金融学___人大版第二版_重点答案
《金融学(第二版)》讲义大纲及课后习题答案详解 第四章
CHAPTER 4THE TIME VALUE OF MONEY AND DISCOUNTED CASH FLOW ANALYSISObjectives•To explain the concepts of compounding and discounting, future value and present value.•To show how these concepts are applied to making financial decisions.Outline4.1 Compounding4.2 The Frequency of Compounding4.3 Present Value and Discounting4.4 Alternative Discounted Cash Flow Decision Rules4.5 Multiple Cash Flows4.6 Annuities4.7 Perpetual Annuities4.8 Loan Amortization4.9 Exchange Rates and Time Value of Money4.10 Inflation and Discounted Cash Flow Analysis4.11 Taxes and Investment DecisionsSummary•Compounding is the process of going from present value (PV) to future value (FV). The future value of $1 earning interest at rate i per period for n periods is (1+i)n.•Discounting is finding the present value of some future amount. The present value of $1 discounted at rate i per period for n periods is 1/(1+i)n.•One can make financial decisions by comparing the present values of streams of expected future cash flows resulting from alternative courses of action. The present value of cash inflows less the present value of cash outflows is called net present value (NPV). If a course of action has a positive NPV, it is worth undertaking. •In any time value of money calculation, the cash flows and the interest rate must be denominated in the same currency.•Never use a nominal interest rate when discounting real cash flows or a real interest rate when discounting nominal cash flows.How to Do TVM Calculations in MS ExcelAssume you have the following cash flows set up in a spreadsheet:Move the cursor to cell B6 in the spreadsheet. Click the function wizard f x in the tool bar and when a menu appears, select financial and then NPV. Then follow the instructions for inputting the discount rate and cash flows. You can input the column of cash flows by selecting and moving it with your mouse. Ultimately cell B6should contain the following:=NPV(0.1,B3:B5)+B2The first variable in parenthesis is the discount rate. Make sure to input the discount rate as a decimal fraction (i.e., 10% is .1). Note that the NPV function in Excel treats the cash flows as occurring at the end of each period, and therefore the initial cash flow of 100 in cell B2 is added after the closing parenthesis. When you hit the ENTER key, the result should be $47.63.Now move the cursor to cell B7to compute IRR. This time select IRR from the list of financial functions appearing in the menu. Ultimately cell B7 should contain the following:=IRR(B2:B5)When you hit the ENTER key, the result should be 34%.Your spreadsheet should look like this when you have finished:Solutions to Problems at End of Chapter1. If you invest $1000 today at an interest rate of 10% per year, how much will you have 20 years from now,assuming no withdrawals in the interim?2. a. If you invest $100 every year for the next 20 years, starting one year from today and you earninterest of 10% per year, how much will you have at the end of the 20 years?b. How much must you invest each year if you want to have $50,000 at the end of the 20 years?3. What is the present value of the following cash flows at an interest rate of 10% per year?a. $100 received five years from now.b. $100 received 60 years from now.c. $100 received each year beginning one year from now and ending 10 years from now.d. $100 received each year for 10 years beginning now.e. $100 each year beginning one year from now and continuing forever.e. PV = $100 = $1,000.104. You want to establish a “wasting” fund which will provide you with $1000 per year for four years, at which time the fund will be exhausted. How much must you put in the fund now if you can earn 10% interest per year?SOLUTION:5. You take a one-year installment loan of $1000 at an interest rate of 12% per year (1% per month) to be repaid in 12 equal monthly payments.a. What is the monthly payment?b. What is the total amount of interest paid over the 12-month term of the loan?SOLUTION:b. 12 x $88.85 - $1,000 = $66.206. You are taking out a $100,000 mortgage loan to be repaid over 25 years in 300 monthly payments.a.If the interest rate is 16% per year what is the amount of the monthly payment?b.If you can only afford to pay $1000 per month, how large a loan could you take?c.If you can afford to pay $1500 per month and need to borrow $100,000, how many months would it taketo pay off the mortgage?d.If you can pay $1500 per month, need to borrow $100,000, and want a 25 year mortgage, what is thehighest interest rate you can pay?SOLUTION:a.Note: Do not round off the interest rate when computing the monthly rate or you will not get the same answerreported here. Divide 16 by 12 and then press the i key.b.Note: You must input PMT and PV with opposite signs.c.Note: You must input PMT and PV with opposite signs.7. In 1626 Peter Minuit purchased Manhattan Island from the Native Americans for about $24 worth of trinkets. If the tribe had taken cash instead and invested it to earn 6% per year compounded annually, how much would the Indians have had in 1986, 360 years later?SOLUTION:8. You win a $1 million lottery which pays you $50,000 per year for 20 years, beginning one year from now. How much is your prize really worth assuming an interest rate of 8% per year?SOLUTION:9. Your great-aunt left you $20,000 when she died. You can invest the money to earn 12% per year. If you spend $3,540 per year out of this inheritance, how long will the money last?SOLUTION:10. You borrow $100,000 from a bank for 30 years at an APR of 10.5%. What is the monthly payment? If you must pay two points up front, meaning that you only get $98,000 from the bank, what is the true APR on the mortgage loan?SOLUTION:If you must pay 2 points up front, the bank is in effect lending you only $98,000. Keying in 98000 as PV and computing i, we get:11. Suppose that the mortgage loan described in question 10 is a one-year adjustable rate mortgage (ARM), which means that the 10.5% interest applies for only the first year. If the interest rate goes up to 12% in the second year of the loan, what will your new monthly payment be?SOLUTION:Step 2 is to compute the new monthly payment at an interest rate of 1% per month:12. You just received a gift of $500 from your grandmother and you are thinking about saving this money for graduation which is four years away. You have your choice between Bank A which is paying 7% for one-year deposits and Bank B which is paying 6% on one-year deposits. Each bank compounds interest annually. What is the future value of your savings one year from today if you save your money in Bank A? Bank B? Which is the better decision? What savings decision will most individuals make? What likely reaction will Bank B have? SOLUTION:$500 x (1.07) = $535Formula:$500 x (1.06) = $530a.You will decide to save your money in Bank A because you will have more money at the end of the year. Youmade an extra $5 because of your savings decision. That is an increase in value of 1%. Because interestcompounded only once per year and your money was left in the account for only one year, the increase in value is strictly due to the 1% difference in interest rates.b.Most individuals will make the same decision and eventually Bank B will have to raise its rates. However, it isalso possible that Bank A is paying a high rate just to attract depositors even though this rate is not profitable for the bank. Eventually Bank A will have to lower its rate to Bank B’s rate in order to make money.13.Sue Consultant has just been given a bonus of $2,500 by her employer. She is thinking about using the money to start saving for the future. She can invest to earn an annual rate of interest of 10%.a.According to the Rule of 72, approximately how long will it take for Sue to increase her wealth to $5,000?b.Exactly how long does it actually take?SOLUTION:a.According to the Rule of 72: n = 72/10 = 7.2 yearsIt will take approximately 7.2 years for Sue’s $2,500 to double to $5,000 at 10% interest.b.At 10% interestn i PV FV PMTSolve10 - $2,500 $5,0007.27 YearsFormula:$2,500 x (1.10)n = $5,000Hence, (1.10)n = 2.0n log 1.10 = log 2.0n = .693147 = 7.27 Years.095310rry’s bank account has a “floating” interest rate on certa in deposits. Every year the interest rate is adjusted. Larry deposited $20,000 three years ago, when interest rates were 7% (annual compounding). Last year the rate was only 6%, and this year the rate fell again to 5%. How much will be in his account at the end of this year?SOLUTION:$20,000 x 1.07 x 1.06 x 1.05 = $23,818.2015.You have your choice between investing in a bank savings account which pays 8% compounded annually (BankAnnual) and one which pays 7.5% compounded daily (BankDaily).a.Based on effective annual rates, which bank would you prefer?b.Suppose BankAnnual is only offering one-year Certificates of Deposit and if you withdraw your moneyearly you lose all interest. How would you evaluate this additional piece of information when making your decision?SOLUTION:a.Effective Annual Rate: BankAnnual = 8%.Effective Annual Rate BankDaily = [1 + .075]365 - 1 = .07788 = 7.788%365Based on effective annual rates, you would prefer BankAnnual (you will earn more money.)b.If BankAnnual’s 8% annual return i s conditioned upon leaving the money in for one full year, I would need tobe sure that I did not need my money within the one year period. If I were unsure of when I might need the money, it might be safer to go for BankDaily. The option to withdraw my money whenever I might need it will cost me the potential difference in interest:FV (BankAnnual) = $1,000 x 1.08 = $1,080FV (BankDaily) = $1,000 x 1.07788 = $1,077.88Difference = $2.12.16.What are the effective annual rates of the following:a.12% APR compounded monthly?b.10% APR compounded annually?c.6% APR compounded daily?SOLUTION:Effective Annual Rate (EFF) = [1 + APR] m - 1ma.(1 + .12)12 - 1 = .1268 = 12.68%12b.(1 + .10)- 1 = .10 = 10%1c.(1 + .06)365 - 1 = .0618 = 6.18%36517.Harry promises that an investment in his firm will double in six years. Interest is assumed to be paid quarterly and reinvested. What effective annual yield does this represent?EAR=(1.029302)4-1=12.25%18.Suppose you know that you will need $2,500 two years from now in order to make a down payment on a car.a.BankOne is offering 4% interest (compounded annually) for two-year accounts, and BankTwo is offering4.5% (compounded annually) for two-year accounts. If you know you need $2,500 two years from today,how much will you need to invest in BankOne to reach your goal? Alternatively, how much will you need to invest in BankTwo? Which Bank account do you prefer?b.Now suppose you do not need the money for three years, how much will you need to deposit today inBankOne? BankTwo?SOLUTION:PV = $2,500 = $2,311.39(1.04)2PV = $2,500 = $2,289.32(1.045)2You would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 two years from today.b.PV = $2,500 = $2,222.49(1.04)3PV = $2,500 = $2,190.74(1.045)3Again, you would prefer BankTwo because you earn more; therefore, you can deposit fewer dollars today in order to reach your goal of $2,500 three years from today.19.Lucky Lynn has a choice between receiving $1,000 from her great-uncle one year from today or $900 from her great-aunt today. She believes she could invest the $900 at a one-year return of 12%.a.What is the future value of the gift from her great-uncle upon receipt? From her great-aunt?b.Which gift should she choose?c.How does your answer change if you believed she could invest the $900 from her great-aunt at only 10%?At what rate is she indifferent?SOLUTION:a. Future Value of gift from great-uncle is simply equal to what she will receive one year from today ($1000). Sheearns no interest as she doesn’t receive the money until next year.b. Future Value of gift from great-aunt: $900 x (1.12) = $1,008.c. She should choose the gift from her great-aunt because it has future value of $1008 one year from today. Thegift from her great-uncle has a future value of $1,000. This assumes that she will able to earn 12% interest on the $900 deposited at the bank today.d. If she could invest the money at only 10%, the future value of her investment from her great-aunt would only be$990: $900 x (1.10) = $990. Therefore she would choose the $1,000 one year from today. Lucky Lynn would be indifferent at an annual interest rate of 11.11%:$1000 = $900 or (1+i) = 1,000 = 1.1111(1+i) 900i = .1111 = 11.11%20.As manager of short-term projects, you are trying to decide whether or not to invest in a short-term project that pays one cash flow of $1,000 one year from today. The total cost of the project is $950. Your alternative investment is to deposit the money in a one-year bank Certificate of Deposit which will pay 4% compounded annually.a.Assuming the cash flow of $1,000 is guaranteed (there is no risk you will not receive it) what would be alogical discount rate to use to determine the present value of the cash flows of the project?b.What is the present value of the project if you discount the cash flow at 4% per year? What is the netpresent value of that investment? Should you invest in the project?c.What would you do if the bank increases its quoted rate on one-year CDs to 5.5%?d.At what bank one-year CD rate would you be indifferent between the two investments?SOLUTION:a.Because alternative investments are earning 4%, a logical choice would be to discount the project’s cash flowsat 4%. This is because 4% can be considered as your opportunity cost for taking the project; hence, it is your cost of funds.b.Present Value of Project Cash Flows:PV = $1,000 = $961.54(1.04)The net present value of the project = $961.54 - $950 (cost) = $11.54The net present value is positive so you should go ahead and invest in the project.c.If the bank increased its one-year CD rate to 5.5%, then the present value changes to:PV = $1,000 = $947.87(1.055)Now the net present value is negative: $947.87 - $950 = - $2.13. Therefore you would not want to invest in the project.d.You would be indifferent between the two investments when the bank is paying the following one-year interestrate:$1,000 = $950 hence i = 5.26%(1+i)21.Calculate the net present value of the following cash flows: you invest $2,000 today and receive $200 one year from now, $800 two years from now, and $1,000 a year for 10 years starting four years from now. Assume that the interest rate is 8%.SOLUTION:Since there are a number of different cash flows, it is easiest to do this problem using cash flow keys on the calculator:22.Your cousin has asked for your advice on whether or not to buy a bond for $995 which will make one payment of $1,200 five years from today or invest in a local bank account.a.What is the internal rate of return on the bond’s cash flows? What additional information do you need tomake a choice?b.What advice would you give her if you learned the bank is paying 3.5% per year for five years(compounded annually?)c.How would your advice change if the bank were paying 5% annually for five years? If the price of thebond were $900 and the bank pays 5% annually?SOLUTION:a.$995 x (1+i)5 = $1,200.(1+i)5 = $1,200$995Take 5th root of both sides:(1+i) =1.0382i = .0382 = 3.82%In order to make a choice, you need to know what interest rate is being offered by the local bank.b.Upon learning that the bank is paying 3.5%, you would tell her to choose the bond because it is earning a higherrate of return of 3.82% .c.If the bank were paying 5% per year, you would tell her to deposit her money in the bank. She would earn ahigher rate of return.5.92% is higher than the rate the bank is paying (5%); hence, she should choose to buy the bond.23.You and your sister have just inherited $300 and a US savings bond from your great-grandfather who had left them in a safe deposit box. Because you are the oldest, you get to choose whether you want the cash or the bond. The bond has only four years left to maturity at which time it will pay the holder $500.a.If you took the $300 today and invested it at an interest rate 6% per year, how long (in years) would ittake for your $300 to grow to $500? (Hint: you want to solve for n or number of periods. Given these circumstances, which are you going to choose?b.Would your answer change if you could invest the $300 at 10% per year? At 15% per year? What otherDecision Rules could you use to analyze this decision?SOLUTION:a.$300 x (1.06)n = $500(1.06)n = 1.6667n log 1.06 = log 1.6667n = .510845 = 8.77 Years.0582689You would choose the bond because it will increase in value to $500 in 4 years. If you tookthe $300 today, it would take more than 8 years to grow to $500.b.You could also analyze this decision by computing the NPV of the bond investment at the different interest rates:In the calculations of the NPV, $300 can be considered your “cost” for acquiring the bond since you will give up $300 in cash by choosing the bond. Note that the first two interest rates give positive NPVs for the bond, i.e. you should go for the bond, while the last NPV is negative, hence choose the cash instead. These results confirm the previous method’s results.24.Suppose you have three personal loans outstanding to your friend Elizabeth. A payment of $1,000 is due today, a $500 payment is due one year from now and a $250 payment is due two years from now. You would like to consolidate the three loans into one, with 36 equal monthly payments, beginning one month from today. Assume the agreed interest rate is 8% (effective annual rate) per year.a.What is the annual percentage rate you will be paying?b.How large will the new monthly payment be?SOLUTION:a.To find the APR, you must first compute the monthly interest rate that corresponds to an effective annual rate of8% and then multiply it by 12:1.08 = (1+ i)12Take 12th root of both sides:1.006434 = 1+ ii = .006434 or .6434% per monthOr using the financial calculator:b.The method is to first compute the PV of the 3 loans and then compute a 36 month annuity payment with thesame PV. Most financial calculators have keys which allow you to enter several cash flows at once. This approach will give the user the PV of the 3 loans.Note: The APR used to discount the cash flows is the effective rate in this case, because this method is assuming annual compounding.25.As CEO of ToysRFun, you are offered the chance to participate, without initial charge, in a project that produces cash flows of $5,000 at the end of the first period, $4,000 at the end of the next period and a loss of $11,000 at the end of the third and final year.a.What is the net present value if the relevant discount rate (the company’s cost of capital) is 10%?b.Would you accept the offer?c.What is the internal rate of return? Can you explain why you would reject a project which has aninternal rate of return greater than its cost of capital?SOLUTION:At 10% discount rate:Net Present Value = - 0 + $5,000 + $4,000 - $11,000 = - 413.22(1.10) (1.10)2 (1.10)3c.This example is a project with cash flows that begin positive and then turn negative--it is like a loan. The 13.6% IRR is therefore like an interest rate on that loan. The opportunity to take a loan at 13.6% when the cost of capital is only 10% is not worthwhile.26.You must pay a creditor $6,000 one year from now, $5,000 two years from now, $4,000 three years from now, $2,000 four years from now, and a final $1,000 five years from now. You would like to restructure the loan into five equal annual payments due at the end of each year. If the agreed interest rate is 6% compounded annually, what is the payment?SOLUTION:Since there are a number of different cash flows, it is easiest to do the first step of this problem using cash flow keys on the calculator. To find the present value of the current loan payments:27.Find the future value of the following ordinary annuities (payments begin one year from today and all interest rates compound annually):a.$100 per year for 10 years at 9%.b.$500 per year for 8 years at 15%.c.$800 per year for 20 years at 7%.d.$1,000 per year for 5 years at 0%.e.Now find the present values of the annuities in a-d.f.What is the relationship between present values and future values?SOLUTION:Future Value of Annuity:e.f.The relationship between present value and future value is the following:nbeginning three years from today in an account that yields 11% compounded annually. How large should the annual deposit be?SOLUTION:You will be making 7 payments beginning 3 years from today. So, we need to find the value of an immediate annuity with 7 payments whose FV is $50,000:29.Suppose an investment offers $100 per year for five years at 5% beginning one year from today.a.What is the present value? How does the present value calculation change if one additional payment isadded today?b.What is the future value of this ordinary annuity? How does the future value change if one additionalpayment is added today?SOLUTION:$100 x [(1.05)5] - 1 = $552.56.05If you were to add one additional payment of $100 today, the future value would increase by:$100 x (1.05)5 = $127.63. Total future value = $552.56 + $127.63 = $680.19.Another way to do it would be to use the BGN mode for 5 payments of $100 at 5%, find the future value of that, and then add $100. The same $680.19 is obtained.30.You are buying a $20,000 car. The dealer offers you two alternatives: (1) pay the full $20,000 purchase price and finance it with a loan at 4.0% APR over 3 years or (2) receive $1,500 cash back and finance the rest at a bank rate of 9.5% APR. Both loans have monthly payments over three years. Which should you choose? SOLUTION:31.You are looking to buy a sports car costing $23,000. One dealer is offering a special reduced financing rate of 2.9% APR on new car purchases for three year loans, with monthly payments. A second dealer is offering a cash rebate. Any customer taking the cash rebate would of course be ineligible for the special loan rate and would have to borrow the balance of the purchase price from the local bank at the 9%annual rate. How large must the cash rebate be on this $23,000 car to entice a customer away from the dealer who is offering the special 2.9% financing?SOLUTION:of the 2.9% financing.32.Show proof that investing $475.48 today at 10% allows you to withdraw $150 at the end of each of the next 4 years and have nothing remaining.SOLUTION:You deposit $475.48 and earn 10% interest after one year. Then you withdraw $150. The table shows what happensAnother way to do it is simply to compute the PV of the $150 annual withdrawals at 10% : it turns out to be exactly $475.48, hence both amounts are equal.33.As a pension manager, you are considering investing in a preferred stock which pays $5,000,000 per year forever beginning one year from now. If your alternative investment choice is yielding 10% per year, what is the present value of this investment? What is the highest price you would be willing to pay for this investment? If you paid this price, what would be the dividend yield on this investment?SOLUTION:Present Value of Investment:PV = $5,000,000 = $50,000,000.10Highest price you would be willing to pay is $50,000,000.Dividend yield = $5,000,000 = 10%.$50,000,00034. A new lottery game offers a choice for the grand prize winner. You can receive either a lump sum of $1,000,000 immediately or a perpetuity of $100,000 per year forever, with the first payment today. (If you die, your estate will still continue to receive payments). If the relevant interest rate is 9.5% compounded annually, what is the difference in value between the two prizes?SOLUTION:The present value of the perpetuity assuming that payments begin at the end of the year is:$100,000/.095 = $1,052,631.58If the payments begin immediately, you need to add the first payment. $100,000 + 1,052,632 = $1,152,632.So the annuity has a PV which is greater than the lump sum by $152,632.35.Find the future value of a $1,000 lump sum investment under the following compounding assumptions:a.7% compounded annually for 10 yearsb.7% compounded semiannually for 10 yearsc.7% compounded monthly for 10 yearsd.7% compounded daily for 10 yearse.7% compounded continuously for 10 yearsa.$1,000 x (1.07)10 = $1,967.15b.$1,000 x (1.035)20 = $1,989.79c.$1,000 x (1.0058)120 = $2,009.66d.$1,000 x (1.0019178)3650 = $2,013.62e.$1,000 x e.07x10 = $2,013.7536.Sammy Jo charged $1,000 worth of merchandise one year ago on her MasterCard which has a stated interest rate of 18% APR compounded monthly. She made 12 regular monthly payments of $50, at the end of each month, and refrained from using the card for the past year. How much does she still owe? SOLUTION:Sammy Jo has taken a $1,000 loan at 1.5% per month and is paying it off in monthly installments of $50. We could work out the amortization schedule to find out how much she still owes after 12 payments, but a shortcut on the financial calculator is to solve for FV as follows:37.Suppose you are considering borrowing $120,000 to finance your dream house. The annual percentage rate is 9% and payments are made monthly,a.If the mortgage has a 30 year amortization schedule, what are the monthly payments?b.What effective annual rate would you be paying?c.How do your answers to parts a and b change if the loan amortizes over 15 years rather than 30?EFF = [1 + .09]1238.Suppose last year you took out the loan described in problem #37a. Now interest rates have declined to 8% per year. Assume there will be no refinancing fees.a.What is the remaining balance of your current mortgage after 12 payments?b.What would be your payment if you refinanced your mortgage at the lower rate for 29 years? SOLUTION:Exchange Rates and the Time Value of Money39.The exchange rate between the pound sterling and the dollar is currently $1.50 per pound, the dollar interest rate is 7% per year, and the pound interest rate is 9% per year. You have $100,000 in a one-year account that allows you to choose between either currency, and it pays the corresponding interest rate.a.If you expect the dollar/pound exchange rate to be $1.40 per pound a year from now and are indifferentto risk, which currency should you choose?b.What is the “break-even” value of the dollar/pound exchange rate one year from now?SOLUTION:a.You could invest $1 today in dollar-denominated bonds and have $1.07 one year from now. Or you couldconvert the dollar today into 2/3 (i.e., 1/1.5) of a pound and invest in pound-denominated bonds to have .726667(i.e., 2/3 x 1.09) pounds one year from now. At an exchange rate of $1.4 per pound, this would yield 0.726667(1.4) = $1.017 (this is lower than $1.07), so you would choose the dollar currency.b.For you to break-even the .726667 pounds would have to be worth $1.07 one year from now, so the break-evenexchange rate is $1.07/.726667 or $1.4725 per pound. So for exchange rates lower than $1.4725 per pound one year from now, the dollar currency will give a better return.。
金融学习题集及参考答案解析word版第二版
金融学习题集及参考答案解析（第二版）金融学习题集（第二版）带★内容为非金融学专业选做题目第一章货币概述一、单项选择题（在每小题列出的四个备选项中只有一个是最符合题目要求的，请将其代码写在题后的括弧内。
）1．金融的本源性要素是【】A. 货币B. 资金C. 资本D. 市场2．商品价值最原始的表现形式是【】A. 货币价值形式B. 一般价值形式C.总和的或扩大的价值形式D. 简单的或偶然的价值形式3．一切商品的价值共同表现在某一种从商品世界中分离出来而充当一般等价物的商品上时，价值表现形式为【】A. 货币价值形式B. 一般价值形式C.总和的或扩大的价值形式D. 简单的或偶然的价值形式4．价值形式的最高阶段是【】A. 货币价值形式B. 一般价值形式C.总和的或扩大的价值形式D. 简单的或偶然的价值形式5．货币最早的形态是【】A. 实物货币B.代用货币C.信用货币D. 电子货币6．最适宜的实物货币是【】A. 天然贝B. 大理石C. 贵金属D. 硬质合金硬币7．中国最早的货币是【】A. 银圆B. 铜钱C. 金属刀币D. 贝币8．信用货币本身的价值与其货币价值的关系是【】A. 本身价值大于其货币价值B.本身价值等于其货币价值C. 本身价值小于其货币价值D. 无法确定9．在货币层次中M0是指【】A. 投放的现金B. 回笼的现金C. 流通的现金D. 贮藏的现金10．从近期来看，我国货币供给量相含层次指标系列中观察和控制的重点是【】A. M0B. M1C. M2D. M0和M111．从中长期来看，我国货币供给量相含层次指标系列中观察和控制的重点是【】A. M0B. M1C. M2D. M0和M112．货币在表现商品价值并衡量商品价值量的大小时，发挥的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段13．货币在充当商品流通媒介时发挥的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段14．当货币退出流通领域，被持有者当作独立的价值形态和社会财富的绝对值化身而保存起来时，货币发挥的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段15．货币在支付租金、赋税、工资等的时候发挥的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段16．观念货币可以发挥的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段17．货币最基本、最重要的职能是【】A. 价值尺度B. 流通手段C. 贮藏手段D. 支付手段18．“劣币驱逐良币现象”产生的货币制度背景是【】A. 银本位B. 平行本位C. 双本位D. 金本位19．最早实行金币本位制的国家是【】A. 美国B. 英国C. 中国D. 德国20．人民币是【】A. 实物货币B. 代用货币C. 金属货币D. 信用货币二、多项选择题（在小题列出的五个备选项中，至少有二个是符合题目要求的，请将其代码写在题后的括弧内。
金融学第二版课后习题答案
金融学第二版课后习题答案【篇一：王重润公司金融学第二版课后答案】业有几种组织方式？各有什么特点？（ 1）有两种，有限责任公司和股份有限责任公司（ 2）有限责任公司特点：有限责任公司是指股东以其出资额为限对公司承担责任，公司以其全部资产对公司的债务承担责任的企业法人；有限责任公司注册资本的最低限额为人民币3万元；其资本并不必分为等额股份，也不公开发行股票，股东持有的公司股票可以再公司内部股东之间自由转让，若向公司以外的人转让，须经过公司股东的同意；公司设立手续简便，而且公司无须向社会公开公司财务状况。
（ 3）股份有限责任公司特点：1、有限责任2、永续存在3、股份有限责任公司的股东人数不得少于法律规定的数目，我国规定设立股份有限公司，应当有2人以上200人以下为发起人4、股份有限责任公司的全部资本划分为等额的股份，通过向社会公开发行的办法筹集资金，任何人在缴纳了股款之后，都可以成为公司股东，没有资格限制。
5、可转让性6、易于筹资2题：为什么我国《公司法》允许存在一人有限责任公司？一人有限责任公司与个人独资企业有何不同？答：1.就立法初衷而言，许可自然人投资设立一人有限责任公司的重要考虑是减少实质上的一人公司的设立，简化和明晰股权归属，减少纷争。
以往由于我国《公司法》禁止设立一人公司，使得投资人通过各种途径设立或形成的实质上的一人公司大量存在，挂名股东与真实股东之间的投资权益纠纷以及挂名股东与公司债权人之间的债务纠纷不断，令工商行政管理部门和司法机关无所适从。
在修订《公司法》的过程中，法律委员会、法制工作委员会会同国务院法制办、工商总局、国资委、人民银行和最高人民法院反复研究认为：从实际情况看，一个股东的出资额占公司资本的绝大多数而其他股东只占象征性的极少数，或者一个股东拉上自己的亲朋好友作挂名股东的有限责任公司，即实质上的一人公司，已是客观存在，也很难禁止。
根据我国的实际情况，并研究借鉴国外的通行做法，应当允许一个自然人投资设立有限责任公司。
金融学第二版讲义大纲及课后习题答案详解第八章
CHAPTER 8VALUATION OF KNOWN CASH FLOWS: BONDSObjectives«To show how to value con tracts and securities that promise a stream of cash flows that areknown with certa inty.«To un dersta nd the shape of the yield curve .«To un dersta nd how bond prices and yields cha nge over time.Outline8.1 Us ing Prese nt Value Formulas to Value Known Cash Flows8.2 The Basic Build ing Blocks: Pure Discou nt Bonds8.3 Coupon Bo nds, Curre nt Yield, and Yield to Maturity8.4 Readi ng Bond Listi ngs8.5 Why Yields for the Same Maturity Differ8.6 The Behavior of Bond Prices over TimeSummary* A cha nge in market in terest rates causes a cha nge in the opposite directi on in the market values of all exist ing con tracts promisi ng fixed payme nts in the future.* The market prices of $1 to be received at every possible date in the future are the basic building blocks for valuing all other streams of known cash flows. These prices are inferred from the observed market prices of traded bonds and the n applied to other streams of known cash flows to value them.* An equivale nt valuati on can be carried out by appl ying a discou nted cash flow formula with a differe nt discou nt rate for each future time period.* Differe nces in the prices of fixed-i ncome securities of a give n maturity arise from differe nces in coup on rates, default risk, tax treatme nt, callability, con vertibility, and other features.* Over time the prices of bonds con verge towards their face value. Before maturity, however, bond prices can fluctuatea great deal as a result of cha nges in market in terest rates.Solutions to Problems at End of ChapterBond Valuation with a Flat Term Structure1. Suppose you want to know the price of a 10-year 7% coupon Treasury bond that pays interest annually. a. You have been told that the yield to maturity is 8%. What is the price?b. What is the price if coupons are paid semiannually, and the yield to maturity is 8% per year?c. Now you have been told that the yield to maturity is 7% per year. What is the price? Could you have guessedthe answer without calculating it? What if coupons are paid semiannually?c. Price = 100. When the coup on rate and yield to maturity are the same, the bond sells at par value (i.e. the price equalsthe face value of the bon d).2. Assume six months ago the US Treasury yield curve was flat at a rate of 4% per year (with annualcompounding) and you bought a 30-year US Treasury bond. Today it is flat at a rate of 5% per year. What rate of return did you earn on your initial investment: a. If the bond was a 4% coupon bond? b. If the bond was a zero coupon bond?c. How do your answer change if compounding is semiannual? SOLUTION: a and b.Coupon = 4% 30 4 ? 100 4 PV =100 Zero coupon30 4 ? 100 0 PV =30.83Step 2: Find prices of the bonds today: Coupon = 4% 29.5 5?100 4 84.74 Zero coupon29.5 5 ? 100 0 23.71Step 3: Find rates of retur n:Rate of retur n = (coup on + cha nge in price)/in itial price4% coupon bond: r = (4 + 84.74 —100)/100 = -0.1126 or —11.26%Zero-coupon bon d: r = (0 + 23.71 —30.83)/30.83 = -0.2309 or -23.09%. Note that the zero-coupon bo nd is more sen sitive to yield cha nges tha n the 4% coup on bond. c.Step 1: Find prices of the bonds six mon ths ago:Coup on=4% 60 2 ?100 2 PV =100 Zero coupon 60 2 ? 100 0 PV =30.48 Step 2: Find prices of the bonds today:Coup on=4% 59 2.5? 100 2 84.66 Zero coupon59 2.5 ?10023.30SOLUTION:a. With coup ons paid once a year:Price = 93.29b. With coup ons paid twice a year:Price = 93.20Step 3: Find rates of retur n:Rate of return = (coupon + change in price) / initial price4% coupon bond: r = (2 + 84.66 -100)/100 = -0.1334 or -13.34%Zero coupon bond: r = (0 + 23.30 - 30.48)/30.48 = -0.2356 or -23.56%. Note that the zero-coupon bond is more sen sitive to yield cha nges tha n the 4% coup on bond.Bond Valuatio n With a Non-Flat Term Structure3. Suppose you observe the following prices for zero-coupon bonds (pure discount bonds) that have no risk of default:a. What should be the price of a 2-year coupon bond that pays a 6% coupon rate, assuming coupon paymentsare made once a year starting one year from now?b. Find the missing entry in the table.c. What should be the yield to maturity of the 2-year coupon bond in Part a?d. Why are your answers to parts b and c of this question different?SOLUTION:a. Present value of first year's cash flow = 6 x .97 = 5.82Prese nt value of sec ond year's cash flow = 106 x .90 = 95.4Total prese nt value = 101.22 b^Th^y^^tomaturityon^^^^arzerocoupo^bon^wrt^pr^eof9^an^facevalu^of1^3i^5^^^^^^^^2 I ? I -90 I 100 I 0 1 i = 5.41%c. The yield to maturity on a 2-year 6% coup on bond with price of 101.22 isd. The two bonds are differe nt because they have differe nt coup on rates. Thus they have differe nt yields to maturity.Coupon Stripping4. You would like to create a 2-year synthetic zero-coupon bond. Assume you are aware of the following information: 1-year zero- coupon bonds are trading for $0.93 per dollar of face value and 2-year 7% coupon bonds (annual payments) are selling at $985.30 (Face value = $1,000).a. What are the two cash flows from the 2-year coupon bond?b. Assume you can purchase the 2-year coupon bond and unbundle the two cash flows and sell them.i. How much will you receive from the sale of the first payment?ii. How much do you need to receive from the sale of the 2-year Treasury strip to break even?SOLUTION:a. $70 at the end of the first year and $1070 at the end of year 2.b. i. I would receive .93 x $70 = $65.10 from the sale of the first payment.ii. To break even, I would need to receive $985.30- $65.10 = $920.20 from the sale of the 2-year strip.The Law of One price and Bond Pricing5. Assume that all of the bonds listed in the following table are the same except for their pattern of promised cash flows over time. Prices are quoted per $1 of face value. Use the information in the table and the Law of One Price to infer the values of the missing entries. Assume that coupon payments are annual.6% 2 years 5.5%0 2 years7% 2 years0 1 year $0.95From Bond 1 and Bond 4, we can get the miss ing en tries for the 2-year zero-coup on bond. We know from bond 1 that:2 21.0092 = 0.06/1.055 +1.06/(1.055) . This is also equal to 0.06/(1+z 1) + 1.06/(1+z 2) where z 1 and Z2 are the yields to maturity on on e-year zero-coup on and two-year zero-coup on bonds respectively. From bond 4 , we have z 1, we can find z2.1.0092 -0.06/1.0526 = 1.06/(1+z 2)2, hence z = 5.51%.To get the price P per $1 face value of the 2-year zero-coup on bond, using the same reasoning:1.0092 -0.06x0.95 = 1.06xP, he nee P = 0.8983To find the entries for bond 3: first find the price, then the yield to maturity. To find the price, we can use z 1 and Z2 found earlier: PV of coupon payment in year 1: 0.07 x 0.95 = 0.0665PV of coupon + pri ncipal payme nts in year 2: 1.07 x 0.8983 =0.9612「otal prese nt value of bond 3 二 1.02772 ? 0.07 -1.0277 1 i = 5.50%Hence the table becomes:6% 2 years $1.0092 5.5%0 2 years $0.8983 5.51%SOLUTION:Bond 1:Bond 4:Bond Features and Bond Valuation6. What effect would adding the following features have on the market price of a similar bond which does not have this feature?a. 10-year bond is callable by the company after 5 years (compare to a 10-year non-callable bond);b. bond is convertible into 10 shares of common stock at any time (compare to a non-convertible bond);c. 10-year bond can be “ put back ” to the company after 3 years at par (puttable boiumipare to a 10year non-puttablebond)d. 25-year bond has tax-exempt coupon paymentsSOLUTION:a. The callable bond would have a lower price tha n the non-callable bond to compe nsate the bon dholders for gra nti ng theissuer the right to call the bon ds.b. The con vertible bond would have a higher price because it gives the bon dholders the right to con vert their bonds intoshares of stock.c. The puttable bond would have a higher price because it gives the bondholders the right to sell their bonds back to the issuerat par.d. The bond with the tax-exempt coup on has a higher price because the bon dholder is exempted from pay ing taxes on thecoup ons. (Coup ons are usually con sidered and taxed as pers onal in come).Inferring the Value of a Bond Guarantee7. Suppose that the yield curve on dollar bonds that are free of the risk of default is flat at 6% per year. A 2-year 10% coupon bond (with annual coupons and $1,000 face value) issued by Dafolto Corporation is rates B, and it is currently trading at a market price of $918. Aside from its risk of default, the Dafolto bond has no other financially significant features. How much should an investor be willing to pay for a guarantee against Dafolto ' s defaulting on this bond?The difference between the price of the bond if it were free of default and its actual price (with risk of default) is the value of a guarantee against default: 1073.3-918 = $155.3The implied Value of a Call Provision and Convertibility8. Suppose that the yield curve on bonds that are free of the risk of default is flat at 5% per year. A 20-year default-free coupon bond (with annual coupons and $1,000 face value) that becomes callable after 10 years is trading at par and has a coupon rate of 5.5%.a. What is the implied value of the call provision?b. A Safeco Corporation bond which is otherwise identical to the callable 5.5% coupon bond describedabove, is also convertible into 10 shares of Safeco stock at any time up to the bond ' s maturity. If its yield to maturity is currently 3.5% per year, what is the implied value of the conversion feature?SOLUTION:a. We have to find the price of the bond if it were only free of the risk of default.The bond is traded at par value, hence the differe nee betwee n the value calculated above and the actual traded value is the implied value of the call provisio n: 1062.3 T000 = $62.3Note that the call provisi on decreases the value of the bond.b. We have to find the price of the Safeco Corporati on:This bond has the same features as the 5.5% default free callable bond described above, plus an additional feature: it is con vertible into stocks. Hence the implied value of the con versi on feature is the differe nee betwee n the values of both bonds: 1284.2-1000 = $284.25. Note that the con version feature in creases the value of the bond.Changes in Interest Rates and Bond Prices9. All else being equal, if interest rates rise along the entire yield curve, you should expect that:i. Bond prices will fallii. Bond prices will riseiii. Prices on long-term bonds will fall more than prices on short-term bonds.iv. Prices on long-term bonds will rise more than prices on short-term bondsa. ii and iv are correctb. We can ' t be certain that prices will changec. Only i is correctd. Only ii is correcte. i and iii are correctSOLUTION:The correct an swer is e.Bond prices are in versely proporti onal to yields hence whe n yields in crease, bond prices fall. Lon g-term bonds are more sen sitive to yield cha nges tha n short-term bon ds.。
金融学第二版课后答案英文版中国人民大学Bodie2-IM-Ch01
金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
金融学简答题参考答案(第二版)
金融学简答题参考
• 20.请简要叙述股票与债券的主要区别。 • （1）性质不同，债券是一种债权凭证，而股票是一种 所有权凭证。 • （2）责任与权利不同，债券可以按期收回本金利息， 但无权参与企业的经营决策；股票持有人拥有选举权， 通过选举董事行使经营决策权及监督权。 • （3）期限不同，债券有偿还期规定；股票一般不偿还， 即无期限，但可在金融市场上转让。 • （4）风险和收益不同，债券票面规定有利率，可获得 利息收人；股票一般视企业经营情况进行分红，企业倒 闭清理时，债券偿付在前，比较而言，股票风险较大。 • （5）发行者范围不同，股票只有股份公司发行；债券 则任何有预期收益的机构和单位都发行。债券的适用范 围广。
金融学简答题参考
1．货币的本质和基本职能？ 从货币的产生过程我们可以看出，货币是商品， 但货币不是普通的商品，而是固定地充当一般等 价物的特殊商品，并体现一定的社会生产关系， 这就是货帀的本质。首先，货帀是一是商品。其 次，货帀是一般等价物。再次，货币体现一定的 社会生产关系。最后，货币作为财富的象征具有 非常广泛的影响力和支配性。 它的基本职能有：价值尺度、流通手段、贮藏手 段、支付手段、世界货币的五种职能。
金融学简答题参考
13.金融监管基本原则是什么？ 由于经济、法律、历史、传统乃至体制的不同，各国 在金融监管的诸多具体方面存在着不少差异。但有些 一般性的基本原则却贯穿于各国金融监管的各个环节 与整个过程，主要有几点。 （1）金融管理当局实施监管必须依法行事。 （2）金融管理当局要创造一个公平、适度、高效、合理、 有序的竞争环境。 （3）金融管理当局要遵循自我约束和外部强制相结合原 则。 （4）金融管理当局的监管要安全稳定与经济效率相结合 的原则。
金融学简答题参考
《金融学(第二版)》讲义大纲及课后习题答案详解 十四章
CHAPTE R 14FORWARD AND FUTURE S PRICE SObjectives∙ To explain the economic role of futures markets∙To show what information can and cannot be inferred from forward and futures prices.Outline14.1 Distinctions Between Forward and Futures Contracts14.2 The Economic Function of Futures Markets14.3 The Role of Speculators14.4 Relation Between Commodity Spot and Futures Prices14.5 Extracting Information from Commodity Futures Prices14.6 Spot-Futures Price Parity for Gold14.7 Financial Futures14.8 The Implied Risk-Free Rate14.9 The Forward Price Is Not a Forecast of the Spot Price14.10 Forward-Spot Parity with Cash Payouts14.11 Implied Dividends14.12 The Foreign-Exchange Parity Relation14.13 The Role of Expectations in Determining Exchange RatesSummary∙ Futures contracts make it possible to separate the decision of whether to physically store a commodity from thedecision to have financial exposure to its price changes.∙ Speculators in futures markets improve the informational content of futures prices and make futures marketsmore liquid than they would otherwise be.∙ The futures price of wheat cannot exceed the spot price by more than the cost of carry:∙ The forward-spot price parity relation for gold is that the forward price equals the spot price times the cost ofcarry:This relation is maintained by the force of arbitrage . ∙One can infer the implied cost of carry and the implied storage costs from the observed spot and forward prices and the risk-free interest rate. ∙ The forward-spot parity relation for stocks is that the forward price equals the spot price times 1 plus the risk-free rate less the expected cash dividend.This relation can therefore be used to infer the implied dividend from the observed spot and forward prices and the risk-free interest rate.∙ The forward-spot price parity relation for the dollar/yen exchange rate involves two interest rates:where F is the forward price of the yen, S is the current spot price, r Y is the yen interest rate, and r $ is the dollarinterest rate.∙If the forward dollar/yen exchange rate is an unbiased forecast of the future spot exchange rate, then one can infer that forecast either from the forward rate or from the dollar-denominated and yen-denominated risk-free interest rates. F S C-≤F S r s =++()1F S r D=+-()1F r S r Y11+=+$Solutions to Problems at End of ChapterForward Contracts and Forward-Spot Parity.1. Suppose that you are planning a trip to E ngland. The trip is a year from now, and you have reserved a hotel room in London at a price of ₤ 50 per day. You do not have to pay for the room in advance. The exchange rate is currently $1.50 to the pound sterling.a.E xplain several possible ways that you could completely hedge the exchange rate risk in this situation.b.Suppose that r₤=.12 and r$=.08. Because S=$1.50, what must the forward price of the pound be?c.Show that if F is $0.10 higher than in your answer to part b, there would be an arbitrage opportunity. SOLUTION:a.Ways to hedge the exchange rate risk:Pay for the room in advanceBuy the pounds you will need in the forward market.Invest the present value of the rental payments in a pound-denominated riskless asset.b. F = S (1+r$)/(1+r£) = $1.50 x 1.08/1.12 = $1.4464 per poundc.If F is $1.55 then arbitrage profits can be made by borrowing dollars, investing in pounds and selling themforward at the inflated forward price. After paying off principle and interest on the dollars borrowed, you would have pure arbitrage profits left over. For example,Borrow $1.50,Convert it into 1 pound,Invest it in pound-denominated bonds to have 1.12 pounds a year from now,Sell 1.12 pounds forward at $1.55 per pound to have $1.736 a year from now,After 1 year, pay off the principle and interest on the loan ($1.50x 1.08 = $1.62).This series of transactions leaves you with $.116 a year from now with no initial outlay of your money.Forward-Spot Parity Relation with Known Cash Payouts2. Suppose that the Treasury yield curve is flat at an interest rate of 7% per year (compounded semiannually).a.What is the spot price of a 30-year Treasury bond with an 8% coupon rate assuming coupons are paidsemiannually?b.What is the forward price of the bond for delivery six months from now?c.Show that if the forward price is $1 lower than in your answer to part b, there should be an arbitrageopportunity.SOLUTION:b. The forward price for delivery six months from now is $1,124.089:F = S(1+r) - C = $1,124.724 x 1.035 - 40 =$1,124.089c. If the forward price is only $1,123.089, then arbitrage profits can be made by selling the bond short and buying itforward at the low forward price. It can be described as follows:Sell short a bond at $1,124.724; buy it forward at $1,123.089; invest the proceeds of the short sale to earn 3.5% for6 monthsAfter 6 months, take delivery of the bond and cover your short saleForward-Spot Parity Relation with Uncertain Dividends3. A stock has a spot price of $100; the riskless interest rate is 7% per year (compounded annually), and the expected dividend on the stock is $3, to be received a year from now.a.What should be the one-year futures price?b.If the futures price is $1 higher than your answer to part a, what might that imply about the expected dividend? SOLUTION:a.S = $100, r = .07, D = $3. F = S ( 1+r) - D = $104b.If F is $105, that might imply that D is really only $2.Storage Costs versus Dividend Yield4. Compare the forward-spot price-parity relation for gold to the one for stocks. Is it fair to say that stocks have a negative storage cost equal to the dividend yield?SOLUTIONOne could definitely say that stocks have a negative storage cost equal to the dividend.5. Suppose you are a distributor of canola seed and you observe the spot price of canola to be $7.45 per bushel while the futures price for delivery one month from today is $7.60. Assuming a $.10 per bushel carrying cost, what would you do to hedge your price uncertainty?SOLUTIONWe see that F> S+C. If you short the futures contract, you can sell your seed at $7.60 per bushel.6. Infer the spot price of an ounce of gold if you observe the price of one ounce of gold for forward delivery in three months is $435.00, the interest rate on a 91-day Treasury bill is 1% and the quarterly carrying cost as a percentage of the spot price is .2%.SOLUTIONDeduce from the futures price parity condition for gold that F = S0 (1 + r + s) so that S0 = $429.84.7. You are a dealer in kryptonite and are contemplating a trade in a forward contract. You observe that the current spot price per ounce of kryptonite is $180.00, the forward price for delivery of one ounce of kryptonite in one year is $205.20, and annual carrying costs of the metal are 4% of the current spot price.a.Can you infer the annual return on a riskless zero-coupon security implied by the Law of One Price?b.Can you describe a trading strategy that would generate arbitrage profits for you if the annual return on theriskless security is only 5%? What would your arbitrage profit be, per ounce of kryptonite?SOLUTIONa.By no-arbitrage, we require that the riskless rate r satisfy:F = S0 (1 + r + s)205.2 = 180 (1 +r +.04) = 187.2 + 180rr = 18/180 = .10 or 10%b.The implicit risk-free rate that you can earn by buying kryptonite, storing it, and selling it forward at $205.2 perounce is 10%. If the riskless borrowing rate is five percent, you should borrow at that rate and invest in hedged kryptonite. If you buy an ounce of kryptonite for $180, you will get $205.2 for it for sure a year from now. If you borrow the $180, you will have to pay principal and interest of $180 x 1.05 plus another .04 x $180 in storage costs.This totals $196.2, thus leaving you with $9 in arbitrage profits.8. Calculate the implicit cost of carrying an ounce of gold and the implied storage cost per ounce of gold if the current spot price of gold per ounce is $425.00, the forward price of an ounce of gold for delivery in 273 days is $460.00, the yield over 91 days on a zero-coupon Treasury bill is 2% and the term structure of interest rates is flat. SOLUTIONFirst, we solve it assuming a simple compounding method for the risk free interest rate. Over 273 days, the Risk free rate is 2%*3=6%. Therefore we have,F = S (1 + r + s )460 = 425 (1.06 + s)s = (460 - 450.5)/425 = 9.5/425 = .02235 for 273 daysThus the carrying costs are roughly 8.24% for 273 days or 10.98% per year.Second, we solve it assuming we need to compound the interest rates. The risk free rate over 273 days will be(1+2%)3-1=6.12%.plug in the above formulae we get s=.021145 for 273 days.Thus the carrying costs are roughly 8.23% for 273 days or 11.13% per year.9. The forward price for a share of stock to be delivered in 182 days is $410.00, whereas the current yield on a 91-day T-bill is 2%. If the term structure of interest rates is fiat, what spot price for the stock is implied by the Law of One Price?SOLUTIONF = $410; r = .02 per quarter.S = F/(1+r)2 = $394.0810. You observe that the one-year forward price of a share of stock in Kramer,Inc.,a New York tour-bus company and purveyor of fine clothing, is $45.00 while the spot price of a share is $41.00. If the riskless yield on a one-year zero-coupon government bond is 5%:a.What is the forward price implied by the Law of One Price?b.Can you devise a trading strategy to generate arbitrage profits? How much would you earn per share?SOLUTIONa.The no-arbitrage value of the forward price is F = $43.05.b.The observed forward price is excessive. Consider short-selling a forward contract and taking a long position ina portfolio consisting of one stock and the sale of a bond with face value of F. Future liabilities for this positionare zero, while the current cash inflow is $1.86.11. Infer the yield on a 273-day, zero-coupon Japanese government security if the spot price of a share of stock in Mifune and Associates is 4,750 yen whereas the forward price for delivery of a share in 273 days is 5,000 yen.SOLUTIONThe implied yield over the 273 day term is r = 5.26%.12. On your first day of trading in Vietnamese forward contracts, you observe that the share price of Giap Industries is currently 54, 000 dong while the one-year forward price is 60, 000 dong. If the yield on a one-year riskless security is fifteen percent, are arbitrage profits possible in this market? If not, explain why not. If so, devise an appropriate trading strategy.SOLUTIONArbitrage profits would seem to be possible, since the no-arbitrage forward price implied by these parameters isF = $62,100.The futures contract is underpriced, relative to this no-arbitrage value. Consider taking a long position in the forward contract and simultaneously selling a share of Giap stock and buying a riskless bond with a face value equal to the observed forward price. The liabilities from these joint positions are zero, while the current cash inflow is $1826.09.13. The share price of Schleifer and Associates, a financial consultancy in Moscow, is currently 10, 000 roubles whereas the forward price for delivery of a share in 182 days is 11,000 roubles. If the yield on a riskless zero-coupon security with term to maturity of 182 days is 15%, infer the expected dividend to be paid by Schleifer and Associates over the next six months.SOLUTIONThe implied dividend is 500 roubles.14. The spot rate of exchange of yen for Canadian dollars is currently 113 yen per dollar but the one-year forward rate is 110 yen per dollar. Determine the yield on a one-year zero-coupon Canadian government security if the corresponding yield on a Japanese government security is 2.21%.SOLUTIONThe implied Canadian rate over this term is approximately 5.00%.。
金融学(第二版)试题和答案
金融学（第二版）试题和答案第6章商业银行业务与管理【编辑录入：system】（一）单选题1．当前，西方发达国家商业银行最主要的组织形式是（d）。
a、 1694年（a）的建立标志着现代西方商业银行体系的建立。
a、英国银行B.汉堡银行C.威尼斯银行D.阿姆斯特丹银行3。
商业银行的资产业务指（d）。
a.资金来源业务b.存款业务c.中间业务d.资金运用业务4．以下业务中属于商业银行的表外业务是（c）。
a、结算业务B.信托业务C.承诺业务D.代理业务5．目前，在商业银行的全部资金来源中占最大比例的是（b）。
a.负债b.存款c.自有资本d.借款6．从目前经营制度和业务范围看，（d）是实行分业银行制度的典型。
a.英国b.德国c.美国d.中国7.商业银行在无损状态下快速变现其资产的能力指（c）。
a.负债的流动性b.经营的安全性c.资产的流动性d.经营的盈利性8．资产管理理论是以商业银行资产的（c）为重点的经营管理理论。
a.盈利性与流动性b.流动性c、流动性和安全D.安全性和盈利能力9．对称原则是指商业银行在资产与负债的规模、结构和期限的搭配应相互协调平衡，要相互对称。
这是一种建立在合理经济增长基础上的（b）。
a、静态平衡B.动态平衡C.统一平衡D.绝对平衡10．反映商业银行某一时点上资产负债和其他业务（股东权益）的存量的财务报表是（c）。
a.现金流量表b.损益表c.资产负债表d.财务状况变动表11．从传统商业银行到现代商业银行之间不变之点在于（d）。
a、资金来源保持不变B.资金使用保持不变C.客户保持不变D.利润追求保持不变12。
商业银行的资本由（b）项组成。
a.实有资本和虚拟资本b.核心资本和附属资本c.金融资本和产业资本d.固定资本和流动资本13．信用风险就是由（c）引起的风险。
a、商业银行贷款条件的变化B.国家政策的变化C.债务人违约D.货币贬值14。
古代的货币兑换行业是（b）。
a、银行业b、商业c、金融业d、证券业15．商业银行的资产负债比例管理就是（b）管理。
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1.信用货币的含义：是由国家法律规定的，强制流通的，不以任何贵金属为基础的独立发挥货币职能的货币；特点：1它是一种没有金属本位币的货币制度，黄金退出流通，黄金不再执行货币的职能，银行券在形式上不再规定含金量，不再兑换黄金，但它袭用金属本位币的单位名称 2 不兑现的银行券，由国家法律规定强制流通，发行权集中于中央银行或发行银行，成为无限法偿货币和最后支付手段 3银行券由银行通过信用渠道投入流通，存款货币通过银行转账结算，随着金融发展程度的提高，现金流通的数量和范围越来越小，而非现金流通成为货币流通的主体。
2.货币购买力与价格的关系：货币购买力指数与价格指数成反相关，与货币价值成相关货币购买力指数=1／物价指数3.（多选择）货币制度的基本内容：1规定货币材料 2 规定货币单位 3 规定流通中的货币种类 4 规定货币的偿还支付能力 5 规定货币铸造或发行的流通程序 6 规定货币的发行准备制度和对外关系4.（选择）人民币制度的特点：1人民币是大陆法定货币，有无限法偿能力 2 人民币不兑换信用货币 3 人民币是大陆为诶一合法的货币 4是一种管理货币5.支票存款的特点（支票存款不具有无限法偿力）：1 不易丢失或被窃 2 方便大额交易和远距离交易，可节约流通费用 3 可按所需签发，免去找零，清点的麻烦 4 有银行信用支持，可在一定范围内背书转让，不具有无限法偿力6..信用的本质和特征：本质为债权债务关系特征1 价值的单方面让渡，双方构成的债权债务关系而非等价交换关系 2 以还本付息为条件，贷者并没有放弃所有权，利息是与使用权等价的 3 信用是价值运动的特殊形式7.（解答）信用在国民经济中的作用：1积极作用①助于广泛筹集资金，支持规模经济②利于提高资金使用效率，如提高资金储蓄，投资，交换效率③可调节需求总量和结构，进而调节宏观经济的运行 2 消极作用主要表现为出现信用风险和经济泡沫8.（解答）简述银行信用的特点 1 是以银行为中介的间接信用 2 是以货币形态提供的信用 3 提供的是社会各部门的闲置货币 4 具有相对灵活性 5 在产业周期的各阶段上，银行信用的动态与产业资本动态不一样9.国家信用的作用 1 解决财政困难的好途径，如税收，贷款，发行国债等 2 可筹集大量资金，改善投资环境，创造投机机会 3 可成为国家宏观调控的重要手段10.（简答）简述股份经济具有的信用经济特征：1 股票小额化合股权分散化趋势，出资人负有限责任，使小额资金借贷市场极大拓展。
2 股票商品化，价格市场化趋势，使短期资金借贷市场极大拓展。
3 股票债券化，债券股票化趋势，使投资准则与借贷准则融合。
4股票有回流趋势，使所有者对经营者的委托经营具有信托特征。
11.汇票与本票的主要区别本票是指由债务人签发承诺的在一定内，无条件支付一定款项给债权人，不需要承兑汇票是指债权人要求债务人支付款项给收款人的支付命令书，需债权人承兑12.利率对风险补偿包括的项目（P60，5个）需要予以补偿的通货膨胀风险，违约风险，流动性风险，偿还期限风险，政策性风险13.（简答）简述利率发挥作用的条件：1市场化的利率决定机制 2 灵活的利率联动机制 3 适当的利率水平 4 合理的利率结构14.较好的期限结构理论（优先聚集地理论）：能较好的解释为什么长期利率通常高于短期利率，也解释为什么不同期限的证券利率会同向波动，它是最流的利率期限结构理论。
15.我国规定的外汇范围：外国钞票，外国铸币，外币有价证券，外币支付凭证，特别提款权16.（简答）简述金融市场的功能(1)聚集资金的功能。
金融市场聚集资金有两种途径：一是将分散沉淀于居民手中的消费性货币聚集起来转化为生产性货币，为经济发展提供资金来源；二是把分散、闲置于各企业的不能形成投资规模的小额生产资金聚集起来，形成具有一定投资能力的巨额资金，促进经济发展。
(2)促进资金有效分配的功能。
金融市场通过严格监管、规范运作，提供相对充分的信息，有利于及时发现公正的市场价格，在竞争的基础上能把资金配置给效率好的企业和经营能力强的经理层，同时淘汰那些劣质企业和能力差的经营者，从而促进社会资金的有效利用。
(3)促进有效投资的功能。
不同的投资者暂时闲置的资金性质不同，投资需求是完全不同的。
金融市场多种商品和投资形式，使投资者有了更多的选择余地，能满足不同的投资需求，以便控制风险，获取相应的收益。
(4)宏观调控的功能。
金融市场是国家宏观间接调控的基本工具，国家的宏观金融政策，通过中央银行传导到金融市场，引起货币流量和流向的变动，作用于各产业部门，从而导致国民经济局部或整体变动，达到宏观调控的目的。
17.按融资期限的分类，简述货币市场与资本市场的区别：货币市场是值期限小于等于1年的短期资金交易市场资本市场是指期限大于等于1年的长期资金交易市场区别①目的：货—解决短期资金周转需要；资—解决长期投资性资金需要②特点：货—流动性强，风险小，收益低，有准货币特点，融资期限短；资—融资期限长，流动性弱，风险大，收益高③构成：货—同业拆解，回购协议，可转让大额定期存单；资—证券市场，中长期贷款市场，狭义资本市场仅指证券市场④性质：货—债权交易，主要有无形市场；资—既有债权交易又有产权交易，主要是有形市场18.货币市场的主要交易对象：国库券，商业票据，银行承兑汇票，可转让定期存单，回购协议等短期信用工具。
19.同业拆借的含义：同业拆借是指金融机构(主要是商业银行)之间为了调剂资金余缺，利用资金融通过程的时间差、空间差、行际差来调剂资金而进行的短期借贷。
20.三种普通国债的特点：A 储蓄式国债：①针对个人投资者，不向机构投资者发行;②采用实名制，不可流通转让;③采用电子方式记录债权;④收益安全稳定，由财政部负责还本付息，免缴利息税;⑤鼓励持有到期;⑥手续简化;⑦付息方式较为多样。
B 记账式国债 a 记账式国债以电脑方式记录债权，通过无纸化方式发行和交易；b 记账式国债主要面向机构投资者发行；c 记账式国债可以记名、挂失，可以上市流通；d 记账式国债自发行之日起计息，每年付息一次；e 记账式国债的利率由国债承销团成员投标确定；f 购买记账式国债须开设账户，可以通过证券公司在证券交易所开设账户，也可在银行开设国债托管账户；g 记账式国债的交易可以通过银行柜台，也可通过证券交易所进行C凭证式国债21.简述创业板市场的特点：1上市条件较低，大多企业经营时间较短。
2 抗风险能力较弱，市场风险较高。
3 比主板市场制度更为严格，上市公司终止交易后实行直接退市制度。
4 参与主体为主要寻求高收益，能承担高风险的机构投资者。
22.金融市场投资风险管理的主要手段：1风险转移。
如套期保值，保险，分散投资。
2 风险控制3 风险留存4 风险规避23.投资银行的含义、资金来源、本源业务：含义：是主要从事证券发行、承销、交易、企业重组、兼并与收购、投资分析、风险投资、项目融资等业务的非银行金融机构，是资本市场上的主要金融中介。
资金来源：发行股票和债券。
本源业务：证券承销24.（简答）简述开放式基金与封闭式基金的主要区别：1存续期不同。
封闭式为5年以上，10至15年；开放式没有固定续期。
2 规模可变不同。
规模固定，在封闭期内，未经法定程序认可，不能增减；规模不固定，随投资者的够或赎回发生变化。
3 买卖途径不同。
前者不能赎回，只能在二级市场买卖；后者可随时申购或赎回。
4 交易价格不同。
前者由市场供求关系决定；后者由基金单位净值决定。
5 投资策略不同。
前者不可赎回，无需提取准备金，能充分运用资金，进行长期投资，取得长期经营绩效；后者必须保留部分现金以便投资者赎回，进行长期投资会受到一定限制。
6 信息披露不同。
前者不必按日公布单位资产净值。
后者要求每个开放日公布单位资产净值。
25.对冲基金的性质(P94)：是专为追求高投资收益的投资人设计的基金。
其最大的特点是广泛运用期权，期货等金融衍生工具，在股票市场，债券市场和外汇市场上进行投机活动，风险极高。
26.投资基金反映委托代理关系(P92)：基金的投资人不参与基金的管理和操作，只定期取得投资收益。
基金管理人根据投资人的委托进行投资运作，收取管理费用。
27.开放式与封闭式分类28.商业银行的负债、资产、中间及表外业务的分类及识别：（148）29.（简答）简述资产证券化对商业银行体系的积极意义：①可降低商业银行的经营成本。
减少所需银行存款储蓄费用，存款保险费用，股市费用等。
②能提高商业银行资产流动性。
将缺乏流动性资产转化为可流动性证券，这样不仅创造了新资本来源，还有利于银行随时调整资金组合，将资金运用于更具吸引力的投资工具中，获取更多收益。
③能从外部信用增级强化商业银行的风险管理，转移，分散信用风险。
④通过资产“真实出售”将不良资产从资产负债表中剥离，降低风险资产，提高银行资本充足率，增强银行信用。
30.（简答）试述商业银行经营的基本原则及其相互关系（161）：原则：①安全性：值银行具有控制风险，弥补损失，保证银行稳健经营的能力。
②流动性：值银行具有随时以适当的方式取得可用资金，随时满足客户的提取存=存款和必要的贷款要求能力，包括负债的流动性和资产的流动性。
③盈利性：值银行在稳健经营的前提下，力求获取利润最大化，提高盈利能力。
相互关系：即统一又矛盾的关系，安全性和流动性成正相关，流动性较强的资产，风险小较小，安全有保障。
他们与盈利性成反比，流动性强，安全性好，盈利率一般较低，因此商业银行经营方针在三者之间寻找最佳平衡与协调，在保证前两方面的前提下，盈利是商业银行的最终目标。
31.商业银行资产管理理论研究的重点32.巴塞尔协议对银行资本的规定:1 关于资本的组成。
把银行资本划分为核心资本和附属资本两档：第一档核心资本包括股本和公开准备金，这部分至少占全部资本的百分之50,；第二档包括未公开的准备金，资产重估准备金，普通准备金或呆账准备金。
2 关于风险加权的计算。
协议定出对资产负债表上的各种资产和各项表外科目的风险度量标准，并将资本与加权计算出来的风险挂钩，以评估银行资本所应具有的适当规模。
3 关于标准比率的目标。
协议要求银行经过5年过渡期逐步建立和调整所需的基本基础。
33.贷款的五级分类（后三级为不良贷款）（P158）1正常类。
借款人能够旅行合同，有充分把握按时足额还本付息。
2 关注类。
尽管借款人目前有能力偿还贷款本息，但是存在一些可能对偿还产生不利影响的因素。
3 次级类。
借款人的还款能力出现了明显的问题，依靠其正常经营收入已无法保证足额偿还本息。
4 可疑类。
借款人无法足额偿还本息，即使执行抵押或担保的合同约定，也肯定要造成一部分损失。
5 损失类。
在采取所有可能的措施和一切必要的法律程序之后，本息仍然无法收回，或只能收回极少部分。