投资学模拟试题第八套
证券投资分析 总10套第8套
（据说上期命中率80%）2011年9月证券从业资格测试考前押题证券投资分析总10套第8套证券投资分析总10套第8套一．单选题01：下列关于影响债券投资价值的因素的分析中，说法错误的是（）。
A：信用级别越低的债券，债券的内在价值也越低B：市场总体利率水平下降时，债券的内在价值也下降C：债券的票面利率越低，债券价值的易变性也越大D：流动性好的债券比流动性差的债券有较高的内在价值02：（）年ICFA和FAF合并，成立了现在的投资管理和研究协会（AIMR）。
A：1980B：1970C：1990D：199503：以下关于涨跌停板制度下的量价分析基本判断，正确的有（）。
A：涨停量小，将继续上扬B：涨停板被打开次数越多，反转下跌的可能性越大C：涨停板上成交量越大，反转下跌的可能性越大D：封住涨停板的买盘数量越大，次日继续当前走势的概率越大04：M头形成以后，可以做如下判断（）。
A：头部形成，应当做空B：可能形成矩形整理形态C：如果向下突破颈线，应当做空D：反转形态，股价下行05：下列关于证券投资分析主要方法的说法，不正确的是（）。
A：基本分析方法是根据经济学、金融学、投资学等基本原理推导出结论的分析方法B：技术分析方法是根据证券市场自身变化规律得出结果的分析方法C：证券组合分析法的出发点是运用多元化投资来有效降低非系统性风险D：技术分析方法的最大特点是数量化分析06：不属于松的货币政策的主要政策手段是（）。
A：增加货币供应量B：降低利率C：放松信贷控制D：提高利率07：使证券市场呈现上升走势的最有利的经济背景条件是（）。
A：持续、稳定、高速的GDP增长B：高通胀下GDP增长C：宏观调控下GDP减速增长D：转折性的GDP变动08：金融机构在实践中通常会使用久期来控制持仓债券的利率风险，具体的措施是针对固定收益类产品设定（）指标进行控制。
A：久期+到期期限B：久期凸性C：久期+获利期D：久期额度09：具有明显的形态方向且和原有的趋势方向相反的整理形态有（）。
《证券投资学》模拟试卷参考答案(第8套)[5页]
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《证券投资学》模拟试卷8参考答案一、单项选择题（每题1分，共12分）1. D 解析：证券投资基金的特征包括：集合投资；分散风险；专业理财；严格监督、信息透明；利益共享、风险同担2.C 解析：市盈率=每股价格/每股收益。
3. C 解析：融券保证金比例=保证金/（融券卖出证券数量*卖出价格）。
4. C 解析：1970年美国著名金融学家尤金.法玛（Eugene F. Fama）提出有效市场假说。
5. A 解析：在弱式有效市场中价格反映了历史交易信息，包括历史价格水平、价格波动、交易量等。
6. D. 解析：公开市场操作是目前中央银行控制货币供给量最常用的工具。
7.C 解析：根据杜邦分解净资产收益率=销售净利率*资产周转率*权益乘数，权益乘数=1/(1-资产负债率)8. A 解析：根据现代投资组合理论（MPT），非系统性风险可以通过充分分散化投资组合来消除，只有系统性风险暴露才会影响证券期望收益率9. C 解析：道氏理论认为收盘价是最重要的价格，并利用收盘价计算平均价格指数。
10. D 解析：对于必需品，收入不是需求的主要决定因素，因此必需品的销售额对经济状况敏感性低，食品、医药等行业均对经济周期相对不敏感。
11.C 解析：VaR=ασW∗√∆t=2.33∗20%∗5000∗√10/250=466（元）12.B 解析：β=w1*β1+w2*β2+w3*β3=0.94二、简答题（每题4分，共16分）1.a. 股票的特征包括：不可返还性、流动性、权责性、收益性、波动性与风险性。
b. 债券的特征包括：偿还性、收益性、流动性和安全性。
c. 债券与股票的区别包括：（1）性质不同：债券是一种债权债务关系凭证，股票是一种所有权凭证。
（2）发行主体不同：债券的发行主体可以是股份有限公司，也可以是非股份有限公司和政府；而股票发行主体必须是股份有限公司。
（3）发行期限不同：债券一般有固定的期限，到期还本付息；而股票是无期限的。
证券从业资格证考试练习题(第八套)
证券从业资格证考试练习题（第八套）您的姓名： [填空题] *_________________________________一、单选题1.以下关于货币政策传导机制的一般过程说法正确的是（）。
[单选题] *A.货币政策工具——中介目标——操作目标——最终目标B.货币政策工具——操作目标——中介目标——最终目标(正确答案)C.最终目标——货币政策工具——中介目标——操作目标D.最终目标——操作目标——中介目标——货币政策工具2.作为“发行的银行”，流通中的通货是中央银行资产负债表的（）项目。
[单选题] *A.资产类B.负债类(正确答案)C.权益类D.综合类3.（）是中央银行货币政策的首要目标。
[单选题] *A.稳定物价(正确答案)B.充分就业C.促进经济增长D.平衡国际收支4.货币乘数是指（）。
[单选题] *A.基础货币和货币供给之间的倍数关系(正确答案)B.贷款数和货币供给之间的倍数关系C.存款数和货币供给之间的倍数关系D.准备金数与货币供给之间的倍数关系5.可以作为判断货币政策力度和效果的重要指示变量的，是货币政策作用过程中一个十分重要的中间环节的货币政策目标是（）。
[单选题] *A.最终目标B.中介目标(正确答案)C.操作目标D.货币供应量6.下列关于货币最终目标的表述错误的是（）。
[单选题] *A.最终目标相对固定，基本上与一个国家的宏观经济目标相一致B.货币政策的最终目标包括稳定物价、充分就业、经济增长等C.经济增长是中央银行货币政策的首要目标(正确答案)D.货币政策要对最终目标发生作用只能借助于货币政策工具7.选择性货币政策工具包括消费者信用控制、证券市场信用控制、（）等。
[单选题] *A.不动产信用控制(正确答案)B.再贴现政策C.常用借款便利D.回购交易8.中央银行采取的旨在影响银行系统的资金运用方向和信贷资金利率结构的各种措施是指（）。
[单选题] *A.一般性货币政策工具B.选择性货币政策工具(正确答案)C.创新性货币政策工具D.其他货币工具9.中国人民银行行长博鳌亚洲论坛分论坛上提出了一整套的金融领域的开放举措和明确的时间表，概括来说，主要有“三大原则”和“十二大措施”。
2019年证券从业资格考试《金融市场基础知识》模拟卷及答案第八套
2019年证券从业资格考试《金融市场基础知识》模拟卷及答案第八套第 1题下列属于货币政策手段的是( )。
A、调节税率B、发行国债C、再贴现政策D、增加财政支出【正确答案】C货币政策是政府重要的宏观经济政策，中央银行通常采用存款准备金制度、再贴现政策、公开市场业务等货币政策手段调控货币供应量，从而实现发展经济、稳定货币等政策目标。
第 2题中国资产证券化元年是( )年。
A、2004B、2005C、2006D、2007【正确答案】B2005 年被称为“中国资产证券化元年”，信贷资产证券化和房地产证券化取得新的进展，引起国内外广泛关注。
第 3题某证券公司持有一种国债，面值 1000 万元，当时标准券折算率为1.27。
当日该公司有现金余额 6000 万元，买入股票 100 万股，均价) 每股 20 元，申购新股 800 万股，每股 6 元。
该公司需回购融入( )资金方可保证当日资金清算和交收。
A、600 万元B、800 万元C、500 万元D、480 万元【正确答案】B(1)买股票应付资金=100*20=2000 (万元)(2)申购新股应付资金=800*6=4800 (万元)(3)应付资金总额 =2000+4800=6800 万元第 4题目前，上海证券交易所标的证券范围参照( )成分股并满足规定条件的 180 只股票和 4只交易所交易型开放式指数基金。
A、上证 50 指数B、上证 180 指数C、上证 380 指数D、国债指数【正确答案】B目前，上海证券交易所标的证券范围参照上证 180 指数成分股并满足规定条件的 180 只股票和 4 只交易所交易型无式指数基金。
第 5题买断式回可选择的结算方式包括( )。
I .见款付券II.券款对付III.纯券过户IV.见券付款A.ⅠⅡⅢB.ⅡⅢⅣC.ⅠⅡⅣD.ⅠⅢⅣ【正确答案】C买断式回购以净价交易，全价结算，可选择的结算方式为券款对付、见券付款和见款付券三种方式。
证劵投资学考试模拟题及参考答案
证券投资学考试模拟题及参考答案一、单选题（共50题，每题1分，共50分）1、债券按付息方式分类，可以分为（）。
A、政府债券、金融债券和公司债券B、零息债券、附息债券和息票累积债券C、实物债券、凭证式债券和记账式债券D、短期债券、中期债券和长期债券正确答案：B答案解析：考查债券的分类。
按付息方式，债券可以分为零息债券、附息债券和息票累积债券。
2、《货币市场基金管理暂行规定》规定：“对于每日按照面值进行报价的货币市场基金，可以在基金合同中将收益分配的方式约定为（），并应当（）进行收益分配。
”A、现金分红每日B、现金分红每周C、红利再投资每日D、红利再投资每周正确答案：C答案解析：考查货币市场基金的利润分配方式。
3、M头形态的颈线的作用是（）。
A、构筑轨道B、趋势线C、支撑线D、压力线正确答案：C4、有价证券按照（）可分为股票、债券和其他证券三大类。
A、发行主体B、违约风险C、收益是否固定D、证券所代表的权利性质正确答案：D5、（）是指由发行公司委托证券公司等证券中介机构代理出售证券的发行。
A、私募发行B、间接发行C、公募发行D、直接发行正确答案：B6、根据对称三角形的特殊性，我们可以预测（）。
A、股价向上或向下突破的高度区间B、股价向上或向下突破的时间区域C、股价向上或向下突破的方向D、以上都不对正确答案：B7、与市场上其他理财产品相比，基金的一个突出特点就是（）。
A、价值较高B、流通性较强C、透明度较高D、需求较大正确答案：C答案解析：考查基金信息披露。
在我国基金信息披露具有强制性。
8、深圳证券交易所的股价指数包括（）。
A、深证成分指数B、深证综合指数C、深证A股指数D、深证500指数E、ABCF、深证300正确答案：E答案解析：深证指数包含的内容。
9、（）认为收盘价是最重要的价格。
A、道氏理论B、形态理论C、波浪理论D、切线理论正确答案：A10、按照基金的（）划分，证券投资基金可分为成长型基金、收入型基金、平衡型基金。
《证券投资学》模拟试卷(第4套)[3页]
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《证券投资学》模拟试卷4一、单项选择题（每题1分，共10分）1、开盘价与最高价相等，且收盘价不等于开盘价的K线被称为（）A. 光头阳线B. 光头阴线C. 光脚阳线D. 光脚阴线2、若预期股市将大幅增长，则股票指数期权市场上的下列哪项交易的风险最小（）A．购买一份看涨期权 B.购买一份看跌期权C. 出售一份看涨期权D.出售一份开跌期权3、下列关于市场组合的说法，不正确的是（）A．它包括了所有公开交易的金融资产B．它位于有效边界上C．它是资本市场线和无差异曲线的切点D．市场组合中的所有证券都按其市值比例持有4、通过两个或以上的不同市场，同时买卖某一种或两种类似的资产或商品，以获得无风险利润的投资者称为（）A. 投机者B. 套利者C. 套期保值者D. 价值投资者5、宏观经济的领先指标是( )A. 工业增加值B. PMI指数C. 固定资产投资D. CPI指标6、测量分散化投资的投资组合中的某一证券的风险用的是（）A．特有风险B．收益的标准差C．再投资风险D．协方差7、关于通货膨胀对股票价格的影响，下列说法正确的是（）A.温和的通货膨胀会导致股票价格上扬B.严重的通货膨胀会导致股票价格上扬C.温和的通货膨胀会导致股票价格下降D.通货膨胀总是抑制股票价格上涨8、一家公司处于行业生命周期的创业阶段，很可能有（）A．高市场占有率B．高风险C．较高的发展速度D．高风险和较高的发展速度9、一个公司的市盈率是12，ROE是13%，则市净率是（）A．0.64 B．0.92 C．1.08 D．1.5610、关于指数基金，下列说法错误的是（）A. 指数基金是非常分散化的投资B. 指数基金总是处于满仓状态C. 指数基金的交易成本较低D. 指数基金是被动型指数基金二、简答题（每题4分，共24分）1. 债券、普通股和优先股之间的主要区别是什么2.什么是防御型股票？列出三个该类别股票的行业3.简述资产组合理论的基本内容4.技术分析的三大基本假设是什么？使用技术分析有哪些注意点5.简述相对估值法6.业绩测度指标主要有哪四种三、计算题（每题8分，共32分）1. A公司的ROE为16%，再投资率为50%,若预期未来一年的每股收益为2元，市场资本化率为12%。
投资学教程(上财版)第8章习题集
《投资学》第8章习题集一、判断题1、债券的发行期限是债券发行时就确定的债券还本期限。
（）2、一组信用质量相同、但期限不同的债券的到期收益率和剩余期限的关系用图形描画出来的曲线，就是收益率曲线。
（）3、隆起收益率曲线的含义是：随着债券剩余期限长度的减少，债券到期收益率先上升后降低。
（）4、利率期限结构研究的是其他因素相同、期限不同债券的收益率和到期期限之间的关系（）5、附息债券的价值就等于剥离后的若干个零息债券的价值之和。
（）6、无偏预期理论认为，远期利率是人们对未来到期收益率的普遍预期。
（）7、在流动性偏好理论下，长期利率一般都比短期利率高。
（）8、市场分割理论认为，投资者一般都会比较固定地投资于*个期限的债券，这就形成了以期限为划分标识的细分市场。
（）9、简单的说，久期是债券还本的加权平均年限。
（）10、附息债券的久期等于其剩余期限。
（）11、修正久期可以反映债券价格对收益率变动的敏感程度。
（）12、其他条件不变时，债券的到期日越远，久期也随之增加，但增加的幅度会递减。
（）13、其他条件不变，到期收益率越高，久期越长。
（）14、随着收益率变动幅度的增加，用久期来测算债券价格变化的精确度在减小。
（）15、一般而言，债券价格与利率的关系并不是线性的。
（）16、凸性系数是债券价格对收益率的一阶导数除以2倍的债券价格。
（）17、久期与债券价格相对于收益率的一阶导相关，因此称为一阶利率风险。
（）18、当收益率（利率）变动较小时，债券价格的变动近似线性，只需要考虑凸性。
（）19、债券组合管理大致可以分为两类：消极的债券组合管理和积极的债券组合管理。
（）20、有效债券市场是指债券的当前价格能够充分反映所有有关的、可得信息的债券市场。
（）21、如果债券市场是有效的，投资者将找不到价格被错估的债券，也不必去预测市场利率的变化。
（）22、常见的消极的债券组合管理包括：免疫组合和指数化投资。
（）23、市场利率变动对债券投资收益的影响包括：影响债券的市场价格，影响债券利息的再投资收益。
投资学练习题及答案
投资学练习题及答案(总19页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--作业1资产组合理论＆CAPM一、基本概念1、资本资产定价模型的前提假设是什么2、什么是资本配置线其斜率是多少3、存在无风险资产的情况下，n种资产的组合的可行集是怎样的（画图说明）；什么是有效边界风险厌恶的投资者如何选择最有效的资产组合（画图说明）4、什么是分离定理5、什么是市场组合6、什么是资本市场线写出资本市场线的方程。
7、什么是证券市场线写出资本资产定价公式。
8、β的含义二、单选1、根据CAPM，一个充分分散化的资产组合的收益率和哪个因素相关（ A ）。
A．市场风险 B．非系统风险 C．个别风险 D．再投资风险2、在资本资产定价模型中，风险的测度是通过（B）进行的。
A．个别风险 B．贝塔系数 C．收益的标准差 D．收益的方差3、市场组合的贝塔系数为（B）。
A、0B、1C、-1D、4、无风险收益率和市场期望收益率分别是和。
根据CAPM模型，贝塔值为的证券X的期望收益率为（D）。
A． B． C．美元 D．5、对于市场投资组合，下列哪种说法不正确（D）A．它包括所有证券B．它在有效边界上C．市场投资组合中所有证券所占比重与它们的市值成正比D．它是资本市场线和无差异曲线的切点6、关于资本市场线，哪种说法不正确（C）A．资本市场线通过无风险利率和市场资产组合两个点B．资本市场线是可达到的最好的市场配置线C．资本市场线也叫证券市场线D．资本市场线斜率总为正7、证券市场线是（D）。
A、充分分散化的资产组合，描述期望收益与贝塔的关系B、也叫资本市场线C、与所有风险资产有效边界相切的线D、描述了单个证券（或任意组合）的期望收益与贝塔关系的线8、根据CAPM模型，进取型证券的贝塔系数（D）A、小于0B、等于0C、等于1D、大于19、美国“9·11”事件发生后引起的全球股市下跌的风险属于（A）A、系统性风险B、非系统性风险C、信用风险D、流动性风险10、下列说法正确的是（C）A、分散化投资使系统风险减少B、分散化投资使因素风险减少C、分散化投资使非系统风险减少D、.分散化投资既降低风险又提高收益11、现代投资组合理论的创始者是（A）A.哈里.马科威茨B.威廉.夏普C.斯蒂芬.罗斯D.尤金.珐玛12、反映投资者收益与风险偏好有曲线是（D）A.证券市场线方程B.证券特征线方程C.资本市场线方程D.无差异曲线13、不知足且厌恶风险的投资者的偏好无差异曲线具有的特征是（B）A.无差异曲线向左上方倾斜B.收益增加的速度快于风险增加的速度C.无差异曲线之间可能相交D.无差异曲线位置与该曲线上的组合给投资者带来的满意程度无关14、反映证券组合期望收益水平和单个因素风险水平之间均衡关系的模型是（A）A.单因素模型B.特征线模型C.资本市场线模型D.套利定价模型三、多项选择题1、关于资本市场线，下列说法正确的是（ABD）。
Investments 8ed Bodie 投资学 第八版 博迪 习题答案
Investments 8ed Bodie 投资学第八版博迪习题答案CHAPTER 1 THE INVESTMENT ENVIRONMENTPROBLEM SETS1 Ultimately it is true that real assets determine the material well being of an economy Nevertheless individuals can benefit when financial engineering creates new products that allow them to manage their portfolios of financial assets more efficiently Because bundling and unbundling creates financial products with new properties and sensitivities to various sources of risk it allows investors to hedge particular sources of risk more efficientlySecuritization requires access to a large number of potential investors To attract these investors the capital market needsa safe system of business laws and low probability of confiscatory taxationregulationa well-developed investment banking industrya well-developed system of brokerage and financialtransactions andwell-developed media particularly financial reportingThese characteristics are found in indeed make for a well-developed financial market3 Securitization leads to disintermediation that is securitization provides a means for market participants to bypass intermediaries For example mortgage-backed securities channel funds to the housing market without requiring that banks or thrift institutions make loans from their own portfolios As securitization progresses financial intermediaries must increase other activities such as providing short-term liquidity to consumers and small business and financial services4 Financial assets make it easy for large firms to raise the capital needed to finance their investments in real assets If General Motors for example could not issue stocks or bonds to the general public it would have a far more difficult time raising capital Contraction of the supply of financial assets would make financing more difficult thereby increasing the cost of capital A higher cost of capital results in less investment and lower real growth5 Even if the firm does not need to issue stock in any particular year the stock market is still important to the financial manager The stock price provides important information about how the market values the firms investment projects For example if the stock price rises considerably managers might conclude that the market believes the firms future prospects are bright This might be a useful signal to the firm to proceed with an investment such as an expansion of the firms businessIn addition the fact that shares can be traded in the secondary market makes the shares more attractive to investors since investors know that when they wish to they will be able to sell their shares This in turn makes investors more willing to buy shares in a primary offering and thus improves the terms on which firms can raise money in the equity market6 a Cash is a financial asset because it is the liability of the federal governmentb No The cash does not directly add to the productive capacity of the economyc Yesd Society as a whole is worse off since taxpayers as a group will make up for the liability7 a The bank loan is a financial liability for Lanni Lannis IOU is the banks financial asset The cash Lanni receives is a financial asset The new financial asset created is Lannis promissory note that is Lannis IOU to the bankb Lanni transfers financial assets cash to the software developers In return Lanni gets a real asset the completed software No financial assets are created or destroyed cash is simply transferred from one party to anotherc Lanni gives the real asset the software to Microsoft in exchange for a financial asset 1500 shares of Microsoft stock If Microsoft issues new shares in order to pay Lanni then this would represent the creation of new financial assetsd Lanni exchanges one financial asset 1500 shares of stock for another 120000 Lanni gives a financial asset 50000 cash to the bank and gets back another financial asset its IOU The loan is "destroyed" in the transaction since itis retired when paid off and no longer exists8 aAssets LiabilitiesShareholders equity Cash 70000 Bank loan50000 Computers 30000 Shareholders equity 50000 Total 100000 Total 100000 Ratio of real assets to total assets 30000100000 030bAssets LiabilitiesShareholders equity Software product 70000Bank loan 50000 Computers 30000Shareholders equity 50000 Total 100000Total 100000 Valued at costRatio of real assets to total assets 100000100000 10 cAssets LiabilitiesShareholders equity Microsoft shares 120000Bank loan 50000 Computers 30000Shareholders equity 100000 Total 150000Total 150000 Ratio of real assets to total assets 30000150000 020Conclusion when the firm starts up and raises working capital it is characterized by a low ratio of real assets tototal assets When it is in full production it has a high ratio of real assets to total assets When the project "shuts down" and the firm sells it off for cash financial assets once again replace real assets9 For commercial banks the ratio is 1075104109 0010For non-financial firms the ratio is 1329525164 0528 The difference should be expected primarily because the bulk of the business of financial institutions is to make loans which are financial assets for financial institutions10 a Primary-market transactionb Derivative assetsc Investors who wish to hold gold without the complication and cost of physical storage11 a A fixed salary means that compensation is at least in the short run independent of the firms success This salary structure does not tie the managers immediate compensation to the success of the firm However the manager might view this as the safest compensation structure and therefore value it more highlyb A salary that is paid in the form of stock in the firm means that the manager earns the most when the shareholders wealth is imized This structure is therefore most likely to align the interests of managers and shareholders If stock compensation is overdone however the manager might view it as overly risky since the managers career is already linked to the firm and this undiversified exposure would be exacerbated with a large stock position in the firmc Call options on shares of the firm create great incentives for managers to contribute to the firms success In some cases however stock options can lead to other agency problems For example a manager with numerous call options might be tempted to take on a very risky investment project reasoning that if the project succeeds the payoff will be huge while if it fails the losses are limited to the lost value of the options Shareholders in contrast bear the losses as wellas the gains on the project and might be less willing to assume that risk12 Even if an individual shareholder could monitor and improve managers performance and thereby increase the value of the firm the payoff would be small since the ownership share in a large corporation would be very small For example if you own 10000 of GM stock and can increase the value of the firm by 5 a very ambitious goal you benefit by only 005 10000 500 In contrast a bank that has a multimillion-dollar loan outstanding to the firm has a big stake in making sure that the firm can repay the loan It is clearly worthwhile for the bank to spend considerable resources to monitor the firm13 Mutual funds accept funds from small investors and invest on behalf of these investors in the national and international securities marketsPension funds accept funds and then invest on behalf of current and future retirees thereby channeling funds from one sector of the economy to anotherVenture capital firms pool the funds of private investors and invest in start-up firmsBanks accept deposits from customers and loan those funds to businesses or use the funds to buy securities of largecorporations14 Treasury bills serve a purpose for investors who prefer a low-risk investment The lower average rate of return compared to stocks is the price investors pay for predictability of investment performance and portfolio value15 With a top-down investing style you focus on asset allocation or the broad composition of the entire portfolio which is the major determinant of overall performance Moreover top-down management is the natural way to establish a portfolio with a level of risk consistent with your risk tolerance The disadvantage of an exclusive emphasis on top-down issues is that you may forfeit the potential high returns that could result from identifying and concentrating in undervalued securities or sectors of the market With a bottom-up investing style you try to benefit from identifying undervalued securities The disadvantage is that you tend to overlook the overall composition of your portfolio which may result in a non-diversified portfolio or a portfolio with a risk level inconsistent with your level of risk tolerance In addition this technique tends to require more active management thus generating more transaction costs Finally your analysis may be incorrect in which case you will have fruitlessly expended effort and money attempting to beat a simple buy-and-hold strategy16 You should be skeptical If the author actually knows how to achieve such returns one must question why the author would then be so ready to sell the secret to others Financialmarkets are very competitive one of the implications of this fact is that riches do not come easily High expected returns require bearing some risk and obvious bargains are few and far between Odds are that the only one getting rich from the book is its author17 a The SEC website defines the difference between saving and investing in terms of the investment alternatives or the financial assets the individual chooses to acquire According to the SEC website saving is the process of acquiring a safe financial asset and investing is the process of acquiring risky financial assetsb The economists definition of savings is the difference between income and consumption Investing is the process of allocating ones savings among available assets both real assets and financial assets The SEC definitions actually represent according the economists definition two kinds of investment alternatives18 As is the case for the SEC definitions see Problem 17 the SIA defines saving and investing as acquisition of alternative kinds of financial assets According to the SIA saving is the process of acquiring safe assets generally from a bank while investing is the acquisition of other financialassets such as stocks and bonds On the other hand the definitions in the chapter indicate that saving means spending less than ones income Investing is the process of allocating ones savings among financial assets including savings account deposits and money market accounts saving according to the SIA other financial assets such as stocks and bonds investing according to the SIA as well as real assetsCHAPTER 2 ASSET CLASSES ANDFINANCIAL INSTRUMENTSPROBLEM SETS1 Preferred stock is like long-term debt in that it typically promises a fixed payment each year In this way it is a perpetuity Preferred stock is also like long-term debt in that it does not give the holder voting rights in the firm Preferred stock is like equity in that the firm is under no contractual obligation to make the preferred stock dividend payments Failure to make payments does not set off corporate bankruptcy With respect to the priority of claims to the assets of the firm in the event of corporate bankruptcy preferred stock has a higher priority than common equity but a lower priority than bonds2 Money market securities are called cash equivalentsbecause of their great liquidity The prices of money market securities are very stable and they can be converted to cash ie sold on very short notice and with very low transaction costs3 The spread will widen Deterioration of the economy increases credit risk that is the likelihood of default Investors will demand a greater premium on debt securities subject to default risk4 On the day we tried this experiment 36 of the 50 stocks met this criterion leading us to conclude that returns on stock investments can be quite volatile5 a You would have to pay the asked price of11831 11896875 of par 11896875b The coupon rate is 11750 implying coupon payments of 11750 annually or more precisely 5875 semiannually Current yield Annual coupon incomeprice1175011896875 00988 9886 P 10000102 9803927 The total before-tax income is 4 After the 70 exclusion for preferred stock dividends the taxable income is 030 4 120Therefore taxes are 030 120 036After-tax income is 400 – 036 364Rate of return is 3644000 9108 a General Dynamics closed today at 7459 which was 017 higher than yesterdays price Yesterdays closing price was 7442b You could buy 50007459 6703 sharesc Your annual dividend income would be 6703 092 6167d The price-to-earnings ratio is 16 and the price is 7459 Therefore7459Earnings per share 16 Earnings per share 4669 a At t 0 the value of the index is 90 50 100 3 80At t 1 the value of the index is 95 45 110 3 83333 The rate of return is 8333380 1 417In the absence of a split Stock C would sell for 110 so the value of the index would be 2503 83333After the split Stock C sells for 55 Therefore we need to find the divisor d such that83333 95 45 55 d d 2340c The return is zero The index remains unchanged becausethe return for each stock separately equals zero10 a Total market value at t 0 is 9000 10000 20000 39000Total market value at t 1 is 9500 9000 22000 40500Rate of return 4050039000 – 1 385The return on each stock is as followsrA 9590 – 1 00556rB 4550 – 1 –010rC 110100 – 1 010The equally-weighted average is[00556 -010 010]3 00185 18511 The after-tax yield on the corporate bonds is 009 1– 030 00630 630Therefore municipals must offer at least 630 yields12 Equation 22 shows that the equivalent taxable yield is r rm 1 – ta 400b 444c 500d 57113 a The higher coupon bondb The call with the lower exercise pricec The put on the lower priced stock14 a You bought the contract when the futures price was 142750 see Figure 212 The contract closes at a price of 1300 which is 12750 less than the original futures price The contract multiplier is 250 Therefore the loss will be12750 250 31875b Open interest is 601655 contracts15 a Since the stock price exceeds the exercise price you will exercise the callThe payoff on the option will be 42 40 2The option originally cost 214 so the profit is 200 214014Rate of return 014214 00654 654b If the call has an exercise price of 4250 you would not exercise for any stock price of 4250 or less The loss on the call would be the initial cost 072c Since the stock price is less than the exercise price you will exercise the putThe payoff on the option will be 4250 4200 050The option originally cost 183 so the profit is 050 183 133Rate of return 133183 07268 726816 There is always a possibility that the option will be in-the-money at some time prior to expiration Investors will pay something for this possibility of a positive payoff17Value of call at expiration Initial Cost Profita 0 4 -4b 0 4 -4 c0 4 -4 d 5 4 1 e 10 46Value of put at expiration Initial Cost Profita 10 6 4b 5 6 -1c 06 -6 d 0 6 -6 e 0 6-618 A put option conveys the right to sell the underlying asset at the exercise price A short position in a futures contract carries an obligation to sell the underlying asset at the futures price19 A call option conveys the right to buy the underlying asset at the exercise price A long position in a futures contract carries an obligation to buy the underlying asset at the futures priceCFA PROBLEMSd2 The equivalent taxable yield is 675 1 034 10233 a Writing a call entails unlimited potential losses as the stock price rises4 a The taxable bond With a zero tax bracket the after-tax yield for the taxable bond is the same as the before-tax yield5 which is greater than the yield on the municipal bondThe taxable bond The after-tax yield for the taxable bond is005 1 – 010 45You are indifferent The after-tax yield for the taxable bond is005 1 – 020 40The after-tax yield is the same as that of the municipal bondd The municipal bond offers the higher after-tax yield for investors in tax brackets above 20If the after-tax yields are equal then 0056 008 1 –tThis implies that t 030 30CHAPTER 3 HOW SECURITIES ARE TRADEDPROBLEM SETSAnswers to this problem will vary2 The SuperDot system expedites the flow of orders from exchange members to the specialists It allows members to send computerized orders directly to the floor of the exchange whichallows the nearly simultaneous sale of each stock in a large portfolio This capability is necessary for program trading3 The dealer sets the bid and asked price Spreads should be higher on inactively traded stocks and lower on actively traded stocks4 a In principle potential losses are unbounded growing directly with increases in the price of IBMb If the stop-buy order can be filled at 128 the imum possible loss per share is 8 If the price of IBM shares goes above 128 then the stop-buy order would be executed limiting the losses from the short sale5 a The stock is purchased for 300 40 12000The amount borrowed is 4000 Therefore the investor put up equity or margin of 8000If the share price falls to 30 then the value of the stock falls to 9000 By the end of the year the amount of the loan owed to the broker grows to4000 108 4320Therefore the remaining margin in the investors account is 9000 4320 4680The percentage margin is now 46809000 052 52Therefore the investor will not receive a margin callThe rate of return on the investment over the year isEnding equity in the account Initial equity Initial equity4680 8000 8000 0415 4156 a The initial margin was 050 1000 40 20000As a result of the increase in the stock price Old Economy Traders loses10 1000 10000Therefore margin decreases by 10000 Moreover Old Economy Traders must pay the dividend of 2 per share to the lender of the shares so that the margin in the account decreases by an additional 2000 Therefore the remaining margin is 20000 – 10000 – 2000 8000b The percentage margin is 800050000 016 16So there will be a margin callc The equity in the account decreased from 20000 to 8000 in one year for a rate of return of 1200020000 060 607 Much of what the specialist does eg crossing orders and maintaining the limit order book can be accomplished by a computerized system In fact some exchanges use an automated system for night trading A more difficult issue to resolve is whether the more discretionary activities of specialists involving trading for their own accounts eg maintaining an orderly market can be replicated by a computer system8 a The buy order will be filled at the best limit-sell order price 5025b The next market buy order will be filled at the next-best limit-sell order price 5150c You would want to increase your inventory There is considerable buying demand at prices just below 50 indicating that downside risk is limited In contrast limit sell orders are sparse indicating that a moderate buy order could result in a substantial price increase9 a You buy 200 shares of Telecom for 10000 These shares increase in value by 10 or 1000 You pay interest of 008 5000 400The rate of return will be012 12b The value of the 200 shares is 200P Equity is 200P –5000 You will receive a margin call when030 when P 3571 or lower10 a Initial margin is 50 of 5000 or 2500b Total assets are 7500 5000 from the sale of the stock and 2500 put up for margin Liabilities are 100P Therefore equity is 7500 – 100P A margin call will be issued when 030 when P 5769 or higher11 The total cost of the purchase is 40 500 20000You borrow 5000 from your broker and invest 15000 of your own funds Your margin account starts out with equity of 15000a i Equity increases to 44 500 – 5000 17000Percentage gain 200015000 01333 1333ii With price unchanged equity is unchangedPercentage gain zeroiii Equity falls to 36 500 – 5000 13000Percentage gain –200015000 –01333 –1333The relationship between the percentage return and the percentage change in the price of the stock is given by return change in price change in price 1333 For example when the stock price rises from 40 to 44 the percentage change in price is 10 while the percentage gain forthe investor isreturn 10 1333b The value of the 500 shares is 500P Equity is 500P –5000 You will receive a margin call when025 when P 1333 or lowerc The value of the 500 shares is 500P But now you have borrowed 10000 instead of 5000 Therefore equity is 500P –10000 You will receive a margin call when025 when P 2667With less equity in the account you are far more vulnerable to a margin callBy the end of the year the amount of the loan owed to the broker grows to5000 108 5400The equity in your account is 500P –5400 Initial equity was 15000 Therefore your rate of return after one year is as followsi 01067 1067ii –00267 –267–01600 –1600The relationship between the percentage return and the percentage change in the price of Intel is given by returnFor example when the stock price rises from 40 to 44 the percentage change in price is 10 while the percentage gain for the investor is1067e The value of the 500 shares is 500P Equity is 500P –5400 You will receive a margin call when025 when P 1440 or lower12 a The gain or loss on the short position is –500 PInvested funds 15000Therefore rate of return –500 P 15000The rate of return in each of the three scenarios isi rate of return –500 15000 –01333 –1333ii rate of return –500 15000 0iii rate of return [–500 –4 ]15000 01333 1333b Total assets in the margin account equal20000 from the sale of the stock 15000 the initial margin 35000Liabilities are 500P You will receive a margin call when 025 when P 56 or higherWith a 1 dividend the short position must now pay on the borrowed shares 1share 500 shares 500 Rate of return is now[ –500 P – 500]15000i rate of return [ –500 4 –500]15000 –01667 –1667ii rate of return [ –500 0 –500]15000 –00333 –333iii rate of return [ –500 –4 – 500]15000 01000 1000Total assets are 35000 and liabilities are 500P 500 A margin call will be issued when025 when P 5520 or higher13 The broker is instructed to attempt to sell your Marriott stock as soon as the Marriott stock trades at a bid price of 38 or less Here the broker will attempt to execute but may not be able to sell at 38 since the bid price is now 3795 The price at which you sell may be more or less than 38 because the stop-loss becomes a market order to sell at current market prices14 a 5550b 5525c The trade will not be executed because the bid price is lower than the price specified in the limit sell orderd The trade will not be executed because the asked price is greater than the price specified in the limit buy order15 a In an exchange market there can be price improvement in the two market orders Brokers for each of the market orders ie the buy order and the sell order can agree to execute a trade inside the quoted spread For example they can trade at 5537 thus improving the price for both customers by 012 or 013 relative to the quoted bid and asked prices The buyer gets the stock for 013 less than the quoted asked price and the seller receives 012 more for the stock than the quoted bid priceb Whereas the limit order to buy at 5537 would not be executed in a dealer market since the asked price is 5550 it could be executed in an exchange market A broker for another customer with an order to sell at market would view the limit buy order as the best bid price the two brokers could agree to the trade and bring it to the specialist who would then execute the trade16 a You will not receive a margin call You borrowed 20000 and with another 20000 of your own equity you bought 1000 shares of Disney at 40 per share At 35 per share the market value of the stock is 35000 your equity is 15000 and the percentage margin is 1500035000 429Your percentage margin exceeds the required maintenance marginYou will receive a margin call when035 when P 3077 or lowerThe proceeds from the short sale net of commission were14 100 – 50 1350A dividend payment of 200 was withdrawn from the account Covering the short sale at 9 per share cost you including commission 900 50 950Therefore the value of your account is equal to the net profit on the transaction1350 – 200 – 950 200Note that your profit 200 equals 100 shares profit per share of 2 Your net proceeds per share was14 selling price of stock–9 repurchase price of stock–2 dividend per share–1 2 trades 050 commission per share2CFA PROBLEMS1 a In addition to the explicit fees of 70000 FBN appears to have paid an implicit price in underpricing of the IPO The underpricing is 3 per share or a total of 300000 implying total costs of 370000b No The underwriters do not capture the part of the costs corresponding to the underpricing The underpricing may be arational marketing strategy Without it the underwriters would need to spend more resources in order to place the issue with the public The underwriters would then need to charge higher explicit fees to the issuing firm The issuing firm may be just as well off paying the implicit issuance cost represented by the underpricing2 d The broker will sell at current market price after the first transaction at 55 or less3 dCHAPTER 4 MUTUAL FUNDS ANDOTHER INVESTMENT COMPANIESPROBLEM SETS1 The unit investment trust should have lower operating expenses Because the investment trust portfolio is fixed once the trust is established it does not have to pay portfolio managers to constantly monitor and rebalance the portfolio as perceived needs or opportunities change Because the portfolio is fixed the unit investment trust also incurs virtually no trading costs2 a Unit investment trusts diversification from large-scale investing lower transaction costs associated with large-scale trading low management fees predictable portfoliocomposition guaranteed low portfolio turnover rateb Open-end mutual funds diversification from large-scale investing lower transaction costs associated with large-scale trading professional management that may be able to take advantage of buy or sell opportunities as they arise record keepingc Individual stocks and bonds No management fee realization of capital gains or losses can be coordinated with investors personal tax situations portfolio can be designed to investors specific risk profile3 Open-end funds are obligated to redeem investors shares at net asset value and thus must keep cash or cash-equivalent securities on hand in order to meet potential redemptions Closed-end funds do not need the cash reserves because there are no redemptions for closed-end funds Investors in closed-end funds sell their shares when they wish to cash out4 Balanced funds keep relatively stable proportions of funds invested in each asset class They are meant as convenient instruments to provide participation in a range of asset classes Life-cycle funds are balanced funds whose asset mix generally depends on the age of the investor Aggressive life-cycle funds with larger investments in equities are。
11240证券投资理论与实务全真模拟八套卷-答案
江苏省高等教育自学考试全真预测试卷一一．单项选择题1A、2C、3A、4B、5C、6D、7B、8A、9A、10B、11B、12B、13C、14D、15C、16C、17B、18D、19A、20B二．多项选择题1BCD、2ABCD、3AB、4ABC、5ACD三．填空题1普通股2优先股3优先认股权4股息5不确定性四．名词解释1.股票：是有价证券的一种主要形式，它是股份有限公司倾情发行的，用以证明投资者的股东身份和权益，并据以获取股息和红利的凭证。
2.优先股：是相对于普通股而言的，是在股份公司中对于公司利润，公司清理剩余资产享有优先分配的股权。
3.债券：发行者依照法安程序发行，并约定在一定期限内还本付息的有价证券，是表明投资者与筹资者之间债权债务关系的书面债务凭证。
4.政府债券：国家为了筹措资金而向投资者出具的、承诺在一定时间支付付息和到期还本的债务凭证。
五．简答题一、简述影响债券投资价格的因素。
内部因素：1.债券的信用评级。
2.债券的期限。
3.债券的票面利率。
4.债券的流动性。
5.债券的税收待遇。
6.债券的提前赎回条款。
外部因素：1.基础利率。
2.市场利率。
3.通货膨胀。
4.汇率二、简述利率期限结构的类型。
1.“正向的”利率曲线，表示期限越长的债券利率越高。
2.“反向的”利率曲线，表示期限越长的债券利率越低。
3.“平直的”利率曲线，表示同不期限的债券利率相等，这通常是正利率曲线与反利率曲线转化过程中出现的暂时现象。
4.“拱形的”利率曲线，表示期限相对较短的债券，利率与期限呈正向关系，期限相对较长的债券，利率与期限呈反向关系。
三、简述理性预期理论对利率期限结构的解释。
更改预期理论又称“无偏预期理论”，这种理论认为，投资者的一般看法构成市场预期，市场预期会随着通化膨胀预期和实际利率预期的变化而变化。
同时，该理论还认为，债券的远期利率在量上等于未来相同时期的即期利率的预期。
因而，一组呈上升趋势即期利率可被解释为是市场预期未来即期利率看涨，如“正向的”利率曲线；反之，则是市场预期未来即期利率看跌，如“反向的”利率曲线；当市场预期所有的即期利率大致相同时，会出现“平直的”利率曲线的情况；当市场预期未来即期利率在短期“二三年内”看涨，而后会下降时，就会出现“拱形的”利率曲线的情况。
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投资学模拟试题第八套
一、单项选择题（每题1分，共10分）
1、当预期证券市场行情将上升时，市场时机选择者将选择（）的证券组合。
①高α值②高β值
③低α值④低β值
2、按基金受益凭证变现方式的不同，可将投资基金划分为 ()。
① 开放型和封闭型② 公司型和契约型
③共同基金和互惠基金④成长型和收益型
3、就单枝K线而言，反映多方占据绝对优势的K线形状是（）。
①带有较长上影线的阳线②光头光脚大阴线
③光头光脚大阳线④大十字星
4、在以期望收益率为纵轴、标准差为横轴的坐标系中，如果两种证券的结合线为一条直线，则表明这两种证券（）。
①完全负相关②完全正相关
③部分相关④不相关
5、有效组合的期望收益率与标准差之间存在着一种简单的线性关系，它由（）提供完整描述。
①一组证券所对应的有效边缘
②证券特征线③资本市场线④证券市场线
6、按利息支付形式，债券可分为()。
①付息债券和贴现债券②贴现债券和浮动利率债券
③固定利率债券和浮动利率债券④付息债券和浮动利率债券
7、市场利率变动与股价的变动密切联系，从理论上说，其关系是()。
①利率提高，股价上升②利率提高，股价下跌
③利率下降，股价不变④利率下降，股价下跌
8、一条下降趋势线是否有效，需要经过（）的确认。
①第三个波谷点②第二个波谷点
③第三个波峰点④第二个波峰点
9、()的基金证券在证券交易所上市交易。
①开放型②封闭型③公司型④契约型
10、某投资者购买90天到期，年利率12%的可转让大额存单100万元，在持有45天后出售，当时市场利率10%，则该存单的转让价格为()。
①110万元②101.7万元③101.5万元④101.3万元
二、多项选择题（每题2分，共10分）
1、如果市场中只存在两种证券，那么在以期望收益率为纵轴、标准差为横轴的坐标系中，对应于这两种证券的可行域将可能是(）。
①一个由三条双曲线围成的区域②一条直线
③一条双曲线④一条折线⑤以上都不对
2、资本资产定价模型通过三个假设来简化所研究的问题，它们是(）。
① 投资者的个人偏好不存在差
②投资者都认为收益率应该与风险成正比
③投资者都依据期望收益率和标准差（方差）来选择证券组合
④投资者对证券的收益和风险及证券间的关联性具有完全相同的预期
⑤资本市场没有摩擦
3、令σP、αP和βP分别表示证券组合P的标准差、α系数和β系数，σM 表示市场组合的标准差，那么能够反映证券组合P所承担风险程度的有(）。
①αP②σP2③βP④βP2σM2⑤σP
4、K线记录的是证券在一定时间内交易的() 等几种价格。
①开盘价②最高价③最低价
④收盘价⑤中间价
5、股价运行趋势可以按方向划分为（）。
①主要趋势②次级趋势③上升趋势
④下降趋势⑤水平趋势
三、计算题（每题10分，共20分）
1、一可转换债券，当时市价为1200元，股票价格为21元，转换率为50，试计算转换升水或者贴水。
2、美国通用汽车公司发行面额为10美元的股票，预期股息是0.90美元，当前市场利率6%，则该股票的理论价格是多少?
四、简述题（每题8分，共40分）
1、如何进行流动比率分析？
2、产业有哪几种市场类型？
3、简述β系数的作用。
4、β和σP在测定证券风险中有何区别和联系？
5、为什么σP可以用于测定证券的风险？
五、论述题（每题20分，共20分）
1、论述技术分析的有效性。