商业银行管理学课后习题答案要点
商业银行课后章节习题及参考答案
商业银行课后章节习题及参考答案第一章1．商业银行从传统业务发展到“金融百货公司”说明了什么问题？随着金融竞争的加剧，金融创新成为商业银行发展的关键和动力源。
这不仅表现在银行传统业务市场已被瓜分完毕，需要通过创新来挖掘新的市场和发展机会，而且对传统业务市场的竞争和重新分配也必须借助新的手段和方式。
各家商业银行纷纷利用新的科学技术、借鉴国外商业银行的先进经验，进行技术、制度和经营管理方式创新，全面拓展银行发展空间。
商业银行进行业务扩展可以分散经营风险，减少风险总量；多渠道获取利润；为社会提供全方位的金融服务；符合金融市场的运作要求内在统一性。
2．如何认识现代商业银行的作用？P5信用中介、支付中介、信用创造、金融服务3．银行组织形式有哪些？近年来，银行控股公司为什么发展迅速？P7银行的组织形式有：单一银行制、分行制和银行控股公司制（银行控股公司、非银行控股公司）金融控股公司的发展是随着全球金融自由化、市场竞争和现代信息技术在金融业广泛应用而日益兴隆的，它是现代经济发展的必然产物。
20世纪70年代中后期以来，全球范围内的放松市场监管、企业客户和个人客户的全球化发展，以及信息技术对金融业各个方面的战略性影响，使金融结构和客户结构发生了巨大变化。
各类金融机构开始向其他金融服务领域渗透，主要市场经济国家的金融业开始从分业经营体制向综合经营体制转型。
1.联合经营获得规模效应金融控股集团各子公司虽然是分业经营，但已经不是纯粹意义上的单一经营，而是互相联合起来，共同从事多种金融经营，保证集团整体效益的实现。
金融控股集团的基本作用是形成同一集团在品牌、经营战略、营销网络以及信息共享等方面的协同优势，降低集团整体的经营成本并从多元化经营中获取更多收益。
金融资产的强关联性和弱专用性，决定了其综合经营比其他行业更能形成规模经济和范围经济，而控股公司结构正是发挥这一优势的合适载体。
（产品创新、营销等）2.在当前监管体制下规避风险法人分业的作用是防止不同金融业务风险的相互传递，将风险控制在最小范围内，同时可对关联交易起到一定的遏制作用。
《商业银行管理》课后习题答案IMChap23
CHAPTER 23BANK MERGERS AND ACQUISITIONSGoal of This Chapter: To understand why the banking industry undertakes so many mergers each year, to discover the steps necessary to evaluate and complete a bank merger or acquisition and explore the research evidence concerning the impact of mergers on the banks involved and on service to the public.Key Terms Presented in This ChapterProfit Potential Purchase-of-Assets MethodsCash Flow Risk Purchase-of-Stock MethodEarnings Risk Wholesale BanksTax Benefits Retail BanksMarket-Positioning Benefits Bank Merger Act of 1960Cost Savings (Efficiency) Competitive EffectsMerger Premium Public BenefitsExchange Ratio Justice Department Merger GuidelinesDilution of Ownership Herfindahl-Hirschman IndexChapter OutlineI. Introduction: Merger Trends in BankingII. Mergers on the RiseIII. Motives for the Rapid Growth of Bank Mergers (Merger Motivations)A. Profit PotentialB. Risk ReductionC. Rescue of Failing BanksD. Tax and Market-Positioning MotivesE. Cost Savings or Efficiency MotiveF. Mergers as a Device for Reducing CompetitionG. Other Merger MotivesH. Merger Motives that Banking Executives IdentifyIII. Selecting a Suitable Merger PartnerA. Stock Price EffectsB. Opportunities for Improving Operating EfficiencyC. Diversification Effects and OpportunitiesD. Merger Premiums, P-E Ratios, and Exchange RatiosIV. The Merger and Acquisition Route to Future GrowthV. Methods of Consummating Merger TransactionsA. Purchase-of-Assets MethodB. Purchase-of-Stock MethodVI. Regulatory Rules Applying to Bank Mergers in the United StatesA. Bank Merger Act of 1960285B. Competitive Effects of MergerC. The Public Benefits TestD. Department of Justice Merger Guidelines and the Herfindahl - Hirschman Index VII. The Merger Decision-Making Process by U.S. Federal RegulatorsVIII. New Merger Rules in EuropeIX. Making a Success of MergersX. Research Studies of MergersA. The Financial Impact on BanksB. The Public BenefitsXI. Summary of the ChapterConcept Checks23-1. Exactly what is a bank merger?Mergers between banks result in the combining of the assets and liabilities of two or more banks. To effect a merger the shareholders of all the banks involved must approve the merger transaction once it is negotiated among the management of the various banks that are parties to the merger. Once the shareholders of each bank involved give approval to the merger, approval must then be sought from the Department of Justice and the principal federal regulatory agency of each bank in the merger.23-2. Why are there so many mergers each year in the banking industry?Many (if not most) mergers occur because the shareholders of the banks involved expect increased profit potential once the merger is consummated. Alternatively, many partners to mergers anticipate reduced cash-flow risk and possibly reduced earnings risk as well.23-3. What factors seem to motivate most bank mergers?Among the most powerful merger motivations are the belief in greater profit potential if a bank merger is consummated, the expectation of a possible reduction of cash flow risk or earnings risk, the possible rescue of failing banks, the gaining of a tax advantage where profits of one merger partner may be offset by the losses of another merger partner, the search for market-positioning benefits in new markets or in superior locations in existing markets, and the pursuit of lower cost and greater efficiency so that the merged institution achieves a greater margin of revenues over operating expense.23-4. What factors should a bank consider when choosing a good merger partner?The following items are the principal factors usually reviewed by the acquiring banking organization:∙Age and history of the bank.∙Background of management.∙Comparative management styles of the merging organizations.286∙Types of services offered.∙Recent history of changes in deposits, loans, and market shares.∙Principal customers served. Geographic fit.∙Internal control procedures.∙Personnel situation.∙Compatibility of accounting and management information systems.∙Condition/depreciation schedule for offices and other physical assets.∙Adequacy of capital, earnings per share, and ownership dilution before and following the proposed merger.∙Growth of expenses.∙Before-tax and after-tax income and rate of return.23-5. What factors must the regulatory authorities consider when deciding whether to approve or deny a bank merger?Mergers that would significantly damage competition cannot be approved unless there are mitigating instigating circumstances (e.g., one of the banks involved is failing). Public convenience must also be weighed by the banking agencies to determine if the merger would improve the supply of needed services that are perhaps currently not being conveniently and efficiently provided to the public.23-6. When is a banking market too concentrated to allow a merger to proceed? What could happen if a bank merger were approved in an excessively concentrated market area?The Department of Justice guidelines state that the banking market area is too concentrated if the postmerger Herfindahl index is greater than 1800 or if the Herfindahl index changes by more than 200 points. If the Justice Department decides that the resultant merger will make the banking market too concentrated they are likely to challenge the merger in federal court.23-7. What steps that management can take appear to contribute to the chances for success in a bank merger? Why do you think many bank mergers produce disappointing results?There are several steps management can take to improve their chances of success after a merger. First they can know themselves, their strengths and weaknesses and the goals they want to pursue. They can also get a team together before any merger to do a detailed analysis of the potential merger and new market area. They can be careful to establish a realistic price for the target firm. Once the merger has taken place they should form a combined management team from both firms to direct the consolidation of the two firms. They should also establish lines of communication between senior management and branch and line management as well as communication channels for other employees and customers. Finally they should set up customer advisory panels to comment on the new bank’s community image, availabil ity of services and helpfulness. Mergers sometimes produce disappointing results because of ill-prepared management, a mismatch of corporate cultures, excess prices paid by the acquirer, inattention to customers feelings and concerns and a general lack of fit between the two firms.23-8. What does recent research tell us about the impact of most bank mergers?287A recent study, which looked at the earnings impact of approximately 600 national bank mergers, found no significant differences in profitability between merging and comparably sized nonmerging banks serving the same local markets. However, CEOs at a substantial majority of the nearly 600 U.S. bank mergers occurring from 1970-1985 believed their capital base improved and they were now a more efficient banking organization. However, as a study by Rose found there is no guarantee of success in a merger. This study of 572 banks which purchased nearly 650 other banks found a symmetric distribution of earnings outcomes for these mergers – nearly half displaying negative earnings results.23-9. Does it appear that most bank mergers among banking firms serve the public interest?Most studies that have looked at this issue find few real public benefits. However, there is also no convincing evidence that the public has suffered a decline in service quality or availability following most bank mergers. On the positive side, mergers may significantly lower the bank failure rate.Problems23-1. Evaluate the impact of the following proposed mergers upon post-merger earnings per share (EPS) if:A. The acquiring bank has a stock price of $18 per share on 200,000 shares of commonoutstanding with an EPS of $6 due to total net earnings of $1,200,000. The acquiredbank is earning $5 per share on 100,000 shares outstanding and reports total netearnings of $300,000 and its stock sells for $15 per share. If earnings total$1,600,000 after the merger occurs, the acquired bank's shareholders will receive$15 / $18 or 0.833 of a share of stock in the acquiring bank for each share they heldin the acquired institution. This means 0.833 x 100,000 or 83,300 additional sharesof the acquiring bank will be issued for a post-merger total of 283,300 sharesoutstanding. Therefore, the post-merger EPS will be $1,600,000 / 283,300sharesor $5.65 per share.B. The acquiring bank is reporting an EPS of $12 and its stock (with 80,000 sharesoutstanding) is selling for $20 per share. The acquired institution has EPS of $14and its stock (with 75,000 shares outstanding) is presently trading at $24 per share.If the two banks agree to exchange stock at current market values, the acquiredbank's stockholders will receive $24 / $20 or 1.2 shares in the acquiring bank foreach share they hold or 90,000 (1.2 x 75,000) additional shares. After the mergerthere will be 170,000 shares outstanding. With $900,000 in post-merger earnings,the combined banking organization's EPS will be $900,000 / 170,000 shares or$5.29 per share.23-2. The merger premiums and exchange ratios for the mergers described are calculated as follows:288A. The acquired bank is selling at $8 per share with 30,000 shares outstanding, whilethe acquiring bank's stock is selling for $12 per share with 50,000 common equity shares outstanding. The acquiring bank will pay a $4 bonus per share to effect the merger. Therefore, a merger premium will be paid amounting to:Merger Premium (in Percent) = [($8 + $4) / $8] x 100 = 150 percent.With an additional $4 per-share bonus the acquired bank's stock will be valued at $12, exactly the same as the acquiring bank's stock for a $12 / $12 or 1:1 exchange ratio. Earnings per share from the merger will be:EPS = $1,250,000 / 80,000 shares = $15.63.Before the merger, the acquiring bank had an EPS of $20, while the acquired bank reported an EPS of $8.33. This suggests there will be some earnings dilution for the shareholders of the acquiring bank (from $20 to $15.63 per share) as well as some ownership dilution.B. If the acquiring bank's stock is currently selling for $30 per share and the acquiredinstitution's shares are trading at $24 per share and the acquired firm's shareholders are offered a $2 per-share bonus to merge, the merger premium will be:Merger Premium (in Percent) = [($24 + $2) / $24] x 100 = 108.33 percent.Thus, the acquired bank's stock will exchange in a ratio of $26 to $30 for theacquiring bank's stock or 0.867 to 1. Thus, the acquired bank's shareholders willreceive 0.867 x 40,000 or 34,667 shares in the merged institution which will then have a total of 154,667 shares outstanding.Post-merger EPS should be: $900,000 / 154,667 shares = $ 5.82.Before the merger, the acquiring institution reported an EPS of $7.08 and theacquired institution had an EPS of $3.75. Again, the acquiring institution'sshareholders will experience some earnings dilution as well as some decline in their ownership share.28929023-3. The Herfindahl-Hirschman Index for the Silverton Metropolitan Area is calculated as follows:Bank Current Deposits Current Deposit Market Share Current DepositMarket Share Squared Silverton National Bank $ 854 million 39.54 % 1563.41 Commerce National Bank 383 million 17.73 314.35 Rocky Mountain Trust Company211 million 9.77 95.45Security National Bank 107 million 4.95 24.50Total $2160 million 100.0 % 2782.27The Silverton market has an HHI above 1800 and is, therefore, highly concentrated. If Rocky Mountain Trust Co. and Security National Bank merge, their combined market share is 14.72 percent and the HHI climbs to 2879.0, a change of only 96.7 points which may be acceptable to the regulatory authorities. However, if Silverton County Merchants Bank and Rocky Mountain Trust Company plan to merge, the combined market share of these two banks is 37.78 percent and the HHI rises to 3329.59, a change of 547 points which will, in all probability, be challenged by the regulatory authorities.23-4. Langley Bank and Trust has just received an offer to merge from Courthouse County National Bank. Langley's stock is currently selling for $40 per share. Moreover, the shareholders of Courthouse County Bank agree to pay Langley's stockholders a bonus of $10 per share. What is the merger premium in this case? If Courthouse County's shares are currently trading for $65 per share, what is the exchange ratio between the equity shares of the two banks? Suppose that Langley has 10,000 shares and Courthouse County has 30,000 shares outstanding. How many shares will Langley’s shareholders wind up with after the merger? How many total shares will the merged bank have outstanding?The merger premium must be:percent 125x100$40$10+ $40The exchange ratio between the respective banks' shares is:($40 + $10) / $65 = 0.77 to 1.If Langley has 10,000 shares outstanding and Courthouse County has 30,000 shares, Langley's shareholders will receive 0.77 x 10,000 or 7,700 shares in the consolidated banking company. The merged firm will have 37,700 shares of stock outstanding.23-5. The community of Wanslow is served by three banks which recently reported total deposits of $234 million, $182 million, and $67 million, respectively. Please calculate the Herfindahl index for the Wanslow market area. Suppose that the second and third largest banks merge, what wouldthe post-merger Herfindahl index be? Under the most recent Department of Justice guidelines discussed in the chapter, would the U.S. Department of Justice be likely to challenge this merger?The banking market in Wanslow has the following structure:Deposits Market Share Square of EachMarket Share Bank A $234 million 48.4% 2342.6 Bank B 182 million 37.7% 1421.3 Bank C 67 million 13.9% 193.2 Totals $483 million 100.0% 3957.1 Thus, the Herfindahl-Hirschmann index is 3957.1 in the Wanslow market area. This is a relatively concentrated market to begin with. If the second and third largest banks merge, the post-merger Herfindahl index climbs to 5,005.2 because the combined share of banks B and C jumps to over 50 percent. Clearly, the Herfindahl index rises by more than 200 points and far exceeds 1800 in total. This merger would be challenged by the Department of Justice in the absence of mitigating factors.23-6. In which of the situations described below do the stockholders of both acquiring and acquired banks experience a gain in earnings per share of stock as a result of a merger:P/E Ratio of AcquiringBank P/E Ratio ofAcquiredBankPre-MergerEarnings ofAcquiring BankPre-MergerEarnings ofAcquired BankCombinedEarningsAfter MergerA. 5 3 $750,000 $425,000 $1,200,000B. 4 6 470,000 490,000 850,000C. 8 7 890,000 650,000 1,540,000D. 12 12 1,615,000 422,000 2,035,000The rule is that the stockholders of both acquiring and acquired banks will experience a gain in earnings per share of stock if a bank with a higher P/E ratio acquired a bank with a lower P/E ratio and combined earnings do not fall after the merger. Only cases A and C meet these criteria and the shareholders in these two cases should experience an earnings-per-share gain.23-7. Please list the steps that you believe should contribute positively to success in a bank merger transaction. What management decisions or actions could cause trouble and not contribute to a bank’s merger goals? On average what proportion of bank mergers would you expect would be likely to achieve the goals of management and/or the owners and what proportion would likely fall short of the mergers’ objectives?The steps a bank can take that will contribute positively to the success in a bank merger include the following:291A.The bank must first evaluate its own financial condition, understand its ownstrengths and weaknesses and its own goals. Mergers can then magnify strengthsand minimize weaknesses.B.The bank should form a team to perform a detailed analysis of all potential newmarkets and acquisitions.C.The bank must establish a realistic price for the acquisitionD.After the merger, a combined management team should be formed to continuallywork towards and assess the progress towards the consolidation of the two firms.E. A communication system needs to be formed between senior management andother managers so everyone feels involved in the merger.munication channels need to be formed so customers and employeesunderstand why the merger took place and what the consequences of the merger arelikely to be.G.Customer advisory panels need to be formed to evaluate and comment on thebank’s image in the community, marketing effectiveness and general helpfulness tocustomers.Management decisions and actions which could cause problems for the merger include managers that are ill-prepared, mergers where there is a poor understanding of each other’s culture, mergers where an excessive price is paid for the merger, mergers where customers feelings and concerns are ignored and mergers where the new firm cannot move forward in a cohesive manner.According to some research, it appears that only half of all mergers achieve the goal of an increase in earnings (or profitability). The other half of mergers see a decrease in earnings for the new firm.Web Site Problems1. How are mergers and acquisitions reshaping the banking industry today at the local, national and international levels? Where on the web can you go to get some idea about how to answer this question?A search on the web for how mergers and acquisitions are shaping the banking industry can lead to answers at all levels. First as a n example of the trends at the local and national level, one good source appears to be a speech by William Poole, President of the St. Louis Federal Reserve (/general/speeches/990112.html). He does not foresee the decline of the community bank because they still retain some advantages including the personal touch. However, I believe he sees continued consolidation among the largest banks. In Europe the outlook is similar. In a speech by Dr. A.H.E.M. Wellink, President of De Nederlandsche Bank(http://www.dnb.nl/english/e_speeches/1999/we991006.htm), he states that changes in technology and the Euro as well as other changes will the structure of the European banking industry by continuing the drive toward consolidation in the industry.2. What appears to be the ingredients of a successful bank merger or acquisition? How can the web help you approach this important issue?292A search on successful bank mergers and acquisition may produce some results from the web. There are several merger and acquisition consultants on the web that can help banks as well as other types of firms. One place (/integrate-intl-mergers.html) suggests that the key ingredient of a successful merger is to make sure the merger partner is suitable (that there are similar cultures,etc.) and that a good due diligence is completed before the merger or acquisition.3. In what parts of the world are most bank mergers occurring today? What does the evidence from the web suggest?I believe that there is considerable activity in cross border mergers in recent years. If a search is done on bank mergers across the world this may lead to several sources of information. One source that has been cited here before is one of the publications of the European Central Bank which states that there are many cross-border mergers taking place, often between European Community member banks and outsiders. There is also information out on the web that suggests that cross-border mergers are taking place in Asia(/external/pubs/ft/fandd/2001/03/mody.htm). This suggests that bank mergers are growing at a considerable rate in many places in the world.293294。
《商业银行管理》课后习题答案IMChap4
《商业银行管理》课后习题答案IMChap4在学习商业银行管理的过程中，课后习题是巩固知识、检验理解的重要环节。
以下是对《商业银行管理》第四章课后习题的详细答案。
一、选择题1、商业银行的核心资本包括（）A 股本和公开储备B 股本和未公开储备C 债务资本和附属资本D 债务资本和公开储备答案：A解析：核心资本又称一级资本，包括股本（普通股和永久非累积优先股）和公开储备（股票发行溢价、未分配利润等）。
2、下列属于商业银行附属资本的是（）A 重估储备B 普通股C 未分配利润D 公开储备答案：A解析：附属资本包括未公开储备、重估储备、普通准备金、混合资本工具和长期次级债务等。
3、商业银行资本充足率的计算公式是（）A 资本/风险加权资产B 资本/总资产C （核心资本+附属资本）／风险加权资产D （核心资本+附属资本）／总资产答案：C解析：资本充足率＝（核心资本＋附属资本）／风险加权资产。
4、按照《巴塞尔协议》的要求，商业银行的资本充足率不得低于（）A 4%B 8%C 10%D 12%答案：B解析：《巴塞尔协议》规定商业银行的资本充足率不得低于 8%。
二、简答题1、简述商业银行资本的作用。
答：商业银行资本具有以下重要作用：首先，资本为银行的开业、正常经营和持续增长提供了资金基础。
它是银行设立和注册的必要条件，为银行的初期运营提供启动资金。
其次，资本是银行抵御风险的重要防线。
在面临各种风险如信用风险、市场风险、操作风险等时，资本可以吸收损失，保护存款人和其他债权人的利益，维持银行的信誉和稳定。
再者，资本有助于树立公众对银行的信心。
充足的资本向外界传递了银行稳健经营、有能力应对潜在风险的信号，增强了客户、投资者和监管机构对银行的信任。
此外，资本还为银行的扩张和业务发展提供了支持。
银行可以利用资本进行新业务的开拓、分支机构的设立以及技术设备的更新等。
2、简述《巴塞尔协议》对商业银行资本构成的规定。
答：《巴塞尔协议》将商业银行的资本分为核心资本和附属资本两大部分。
《商业银行管理学》课后习题答案之欧阳文创编
《商业银行管理学》课后习题及题解第一章商业银行管理学导论习题一、判断题1. 《金融服务现代化法案》的核心内容之一就是废除《格拉斯－斯蒂格尔法》。
2. 政府放松金融管制与加强金融监管是相互矛盾的。
3. 商业银行管理的最终目标是追求利润最大化。
4. 在金融市场上，商业银行等金融中介起着类似于中介经纪人的角色。
5. 商业银行具有明显的企业性质，所以常用于企业管理的最优化原理如边际分享原理、投入要素最优组合原理、规模经济原理也适用于商业银行。
6. 金融市场的交易成本和信息不对称决定了商业银行在金融市场中的主体地位。
7. 企业价值最大化是商业银行管理的基本目标。
8. 商业银行管理学研究的主要对象是围绕稀缺资源信用资金的优化配置所展开的各种业务及相关的组织管理问题。
9. 商业银行资金的安全性指的是银行投入的信用资金在不受损失的情况下能如期收回。
二、简答题1. 试述商业银行的性质与功能。
2. 如何理解商业银行管理的目标？3. 现代商业银行经营的特点有哪些？4. 商业银行管理学的研究对象和内容是什么？5. 如何看待“三性”平衡之间的关系？三、论述题1. 论述商业银行的三性目标是什么，如何处理三者之间的关系。
2. 试结合我国实际论述商业银行在金融体系中的作用。
第一章习题参考答案一、判断题1.√2.×3.×4.√5.×6.√7.×8.√9.√二、略；三、略。
第二章商业银行资本金管理习题一、判断题1. 新巴塞尔资本协议规定，商业银行的核心资本充足率仍为4％。
2. 巴塞尔协议规定，银行附属资本的合计金额不得超过其核心资本的50%。
3. 新巴塞尔资本协议对银行信用风险提供了两种方法：标准法和内部模型法。
4. 资本充足率反映了商业银行抵御风险的能力。
5. 我国国有商业银行目前只能通过财政增资的方式增加资本金。
6. 商业银行计算信用风险加权资产的标准法中的风险权重由监管机关规定。
二、单选题1. 我国《商业银行资本充足率管理办法》规定，计入附属资本的长期次级债务不得超过核心资本的。
《商业银行管理》课后习题答案IMChap21
CHAPTER 21PRICING CONSUMER AND REAL ESTATE LOANSGoal of the Chapter: To learn how consumer and real estate loan rates may be determined and to see the options a bank loan officer has today in pricing loans to individuals and families.Key Terms Presented in This ChapterAnnual percentage rate (APR) Compensating deposit balanceSimple interest Fixed rate mortgages (FRMs)Discount rate method Adjustable-rate mortgages (ARMs)Add-on method PointsRule of 78sChapter OutlineI. Introduction: The Challenge of Pricing Consumer and Real Estate LoansII. The Interest Rate Attached to Nonresidential Consumer LoansA. Cost-Plus Loan Rate ModelB. Annual Percentage RateC. Simple InterestD. The Discount Rate MethodE. The Add-On Loan Rate MethodF. Rule of 78sG. Compensating Balance RequirementsIII. Use of Variable Rates on Consumer LoansIV.Interest Rates on Home Mortgage LoansA.Fixed Rated MortgagesB.Variable Rate MortgagesC.Charging the Customer Mortgage PointsV Summary of the ChapterConcept Checks21-1. What options does a bank loan officer have in pricing consumer loansMost consumer loans, like most business loans, are priced off some base or cost rate, with a profit margin and compensation for risk added on. The rate on a consumer loan may be figured from the cost-plus model or the base-rate model. Most installment and lump-sum payment loans are made with fixed interest rates. However, due to the volatility of interest rates in the 1 970’s and 1980's, a greater number of floating rate consumer loans have appeared.21-2. Suppose a customer is offered a loan at a discount rate of 8 percent and pays $75 in interest at the beginning of the term of the loan. What net amount of credit did this customer receive?The relevant formula is:Then the net amount of credit received must be $75/.08 or $937.50.Suppose you are told that the effective rate on this loan is 12 percent. What is the average loan amount the customer had available during the year?In this instance:Interest Owed $75Effective loan ratio = Average Loan Amount During the Year= x = 0.12Then the average loan amount during the year must be:x = $75 = $625.0.1221-3. See if you can determine what APR you are charging a consumer loan customer using the tables inside the back cover of this text if you grant the customer a loan for 5 (payable in monthly installments) years which carries a finance charge per $100 of $42.74.The terms quoted mean that the customer must pay an APR of 15 percent according to the Annual Percentage Rate Table in the tables inside the text's back cover.21-4. A customer is quoted an APR of 16 percent on a loan of $10,000, lasting for 4 and payable in monthly installments years.According to the Table in Appendix B the Finance charge per $100 of amount financed must be $36.03 or $36.03 *100 = $3603 in total finance charges.Problems21-1. William Crenshaw, who owns a small retail business, has requested a personal loan of $4500 for one year. He asks for a lump-sum loan with no installment payments; the loan, as requested, will be repaid at the end of the year plus interest. However, the bank wants monthly payments at an annual interest rate of 13 percent.If Crenshaw had received the loan under his preferred terms he would pay:Discount Interest Owed $75 loan rate = Net Amount = x = 0.08 of Credit ReceivedInterest Owed = Principal *Rate * Time = $4500 * 0.13 * 1 = $585.On the other hand, if the loan is repaid in 12 equal monthly installments (of $375 apiece) theinterest owed would be:First Month: $4500 x 0.13 x 1/12 = $48.75Second Month: $4125 x 0.13 x 1/12 = $44.69Third Month: $3750 x 0.13 x 1/12 = $40.62Fourth Month: $3375 x 0.13 x 1/12 = $36.56Fifth Month: $3000 x 0.13 x 1/12 = $32.50Sixth Month: $2625 x 0.13 x 1/12 = $28.44Seventh Month: $2250 x 0.13 x 1/12 =$24.37Eighth Month: $1875 x 0.13 x 1/12 = $20.31Ninth Month: $1500 x 0.13 x 1/12 = $16.25Tenth Month: $1125 x O.13 x 1/12 = $12.19Eleventh Month: $750 x 0.13 x 1/12 = $ 8.12Twelfth Month: $375 x 0.13 x 1/12 = $ 4.06Total Interest Paid $316.86In straight dollar terms it appears that Crenshaw pays less interest ($316.86 versus $585) with the loan paid back in monthly installments rather than repayment of a lump sum at the end. However, because Crenshaw has use of only about half the loan's balance (or $2250) on average over the year when repayment is in 12 equal installments he pays an approximate effective interest rate of $316.86/$2250 or 14.08% with the installment loan which significantly exceeds the loan contract rate of 13% under the lump-sum loan contract. (Note: We emphasize the word approximate.)As an alternative solution to this problem, we could prepare an amortization schedule for this loan, which would look like the following:For a $4,500 loan with a 13% annual interest rate and repayment on a monthly basis, the payment each month would be $401.85.Interest PrincipalBeginning Balance Payment Portion Portion Ending Balance$4,500.00 $401.85 $48.75 $351.10 $4,148.90$4,148.90 $401.85 $44.95 $356.90 $3,792.00$3,792.00 $401.85 $41.08 $360.77 $3,431.23$3,431.23 $401.85 $37.17 $364.68 $3,066.55$3,066.55 $401.85 $33.22 $368.63 $2,697.92$2,697.92 $401.85 $29.23 $372.62 $2,523.30$2,523.30 $401.85 $25.19 $376.66 $2,146.64$2,146.64 $401.85 $23.26 $378.59 $1,768.05$1,768.05 $401.85 $19.15 $382.70 $1,385.35$1,385.35 $401.85 $15.01 $386.84 $ 998.51$ 998.51 $401.85 $10.82 $391.03 $ 607.48$ 607.48 $401.85 $ 6.58 $395.27 $ 212.21$ 212.21 $214.51* $ 2.30 $212.21 $ 0.00Total Interest Paid $336.71* The final payment will equal the balance remaining before the last payment plus the interest on that balance. In most, if not all cases, this payment will be different from the regular payment.21-2. Frank Petrel plans to start an auto repair shop and has requested a $10,000 new-venture loan. The bank wishes to make a discount-rate loan at prime plus 2 percentage points or 14.5 percent.This means Petrel will receive net loan proceeds of $10,000 - $10,000 * 0.145 = $8550.Using this net figure as a base, Petrel will pay an effective interest rate of$1450 / $8550 or 16.96%.Alternative Scenario 1:Would Mr. Petrel be better off if he were able to get a $10,000 personal loan with a 12.5% add-on rate for one year? Why or why not?Solution:In this instance, Petrel would have to repay the $10,000 plus $10,000 x 0.125 in interest or $1250. He would be asked to make monthly installment payments of ($10,000 + $1250) / 12or $937.50 per month for 12 months. Because Petrel would have only $5,000 in borrowed funds on average to use over a 12-month period, the approximate effective interest rate he would pay under the add-on rate method would be $1250 / $5000 or about 25 percent. (A financial calculator solution gives us an effective rate of 22.32%.) Clearly this effective rate would be much higher than the interest rate on the discount business loan.Alternative Scenario 2:What happens to the effective rate on Mr. Petrel's loan if the prime rate changes to 10 percent?Solution:The rate on Mr. Petrel's discounted loan would be 12 percent (10% + 2%).The net proceeds from the loan would, therefore, be$10,000 - ($10,000 * .12) = $10,000 - $1,200 = $8,800.The effective cost of the loan would then be$1,200 / $8,800 = .1364 or 13.64%. (Declines from 16.96%)Alternative Scenario 3:How does the effective rate on this loan change if the prime rate increases to 13 percent?Solution:The rate on Mr. Petrel's discounted loan would be 15 percent (13% + 2%).The net proceeds from the loan would be$10,000 - ($10,000 *.15) = $10,000 - $1,500 = $8,500.The effective cost of the loan would then be$1,500 / $8,500 = .1765 or 17.65%. (Increases from 16.96%)Alternative Scenario 4:Suppose Mr. Petrel is able to raise personal equity to put into the new business in the amount of $2,500 from his accumulated savings and from a small loan extended by a close friend. The bank will then lend him just $7,500 at a discount rate of prime plus one-and-one-half percentage points (currently prime is 12 percent). What is the effective interest rate on the loan in this case?Solution:The rate on Mr. Petrel's discounted loan would be 13.5 percent (12% + 1.5%).The net proceeds from the loan would be$7,500 - ($7,500 *.135) = $7,500- $1,012.50 = $6,487.50.The effective cost of the loan would then be$1,012.50 / $6,487.50 = .1561 or 15.61%.21-3. The Robbins family has asked for a 20-year mortgage in the amount of $60,000 to purchase a home. At a 10 percent loan rate, what is the required monthly payment?Solution:$579.01 1- 0.10/12) 1(0.10/12) (1 * 0.10/12 * 60,000$12*2012*20=++Because of the computational problems in the above formula, an easier approach is to use the tables inside the text's back cover to find the:Total Finance Charge Per $100 Financed = $131.61Total Finance Charge on the Loan Amount Requested =($60,000 / $100) x $131.61 = $78,966Required Monthly Payment = Total Finance Charge + Loan AmountNumber of Payments= [$78,966 + $60,000] / 240 = $ 579.03Alternative Scenario 1:If the Robbinses' home mortgage loan rate is adjustable and rises to 11 percent at the beginning of the second year of the loan, what will the required monthly payment be?Solution:$628.48 1- 0.11/12) 1(0.11/12) (1 * 0.11/12 * 000,60$12*1912*19=++Note that we assume the first-year loan rate is 10 percent and then rises to 11 percent for theremaining 19 years (or 228 months) of the 20 year loan. Also, for ease of calculations, we assume that there has been no significant reduction in the principal amount of the loan. In reality, the Robbins will have reduced the principal to approximately $59,000 at the end of the first year. Interpolation in the tables inside the text's back cover for an 11percent loan for 228 remaining monthly payments gives:Total Finance Usage Per $100 Financed = $104.59) - ($147.73 * 180- 240180-228 104.59$+= $104.59 + $34.51 = $139.10Total Finance Charge on Remainder of Loan = ($60,000/$100) * $139.10 = $83,460Required Monthly Payment = $59,000)on ($618 $629.21 228$60,000 $83,460=+Alternative Scenario 2:Suppose the rate on the Robbinses' home mortgage declines to 9 percent at the beginning of the loan's second year. What happens to the required monthly payment?Solution:Note: Since Table 3 in the Appendix does not have 9 percent, we will calculate the required monthly payment using a financial calculator.Required Monthly Payment for $60,000 at 9 percent (.75% per month) for 19 years/(228 months)= $550.14 ($540.97 for $59,000)Alternative Scenario 3:Would the Robbins family be better off under all of the above scenarios if they took out a 15-year mortgage instead of a 20-year mortgage? What would they gain and what would they give up with this mortgage loan of a shorter maturity?Solution:The answer to this question depends upon the Robbinses' ability to make the higher payments that would be required on a shorter term mortgage.In each case, the Robbinses would have a higher monthly payment; however, their total payments would be less, their home would be paid for in less time, and they would accumulate equity in the home more quickly.21-4. James Alters received a $1500 loan last month with the intention of repaying the loan in 12 months. However, Alters now discovers he has the cash to repay the loan right now after making just one payment. What percentage of the total finance charge is Alters entitled toreceive as a rebate and what percentage of the loan's finance charge is the bank entitled to keep?The Rule of 78s applies here. James Alters is entitled to receive back as an interest rebate:percent 63.33 = 100x 78671211...2111 + . . . + 2 + 1=++++of the total finance charges on the loan: the lender is entitled to keep 36.67 percent of the finance charges associated with this loan.21-5. Constance Homer asks for a $10,000 loan. Slidell Corners State Bank agrees to give her immediate use of $9400 and to deduct $600 in interest up front. The effective discount rate on this loan is:6.38% $9400$600 Received Credit of Amount Net Owed Interest ==21-6. The Lindal family wants to borrow $2500 for a year to finance a European vacation. If the family must pay a 12 percent add-on loan rate, how much in interest will they pay?Interest Paid = Loan principal * Loan Rate = $2500 * 0.12 = $300What is the amount of each required monthly payment?Amount of Monthly Payment = $233.33 12$300 $2500=+What is the effective loan rate in this case?Effective Loan Rate = 24%or 0.24 $1250$300 Year the During Amount Average Owed Interest ==21-7. The APR for Joseph Nework's $10,000, 3-year automobile loan can be determined from the annual percentage rate table for monthly payment plans inside the back cover of the text.If Joseph must pay $2217 in total finance charges over 36 months, the table tells us he is paying100$2217$ or $22.17 per $100 or an APR of 13.50 percent.21-8. If Kyle Ellisor is to receive a 30-year mortgage loan in the amount of $225,000 at an APR of 14%, he will pay finance charges of $326.55 per $100 borrowed over the life of this loan (see the annual percentage rate tables inside the back cover of the text). Therefore, he will pay in total finance charges$100$225,00* $326.55 = $734,737.50.21-9. The Quisling family asks to borrow $1800 at 11 percent simple interest for one year. It will pay the following interest bill:I = P * r * t = $1800 * 0.11 * l = $198Therefore, they must pay back a total of $1998 in principal and interest.21-10. Mary Perland will pay the following in interest on her $1200 loan for one year at 8 percent simple interest:First Quarter: I = $1200 x 0.08 x 1/4 = $24Second Quarter: I = $900 x 0.08 x 1/4 = $18Third Quarter: I = $600 x 0.08 x 1/4 = $12Fourth Quarter: I = $300 x 0.08 x 1/4 = $6Total Interest owed = $24 + $18 + $12 + $6 = $60.If Mary were offered the $1200 loan at a 6 percent simple interest rate and the loan is paid in lump sum at maturity, she will pay total interest of:$1200 * 0.06 x 1 = $72.She clearly would pay more in interest but would have the full $1200 available for her use for one year.21-11. The Tielman family has asked for a $2500 loan for one year to complete home repairs. First National Bank assesses an 8 percent rate of interest and requires a $500 minimum compensating balance left in a deposit. The effective interest rate on this loan must be:10%or 0.10 $2000$200 $500 - $25000.08 * $2500 Amount Loan Net Owed Interest ===Actually 10 percent is the minimum loan rate. If the Tielman's keep a deposit balance larger than the minimum $500 required the effective loan rate will climb higher.21-12. Bill and Sue Rogers are negotiating with their local bank for a home mortgage loan in the amount of $80,000. The bank levies an up-front fee of 1.5 points on this loan. The dollar amount of points they must pay upfront is:Dollar Value of Points = $80,000 * 0.015 = $1200.The Rogers will have available for their use only $78,800 or $80,000 less $1200.21-13 As a loan officer you quote Mr. and Mrs. Coldner an APR of 14 percent on a two year loan to remodel their kitchen. The loan amount is $6000. Using the APR tables inside the back cover of the text determine the total finance charge on this loan.$913.80 15.23 x $100$6000= is the total amount in finance charges the Coldner’s wi ll pay.If they insist on a 12 percent loan$778.80 12.98 x $100$6000= is the total amount in finance charges the Coldner’s will payThe bank will lose $13521-14. Dresden bank’s personal loan department quotes Mr. Angelo a finance charge of $6.06 for each $100 in credit the bank is willing to extend to him for a year (assuming the balance of the loan will be paid off in 12 equal installments). What APR is Mr. Angelo being quoted by the bank? How much would he save per $100 borrowed if he could retire the loan in 6 months?The APR on this loan is 11 percent. If he could retire the loan in 6 months the finance charges per $100 would be $3.23. He would save $2.83 per $100 borrowed.21-15. Would you expect loan interest rates on new cars to be higher than on used cars? Why or why not? Would you expect a personal loan to carry a higher interest rate than an automobile loan? Why or why not?I would expect the interest rate on the new car loan to less than the interest rate on a used car loan. In general, newer cars are easier to sell than used cars and the bank would stand a better chance of getting their money back in the event of default on the loan. However, this may depend on the make and model of the car and the market for used cars.I would expect the interest rate on the personal loan to be higher than the interest rate on the automobile loan. In the personal loan there may not be any specific and identifiable assets pledged as collateral on the loan. In the case of the automobile loan the car purchased is generally used as collateral. In the event of default it may be more difficult for the bank to get their funds back on the personal loan.Web Site Problems1. What methods are in greatest demand today to aid in the pricing of consumer loans and real estate (particularly housing) credit? How can the world wide web be of help in this area? What web sites look especially good?I believe that the most common method for calculating consumer loan interest rates and payments is the APR. Since this is the method that banks must report by law, it is now the most often used method for calculating payments on consumer loans. The web can help because there are a number of places on the web where can find information about prevailing interest rates on consumer loans and a number of places that will calculate your payments based on a particular APR and amount borrowed. For examplehttp://moneysense.quicken.ca/eng/auto/calculators/payments/index.phtml is a place to calculate automobile loans. There are many other places on the web where you can make the same calculation.2. Why is credit scoring useful in helping to price consumer and home mortgage loans? Where can you go to get good credit-scoring information?The demand for consumer loans has expanded exponentially in recent years. As a result the need for a quick and reliable way to determine whether an individual will pay back a loan was needed. This led to the development of credit scoring. There are many web sites that discuss credit scoring and the advantages and disadvantages of these models. One web site that I found is/article1.htm. This web site is good because it does give a history of why credit scoring models have developed and a very basic description of how it works and the advantages and disadvantages. In addition there are several web sites where you can get an estimate of your credit score.3. Why is regulation so important in the personal loan area? How can you use the web to stay abreast of rule changes in the consumer loan field?Regulations are needed in this important field because it is very easy to take advantage ofill-informed individuals by charging them excessive interest rates and fees. Because of the changing technology and increased consumer demand for loans there have been a number of changes in regulations for consumer lending in recent years and changes will continue to be made in the future. There are a number of sites out on the web to help individuals keep up with these changes. One place to check is with the regulatory agencies overseeing banks (OCC, FDIC, FRS) as these agencies regularly post updates to the laws. In addition, as a banker there are several web sites that advertise seminars and classes on consumer lending which would include a discussion of the latest laws and regulations in this important area. One web site that lists several classes in this area is the web site of the American Bankers Association (ABA) at/Conferences+and+Education/onlinecourse8.htm.。
《商业银行管理》课后习题答案IMChap19
CHAPTER 19PRICING BUSINESS LOANSGoal of This Chapter: To explore different methods used by bankers today to price business loans and to evaluate the strengths and weaknesses of these pricing methods for achieving a bank's goals.Key Terms Presented in This ChapterCost-plus loan pricing Below-prime pricingPrice leadership Cap ratesPrime rate Customer profitability analysisLIBORChapter OutlineI. Introduction: The Challenge of Trying to Correctly Price Business Loans in a HighlyCompetitive MarketII. The Cost-Plus Loan Pricing MethodIll. The Price Leadership ModelA. Prime or Base Rate PricingB. Loan Risk and the MarkupC. Prime-Plus versus Times Prime PricingD. LIBOR-based Loan PricingE. Below-Prime Market Pricing (The Markup Model)F. Loans Bearing Maximum Interest Rates (Caps)IV. Customer Profitability AnalysisA. The Basic FormulaB. A Numerical ExampleC. Earnings Credit for Customer DepositsD. The Future of Customer Profitability AnalysisVI. Summary of the ChapterConcept Checks19-1. What methods are in use today to price business loans?The following methods are in use today to price business loans:a. Cost-plus pricing d. CAP rateb. Price leadership pricing model e. Customer Profitability Analysisc. Markup market-pricing modelCost-plus-profit pricing requires the bank to estimate the total cost involved in making aloan and then adds to that cost estimate a small margin for profit. The price-leadership model, on the other hand, bases the loan rate upon a national or international rate (such as prime or LIBOR) posted by major banks and then adds a small increment on top for profit or risk. The markup model prices a loan on the basis of cost plus a risk premium added to those loans with greater credit risk and/or longer term loans that have greater term risk.CAP rates specify a maximum rate that a borrower can be assessed, thus limiting a borrower's interest-rate risk. Customer profitability analysis looks at all the revenues and costs involved in serving a customer and then requires the bank to calculate the net rate of return from this particular customer.19-2. The loan rate quoted for this $10 million corporate loan would be:Loan Rate = 4 percent Loan Funds Cost + .5 percent Non-funds Operating Cost+ .375 percent default risk premium+ .625 percent term risk premium+ .25 percent profit margin= 5.75 percentBased on a $10 million loan this customer will pay in interest each year:$10,000,000*.0575 = $575,000.19-3. What are the principal strengths and weaknesses of the loan-pricing methods in use today?a. Cost-plus pricingStrength: considers the cost of raising loanable funds and operating costs of running the bank.Weaknesses: banks must know what their costs are in order to consistently makeprofitable, correctly priced loans; gives little regard to competition from other lenders.b. Price leadership pricing modelStrength: considers competition from other lenders, allows for a risk premium to be added to the base or prime rate.Weakness: does not consider the marginal cost of raising loanable funds.c. Markup market-pricing modelStrength: allows banks to compete more aggressively with the commercial paper market.Weakness: narrow margins (markups) on loans.d. CAP rateStrength: is another service option that a bank may offer its customers for a specific fee.Weakness: a prolonged period of high interest rates will effectively transfer the risk offluctuating interest rates from borrower to lender.e. Customer profitability analysisStrength: takes the whole customer relationship into account when pricing each loan request.Weakness: must consider revenues and expenses from all of the bank's dealings with the customer.19-4. What is customer profitability analysis?Customer profitability analysis looks at all the revenues and costs involved in serving a customer and then requires the bank to calculate the net rate of return from all the services the bank sells to this particular customer.Problems19-1. The expected revenues and costs from continuing the present relationship between Enterprise National Bank and USF Corporation were given in this problem and the reader is asked to estimate the expected net rate of return if the bank renews its loan to USF.The total of expected revenues and expected costs is:Expected Revenues Expected CostsInterest Revenue $ 1,100,000 Deposit Interest $ 25,000 Commitment Fees 100,000 Cost of Other Funds Raised 975,000 Deposit Service 4,500 Wire Transfer Costs 1,300 (Maintenance) Fees Loan Processing Costs 12,400 Wire Transfer Fees 3,500 Record keeping Expenses 4,500 Agency Fees 8,800 Account Activity Cost 19,000 Total Expected $1 216,800 Total Expected Costs $ 1,037,200 RevenuesGiven: Total Expected Revenues = $1,216,800Total Expected Costs = $1,037,200Net Revenue = $1,216,800 - $1,037,200 = $179,600Net Funds Loaned = $10,000,000 - $2,125,000 = $7,875,000Expected Net Rate of Return = $179,600/ $7,875,000 = .0228 or 2.28%Because the estimated net rate of return is positive, the bank should strongly consider approving the loan as requested because the bank can earn a premium over its costs.If you decide to turn down this request, under what assumptions regarding revenues, expenses, and customer-maintained deposit balances would you make this loan?An initial reaction might be to increase loan revenues by raising the interest rate on the loan or increasing the loan commitment fee. Depending on the customer's relationship with the bank and with other banks, this may prove to be extremely difficult. Initially, it was assumed that the customer would draw down the entire line of credit, that is, borrow the full $10,000,000. If the customer were to borrow less than the full amount, the cost of funds raised to support this loan could be reduced, increasing the net revenue from the loan. Relative to expenses, it would be more likely that some adjustment in the expenses associated with the relationship would be more appropriate. For example, a careful examination of the relationship activities could allow for a revision of estimated costs incurred by the bank to manage the various aspects of the relationship. As far as the customer-maintained balances are concerned, there could be an opportunity to revise these estimates upward, making the net funds loaned smaller and the expected net rate of return greater.Alternative Scenario 1:Given: Prime rate drops from 10% to 8%. No change in interest costs.Solution:Interest Revenue = 9% x $10,000,000 = $900,000Change in Interest Revenue = $900,000 - $1,100,000 = -$200,000Net Revenue = [$1,216,800 - $200,000] - $1,037,200 = -$20,400Since the expected net revenues are now negative, the estimated net rate of return will be negative (-$20,400 / 7,875,000 = - 0.26%). With this negative expected net rate of return, the bank should carefully review the relationship. If this is a long, very good relationship, the bank should consider making the loan; however, there should be further negotiations to insure the profitability of the relationship. This might include restructuring the deposit relationship.Alternative Scenario 2:Given: Required Rate on Time Deposit = 9.25% (up from 9%)Cost of Other Funds Raised = $1,065,000 (up from $975,000)Prime Rate = 9.5% (down from 10%)Solution:Interest revenue = 10.5% x $ 10,000,000 = $1,050,000Change in Interest Revenue = $1,050,000 - $1,100,000 = -$50,000Add'I Interest Expense (Time Deposit) = $25,695 - $25,000 = $695Add'I Cost of Other Funds = $1,065,000 - $975,000 = $90,000 Additional Funding Costs $90,695Net Revenue = [$1,216,800 - $50,000] - [$1,037,200 + $90,695]= $1,166,800- $1,127,895 = $38,905Since the net revenue under these conditions is positive ($ 38,905), the bank should make the loan. Alternative Scenario 3:Given: All revenues, except interest revenue, and costs held constant.Solution:Break Even Revenues = $1,037,200Break Even Interest Revenue = $1,037,200 - [$100,000 + $4,500+ $3,500 + $ 8,800]= $1,037,200 - $116,800 = $920,400Break Even * $10,000,000 = $920,400Break Even = $920,400 / $10,000,000 = .092 or 9.2%Break Even = Prime Break Even + 1 = 9.2%Prime Break Even = 9.2% - 1 = 8.2%Alternative Scenario 4:Given: All costs, except interest costs, and revenues held constant.Solution: Break Even Revenues = $1,216,800Break Even Interest Costs = $1,216,800 - [$1,300 + $12,400+ 4,500 + $19,000]= $1,216,800 - $ 37,200 = $1,179,60019-2 Chilton Westover Bank has sold negotiable CDs in the amount of $6 million at a yield of 8.75% and purchased $4 million in federal funds at a rate of 8.40%. The weighted average cost of bank funds in this case would be:$ 6,000,000 * .0875 = $525,000$ 4,000,000 * .0840 = $336,000Total Interest Cost = $861,000On a $10 million loan this is an average annual interest cost of $861,000/$10,000,000 or 0.0861 which is 8.61 %. There were also $25,000 in noninterest costs or 0.25% of the loan total of $10million. With a one percent risk premium and a 0.25% minimal profit margin, the loan rate on a cost-plus basis would be:Interest Cost + Non-interest Cost + Risk Premium + Profit Margin =8.61% + 0.25% + 1.00% + 0.25% = 10.11%.Alternative Scenario 1:Given: Funding entire loan with federal funds at 8.4%.Solution:Loan rate on a cost-plus basis would be:Interest Cost + Non-interest Cost + Risk Premium + Profit Margin =8.40% + 0.25% + 1.00% + 0.25% = 9.90%The bank faces the risk that its interest cost component, the federal funds rate, which can change daily, could increase quickly and take up the "slack" in the loan rate, thereby reducing the profit margin on the loan.Alternative Scenario 2:Given: Noninterest costs unexpectedly rise to $38,000 and the customer insists on a cap of 10 percent on the rate.Solution:Profit Margin = Loan Rate – [Interest Cost + Noninterest Cost + Risk Premium]= 10.00% - [8.61% + 0.38% +1.00%]= 10.00%-9.99% = .01%The profit margin, for all intents and purposes, disappears.19-3. Englewood Bank is confronted with a $15 million loan request to fund accounts receivable and inventory for APEX Exports. The bank would prefer a floating-rate loan for 90 days at a rate of LIBOR + 0.25%. Most recently LIBOR was at 9.25%. APEX, however, wants the loan rate set1at 1.014 * LIBOR.At today’s prevailing LIBOR rate the customer's requested loan-rate formula would generate a loan interest rate of 1.014 * 9.25% = 9.38%. The bank wanted to charge a rate of 9.25% + 0.25% = 9.50%. Loan rates tend to move up and down faster with the customer's loan-rate formula than with the bank's LIBOR-plus formula. This customer appears to believe interest rates will soon decline, pulling its loan rate lower.Alternative Scenario:Given: The bank's counterproposal to Apex is LIBOR plus 0.125% with a compensating balance of $250,000.Solution:At the prevailing LIBOR rate of 9.25%, the effective rate of the counter proposal is:[9.25% + 0.125%]/[($15,000,000 - $ 250,000)/$15,000,000]= 9.375%/.9833 = 9.53%On an effective cost basis, Apex is not likely to agree to this request. However, if Apex looks only at the 9.375% rate, they might accept the request. Apex's opportunity cost of the minimum balance would come into play in accepting or rejecting the counter proposal.19-4. RJK Corporation was quoted a loan rate equal to the prevailing federal funds interest rate plus 3/8 of a percentage point (or 0.375%) . RJK wanted the loan renewed at money-market borrowing cost plus 0.25%. If the base rate is set at the federal funds rate the loan rate as requested by RJK would be:Week 1 Week 2 Week 3 Week 4 Week 5 Fed Funds 8.72% 8.80% 8.69% 8.46% 8.46% Margin 0.25% 0.25% 0.25% 0.25% 0.25% Loan Rate 8.97% 9.05% 8.94% 8.71% 8.71% Clearly the other money-market interest rates would have generated somewhat lower loan rates, especially the CD and Treasury bill rates. However, interest rates fell over the period examined, resulting in lower loan revenues for the bank. The bank would have been better off to offer its customer a fixed interest rate over the next five weeks.Alternative Scenario:Given: Bank desires to set a floor of 8%. Borrower agrees with the proposal if bank agrees to a loan rate of base rate plus 0.125%.Solution:The major risk faced by the bank is the risk that interest rates will rise along with other costs. If this occurs, increased fixed costs could erode the profit margin. Although this borrower would appear to be an excellent credit risk, increasing interest rates and inflation could result in increased default risk for the borrower over an extended period of time.Both the one-month commercial paper rate and the one-month CD rate have less volatility. Additionally, both maturities (i.e., one month) are closer to the five-week maturity of the requested loan. One might argue that either of these would be preferable, since they would maintain a higher rate in a declining interest rate environment. The one-month commercial paper rate had the lowestdecline during the five-week period, less than 2%, whereas the federal funds rate declined by approximately 3% and the CD rate declined by over 2%. If this trend were to continue over the next five-week period, the commercial paper rate would appear to be a better alternative.Web Site Problems1. What market interest rates are most widely used as base rates to price commercial loans? Where on the world wide web can you go to observe current and past levels of and changes in these market rates?After doing a search on the web, the Bloomberg site gave me the national averages for business loan rates. Their web site is /markets/rates.html. There are many other web sites out there that would also give this information or similar information. The table below lists key interest rates for business loans at the current time.Rate Current %Federal Funds 3.693 month LIBOR 3.71Prime Rate 7.002 Year AAA Industrial 4.5410 year .AAA Industrial 6.11From this information it appears that banks are most likely using the below prime market pricing (the markup) model to price their loans. These loan rates are close to the Federal Funds and LIBOR rates and are below the bank’s prime rate. Other loans to more risky customers may be priced differently.2. If you wanted to know more about the principles and procedures of business loan pricing where on the web would you go?One web site that has basic definitions for loans and may be a good place to start is/index.asp. This is the web site for Direct Loans. There are links to other sites from this one as well as frequently asked questions. A search of the web for business loan procedures may lead to other important web sites and information.。
商业银行管理ROSEe课后答案chapter
CHAPTER 6MEASURING AND EVALUATING THE PERFORMANCE OF BANKS AND THEIR PRINCIPAL COMPETITORSGoal of This Chapter: The purpose of this chapter is to discover what analytical tools can be applied to a bank’s financial statements so that management and the public can identify the most critical problems inside each bank and develop ways to deal with those problemsKey Topics in This Chapter•Stock Values and Profitability Ratios•Measuring Credit, Liquidity, and Other Risks•Measuring Operating Efficiency•Performance of Competing Financial Firms•Size and Location Effects•The UBPR and Comparing PerformanceChapter OutlineI. Introduction:II. Evaluating a Bank's PerformanceA. Determining Long-Range ObjectivesB. Maximizing The Value of the Firm: A Key Objective for Nearly AllFinancial-Service InstitutionsC. Profitability Ratios: A Surrogate for Stock Values1. Key Profitability Ratios2. Interpreting Profitability RatiosD. Useful Profitability Formulas for Banks and Other Financial Service CompaniesE. Breaking Down Equity Returns for Closer AnalysisF. Break-Down Analysis of the Return on AssetsG. What a Breakdown of Profitability Measures Can Tell UsH. Measuring Risk in Banking and Financial Services1. Credit Risk2. Liquidity Risk3. Market Risk4. Interest-Rate Risk5. Operational Risk6. Legal and Compliance Risk7. Reputation Risk8. Strategic Risk9. Capital RiskI. Other Goals in Banking and Financial Services ManagementIII. Performance Indicators among Banking’s Key CompetitorsIV. The Impact of Size on PerformanceA. Size, Location and Regulatory Bias in Analyzing The Performance of Banks andCompeting Financial InstitutionsB. Using Financial Ratios and Other Analytical Tools to Track BankPerformance--The UBPR.V. Summary of the ChapterAppendix to the Chapter - Improving the Performance of Financial Firms Through Knowledge: Sources of Information on the Financial-Services IndustryConcept Checks6-1. Why should banks and other corporate financial firms be concerned about their level of profitability and exposure to risk?Banks in the U.S. and most other countries are private businesses that must attract capital from the public to fund their operations. If profits are inadequate or if risk is excessive, they will have greater difficulty in obtaining capital and their funding costs will grow, eroding profitability. Bank stockholders, depositors, and bank examiners representing the regulatory community are all interested in the quality of bank performance. The stockholders are primarily concerned with profitability as a key factor in determining their total return from holding bank stock, while depositors (especially large corporate depositors) and examiners typically focus on bank risk exposure.6-2. What individuals or groups are likely to be interested in these dimensions of performance for a bank or other financial institution?The individuals or groups likely to be interested in bank profitability and risk include other banks lending to a particular bank, borrowers, large depositors, holders of long-term debt capital issued by banks, bank stockholders, and the regulatory community.6-3. What factors influence the stock price of a financial-services corporation?A bank's stock price is affected by all those factors affecting its profitability and risk exposure, particularly its rate of return on equity capital and risk to shareholder earnings. A bank can raise its stock price by creating an expectation in the minds of investors of greater earnings in the future, by lowering the bank's perceived risk exposure, or by a combination of increases in expected earnings and reduced risk.6-4. Suppose that a bank is expected to pay an annual dividend of $4 per share on its stock in the current period and dividends are expected to grow 5 percent a year every year, and the minimum required return to equity capital based on the bank's perceived level of risk is 10 percent. Can you estimate the current value of the bank's stock?In this constant dividend growth rate problem the current value of the bank's stock would be: P o = D1 / (k – g) = $4 / (0.10 – 0.05) = $80.6-5. What is return on equity capital and what aspect of performance is it supposed to measure? Can you see how this performance measure might be useful to the managers of financial firms? Return on equity capital is the ratio of Net Income/Total Equity Capital. It represents the rate of return earned on the funds invested in the bank by its stockholders. Financial firms have stockholders, too who are interested in the return on the funds that they invested.6-6 Suppose a bank reports that its net income for the current year is $51 million, its assets totally $1,144 million, and its liabilities amount to $926 million. What is its return on equity capital? Is the ROE you have calculated good or bad? What information do you need to answer this last question?The bank's return on equity capital should be:ROE = Net Income = $51 million = .098 or 9.8 percentEquity Capital $1,444 mill.-$926 mill.In order to evaluate the performance of the bank, you have to compare the ROE to the ROE of some major competitors or some industry average.6-7 What is the return on assets (ROA), and why is it important? Might the ROA measure be important to banking’s key competitors?Return on assets is the ratio of Net Income/Total Assets. The rate of return secured on a bank's total assets indicates the efficiency of its management in generating net income from all of the resources (assets) committed to the institution. This would be important to banks and their major competitors.6-8. A bank estimates that its total revenues will amount to $155 million and its total expenses (including taxes) will equal $107 million this year. Its liabilities total $4,960 million while its equity capital amounts to $52 million. What is the bank's return on assets? Is this ROA high or low? How could you find out?The bank's return on assets would be:ROA = Net Income = $155 mill. - $107 mill. = 0.0096 or 0.96 percent Total Assets $4,960 mill. + $52 mill.The size of this bank's ROA should be compared with the ROA's of other banks similar in size and location to determine if this bank's ROA is high or low relative to the average forcomparable banks.6-9. Why do the managers of financial firms often pay close attention today to the net interest margin and noninterest margin? To the earnings spread?The net interest margin (NIM) indicates how successful the bank has been in borrowing funds from the cheapest sources and in maintaining an adequate spread between its returns on loans and security investments and the cost of its borrowed funds. If the NIM rises, loan and security income must be rising or the average cost of funds must be falling or both. A declining NIM is undesirable because the bank's interest spread is being squeezed, usually because of rising interest costs on deposits and other borrowings and because of increased competition today.In contrast, the noninterest margin reflects the banks spread between its noninterest income (such as service fees on deposits) and its noninterest expenses (especially salaries and wages and overhead expenses). For most banks the noninterest margin is negative. Management will usually attempt to expand fee income, while controlling closely the growth of noninterest expenses in order to make a negative noninterest margin less negative.The earnings spread measures the effectiveness of the bank's intermediation function of borrowing and lending money, which, of course, is the bank's primary way of generating earnings. As competition increases, the spread between the average yields on assets and the average cost of liabilities will be squeezed, forcing the bank's management to search for alternative sources of income, such as fees from various services the bank offers.6-10. Suppose a banker tells you that his bank in the year just completed had total interest expenses on all borrowings of $12 million and noninterest expense of $5 million, while interest income from earning assets totaled $16 million and noninterest revenues added to a total of $2 million. Suppose further that assets amounted to $480 million of which earning assets represented 85 percent of total assets, while total interest-bearing liabilities amounted to 75 percent of total assets. See if you can determine this bank's net interest and noninterest margins and its earnings base and earnings spread for the most recent year.The bank's net interest and noninterest margins must be:Net Interest = $16 mill. - $12 mill. Noninterest = $2 mill. - $5 mill.Margin $480 mill. Margin $480 mill.=.00833 = -.00625The bank's earnings spread and earnings base are:Earnings = $16 mill. - $12 mill.Spread $480 mill * 0.85 $480 mill. * 0.75= .0392 =.0333Earnings Base = $480 mill. - $480 mill. * 0.15 = 0.85 or 85 percent$480 mill.6-11. What are the principal components of ROE and what do each of these components measure?The principal components of ROE are:a. The net profit margin or net after-tax income to operating revenues which reflects the effectiveness of a bank's expense control program;b. The degree of asset utilization or ratio of operating revenues to total assets which measures the effectiveness of managing the bank's assets, especially the loan portfolio; and,c. The equity multiplier or ratio of total assets to total equity capital which measures a bank's use of leverage in funding its operations.6-12. Suppose a bank has an ROA of 0.80 percent and an equity multiplier of 12x. What is its ROE? Suppose this bank's ROA falls to 0.60 percent. What size equity multiplier must it have to hold its ROE unchanged?The bank's ROE is:ROE = 0.80 percent *12 = 9.60 percent.If ROA falls to 0.60 percent, the bank's ROE and equity multiplier can be determined from: ROE = 9.60% = 0.60 percent * Equity MultiplierEquity Multiplier = 9.60 percent = 16x.0.60 percent6-13. Suppose a bank reports net income of $12, before-tax net income of $15, operating revenues of $100, assets of $600, and $50 in equity capital. What is the bank's ROE?Tax-management efficiency indicator? Expense control efficiency indicator? Asset management efficiency indicator? Funds management efficiency indicator?The bank's ROE must be: ROE = 50$12$ = 0.24 or 24 percent Its tax-management, expense control, asset management, and funds management efficiency indicators are:Tax Management = $12 Expense Control = $15Efficiency indicator $15 Efficiency Indicator $100= .8 or 80 percent =.15 or 15 percentAsset Management = $100 Funds Management = $600Efficiency Indicator $600 Efficiency Indicator $50= 0.1666 or 16.67 percent = 12 x6-14. What are the most important components of ROA and what aspects of a financial institution’s performance do they reflect?The principal components of ROA are:a. Total Interest Income Less Total Interest Expense divided by Total Assets, measuring a bank's success at intermediating funds between borrowers and lenders;b. Provision for Loan Losses divided by Total Assets which measures management's ability to control loan losses and manage a bank's tax exposure;c. Noninterest Income less Noninterest Expenses divided by Total Assets, which indicates the ability of management to control salaries and wages and other noninterest costs and generate tee income;d. Net Income Before Taxes divided by Total Assets, which measures operating efficiency and expense control; ande. Applicable Taxes divided by Total Assets, which is an index of tax management effectiveness. 6-15. If a bank has a net interest margin of 2.50%, a noninterest margin of -1.85%, and a ratio of provision for loan losses, taxes, security gains, and extraordinary items of -0.47%, what is its ROA?The bank's ROA must be:ROA = 2.50 percent - 1.85 percent - 0.47 percent = 0.18 percent6-16. To what different kinds of risk are banks and their financial-service competitors subjected today?a. Credit Risk -- the probability that loans and securities the bank holds will not pay out as promised.b. Liquidity Risk -- the probability the bank will not have sufficient cash on hand in the volume needed precisely when cash demands arise.c. Market Risk -- the probability that the value of assets held by the bank will decline due to falling market prices.d. Interest-Rate Risk - the possibility or probability interest rates will change, subjecting the bank to lower profits or a lower value for the firm’s capital.e. Operational Risk –the uncertainly regarding a financial firm’s earnings due to failures in computer systems, employee misconduct, floods, lightening strikes and other similar events.f. Legal and Compliance Risk –the uncertainty regarding a financial firm’s earnings due to actions taken by our legal system or due to a violation of rules and regulationsg. Reputation Risk – the uncertainty due to public opinion or the variability in earnings due to positive or negative publicity about the financial firmh. Strategic Risk – the uncertainty in earnings due to adverse business decisions, lack or responsiveness to changes and other poor decisions by managementi. Capital Risk – the risk that the value of the assets will decline below the value of the liabilities. All of the other risks listed above can affect earnings and the value of the assets and liabilities and therefore can have an effect on the capital position of the firm.6-17. What items on a bank's balance sheet and income statement can be used to measure its risk exposure? To what other financial institutions do these risk measures apply?There are several alternative measures of risk in banking and financial service firms. Capital risk is often measured by bank capital ratios, such as the ratio of total capital to total assets or total capital to risk assets. Credit risk can be tracked by such ratios as net loan losses to total loans or relative to total capital. Liquidity risk can be followed by using such ratios as cash assets to total assets or by total loans to total assets. Interest-rate risk may be indicated by such ratios as interest-sensitive liabilities to interest-sensitive assets or the ratio of money-market borrowings to money-market assets.6-18. A bank reports that the total amount of its net loans and leases outstanding is $936 million,its assets total $1,324 million, its equity capital amounts to $110 million, and it holds $1,150 million in deposits, all expressed in book value. The estimated market values of the bank's total assets and equity capital are $1,443 million and $130 million, respectively. The bank's stock is currently valued at $60 per share with annual per-share earnings of $2.50. Uninsured deposits amount to $243 million and money market borrowings total $132 million, while nonperforming loans currently amount to $43 million and the bank just charged off $21 million in loans. Calculateas many of the bank's risk measures as you can from the foregoing data.Net Loans and Leases = $936 mill. Uninsured Deposits $243 mill.Total Assets $1,324 mill. Total Deposits $1,150 mill.0.7069 or 70.69 percent 0.2113 or 21.13 percentEquity Capital = $130 mill. Stock Price $60Total Assets $1,443 mill. Earnings Per Share $2.50 = 0.0901 or 9.01 percent = 24 XNonperforming Assets = $43 mill. =0.0459 or 4.59 percentNet Loans and Leases $936 mill.Charge-offs of loans = $21 Purchased Funds = $243 mill. + $132 mill. Total Loans and Leases $936 Total Liabilities $1,324 mill. - $110 mill.=.0224 or 2.24 percent .3089 or 30.89 percentBook Value of Assets = $1324 =0.9175 or 91.75 percentMarket Value of Assets $1443Problems6-1. An investor holds the stock of First National Bank of Imoh and expects to receive a dividend of $12 per share at the end of the year. Stock analysts have recently predicted that the bank’s dividends will grow at approximately 3 percent a yea r indefinitely into the future. If this is true, and if the appropriate risk-adjusted cost of capital (discount rate) for the bank is 15 percent, what should be the current stock price per share of Imoh’s stock?6-2. Suppose that stockbrokers have projected that Poquoson Bank and Trust Company will pay a dividend of $3 per share on its common stock at the end of the year; a dividend of $4.50 per share is expected for the next year and $6 per share in the following year. The risk-adjusted cost of capital for banks in Poquoson’s risk class is 17 percent. If an investor holding Poquoson’s stock plans to hold that stock for only three years and hopes to sell it at a price of $55 per share, what should the value of the bank’s stock be in today’s market?P0 = $43.94 per share.6-3 Depositors Savings Association has a ratio of equity capital to total assets of 7.5 percent. In contrast, Newton Savings reports an equity capital to asset ratio of 6 percent. What is the value of the equity multiplier for each of these institutions? Suppose that both institutions have an ROA of 0.85 percent. What must each institution’s return on equity capital be? What do your calculations tell you about the benefits of having as little equity capital as regulations or the marketplace will allow?Depositors Savings Association has an equity-to-asset ratio of 7.5 percent which means its equity multiplier must be:= 1 / 0.075 = 13.33x1/ (Equity Capital / Assets) = AssetsEquityCapitalIn contrast, Newton Savings has an equity multiplier of:= 16.67x1/ (Equity Capital / Assets) = 10.06With an ROA of 0.85 percent Depositors Savings Association would have an ROE of: ROE = 0.85 x 13.33x = 11.33 percent.With an ROA of .85 percent Newton Savings would have an ROE of:ROE = 0.85 x 16.67x = 14.17 percentIn this case Newton Savings is making greater use of financial leverage and is generating a higher return on equity capital.6-4. The latest report of condition and income and expense statement for Galloping Merchants National Bank are as shown in the following tables:Galloping Merchants National BankInterest Fees on Loans $65Interest Dividends on Securities 12Total Interest Income 77Interest Paid on Deposits 49Interest on Nondeposit Borrowings 6Total Interest Expense 55Net Interest Income 22Provision for Loan Losses 2Noninterest Income and Fees 7Noninterest Expenses:Salaries and Employee Benefits 12Overhead Expenses 5Other Noninterest Expenses 3Total Noninterest Expenses 20Net Noninterest Income -13Pre Tax Operating Income 7Securities Gains (or Losses) 1Pre Tax Net Operating Income 8Taxes 1Net Operating Income 7Net Extraordinary Income -1Net Income $6FTE 40Galloping Merchants National BankReport of ConditionCash and Due From Banks $100 Demand Deposits $190Investment Securities $150 Savings Deposts $180Federal Funds Sold $10 Time Deposits $470Net Loans $670 Federal Funds Purch $69(ALL 25) Total Liabilities $900(Unearned Income 5) Common Stock $20Plant and Equipment $50 Surplus $25Retained Earnings $35Total Assets $980 Total Ca $80Total Earnings Assets $830 Interest BearingDeposits $650Fill in the missing items on the income and expense statement. Using these statements, calculate the following performance measures:6-5. The following information is for Shallow National BankInterest Income $2,100Interest Expense $1,400Total Assets $30,000Securities Gains (losses) $21Earning Assets $25,000Total Liabilities $27,000Taxes Paid $16Shares of Common Stock 5,000Noninterest income $700Noninterest Expense $900Provision for LoanLosses $100ROE = $405 ROA = $405$30,000 -$27,000$30,0000.135 or 13.5 percent 0.0135 or 1.35percentEarnings = $405 = $.081 per sharePer Share 5000Net Interest = $2100 -$1400 = $700 = 0.028 or 2.8percentMargin $25,000 $25,000Net Noninterest = $700 -$900= -$200 = 0.008or .8 percent Margin $25,000 $25,000Net Operating = ($2100 + $700) – ($1,400 + $900+ $100) = $400 =0.0133or 1.33percentMargin $30,000 $30,000Suppose interest income, interest expenses, noninterest income, and noninterest expenses each increase by 5 percent, with all other items remaining unchanged.Interest Income $2,205Interest Expense $1,470Total Assets $30,000Securities Gains (losses) $21Earning Assets $25,000Total Liabilities $27,000Taxes Paid $16Shares of Common Stock 5,000Noninterest income $735Noninterest Expense $945Provision for LoanLosses $100ROE = $430 ROA = $430$30,000 -$27,000$30,0000.1433 or 14.33 percent 0.0143 or 1.43percentEarnings = $430 = $.086 per sharePer Share 5000Net Interest = $2205 -$1470 = $735 = 0.0294 or 2.94percentMargin $25,000 $25,000Net Noninterest = $735 -$945 = -$210 = 0.0084 or .84percentMargin $25,000 $25,000Net Operating = ($2205 + $735) – ($1,470 + $945+ $100) = $425 =0.0142or 1.42percentMargin $30,000 $30,000On the other hand, suppose Shallow’s interest income, interest expenses, noninterest income, and noninterest expenses decline by 5 percent, again with all other factors held equal. How would the bank’s ROE, ROA and per share earnings change?Interest Income $1995Interest Expense $1,330Total Assets $30,000Securities Gains (losses) $21Earning Assets $25,000Total Liabnilities $27,000Taxes Paid $16Shares of Common Stock 5,000Noninterest income $665Noninterest Expense $855Provision for LoanLosses $100ROE = $380 ROA = $380$30,000 -$27,000$30,0000.1267 or 12.67 percent 0.0127 or 1.27percentEarnings = $380 = $.076 per sharePer Share 5000Net Interest = $1995 -$1330 = $665 = 0.0266 or 2.66percentMargin $25,000 $25,000Net Noninterest = $665 -$855 = -$190 = 0.0076 or .76percentMargin $25,000 $25,000Net Operating = ($1995 + $665) – ($1,330 + $855+ $100) = $375 =0.0125or 1.25percentMargin $30,000 $30,0006-6. Blue and White National Bank holds total assets of $1.69 billion and equity capital of $139 million and has just posted an ROA of 1.1 percent. What is this bank’s ROE?:ROE = ROA * Total AssetsEquity Capital = 0.011 * $1,690$139= 0.1337 or 13.37%R0A increases by 50%, with no change in assets or equity capital.Therefore, the new ROA = 0.011 * 1.5 = 0.0165 or 1.65%.New ROE = 1.65% * 12.16 = 20.06%This represents a 50% increase in ROE. With no changes in assets or equity, the investors' funds are more effectively utilized, generating additional income and making the bank more profitable. Alternative Scenario 2:ROA decreases by 50%, with no change in equity or assets.Therefore, the new ROA = 0.011 * 0.5 = 0.0055 or 0.55%.New ROE = 0.55% * 12.16 = 6.69%This represents a 50% decrease in ROE. The bank's management has been less efficient, in this case, in managing their lending and/or investing functions or their operating costs.Alternative Scenario 3:ROA = 0.011 or 1.1% (as in the original problem)Total assets double in size to $3.38 billion and equity capital doubles in size to $278 million. Therefore, the equity multiplier (i.e. total assets/equity capital) remains the same (E.M. =$3,380/$278 = 12.16). As a result, there is no change in ROE from the original situation (i.e.), 1.1% * 12.16 = 13.38%).Alternative Scenario 4:This, of course, is just the reverse of scenario 3. Since the changes in both assets and equity capital are the same, the ratio of the two (i.e., the equity multiplier) remains constant. As a result, there is again no change in ROE.E.M. = Total Assets/Equity Capital = $845/$69.5 = 12.16.Therefore, ROE = 1.1% * 12.16 = 13.38%.6-7. Monarch State Bank reports total operating revenues of $135 million, with total operating expenses of $121 million, and owes taxes of $2 million. It has total assets of $1.00 billion and total liabilities of $900 million and has just posed an ROA of 1.1o percent. What is the bank’s ROE? Net Income after Taxes = $135 million -$121 million -$2 million = $12 millionEquity Capital = $1.00 billion - $900 million = $100 million= $12 million / $100 million = 0.12 or 12%.ROE = Net Income after TaxesEquity CapitalAlternative Scenario 1: How will the ROE for Monarch State Bank change if total operating expenses, taxes and total operating revenues each grow by 10 percent while assets and liabilities stay fixed.Total revenues = $135 million * 1.10 = $148.5 millionTotal expenses = $121 million * 1.10 = $133.1 millionTax liability = $2 million * 1.10 = $2.2 millionNet Income after Taxes = $148.5 - $133.1 - $2.2 = $13.2 millionROE = $13.2 million/$100 million = 0.132 or 13.2%Change in ROE = (13.2%-12%)/12% = 10%Alternative Scenario 2: Suppose Monarch State’s total assets and total liabilities increase by 10 percent, but its revenues and expenses (including taxes) are unchanged. How will the bank’s ROE change?Total assets increase by 10% (Total assets = $ 1.0 * 1.10 = $1.1 billion)Total liabilities increase by 10% (Total liabilities = $900 million * 1.10 = $990Revenues and expenses (including taxes) remain unchanged.Solution: Equity Capital = $1.1 billion - $990 million = $110 millionROE = $12 = .1091$110 10.91 percent= 10.91% - 12% = -1.09% = -.0908% Therefore change inROE12% 12% (ROE decreases by9.08%)Alternative Scenario 3: Can you determine what will happen to ROE if both operating revenues and expenses (including taxes) decline by 10 percent, with the bank’s total assets and liabilities held constant?Total revenues decline by 10% (Total revenues = $135 million * 0.90 = $121.5 million)Total expenses decline by 10% (Total expenses = $121 million * 0.9 = $108.9 million)Tax liability declines by 10% (Tax liability = $2 * 0.9 = $1.8 million)Assets and liabilities remain unchanged (Therefore, equity remains unchanged)Solution: Net Income after Tax = $121.5 million - 108.9 million - $1.8 million = $10.8 ROE = $10.8 million = 0.108 = 10.8%$100 millionTherefore change in ROE = 10.8% - 12% = -1.2% = -.1012% 12% (ROE decreases by 10%) Alternative Scenario 4: What does ROE become if Monarch State’s assets and liabilities decreaseby 10 percent, while its operating revenues, taxes and operating expenses do not change?Total assets = $1.0 billion * 0.9 = $900 millionTotal liabilities = $900 million * 0.9 =$810 millionEquity capital = $900 million - $810 million = $90 millionROE = $12 = .1333$90 13.33 percent6-8. Suppose a stockholder owned thrift institution is projected to achieve a 1.25 percent ROA during the coming year. What must its ratio of total assets to total equity capital be if it is to achieveits target ROE of 12 percent? If ROA unexpectedly falls to .75 percent, what assets-to-capital ratio must it then have to reach a 12 percent ROE?ROE = ROA * (Total Assets/Equity Capital)Total Assets = ROE = 12% = 9.6 xEquity Capital ROA 1.25%If ROA unexpectedly falls to 0.75% and target ROE remains 12%:12% = .75% * Total AssetsEquity CapitalTotal Assets = 12% =16 xEquity Capital .75%。
商业银行管理彼得S.罗斯第八版课后答案
商业银行管理彼得S.罗斯第八版课后答案第一章现代商业银行的概述1.解释现代商业银行的定义和特点。
商业银行是一种金融机构，主要从事存款、贷款、支付和其他与金融活动相关的业务。
其特点包括但不限于：收取利息和手续费、进行风险管理、提供信贷和储蓄服务、发行货币等。
2.列举现代商业银行的主要功能。
现代商业银行的主要功能包括但不限于：存款业务、贷款业务、国际业务、支付结算、外汇交易、信用和担保、投资银行业务、资金运作等。
3.商业银行与其他金融机构的区别是什么？和其他金融机构相比，商业银行的最大区别在于其可以发行货币，并具有相应的存储和支付功能。
此外，商业银行还可以从中央银行和其他金融机构获得流动性支持。
此外，商业银行还拥有广泛的客户群体和网络，可以提供多样化的金融产品和服务。
第二章商业银行的治理结构1.解释商业银行的治理结构。
商业银行的治理结构是指银行内各个决策层级和机构之间相互关系的安排和管理方式。
这包括董事会、监事会、高级管理层等。
2.详细描述商业银行治理结构中各种角色的职责和权力。
•董事会：负责制定银行的战略方向和政策，监督高级管理层的工作表现。
•监事会：负责审计和监督董事会和高级管理层的工作，确保其合法、合规。
•高级管理层：负责银行的日常经营管理，执行董事会决策，负责风险管理和业绩目标的实现。
•内部控制机构：负责制定和实施内部控制制度，保障银行运营的合规性和风险控制。
3.商业银行的治理结构有哪些挑战和改进措施？商业银行的治理结构面临的主要挑战包括：信息不对称、利益冲突、监管合规等。
为了改善这些问题，银行可以采取以下措施：加强内部控制机制、设立独立董事、加强风险管理和合规审查等。
第三章商业银行的资本管理1.商业银行为什么需要资本？商业银行需要资本来保证其业务的顺利运作。
资本可以用于覆盖银行风险、偿还债务、承担损失等。
同时，一定水平的资本也是银行移植的法定要求。
2.商业银行的资本可以来源于哪些渠道?商业银行资本的主要来源有：股东投资、利润留存、债务融资、政府注资等。
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《商业银行管理学》课后习题及题解第一章商业银行管理学导论习题一、判断题1. 《金融服务现代化法案》的核心内容之一就是废除《格拉斯－斯蒂格尔法》。
2. 政府放松金融管制与加强金融监管是相互矛盾的。
3. 商业银行管理的最终目标是追求利润最大化。
4. 在金融市场上，商业银行等金融中介起着类似于中介经纪人的角色。
5. 商业银行具有明显的企业性质，所以常用于企业管理的最优化原理如边际分享原理、投入要素最优组合原理、规模经济原理也适用于商业银行。
6. 金融市场的交易成本和信息不对称决定了商业银行在金融市场中的主体地位。
7. 企业价值最大化是商业银行管理的基本目标。
8. 商业银行管理学研究的主要对象是围绕稀缺资源信用资金的优化配置所展开的各种业务及相关的组织管理问题。
9. 商业银行资金的安全性指的是银行投入的信用资金在不受损失的情况下能如期收回。
二、简答题1. 试述商业银行的性质与功能。
2. 如何理解商业银行管理的目标？3. 现代商业银行经营的特点有哪些？4. 商业银行管理学的研究对象和内容是什么？5. 如何看待“三性”平衡之间的关系？三、论述题1. 论述商业银行的三性目标是什么，如何处理三者之间的关系。
2. 试结合我国实际论述商业银行在金融体系中的作用。
第一章习题参考答案一、判断题1.√2.×3.×4.√5.×6.√7.×8.√9.√二、略；三、略。
第二章商业银行资本金管理习题一、判断题1. 新巴塞尔资本协议规定，商业银行的核心资本充足率仍为4％。
2. 巴塞尔协议规定，银行附属资本的合计金额不得超过其核心资本的50%。
3. 新巴塞尔资本协议对银行信用风险提供了两种方法：标准法和内部模型法。
4. 资本充足率反映了商业银行抵御风险的能力。
5. 我国国有商业银行目前只能通过财政增资的方式增加资本金。
6. 商业银行计算信用风险加权资产的标准法中的风险权重由监管机关规定。
二、单选题1. 我国《商业银行资本充足率管理办法》规定，计入附属资本的长期次级债务不得超过核心资本的。
A. 20%B. 50%C. 70%D. 100%2. 商业银行用于弥补尚未识别的可能性损失的准备金是。
A. 一般准备金B. 专项准备金C. 特殊准备金D. 风险准备金3. 《巴塞尔协议》规定商业银行的核心资本与风险加权资产的比例关系。
A. ≧8%B. ≦8%C. ≧4%D. ≦4%三、简答题1．试述商业银行资本金的功能。
2. 试述商业银行资本金的构成。
3. 试述1988年巴塞尔协议的基本内容。
5. 试述商业银行提高资本充足率的途径。
四、论述题试论述现阶段我国商业银行提高资本金的策略。
第二章习题参考答案一、判断题1.× [题解]新巴塞尔协议商业银行核心资本充足率为8%。
2.× [题解]巴塞尔协议规定，银行附属资本的合计金额不得超过其核心资本的100%。
3.√ [题解]银行信用风险计量包括标准法和内部评级法两种。
4.√ [题解]资金越充足，缓冲损失的能力越强。
5.× [题解]也可通过发行普通股，优先股，次级长期债券来增加资本金。
6.× [题解]新巴塞尔协议规定，监管机关规定只能对其监督检查。
二、单选题1. B [题解]附属资本的合计金额不得超出其核心资本的100%，长期次级债券最多只能为核心资本的50%，普通准备金和普通呆账准备金占风险资产的比例最多不超过1.25%，在特别的情况下可达2%。
2. A [题解]依据一般准备金的定义。
3. A [题解]核心资本与风险加权资产是核心资本充足率。
三、简答题1. 试述商业银行资本金的功能。
1. [题解]商业银行资本金包括营业功能、保护功能、管理功能。
试述商业银行资本金的构成。
2. [题解]商业银行资本金的构成包括普通资本和优先资本。
普通资本包括普通股、资本盈余、未分配利润等，优先资本包括优先股、资本票据和资本债券、可转换债券等。
试述1988年巴塞尔协议的基本内容。
3. [题解]1988年巴塞尔协议的基本内容包括划分资本、规划资产的风险权重、规定商业银行资本充足率的最低标准、过渡期安排。
试述商业银行提高资本充足率的途径。
4. [题解]商业银行提高资本充足率有2种途径：1、分子对策，即提高资本总量，如采用内源资本策略（留存盈余、股息政策）和外源资本策略发行普通股、发行优先股、发行次级中长期债券）来提高资本总量；2、分母对策，即压缩银行资产规模调整资产结构。
四、论述题1. 试论述现阶段我国商业银行提高资本金的策略。
1. [题解]商业银行提高资本金有两种策略，即内源资本策略和外源资本策略。
内源资本策略是指增加内源资本，即增加以留存收益方式形成的资本；外源资本策略是指通过发行普通股、发行优先股、发行长期次级债券等形式来增加资本。
第三章商业银行负债业务管理习题一、判断题1. 商业银行向中央银行借款可以用于投资。
2. 欧洲货币市场借款利率一般以LIBOR为基准。
3. 市场渗透定价法不强调利润对成本的弥补。
4. 高负债是商业银行区别于其他企业的重要标志之一。
5. 对商业银行来说存款并不是越多越好。
6. CDs存单是一种面额较大、不记名发行但不能在二级市场流通转让的定期存款凭证。
7. 我国目前资本市场利率仍然是市场利率与计划利率并存。
8. 负债是商业银行资金的全部来源。
二、单项题1. 商业银行存款管理的目标不包括。
A. 保持存款的稳定性B. 降低存款的成本率C. 降低存款的流动性D. 提高存款的增长率2. 存款按存款资金性质及计息范围划分为财政性存款和。
A. 个人存款B. 定期存款C. 一般性存款D. 单位存款3. 使商业银行负债成本最低的存款为。
A. 同业存款B. 有奖存款C. 定期存款D. 活期存款4. 商业银行的被动负债是。
A. 发行债券B. 吸收存款C. 同业拆借D. 再贷款5. 下列借入负债中被采用“隔日放款”或今日货币形式的为。
A. 同业拆借B. 回购协议C. 间接借款D. 再贴现6. 商业银行可长期利用的存款，称为。
A. 流动性存款B. 原始存款C. 定期存款D. 发行长期金融债券7. 商业银行中长期借款包括。
A．同业拆借 B. 回购协议C. 中央银行借款D. 发行长期金融债券8. 同业借款不包括。
A. 同业拆借B. 再贴现C. 抵押借款D. 转贴现9. 目标利润定价法的核心在于。
A. 严格测算各种存款的营业成本B. 计算存款的历史加权成本C. 确定存款的边际成本D. 确定存款的风险成本10. 商业银行吸收的存款中稳定性最好的是。
A. NOW账户B. 定活两便存款C. 储蓄存款D. 自动转账服务账户11. 商业银行的存款成本除了利息支出，还包括。
A. 办公费B. 员工工资C. 差旅费D. 非利息支出12. 关于同业拆借说法不正确的是。
A. 同业拆借是一种比较纯粹的金融机构之间的资金融通行为。
B. 为规避风险，同业拆借一般要求担保。
C. 同业拆借一般不需向中央银行缴纳法定存款准备金，降低了银行的筹资成本。
D. 同业拆借资金只能作短期的用途。
三、多选题1. 商业银行负债按负债的流动性可分为。
A. 流动负债B. 应付债券C. 其他长期负债D. 应付账款2. 下列属于存款的创新种类的是。
A. 可转让支付命令账户B. 大额可转让定期存单C. 货币市场账户D. 个人退休金账户3. 影响存款成本定价的因素包括。
A. 市场利率的水平B. 存款的期限结构C. 银行的盈利性D. 客户与银行的关系4. 商业银行借入资金应考虑的因素包括。
A. 借入资金的规模B. 借入资金的期限C. 借入资金的相对成本D. 借入资金的分险E. 借入资金的法规限制5. 商业银行国内市场借款的主要方式有。
A. 转贴现B. 向央行借款C. 同业拆借D. 发行金融债券E. 证券回购协议6. 价格定价法中价格表按收费条件包括。
A. 免费定价B. 有条件免费定价C. 浮动费率D. 固定费率7. 以下属于商业银行“主动型负债”的是。
A. 存款B. 同业拆借C. 再贴现D. 金融债券E. 转贴现四、计算题1. 假定一家银行筹集了500万的资金，包括200万的活期存款，300万定期存款与储蓄存款。
活期存款的利息和非利息成本为存款的8%，定期存款和储蓄存款总成本为10%。
假如储备要求减少银行可使用资金的数额为活期存款的15%，储蓄存款的5%。
求该银行负债的加权平均成本率。
2. 某银行可通过7%的存款利率吸引50万元新存款。
银行估计，若提供利率为7.5%，可筹集资金100万元；提供8%利率可筹集存款150万元；提供8.5%的利率可筹集存款200万元；提供9%的利率可筹集存款250万元。
如果银行投资资产的收益率为10%，由于贷款利率不随贷款量的增加而增加，贷款利率就是贷款的边际收益率。
存款为多少时银行可获得最大的利润呢？五、简答题1. 简述商业银行负债的性质。
2. 简述商业银行负债业务的作用。
3. 简述商业银行负债业务经营管理的目标。
4. 简述商业银行借入资金时应考虑的因素。
5. 负债对商业银行管理有何意义。
6. 商业银行借入资金时一般有哪些渠道。
7. 商业银行存款定价通常有哪些方法。
六、论述题论述你对存款立行观点的看法。
第三章习题参考答案一、判断题1.×2.√3.√4.√5.√6.×7.√8.×二、单选题1.C2.C3.A4.B5.A6.D7.D8.B9.B 10.C 11.D 12.B三、多选题1.ABC2.ABCD3.ABCD4.ABCDE5.ABCDE6.ABD7.BCDE四、计算题1. 加权平均成本率=全部负债利息总额/全部负债平均余额×100%=[（200×8%+300×10%）/（200×85%+300×95%）] ×100%=10.11%2. 利润=贷款收益-存款成本（1）（10%-7.5%）×100+50×7.5%-50×7%=2.75（2）（10%-8%）×150+50×8%-50×7%=3.5（3）（10%-8.5%）×200+50×8.5%-50×7%=3.75（4）（10%-9%）×250+50×9%-50×7%=3.5所以采取第三种方案可以获得最大利润。
五、略；六、略；七、略。
第四章商业银行贷款业务管理（一）习题一、判断题1. 五级分类法中，不良贷款包括可疑贷款和损失贷款两类。
2. 质押贷款的质物指借款人或第三人的不动产。
3. 补偿性余额实际上是银行变相提高贷款利率的一种表现形式。
4. 资金边际成本是指商业银行每增加一单位可用于投资或贷款的资金所需支付的利息、费用成本。