）A、国家机关B、中央银行C、财政部D、货币政策委员会5、内部控制的基本思想和初级形式是：（D ）A、机械牵制B、体制牵制C、簿记牵制D、内部牵制6、金融行业自律组织的基本功能：（ A）A、充当金融业的自律管理机构B、充当金融业同业之间的协调机构C、充当金融业的服务机构D、充当监管当局的助手7、《商业银行法》规定：商业银行资本充足率不得低于：（C ）A、10%B、9%C、8%D、7%8、取得营业执照后，商业银行即告成立，由国务院银行业监督管理机构予以公告。
并必须在取得营业执照之日起的（ D ）内开始营业。
A、3个月B、4个月C、5个月D、6个月9、《证券公司监督管理条例》规定：因故意犯罪被判处刑罚，刑罚执行完毕未逾（C ）的，不得成为证券公司持股5%及以上的股东。
A、1年B、2年C、3年D、4年10、保险业监管的最主要的目的是：（A ）A、保证保险人有足够的偿付能力B、促进并维护保险业的公平竞争C、防止保险欺诈，保证保险业的健康发展。
D、保证合理盈利二、多项选择题（共10个，每个3分）1、一个有效的金融监管体系必须具备：（A、B、C）A、监管主体（监管当局）B、监管客体（监管对象）C、监管的工具（各种方式、方法、手段等）。
D、国家政策2、金融风险的特征包括：（A、B、C、D）A、客观存在性B、普遍性C、隐蔽性D、可度量性3、银行传统的业务包括：（A、B、C）A、负债业务B、资产业务C、中间业务D、公司业务4、金融监管当局的特性：（A、B、C ）A、权威性B、独立性C、公共性D、特殊性5、一般说来，内部牵制机能的执行大致可分为：（A、B、C、D）A、实物牵制B、机械牵制C、体制牵制D、簿记牵制6、行业组织的存在及其自律行为对行业的稳定发展必不可少，它能够：（A、B、C、D）A、防止过度竞争B、减少社会的交易成本C、降低政府的监管费用D、保护生产者与消费者的利益7、金融基础法律的具体制度包括：（A、B、C、D）A、银行业B、证券业C、信托业D、保险法8、在历史上，对商业银行的市场准入的原则有：（A、B、C、D）A、自由主义B、特许主义C、准则主义D、核准主义9、证券业监管的目标包括：（A、B、C ）A、保护投资者的合法权益B、确保市场的公平、高效和透明C、降低系统性风险D、保证合理盈利10、保险业具有不同于其它行业的特殊性，这表现在：（A、B、C）A、社会公益性B、技术的特殊性C、偿付能力的重要性D、政府的干预三、判断题（共10个，每个2分）1、纵观世界金融监管历史，金融监管的主体和客体都经历了一个历史变迁的过程。
(完整word版)东南亚金融危机始末
东南亚金融危机始末东南亚金融危机始于泰国货币危机,而泰国货币危机早在1996年已经开始酝酿。
当年,泰国经常贸易项目赤字高达国内生产总值的8。
2%,为了弥补大量的经常项目赤字和满足国内过度投资的需要，外国短期资本大量流入房地产、股票市场，泡沫经济膨胀，银行呆账增加，泰国经济已显示出危机的征兆。
1997年以来，由于房地产市场不景气、未偿还债务急剧上升，泰国金融机构出现资金周转困难，并且发生了银行挤兑的事件.5月中旬，以美国大投机家乔治·索罗斯的量子基金为首的国际投资者对泰铢发动猛烈冲击,更加剧了泰国金融市场的不稳定性。
7月2日,泰国货币危机终于全面爆发，并由此揭开了时至今日尚未平息的亚洲金融危机的序幕。
（一）7月2日，泰国货币危机全面爆发并迅速波及整个东南亚金融市场7月2日，泰国宣布放弃自1984年以来一直实施的固定汇率制度安排，改行有管理的浮动汇率制度，当天泰铢即贬值20％,这标志着泰国货币危机全面爆发。
由于菲律宾、印尼、马来西亚等周边国家也面临着与泰国相似的一些问题，再加上所谓的“接触传染”效应以及国际投机者的不断狙击，泰铢的暴跌在东南亚各国形成了“多米诺骨牌效应”，货币风潮迅速波及到整个东南亚市场。
7月11日，菲律宾首先步泰国后尘，宣布货币自由浮动。
菲律宾比索当天贬值11。
5％，利率一夜之间猛升到25％；印尼则宣布印尼盾汇率的波幅由8％扩大到12％；一向稳健的新加坡元也于7月18日跌至30个月以来的最低点1.4683新元兑换1美元；8月14日,印尼宣布汇率自由浮动,当天印尼盾再次贬值5%；8月16日，马来西亚林吉特暴跌了6％，跌至24年来的最低点.东南亚外汇市场的震荡，使投资者信心受挫，外资大量撤离，东南亚股市也因此低迷，泰国货币危机由此逐步发展成为更为广泛的东南亚金融危机.在这场金融危机中，港元联系汇率制也接受了严峻的挑战，香港特区政府采取果断对策,成功地捍卫了港币联系汇率制度,但是，由于利率飙升,香港股市为此受到较大冲击。
(完整word版)基于马尔科夫链在金融中的应用
基于马尔科夫链在金融中的应用摘要:讨论了我国金融的发展现状及趋势,针对金融中常见的经济问题，建立相应的马尔可夫链模型，并运用马尔可夫链的相关理论为金融的经济活动进行了定量的研究，同时也阐述了马尔可夫链在经济预测中的基本思想、应用、模型预测的结果说明。
实例表明，马尔可夫链模型及方法在金融活动分析中是可行和适用的,可广泛应用于解决金融中常见的预测及决策问题。
关键词：马尔可夫链；市场预测；平均利润预测；转移概率矩阵1引言马尔可夫链最初由俄国数学家Markov于1906年的研究而得名,Kolmogorov,Feller和Doob等数学家继续发展了这一理论，它是随机过程的重要组成部分，同时它在自然科学、工程技术、金融及经济管理等各领域中都有着广泛的应用[1]。
随着我过社会主义市场经济的不断发展，科学技术的进步，经济管理体制改革的深入和金融经营机制的转变,金融不仅要利用经济活动分析这一管理经济的重要方法，分析金融的生产经营活动,而且还要分析金融的经济环境，了解国内外市场情况和社会需求的变化，以便随着其不断变化，及时调整生产经营活动，增强竞争力,从而使金融能够适应商品经济的要求而健康发展。
因此,金融的经济活动分析在金融的经营管理中发挥着日益重要的作用,它对事后实事求是地分析、总结金融完成的经济活动和事前科学地预测、判断金融未来的经济活动都是必不可少的[2].一般情况下，经济预测的定量方法要用到数学模型，而定性方法则不需要。
马尔可夫链为经济领域中运用数学模型对定性问题进行预测提供了一种思路，丰富了经济预测方法的内容。
金融是一个动态变化的系统,在这一系统中，有一些变量和因素会随时间的推移而不断的随机变化。
而马尔可夫链预测法又是一种适用于随机过程的科学、有效的动态预测方法，它立足于当前通过市场调查等途径所获现实资料的基础上，运用马尔可夫链的基本原理和方法对数据资料进行运算得出预测结果，因此很适用于金融的经济预测。
本文就是运用马尔可夫链理论建立了一系列预测模型，使之能够给金融提供更大的帮助.随着我国市场经济建设的高速发展，人们的生活水平大幅度提高，可支配收入也渐渐多了起来，大家的金融意识和投资意识也日益增强，投资理财越来越成为一个热门的话题。
电大考试电大开放教育金融学网考题库(单选、多选、判断)word文档
金融学网考题库第一篇货币与货币制度第一章（货币与货币流通）1、中国人民银行公布的货币量指标中的货币增长率指标反映了（C货币增量）的状况。
2、一定时期内货币流通速度与现金和存款货币的乘积就是（B货币流量）3、流动性最强的金融资产是（D现金）4、马克思的货币理论表明（D货币是固定充当一般等价物的商品）5、价值形式发展的最终结果是（A货币形式）6、货币执行支付手段职能的物点是（D货币作为价值的独立形式进行单方面转移）7、货币在（A商品买卖）时执行流通手段的职能。
8、贝币和谷币是我国历史上的（C实物货币）；9、在财政收支、贷款发放、商品赊销等经济活动中，货币发挥着（D支付手段）的职能1.一般而言，货币层次的变化具有以下（ADE）特点。
A.金融产品创新速度越快，重新修订货币层次的必要性就越大D.金融产品创新速度越慢，重新修订货币层次的必要性就越小 E.金融产品越丰富，货币层次就越多2.在我国货币层次中，狭义货币量包括（AE）。
A.银行活期存款E.现金3.在我国货币层次中准货币是指（ BCDE）。
B.企业单位定期存款 C.居民储蓄存款 D.证券公司的客户保证金存款 E.其它存款4.信用货币包括（BCDE）。
C.纸币D.银行券E.存款货币B.电子货币5.货币发挥支付手段的职能表现在（ABCDEF ）。
A.税款交纳B.贷款发放C.工资发放D.商品赊销E.善款捐赠F.赔款支付（附加）6.按国际货币基金组织的口径，对现钞的正确表述是（ACD）。
A.居民手中的现钞`C.企业单位的备用金D.中央银行发行库中的现金7.关于狭义货币的正确表述是（AD ）。
A.包括现钞和银行活期存款D.代表社会直接购买力8.货币发挥交易媒介功能的方式包括（ACD ）。
A.计价单位 C.交换手段D.支付手段9.币材一般应具有（ABCE） A价值较高 B易于分割 C易于保存 D便于携带10.马克思从历史和逻辑统一的角度，将货币的职能排列为（ABCDE）A价值尺度B 流通手段C贮藏手段D支付手段E世界货币第一篇第二章（货币制度）1、美元与黄金直接挂钩，其他国家的货币与美元挂钩是（C布雷顿森林体系）的特点。
(完整word版)国民经济核算练习题加答案
第一章总论一、简答题1．什么是国民经济核算？国民经济核算的功能有哪些？它为何能够赢得来自经济学界和宏观经济管理部门的如此重视？2．何谓常住单位和非常住单位？区分它们的简要原则是什么？试举例说明。
3．如何区分国民经济核算中的机构部门和产业部门？列举现实生活中的经济单位，分别将其归入所属机构部门和所属产业部门，并比较机构部门分类与产业部门分类在国民经济核算及其分析中的作用。
二、单项选择题1．国民经济核算是对_____所进行的系统定量描述.A. 物质生产活动 B。
非物质生产活动 C。
社会经济活动 D. 国民经济活动总体2．下列属于我国常住单位的是_______。
A。
外商投资企业 B。
外国领事馆C. 季节性来华务工人员D. 外国机构在中国的临时办事处3．_____反映了生产过程中各产业相互之间的生产与使用关系，对产业部门之间的货物服务流量做了详细的描述.A. 国民收入与生产核算B. 资金流量核算 C。
投入产出核算 D。
资产负债核算答案：1。
D 2.A 3。
C三、多项选择题（答案有两项或两项以上）1.国民经济核算的主要特点是_____.A．以宏观经济理论为基础B．以货币作为统一的计量单位C．引入工商企业会计的复式记账原理D．以一国经济总体为核算对象E．提供一套完整的数据体系2.国民经济核算与工商企业会计的关系表现为________。
A．国民经济核算运用了工商企业会计的账户形式B．两者在核算方法及核算原则上一致C．国民经济核算数据主要来源于工商企业会计核算D．两者的核算对象和目的不同E．国民经济核算引入了工商企业会计的复式记账法3.下列企业和单位中，属于中国经济领土范围内的常住单位的是_____。
A．日本驻华大使馆B. 中国驻洛杉矶领事馆C. 正在利比亚执行为期三个月维和任务的中国工兵小分队D. 深圳的一家中韩合资网络游戏开发公司E. 海尔集团在美国新收购的一家冰箱生产企业.答案：1。
ABCDE 2。
ACDE 3.BCD四、判断题1．国民经济核算的目的不仅是为了计算若干核心指标，而是要描述国民经济运行过程方方面面的全景,提供的是一个完整的数据体系.（）√2．确定各经济单位常住性的依据，是根据其国籍或法律准则下的财产所有关系。
(完整word版)2008年金融危机爆发的原因及其带来的启示
2008年金融危机爆发的原因及其带来的启示一、金融危机的爆发2007年2月13日，作为美国第二大次级抵押贷款公司的美国新世纪金融公司发出2006年第四季度盈利预警，美国次级抵押贷款风险开始浮出水面。
随后，次贷危机的影响逐渐蔓延，5月到6月，一些西方对冲基金破产；7月次贷问题导致私人股本运转失灵；8月次贷危机扩散至股市，全球主要股市每个交易日股价下跌2%以上的事件经常发生；8月至9月，出现全球性信贷紧缩，多国中央银行多次向金融市场注入巨额资金，也无法阻止次贷危机的爆发。
2008年9月，美国次贷危机再度激化，金融风暴很快从美国的抵押贷款机构、投资银行蔓延到保险公司、储蓄机构和商业银行。
9月7日，美国政府宣布接管美国房利美公司和房地美公司；9月14日，美国银行收购美国第三大投资银行美林公司；9月15日，美国第四大投资银行雷曼兄弟公司不得不申请破产保护；9月16日，美国联邦储备系统宣布向美国国际集团(AIG)提供850亿美元紧急贷款；9月25日，美国联邦监管机构接管华盛顿互惠银行，并将其部分业务出售给摩根大通公司……越来越多的大型金融机构倒闭或被政府接管，次贷危机演变成为金融危机，而且越来越失控。
更为严重的是，这场危机很快扩展到全球，使得世界经济增长明显放缓，部分主要发达国家或地区经济陷入衰退，主要金融市场急剧恶化，全球股市遭受重创，多国政府财政赤字增加，全球通货膨胀压力增大，世界贸易环境恶化，多国就业形势严峻，失业人数不断攀升。
时至今日，虽然说全球经济整体呈现复苏态势，但一些国家仍然深受其累。
这场席卷全球的金融海啸使国际金融体系遭受到严重的冲击与考验，同时也逆转了世界经济增长的强劲势头。
二、金融危机产生的原因（一）直接原因第一，过度的金融创新。
这场全球性金融危机起因于美国次级信用住房抵押贷款债务的证券化，而次贷证券化和次贷证券买卖正是为满足金融家们对尽可能多的高额利润的追求。
“两房”通过资产证券化，将购买到的商业银行及房贷公司流动性差的贷款转换成债券在市场上发售，吸引投资银行等金融机构来购买。
(完整word版)杠杆收购融资结构及效应分析
杠杆收购融资结构及效应分析杠杆收购（Leveraged buyout，LBO）源于20世纪60年代美国，是80年代全球第四次并购浪潮中最具影响的一种特殊并购模式，目前已成为全球金融不可或缺的基本工具。
杠杆收购作为一种金融创新工具，通过对最小自有资本以小博大、高风险、高收益、高技巧的资本运作实现最快速的企业扩张.杠杆收购促使垃圾债券、过桥贷款、私募基金、风险资本等金融工具的涌现和盛行,并通过改善公司治理结构、降低代理成本、提高资本效率等方式创造特殊的股东价值。
1988年的美国KKR公司并购总金额达250亿美元RJR纳贝斯克公司，更是有史以来规模最大、最具神话特色的杠杆收购案。
近年来，我国陆续颁布《证券法》、《企业债券管理条例》、《商业银行并购贷款风险管理指引》、《上市公司收购管理办法》等一系列法律法规，以拓宽企业融资渠道、解决股权分置问题、完善资本市场，为杠杆收购在我国的发展和有效运用建立法律基础、提供制度保障.不断涌现的上市公司并购、跨境并购及外资并购案,使得越来越多的中国企业不得不与国际行业巨擘展开激烈竞争,了解和掌握杠杆收购融资运作模式，具有非常深远的意义。
一、杠杆收购原理杠杆收购是指收购者以较少的自有资金为基础，从投资银行或其他金融机构筹集大量的资金进行收购活动，继而以被收购企业的资产或现金流来支持偿还债务的并购方式。
[1]杠杆收购实质上就是举债收购，即以债务资本为主要融资工具,运用财务杠杆加大负债比例,以较少自有资金筹集主要资金进行收购、重组的一种资本运作方式。
杠杆收购目前主要有三种方式：目标公司管理层参与的杠杆收购（管理层收购MBO）、无目标公司管理层参与的杠杆收购LBO、目标公司雇员参与的杠杆收购（员工持股计划ESOP）。
区别于一般并购,杠杆收购主要的特征有（1）高负债率。
收购公司通常以权益和债权作为主要并购资金来源,债权/权益资金比率通常在6：1～12:1之间,权益资金（或自有资金)在收购总价款中一般只占10%~15%。
(完整word版)公司金融计算题
企业金融复习四、计算题 1、时间价值P —现值； S —终值； i —利率〔折现率〕；n —计息期数； I —利息一年以 360 天计；一季度以 90 天计；一个月以 30 天计。
单利 ——每期均按本金计算下期的利息，利息不计息。
〔一〕单利终值I ＝P ·i ·nS ＝P ＋I ＝P 〔1＋i ·n 〕[例 1]某人有 5000 元存入银行， 3 个月到期，如利率为8％，那么，当前本利和为：S 5000 (1 8%) 5100元12 3〔二〕单利现值SP ＝〔1 i n 〕[例 2]某人要想在 3 年后获得 3 400 元购置电视机，在利率为 6％，单利计息条件下，现需存入多少钱？＝ 3400 ＝ 〔元〕 P6％ 3〕 2881〔1复利 ——每期以期末的本利和计算下期的利息。
〔一〕复利终值S n ＝ P 〔1＋i 〕nn〔1＋i 〕 ：复利终值系数，记为〔 S / F ， i ，n 〕，可查表。
[例 3] 某人现存入银行 800 元，利率为 10％， 8 年到期，问到期可拿多少钱？S ＝ 800×〔 1＋10％〕 8＝ 800×〔 S/F ，10%， 8〕 ＝ 800×〔元〕〔二〕复利现值＝1nP S〔 ＋ 〕1 i1复利现值系数，记为〔P / F ， i ， n 〕可查表。
写为： P ＝ S 〔 P / F ， i ， n 〕n〔1＋ i 〕[例 4] 例 2 中，某人要想在3 年后获得 3 400 元购置电视机，在利率为6％，假设以复利计息条件下，现需存入多少钱？＝ S1nP〔 ＋ 〕1 iP ＝ 3 400×〔 P / F ， 6％， 3〕＝ 3 400×＝ 〔元〕[例 5]假设方案在 3 年今后获得 400 元，利息率为 8%，现在应存金额可计算以下：P S [1]n (1i)=400× [1/ (1+8%)3]=317.6( 元 )或查复利现值系数表计算以下： P=S ×〔 P / F ， 8％， 3〕 =400× 0.794=317.6( 元)一般年金 —— 〔后付年金〕期末收付 〔一〕 一般年金终值A —— 年金数额n〔1＋i 〕－1S ＝Ain上式中〔1＋i 〕－1为年金终值系数，可写成〔S /A ， i ， n 〕，经过查表获得。
(完整word版)中央银行学练习题
第1章强化练习一、单项选择题1. 一般认为，世界中央银行的鼻祖是（ B ）。
A.瑞典银行B.英格兰银行C.法兰西银行D.美国联邦储备体系2. 美国最早的中央银行是（ D ）。
A.北美银行B.第一国民银行C.第二国民银行D.美国联邦储备体系3. 强调集中发行货币的重要性是（ A ）时期中央银行制度发展的显著特点之一。
A.初步发展B.普遍推广C.强化发展D.上世纪80年代以来进一步发展4. 集中准备金成为稳定金融的重要手段是（ B ）时期中央银行制度发展的显著特点之一。
A.初步发展B.普遍推广C.强化发展D.上世纪80年代以来进一步发展5. 国有化是（ C ）时期中央银行制度发展的显著特点之一。
A.初步发展B.普遍推广C.强化发展D.上世纪80年代以来进一步发展6. 中国人民银行成立于（ C ）。
A.江西瑞金B.陕西延安C.河北石家庄D.北京7. 1998年中国人民银行管理体制改革的核心内容是（ C ）。
A.开始专门行使中央银行职能B.剥离政策性贷款业务C.跨行政区设置分行D.剥离金融监管职能8. 2003年中国人民银行体制和职责改革的主要内容是（D ）。
A.将政策性贷款业务移交给政策性银行B.将证券监管职能移交给中国证监会C.将保险监管职能移交给中国保监会D.将金融监管职能移交给中国银监会9. “经理国库，充当最后贷款人”表示中央银行在行使（ C ）职能。
A.调节B.管理C.服务D.营利10. 公开市场操作属于中央银行的（ A ）职能。
A.调节B.管理C.服务D.营利11. 中央银行制定有关金融政策控制金融业风险体现了中央银行的（ B ）职能。
A.调节B.管理C.服务D.营利12. （ A ）是中央银行最基本、最重要的标志，也是中央银行发挥其全部职能的基础。
A.垄断货币发行权B.集中票据交换和清算C.集中存款准备金D.经理国库二、多项选择题1. 初创时期中央银行制度的特点有（ABCDE ）。
A.与政府关系密切B.由普通银行演变成中央银行C.逐步垄断货币发行权D.一般是私人股份为主E.不完全具备调节与控制金融市场的能力2. 第一次世界大战后对世界中央银行制度普遍推广发挥了重要促进作用的会议有（BC ）。