浙江财经大学公司金融期末复习
最新浙江财经大学国际金融期末复习

第一章一、名词解释1、国际收支:一国居民在一定时期内与外国居民之间的全部经济交易的系统记录。
2、国际收支平衡表:系统地纪录一国某一特定时期(一般为一年)内各种国际收支项目及其金额的一种统计报表,它集中反映该国国际收支的构成和总貌。
3、经常账户:指对实际资源在国际间的流动行为进行记录的账户,包括货物、服务、收入和经常转移。
4、离岸价(FOB):即装运港船上交货价,是指卖方在约定的装运港将货物交到买方指定的船上。
5、到岸价(CIF):也称为成本加运保费(指定目的港)条款。
是指卖方除负有在CFR条款下的同样义务外,还必须就运输中买方负担的货物灭失或损坏的风险对货物保险。
6、自主性交易:指个人和企业为某种自主性目的(自身利益)而从事的交易。
二、思考题1、国际收支平衡表编制的原则是什么?(1)按复式记账法记账,即每笔交易都由两笔数值相等方向相反的账目表示。
借方记:本国商品劳务进口支出、对外资产的增加、对外负债的减少;贷方记:本国商品劳务出口收入、对外资产的减少、对外负债的增加。
(2)采用权责发生制,即经济交易发生的时间或记录日期的确定以所有权发生转移时确认。
(3)进出口的计价以离岸价记2、国际收支失衡的衡量标准和口径是什么?衡量一国国际收支是否平衡主要看自主性交易是否平衡。
(1)贸易收支差额:出口大于进口时为贸易顺差,反之为逆差(2)经常项目收支差额(3)基本账户差额(4)综合账户差额3、国际收支平衡表各帐户间有什么联系?(1)各账户间是一种平衡关系。
经常账户的差额+资本和金融账户的差额+错误和遗漏账户的差额=0(2)如果划一条线,把国际收支平衡表区分为两个部分,其线上所有项目差额的合计必然等于线下所有项目差额合计的相反数。
(3)一笔交易可能同时涉及多个账户4、国际收支失衡原因分析。
1)临时性不平衡。
是指由临时性因素引起的国际收支不平衡。
这些临时性的因素有季节性因素、自然灾害、突发性疾病流行和政治动荡等。
公司金融期末复习(优选)

精品 word.最新文件---------------- 仅供参考-------------------- 已改成-----------word 文本 ------------ --------- 方便更改赠人玫瑰,手留余香。
公司金融简答:1、什么是系统风险,包括哪些?又称市场风险、不可分散风险,由于政治、经济及社会环境等企业外部某些因素的不确定性而产生的风险。
特点:由综合的因素导致的,这些因素是个别公司或投资者无法通过多样化投资予以分散的。
包括利率风险、通货膨胀风险2、比较债券与股票的异同点。
同:股票与债券都是有价证券,是证券市场上的两大主要金融工具。
两者同在一级市场上发行,又同在二级市场上转让流通。
对投资者来说,两者都是可以通过公开发行募集资本的融资手段,两者实质上都是资本证券。
异:①发行主体不同3、什么是证券投资基金,有哪些特点?投资基金,是通过发行基金券(基金股份或收益凭证) ,将投资者分散的资金集中起来,由专业管理人员分散投资于股票、债券或其他金融资产,并将投资收益分配给基金持有者的一种投资制度。
特点: 1.规模经营——低成本 2.分散投资——低风险 3.专家管理——更多的投资机会4、服务专业化——方便4、什么是金融期货,与远期有何区别。
金融期货合约是指在特定的交易所通过竞价方式成交,承诺在未来的某一日或某一期限内,以约定的价格买进或卖出某种标准数量的金融工具的标准化契约区别:首先,期货交易是在期货交易所发生的、公开进行的标准化合约的交易。
其次,期货交易的对象是期货合约,而不是实物商品。
即可以实物交割,也可以冲销,期货交易的流动性更强。
最后,也是最重要的一点,期货交易实行保证金制度和当日无负债结算制度,因而其违约风险远远低于远期交易。
5、进行投资项目评价的贴现指标有哪些计算方法?①净现值法净现值等于投资项目未来的净现金流量按资本成本折算成现值,减去初始投资后的余额。
②净现值率法净现值率是指项目的未来现金流入现值与全部投资现值之比,也精品 word.即单位投资现值的净现值。
浙江财经大学金融学期末题库

《金融学》一、名词解说:钱币制度:又称币制,是一国政府以法律形式确立的钱币流通构造和组织形式。
(10)金银复本位制:指同时规定金和银为本位币的钱币制度。
( 12)金本位制:以黄金作为本位钱币的钱币制度。
( 12)格雷欣法例:在金银双本位制下,金银两种钱币按国家规定的法定比率流通,结果,官方的金银比价与市场自觉形成的金银比价平行存在。
当国家法律评论的钱币金属的价值低于其实际价值,则这类金属钱币就会被珍藏、消融而退出流通,实质价值低于名义价值的钱币则充斥市场。
铸币税:铸币税,也称为“钱币税” 。
指刊行钱币的组织或国家,在刊行钱币并吸纳等值黄金等财产后,钱币贬值,使持币方财产减少,刊行方财产增添的经济现象。
直接融资:资本盈余部门的部分资本经过直接金融市场流向资本欠缺部门。
( 21)间接融资:资本盈余部门的部分资本经过诸如银行等金融中介机构流向资本欠缺部门。
(21)道德风险:在签署合约以后发生的,指资本欠缺者在获取了一笔借钱后,从事投资者所不希望的活动。
逆向选择:因为信息不对称,高风险的借钱者将低风险的借钱者挤出信贷市场的现象。
系统风险:一个经济系统中所有的财产都面对的风险。
( 82)非系统风险:单个财产独有的风险。
( 82)信誉风险:债务人不如期还本付息的履约风险。
也叫违约风险。
( 30)(319)市场风险:因各样原由致使金融工具市场价钱下跌的风险。
( 30)李嘉图等价:政府采纳收税或刊行债券对我们的积蓄和花费选择的影响是相等的。
( 109)内部人控制:是指现代公司中的所有权与经营权(控制权)相分其余前提下形成的,因为所有者与经营者利益的不一致,由此致使了经营者控制公司,即“内部人控制”的现象。
表外业务:没有反应在银行财产欠债表中,但会影响银行的营业收入和利润的业务。
信誉证:是指开证银行应申请人(买方)的要求并按其指示向得益人开立的载有必定金额的、在必定的限期内凭切合规定的单据付款的书面保证文件。
资本市场:金融工具的限期在一年以上的金融市场。
浙江财经金融专硕-公司金融习题集公司金融案例 期末2

1.简述会计信息披露一般是指股份有限公司通过招股说明书,债权募集说明书,上市公告书,定期报告,临时报告及其他披露文件,向广大投资者,债权人及其他信息使用者披露公司财务状况,经营成果,现金流量等诸多对决策有用的信息,它是对现代上市公司的一项重要要求,也是证券市场监管的核心内容。
2.简述资产证券化的一般过程1).确定资产证券化目标,组成资产池2.)组建特色信托机构SPV3.)进行信用增级,为了吸引更多的投资者,SPV必须提高资产的信用等级,信用提高技术是资产证券化成功与否的关键之一,信用提高技术包括公司担保,保险公司保险,银行信用证等4).资产证券化评级,为投资者提供证券选择的依据,有利于证券的销售5.)确定利率,安排证券销售,确定资产证券化的票面收益率并安排销售6).证券挂牌上市交易,资产售后管理与服务3简述资产重组资产重组是指企业改组为上市公司时将原企业的资产和负债进行合理划分和结构调整,经过合并,分立等方式。
将企业资产和组织重新组合和设置。
狭义的资产重组仅仅指对企业的资产负债的划分和重组,广义的资产重组还包括企业机构和人员的设置与重组,企业机构和管理体制的调整.4.简述财务预警财务预警是以企业的财务报表,经营计划及其他相关会计资料为依据,利用财会,统计,金融,企业管理,市场营销理论,采用比率分析,比较分析,因素分析及多种统计方法。
对企业的经营活动,财务活动等进行分析预测,以防线企业在经营管理活动中潜在的经营风险和财务风险,并在危机发生前向企业经营者发出警告,督促企业经营管理当局采取有效措施,避免潜在的风险演变成损失。
5.简述功能系数评价法的步骤选择业绩评价指标(基本指标和修正指标)----------确定标准指标值和标准系数(借鉴行业标准指标)----------确定各项指标的权数(一级和二级权重)--------各类指标得分计算----------综合评价得分计算(定性和定量)-----------综合评价结果分级(信用等级)6.简述财务规划指企业对未来融资需求的规划,在进行财务规划时,制订者需要把握以下几方面:制定出适应的超前的规划;能够防止糟糕的业绩财务规划主要包括:1.确定收入与融资之间的关系2.解决公司目前资产结构和未来融资的关系7.价值评估包括那些内容1).影响公司价值的关键因素:----------从管理者的角度提出的,要求评估者深入探索和分析公司价值的驱动因素,并最终提出可行的管理意义2).公司是否具有投资的价值;----------从投资者的角的提出来,要求评估者判断公司当前市场价格是被高估还是低估.8.简述公司金融的主要议题1).资本结构:研究和分析公司融资方法和融资结构2).股利策略:研究公司用什么方法将所赚的钱返还给股东3).兼并与收购:探讨并购的原因和并购的方法4).公司治理:研究佛你公司所有权和控制权结构以及则样对投资者进行保护5).投资银行业务的过程:研究证券上市和发行的过程和方法6).金融中介:研究和分析商业银行等金融机构的功能及其效率9.简述外汇债务的功能1.调节国际收支,保证对外支出2.干预外汇市场,稳定本币汇率3.维护国际信誉,提高融资能力4.增强综合国力,抵抗金融风险10.全能金融将传统的银行储蓄,贷款业务与证券,基金,保险,企业年金及个人理财咨询等较新兴的金融服务全部整合于一家大型金融机构之下,为顾客提供“一次全买”的全套服务,全能化的金融服务理论上的两大成本优势:规模经济;范围经济11.简述配股时机的选择股价上涨,大盘走强初期---------资金面充足易于承销配股风险低---------良好的配股时机股价上涨,大盘走强初期---------二级市场活跃投资者认购踊跃---------良好的配股时机12简述ROE的周期性ROE是能够衡量一个公司对股东提供之资本的使用效益,反映权益资本中每一单位货币产生的股利,或股东从他们的投资中得到与此相当的收益百分比1.时效问题2.风险问题3.价值问题4. ROE与市价--------价值创造(股东市价)13.试述财务状况分析试验步骤14试述股权融资偏好的成因和对金融市场的影响成因1).二元股权结构是股东目标异化,二元的股权的结构,造成了我国客观上公司非流通股大股东和流通股股东的目标异化,占主导地位,非流通股股东更关注每股净资产,以最大化每股净资产为其目标,而上市融资则是实现这一目标的捷径。
浙江财经大学公司金融期末复习

Problem:1.Function of financial market and list some financial intermediarie Answer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases better Answer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries. Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows. 总:For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities. General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership.Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person” separate and distinct from its owners . Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital. The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment. However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory,traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed.Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix. Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate.PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the net present value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flows X is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flowsZ is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the required rate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financed by one type of shares with the total market value of and cost of equity and one type of bonds with the total market value of and cost of debt , in a country with corporate tax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds (the beta) is the sensitivity of the expected excess asset returns to the expected excess market returns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, and is the value of a levered firm = price of buying a firm that is composedof some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。
大学《公司金融》期末考试试题及答案解析(共三套)精选全文

可编辑修改精选全文完整版大学《公司金融》期末考试试题及答案解析(共三套)目录《公司金融》期末考试试题及答案解析(第一套) (1)《公司金融》期末考试试题及答案解析(第二套) (15)《公司财务》期末考试试题及答案解析 (29)《公司金融》期末考试试题及答案解析(第一套)一、《公司金融》考试大纲1、考试题型期末考试采用开卷的形式,时间为90分钟,满分100分。
考试题目类型为:一、单项选择题(共5小题,每小题2分,共10分)二、多项选择题(共5小题,每小题2分,共10分)三、判断题(共5小题,每小题2分,共10分)四、简答题(共2小题,每小题10分,共20分)五、计算题(共2小题,每小题15分,共30分)六、论述题(1小题,共20分)2、考试范围考试试卷有40分试题出自以下的复习题。
二、复习题一、单项选择题(本大题共20小题,每小题2分,共40分)1、下列财务比率中可以反映企业偿债能力的是()。
A.平均收款期B.销售利润率C.市盈率D.利息保障倍数【答案】D2、在某公司的财务报表中,营业收入为20万元,应收账款年末为10万元,年初为6万元,应收账款周转次数为()。
A.1B.2C.3D.以上均不对【答案】A3、已知每年年底存款5 000元,欲计算第五年末的价值总额,应该利用()。
A.复利终值系数B.复利现值系数C.年金终值系数D.年金现值系数【答案】C4、第一次收付发生在第二期或以后各期的年金被称为()。
A.普通年金B.预付年金C.递延年金D.永续年金【答案】C5、某企业拟发行面值为100元,票面利率为10%,期限为3年的债券,当市场利率为10%时,该债券的发行价格为()。
A.80元B.90元C.100元D.110元【答案】C6、下列哪项属于普通股筹资的优点()。
A.筹资成本低B.不稀释公司的控制权C.发行新股时,会增加每股净收益,引起股价上升D.发行普通股形成自有资金可增强公司举债能力【答案】D7、某钢铁集团并购某石油公司,这种并购方式属于()。
浙江财经国际金融期末复习剖析

第一章补偿性交易:这类交易是在国际收支的自主性交易各项目发生缺口时,为了弥补这个缺口而进行的交易。
(为弥补自主性交易的缺口而进行的交易活动)自主性交易:是指那些基于交易者自身的利益或其他的考虑而独立发生的交易.(个人和企业为某种自主性目的,经济利益而从事的交易)国际收支:一国在一定时期内全部对外经济往来的系统的货币纪录。
国际收支平衡表:将国际收支记录按照特定账户分类和复式记帐原则而编制的会计报表。
1、国际收支平衡表各账户之间有什么关系?(1)借贷平衡(2)资本和金融帐户通过使用官方储备和对外融资可以弥补经常帐户的逆差。
(3)资本和金融帐户间接影响经常帐户中的投资收入帐户2、国际收支不平衡的衡量标准(就是口径)和口径是什么?口径:1、贸易收支差额——商品进出口(1)各国非常重视:因为反映了一国的产业结构,产品质量,劳动生产率状况,反映了一国的竞争力。
(2)当贸易收支占整个国际收支的比重很大时,常常代替国际收支。
2、经常项目收支差额——综合进出口(1)受国际经济组织,特别是受IMF的重视,因为,它不仅反映了第一产业、第二产业,而且反映了第三产业。
(2)对于我国非常重要(因为我国资本金融帐户尚未完全开放)。
3、资本和金融账户差额——经常项目收支差额的抵消值(1)流量总额反映资本国际流动的规模(2)反映弥补经常项目差额的能力和潜力A、使用官方储备B、使用对外融资(3)对经常项目差额产生间接的影响——通过投资收入账户4、综合账户差额(总差额)——官方储备的反方向变动(1)固定汇率制下,反映维护汇率稳定对官方储备的压力(2)反映自主性国际收支的状况3、试述国际收支不平衡的几种类型。
临时性不平衡:是短期的、由非确定或偶然因素引起的,失衡程度一般较轻、持续时间不长、带有可逆性,可以认为是一种正常现象。
结构性不平衡:是指国内经济、产业结构不能适应世界市场的变化而发生的国际收支不平衡,具有长期的性质,扭转起来相当困难。
浙江财经大学东方学院金融市场学期末复习资料2

浙江财经大学东方学院金融市场学期末复习资料21、国债发行余额管理:所谓国债余额管理是指立法机关不具体限定中央政府当年国债发行额度,而是通过限定一个年末不得突破的国债余额上限以达到科学管理国债规模的方式。
2、央行票据:中央银行票据是中央银行为调节商业银行超额准备金而向商业银行发行的短期债务凭证。
它由中央银行发行,商业银行持有,其直接作用是吸收商业银行部分流动性。
3、报价驱动交易制度又称做市商制度,做市商制度就是以做市商为中心的市场交易方式和制度。
通过专业证券商对证券买卖价格的持续不断的申报,以维持市场成交活跃度和价格稳定性的一种证券交易制度。
4、备兑权证是指由标的股票公司之外的机构(通常为证券公司)发行的一种权利证书,约定持有权证的投资者在一定期限后,可以按约定价格向该机构购买标的公司股票。
5、期货逐日盯市制度:以每种期货合约在交易日收盘前最后1分钟或几分钟的平均成交价作为当日结算价,与每笔交易成交时的价格作对照,计算每个结算所会员账户的浮动盈亏,进行随市清算。
6、抵押支撑债券:是建立在抵押资产未来现金流入基础上的资产证券化债券。
7、认购权证:是股票衍生性金融商品,发行人发行一定数量、特定条件的有价证券,投资者付出权利金持有该权证后,有权在某一特定期间(美式权证)或特定时点(欧式权证),按一定的履约价格,向发行人买进一定数量之标的股票。
8、百慕大期权一种可以在到期日前所规定的一系列时间行权的期权。
介于欧式期权与美式期权之间9、期货对冲平仓机制对冲平仓是指投资者持有的期权部位由其交易方向相反,交易数量相等的相同期权对冲的期权合约了结方式。
10、看涨期权是指期权的购买者拥有在期权合约有效期内按执行价格买进一定数量标的物的权利。
11、回购协议指证券的买卖双方签订协议,回购方约定在指定日期以约定价格购回证券的交易行为。
12、保荐人制度。
保荐人制度则是由保荐人负责发行人的上市推荐和辅导,核实公司发行文件和上市文件的真实性、准确性和完整性,协助发行人建立严格的信息披露制度,并承担风险防范责任,并在公司上市后的规定时间内继续协助发行人建立规范的法人治理结构,督促公司遵守上市规定,完成招股计划书中的承诺,同时对上市公司的信息披露负有连带责任。
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Problem:1.Function of financial market and list some financial intermediarieAnswer1:A.contributing to higher production and efficiency in the economyB.Improving the well-being of consumers by allowing them to their purchases betterAnswer2:(1) facilitate investment and financing.(2) a reasonable guidance of capital flow, which contributes to the concentration of capital and promotes the transfer of high-efficiency units.(3) convenient and flexible turnover of funds.(4) to achieve risk diversification, reduce transaction costs.(5) are conducive to enhancing the flexibility of macro-control.(6) to help strengthen economic ties between regions and countries.Intermediaries:BanksBuilding societiesCredit unionsFinancial advisers or brokersInsurance companiesCollective investment schemesPension fundsThe investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.2.Why profit maximization is not an ideal corporate finance objective?(1)The primary goal of corporate finance is maximize or increase shareholder value not profit(2)To a skilled accountant, however, a decision that increases profits under one set of accounting rules can reduce it under another.(3)Accounting profits are not necessarily the same as cash flows.(4)The problem with profit maximization as a goal is that it does not tell us when cash flows are to be received.(5)Profit maximization ignores the uncertainty or risk associated with cash flows.总:For the fact that a firm cannot survive with mere profit maximization ,but must increase long-term security through investment and meeting shareholder expectations. This will increase their productive capacity for the future as well as encourage the risky capital investment of the shareholders.3. Characteristics of business organization:(1) sole proprietorship: A business owned and managed by a single individual.Features: Cheapest to form. no formal charter, few government regulationsPays no corporate income taxesUnlimited liability for business debts and obligations.Its life is limited by the life of the sole proprietorThe money raised is limited by the proprietor’s personal wealth(2) partnership: A business formed by two or more individuals or entities.General partnership: All partners share in gains or losses, all have unlimited liability for all partnership debts.Limited partnership: One or more general partners will run the business and have unlimited liability. The limited partner's liability is limited to their contribution to the partnership. Features: Often inexpensive and easy to formDifficult to transfer ownershipDifficult to raise large amounts of cashIncome is taxed as personal income(3) Corporation: Is a legal “person”separate and distinct from its owners .Features: Limited liability for stockholders.Unlimited life for the business.Ownership can be easily transferred.These characteristics make it easier for corporations to raise capital.The disadvantage to corporations is double taxation.4. What is corporate finance and describe their decisions?Corporate finance is the study of the answers to the following questions:(1) What long-term investments should you take on?(2)Where will you get the long-term financing to pay for your investment?(3) How will you manage your everyday financial activities?(WIKI)Corporate finance is the area of finance dealing with the sources of funding and the capital structure of corporations and the actions that managers take to increase the value of the firm to the shareholders, as well as the tools and analysis used to allocate financial resources.Investment Decisions: Concerning non-current assent or capital budgeting.Evaluating the size, timing and risk of future cash flow.Cash flow versus accounting profitFinancing Decisions: Determine how the assets will be financed.What is the best type of financing?What is the best financing mix?What is the best dividend policy (dividend decision)?Capital structureAsset Management Decisions: How do we manage existing assets efficiently?Greater emphasis on current asset management than fixed assetmanagement.Working capital management.5. Evaluate IRR ruleFor the fact that internal rate of return is a rate quantity, it always is used to be an excellent indicator of the efficiency, quality, or yield of an investment.However, As an investment decision tool, the calculated IRR should not be used to rate mutually exclusive projects, but only to decide whether a single project is worth investing in.The IRR does give you a rate of return, but the IRR could be for a small investment or for only a short period of time.6. Financial managementFinancial management is concerned with the acquisition, financing, and management of assets with some overall goal in mind.The investment decision is the most important of the firm’s three major decisions when it comes to value creation. It begins with a determination of the total amount of assets needed to be held by firm.Financing decision: financial manager is concerned with the makeup of the right-hand side of the balance sheet.Asset management decision: once assets have been acquired and appropriate financing provided, these assets must still be managed efficiently.7. Describe net operation theory,traditional theory, MM theory without(with)corporate tax, with bankruptcy and agency costNet Operating Income Approach -- A theory of capital structure in which the weighted average cost of capital and the total value of the firm remain constant as financial leverage is changed. Traditional Approach -- A theory of capital structure in which there exists an optimal capital structure and where management can increase the total value of the firm through the judicious use of financial leverage.The relationship between financial leverage and the cost of capital is explained by the NOI approach.Provide behavioral justification for a constant ko over the entire range of financial leverage possibilities.Total risk for all security holders of the firm is not altered by the capital structure.Therefore, the total value of the firm is not altered by the firm’s financing mix.Total market value is not altered by the capital structure (the total size of the pies are the same).M&M assume an absence of taxes and market imperfections.Investors can substitute personal for corporate financial leverage.No TaxesProposition I: Firm value is not affected by leverageVL = VUProposition II: Leverage increases the risk and return to stockholdersrs = r0 + (B / SL) (r0 - rB)rB is the interest rate (cost of debt)rs is the return on (levered) equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtSL is the value of levered equitywith Corporate TaxesProposition I (with Corporate Taxes):Firm value increases with leverage VL = VU + TC BProposition II (with Corporate Taxes):Some of the increase in equity risk and return is offset by interest tax shield rS = r0 + (B/S)×(1-TC)×(r0 - rB)rB is the interest rate (cost of debt)rS is the return on equity (cost of equity)r0 is the return on unlevered equity (cost of capital)B is the value of debtS is the value of levered equityAgency Costs -- Costs associated with monitoring management to ensure that it behaves in ways consistent with the firm’s contractual agreements with creditors and shareholders.Value of levered firm= Value of firm if unlevered + Present value of tax-shield benefits of debt -Present value of bankruptcy and agency costsCalculation:1.Annuity;Perpetuity:PV:FVC = Cash flow per periodi = interest raten = number of paymentsC = Cash flow per periodi = interest raten = number of paymentsPV of a perpetuity = P / iIn this formula "P" represents your annual payment and "i" represents your interest or discount rate. PV of a growing perpetuity = P / (i - g)In this formula "P" represents your annual payment, "i" represents your interest or discount rate and "g" represents the growth rate.2.Valuation of bond(half year)and stock3.Investment criterion IRR,NPV,PBP,PINPV:Given the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:IRR:NPV=0,i=IRRGiven the (period, cash flow) pairs (, ) where is the total number of periods, the netpresent value is given by:PBP:Payback Period = W + (X - Y) / ZW is the year before which the investment value is crossed in cumulative cash flowsX is the initial investment or the initial cash outlayY is the cumulative cash flow just before the investment value is crossed in cumulative cash flows Z is the cash flow of the year in which the investment value is crossed in the cumulative cash flowsPI:PI=(PV of future cash flow )/(Initial investment)=1+NPV/(Initial investment)4.Expanding and Replacement:;EAC:EAC = NPV/A t, r where A= the present value of an annuity factort = number of periodsr = interest rateA t, r=(1-1/(1+r)^t)/r5.WACC,CAPM:WACC:where is the number of sources of capital (securities, types of liabilities); is the requiredrate of return for security ; and is the market value of all outstanding securities .where D is the total debt, E is the total shareholder’s equity, Ke is the cost of equity, and Kd is the cost of debt.Tax effects[edit]Tax effects can be incorporated into this formula. For example, the WACC for a company financedby one type of shares with the total market value of and cost of equity and one typeof bonds with the total market value of and cost of debt , in a country with corporatetax rate , is calculated as:CAPM:where:is the expected return on the capital assetis the risk-free rate of interest such as interest arising from government bonds(the beta) is the sensitivity of the expected excess asset returns to the expected excess marketreturns, or also ,is the expected return of the marketis sometimes known as the market premium (the difference between the expected market rate of return and the risk-free rate of return).is also known as the risk premiumRestated, in terms of risk premium, we find that:Modified formula:"where:is required return on security iis risk-free rateis general market risk premiumis risk premium for small sizeis risk premium due to company-specific risk factor6.DOL,DFL,DTL,EPS-EBITDOL:DOL =% change in EBIT / % change in salesDFL:DFL =% change in EPS / % change in EBITDTL:DTL =% change in EPS / % change in salesEPS:earnings per shareEBIT:operating profit7.MM without and with corporate tax;arbitrageWithout taxesProposition Iwhereis the value of an unlevered firm = price of buying a firm composed only of equity, andis the value of a levered firm = price of buying a firm that is composed of some mix of debt and equity. Another word for levered is geared, which has the same meaning.Proposition IIwhereis the required rate of return on equity, or cost of equity.is the company unlevered cost of capital (ie assume no leverage).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.With taxesProposition Iwhereis the value of a levered firm.is the value of an unlevered firm.is the tax rate () x the value of debt (D)the term assumes debt is perpetualProposition IIwhere:is the required rate of return on equity, or cost of levered equity = unlevered equity + financing premium.is the company cost of equity capital with no leverage (unlevered cost of equity, or return on assets with D/E = 0).is the required rate of return on borrowings, or cost of debt.is the debt-to-equity ratio.is the tax rate.。