《金融机构体系》习题及答案
李健《金融学》课后习题及详解(金融机构体系)【圣才出品】
李健《金融学》课后习题及详解第11章金融机构体系1．为什么现代经济社会中需要存在金融机构？答：金融机构是商品经济发展的产物，因而随着商品经济的发展，其在现代经济体系中的地位和作用也越来越突出。
具体表现在如下方面：（1）金融机构是一国资金活动的总枢纽，它通过筹集和融通资金，引导资金流向并优化资源配置，提高生产要素的利用效率，促进经济发展。
（2）金融机构是金融产业的载体，它们以自有资本为基础，充分运用社会资本，吸纳各种人才就业，在为社会创造金融工具、提供金融服务的过程中创造价值，获取利润。
它们不仅是第三产业最重要的部分，也成为各国经济发展中的支柱产业。
（3）金融机构是一国政府调节、管理经济活动的主要对象，是一国经济健康、有序、稳定运行的保证。
2．请列举出金融机构有哪几个基本功能。
答：金融机构是适应商品经济发展内生的多样化金融需求而产生的，因此，金融机构在其产生时就具有服务于经济社会的多种功能。
（1）便利支付结算金融机构提供有效的支付结算服务是其适应经济发展需求而较早产生的功能。
（2）促进资金融通促进资金融通指金融机构充当专业的资金融通媒介，促进各种社会闲置资金的有效利用。
（3）降低交易成本降低交易成本是指金融机构通过规模经营和专业化运作，适度竞争，可以合理控制利率、费用、时间等成本，取得规模经济和范围经济的效果，并使得投融资活动最终以适应社会经济发展需要的交易成本来进行，从而满足迅速增长的投融资需求。
（4）改善信息不对称由于金融机构利用自身的优势能够及时搜集、获取比较真实、完整的信息，通过专业分析判断，据此选择合适的借款人和投资项目，对所投资的项目进行专业化的监控。
（5）转移与管理风险转移与管理风险是指金融机构通过各种业务、技术和管理，分散、转移、控制或减轻金融、经济和社会活动中的各种风险。
（6）创造信用与存款货币金融机构在其业务活动中可以创造各种信用工具，中央银行的资产业务可以直接授信给金融机构，负债业务可以直接发行信用货币。
金融学练习题库(附参考答案)
金融学练习题库（附参考答案）一、单选题（共80题，每题1分，共80分）1、发行政府债券对货币供应量的影响，取决于（）。
A、债券发行量的多少B、认购主体及其资金来源C、认购主体的多元化程度D、购买资金的性质正确答案：B2、我国金融业的清算中心是（）。
A、工、农、中、建四大银行B、中国结算公司C、票据交换中心D、中央银行正确答案：D3、由债权人签发给债务人的付款命令书是（）。
A、银行支票B、商业汇票C、商业本票D、商业期票正确答案：B4、（）是商业银行筹集资金、借以形成资金来源的业务。
A、表外业务B、资产业务C、中间业务D、负债业务正确答案：D5、某股票每年分配股利0.7元，折现率为11％，该股票的当前市场价格为6元，则（）。
A、该股票的市场价格被低估B、该股票的市场价格被高估C、该股票的市场价格准确反映了其内在价值D、股票市场价格与其内在价值的关系不能确定正确答案：A6、格雷欣法则起作用于（）。
A、跛行本位制B、平行本位制C、单本位制D、双本位制正确答案：D7、根据我国《商业银行法》规定，在改革开放后逐步建立起来的我国现行的商业银行体系，目前采用的是（）模式。
A、职能分工B、混业经营C、单元型D、全能型正确答案：A8、人民币从中国人民银行现金发行库直接进入商业银行和其他金融机构现金业务库的过程，称为（）。
A、现金发行B、现金投放C、现金归还D、现金回笼正确答案：A9、直接金融市场和间接金融市场的区别在于（）。
A、是否存款中介机构B、中介机构在交易中的地位和性质C、是否存款固定的交易场所D、是否存款完善的交易程序正确答案：B答案解析：直接金融市场和间接金融市场的差别在于中介机构在交易中的地位和性质。
在直接金融市场上也有中介机构，但这些机构并不作为资金的中介，而仅仅是充当信息中介和服务中介。
10、下列属于政策性银行的有（）。
A、中国农业发展银行B、中国农业银行C、中国银行D、中国工商银行正确答案：A11、（）是金融衍生产品中相对简单的一种，交易双方约定在未来特定日期按既定的价(格购买或出售某项资产。
货币金融学期中考试复习题及答案
第一章金融机构体系一、名词解释金融直接金融间接金融金融机构政策性银行二、单项选择题1、在一国金融机构体系中，（A）居于领导核心地位。
A、中央银行B、商业银行C、银行金融机构D、股份制银行2、（ A）是金融机构体系中处于主体地位的金融机构。
A、中央银行B、商业银行C、投资银行D、政策性银行3、金融机构主要分为（A）两大类。
A、银行与非银行金融机构B、银行与证券机构C、银行与保险机构D、中国银行与商业银行4、1845年在中国出现的第一家现代银行是（ D ）。
A、横滨银行B、东方汇理银行C、汇丰银行D、丽如银行5、我国最早由自己开办的银行是（ B ）。
A、丽如银行B、中国通商银行C、户部银行D、大清银行6、为促使我国原有的专业银行顺利转变为商业银行，1994年我国设立了（ C ）。
A、股份制银行B、区域性银行C、政策性银行D、中央银行7、政策性金融机构的资金来源主要是（ A ）。
A.财政预算拨款B.发行股票C.借款D.吸收存款8、国家基础设施、基础产业、支柱产业的大中型基本建设和技术改造等政策性项目及配套工程的贷款、贴息业务，由（ A ）办理。
A、国家开发银行B、中国进出口银行C、中央银行D、中国农业发展银行9、中国农业发展银行的主要任务之一就是办理（B）。
A、建设项目贷款条件评估、咨询和担保服务B、粮，棉，油的储备、收购贷款业务C、为扩大机电产品和成套设备等资本性货物出口提供政策性金融支持D、农户贷款业务10、为政策性进出口业务提供买方信贷与卖方信贷是（A）办理的业务。
A．中国进出口银行 B．中国农业发展银行 C．国家开发银行 D．中国银行11、信用合作社属于( A )。
A．存款型金融机构 B．契约型金融机构 C．投资型金融机构 D．政策型金融机构12、在我国，财务公司主要为（ A ）提供金融服务。
A、企业集团内部各单位B、社会公众C、企业单位D、事业单位13、政策性银行是由（ A ）直接出资或以担保形式创立，为贯彻国家产业政策或区域发展政策，不以营利为目的的金融机构。
金融机构管理习题答案025
Chapter Twenty FiveOptions, Caps, Floors, and CollarsChapter Outline IntroductionBasic Features of Options∙Buying a Call Option on a Bond∙Writing a Call Option on a Bond∙Buying a Put Option on a Bond∙Writing a Put Option on a BondWriting versus Buying Options∙Economic Reasons for Not Writing Options∙Regulatory Reasons∙Futures versus Options HedgingThe Mechanics of Hedging a Bond or Bond Portfolio∙Hedging with Bond Options Using the Binomial Model Actual Bond OptionsUsing Options to Hedge Interest Rate Risk on the Balance Sheet Using Options to Hedge Foreign Exchange RiskHedging Credit Risk with OptionsHedging Catastrophe Risk with Call Spread OptionsCaps, Floors, and Collars∙Caps∙Floors∙Collars∙Caps, Floors, Collars, and Credit RiskSummarySolutions to End-of-Chapter Questions and Problems: Chapter Twenty Five1.How does using options differ from using forward or futures contracts?Both options and futures contracts are useful in managing risk. Other than the pure mechanics, the primary difference between these contracts lies in the requirement of what must be done on or before maturity. Futures and forward contracts require that the buyer or seller of the contracts must execute some transaction. The buyer of an option has the choice to execute the option or to let it expire without execution. The writer of an option must perform a transaction only if the buyer chooses to execute the option.2.What is a call option?A call option is an instrument that allows the owner to buy some underlying asset at a prespecified price on or before a specified maturity date.3.What must happen to interest rates for the purchaser of a call option on a bond to makemoney? How does the writer of the call option make money?The call option on a bond allows the owner to buy a bond at a specific price. For the owner of the option to make money, he should be able to immediately sell the bond at a higher price. Thus, for the bond price to increase, interest rates must decrease between the time the option is purchased and the time it is executed. The writer of the call option makes a premium from the sale of the option. If the option is not exercised, the writer maximizes profit in the amount of the premium. If the option is exercised, the writer stands to lose a portion or the entire premium, and may lose additional money if the price on the underlying asset moves sufficiently far.4.What is a put option?A put option is an instrument that allows the owner to sell some underlying asset at a prespecified price on or before a specified maturity date.5.What must happen to interest rates for the purchaser of a put option on a bond to makemoney? How does the writer of the put option make money?The put option on a bond allows the owner to sell a bond at a specific price. For the owner of the option to make money, he should be able to buy the bond at a lower price immediately prior to exercising the option. Thus, for the bond price to decrease, interest rates must increase between the time the option is purchased and the time it is executed. The writer of the put option makes a premium from the sale of the option. If the option is not exercised, the writer maximizes profit in the amount of the premium. If the option is exercised, the writer stands to lose a portion or the entire premium, and may lose additional money if the price on the underlying asset moves sufficiently far.6. Consider the following:a. What are the two ways to use call and put options on T-bonds to generate positive cashflows when interest rates decline? Verify your answer with a diagram.The FI can either (a) buy a call option, or (b) sell a put option on interest rate instruments, such as T-bonds, to generate positive cash flows in the event that interest rates decline. In the case of a call option, positive cash flows will increase as long as interest rates continue to decrease. See Figure 25-1 in the text as an example of positive cash flows minus the premium paid for the option. Although not labeled in this diagram, interest rates areassumed to be decreasing as you move from left to right on the x-axis. Thus bond prices are increasing.The sale of a put option generates positive cash flows from the premium received. Figure 25-4 shows that the payoff will decrease as the price of the bond falls. Of course this can only happen if interest rates are increasing. Again, although not labeled in this diagram, interest rates are assumed to be increasing as you move from right to left on the x-axis.b. Under what balance sheet conditions can an FI use options on T-bonds to hedge itsassets and/or liabilities against interest rate declines?An FI can use call options on T-bonds to hedge an underlying cash position that decreases in value as interest rates decline. This would be true if, in the case of a macrohedge, the FI's duration gap is negative and the repricing gap is positive. In the case of a microhedge, the FI can hedge a single fixed-rate liability against interest rate declines.c. Is it more appropriate for FIs to hedge against a decline in interest rates with long callsor short puts?An FI is better off purchasing calls as opposed to writing puts for two reasons. First,regulatory restrictions limit an FI's ability to write naked short options. Second, since the potential positive cash inflow on the short put option is limited to the size of the putpremium, there may be insufficient cash inflow in the event of interest rate declines tooffset the losses in the underlying cash position.7. In each of the following cases, identify what risk the manager of an FI faces and whetherthe risk should be hedged by buying a put or a call option.a. A commercial bank plans to issue CDs in three months.The bank faces the risk that interest rates will increase. The FI should buy a put option. If rates rise, the CDs can be purchased at a lower price and sold immediately by exercising the option. The gain will offset the higher interest rate the FI must pay in the spot market.b. An insurance company plans to buy bonds in two months.The insurance company (IC) is concerned that interest rates will fall, and thus the price of the bonds will rise. The IC should buy call options that allow the bond purchase at thelower price. The bonds purchased with the options can be sold immediately for a gain that can be applied against the lower yield realized in the market. Or the bonds can be kept and placed in the IC’s portfolio if they are the desired type of asset.c. A thrift plans to sell Treasury securities next month.The thrift is afraid that rates will rise and the value of the bonds will fall. The thrift should buy a put option that allows the sale of the bonds at or near the current price.d. A U.S. bank lends to a French company with a loan payable in francs.The U.S. bank is afraid that the dollar will appreciate (francs will depreciate). Thus the bank should buy a put to sell francs at or near the current exchange rate.e. A mutual fund plans to sell its holding of stock in a British company.The fund is afraid that the dollar will appreciate (£ will depreciate). Thus the fund should buy a put to sell £ at or near the current exchange rate.f. A finance company has assets with a duration of six years and liabilities with a durationof 13 years.The FI is concerned that interest rates will fall, causing the value of the liabilities to rise more than the value of the assets which would cause the value of the equity to decrease.Thus the bond should buy a call option on interest rates (bonds).8. Consider an FI that wishes to use bond options to hedge the interest rate risk in the bondportfolio.a. How does writing call options hedge the risk when interest rates decrease?In the case where the FI is long the bond, writing a call option will provide extra cash flow in the form of a premium. But falling interest rates will cause the value of the bond toincrease, and eventually the option will be exercised at a loss to the writer. But the loss is offset by the increase in value of the long bond. Thus the initial goal of maintaining the interest rate return on the long bond can be realized.b. Will writing call options fully hedge the risk when interest rates increase? Explain.Writing call options provides a premium that can be used to offset the losses in the bond portfolio caused by rising rates up to the amount of the premium. Further losses are not protected.c. How does buying a put option reduce the losses on the bond portfolio when interestrates rise?When interest rates increase, the value of the bond falls, but the put allows the sale of the bond at or near the original price. Thus the profit potential increases as interest ratescontinue to increase, although it is tempered by the amount of premium that was paid for the put.d. Diagram the purchase of a bond call option against the combination of a bondinvestment and the purchase of a bond put option.The profit payoff of a bond call option is given in Figure 25-1. If the price of the bond falls below the exercise price, the purchaser of the call loses the premium. As the price of the bond increases beyond the exercise price, the purchaser recovers the premium and thenrealizes a net profit. Figures 25-6 and 25-7 give the individual and net profit payoff ofholding a bond long and the purchase of a put option. The put option allows a profit ifbond prices drop. This profit will offset the loss on the long bond caused by the decrease in the bond value. If bond prices increase, the option will not be exercised and the investor will realize a gain from the increase in the bonds value. Thus the call option or thecombination of long bond and put option give the same value.9. What are the regulatory reasons that FIs seldom write options?Regulators often prohibit the writing of options because of the unlimited loss potential.10.What are the problems of using the Black-Scholes option pricing model to value bondoptions? What is meant by the term pull to par?The Black-Scholes model assumes unrealistically that short-term interest rates are constant. Second, the model assumes that the variance of returns on the bond is constant over time. In fact, the variance may increase in the initial life of a bond, but it must decrease during the final stages of the bond’s li fe because the bond must trade at par at maturity. The decrease in variance of returns over the final portion of a bond’s life is called the pull-to-par.11. An Fi has purchased a two-year, $1,000 par value zero-coupon bond for $867.43. The FIwill hold the bond to maturity unless it needs to sell the bond at the end of one year forliquidity purposes. The current one-year interest rate is 7 percent, and the one-year rate in one year is forecast to be either 8.04 percent or 7.44 percent with equal likelihood. The FI wishes to buy a put option to protect itself against a capital loss in the event the bond needs to be sold in one year.a. What was the yield on the bond at the time of purchase?PV0 = FV*PVIF n=2,i=?⇒ $867.43 = $1,000* PVIF n=2,i=?⇒ i = 7.37 percentb. What is the market-determined, implied one-year rate one year before maturity?E(r1) = 0.5*0.0804 + 0.5*0.0744 = 0.0774c. What is the expected sale price if the bond has to be sold at the end of one year?E(P1) = $1,000/(1.0774) = $928.16d.e. If the bank buys a put option with an exercise price equal to your answer in part (c),what will be its value at the end of one year?Put Option Value of WeightedExercise Bond Price Put Option Probability Value$928.16 - $925.58 = $2.58 * 0.5 = $1.29$928.16 - $930.75 = $0.00 * 0.5 = $0.00Total value = $1.29f. What should be the premium on the put option today?PV = $1.29/1.07 = $1.2056.g. Diagram the values for the put option on the 2-year zero-coupon bond.h.end of one year were expected to be 8.14 percent and 7.34 percent?The bond prices for the respective interest rates are $924.73 and $931.62. The expected one-year rate and the expected one-year bond price are the same. Further, the call price of the option is the same.Put Option Value of WeightedExercise Bond Price Put Option Probability Value$928.16 - $924.73 = $3.43 * 0.5 = $1.715$928.16 - $931.62 = $0.00 * 0.5 = $0.000Total value = $1.715 PV = $1.715/1.07 = $1.61.12. A pension fund manager anticipates the purchase of a 20-year, 8 percent coupon Treasurybond at the end of two years. Interest rates are assumed to change only once every year at year-end, with an equal probability of a 1 percent increase or a 1 percent decrease. TheTreasury bond, when purchased in two years, will pay interest semiannually. Currently, the Treasury bond is selling at par.a. What is the pension fund manager's interest rate risk exposure?The pension fund manager is exposed to interest rate declines (price increases).b. How can the pension fund manager use options to hedge that interest rate risk exposure?This interest rate risk exposure can be hedged by buying call options on either financialsecurities or financial futures.c. What prices are possible on the 20-year T-bonds at the end of year 1 and year 2?Currently, the bond is priced at par, $1,000 per $1,000 face value. At the end of the first year, either of two interest rates will occur.(a) Interest rates will increase 1 percent to 9 percent (50 percent probability of eitheroccurrence). The 20-year 8 percent coupon Treasury bond's price will fall to $907.9921 per $1,000 face value.(b) Interest rates will decrease 1 percent to 7 percent (50 percent probability ofoccurrence). The 20-year 8 percent coupon Treasury bond's price will increase to$1,106.7754 per $1,000 face value.At the end of two years, one of three different interest rate scenarios will occur.(a) Interest rates will increase another 1 percent to 10 percent (25 percent probability ofoccurrence). The 20 year 8 percent coupon Treasury bond's price will fall to $828.4091 per $1,000 face value.(b) Interest rates will decrease 1 percent to 8 percent or increase 1 percent to 8 percent(50 percent probability of occurrence). The 20-year 8 percent coupon Treasury bond'sprice will return to $1,000 per $1,000 face value.(c) Interest rates will decrease another 1 percent to 6 percent (25 percent probability ofoccurrence). The 20-year 8% coupon Treasury bond's price will increase to$1,231.1477 per $1,000 face value.Note: The diagram for part (d) is on the next page.e. If options on $100,000, 20-year, 8 percent coupon Treasury bonds (both puts and calls)have a strike price of 101, what are the possible (intrinsic) values of the option positionat the end of year 1 and year 2?The call option's intrinsic value at the end of one year will be either:(a) Zero if the price of a $100,000 20-year Treasury bond is $90,799.21 (in the scenariothat interest rates rise to 9 percent); or(b) $110,677.54 - $101,000 (strike price) = $9,677.54 if the price of a $100,000 20-yearTreasury bond is $110,677.54 (in the scenario that interest rates fall to 7 percent).The call option's intrinsic value at the end of two years will be either:(a) Zero if the price of a $100,000 20-year Treasury bond is $82,840.91 (in the scenariothat interest rates rise to 10 percent); or(b) Zero if the price of a $100,000 20-year Treasury bond is $100,000 (in the scenariothat interest rates stay at 8 percent); or(c ) $123,114.77 - $101,000 (strike price) = $22,114.77 if the price of a $100,000 20-year Treasury bond is $123,114.77 (in the scenario that interest rates fall to 6 percent).d.f.g.PV = $9,677.54/1.08 + $22,114.17/(1.08)2 = $10,773.25.13. Why are options on interest rate futures contracts preferred to options on cash instrumentsin hedging interest rate risk?Futures options are preferred to options on the underlying bond because they are more liquid, have less credit risk, are homogeneous, and have the benefit of mark-to-market features common in futures contracts. At the same time, the futures options offer the same asymmetric payoff functions of regular puts and calls.14. Consider Figure 25-12. What are the prices paid for the following futures options:a. June T-bond calls at 116. ⇒ $1,703.125 per $100,000 contract.b. June T-note puts at 116. ⇒ $1,468.750 per $100,000 contract.c. June Eurodollar calls at 9900 (99.00). ⇒ $1,000.000 per $1,000,000 contract.15. Consider Figure 25-12 again. What happens to the price of the following?a. A call when the exercise price increases? ⇒ The call value decreases.b. A call when the time until expiration increases? ⇒ The call value increases.c. A put when the exercise price increases? ⇒ The put value increases.d. A put when the time to expiration increases? ⇒ The put value increases.16. An FI manager writes a call option on a T-bond futures contract with an exercise price of114 at a quoted price of 0-55.a. What type of opportunities or obligations does the manager have?The manager is obligated to sell the interest rate futures contract to the call option buyer at the price of $114,000 per $100,000 contract, if the buyer chooses to exercise the option. If the writer does not own the bond at the time of exercise, the bond must be purchased in the market. The call writer received a premium of $859.38 from the sale of the option.b. In what direction must interest rates move to encourage the call buyer to exercise theoption?Interest rates must decrease so the market price of the bond increases.17. What is the delta of an option (δ)?The delta of an option measures the change in the option value for a $1 change in the value of the underlying asset. The delta of a call option always will be between 0 and 1.0, and the delta of a put option always will be between –1.0 and 0.18. An FI has a $100 million portfolio of six-year Eurodollar bonds that have an 8 percentcoupon. The bonds are trading at par and have a duration of five years. The FI wishes to hedge the portfolio with T-bond options that have a delta of -0.625. The underlying long-term Treasury bonds for the option have a duration of 10.1 years and trade at a market value of $96,157 per $100,000 of par value. Each put option has a premium of $3.25. a. How many bond put options are necessary to hedge the bond portfolio?contracts D B Value Portfolio Bond N p 82474.823157,96$*1.10*625.0000,000,100$**≈=--==δb. If interest rates increase 100 basis points, what is the expected gain or loss on the putoption hedge? A $100,000 20-year, eight percent bond selling at $96,157 implies a yield of 8.4 percent. ∆P = ∆p * N p = 824 * -0.625 * -10.1/1.084 * $96,157 * 0.01 = $4,614,028.00 gain c. What is the expected change in market value on the bond portfolio? ∆PV Bond = -5 * .01/1.08 * $100,000,000 = -$4,629,629.63 d. What is the total cost of placing the hedge?The price quote of $3.25 is per $100 of face value. Therefore the cost of one put contract is $3,250, and the cost of the hedge = 824 contracts * $3,250 per contract = $2,678,000. e. Diagram the payoff possibilities.The diagram of this portfolio position and the corresponding hedge is given in Figures 25-6 and 25-7.f. How far must interest rates move before the payoff on the hedge will exactly offset the cost of placing the hedge? Solving for the change in interest rates gives ∆R = ($3,250*1.084)/(0.625*10.1*$96,157) = 0.005804 or .58 percent.g. How far must interest rates move before the gain on the bond portfolio will exactly offset the cost of placing the hedge? Again solving for ∆R = ($3,250*824*1.08)/(5*$100,000,000) = .0057844 or .58 percent. h. Summarize the gain, loss, cost conditions of the hedge on the bond portfolio in terms of changes in interest rates.If rates increase 0.58 percent, the portfolio will decrease in value approximately equal to the gain on the hedge. This position corresponds to the intersection of the payoff function from the put and the X-axis in Figure 25-6. The FI is out the cost of the hedge, which alsowill be the case for any other increase in interest rates. In effect the cost of the hedge is the insurance premium to assure the yield on the portfolio at the time the hedge is placed.If rates decrease approximately 0.58 percent, the gain on the portfolio will offset the cost of the hedge, and the put option will not be exercised. This position is shown by theintersection of the X-axis and the net payoff function in Figure 25-7. Any increase in rates beyond 0.58 percent will generate positive profits for the portfolio in excess of the cost of the hedge.19. Corporate Bank has $840 million of assets with a duration of 12 years and liabilities worth$720 million with a duration of 7 years. The bank is concerned about preserving the value of its equity in the event of an increase in interest rates and is contemplating a macrohedge with interest rate options. The call and put options have a delta (δ) of 0.4 and –0.4,respectively. The price of an underlying T-bond is 104-34, and its modified duration is 7.6 years. a. What type of option should Corporate Bank use for the macrohedge? The duration gap for the bank is [12 – (720/840)7] = 6. Therefore the bank is concernedthat interest rates may increase, and it should purchase put options. As rates rise, the value of the bonds underlying the put options will fall, but they will be puttable at the higher put option exercise price. b. How many options should be purchased? The bonds underlying the put options have a market value of $104,531.25. Assuming an 8percent bond, these bonds are trading at a yield to maturity of 7.56 percent. Given a modified duration of 7.6, the duration of these bonds is MD*1.0756 = 8.17 years. Thuscontracts or B D A DGAP N p 754,1475.753,1425.531,104$*17.8*)4.(000,000,840$*6***=-==δc. What is the effect on the economic value of the equity if interest rates rise 50 basispoints?Assuming R for the assets is similar to R for the underlying bonds, the change in equityvalue is –DGAP*A*(∆R/(1+R)) = -6($840,000,000)(.005/1.0756) = -$23,428,784. d. What will be the effect on the hedge if interest rates rise 50 basis points? ∆P = N p (δ*-MD*B*∆R) = 14,754*-.4*-7.6*$104,531.25*0.005 = $23,442,262 gain e. What will be the cost of the hedge if each option has a premium of $0.875?A price quote of $0.875 is per $100 face value of the put contract. Therefore, the cost percontract is $875, and the cost of the hedge is $875*14,754 = $12,909,750.f. Diagram the economic conditions of the hedge.The diagram of this portfolio position and the corresponding hedge is given in Figures 25-6 and 25-7. In this particular case, the payoff function for the net long position of the bank (DGAP = 6) should be considered as the payoff function of the bond in Figure 25-6.g. How much must interest rates move against the hedge for the increased value of thebank to offset the cost of the hedge?Let ∆E = $12,909,750, and solve the equation in part (c) above for ∆R. Then∆R = $12,909,750*1.0756/($840,000,000*-6) = -0.002755 or -0.2755 percent.h. How much must interest rates move in favor of the hedge, or against the balance sheet,before the payoff from the hedge will exactly cover the cost of the hedge?Use the equation in part (d) above and solve for ∆R. Then∆R = $12,909,750/[14,754*-.4*-7.6*$104,531.25] = 0.002755 or 0.2755 percent.i. Formulate a management decision rule regarding the implementation of the hedge.If rates increase 0.2755 percent, the equity will decrease in value approximately equal to the gain on the hedge. This position corresponds to the intersection of the payoff function from the put and the X-axis in Figure 25-6. The FI is out the cost of the hedge, which also will be the case for any other increase in interest rates. In effect the cost of the hedge is the insurance premium to assure the value of the equity at the time the hedge is placed.If rates decrease approximately 0.2755 percent, the gain on the equity value will offset the cost of the hedge, and the put option will not be exercised. This position is shown by the intersection of the X-axis and the net payoff function in Figure 25-7. Any increase in rates beyond 0.2755 percent will generate positive increases in value for the equity in excess of the cost of the hedge.20. An FI has a $200 million asset portfolio that has an average duration of 6.5 years. Theaverage duration of its $160 million in liabilities is 4.5 years. The FI uses put options on T-bonds to hedge against unexpected interest rate increases. The average delta (δ) of the put options has been estimated at -0.3, and the average duration of the T-bonds is 7 years. The current market value of the T-Bonds is $96,000.a. What is the modified duration of the T-bonds if the current level of interest rates is 10percent?MD = D/1+.10 = 7/1.10 = 6.3636 yearsb. How many put option contracts should it purchase to hedge its exposure against rising interest rates? The face value of the T-bonds is $100,000.B * D * A * ]D k - D [ = N L A p-δ = [6.5 - 4.5(.80)]*$200,000,000/[(-.3)*(-7.0)*(96,000)] = 2,876.98 or 2,877 contractsc. If interest rates increase 50 basis points, what will be the change in value of the equity of the FI? Assuming R for the assets is similar to R for the underlying bonds, the change in equity value is –DGAP*A*(∆R/(1+R)) = -2.9($200,000,000)(.005/1.10) = -$2,636,363.64.d. What will be the change in value of the T-bond option hedge position? ∆P = N p (δ*-MD*B*∆R) = 2,877*-.3*-6.3636*$96,000*0.005 = $2,636,363.12 gaine. If put options on T-bonds are selling at a premium of $1.25 per face value of $100, what is the total cost of hedging using options on T-bonds? Premium on the put options = 2,877 x $1.25 x 1,000 = $3,596,250.f. Diagram the spot market conditions of the equity and the option hedge.The diagram of this portfolio position and the corresponding hedge is given in Figures 25-6 and 25-7. In this particular case, the payoff function for the net long position of the bank (DGAP = 2.9) should be considered as the payoff function of the bond in Figure 25-6. g. What must be the change in interest rates before the change in value of the balance sheet (equity) will offset the cost of placing the hedge? Let ∆E = $3,596,250, and solve the equation in part (c) above for ∆R. Then ∆R = $3,596,250*1.10/($200,000,000*-2.9) = -0.00682 or -0.68 percent.h. How much must interest rates change before the payoff of the hedge will exactly cover the cost of placing the hedge? Use the equation in part (d) above and solve for ∆R. Then∆R = $3,596,250/[2,877*-.3*-6.3636*$96,000] = 0.00682 or 0.68 percent. i. Given your answer in part (g), what will be the net gain or loss to the FI?If rates decrease by 0.68 percent, the increase in value of the equity will exactly offset the cost of placing the hedge. The options will be allowed to expire unused since the price of the bonds will be higher in the market place than the exercise price of the option.21. A mutual fund plans to purchase $10,000,000 of 20-year T-bonds in two months. Thesebonds have a duration of 11 years. The mutual fund is concerned about interest rateschanging over the next four months and is considering a hedge with a two-month option on a T-bond futures contract. Two-month calls with a strike price of 105 are priced at 1-25, and puts of the same maturity and exercise price are quoted at 2-09. The delta of the call is .5 and the delta of the put is -.7. The current price of a deliverable T-bond is 103-08 per $100 of face value, and its modified duration is nine years. a. What type of option should the mutual fund purchase? The mutual fund is concerned about interest rates falling which would imply that bondprices would increase. Therefore the FI should buy call options to guarantee a certain purchase price. b. How many options should it purchase?options call or B * MD * A* D = N p23775.236250,103$*9*5.000,000,10$*11==-δ c. What is the cost of these options? The quote for T-bond options is 1-25, or 1 + 25/64 =1.390625 per $100 face value. Thisconverts to $1,390.625 per $100,000 option contract. The total cost of the hedge is 237 * $1,390.625 = $329,578.125. d. If rates change +/-50 basis points, what will be the impact on the price of the desired T-bonds? The price on a deliverable T-bond is $103,250 which implies that the yield to maturity inthe market on a 20-year, 8 percent bond is 7.68 percent. Therefore, for a rate increase, the ∆Bond value = -11(0.005)$10,000,000/1.0768 = -$510,772.66. If rates decrease, the valueof the bonds will increase by $510,772.66. e. What will be the effect on the value of the hedge if rates change +/- 50 basis points? If rates decrease, the value of the underlying bonds, and thus the hedge, increases. ∆P = N c (δ*-MD*B*∆R) = 237*0.5*-9*$103,250*(-0.005) = $550,580.62. This occursbecause the FI can buy the bonds at the exercise price and sell them at the higher market price. If rates rise, the options will expire without value because the bonds will be priced lower in the market. f. Diagram the effects of the hedge and the spot market value of the desired T-bonds. The payoff profile of the call option hedge is given in Figure 25-1, and the profile of a longbond is shown in Figure 25-5. The payoff profile of the call option is less than the bond by the amount of the premium, but the call option profile illustrates less opportunity for loss.。
金融学各章练习题及答案
金融学各章练习题及答案Newly compiled on November 23, 2020金融学第一章货币与货币制度一、单选题1.在商品赊销、预付工资等活动中，货币执行的是（）职能。
A.价值尺度B.流通手段C.支付手段D.贮藏手段2.货币职能中，最基本的两大职能为（）A、价值尺度与流通手段B、价值尺度与支付手段C、流通手段与贮藏手段D、流通手段与支付手段3.历史上最早出现的货币形态是（）。
A.实物货币B.代用货币C.信用货币D.电子货币4.如果金银的法定比价是1∶10，而市场比价是1∶12，那么充斥市场的将是（）。
A.金币B.银币C.金币、银币共同流通，没有区别D.金币、银币都无人使用5.我国的人民币制度属于（）。
A．金本位制 B．银本位制 C．金银复本位制 D．不兑现信用货币制度6.在布雷顿森林会议之后，以（）为中心的布雷顿森林体系建立。
A．英镑 B．法国法郎 C．美元 D．德国马克7.货币的本质特征是充当（）。
A、特殊等价物B、一般等价物C、普通商品D、特殊商品8.在下列货币制度中劣币驱逐良币现象出现在（）。
A、金本位制B、银本位制C、金银复本位制D、金汇兑本位制9.对布雷顿森林体系内在矛盾的理论总结称为（）。
A、特里芬难题B、米德冲突C、马歇尔—勒纳条件D、一体化三难10.欧元正式投入使用是在（）A、1998年6月1日B、1999年1月1日C、2002年1月1日D、2002年7月1日二、判断题1.流通中的辅币是我国使用的信用货币之一。
（）2.流通手段不是货币的最基本职能。
（）3.货币的流动性是各国中央银行在确定货币层次时的标准。
（）4.执行流通手段职能的货币不一定是现实的货币。
（）5.国际金本位体系下由黄金充当国际货币，各国货币之间的汇率稳定，波动很小。
（）6.布雷顿森林体系的制度缺陷被称为“特里芬难题”。
（）7.我国现行的货币制度是人民币制度，它是一种信用货币制度。
（）三、简答题1.货币制度的构成要素有哪些2.不兑现的信用货币制度有哪些特点CAABD CBCAB∨×∨×∨∨∨第二章信用一、单选题1.信用的基本特征是（）。
金融机构与金融市场练习题及答案一
金融机构与金融市场练习题及答案一1、（）是金融市场上最重要的主体。
a.政府b.家庭c.机构投资者d.企业正确答案是：企业2、在经济系统中引导资金流向、使资金由盈余部门向短缺部门转移的市场是（）。
a.资本市场b.要素市场c.产品市场d.金融市场正确答案是：金融市场3、（）是指以期限在一年以内的金融工具为交易对象的短期金融市场。
a.债券市场b.货币市场c.股票市场d.资本市场正确答案是：货币市场4、（）又称柜台市场，是指未上市的证券或不足一个成交批量的证券进行交易的市场。
店头市场以“柜台”和店内交易为特征。
a.议价市场b.店头市场c.公开市场d.第四市场正确答案是：店头市场5、金融工具的重要特性为期限性、收益性、流动性和安全性。
关于金融工具四个特性，下列说法错误的是（）。
b.正是期限性、流动性、安全性和收益性相互间的不同组合导致了金融工具的丰富性和多样性，使之能够满足多元化的资金需求和对“四性”的不同偏好。
c.一般来说，流动性、安全性与收益性成反向相关，安全性、流动性越高的金融工具其收益性越低。
d.一般来说，期限性与收益性正向相关，即期限越长，收益越高。
正确答案是：一般来说，期限性与收益性负向相关，即期限越长，收益越低。
6、家庭在金融市场中的主要活动领域是（）。
a.黄金市场b.资本市场c.货币市场d.外汇市场正确答案是：资本市场7、金融市场中最主要的经纪人有（)a.货币经纪人b.证券承销人c.证券经纪人d.黄金经纪人e.外汇经纪人正确答案是：货币经纪人,证券经纪人,黄金经纪人,外汇经纪人8、证券公司具有以下职能()a.管理金融工具交易价格b.充当证券市场重要的投资人c.充当证券市场中介人d.充当证券市场资金供给者e.提高证券市场运行效率正确答案是：充当证券市场中介人,充当证券市场重要的投资人,提高证券市场运行效率9、金融工具交易或买卖过程中所产生的运行机制，是金融市场的深刻内涵和自然发展，其中最核心的是价格机制，金融工具的价格成为金融市场的要素。
章5.《金融机构体系》习题
第五章《金融机构体系》习题班级姓名学号一、判断题1.（）金融机构体系一般可分为中央银行和商业银行两大类。
2.（）在多数国家，银行类金融机构在整个金融体系中占有支配性地位。
3.（）银行类金融机构与非银行类金融机构划分的最重要的依据在于是否开展证券业务。
4.（）银行和非银行金融机构的区别主要在于是否吸收活期存款。
5.（）金融机构体系通常包括中央银行和商业银行两类金融机构。
6（）早期的高利贷信用是现代银行制度形成的重要途径之一。
7（）早期银行只有信用媒介功能而没有信用创造功能。
8（）哪种将自由化当做世界银行业发展趋势的说法是对银行业发展趋势的一种曲解或误判。
9（）吸收活期存款并非是存款类金融机构的专利。
10.（）中央银行是一国金融运作体系的主体。
11.（）中央银行是一国最高的货币金融管理机构，在各国金融体系中居于的领导和核心的地位。
12.（）其实中央银行并不是一家金融机构，而是国家机器的一个组成部分。
13.（）随着金融自由化的发展，现在西方发达国家的中央银行已逐渐成为“金融百货公司”。
14.（）其实政策性银行与中央银行一样，它们不以盈利为目的，共同制定和实施货币政策。
15.（）政策性银行是重要的专业银行之一。
16.（）国有企业和各级政府的存款是政策性银行最主要的资金来源。
17.（）不追求盈利是政策性银行最重要的经营特点之一。
18.（）中国进出口银行是直属国务院领导的政策性金融机构。
19.（）专业银行是指专门经营指定范围业务和提供专门性金融服务的组织。
20.（）其实专业银行也就是商业银行。
21.（）投资银行是一国专门负责开发性建设项目投融资的专业银行。
22.（）商人银行是商业银行早期的称谓。
23.（）中国投资银行是迄今为止我国唯一的、真正的投资银行。
24.（）西方国家的农业银行具有政策性银行的性质。
25（）投资银行也吸收部分存款，但一般限于定期存款，不接受活期性质存款。
26.（）开发银行一般都属于政策性银行。
金融学：存款类金融机构习题与答案
1、商业银行从事的不列入资产负债表内但能影响银行当期损益的经营活动是商业银行的（）。
A.表外业务B.资本业务C.负债业务D.资产业务正确答案：A2、标志着我国银行业商业性与政策性金融业务相分离的举措是1994年我国成立的（）。
A.证券公司B.股份制商业银行C.政策性银行D.金融资产管理公司正确答案：C3、根据我国《商业银行法》规定，在改革开放后逐步建立起来的我国现行的商业银行体系，目前采用的经营模式是（）。
A. 职能分工型B.控股公司制C.全能型D.连锁银行制正确答案：A4、下列属于商业银行负债业务的是（）。
A.代理缴费B.购买政府债券D.发行大额可转让定期存单正确答案：D5、由于利率的波动而使商业银行蒙受损失可能性的风险是（）。
A.市场风险B.信用风险C. 操作风险D.流动性风险正确答案：A6、不以盈利为目标，但坚持有偿借贷原则，依据国家宏观政策需要，以特定的业务领域为服务对象的金融机构是（）。
A.政策性银行B.商业银行C.城市信用社D.投资银行正确答案：A7、商业银行通过存贷款业务所实现的独特功能是（）。
A.存款货币的创造B.信息集聚与处理C.金融创新D.风险管理正确答案：A8、属于商业银行负债管理中主动负债的业务是（）。
A.吸收存款C.库存现金D.发行债券正确答案：D9、我国商业银行的外部组织形式普遍采用的是（）。
A. 总分行制B. 单一制C.连锁银行制D.控股公司制正确答案：A10、存放中央银行和银行同业的存款是商业银行的（）。
A.现金资产B. 中间业务C. 信贷资产D.表外资产正确答案：A二、多选题1、商业银行的外部组织形式因各国政治经济制度不同而有所不同，目前主要的类型有（）。
A.单一银行制B.复合制C.连锁银行制D.控股公司制正确答案：A、C、D2、商业银行的现金资产主要包括（）。
A.存放同业的款项B.存放在中央银行的超额准备金C. 发行大额可转让存单D.库存现金正确答案：A、B、D3、下列有关政策性银行的表述正确的有（）。
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《金融机构体系》习题一、判断题1.（）金融机构体系一般可分为中央银行和商业银行两大类。
2.（）在多数国家，银行类金融机构在整个金融体系中占有支配性地位。
3.（）银行类金融机构与非银行类金融机构划分的最重要的依据在于是否开展证券业务。
4.（）银行和非银行金融机构的区别主要在于是否吸收活期存款。
5.（）金融机构体系通常包括中央银行和商业银行两类金融机构。
6（）早期的高利贷信用是现代银行制度形成的重要途径之一。
7（）早期银行只有信用媒介功能而没有信用创造功能。
8（）哪种将自由化当做世界银行业发展趋势的说法是对银行业发展趋势的一种曲解或误判。
9（）吸收活期存款并非是存款类金融机构的专利。
10.（）中央银行是一国金融运作体系的主体。
11.（）中央银行是一国最高的货币金融管理机构，在各国金融体系中居于的领导和核心的地位。
12.（）其实中央银行并不是一家金融机构，而是国家机器的一个组成部分。
13.（）随着金融自由化的发展，现在西方发达国家的中央银行已逐渐成为“金融百货公司”。
14.（）其实政策性银行与中央银行一样，它们不以盈利为目的，共同制定和实施货币政策。
15.（）政策性银行是重要的专业银行之一。
16.（）国有企业和各级政府的存款是政策性银行最主要的资金来源。
17.（）不追求盈利是政策性银行最重要的经营特点之一。
18.（）中国进出口银行是直属国务院领导的政策性金融机构。
19.（）专业银行是指专门经营指定范围业务和提供专门性金融服务的组织。
20.（）其实专业银行也就是商业银行。
21.（）投资银行是一国专门负责开发性建设项目投融资的专业银行。
22.（）商人银行是商业银行早期的称谓。
23.（）中国投资银行是迄今为止我国唯一的、真正的投资银行。
24.（）西方国家的农业银行具有政策性银行的性质。
25（）投资银行也吸收部分存款，但一般限于定期存款，不接受活期性质存款。
26.（）开发银行一般都属于政策性银行。
27.（）开发银行一般为非营利性机构。
28.（）开发银行其实也就是投资银行。
29.（）依靠发行股票和债券筹集资金是储蓄银行主要的资金来源。
30.（）储蓄银行也就是储蓄所。
31.（）储蓄银行的服务对象主要是普通居民。
32.（）储蓄银行90%以上的资金来自居民的储蓄存款。
33.（）在西方的银行体系中，储蓄银行主要服务于居民的资本性储备需求。
34.（）英美国家通常将储蓄银行称之为“信托储蓄银行”35.（）以土地为抵押的长期贷款是不动产抵押银行最主要的资金运用方式。
36（）保险公司通常将投保人缴纳的保费作为投资资金运作平添了投保人的风险。
37.（）信用合作社的资金运用具有封闭性的特点。
38.（）租赁公司是一种通过融物形式融资的金融企业。
39.（）融资租赁和经营性租赁本质上是一码事。
40.（）间接融资机构主要指证券交易所、证券公司等金融中介组织。
41.（）交通银行是中国早期四大银行之一。
42.（）我国第一家官督商办的银行是1897年成立的交通银行。
43.（）中国银行一直来是我国金融机构体系中起领导与核心作用的国家银行。
44.（）中国工商银行是新中国最早设立的国家独资的专业银行。
45.（）交通银行是现今中国大陆最具实力和影响力的四大国有控股商业银行之一。
46.（）现行中国人民银行的分支机构是按省（市、自治区）来设置的。
47.（）中国农业银行是我国改革开放后第一家恢复设立的国家级专业银行。
48.（）中国民生银行是我国改革开放后第一家完全由企业法人持股的股份制银行。
49.（）招商银行是中国改革开放后第一家由民间资本发起设立的股份制银行。
50.（）中国历史上第一家官督商办的股份制银行是1897年设立的中国通商银行。
51.（）交通银行是一家远早于中国工商银行的老牌银行。
52.（）中国建设银行是新中国设立的第一家商业银行。
53.（）广东发展银行我国改革开放后第一家新设立的、全国性的股份制银行。
54.（）中国银行和中国工商银行是我国国有独资商业银行实施股份制改造的最早两家试点银行。
55.（）中国银行曾经是新中国建国后专设的外汇专业银行。
56.（）随着城市金融体制改革的深入，城市商业银行已完全取代了城市信用合作社，成为中国城市存款类金融机构中一支不可小视的新生力量。
57.（）小额贷款公司的最大特点是“只贷不存”。
58.（）中国银行业监督管理委员会（简称银监会）的设立，取代了中国人民银行对存款类金融机构的监管职责。
59.（）证监会、银监会、保监会等三大金融监管机构的设立意味着人民银行已完成其历史使命，行将退出历史舞台。
60.（）按地方行政机构设置原则设立中国人民银行的分支机构符合国际惯例，也便于金融监督管理。
61.（）中国人寿保险股份公司是新中国设立的第一家保险公司。
62.（）中国人寿保险股份有限公司和中国人民财产保险股份有限公司是从属于中国人民保险公司的两大分公司。
63.（）信托公司也就是信托投资公司。
64.（）电子化、国际化、自由化是当今国际银行业发展的基本趋势。
65.（）存款类金融机构也被之为银行类金融机构。
66.（）其实现在的农村合作银行也就是改革开放前的农村信用合作社。
67.（）其实小额贷款公司是现阶段我国县域以下地区的新型存款类金融机构。
68.（）新中国建国以来，中国人民银行一直就是我国的中央银行。
69.（）中国人民银行一度曾是新中国的专业银行。
70.（）上海证券交易所是一家不以盈利为目的事业制性质证券类服务机构。
二、单项选择题1. 根据现有史料，银行业起源于中世纪的（）。
A. 荷兰B.意大利C. 法国D.英国2. 世界上第一家股份制银行——英格兰银行始建于公元（）。
A. 1640年B.1789年C. 1694年D.1649年3. 英格兰银行的设立标志着（）。
A. 银行的产生B. 商业银行制度的产生C.中央银行制度的诞生D. 股份制银行的诞生4.下列哪个国家将储蓄银行称之为信托储蓄银行( ) 。
A. 美国B. 英国C. 法国D. 意大利5.下列哪个国家是世界上邮政储贷最发达的国家。
( )A. 美国B. 英国C. 法国D. 日本6.下列哪家是中国近代史上第一家外资背景的股份制银行( ) 。
A. 麦加利银行B. 汇丰银行C. 丽如银行D. 花旗银行7. 中国近代出现的第一家具有现代意义的民族资本银行是（）。
A. 中国银行B. 交通银行C. 东方银行D. 中国通商银行8. 旧中国国民党统治区“四行两局一库”中的所指的“一库”是（）。
A. 中央金库B. 中央银行金库C.中国银行金库D. 中央信用合作金库9. 中国人民银行始建于（）。
A. 1949年10月1日B. 1948年10月1日C. 1948年1月1日D. 1948年12月1日10. 中国人民银行诞生于（）。
A. 北京B. 上海C. 南京D. 石家庄11. 下列哪家为新中国第一家商业银行。
（）A. 中国银行B. 中国工商银行C. 中国建设银行D. 中国农业银行12. 下列哪家曾经是新中国历史上唯一的外汇专业银行。
（）A. 中国光大银行B. 交通银行C. 招商银行D. 中国银行13. 中国工商银行于正式设立于（）。
A. 1949年10月1日B. 1984年1月1日C. 1983年1月1日D. 1978年1月1日14. 中国工商银行是改革开放后从（）母体中分离出来新组建的国有控股商业银行。
A. 中国银行B. 中国人民银行C. 中国建设银行D. 交通银行15. 改革开放后中国大陆第一家完全由企业法人持股的股份制商业银行是（）。
A. 中信银行B. 华夏银行C. 招商银行D. 交通银行16. 下列哪家曾是新中国专门办理固定资产投资和贷款的专业银行。
（）A. 中国建设银行B. 交通银行C. 国家开发银行D. 中国投资银行17. 下列哪家是我国改革开放后第一家全国性的股份制银行。
（）A. 深圳发展银行B. 交通银行C. 招商银行D. 中国民生银行18. 下列哪家是改革开放后我国第一家由民间资本发起设立的全国性股份制银行。
（）A. 平安银行B. 中国民生银行C. 招商银行D. 兴业银行19. 下列哪家属于我国的政策性银行。
（）A. 中国投资银行B. 中国农业发展银行C. 中国进出口发展银行D. 中国农村开发银行20. 下列哪家不属于我国的政策性银行。
（）A. 中国民生银行B. 国家开发银行C. 中国进出口银行D. 中国农业发展银行21. 作为新中国第一家保险机构的中国人民保险公司始建于（）。
A. 1949年10月B. 1948年10月C. 1948年1月D. 1948年12月22. 不动产抵押银行资金的主要来源是（）。
A. 出让土地B. 出让房屋C.发行债券D. 发行不动产抵押证券23.中国银行业监督管理委员会（简称银监会）创设于（）。
A. 1949年底B. 1978年底C. 1991年底D. 2003年底24.下列哪个事件的发生，促使中国人民银行从日常监管事务中分离出来，升格为中央银行。
( )A. 《中国人民银行法》颁布B. 央行分支机构设置的改革C. 中国工商银行的创设D. 银监会的设立25.下列哪家是当今中国最主要的信托公司( ) 。
A. 中国国际金融公司B. 中国中投证券公司C. 国家投资公司D. 中国中信集团公司26.下列哪家是新中国最早创办的保险公司( ) 。
A. 中国人寿保险公司B. 中国人民保险公司C. 中国人民财产保险公司D. 中国太平洋保险公司27.基于中国大陆现有的金融体制，下列哪家不属于存款类金融机构。
( )A. 信用合作社B. 金融租赁公司C. 中央银行D. 投资银行28.基于中国大陆现有的金融体制，下列哪家不属于专业融资机构。
( )A. 金融担保公司B. 汽车金融公司C. 典当行D. 小额贷款公司29.我国创设金融资产管理机构的主要动因是( ) 。
A. 金融资产快速增长B. 外汇储备迅速膨胀C. 国有银行不良资产迅速膨胀D. 房地产信贷资产急速增长30.上世纪90年代中叶，我国创设政策性银行的最主要的动因是( )A. 外汇储备急速增长B.产业政策发展的需要C. 人民币国际化需要D.国有银行不堪沉重的政策性业务负担三、多项选择题1. 在当前中国大陆的金融体制下，银行类金融机构一般分为（）。
A. 城市银行B. 商业银行C. 非专业银行D. 农村银行E. 中央银行F. 政策性银行2. 当前中国大陆金融体制下，下列哪些属于存款类金融机构。
（）A. 中央银行B. 财务公司C. 信用合作社D. 小贷公司E. 金融租赁公司F. 存款保险公司3. 下列哪些属于非银行类金融机构。
（）A. 期货公司B. 中国证券业协会C. 证券登记结算公司D. 担保公司E. 证券交易所F. 全国社保理事会4. 银行类金融机构的主要功能有（）。
A. 发行货币B. 创造信用C. 支付结算D. 信用中介E. 证券投资F. 财务顾问5. 下列哪些属于证券类金融机构。