Chapter 11
The Stock Market
Multiple Choice Questions
1. (I) A share of common stock in a firm represents an ownership interest in that firm. (II) A share of
preferred stock is as much like a bond as it is like common stock.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: C
2. Preferred stockholders hold a claim on assets that has priority over the claims of
(a) both common stockholders and bondholders.
(b) neither common stockholders nor bondholders.
(c) common stockholders, but after that of bondholders.
(d) bondholders, but after that of common stockholders.
Answer: C
3. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common
stockholders, but after that of bondholders. (II) Firms issue preferred stock in far greater amounts than common stock.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: A
4. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common
stockholders. (II) Bondholders hold a claim on assets that has priority over the claims of preferred stockholders.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: C
136 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
5. (I) Firms issue common stock in far greater amounts than preferred stock. (II) The total volume of
stock issued is much less than the volume of bonds issued.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: C
6. The riskiest capital market security is
(a) preferred stock.
(b) common stock.
(c) corporate bonds.
(d) Treasury bonds.
Answer: B
7. Organized exchanges account for about _________ percent of the total dollar volume of domestic
stock shares traded.
(a) 30
(b) 45
(c) 60
(d) 70
Answer: D
8. Organized exchanges account for about _________ percent of the total dollar volume of domestic
stocks traded.
(a) 60
(b) 70
(c) 80
(d) 90
Answer: B
9. (I) The largest of the organized stock exchanges in the United States is the New York Stock
Exchange. (II) To be listed on the NYSE, a firm must have a minimum of $100 million dollars in market value or $10 million in revenues.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: A
10. To list on the NYSE, a firm must
(a) have earnings of at least $100 million for each of the last three years.
(b) have at least $500 million of market value and $100 million of revenue.
(c) have a total of $100 million in market value of publicly traded shares.
(d) meet all of the above requirements.
(e) meet (a) and (b) of the above requirements.
Chapter 11 The Stock Market 137 Answer: E
138 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
11. Securities not listed on one of the exchanges trade in the over-the-counter market. In this exchange,
dealers “make a market” by
(a) buying stocks for inventory when investors want to sell.
(b) selling stocks from inventory when investors want to buy.
(c) doing both of the above.
(d) doing neither of the above.
Answer: C
12. The most active stock exchange in the world is the
(a) Nikkei Stock Exchange.
(b) London Stock Exchange.
(c) Shanghai Stock Exchange.
(d) New York Stock Exchange.
Answer: A
13. Which of the following statements about trading operations in an organized exchange are correct?
(a) Floor traders all deal in a wide variety of stocks.
(b) In most trades, specialists match buy and sell orders.
(c) In most trades, specialists buy for or sell from their own inventories.
(d) The SuperDOT system is used to expedite large trades of over 100,000 shares.
Answer: B
14. Which of the following is not an advantage of Electronic Communications Networks (ECNs)?
(a) All unfilled orders are available for review by ECN traders.
(b) Transactions costs are lower for ECN trades.
(c) Trades are made and confirmed faster.
(d) ECNs work well for thinly traded stocks.
Answer: D
15. Which of the following statements is false regarding Electronic Communications Networks (ECNs)?
(a) Archipelago and Instinet are two examples of ECNs.
(b) Competition from ECNs has forced NASDAQ to cut its fees.
(c) Traders benefit from lower trading costs and faster service.
(d) ECNs allow institutional investors, but not individuals, to trade after hours.
Answer: D
16. A basic principle of finance is that the value of any investment is
(a) the present value of all future net cash flows generated by the investment.
(b) the undiscounted sum of all future net cash flows generated by the investment.
(c) unrelated to the future net cash flows generated by the investment.
(d) unrelated to the degree of risk associated with the future net cash flows generated by the
investment.
Answer: A
Chapter 11 The Stock Market 139 17. A stock currently sells for $25 per share and pays $0.24 per year in dividends. What is an investor’s
valuation of this stock if she expects it to be selling for $30 in one year and requires 15 percent
return on equity investments?
(a) $30.24
(b) $26.30
(c) $26.09
(d) $27.74
Answer: B
18. A stock currently sells for $30 per share and pays $1.00 per year in dividends. What is an investor’s
valuation of this stock if he expects it to be selling for $37 in one year and requires 12 percent return on equity investments?
(a) $38
(b) $33.50
(c) $34.50
(d) $33.93
Answer: D
19. In the one-period valuation model, a stock’s value will be higher
(a) the higher is its expected future price.
(b) the lower is its dividend.
(c) the higher is the required return on investments in equity.
(d) all of the above.
Answer: A
20. In the one-period valuation model, a stock’s value falls if the _________ rises.
(a) dividend
(b) expected future price
(c) required return on equity
(d) current price
Answer: C
21. In the generalized dividend valuation model a stock’s value depend only on
(a) its future dividend payments and its future price.
(b) its future dividend payments and the required return on equity.
(c) its future price and the required return on investments on equity.
(d) its future dividend payments.
Answer: B
22. Which of the following is not an element of the Gordon growth model of stock valuation?
(a) the stock’s most recent dividend paid.
(b) the expected constant growth rate of dividends.
(c) the required return on investments in equity.
(d) the stock’s expected future price.
Answer: D
140 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
23. According to the Gordon growth model, what is an investor’s valuation of a stock whose current
dividend is $1.00 per year if dividends are expected to grow at a constant rate of 10 percent over a long period of time and the investor’s required return is 11 percent?
(a) $110
(b) $100
(c) $11
(d) $10
(e) $5.24
Answer: A
24. According to the Gordon growth model, wha t is an investor’s valuation of a stock whose current
dividend is $1.00 per year if dividends are expected to grow at a constant rate of 10 percent over a long period of time and the investor’s required return is 15 percent?
(a) $20
(b) $11
(c) $22
(d) $7.33
(e) $4.40
Answer: C
25. Holding other things constant, a stock’s value will be highest if its dividend growth rate is
(a) 15 percent
(b) 10 percent
(c) 5 percent
(d) 2 percent
Answer: A
26. Holding other things constant, a stock’s value will be highest if its most recent dividend is
(a) $2.00
(b) $5.00
(c) $0.50
(d) $1.00
Answer: B
27. Holding other things constant, a stock’s value will be highest if the investor’s required return on
investments in equity is
(a) 20 percent
(b) 15 percent
(c) 10 percent
(d) 5 percent
Answer: D
Chapter 11 The Stock Market 141 28. Suppose the average industry PE ratio for auto parts retailers is 20. What is the current price of Auto
Zone stock if the retailer’s earnings per share are projected to be $1.85?
(a) $21.85
(b) $37
(c) $10.81
(d) $9.25
Answer: B
29. Which of the following is true regarding the Gordon growth model?
(a) Dividends are assumed to grow at a constant rate forever.
(b) The dividend growth rate is assumed to be greater than the required return on equity.
(c) Both (a) and (b).
(d) Neither (a) nor (b).
Answer: A
30. The PE ratio approach to valuing stock is especially useful for valuing
(a) privately held firms.
(b) firms that don’t pay dividends.
(c) both (a) and (b).
(d) neither (a) nor (b).
Answer: C
31. The PE ratio approach to valuing stock is especially useful for valuing
(a) publicly held corporations.
(b) firms that regularly pay dividends.
(c) both (a) and (b).
(d) neither (a) nor (b).
Answer: D
32. A weakness of the PE approach to valuing stock is that it is
(a) difficult to estima te the constant growth rate of a firm’s dividends.
(b) difficult to estimate the required return on equity.
(c) difficult to predict how much a firm will pay in dividends.
(d) based on industry averages rather than firm-specific factors.
Answer: D
33. A firm is expected to pay a dividend of $1.00 next year and the dividend is expected to grow at a
constant rate of 4 percent over time. Some investors have required returns on investments in equity of 12 percent, some 10 percent, and some 8 percent. The market price of this firm’s stock will be slightly above
(a) $25
(b) $18
(c) $16.67
(d) $12.50
Answer: C
142 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
34. (I) The market price of a security at a given time is the highest value any investor puts on the
security. (II) Superior information about a security increases its value by reducing its risk.
(a) (I) is true, (II) is false.
(b) (I) is false, (II) is true.
(c) Both are true.
(d) Both are false.
Answer: B
35. The main cause of fluctuations in stock prices is changes in
(a) tax laws.
(b) errors in technical stock analysis.
(c) daily trading volume in stock markets.
(d) information available to investors.
(e) total household wealth in the economy.
Answer: D
36. Stock values computed by valuation models may differ from actual market prices because it is
difficult to
(a) estimate future dividend growth rates.
(b) estimate the risk of a stock.
(c) forecast a stock’s future dividends.
(d) all of the above are true.
Answer: D
37. The 2001 terrorist attacks and the Enron financial scandal caused anticipated dividend growth to
_________, investors’ required return on equity to _________, and stock prices to _________.
(a) decreases; increase; decrease
(b) decrease; increase; increase
(c) increase; decrease; decrease
(d) increase; decrease; increase
Answer: A
38. Which of the following is not an objective of the Securities and Exchange Commission?
(a) maintain integrity of the securities markets
(b) advise investors about which particular stocks are good buys
(c) require firms to provide specific information to investors
(d) regulate major participants in securities markets
Answer: B
Chapter 11 The Stock Market 143
True/False
1. More stock trading in the U.S. occurs in over-the-counter markets rather than on organized
exchanges.
Answer: FALSE
2. In over-the-counter markets, dealers increases the liquidity of thinly traded securities.
Answer: TRUE
3. Electronic Communications Networks apply technology to make organized exchanges more
efficient and speedy.
Answer: FALSE
4. All stocks pay dividends, as that is the only way an investor can profit from holding stock.
Answer: FALSE
5. Common stock is the riskiest corporate security, followed by preferred stock and then bonds.
Answer: TRUE
6. The Enron financial scandal increased uncertainty about the quality of accounting information and
as a result increased required return on investment in stocks.
Answer: TRUE
7. The Dow Jones Industrial Average is the broadest and best indicator of the stock market’s
day-to-day performance.
Answer: FALSE
8. The Securities and Exchange Commission requires firms to submit various documents to increase
the flow of information to investors but does not verify the accuracy of that information.
Answer: TRUE
9. About half of new equity issues are preferred stock.
Answer: FALSE
10. A stock’s market value will be higher the higher i s its expected dividend stream.
Answer: TRUE
11. The Gordon growth model assumes that a stock’s dividend grows at a constant rate forever.
Answer: TRUE
12. A stock’s market value will be higher the higher is the investor’s required rate of return.
Answer: FALSE
144 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
Essay
1. How do corporate stocks differ from bonds?
2. How do common stocks differ from preferred stock?
3. How do over-the-counter markets differ from organized exchanges?
4. What is the role of specialists on a stock exchange?
5. What are the advantages and disadvantages of Electronic Communications Networks (ECNs) for
trading stocks?
6. What is the role of the required return on equity investments in stock valuation models?
7. Using the Gordon growth model, explain why the 2001 terorist attacks and the Enron financial
scandal caused stock prices to decline.
8. What are American Depository Receipts (ADRs)?
9. What are the objectives of the Securities and Exchange Commission?
第二章金融市场和金融机构 （一） 第二章金融市场和金融机构 ?1 金融体系的定义 ?2 资金流动 ?3 金融制度的功能 ?4 金融创新 ?5 金融市场 ?6 金融市场中的比率 第一部分 金融体系介绍 金融系统（金融体系） ?被用于订立金融合约和交换资产及风险的金融市场和金融机构（中介）的集合 ?金融机构担当投资者的代理人和帮助资本（金）的流动等 ?金融市场是所有金融交易的核心 ?居民户、企业和政府实施其金融决策离不开金融市场和金融机构。 第一节 金融市场 一、金融市场概述 （一）金融市场的概念和分类 1.金融市场： 金融市场是买卖金融工具以融通资金的场所或机制。 ?之所以把金融市场视作为一种场所，是因为只有这样才与市场的一般含义相吻合； ?之所以同时又把金融市场视作为一种机制，是因为金融市场上的融资活动既可以在固定场所进行，也可以不在固定场所进行，如果不在固定场所进行的融资活动就可以理解为一种融资机制。 ?按有无固定场所进行分，金融产品市场可分为两类： ?交易所交易市场（Exchange traded） ?场外市场（Over-the-counter ，OTC) 交易所交易市场 ?芝加哥期货交易所（CBOT） ?纽约证券交易所（NYSE) ?芝加哥期权交易所（CBOE） ?上海证券交易所 ?深圳证券交易所 ?上海黄金交易所 ?上海期货交易所（金属） ?大连商品交易所（农产品） ?郑州商品交易所（农产品） ?中国金融期货交易所（股指期货） ?……
?交易所的主要职责： ?定义交易合约 ?组织交易 ?使交易双方的利益同时得到保护 ?交易规则：由组织化的证券交易所制定，对交易程序进行标准化。 ?传统上，交易双方在交易所内相见并通过特定手语达成交易，而现在交易更多的是采用电子交易系统。 场外市场 ?由电话和计算机将金融机构和大型企业的交易员以及基金经理联系在一起的网络系统。银行等金融机构通常扮演做市商的角色。 ?场外交易的最大优点是合约内容不受交易所限制。 ?场外市场用于交易的电话通常都是被录音的。 ?场外市场与交易所交易市场的一个重要区别在于信用风险的大小。 ?场外市场交易额远远大于交易所交易市场。 ?最简单的交易，例如： ?买入100股IMB股票 ?卖出100万英镑 ?买入1000盎司黄金 ?卖出价值100万美元的通用汽车公司债券 ?第一个交易往往发生在交易所内，而其它三个交易更可能是场外交易，但四种均属现货交易。（二）分类 （三）金融市场的构成要素 1.金融市场主体：即金融市场的参与者 2.金融市场客体：金融市场的交易载体——货币资金。 3.金融市场交易工具：金融市场的交易对象指的是金融工具，也称信用工具，它是证明金融交易金额、期限、价格的书面文件，它对交易双方的权利和义务具有法律约束意义。 4.金融市场价格：在金融市场上，交易对象的价格就是用货币资金表示的价格。 二、货币市场和资本市场 ?按到期期限划分 ?货币市场，期限短于一年，强调流动性 ?短期债务市场：比如美国的短期国库券，企业的商业票据等。 ?资本市场，期限长于一年，强调收益性 ?包括长期债务市场和权益性证券市场。 金融资产 三种基本的金融资产类型：债务、股权和衍生工具 ?债券(固定收益证券，Fixed Income Securities)：承诺未来支付固定数量现金的借款合约。 ?公司债券、政府债券、住宅性和商业性按揭贷款、消费贷款。 股票（普通股）：公司发行的所有权凭证。 ?每份股票代表对企业所有权的等同份额； ?通常还代表对公司治理事务的投票权； ?股票代表对一家公司资产和收益的剩余索取权（Residual Claim）； ?普通股同时具备有限责任的特征，即如果资不抵债，债权人无法向股票所有者索取更多 资金来弥补缺口，债权人的索取权被限定在该企业资产的范围之内。
Chapter 6 Are Financial Markets Efficient? Multiple Choice Questions 1. How expectations are formed is important because expectations influence (a) the demand for assets. (b) bond prices. (c) the risk structure of interest rates. (d) the term structure of interest rates. (e) all of the above. Answer: E 2. According to the efficient market hypothesis, the current price of a financial security (a) is the discounted net present value of future interest payments. (b) is determined by the highest successful bidder. (c) fully reflects all available relevant information. (d) is a result of none of the above. Answer: C 3. The efficient market hypothesis (a) is based on the assumption that prices of securities fully reflect all available information. (b) holds that the expected return on a security equals the equilibrium return. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 4. If the optimal forecast of the return on a security exceeds the equilibrium return, then (a) the market is inefficient. (b) an unexploited profit opportunity exists. (c) the market is in equilibrium. (d) only (a) and (b) of the above are true. (e) only (b) and (c) of the above are true. Answer: D
金融市场与金融机构 一、填空题 1.A债券价格为2000美元，永久性的年偿付100美元，则到期收益率为（） 2.面值为1000美元的3年期零息债到期收益率为8%，则其当前价格为（） 3.如果美国与英国的利率分别为2%和3%，那么英镑相当于美元的预期升值率为（） 4.如果当前1年期利率水平为7%，2年期利率水平为8%，则预期一年后的1年期利率水平为（） 5.假设当期利率水平为7%，如果利率升至9%。某久期为3年的债券其价值为（） 6.假定可口可乐公司的股票以10.95%的固定比率增长，刚分配的股利为每股1美元，假定必要回报率为13%，则其股票的理论价格为（）美元。 7.某德国产汽车售价为70000美元，如果汇率为1美元兑换1.1欧元，则该汽车的美元价格应当为（）美元。 二、单项选择 1. 如果收益率曲线向上倾斜，则一下（）是市场细分理论的结论。 A.短期利润将会上升 B.短期利率将会下降 C.短期利率不会变化 D.无法确定 2.随机游走行为认为股价变动是（）的，因此（）有效市场假说。 A.可预测，支持 B.可预测，不支持 C.不可预测，支持 D.不可预测，不支持 3.垃圾债券是指（） A.处理垃圾业务的公司所发的债券 B.熊猫债券 C.低信用等级债券 D.扬基债券 4.穆迪公司评级为Baa等级的公司债券风险收益一般会（）评级为C等级的公司债券。 A.大于 B.小于 C.等于 D.无法确定 5.保险公司要求投保人必须提供详细的个人信息，目的是为了规避（） A.逆向选择 B.道德风险 C.交易成本 D.政府管制 6.不能解决信息不对称问题的措施包括（) A.鼓励私人企业生产并销售信息 B.政府管制以增加信息披露 C.金融中介机构的出现 D.企业更多依赖债券融资而非银行融资 7. 30年期住房抵押贷款的等额本金分期还款方式第一年还款额主要是偿还（）部分，第30年主要是偿还（）部分。 A.本金；利息 B.本金；本金 C.利息；本金 D.利息；利息 8.假定其他情况不变，未来20年中国的生产率水平相对于美国持续上升，则人民币将会（） A.升值 B.贬值 C.不变 D.不确定 9.保险公司在确定保费时，一般需要借助于（) A.大数定律 B.货币中性 C.保险利益 D.以上都不对 10.下列有关利率期限结构理论的结论正确的是（） A.纯预期理论假设长短期债券之间不能完全替代 B.市场细分理论不能解释长短期利率之间变动的相关性 C.流动性溢价理论认为收益率曲线向右上方倾斜意味着未来短期利率水平将会上升 D.以上结论都不对 11.冲销式干预中需对外汇干预导致的（）变动 A.货币供应量 B.汇率 C.外汇储备 D.以上都不对
Chapter 9 The Money Markets Multiple Choice Questions 1. Activity in money markets increased significantly in the late 1970s and early 1980s because of (a) rising short-term interest rates. (b) regulations that limited what banks could pay for deposits. (c) both (a) and (b). (d) neither (a) nor (b). Answer: C 2. Money market securities have all the following characteristics except they are not (a) short term. (b) money. (c) low risk. (d) very liquid. Answer: B 3. Money market instruments (a) are usually sold in large denominations. (b) have low default risk. (c) mature in one year or less. (d) are characterized by all of the above. (e) are characterized by only (a) and (b) of the above. Answer: D 4. The banking industry (a) should have an efficiency advantage in gathering information that would eliminate the need for the money markets. (b) exists primarily to mediate the asymmetric information problem between saver-lenders and borrower-spenders. (c) is subject to more regulations and governmental costs than are the money markets. (d) all of the above are true. (e) only (a) and (b) of the above are true. Answer: D
金融机构与金融市场论文 Prepared on 22 November 2020
离岸金融市场研究的文献评述 摘要：随着金融自由化和金融制度创新的进一步发展，离岸金融市场在国际金融体系中占据越来越重要的地位。本文先从国外离岸金融研究的发展入手，从对离岸金融市场的定义到实践中对离岸金融市场建立的建议，阐述了国外学者的研究历程。进而转向国内学者对离岸金融市场的认识过程，并在文末指出了国内外相关研究中目前存在的问题。 关键词：离岸金融市场；研究；评述 离岸金融市场是金融自由化和金融制度创新的产物，从上世纪中期至今，迅速发展成为现代国际金融体系的重要组成部分，建立离岸金融市场的浪潮更是方兴未艾。尤其是亚洲，更是掀起了一股离岸金融的浪潮，新加坡、日本、香港等亚洲国家和地区相继建立其区域性离岸金融中心，为其带来了巨大的收益和便利，甚至带动该国（地区）经济的发展与飞跃。因此，发展我国离岸金融市场成为金融体系改革的重要环节。 一、国外离岸金融研究情况综述 离岸金融理论研究伴随着离岸金融市场的产生而产生，关于离岸金融市场的定义，在国外有不同的见解。Grabbe （1997）从离岸金融市场运行方式上界定指出：“离岸金融市场代表着一种针对管理规则的套利行为，离岸银行是一个金融管理组合体：它所经营的货币在货币发行国之外运动着，因此它所经营的货币是一个国家的（一种法律环境），而它所适用的银行条例和竞争效率却是另一个国家的。”“为促进国际银行业务而专门设定的小型区域”、“可以财政中性的方式进行国际金融业务的地
方”、“为避免政府当局限制和管制而进行的地域选择”，但总体而言都是指非居民间的资金融通市场。 随着国际金融市场的发展，离岸金融市场基本理论也突破了传统的范畴。（2007）对离岸金融中心和市场进行了全新的定义，他突破了传统的对离岸金融的理论概述，结合金融服务和具体金融活动指出离岸金融市场是一种经营非居民间金融服务的市场，建立离岸金融市场是金融自由化、全球一体化的必然产物。另有一些文献在有关金融自由化、国际化发展及金融创新的理论研究中涉及离岸金融的产生和其市场建立问题，认为金融管制促使了离岸金融的产生，离岸金融市场的建立和发展加速了金融自由化、国际化的进程。 Andrew 和Mark （2005）通过对建立离岸金融市场国家的数据考察，提出影响离岸金融市场的因素，并提出评价离岸金融市场的相关指标，指出离岸金融市场的避税和洗钱特征。Ahmed Zorome（2007）开发了统计方法区分离岸金融市场和非离岸金融市场的数据，从证券投资统计调查、国际投资头寸和国际收支的平衡的角度构建了一个简单的二元回归模型对离岸金融市场的条件进行了评估，并确定了新的国家离岸金融条件的三个评价标准。 在实践中关于建立离岸金融市场的研究焦点集中在以下三个方面：一是，从货币发行国的角度研究离岸金融市场建立及其风险控制问题，Hudson（1998）指出关于离岸金融市场的建立更多的是要适应各个国家的不同国情，并从离岸金融中心的角度进行分析。二是，从避税港角度研究“避税天堂”的税收政策及其对发达国家金融体系的冲击，从而使人们开始关注离岸金融市场的建立设立一定的准入标准，Ingo Walter （1990）从避税港角度研究“避税天堂” 二、国内离岸金融研究情况综述
Chapter 10 The Bond Market Multiple Choice Questions 1. Compared to money market securities, capital market securities have (a) more liquidity. (b) longer maturities. (c) lower yields. (d) less risk. Answer: B 2. (I) Securities that have an original maturity greater than one year are traded in capital markets. (II) The best known capital market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C 3. (I) Securities that have an original maturity greater than one year are traded in money markets. (II) The best known money market securities are stocks and bonds. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: D 4. (I) Firms and individuals use the capital markets for long-term investments. (II) The capital markets provide an alternative to investment in assets such as real estate and gold. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true.
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。（） 正确的答案是“对”。 10、在世界大部分经济体系中，政府执行着分配资源、生产商品与劳务这一复杂的任务。()
金融市场与金融机构 一、名词解释 1.金融创新p35 金融创新是一个包括金融业多方面的创新的总概括。金融创新包括金融机构与金融市场方面的创新，如在国外金融市场出现的各种市场共同基金和在金融市场上出现的金融期货市场；还包括在金融工具、服务、融资方式、管理技术以及支付制度等方面的创新。 2.总分行制p33 总分行制就是说，在首都或大城市设立总行，在各地区设立级别不同的分支机构。比如在中国，国有商业银行都是在北京设立总行，按照行政区划在各省设立一级分行，在各地市设立二级分行，在各县设立支行。 3.货币市场（课件） 在广义上，货币市场可以定义为任何能够迅速转换成狭义货币（M0或M1）的短期（一年以内）金融工具的市场。这些金融工具通常包括政府短期债券、中央银行短期债券、商业票据、同业拆借、债券回购、以及外汇掉期或远期等。（货币市场是期限为一年或一年以下短期金融工具（通常是债务证券）发行和交易流通的市场，实质为短期资金市场。） 4.远期交易p171 不同国家间的银行存款在未来某一特定时间以预先约定的价格进行兑换称为远期交易。远期交易的重要作用是可以防范汇率风险。（远期外汇交易又称期汇交易，是预约购买与预约出卖的外汇业务，亦即买卖双方先行签订合同，规定买卖外汇的币种、金额、汇率和将来交割的时间，到规定的交割日期，再按照合同规定，卖方交汇，买方付款的外汇业务。） 5.利率市场化 利率市场化是指通过市场和价值规律机制，在某一时点上由供求关系决定的利率运行机制，它是价值规律作用的结果。实际上，它就是将利率的决策权交给金融机构，由金融机构自己根据资金状况和对金融市场动向的判断来自主调节利率水平，最终形成以中央银行基准利率为基础，以货币市场
Chapter 11 The Stock Market Multiple Choice Questions 1. (I) A share of common stock in a firm represents an ownership interest in that firm. (II) A share of preferred stock is as much like a bond as it is like common stock. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C 2. Preferred stockholders hold a claim on assets that has priority over the claims of (a) both common stockholders and bondholders. (b) neither common stockholders nor bondholders. (c) common stockholders, but after that of bondholders. (d) bondholders, but after that of common stockholders. Answer: C 3. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common stockholders, but after that of bondholders. (II) Firms issue preferred stock in far greater amounts than common stock. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: A 4. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common stockholders. (II) Bondholders hold a claim on assets that has priority over the claims of preferred stockholders. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C
金融市场与金融机构第七版米什金课后练习答案第一章为什么研究金融市场和金融机构 1、为什么金融市场对经济的健康运行很重要 答：因为金融市场将资金从无生产性用途一方转向有生产性用途一方来提高经济效率。 2、当利率上升时，公司和消费方的经济行为可能发生怎样的变化 答：当利率上升时，公司将减少投资消费，因为融资的成本现在比以前高。而消费者将更愿意将资金放入融资机构以收取利息，而不愿意购买房屋和汽车。 3、利率变化如何影响金融机构的收益性 答：利率的变化将会影响金融机构获取资金的成本，也会影响资产的收益，如贷款；除此之外，利率的改变还会影响金融机构所持股票或债券的价格，会导致收益或损失。 4、当利率上升时，是否每个人的情况都变坏了 答：不会。利率上升时，贷款购买房屋和汽车的消费者境况会变坏，因为利息提高而付出更多资金；但是对于存款人而言，他们的收益会因利息的提升而增加。 5、股票价格下跌对商业投资可能会有什么影响 答：股票下跌对企业来说将会使其获取的资金变少，会减少投资规模，如：延迟建造本应提供更多就业机会的新厂房，也会减少对新设备的购买。 6、股票价格上升对消费者的购买决策可能造成什么影响 答：股票价格上升对于股票持有者的消费者来说他的财富增加了，也会刺激他去扩大消费。 7、英镑价值下跌如何影响英国的消费者 答：英镑价值下跌意味着外国商品更昂贵，购买进口商品的成本更高，消费者将减少对外国商品的购买，而会增加对本国产品的消费。 8、英镑价值上升对美国的商业活动影响如何 答：英镑价值上升使英国商品相对美国商品而言更加昂贵，美国企业会发现其产品在国内和国外更畅销，其产品的购买需求增加。 9、汇率变化如何影响金融机构的赢利性 答：汇率的变化会改变金融机构所持资产的价格，如此改变其相关资产的收益和损失。同时也会影响金融机构在进行外贸交易时的利润。 10、观察图1-3，你会选择哪些年份去亚利桑那州而不是伦敦旅游 答：在1970S的中晚期、80S的晚期、90S早期美元的汇率都比较低，出境旅游相对而言比较昂贵，但是国内游将是黄金时期，可以去看看大峡谷；在80S早期，
第一部分绪论 金融资产：绝大数金融资产属于无形资产中的一类，代表了对某种未来收益及本金的合法要求权。 金融资产整体上可以分为两大类： 债权类金融资产（Debt instrument）& 权益类金融资产（Equity instrument） 金融资产具有以下十大特性： 货币性（Moneyness） 可分性和发行单位（Divisibility and denomination） 可逆性（Reversibility） 期限（Term to maturity） 流动性（Liquidity） 可转换性（Convertibility） 币种（Currency） 现金流和收益的可预期性（Cash flow and return predictability） 复合性（Complexity） 税务状况（Tax status） 金融市场的定义 定义一：金融市场是指进行金融资产交换（也就是交易）的场所。虽然金融市场的存在并不是创造和交换金融资产的必要条件，但是多数经济体中金融资产都是在某种有组织的金融市场结构中创立并交易的。（法博齐） 定义二：金融市场是资金盈余者向资金短缺者转移资金的市场。（米什金） 定义三从更宏观的角度来看，金融市场是市场系统的重要组织部分，是要素市场的一种：资本、土地、劳动力。 金融市场的分类 1、按照交易工具划分为衍生品市场、信贷市场、证券市场、黄金市场、外汇市场。并且可以进一步对证券市场按照未来收益权种类也即金融资产划分的。 2、按照收益权的期限进行划分为货币市场和资本市场。 3、按照市场与金融中介进行划分为直接金融市场和间接金融市场。 交易成本：即从事金融交易所花费的时间和金钱。 信息不对称：交易中一方通常并不十分了解交易的另一方，以至于无法做出准确决策，这种不对等被称为信息不对称。
金融机构和金融市场 直接融资 1．盈余部门 赤字部门 公司资本结构(capital structure) 公司 间接融资 (企业债务融资和股权融资比例) 价值(是否存在一个最佳资本结构) MM 定理(美国经济学家莫迪利亚尼和莫顿·米勒共同提出，他们认为公司的价值与公司的杠杆率无关，即与债务成本水平无关。无论是股票融资还是债券融资都不影响企业的价值。) 2. 金融市场 三大要素：市场主体，金融工具和中介机构 2.1金融市场按交易期限，金融市场划分为货币市场和资本市场。 1）货币市场是交易期限在一年以内（含一年）的金融工具的金融市场。其参与者主要 是金融机构、企业、政府机构，而不是个人和家庭，因交易金额巨大，被认为是一种“批 发市场”。主要的货币市场有：同业拆借市场、票据贴现市场、回购市场等。 a) 同业拆借市场是金融机构（同行）之间相互借贷短期资金的市场，具体业务就 是买卖它们留在中央银行的超额保证金。同业拆借一方面是调节头寸（即银行 的款项，可以理解为资本量），以免引发不信任和挤兑，另一方面也是银行赚 钱的寻常手段(有些银行有多余的准备金，但没合适的客户，资金处于闲置状 态，而有些银行的准备金不足，优质客户前来贷款，不敢发放贷款，通过同业 拆借可以保证贷款顺利进行，对拆借银行双方而言是双赢的)。同业拆借期限 很短，一般是隔夜，长的一般也不过几周。 息扣除，再将票据剩余款项给持票人，实质上是持票人获得急需短期资金的行 为，是重要的融资手段。 c) 回购市场是以回购协议形式融资的市场。回购协议是证券持有人在出售证券是， 与购买商约定，在一定期限后，再按约定价格购回所售证券的协议。先出售后 购回是正回购，反之，是逆回购。回购期限一般是隔夜或7天。 2) 资本市场是证券融资和交易在一年以上（不含一年）的金融工具的金融市场。因期 限更长，交易金额更大，风险也更大，需要发达的、多层次的市场来分散风险，以吸引
C H A P T E R6 I N S U R A N C E C O M P A N I E S TYPE OF INSURANCE COMPANIES Insurance companies sell insurance policies for a premium. They have two sources of income: underwriting income, and investment income. Life Insurance The life insurance company pays the beneficiary of the life insurance policy in the event of the death of the insured. Health Insurance The health insurance company pays the insured all or a portion of the medical treatment of the insured. Until the last decade, the major type of health insurance available was indemnity insurance. Due to the lack of constraints and incentives for cost savings, the medical service insured by indemnity insurance became very expensive. In response, various forms of managed health care have been developed. In general, these forms of managed health care put constraints on the choice of the provider by the insured and on the types of service provided by the provider. Property and Casualty Insurance Property and casualty (P&C) insurance companies insure the risk of damage to various types of property. Liability Insurance The risk insured against is litigation, or the risk of lawsuits against the insured due to actions by the insured or others. This is typically a third-party claim. Disability Insurance Disability insurance insures against the inability of employed persons to earn an income. Typically, “own occ” disability insurance is written for professionals in white-collar occupations, and “any occ” for blue-collar workers. There are two types of policies regarding the sustainability of the policy. First, guaranteed renewable is a term where the issuer has to sustain the policy for a specified period of time, but can change the premium rates for the entire class. The other type is noncancellable and guaranteed renewable whereby the issuer has no right to make any changes in any policy during the specified period.
1.金融体系的定义。答：广义的金融体系是包含货币、资金交易的所有参与者、交易的市场、交易产品（工具）已经交易规则在内 的复杂系统。狭义的金融市场是指金融产品、金融机构、金融市场以及它们与实体经济部门和政府关系的总和。 2.金融体系的发展。1）第一阶段：1979-1983年，基本延续了计划经济时期的金融体系，金融体系的运行主要是通过行政手段调控， 金融机构直接为国家所有，金融资源的配置由政府计划配置。但在这一时期，我国已经开始启动了金融体制改革，为后来进一步改革奠定基础。2）第二阶段：1983-1990年，是我国金融市场体系建设的起步阶段，金融市场不断多元化，体现出明显的银行主导型金融体系的特征。3）第三阶段：1990年以后至今，是转型期的中国市场逐步完善金融体系阶段和深化金融市场化改革阶段。 3.金融体系在经济发展中的作用。答：1）清算结算服务2）资源积累和企业所有权分散体制3）遍历资源转移4）提供价格信息5） 风险管理6）解决委托代理问题 4.我国金融体系的特征和发展趋势。1）金融机构：从分业经营到有限综合；2）国民经济发展过度依赖间接融资是我国金融体系的 特点和主要矛盾；3）从间接融资为主向直接融资为主的过渡是我国金融体系转型发展的趋势。 5.分离型银行和全能型银体系的比较。1）融资功能的差异。理论上直接融资成本大于间接融资成本。融资效率方面，银行贷款偏好 于规模较大的企业，但证券市场可以为大多数企业的长期融资。2）两种金融体系对信息的利用各有所长。市场导向性金融体系中，有着充分透明的信息披露机制，能产生大量的公共信息。金融机构可以获得大量私人信息，使资源更好地配置。另一方面，增加了信息租金的可能性。3）全能型银行在风险管理方面具有比较优势。市场导向型的金融体系难以规避系统性风险，但银行可以通过跨期平滑分散系统性风险。 6.两种金融体系的启示。1）在经济高速发展阶段，往往希望新兴产业的带动和支撑，而银行导向型的金融体系缺乏长期融资的意愿， 所以新兴产业融资需要依赖证券市场，市场主导型的金融体系占据优势。2）新兴产业随着产业周期进入成熟甚至衰退阶段，实体经济所需资本可由银行融资获得。在下一次新兴产业没有出现时，虚拟资本会超过实体经济的需要形成泡沫，甚至产生金融危机。 3）加强监管的全能银行将是危机之后金融体系的趋势。 7.国际金融体系的主要内容。国际收支及其调节机制；汇率制度安排；国际储备资产的选择和确定；国家间金融事务的协调与管理。 8.国际金融体系的发展和作用。金本位阶段——布雷顿森林体系阶段——牙买加体系阶段 9.动态金融体系是什么？重塑体系的趋势是什么？席卷金融体系的动态趋势使得货币市场和资本市场迅速变成一个新的金融体系。 主要的趋势包括创新、沟通技术的进步。
名词解释 金融市场：是要素市场的一种，是金融资产交换的场所，当然，现代金融市场往往是无形的市场 一级市场（发行的市场）、二级市场（证券交易的市场） 脱媒：由直接融资向间接融资半直接融资转变 连续竞价（它是在买入的最高价和卖出的最低价的委托中一对一的成交，其成交价为申买申麦的平均价）、 集合竞价（是将数笔委托报价或一段时间内的全部委托报价集中在一起，根据不高于申买价和不低于申卖价的原则产生一个成交价格，且这个价格下成交的股票数量最大） 准央行制度：是指政府设立某种类似中央银行的机构或者授权某些商业银行行使部分中央银行的职能 简述题 金融市场的功能或者金融机构的功能（二者必居其一） 前者：储蓄功能财富功能风险功能流动性功能信贷功能支付功能 后者：提供期限中介分散和较少风险降低订立合同和处理信息的成本提供支付机制 商业央行的业务（必考） （一）、基本业务 （1）负债业务：指商业银行获得资金来源的业务，只有通过支付一定的成本获得资金的使用权 包含的业务：支票存款、定期存款、储蓄存款、借款、自有资本 （2）资产业务：指商业银行运用负债业务活动所筹集的资金 包含的业务：现金类资产、贷款、证券投资、其他资产 （二）表外业务（或中间业务） 涉及银行利润的变动，但不影响银行资产负债的变动 包含的业务：转账结算、承兑业务、银行保函业务 （三）发展的业务 自动柜员机网上银行 中央央行的职能及其分类（考期中一个方面或职能或分类） 职能：政府的银行发行的银行银行的银行 分类：单一型：一元二元多元 复合型： 跨国型： 准银行制 混业经营的优缺点（可能只考其中一个方面） （1）、由于银行提供的是全方位的金融服务。，这有利于银行吸引客户 （2）、有助于银行掌握更多有客户的信息，有助于降低信息不对称导致的道德缺失和逆向选择带来的损失 （3）、有利于增强竞争，所有的机构都从事各种金融业务，从而有利于客户
Chapter 15 Why Do Financial Institutions Exist? Multiple Choice Questions 1. Of the following sources of external finance for American nonfinancial businesses, the least important is (a) loans from banks. (b) stocks. (c) bonds and commercial paper. (d) nonbank loans. Answer: B 2. Of the following sources of external finance for American nonfinancial businesses, the most important is (a) loans from banks. (b) stocks. (c) bonds and commercial paper. (d) nonbank loans. Answer: D 3. Of the sources of external funds for nonfinancial businesses in the United States, bonds account for approximately _________ of the total. (a) 10 percent (b) 20 percent (c) 30 percent (d) 50 percent Answer: C 4. Of the sources of external funds for nonfinancial businesses in the United States, stocks account for approximately _________ of the total. (a) 10 percent (b) 20 percent (c) 30 percent (d) 40 percent Answer: A
The loanable funds theory, commonly used to explain interest rate movements, suggests that the market interest rate is determined by the factors that control the supply of and demand for loanable funds. 驾驭收益率曲线Riding the yield curve is strategy of buying longer-dated bills when the yield curve is upward-sloping for the maturities under consideration，and selling them prior to maturity in the hope or expectation of collecting any term premium that may exist. The term structure of interest rates defines the relationship between maturity and yield The forward rate: the forward rate is commonly estimated in order to represent the market’s forecast of the future interest rate. 认知时滞Recognition lag: It is the lag between the time a problem arises and the time it is recognized.Most economic problems are initially revealed by statistics, not observation. 执行时滞Implementation lag：The lag form the time a serious problem is recognized until the time the Fed implements a policy to resolve it is known as the implementation lag. 影响时滞Impact Lag：After the Fed implements a policy, the monetary changes needs time to have full impact on the economy. 债务的货币化Monetizing the debt：If the fiscal policy involves excessive government borrowing, there is upward pressure on interest rate, and a loose monetary policy may be necessary to offset that pressure on interest rate. This action is known as monetizing the debt. 回购协议Repurchase Agreements：With a repurchase agreement, one party sells a security to another with the agreement to repurchase it at a specified date and price. Macaulay Duration: The weighted-average term to maturity of a bond's cash flows. Modified duration is an easily calculated approximate of the duration measure. 有效久期Effective duration The duration for a bond with an embedded option when the value is calculated to include the expected change in cash flow caused by the option as interest rates change. (CML) The capital market line is graphically, a tangent line that can be drawn on a graph, connecting the return of risk-free-asset with the efficient market frontier. (SML) The Security Market Line is the graphical representation of the Capital Asset Pricing Model. It displays the expected rate of return for an overall market as a function of systematic (non-diversifiable) risk (beta). The slope of the SML is equal to the Market Risk Premium