金融市场第十一章
第十一章普通股价值分析(金融市场学)
其中，V代表资产的内在价值，Ct表示第t期的现金
流，y是贴现率。
二、股息贴现模型
收入资本化法运用于普通股价值分析中的模型， 又称股息贴现模型。其函数表达式如下：
V
D1
1 y
D2
1 y2
D3
1 y3
t 1
1
Dt y
（t 11.2）
其第t中期，支V付代的表股普息通和股红的利内，在y价是值贴，现D率t是，普又通称股资 本化率（the capitalization rate）。
三阶段增长模型
在满足三阶段增长模型的假定条件下，如果已 知g a ,g n ,A , B 和初期的股息水平D0，就可以 根据式（11.12）计算出所有各期的股息；然后， 根据贴现率，计算股票的内在价值。三阶段增 长模型的计算公式为：
V
D0
A t 1
1 ga 1 y
t
B
1
Dt
例如，某公司股票初期的股息为1.8美元/每股。经预测该公
司股票未来的股息增长率将永久性地保持在5%的水平，假定
贴现率为11%。那么，该公司股票的内在价值应该等于31.50
美元。
V
1.81 0.05 0.11 0.05
1.89
0.11 0.05
31.5（0 美元）
如果该公司股票当前的市场价格等于40美元，则该股票的净
D0 D1 D2 D ，或者， gt 0 。 将股息不变的条件代入式（11.2），得到：
V
t 1
Dt
1 y t
D0
t1
1
1
y
t
零增长模型
当y大于零时，小于1，可以将上式简化为：
V D0 y
(11.10)
第十一章 国际资本流动 《国际金融》PPT课件
资产组合投资的动因
跨国金融投资活动较之国内的金融投资活动 更为有效地实现风险与收益的最佳组合
资产组合的风险是各种资产自身的方差及彼 此之间的协方差之间的加权平均。如果投资者的 资产组合能够超越一个国家的范围，则不同市场 之间的较小的协方差能够降低整个资产组合风险。
国际中长期资金流动与债务危机
一、国际中长期资金流动对一国宏观经 济的影响
内部化的主要利益来自于克服外部市场的不 确定性。只要安排得当，企业通过内部化获得的利 益会远大于他们所遭受的损失。
（3） 区位因素论 该理论是由沃尔特·伊萨德等人提出的，它把传统
的关于国内资源区域配置的研究扩展到对外投资中。 区位因素论认为，跨国公司对外进行直接投资，就
像在国内要选择好合适的投资地点一样，必须力争获得 一定的区位优势以实现利润的最大化。
（银行经营性，保值性）
二、货币危机问题
1.概念 2.发生的原因 3.传播 4.影响
1.概念
广义：15%~20% 狭义：与某种汇率制度相联系
2.货币危机发生的原因
（1）经济基础变化带来的投机冲击 （2）由心理预期带来的投机冲击
经济基础变化引起的货币危机
第一，源自政府不合理的宏观政策 第二，一般过程：投机冲击导致储备急
（1）发展中国家缺乏谨慎的债务管理措施 （2）政府财政赤字严重 （3）金融扭曲导致国内资本外逃 （4）国内最根本的扭曲是不恰当的发展战略
债务危机的解决方案
1. 最初解决方案 2. 贝克计划 3. 布雷迪计划
11.3.2 国际短期资金流动与货币危机
一、概述 国际短期资金流动的三种类型 套利性 避险性 投机性
剧下降为零 第三，防范机制：紧缩性货币政策
图4-14 扩张性货币政策引起的货币危机发生过程
第十一章金融体系结构
从货币角度看银行的存在（略）
6. 如果肯定货币是以债权债务为载体，那么货币的 支付不过是债权债务的转移与对冲。在这种情况 下，服务于货币支付系统的任一环节均不能不成 为集中支付准备和相应的共计支付准备的融资中 介。这就是说，从货币支付系统的角度来看，间 接融资的功能，也即银行的功能，有其继续存在 的根据。
银行所以冒从事衍生品的交易风险，是由于传 统业务收入明显下降。应该说，在市场经济中的 经济行为主体，是不会株守传统的领域而不为自 己开拓新的盈利途径的。
(11)34
服务于资本市场的中介机构向传统银行业务 领域的扩张
(11)35
银行与市场的渗透发展——银行业务的证券 化发展
1. 证券化对经济生活所覆盖的范围日益扩大，既是 事实，也是必然的发展走向。
(11)30
Diamond-Dybvig模型**
Diamond-Dybvig模型，可简称DD模型。在 这里提及这一模型，是提醒，对于银行存在的理 由，有标准的规范模型可以用来论证。
关于Diamond-Dybvig模型的精确设定、数理推导和 全面内容，以及模型提出之后的发展，可以在专门的银行 理论书籍中找到。如［美］哈维尔·弗雷克斯、让·夏尔·罗 歇：《微观银行学》，西南财经大学出版社，2着眼于 金融市场。
(11)4
金融功能
4. 金融的核心功能，归纳为六： ⑴在时间和空间上转移资源； ⑵提供分散、转移和管理风险的途径； ⑶提供清算和结算的途径以完结商品、服务和
各种资产的交易； ⑷提供集中资本和股份分割的机制； ⑸提供价格信息； ⑹提供解决“激励”问题的方法。
1、定义：影子银行是指游离于银行监管体系之外、 可能引发系统性风险和监管套利等问题的信用中 介体系（包括各类相关机构和业务活动）。
参考答案：第十一章货币需求
第十一章货币需求一、填空1．流通速度2．商品价格商品价格水平3．资产4．现金交易现金余额5．利率6．预防动机投机动机7．收入利率8．预防性货币需求9．恒久性收入10．物价变动11．机会成本12．保值生利13．规模机会成本二、判断1．错2．对3．对4．错5．错6．对7．对8．对9．对10．错三、单选1．C 2．A四、多选1．ABD 2．BCD 3．AD 4．BCD 5．ABC6．ABCD 7．AB四、问答1．阐明马克思关于流通中货币量的理论。
答：首先，马克思是以完全的金币流通为假设条件。
他的论证是：（1）商品价格取决于商品的价值和黄金的价值，而价值取决于生产过程，所以商品是带着价格进入流通的；（2）商品价格有多大，就需要有多少金来实现它；（3）商品与货币交换后，商品退出流通，金却留在流通之中可以使另外的商品得以出售，从而一定数量的金，流通几次，就可使相应倍数价格的商品出售。
因此，有：执行流通手段职能的货币量＝商品价格总额/同名货币的流通次数公式表明，货币量取决于价格的水平、进入流通的商品数量和货币的流通速度三个因素。
马克思在分析这个问题时还有一个极其重要的假设，即在该经济中存在着一个数量足够大的黄金贮藏：流通中需要较多的黄金，金从贮藏中流出，流通中有一些黄金不需要了，多余的金退出流通，转化为贮藏。
也正是由于假设存在这样一个调节器，所以流通需要多少货币，就有多少货币存在于流通之中。
但在实际经济生活中，并不一定必然存在这样的假设条件。
其次，马克思进而分析了纸币流通条件下货币量与价格之间的关系。
他指出，纸币是由金属货币衍生来的。
纸币所以能流通，是由于国家的强力支持。
同时，纸币本身没有价值，只有流通，才能作为金币的代表。
如果说，流通中可以吸收的金量是客观决定的，那么流通中无论有多少纸币也只能代表客观所要求的金量。
也就是说，纸币流通规律与金币流通规律不同：在金币流通条件下，流通所需要的货币数量是由商品价格总额决定的；而在纸币为惟一流通手段的条件下，商品价格水平会随纸币数量的增减而涨跌。
国际金融重点笔记11-14章
第十一章开放宏观均衡与国际收支调节和汇率制度选择[选择]开放经济的宏观均衡分析通常使用的模型是IS-LM-BP。
[选择]由国内通货膨胀或通货紧缩而导致的国际收支平衡，称为货币性失衡。
[选择]代表满足产品市场供求均衡的实际收人与名义利率组合的曲线是IS曲线。
[选择]代表国际收支平衡的实际收入与名义利率组合是BP曲线。
[选择]国际收支平衡是指经常账户差额与资本和金融账户差额之和为零。
[选择]开放经济的一般均衡点是LM曲线与IS曲线、BP曲线的交点。
[选择]如果是大国经济，我们希望采用的汇率制度是浮动汇率制度。
[选择]由于国民收入变化而引起的国际收支不平衡称为收入性不平衡。
[选择]改变国内外支出在国内产品和国外产品的分布格局，以此调节国际收支差额和国内总供求对比状况的政策是支出转移政策。
[选择]固定汇率制下扩张性的货币将导致该国出现国际收支逆差。
[选择]一般来讲，对于开放效果在固定汇率政策下实现内外均衡的最佳选择是财政政策。
[选择]研究经验表明，在浮动汇率制下，外汇市场非理性的投机活动很容易造成汇率错位，即汇率超调。
[选择]当传闻货币供给存在意外扩张时，投机者会产生悲观的通货膨胀预期，结果抛售本币力度大于货币扩张所引起的本币抛售程度，从而使本币贬值程度超过正常水平，这是汇率的随波效应。
[选择]我国香港特别行政区实行货币局制度。
[选择]允许市场汇率围绕中心平价更大幅度地波动的汇率制度是钉住平行幅度。
[选择]将本币发行权一并放弃，直接使用其他货币作为本国流通中的法定货币，这种行为称为美元化。
[选择]各国的宏观经济政策目标包括经济增长、物价稳定、充分就业、国际收支平衡。
[选择]关于BP曲线说法正确的是若利率弹性为零，则BP曲线垂直于横轴、若利率弹性无限大，则BP曲线垂直于纵轴、资本流动的利率弹性大于货币需求的利率弹性，则BP曲线比LM曲线平坦。
[选择]属于货币政策的政策工具的是公开市场业务、贴现政策、法定存款准备金率。
第十一章 金融体系结构
第十一章金融体系结构第一节金融体系与金融功能金融体系金融体系的五个构成要素:1、由货币制度所规范的货币流通。
2、金融市场。
3、金融中介机构。
4、金融工具。
5、国家的管制框架。
金融功能传统理论对金融体系的研究分为两个基本的方面：一是分析金融市场上各经济行为主体之间的关系;二是分析金融中介(如银行、保险公司等）机构的活动。
一个新的分析框架：金融功能框架。
金融功能观认为：为了分析不同国度、不同时期的金融机构为什么大不相同，应采用的概念框架，其主线是功能而不是机构：一是金融功能比金融机构更为稳定；二是机构的形式随功能而变化，机构之间的创新和竞争最终会导致金融系统执行各项功能的效率提高。
金融系统（既包括金融机构，又包括金融市场）基本的、核心的功能：1、在时间和空间上转移资源。
2、提供分散、转移和管理风险的途径。
3、提供清算和结算的途径，以完结商品、服务和各种资产的交易。
4、提供了集中资本和股份分割的机制。
5、提供价格信息。
6、提供解决“激励”问题的方法.第二节金融体系的两种结构中介与市场对比的不同结构金融功能是由金融中介和金融市场的运作来实现。
中国的金融体系，从静态观点看，银行占绝对优势；就动态观点看，中国的资本市场发展迅速，似乎正在向美国模式发展.不同金融体系格局是怎么形成的一个国家金融体系格局的形成受多种因素的影响，其中非常最要的一项就是受到人为政策管制的影响，管制政策大多取决于对某次经济危机、金融危机的反应，而体制一旦形成，就会出现路径依赖-—-变革体制的成本通常大于维持原有体制的成本.现代金融体系最早形成于欧洲。
不同的金融体制在形成之初并没有抽象的理论研究，或者是优劣比较，甚至可以说具有一定的历史偶然性。
优劣比较要求理论论证现代金融理论常常假设金融市场是最好的金融运作形式;金融市场发达的体系，要比主要依靠银行的体系，处于更高的发展阶段.但是，不仅历史上绝大多数的国家主要是依靠银行体系推进经济增长，而且直至今日，主要依靠银行体系的国家，它们的经济增长也还在取得不俗的表现.因此，有关银行优越性和必要性的分析也同时存在.比较优劣的理论分析是多视角的:从风险分担与管理方面比较优劣；从信息处理方面比较优劣；从监管方面比较优劣；从公司治理方面比较优劣……不同角度的论证，几乎都存在不同的见解,而且反复驳辩，头绪越来越多，虽然不同的见解均有见地，但要想根据这样纷繁的议论归纳出是市场重要还是机构重要的定论，纵然不是不可能,恐怕也是极难做到的。
第十章第十一章金融体系金融基础设施
◆《中国人民银行法》明确规定，中国人民银行具有“会同 有关部门制定支付结算规则，维护支付、清算系统的正常 运行”的职能。
• 无论是银行主导型还是市场主导型的金融系统，都能够很好的 配置资源，问题的关键并在于目前银行所占的比重多一些，还 是市场所占的份额多一些，而在于银行或者市场在配置资源过 程中的效率，以及在证券市场蓬勃发展的情况下，什么样的主 导方向将更适于本土经济。
• 相互渗透之路
第三节和第四节
• 一、对主导的金融体系下，出于市场是不完全的，所以市场的 风险分散功能是有限的，金融中介会提供市场所不能提供的风 险平滑服务；市场和中介以不同的方式处理各种信息，市场是 加总信息的有效机制，而中介则节约了搜集信息的成本，二者 谁更有效率取决于获取信息的种类；不同类型的金融体系产生 了不同的公司治理结构以及相应的约束激励机制。
• • 影子银行： 加强对其监管、防范风险。
• 在中国的市场现实中，影子银行主要涵盖了两块：一块是商业银 行销售得如火如荼的理财产品，以及各类非银行金融机构售的类 信贷类产品，比如信托公司销售的信托产品，另一块则是以民间 高利贷为代表的民间金融体系。
第十一章 金融基础设施
• 第一节 中央银行体制下的 支付清算系统
• 入场后，各银行一方面将应收票据分别送交各付款行， 一方面接收他行交来的本行应付款票据，核对、计算应 付各行款项金额及应付总金额，填交换票据计算表。
• 各银行比较本行应收、应付款总额，计算出应收应付净 额后，填具交换差额报告单，并凭报告单与交换所的总 结算员办理最后款项支付。
金融市场学双语题库及答案(第十一章)米什金《金融市场与机构》
Financial Markets and Institutions, 8e (Mishkin)Chapter 11 The Money Markets11.1 Multiple Choice1) Activity in money markets increased significantly in the late 1970s and early 1980s because ofA) rising short-term interest rates.B) regulations that limited what banks could pay for deposits.C) both A and B of the above.D) neither A nor B of the above.Answer: CTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Money market securities have all the following characteristics except they are notA) short term.B) money.C) low risk.D) very liquid.Answer: BTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition3) Money market instrumentsA) are usually sold in large denominations.B) have low default risk.C) mature in one year or less.D) are characterized by all of the above.E) are characterized by only A and B of the above.Answer: DTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) The banking industryA) should have an efficiency advantage in gathering information that would eliminate the need for the money markets.B) exists primarily to mediate the asymmetric information problem betweensaver-lenders and borrower-spenders.C) is subject to more regulations and governmental costs than the money markets.D) all of the above are true.E) only A and B of the above are true.Answer: DTopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition5) In situations where asymmetric information problems are not severe,A) the money markets have a distinct cost advantage over banks in providing short-term funds.B) the money markets have a distinct cost advantage over banks in providinglong-term funds.C) banks have a distinct cost advantage over the money markets in providing short-term funds.D) the money markets cannot allocate short-term funds as efficiently as banks can. Answer: ATopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition6) Brokerage firms that offered money market security accounts in the 1970s had a cost advantage over banks in attracting funds because the brokerage firmsA) were not subject to deposit reserve requirements.B) were not subject to the deposit interest rate ceilings.C) were not limited in how much they could borrow from depositors.D) had the advantage of all the above.E) had the advantage of only A and B of the above.Answer: ETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition7) Which of the following statements about the money markets are true?A) Not all commercial banks deal for their customers in the secondary market.B) Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds.C) The single most influential participant in the U.S. money market is the U.S. Treasury Department.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Which of the following statements about the money markets are true?A) Most money market securities do not pay interest. Instead, the investor pays less for the security than it will be worth when it matures.B) Pension funds invest a portion of their assets in the money market to have sufficient liquidity to meet their obligations.C) Unlike most participants in the money market, the U.S. Treasury Department is always a demander of money market funds and never a supplier.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.3 Who Participates in the Money Markets? Question Status: Previous Edition9) Which of the following are true statements about participants in the money markets?A) Large banks participate in the money markets by selling large negotiable CDs.B) The U.S. government and corporations borrow in the money markets because cash inflows and outflows are rarely synchronized.C) The Federal Reserve is the single most influential participant in the U.S. money market.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition10) The most influential participant(s) in the U.S. money marketA) is the Federal Reserve.B) is the U.S. Treasury Department.C) are the large money center banks.D) are the investment banks that underwrite securities.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition11) The Fed is an active participant in money markets mainly because of its responsibility toA) lower borrowing costs to encourage capital investment.B) control the money supply.C) increase the interest income of retirees holding money market instruments.D) assist the Securities and Exchange Commission in regulating the behavior of other money market participants.Answer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition12) Commercial banks are large holders of ________ and are the major issuer of________.A) negotiable certificates of deposit; U.S. government securitiesB) U.S. government securities; negotiable certificates of depositC) commercial paper; EurodollarsD) Eurodollars; commercial paperAnswer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition13) The primary function of large diversified brokerage firms in the money market is toA) sell money market securities to the Federal Reserve for its open market operations.B) make a market for money market securities by maintaining an inventory from which to buy or sell.C) buy money market securities from corporations that need liquidity.D) buy T-bills from the U.S. Treasury Department.Answer: BTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition14) Finance companies raise funds in the money market by sellingA) commercial paper.B) federal funds.C) negotiable certificates of deposit.D) Eurodollars.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition15) Finance companies play a unique role in money markets byA) giving consumers indirect access to money markets.B) combining consumers' investments to purchase money market securities on their behalf.C) borrowing in capital markets to finance purchases of money market securities.D) assisting the government in its sales of U.S. Treasury securities.Answer: ATopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition16) When inflation rose in the late 1970s,A) consumers moved money out of money market mutual funds because their returns did not keep pace with inflation.B) banks solidified their advantage over money markets by offering higher deposit rates.C) brokerage houses introduced highly popular money market mutual funds, which drew significant amounts of money out of bank deposits.D) consumers were unable to take advantage of higher rates in money markets because of the requirement of large transaction sizes.Answer: CTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition17) Which of the following is the largest borrower in the money markets?A) Commercial banksB) Large corporationsC) The U.S. TreasuryD) U.S. firms engaged in foreign tradeAnswer: CTopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition18) Money market instruments issued by the U.S. Treasury are calledA) Treasury bills.B) Treasury notes.C) Treasury bonds.D) Treasury strips.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition19) Which of the following statements are true of Treasury bills?A) The market for Treasury bills is extremely deep and liquid.B) Occasionally, investors find that earnings on T-bills do not compensate them for changes in purchasing power due to inflation.C) By volume, most Treasury bills are sold to individuals who submit noncompetitive bids.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition20) Suppose that you purchase a 91-day Treasury bill for $9,850 that is worth $10,000 when it matures. The security's annualized yield if held to maturity is aboutA) 4 percent.B) 5 percent.C) 6 percent.D) 7 percent.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition21) Suppose that you purchase a 182-day Treasury bill for $9,850 that is worth $10,000 when it matures. The security's annualized yield if held to maturity is aboutA) 1.5%.B) 2%.C) 3%.D) 6%.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition22) Treasury bills do notA) pay interest.B) have a maturity date.C) have a face amount.D) have an active secondary market.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition23) If your competitive bid for a Treasury bill is successful, then you willA) certainly pay less than if you had submitted a noncompetitive bid.B) probably pay more than if you had submitted a noncompetitive bid.C) pay the average of prices offered in other successful competitive bids.D) pay the same as other successful competitive bidders.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition24) If your noncompetitive bid for a Treasury bill is successful, then you willA) certainly pay less than if you had submitted a competitive bid.B) certainly pay more than if you had submitted a competitive bid.C) pay the average of prices offered in other noncompetitive bids.D) pay the same as other successful noncompetitive bidders.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition25) Federal fundsA) are short-term funds transferred between financial institutions, usually for a period of one day.B) actually have nothing to do with the federal government.C) provide banks with an immediate infusion of reserves.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition26) Federal funds areA) usually overnight investments.B) borrowed by banks that have a deficit of reserves.C) lent by banks that have an excess of reserves.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition27) The Fed can influence the federal funds interest rate by adjusting the level of reserves available to banks. The Fed canA) lower the federal funds interest rate by adding reserves.B) raise the federal funds interest rate by removing reserves.C) remove reserves by selling securities.D) do all of the above.E) do only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition28) The Federal Reserve can influence the federal funds interest rate by buying securities, which ________ reserves, thereby ________ the federal funds rate.A) adds; raisingB) removes; loweringC) adds; loweringD) removes; raisingAnswer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition29) The Fed can lower the federal funds interest rate by ________ securities, thereby ________ reserves.A) selling; addingB) selling; loweringC) buying; addingD) buying; loweringAnswer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition30) If the Fed wants to lower the federal funds interest rate, it will ________ the banking system by ________ securities.A) add reserves to; sellingB) add reserves to; buyingC) remove reserves from; sellingD) remove reserves from; buyingAnswer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition31) If the Fed wants to raise the federal funds interest rate, it will ________ securities to ________ the banking system.A) sell; add reserves toB) sell; remove reserves fromC) buy; add reserves toD) buy; remove reserves fromAnswer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition32) Government securities dealers frequently engage in repos toA) manage liquidity.B) take advantage of anticipated changes in interest rates.C) lend or borrow for a day or two with what is essentially a collateralized loan.D) do all of the above.E) do only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition33) Repos areA) usually low-risk loans.B) usually collateralized with Treasury securities.C) low interest rate loans.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition34) A negotiable certificate of depositA) is a term security because it has a specified maturity date.B) is a bearer instrument, meaning whoever holds the certificate at maturity receives the principal and interest.C) can be bought and sold until maturity.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition35) Negotiable certificates of depositA) are bearer instruments because their holders earn the interest and principal at maturity.B) typically have a maturity of one to four months.C) are usually denominated at $100,000.D) are all of the above.E) are only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition36) Commercial paper securitiesA) are issued only by the largest and most creditworthy corporations, as they are unsecured.B) carry an interest rate that varies according to the firm's level of risk.C) never have a term to maturity that exceeds 270 days.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition37) Unlike most money market securities, commercial paperA) is not generally traded in a secondary market.B) usually has a term to maturity that is longer than a year.C) is not popular with most money market investors because of the high default risk.D) all of the above.E) only A and B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition38) A banker's acceptance isA) used to finance goods that have not yet been transferred from the seller to the buyer.B) an order to pay a specified amount of money to the bearer on a given date.C) a relatively new money market security that arose in the 1960s as international trade expanded.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition39) Banker's acceptancesA) can be bought and sold until they mature.B) are issued only by large money center banks.C) carry low interest rates because of the very low default risk.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition40) EurodollarsA) are time deposits with fixed maturities and are, therefore, somewhat illiquid.B) may offer the borrower a lower interest rate than can be received in the domestic market.C) are limited to London banks.D) are all of the above.E) are only A and B of the above.Answer: ETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition41) Which of the following statements about money market securities are true?A) The interest rates on all money market instruments move very closely together over time.B) The secondary market for Treasury bills is extensive and well developed.C) There is no well-developed secondary market for commercial paper.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition42) Money market transactionsA) do not take place in any one particular location or building.B) are usually arranged purchases and sales between participants over the phone by traders and completed electronically.C) are both A and B of the above.D) are none the the above.Answer: CTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition43) Two important characteristics of any financial market are flexibility andA) risk.B) innovation.C) tolerance.D) capital.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition44) The main role of investment companies in the money market is toA) trade on behalf of commercial accounts.B) mediate the symmetric information problem between server-lender and borrower-spenders.C) both A and B of the above.D) neither A nor B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition45) In a direct placementA) the issuer bypasses the dealer and sells indirectly to the end investor.B) the dealer sells directly to the end investor.C) the issuer bypasses the dealer and sells directly to the end investor.D) none of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition46) The advantage of mutual funds is that theyA) require no cash up front.B) give investors with relatively small amounts of cash to invest access tolarge-denomination securities.C) always yield the highest returns.D) both A and B of the above.Answer: BTopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition47) Asset-backed commercial paper differs from conventional commercial paper in thatA) it is backed (secured) by some bundle of assets.B) its maturity usually extends well beyond 1 year.C) both A and B of the above.D) neither A nor B of the above.Answer: ATopic: Chapter 11.4 Money Market InstrumentsQuestion Status: New Question48) The usual maturity range for commercial paper is ________.A) 1 to 270 daysB) 1 to 15 daysC) 4, 13, and 26 weeksD) 1 to 7 daysAnswer: ATopic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question49) The usual maturity range for fed funds is ________.A) 1 to 270 daysB) 1 to 15 daysC) 4, 13, and 26 weeksD) 1 to 7 daysAnswer: DTopic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question11.2 True/False1) Money market securities are short-term instruments with an original maturity of less than one year.Answer: TRUETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Money market securities include Treasury bills, commercial paper, federal funds, repurchase agreements, negotiable certificates of deposit, banker's acceptances, and Eurodollars.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition3) The term money market is actually a misnomer, because liquid securities are traded in these markets rather than money.Answer: TRUETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) Money markets are referred to as retail markets because small individual investors are the primary buyers of money market securities.Answer: FALSETopic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition5) The U.S. Treasury Department is the single most influential participant in the U.S. money market.Answer: FALSETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition6) The U.S. Treasury Department is the single largest borrower in the U.S. money market.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition7) Banks are unusual participants in the money market because they buy, but do not sell, money market instruments.Answer: FALSETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Money markets are used extensively by businesses both to warehouse surplus funds and to raise short-term funds.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition9) The market for U.S. Treasury bills is a shallow market because so few individual investors buy T-bills.Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition10) The T-bill is not an investment to be used for anything but temporary storage of excess funds because it barely keeps up with inflation.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition11) The main purpose of federal funds is to provide banks with an immediate infusion of reserves should they be short.Answer: TRUETopic: Chapter 11.2 The Purpose of the Money MarketsQuestion Status: Previous Edition12) The Fed can influence the federal funds rate by adjusting the level of reserves in the banking system.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition13) Commercial paper securities are unsecured promissory notes, issued by corporations, that mature in no more than 270 days.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition14) A banker's acceptance is an order to pay a specified amount of money to the bearer on a given date. Banker's acceptances have been used since the twelfth century. Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition15) Interest rates on banker's acceptances are low because the risk of default is very low.Answer: TRUETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition16) The size of the asset-backed commercial paper market nearly doubled between 2004 and 2007 to about $1 trillion.Answer: TRUETopic: Chapter 11.4 Money Market Instruments17) In general, money market instruments are low-risk, high-yield securities. Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition18) Commercial paper has been used in various forms since the 1930s.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition19) The Treasury accepts noncompetitive bids in ascending order of yield until the accepted bids reach the offering amount.Answer: FALSETopic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition20) Not all commercial banks deal in the secondary money market for their customers.Answer: TRUETopic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition11.3 Essay1) Explain why banks, which would seem to have a comparative advantage in gathering information, have not eliminated the need for the money markets. Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition2) Explain how the Federal Reserve can influence the federal funds interest rate. Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition3) Explain why the money markets are referred to as wholesale markets.Topic: Chapter 11.1 The Money Markets DefinedQuestion Status: Previous Edition4) Explain why money market interest rates move so closely together over time. Topic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: Previous Edition5) How are Treasury bills sold? How do competitive and noncompetitive bids differ? Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition6) What are the main characteristics of money market securities?Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition7) What are the major types of securities and who are the major participants in the money markets?Topic: Chapter 11.3 Who Participates in the Money Markets?Question Status: Previous Edition8) Explain how and why repurchase agreements would be used.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: Previous Edition9) The size of the asset-backed commercial paper market nearly doubled between 2004 and 2007 to about $1 trillion. Discuss how the subprime meltdown and collapse of the ABCP market almost led to the collapse of the money market mutual fundmarket as well.Topic: Chapter 11.4 Money Market InstrumentsQuestion Status: New Question10) Why would we expect rates on money market securities to move together? Topic: Chapter 11.5 Comparing Money Market SecuritiesQuestion Status: New Question。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
第11章、金融市场主要流派介绍
第1知识点、金融市场主要流派介绍
【单项选择】1 、资本市场上的资产定价理论与模型是以（）为前提条件（难度系数：易）
A、市场有效性
B、资产都是无风险的
C、交易费用存在
D、以上都不对
参考答案：A
【单项选择】2 、资本市场中的金融资产是一种（）（难度系数：易）
A、实体资产
B、基础资产
C、虚拟资产
D、以上都不对
参考答案：C
【单项选择】3 、在允许无风险借贷的情况下，有效集变成（）（难度系数：易）
A、一个点
B、一条直线
C、一条曲线
D、一个单位圆
参考答案：B
【单项选择】4 、是经济学的核心命题（）。
（难度系数：易）
A、民主
B、效率
C、公平
D、正义
参考答案：B
【单项选择】5 、下列哪项是有效市场的充分条件（）。
（难度系数：易）
A、股票价格随机行走
B、不可能存在持续获得超额利润的交易规则
C、价格迅速准确反映信息
D、股票市场没有交易成本
参考答案：D
【单项选择】6 、投资者对风险和收益的偏好状况与该投资者风险资产组合的最优构成是（）。
（难度系数：易）
A、正相关
B、负相关
C、无关的
D、皆有可能
参考答案：C
【单项选择】7 、（）是有效市场的必要条件。
（难度系数：易）
A、股票价格随机游走
B、信息无法免费获得
C、所有投资者对当前和未来的价格认识一致
D、股票市场没有交易成本
参考答案：A
【单项选择】8 、根据分离定理，投资者对风险和收益的偏好状况与该投资者风险资产组合的最优构成是（）。
（难度系数：易）
A、正相关
B、负相关
C、无相关
D、以上都有可能
参考答案：C
【单项选择】9 、关于弱式有效市场说法正确的是（）。
（难度系数：易）
A、市场价格充分反映了市场中的一切历史信息，或者说一切历史信息都已经反映到了当前的价格之中的市场。
B、市场价格除了充分地反映了市场中的一切历史信息，同时还充分地反映了除了历史信息以外的其他一切公开信息，如市场宏观信息、企业微观信息等的市场。
C、市场价格除了充分地反映了市场中的一切公开信息，还充分反映了一切内幕信息的市场。
D、由所有证券构成的组合，在这个组合中，每一种证券的构成比例等于该证券的相对市值。
参考答案：A
【判断】10 、对于投资者而言，有效集是客观存在的，它是由证券市场决定的。
而无差异曲线则是主观的，它是由自己的风险——收益偏好决定的。
（难度系数：易）
A、正确
B、错误
参考答案：A
【判断】11 、根据分离定理，在均衡状态下，每种证券在均点处投资组合中都有一个非零的比例。
（难度系数：易）
A、正确
B、错误
参考答案：A
【判断】12 、比较资本市场线和证券市场线可以看出，只有最优投资组合才落在资本市场线上，其他组合和证券则落在资本市场线上方。
（难度系数：易）
A、正确
B、错误
参考答案：B
【判断】13 、资本市场效率理论又称为“有效市场假说”，是1970年芝加哥大学Eugene Fama 教授提出来的。
（难度系数：易）
A、正确
B、错误
参考答案：A
【判断】14 、如果市场达到弱势有效，说明基本因素分析法都是无效的。
（难度系数：易）
A、正确
B、错误
参考答案：B
【判断】15 、资本资产定价模型所揭示的投资收益与风险的函数关系表明资产的预期收益等于市场对无风险所要求的收益率加上风险溢价。
（难度系数：易）
A、正确
B、错误
参考答案：A
【判断】16 、完全竞争市场是有效市场的假设条件之一。
（难度系数：易）
A、正确
B、错误
参考答案：A
【判断】17 、如果市场达到半强势有效的，说明打探内幕消息也不会取得超额利润。
（难度系数：易）
A、正确
B、错误
参考答案：B
【判断】18 、如果市场没有达到弱式有效，投资组合应该采取积极的策略。
（难度系数：易）
A、正确
B、错误
参考答案：A
【多项选择】19 、有效市场的假设条件有（）。
（难度系数：易）
A、完全竞争市场
B、理性投资者主导市场
C、投资者可以无成本地得到信息
D、交易无费用
E、资金可以在资本市场中自由流动
参考答案：A, B, C, D, E
【多项选择】20 、（）决定了有效集和无差异曲线的相切点只有一个，也就是说最优投资组合是唯一的。
（难度系数：易）
A、有效集向上凸的特性
B、有效集向下凸的特性
C、无差异曲线向下凸的特性
D、无差异曲线向上凸的特性
参考答案：A, C
【多项选择】21 、在现实中，为方便起见，人们常将（）当作无风险资产。
（难度系数：易）
A、1年期的国库券
B、长期国债
C、证券投资基金
D、货币市场基金
参考答案：A, D
【多项选择】22 、套利组合要满足的条件有（）。
（难度系数：易）
A、套利组合要求投资者不追加资金
B、套利组合对任何因素的敏感度为零
C、套利组合对任何因素的敏感度大于零
D、套利组合的预期收益率应大于零
E、套利组合的预期收益率应为零
参考答案：A, B, D
【多项选择】23 、有效市场的形式包括：（）（难度系数：易）
A、弱式有效市场
B、半强式有效市场
C、强式有效市场
D、无效市场
参考答案：A, B, C
【多项选择】24 、以下属于资本资产定价模型假定的是（）：（难度系数：易）
A、所有投资者的投资期均相同。
B、投资者根据投资组合在单一投资期内的预期收益率和标准差来评价这些投资组合。
C、投资者永不满足，当面临其他条件相同的两种选择时，其将选择具有较高预期收益率的那一种。
D、投资者是厌恶风险的，当面临其他条件相同的两种选择时，其将选择具有较小标准差的那一种。
E、只有一种资产是无限可分的。
参考答案：A, B, C, D
【多项选择】25 、在现实生活中，无风险资产包含的条件是：（）（难度系数：易）
A、没有任何收益
B、没有任何违约可能
C、没有市场风险
D、没有任何风险
参考答案：B, C。