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
186 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
5. With regard to external sources of financing for nonfinancial businesses in the United States, which
of the following are accurate statements?
(a) Marketable securities account for a larger share of external business financing in the United
States than in most other countries.
(b) Since 1970, less than 5 percent of newly issued corporate bonds and commercial paper have
been sold directly to American households.
(c) The stock market accounted for the largest share of the financing of American businesses in the
1970–2000 period.
(d) All of the above.
(e) Only (a) and (b) of the above.
Answer: E
6. With regard to external sources of financing for nonfinancial businesses in the United States, which
of the following are accurate statements?
(a) Direct finance is used in less than 5 percent of the external financing of American businesses.
(b) Only large, well-established corporations have access to securities markets to finance their
activities.
(c) Loans from banks and other financial intermediaries in the United States provide five times
more financing of corporate activities than do stock markets.
(d) All of the above.
(e) Only (a) and (b) of the above.
Answer: D
7. (I) In the United States nonbank loans are the most important source of external funds for
nonfinancial businesses. (II) In Germany and Japan, issuing stocks and bonds is the most important source of external for nonfinancial businesses.
(a) (I) is true, (II) false.
(b) (I) is false, (II) true.
(c) Both are true.
(d) Both are false.
Answer: A
8. Which of the following is not one of the eight basic facts about financial structure?
(a) Debt contracts are typically extremely complicated legal documents that place substantial
restrictions on the behavior of the borrower.
(b) Indirect finance, which involves the activities of financial intermediaries, is many times more
important than direct finance, in which businesses raise funds directly from lenders in financial
markets.
(c) Collateral is a prevalent feature of debt contracts for both households and business.
(d) New security issues are the most important source of external funds to finance businesses.
Answer: D
Chapter 15 Why Do Financial Institutions Exist? 187
9. Which of the following is not one of the eight basic facts about financial structure?
(a) The financial system is among the most heavily regulated sectors of the economy.
(b) Issuing marketable securities is the primary way businesses finance their operations.
(c) Indirect finance, which involves the activities of financial intermediaries, is many times more
important than direct finance, in which businesses raise funds directly from lenders in financial
markets.
(d) Financial intermediaries are the most important source of external funds to finance businesses.
Answer: B
10. Because information is scarce,
(a) equity contracts are used much more frequently to raise capital than are debt contracts.
(b) monitoring managers gives rise to costly state verification.
(c) government regulations, such as standard accounting principles, can help reduce moral hazard.
(d) all of the above are true.
(e) only (b) and (c) of the above are true.
Answer: E
11. Which of the following best explains the recent decline in the role of financial intermediaries?
(a) Private production and sale of information
(b) Government regulation to increase information
(c) Improvements in information technology
(d) None of the above can explain the recent decline
Answer: C
12. (I) The total cost of carrying out a transaction in financial markets increases proportionally with the
size of the transaction. (II) Financial intermediaries facilitate diversification when an investor has only a small sum to invest.
(a) (I) is true; (II) is false
(b) (I) is false; (II) is true
(c) Both (I) and (II) are true
(d) Both (I) and (II) are false
Answer: B
13. If bad credit risks are the ones who most actively seek loans and, therefore, receive them from
financial intermediaries, then financial intermediaries face the problem of
(a) moral hazard.
(b) adverse selection.
(c) free-riding.
(d) costly state verification.
Answer: B
14. If borrowers take on big risks after obtaining a loan, then lenders face the problem of
(a) free-riding.
(b) adverse selection.
(c) moral hazard.
(d) costly state verification.
188 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition Answer: C
Chapter 15 Why Do Financial Institutions Exist? 189 15. Because of the lemons problem in the used car market, the average quality of the used cars offered
for sale will be _________, which gives rise to the problem of _________.
(a) low; moral hazard
(b) low; adverse selection
(c) high; moral hazard
(d) high; adverse selection
Answer: B
16. In the used car market, asymmetric information leads to the lemons problem because the price that
buyers are willing to pay will
(a) reflect the highest quality of used cars in the market.
(b) reflect the lowest quality of used cars in the market.
(c) reflect the average quality of used cars in the market.
(d) none of the above.
Answer: C
17. The problem created by asymmetric information before the transaction occurs is called _________,
while the problem created after the transaction occurs is called _________
(a) adverse selection; moral hazard.
(b) moral hazard; adverse selection.
(c) costly state verification; free-riding.
(d) free-riding; costly state verification.
Answer: A
18. A borrower who takes out a loan usually has better information about the potential returns and risk
of the investment projects he plans to undertake than does the lender. This inequality of information is called
(a) moral hazard.
(b) asymmetric information.
(c) noncollateralized risk.
(d) adverse selection.
Answer: B
19. Adverse selection is a problem associated with equity and debt contracts arising from
(a) the lender’s relative lack of information about the borrower’s potential returns and risks of his
investment activities.
(b) the lender’s inability to legally require sufficient collateral to cover a 100 percent loss if the
borrower defaults.
(c) the borrower’s lack of incentive to seek a loan for highly risky investments.
(d) none of the above.
Answer: A
190 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
20. Moral hazard is a problem associated with debt and equity contracts arising from
(a) the borrower’s incentive to undertake highly risky investments.
(b) the owners’ inability to ensure that managers will act in the owners’ interest.
(c) the difficulty lenders have in sorting out good credit risks from bad credit risks.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
21. Because of the adverse selection problem,
(a) lenders may make a disproportionate amount of loans to bad credit risks.
(b) lenders may refuse loans to individuals with low net worth.
(c) lenders are reluctant to make loans that are not secured by collateral.
(d) all of the above.
Answer: D
22. Because of the adverse selection problem,
(a) good credit risks are more likely to seek loans, causing lenders to make a disproportionate
amount of loans to good credit risks.
(b) lenders may refuse loans to individuals with high net worth, because of their greater proclivity
to “skip town.”
(c) lenders are reluctant to make loans that are not secured by collateral.
(d) all of the above.
Answer: C
23. The problem of adverse selection helps to explain
(a) why banks prefer to make loans secured by collateral.
(b) why banks have a comparative advantage in raising funds for American businesses.
(c) why borrowers are willing to offer collateral to secure their promises to repay loans.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: D
24. The problem of adverse selection helps to explain
(a) which firms are more likely to obtain funds from banks and other financial intermediaries, rather
than from securities markets.
(b) why collateral is an important feature of consumer, but not business, debt contracts.
(c) why direct finance is more important than indirect finance as a source of business finance.
(d) only (a) and (b) of the above.
Answer: A
25. The concept of adverse selection helps to explain
(a) why collateral is not a common feature of many debt contracts.
(b) why large, well-established corporations find it so difficult to borrow funds in securities markets.
(c) why financial markets are among the most heavily regulated sectors of the economy.
(d) all of the above.
Answer: C
Chapter 15 Why Do Financial Institutions Exist? 191 26. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that these
intermediaries
(a) have been afforded special government treatment, since used car dealers do not provide
information that is valued by consumers of used cars.
(b) are able to prevent potential competitors from free-riding off the information that they provide.
(c) have failed to solve adverse selection problems in this market because “lemons” continue to be
traded.
(d) do all of the above.
Answer: B
27. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that these
intermediaries
(a) provide information that is valued by consumers of used cars.
(b) are able to prevent others from free-riding off the information that they provide.
(c) can profit by becoming experts in determining whether an automobile is a good car or a lemon.
(d) do all of the above.
Answer: D
28. A key finding of the economic analysis of financial structure is that
(a) the existence of the free-rider problem for traded securities helps to explain why banks play a
predominant role in financing the activities of businesses.
(b) while free-rider problems limit the extent to which securities markets finance some business
activities, nevertheless the majority of funds going to businesses are channeled through
securities markets.
(c) given the great extent to which securities markets are regulated, free-rider problems are not of
significant economic consequence in these markets.
(d) economists do not have a very good explanation for why securities markets are so heavily
regulated.
Answer: A
29. In the United States, the government agency requiring that firms, which sell securities in public
markets, adhere to standard accounting principles and disclose information about their sales, assets, and earnings is the
(a) Federal Corporate Securities Commission.
(b) Federal Trade Commission.
(c) Securities and Exchange Commission.
(d) U.S. Treasury Department.
(e) Federal Reserve System.
Answer: C
30. An audit certifies that
(a) a firm’s loans will be repaid.
(b) a firm’s securities are safe investments.
(c) a firm abides by standard accounting principles.
(d) the information reported in a firm’s accounting statements is correct.
Answer: C
192 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
31. The authors’ analysis of adverse selection indicates that financial intermediaries in general, and
banks in particular (because they hold a large fraction of non-traded loans),
(a) have advantages in overcoming the free-rider problem, helping to explain why indirect finance
is a more important source of business finance than is direct finance.
(b) play a greater role in moving funds to corporations than do securities markets as a result of their
ability to overcome the free-rider problem.
(c) provide better-known and larger corporations a higher percentage of their external funds than
they do to newer and smaller corporations, which rely to a greater extent on the new issues
market for funds.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
32. The authors’ analysis of adverse selection indicates that financial intermediaries
(a) overcome free-rider problems by holding non-traded loans.
(b) must buy securities from corporations to diversify the risk that results from holding non-tradable
loans.
(c) have not been very successful in dealing with adverse selection problems in financial markets.
(d) do all of the above.
(e) do only (a) and (b) of the above.
Answer: A
33. The pecking order hypothesis predicts that the _________ a corporation is, the more likely it will be
to _________.
(a) smaller and less well known; issue securities
(b) larger and more well known; borrow from financial intermediaries
(c) larger and more well known; issue securities
(d) smaller and less well known; need external financing
Answer: C
34. Financial intermediaries and, particularly, banks have the ability to avoid the free-rider problem as
long as they primarily
(a) make private loans.
(b) acquire a diversified portfolio of stocks.
(c) buy junk bonds.
(d) do a balanced combination of (a) and (b) of the above.
Answer: A
35. Property that is pledged to the lender in the event that a borrower cannot make his or her debt
payment is called
(a) points.
(b) interest.
(c) collateral.
(d) good faith money.
Answer: C
Chapter 15 Why Do Financial Institutions Exist? 193
36. Collateral is
(a) property that is pledged to the lender if a borrower cannot make his or her debt payments.
(b) a prevalent feature of debt contracts for households.
(c) a prevalent feature of debt contracts for business.
(d) all of the above.
(e) only (a) and (c) of the above.
Answer: D
37. The majority of household debt in the United States consists of
(a) credit card debt.
(b) consumer installment debt.
(c) collateralized loans.
(d) unsecured loans, such as student loans.
Answer: C
38. Commercial and farm mortgages, in which property is pledged as collateral, account for
(a) one-quarter of borrowing by nonfinancial businesses.
(b) one-half of borrowing by nonfinancial businesses.
(c) one-twentieth of borrowing by nonfinancial businesses.
(d) two-thirds of borrowing by nonfinancial businesses.
Answer: A
39. Because of the moral hazard problem,
(a) lenders will write debt contracts that restrict certain activities of borrowers.
(b) lenders will more readily lend to borrowers with high net worth.
(c) debt contracts are used less frequently to raise capital than are equity contracts.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
40. Moral hazard in equity contracts is known as the _________ problem because the manager of the
firm has fewer incentives to maximize profits than the stockholders might ideally prefer.
(a) principal-agent
(b) adverse selection
(c) free-rider
(d) debt deflation
Answer: A
41. Because managers (_________) have less incentive to maximize profits than the stockholders-
owners (_________) do, stockholders find it costly to monitor managers; thus, stockholders are
reluctant to purchase equities.
(a) principals; agents
(b) principals; principals
(c) agents; agents
(d) agents; principals
Answer: D
194 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
42. The principal-agent problem
(a) occurs when managers have more incentive to maximize profits than the stockholders-
owners do.
(b) would not arise if the owners of the firm had complete information about the activities of the
managers.
(c) in financial markets helps to explain why equity is a relatively important source of finance for
American business.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: B
43. Solutions to the moral hazard problem include
(a) high net worth.
(b) monitoring and enforcement of restrictive covenants.
(c) greater reliance on equity contracts and less on debt contracts.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
44. One financial intermediary in our financial structure that helps to reduce the moral hazard arising
from the principal-agent problem is the
(a) venture capital firm.
(b) money market mutual fund.
(c) pawn broker.
(d) savings and loan association.
Answer: A
45. A venture capital firm protects its equity investment from moral hazard through which of the
following means?
(a) It places people on the board of directors to better monitor the borrowing firm’s ac tivities.
(b) It writes contracts that prohibit the sale of an equity investment to anyone but the venture
capital firm.
(c) It prohibits the borrowing firm from replacing its management.
(d) It does both (a) and (b) of the above.
(e) It does both (a) and (c) of the above.
Answer: D
46. Debt contracts
(a) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.
(b) have an advantage over equity contracts in that they have a lower cost of state verification.
(c) are used much more frequently to raise capital than are equity contracts.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: D
Chapter 15 Why Do Financial Institutions Exist? 195 47. Equity contracts account for a small fraction of external funds raised by American businesses
because
(a) costly state verification makes the equity contract less desirable than the debt contract.
(b) there is greater scope for moral hazard problems under equity contracts, as compared to debt
contracts.
(c) equity contracts do not permit borrowing firms to raise additional funds by issuing debt.
(d) all of the above.
(e) both (a) and (b) of the above.
Answer: E
48. A debt contract is said to be incentive compatible if
(a) the borrower’s net worth reduces the probability of moral hazard.
(b) restrictive covenants limit the type of activities that can be undertaken by the borrower.
(c) both (a) and (b) of the above occur.
(d) neither (a) nor (b) of the above occur.
Answer: A
49. A debt contract is more likely to be incentive compatible if
(a) the company must follow standard accounting principles.
(b) the funds are provided by a venture capital firm.
(c) owners of the firm have more of their own money in the business.
(d) all of the above.
(e) only (b) and (c).
Answer: C
50. A clause in a mortgage loan contract requiring the b orrower to purchase homeowner’s insurance is
an example of
(a) a restrictive covenant.
(b) a collusive agreement between mortgage lenders and insurance companies.
(c) both (a) and (b) of the above.
(d) neither (a) and (b) of the above.
Answer: A
51. A debt contract that specifies that the company can only use the funds to finance certain activities
(a) is a private loan.
(b) contains a restrictive covenant.
(c) increases the problem of adverse selection.
(d) all of the above.
(e) only (a) and (b).
Answer: B
196 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
52. Which of the following are accurate statements concerning the role that restrictive covenants play in
reducing moral hazard in financial markets?
(a) Covenants reduce moral hazard by restricting borrowers’ undesirable behavior.
(b) Covenants require that borrowers keep collateral in good condition.
(c) Covenants require periodic accounting statements and income reports.
(d) All of the above.
(e) Only (a) and (b) of the above.
Answer: D
53. Although restrictive covenants can potentially reduce moral hazard, a problem with restrictive
covenants is that
(a) borrowers may find loopholes that make the covenants ineffective.
(b) they are costly to monitor and enforce.
(c) too many resources may be devoted to monitoring and enforcing them, as debtholders duplicate
others’ monitoring and enforcement efforts.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
54. Governments in developing countries sometimes adopt policies that retard the efficient operation of
their financial systems. These actions include policies that
(a) prevent lenders from foreclosing on borrowers with political clout.
(b) nationalize banks and direct credit to politically-favored borrowers.
(c) make it costly to collect payments and collateral from defaulting debtors.
(d) do all of the above.
(e) do only (a) and (b) of the above.
Answer: D
55. Financial crises
(a) are major disruptions in financial markets that are characterized by sharp declines in asset prices
and the failures of many financial and nonfinancial firms.
(b) occur when adverse selection and moral hazard problems in financial markets become more
significant.
(c) frequently lead to sharp contractions in economic activity.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: D
56. Financial crises
(a) cause failures of financial intermediaries and leave only securities markets to channel funds
from savers to borrowers.
(b) are a recent phenomenon that occurs only in developing countries.
(c) invariably lead to debt deflation.
(d) all of the above.
(e) none of the above.
Answer: E
Chapter 15 Why Do Financial Institutions Exist? 197
57. Factors that lead to worsening conditions in financial markets include
(a) increases in interest rates.
(b) declining stock prices.
(c) increasing uncertainty in financial markets.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: D
58. Factors that lead to worsening conditions in financial markets include
(a) declining interest rates.
(b) unanticipated increases in the price level.
(c) bank panics.
(d) only (a) and (c) of the above.
(e) only (b) and (c) of the above.
Answer: C
59. If the anatomy of a financial crisis is thought of as a sequence of events, which of the following
events would be least likely to be the initiating cause of the financial crisis?
(a) Increase in interest rates
(b) Bank panic
(c) Stock market decline
(d) Increase in uncertainty
Answer: B
60. An examination of past financial crises in the United States indicates that a bank panic has
typically been
(a) the one key factor that initiates a financial crisis.
(b) a consequence of worsening conditions during a financial crisis.
(c) the result of declining interest rates that raised adverse selection problems.
(d) an event that is unrelated to financial crises.
Answer: B
61. Most financial crises in the United States have begun with
(a) a steep stock market decline.
(b) an increase in uncertainty resulting from the failure of a major firm.
(c) a steep decline in interest rates.
(d) all of the above.
(e) only (a) and (b) of the above.
Answer: E
62. Most financial crises in the United States have begun with
(a) a sharp rise in interest rates.
(b) a steep stock market decline.
(c) an increase in uncertainty resulting from the failure of a major firm.
(d) all of the above.
(e) only (a) and (b) of the above.
198 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition Answer: D
Chapter 15 Why Do Financial Institutions Exist? 199 63. In addition to having a direct effect on increasing adverse selection problems, increases in interest
rates also promote financial crises by _________ firms’ and households’ interest payments, thereby _________ their cash flow.
(a) increasing; increasing
(b) increasing; decreasing
(c) decreasing; increasing
(d) decreasing; decreasing
Answer: B
64. Deterioration in a firm’s balance sheet and a decline in net worth, which increases adverse selection
and moral hazard problems, can be caused by
(a) a sharp drop in the price level.
(b) a sharp increase in uncertainty.
(c) a sharp depreciation of the domestic currency.
(d) all of the above.
(e) only (a) and (c).
Answer: E
65. Adverse selection and moral hazard problems increased in magnitude during the early years of the
Great Depression as
(a) stock prices declined to 10 percent of their level in 1929.
(b) banks failed.
(c) the aggregate price level declined.
(d) a result of all of the above.
(e) a result of (a) and (b) of the above.
Answer: D
66. Adverse selection and moral hazard problems increased in magnitude during the early years of the
Great Depression as
(a) stock prices declined to 10 percent of their level in 1929.
(b) banks failed.
(c) the aggregate price level rose.
(d) a result of all of the above.
(e) a result of (a) and (b) of the above.
Answer: E
67. Financial crises in the United States and Mexico
(a) were similar in being precipitated by an increase in interest rates abroad.
(b) were different because in Mexico speculative attacks in the foreign exchange market played a
key role.
(c) were similar in being preceded by stock market declines.
(d) all of the above.
(e) only (a) and (c).
Answer: D
200 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
68. Stock market declines preceded a full blown financial crisis
(a) in the United States in 1987.
(b) in Thailand in 1997.
(c) in Indonesia in 1997.
(d) all of the above.
(e) only (b) and (c).
Answer: B
69. Which of the following factors led up to the Mexican financial crisis of 1994?
(a) Speculative attacks on the peso and a rise in actual and expected inflation.
(b) A rise in domestic interest rates and a deterioration in bank balance sheets.
(c) A rise in foreign interest rates and domestic stock market declines.
(d) all of the above.
(e) only (b) and (c).
Answer: E
70. Institutional features of debt markets in Asia that propelled several countries into financial crisis
include
(a) debt contracts with long duration.
(b) firms with debt denominated in U.S. dollars.
(c) governments that could not intervene to protect depositors.
(d) all of the above.
(e) only (a) and (c).
Answer: B
71. Argentina’s 2001–2002 financial crisis was precipitated by
(a) a weak and poorly supervised banking system.
(b) a lending boom that fueled a stock market bubble.
(c) difficulty financing a large budget deficit.
(d) a decline in interest rates.
Answer: C
Chapter 15 Why Do Financial Institutions Exist? 201
True/False
1. American businesses get more funds from direct financing than from indirect financing.
Answer: FALSE
2. American businesses use stock to finance about 10 percent of their external financing.
Answer: TRUE
3. One reason why indirect financing is used is to minimize adverse selection problems.
Answer: TRUE
4. Issuing marketable securities is the primary way businesses finance their operations.
Answer: FALSE
5. Because of the adverse selection problem, lenders may refuse loans to individuals with low net
worth.
Answer: TRUE
6. The concept of adverse selection helps to explain why indirect finance is more important than direct
finance as a source of business finance.
Answer: TRUE
7. The problem of adverse selection helps to explain why direct finance is more important than indirect
finance as a source of business finance.
Answer: FALSE
8. The concept of adverse selection helps explain why collateral is an important feature of many debt
contracts.
Answer: TRUE
9. One way of describing the solution that high net worth provides to the moral hazard problem is to
say that it makes debt contracts incentive compatible.
Answer: TRUE
10. Factors that lead to worsening conditions in financial markets include increasing interest rates and
unanticipated increases in the price level.
Answer: FALSE
11. Economies of scale mean that the percentage return on a financial transaction rises as the size of the
transaction rises.
Answer: FALSE
12. Agency theory focuses on how government agencies regulate financial intermediaries and markets.
Answer: FALSE
13. The principal-agent problem is an example of the adverse selection problem that can result from
asymmetric information.
Answer: FALSE
202 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition
Essay
1. What are economies of scale in financial transactions? How can financial intermediaries achieve
these economies?
2. Explain how the “lemons” problem could cause financial markets to fail.
3. Distinguish between adverse selection and moral hazard.
4. What facts about financial structure can be explained by adverse selection?
5. What facts about financial structure can be explained by moral hazard?
6. What factors usually cause an increase in moral hazard and adverse selection?
7. What is the principal-agent problem?
8. Describe the sequence of events in a financial crisis and explain why they can cause economic
activity to decline.
中央电大学习中心选修课 金融市场作业（第四单元） 第七专题《外汇市场》、第八专题《外汇交易及衍生品市场》 一、单项选择题 1．目前，全球主要外汇市场中，日均交易量最大的金融中心城市是（）。 A．纽约B．伦敦C．东京D．新加坡 2．以（）为主体形成的外汇供求，已成为决定市场汇率的主要力量。 A．各国中央银行B．外汇银行C．外汇经纪商D．跨国公司 3．从主观上分析，外汇市场交易风险有（）。 A．外国货币购买力的变化B．本国货币购买力的变化 C．国际收支状况D．外汇投机活动的干扰 4．如果远期汇率高于即期汇率，则远期汇率等于（） A．基本汇率+升水B．基本汇率—贴水 C．即期汇率—贴水D．即期汇率+升水 5．如果远期汇率低于即期汇率，则远期汇率等于（C ）。 A．基本汇率+升水B．基本汇率—贴水 C．即期汇率—贴水D．即期汇率+升水 ６．中央银行参与外汇市场的主要目的是（）。 Ａ．外汇储备套期保值Ｂ．利用外汇储备获利 Ｃ．干预市场，稳定汇率Ｄ．阻止国际短期“热钱”流入 ７．以下哪一项属于外汇（）。 Ａ．某中国居民放在家中的美元现钞Ｂ．国内某出口商持有的阿根廷比索存款账户 Ｃ．国内居民的人民币存款Ｄ．国内某公司持有的美元国库券 ８．如果某个外汇市场采用了间接标价法表示汇率，那么汇率越高说明（）。 Ａ．外币升值Ｂ．外币贬值Ｃ．没有变化Ｄ．不一定 ９．已知某交易日人民币兑美元的基础汇率为100美元＝814．00元人民币，欧元兑美元的汇率为100欧元＝107．40美元，那么当天的人民币与欧元之间的套算汇率就等于（）。 Ａ．100欧元＝８７４．２４元Ｂ．100欧元＝７５７．９１元
Ｃ．100欧元＝８４７．２４元Ｄ．100欧元＝８７６．２４元 10．在开放经济中，如果一国利率相对于他国较低，则会（）。 Ａ．刺激国外资金流入Ｂ．本币需求增加，供给减少 Ｃ．汇率升高Ｄ．本币相对于外币贬值 11．外汇期权与期货交易的最大不同之处在于（）。 Ａ．外汇期货交易中，买卖双方拥有对等的权利和义务；而外汇期权交易中双方权利义务不对等Ｂ．外汇期货合同是标准化的合同，而外汇期权合同则是非标准化的 Ｃ．外汇期货交易有固定的交易场所，而外汇期权交易则没有 Ｄ．外汇期货交易一般不存在违约风险，而外汇期权交易则存在较大违约风险 12．只有在合约到期日才能执行、不能提前交割的期权是（）。 Ａ．看涨期权Ｂ．美式期权Ｃ．欧式期权Ｄ．看跌期权 13．以下关于间接套汇正确的说法是（）。 Ａ．涉及两个或两个以上的外汇市场 Ｂ．至少涉及两个币种 Ｃ．收益必须大于套汇成本，如通讯费用、经纪人佣金等，否则就会亏损 Ｄ．使国际间的短期利率趋于一致 14．金融互换市场中，下列哪一个交易主体进入市场的目的是为了进行投机性交易（）。A．直接用户B．互换经纪商C．互换交易商D．互换代理商 15．根据国际清算银行（BIS）的统计，2005年末，在全球交易所衍生产品交易市场上，（）是交易最活跃的衍生工具。 A．利率期货B．股指期权C．外汇期权D．利率期权 16．利率期货的基础资产为价格随市场利率波动的（）。 A．股票产品B．债券产品C．基金产品D．外汇产品 17．（）最大的特点是期权的收益水平是预先确定的，但收益可能性则不确定。 A．亚式期权B．回溯期权C．挡板期权D．数字期权 18．以下会增加看涨期权价格的因素是（）。 Ａ．期权有效期缩短Ｂ．利率上升 Ｃ．基础金融工具价格波动性下降Ｄ．基础金融工具产生现金收益 19．使交易者面临潜在损失无穷大的金融期权的交易策略是（）。 Ａ．买进看涨期权Ｂ．卖出看涨期权
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 1 Role of Financial Markets and Institutions Questions 1. Explain the meaning of surplus units and deficit units. Provide an example of each. ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds. 2. Distinguish between primary and secondary markets. ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities. 3. Distinguish between money and capital markets. ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments. 4. Distinguish between perfect and imperfect security markets. ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired. 5. Explain why the existence of imperfect markets creates a need for financial institutions. ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire. 6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of the time? ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market. 7. In recent years, several securities firms have been guilty of using inside information when purchasing securities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain. ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market. 1
金融市场学作业 集团文件版本号：（M928-T898-M248-WU2669-I2896-DQ586-M1988）
一、解释下列名词1．投资基金 是通过发行基金券（基金股份或收益凭证），将投资者分散的基金集中起来，由专业管理人员分散投资于股票、债券、或其他金融资产，并将投资收益分配给基金持有者的一种投资制度。 2．远期外汇交易 是指在外汇买卖成交时，双方先签订合同，规定交易的币种、数额、汇率以及交割的时间、地点等，并于将来某个约定的时间进行交割的一种外汇买卖方式。 3．外汇套利交易 一般也称利息套汇方式，是指利用不同国家或地区短期利率的差异，将资金由利率较低的国家或地区转移到利率较高的国家或地区进行投放、从中获取利息差额收益。 4．保险 是具有同类风险的众多单位和个人，通过缴纳保险费积聚保险基金，用于对少数成员因自然灾害、意外事故所致经济损失给予补偿，或对人身伤亡、丧失工作能力给予经济保障的一种制度。 5．生命表 是根据过去一定时期、一定范围内的一组人群，从零岁开始，各种年龄的生存和死亡人数、生存和死亡概率及平均余命统计数据编制的汇兑表，反映了特定人群的生命规律。 6．远期升水
是指一种货币的远期汇率高于即期汇率的差价。 7．套期保值交易 又称抵补保值，是指为了对预期的外汇收入或支出、外币资产或负债保值而远期交易，也就是在有预期外汇收入或外币资产时卖出一笔金额相等的同一外币的远期或者在有预期外汇支出或外币债务时买入一笔金额相等的同一外币的远期，以达到保值的目的。 8．保险商品 保险市场交易对象既保险商品，是满足人们转移和分散风险，减少经济损失的手段。是由人身保险和财产保险组成的。 9．基金资产净值 基金资产净值是基金单位价格的内在价值。是指某一时点上某一证劵投资基金每一单位或每一股份实际代表的价值估算。 二、单项选择题 1．投资基金的特点不包括（B ）。 A．规模经营 B．集中投资 C．专家管理 D．服务专业化 2．按照（C ）不同，投资基金可以分为成长型基金和收入型基金。A．是否可以赎回 B．组织形式 C．经营目标 D．投资对象 3．下列哪项不属于成长型基金与收入型基金的差异：（D ）。 A．投资目标不同 B．投资工具不同 C．资金分布不同D．投资者地位不同 4．下列哪项不是影响债券基金价格波动的主要因素：（C ）。 A．利率变动 B．汇率变动 C．股价变动 D．债信变动
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
《金融市场学》作业参考答案 作业一 一、解释下列名词 1．金融衍生工具是基于或衍生于金融基础产品(如货币、汇率、利率、股票指数等)的金融工具。 2．货币经纪人：货币经纪人又称货币市场经纪人，即在货币市场上充当交易双方中介并收取佣金的中间商人。所用教材35页 3．票据---票据是指出票人自己承诺或委托付款人在指定日期或见票时，无条件支付一定金额、并可流通转让的有价证券。票据是国际通用的结算和信用工具，是货币市场的交易工具。所用教材56页 4债券---债券是债务人在筹集资金时，依照法律手续发行，向债权人承诺按约定利率和日期支付利息，并在特定日期偿还本金，从而明确债权债务关系的有价证券。所用教材60页 5．基金证券：基金证券又称投资基金证券，是指由投资基金发起人向社会公众公开发行，证明持有人按其所持份额享有资产所有权、资产收益权和剩余财产分配权的有价证券。由此可看出，基金证券是投资基金发起人发行的一种投资工具。 所用教材72页 二、单项选择题 1．按（ D ）划分为货币市场、资本市场、外汇市场、保险市场、衍生金融市场。A．交易范围B．交易方式C．定价方式D．交易对象 2．（ B ）是货币市场区别于其它市场的重要特征之一。 A．市场交易频繁B．市场交易量大C．市场交易灵活D．市场交易对象固定3．金融市场的宏观经济功能不包括（ B ）。 A．分配功能B．财富功能C．调节功能D．反映功能 4．（ C ）一般没有正式的组织，其交易活动不是在特定的场所中集中开展，而是通过电信网络形式完成。 A．货币市场B．资本市场C．外汇市场D．保险市场 5．（ C ）金融市场上最重要的主体。 A．政府B．家庭C．企业D．机构投资者 6．家庭在金融市场中的主要活动领域（ B ） A．货币市场B．资本市场C．外汇市场D．黄金市场 7．（ B ）成为经济中最主要的非银行金融机构。 A．投资银行B．保险公司C．投资信托公司D．养老金基金 8．商业银行在投资过程当中，多将（ D ）放在首位。 A．期限性B．盈利性C．流动性D．安全性 9．（A）是证券市场上数量最多、最为活跃的经纪人。 A．佣金经纪人B．居间经纪人C．专家经纪人D．证券自营商
CHAPTER 4 THE U.S. FEDERAL RESERVE AND THE CREATION OF MONEY CENTRAL BANKS AND THEIR PURPOSE The primary role of a central bank is to maintain the stability of the currency and money supply for a country or a group of countries. The role of central banks can be categorized as: (1) risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management. One of the major ways a central bank accomplishes its goals is through monetary policy. For this reason, central banks are sometimes called monetary authority. In implementing monetary policy, central banks, acting as a reserve bank, require private banks to maintain and deposit the required reserves with the central bank. In times of financial crisis, central banks perform the role of lender of last resort for the banking system. Countries throughout the world may have central banks. Additionally, the European Central Bank is responsible for implementing monetary policy for the member countries of the European Union. There is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposes such as pursuing a monetary policy to expand the economy but at the expense of inflation. In implementing monetary and economic policies, the United States is a member of an informal network of nations. This group started in 1976 as the Group of 6, or G6: US, France, Germany, UK, Italy, and Japan. Thereafter, Canada joined to for the G7. In 1998, Russia joined to form the G8. THE CENTRAL BANK OF THE UNITED STATES: THE FEDERAL RESERVE SYSTEM The Federal Reserve System consists of 12 banking districts covering the entire country. Created in 1913, the Federal Reserve is the government agency responsible for the management of the US monetary and banking systems. It is independent of the political branches of government. The Fed is managed by a seven-member Board of Governors, who are appointed by the President and approved by Congress. The Fed's tools for monetary management have been made more difficult by financial innovations. The public's increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest-bearing checking accounts. Securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. Selling these securities gives the banks a source of funding that is outside the Fed's influence.
6国际金融市场 综合练习题 一、单项选择题 1、面值为1000元的美元债券，其市场价值为1200元，这表明市场利率相对债券的票面利率（） A．较高 B．较低 C．相等 D．无法判断 *2、欧洲货币市场的币种交易中比重最大的是（） A．欧洲美元 B．欧洲英镑 C．欧洲马克 D．欧洲日元 3、新型的国际金融市场是（） A．伦敦 B．纽约 C．东京 D．欧洲货币市场 *4、传统的国际金融市场中，借贷时所采用的货币为（） A．市场所在国的货币 B．除市场所在国以外的任何主要西方国家的货币 C．外汇 D．黄金 5、金额较低、期限较短的欧洲中长期贷款一般采用（） A．银团贷款 B．辛迪加贷款 C．双边贷款 D．其它形式 二、多项选择题 *1、广义的国际金融市场包括（） A．货币市场 B．资本市场 C．外汇市场 D．黄金市场 E．其它市场 2、同国际商品市场相比，国际金融市场的特点有（） A．经营对象为货币 B．经营对象形态单一 C．供求双方不是买卖关系
D．供求双方为借贷关系 E．涉及其他它国家居民 *3、一战以前，使伦敦成为世界上最主要的国际金融市场的原因是（） A．英国是当时世界最大的工业强国 B．世界头号国际贸易大国 C．英国银行制度的发达、健全 D．英镑较为稳定 E．英国同世界各国有广泛的贸易联系 *4、国际金融市场的作用表现在（） A．调节国际收支 B．促进世界经济的发展 C．促进经济国际化 D．为投机活动提供便利 E．加剧世界通货膨胀不利于外汇市场的稳定 5、形成金融市场证券化趋势的主要原因是（） A．债务危机 B．国际银行贷款收缩 C．金融自由化政策 D．广泛采用电脑和电讯技术 E．一系列新金融工具的出现 6、促成欧洲货币市场形成的原因有（） A．英镑危机 B．美国的跨国银行与公司逃避金融法令的管制 C．西欧国家的倒收利息政策 D．美国政府的放纵态度 E．西欧国家放松外汇管制 *7、欧洲中长期贷款的特点有（） A．签订贷款协议 B．政府担保 C．联合贷放 D．利率灵活 E．银团贷款 三、判断题 *1、LIBOR是国际金融市场的中长期利率。（×） 2、银行是国际金融业务的主要载体。（√） 3、银行海外分支机构的增长与跨国公司的发展呈正相关。（√） *4、货币市场和资本市场的划分是以资金的用途为标准的。（×） 5、通常所指的欧洲货币市场，主要是指在岸金融市场。（×） 6、欧洲货币市场主要是指中长期的资本市场。（×） 7、亚洲货币市场是与欧洲货币市场相平行的国际金融市场。（×） *8、欧洲货币市场不会形成信用扩张。（×） 9、金融创新是指金融交易技术和工具的创新。（×） 10、国际金融市场的发展依赖于世界贸易的增长速度，同主要发达国家的经济周期吻合。
Chapter 1 Why Study Financial Markets and Institutions? 1.1 Single Choice 1)Financial markets and institutions A)involve the movement of huge quantities of money. B)affect the profits of businesses. C)affect the types of goods and services produced in an economy. D)do all of the above. E)do only A and B of the above. 2)Financial market activities affect A) personal wealth. B) spending decisions by individuals and business firms. C) the economy's location in the business cycle. D) all of the above. 3) Markets in which funds are transferred from those who have excess funds available to those who have a shortage of available funds are called A) commodity markets. B) funds markets. C) derivative exchange markets. D) financial markets. 4) The price paid for the rental of borrowed funds (usually expressed as a percentage of the rental of $100 per year) is commonly referred to as the A) inflation rate. B) exchange rate. C) interest rate. D) aggregate price level. 5) The bond markets are important because A) they are easily the most widely followed financial markets in the United States. B) they are the markets where interest rates are determined. C) they are the markets where foreign exchange rates are determined. D) all of the above. 6) Interest rates are important to financial institutions since an interest rate increase _________ the cost of acquiring funds and _________ the income from assets. A) decreases; decreases B) increases; increases C) decreases; increases D) increases; decreases 7) Typically, increasing interest rates
《金融市场学》试题3 一、单项选择题（本大题共20小题，每小题1分，共20分） 1．目前上海期货交易所对黄金期货的每日价格最大波动限制为不超过上一交易日结算价的（） A．±2% B．±5% C．±10% D．±12% 2．目前上海期货交易所对黄金期货的最低交易保证金为合约价值的（） A．5% B．7% C．10% D．12% 3．金融衍生工具产生的最基本原因是（） A．新技术革命B．金融自由化C．利润驱动D．避险 4．金融期货通过在现货市场与期货市场建立相反的头寸，从而锁定未来现金流的功能称为（） A．套期保值功能B．价格发现功能C．投机功能D．套利功能 5．在双方的交易关系中，合约赋予买方权利，卖方没有任何权利，随时准备履行相应的义务的是（） A．期货交易B．期权交易C．现货交易D．外汇交易 6．金融期货与金融期权最根本的区别在于（） A．收费不同B．收益不同C．权利和义务的对称性不同D．交易方式不同 7．两个或两个以上的当事人按共同商定的条件，在约定的时间内定期交换现金流的金融交易是（） A．远期B．期货C．期权D．互换 8．根据（）划分，金融期权可以分为欧式期权和美式期权. A．选择权的性质B．合约所规定的履约时间的不同 C．金融期权基础资产性质的不同D．协议价格与基础资产市场价格的关系 9．下列说法错误的是（） A．买入期权又称看涨期权B．卖出期权又称看跌期权 C．交易者买入看涨期权，是因为他预期该项金融工具的价格在近期内将会下跌 D．交易者买入看跌期权，是因为他预期该项金融工具的价格在近期内会下跌 10．金融期货交易的对象是（） A．金融期货合约B．股票 C．债券D．一定所有权或债权关系的其他金融工具 11．下列有关金融期货的说法不正确的是（） A．期货交易具有标准化的合同，每份合同的金额、到期日都是标准化的 B．期货合同的价格是在期货交易大厅由期货交易所以买价和卖价方式报出 C．期货合同真正进行实际交割资产的现象很少，大多都在到期日之前采用对冲交易方式D．期货交易实行盯市制度 12．根据价值投资理念，股票价格主要取决于股票的（） A．发行价格B．流通价格C．贴现率D．内在价值 13．某公司目前按每股2元支付股息，预计股利按每年4%增长，同类型风险的股票每年有12%的预期收益率，该公司股票的内在价值为（） A．23元B．24元C．25元D．26元 14．一种5年到期、息票利率为10%、目前到期收益率为8%的债券，若利率不变，一年后债券价格会（）
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。()
《金融市场学》课程作业第2阶段（201710） 交卷时间：2019-02-20 10:19:18 一、单选题 1. (3分)卖出者只能被动履行义务的是 ? A. 金融期货 ? B. 金融期权 ? C. 金融远期 ? D. 金融互换 纠错 得分：0 知识点：5.4.1 金融期权 收起解析 答案B 解析本题考察了金融期权的特征。一般衍生品权利义务是对等的，但期权不对等，卖出者只有义务没有权利。 2. (3分)上年末某公司支付每股股息为2元，预计在未来该公司的股票按每年4％的速度增长，必要收益率为12％，则该公司股票的价值为（）元。 ? A. 25 ? B. 26
? C. 16.67 ? D. 17.33 纠错 得分：0 知识点：9.2.2 固定增长模型 收起解析 答案B 解析 3. (3分)某零息债券面值100元，两年后到期，当前市价为95元，两年期市场利率为15%，则该债券的久期为（）。 ? A. 1 ? B. 2 ? C. 5 ? D. 3 纠错 得分：0 知识点：8.4.2 久期 收起解析 答案B 解析本题考查了久期的计算。 4. (3分)下列期权中，属于实值期权的是（）。 ? A. 行权价为300，标的资产市场价格为350 的看涨期权
? B. 行权价为350，标的资产市场价格为300 的看涨期权 ? C. 行权价为300，标的资产市场价格为350 的看跌期权 ? D. 行权价为300，标的资产市场价格为300 的看涨期权 纠错 得分：0 知识点：5.4.2 期权合约的盈亏分布 收起解析 答案A 解析 5. (3分)债券价值评估中所使用的折现率指的是 ? A. 债券的息票利率 ? B. 经过通货膨胀预期调整的债券息票利率 ? C. 经过风险溢价（如果有的话）调整的国债收益率 ? D. 具有类似风险与期限的投资所能赚取的收益率 纠错 得分：0 知识点：8.1.1 债券的息票率 收起解析 答案D 解析本题考查债券折现率的概念。折现率综合考虑的一个债券的风险与期限，可以用于债券价值评估。6. (3分)如果投资者现在购买债券并持至到期日，衡量他平均收益率的指标是 ? A. 当前收益率
在我国保险市场运行状况分析 纵观我国保险业20年的发展，客观地说，中国保险市场还处在初级发展阶段，主要表现在以下几个方面。第一，中国保险市场基本上还处于一种寡头垄断。第二，中国保险业的发展还处于一个低水平。第三，中国保险市场结构分布不均衡。第四，中国保险业的专业经营水平还不高。第五，保险市场还未形成完整体系。第六，再保险市场发展滞后和保险监管亟待加强。 纵观我国保险业20年的发展，客观地说，中国保险市场还处在初级发展阶段，主要表现在以下几个方面。 第一，中国保险市场基本上还处于一种寡头垄断。从中国目前保险市场情况分析，中国人民保险公司、中国人寿保险公司、中国平安保险公司、中国太平洋保险公司四大保险公司已经占有目前中国保险市场份额的96％。而其中，国有独资的人保、中国人寿则几乎占去保险市场份额的70％。中国人寿占去了寿险市场份额的77％，人保占去了产险市场的78％。而机动车险市场中仅中国人民保险公司一家就占82％。这就是说，中国保险市场虽然初步形成了竞争的格局，但这种以国有独资保险公司高度垄断市场的局面，特别是以少数几家保险公司寡头垄断市场的局面，就是目前中国保险市场的特点之一。 第二，中国保险业的发展还处于一个低水平。按照保险业发展的规律，保费收入一般占当年国内生产总值的3－5％。从目前西方发达国家而论，年保费收入一般都占本国国内生产总值的8－10％左右，而我国1998年保费总收入约仅占国内生产总值的1．5％，在世界排名70位左右。按人均保费计算，仅为100元人民币，虽然较恢复保险业务初期的人均不到10元人民币已有翻天覆地的变化，但仍在世界排名第80位左右。当然，我们要达到西方发达国家人均保费2000多美元的水平还有距离。因为，从总体上来说，我们的经济还不发达，人均收入水平较低，但同时又说明在建立完善的市场经济体系过程中，中国居民的保险意识与投资意识还要有一个提高过程。
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