投资学第17章习题答案

第一章1. 答：交易机制指市场的交易规则和保证规则实施的技术以及规则和技术对定价机制的影响。

它的主要研究内容包括：从市场微观结构的角度去看，价格是在什么样的规则和程序中形成的，并分析交易机制对资产交易的过程和结果的影响。

2. 答：报价驱动机制与指令驱动机制的区别在于：①价格形成方式不同。

在采用做市商制度的市场上，证券的开盘价格和随后的交易价格是由做市商报出的，而指令驱动制度的开盘价与随后的交易价格都是竞价形成的。

前者从交易系统外部输入价格，后者的成交价格是在交易系统内部生成的。

②信息传递范围与速度不同。

采用做市商机制，投资者买卖指令首先报给做市商，做市商是唯一全面及时知晓买卖信息的交易商，成交量与成交价随后才会传递给整个市场。

在指令驱动机制中，买卖指令、成交量与成交价几乎同步传递给整个市场。

③交易量与价格维护机制不同。

在报价驱动机制中，做市商有义务维护交易量与交易价格。

而指令驱动机制则不存在交易量与交易价格的维护机制。

④处理大额买卖指令的能力不同。

做市商报价驱动机制能够有效处理大额买卖指令。

而在指令驱动机制中，大额买卖指令要等待交易对手的买卖盘，完成交易常常要等待较长时间。

其它交易机制还包括混合交易机制、特殊会员制度等。

3. 答：一般来说，做市商市场的流动性要高于竞价市场，即投资者在竞价市场所面临的执行风险要大于做市商市场。

但是，竞价市场的透明度要好于做市商市场，同时，做市商市场的平均交易成本要高于竞价市场。

竞价市场的优点：①透明度高。

在指令驱动制度中，买卖盘信息、成交量与成交价格信息等及时对整个市场发布，投资者几乎可以同步了解到交易信息。

透明度高，有利于投资者观察市场。

②信息传递速度快、范围广。

指令驱动制度几乎可以实现交易信息同步传递，整个市场可以同时分享交易信息，很难发生交易信息垄断。

③运行费用较低。

投资者买卖指令竞价成交，交易价格在系统内部生成，系统本身表现出自运行特征。

这种指令驱动系统，在处理大量小额交易指令方面，优越性较明显。

博迪《投资学》（第10版）笔记和课后习题详解答案博迪《投资学》（第10版）笔记和课后习题详解完整版>精研学习?>无偿试用20％资料全国547所院校视频及题库全收集考研全套>视频资料>课后答案>往年真题>职称考试第一部分绪论第1章投资环境1.1复习笔记1.2课后习题详解第2章资产类别与金融工具2.1复习笔记2.2课后习题详解第3章证券是如何交易的3.1复习笔记3.2课后习题详解第4章共同基金与其他投资公司4.1复习笔记4.2课后习题详解第二部分资产组合理论与实践第5章风险与收益入门及历史回顾5.1复习笔记5.2课后习题详解第6章风险资产配置6.1复习笔记6.2课后习题详解第7章最优风险资产组合7.1复习笔记7.2课后习题详解第8章指数模型8.2课后习题详解第三部分资本市场均衡第9章资本资产定价模型9.1复习笔记9.2课后习题详解第10章套利定价理论与风险收益多因素模型10.1复习笔记10.2课后习题详解第11章有效市场假说11.1复习笔记11.2课后习题详解第12章行为金融与技术分析12.1复习笔记12.2课后习题详解第13章证券收益的实证证据13.1复习笔记13.2课后习题详解第四部分固定收益证券第14章债券的价格与收益14.1复习笔记14.2课后习题详解第15章利率的期限结构15.1复习笔记15.2课后习题详解第16章债券资产组合管理16.1复习笔记16.2课后习题详解第五部分证券分析第17章宏观经济分析与行业分析17.2课后习题详解第18章权益估值模型18.1复习笔记18.2课后习题详解第19章财务报表分析19.1复习笔记19.2课后习题详解第六部分期权、期货与其他衍生证券第20章期权市场介绍20.1复习笔记20.2课后习题详解第21章期权定价21.1复习笔记21.2课后习题详解第22章期货市场22.1复习笔记22.2课后习题详解第23章期货、互换与风险管理23.1复习笔记23.2课后习题详解第七部分应用投资组合管理第24章投资组合业绩评价24.1复习笔记24.2课后习题详解第25章投资的国际分散化25.1复习笔记25.2课后习题详解第26章对冲基金26.1复习笔记26.2课后习题详解第27章积极型投资组合管理理论27.1复习笔记27.2课后习题详解第28章投资政策与特许金融分析师协会结构28.1复习笔记28.2课后习题详解。

习题参考答案第2章答案：一、选择1、D2、C二、填空1、公众投资者、工商企业投资者、政府2、中国人民保险公司；中国国际信托投资公司3、威尼斯、英格兰4、信用合作社、合作银行；农村信用合作社、城市信用合作社；5、安全性、流动性、效益性三、名词解释：财务公司又称金融公司，是一种经营部分银行业务的非银行金融机构。

其最初是为产业集团内部各分公司筹资，便利集团内部资金融通，但现在经营领域不断扩大，种类不断增加，有的专门经营抵押放款业务，有的专门经营耐用消费品的租购和分期付款业务，大的财务公司还兼营外汇、联合贷款、包销证券、不动产抵押、财务及投资咨询服务等。

信托公司是指以代人理财为主要经营内容、以委托人身份经营现代信托业务的金融机构。

信托公司的业务一般包括货币信托（信托贷款、信托存款、养老金信托、有价证券投资信托等）和非货币信托（债权信托、不动产信托、动产信托等）两大类。

保险公司是一类经营保险业务的金融中介机构。

它以集合多数单位或个人的风险为前提，用其概率计算分摊金，以保险费的形式聚集资金建立保险基金，用于补偿因自然灾害或以外事故造成的经济损失，或对个人因死亡伤残给予物质补偿。

四、简答1、家庭个人是金融市场上的主要资金供应者，其呈现出的主要特点如下：（1）投资目标简单；（2）投资活动更具盲目性（3）投资规模较小，投资方向分散，投资形式灵活。

企业作为非金融投资机构，其行为呈现出了以下的显著特点：（1）资金需求者地位突现；（2）投资目标的多元化；（3）投资比较稳定；（4）短期投资交易量大。

2、商业银行在经济运行中主要的职能如下：（1）信用中介职能；（2）支付中介职能；（3）调节媒介职能；（4）金融服务职能；（5）信用创造职能；总的来说，商业银行业务可以归为以下三类:（1）负债业务：是指资金来源的业务；（2）资产业务：是商业银行运用资金的业务；（3）中间业务和表外业务：中间业务指银行不需要运用自己的资金而代客户承办支付和其他委托事项，并据以收取手续费的业务第3章答案：一、选择题1、D2、D3、B二、填空题1、会员制证券交易所和公司制证券交易所、会员制、公司制。

17章习题答案1．证券投资基金是什么？它与股票、债券等其他金融产品有什么区别？2．证券投资基金有何特点？3．信托型基金和公司型基金有何区别？4．开放式和封闭式基金有何区别？5．我国证券投资基金治理结构存在着那些缺陷？6．某开放式基金单位净值为12.50欧元，购买费用6%，其发行价格为多少？7. 甲基金的投资组合构成如下：该基金目前无其他借入资金，但其投资组合的应记管理费用总额为30 000美元，发行在外总份额为400万，则该基金的单位净值为多少？8．就上题的甲基金，若本年内投资组合经理将D股票全部卖出，并以每股50美元的价格买入200 000股E股票，以每股25美元的价格买入200 000股F股票，则该投资组合的换手率为多少？9. 假设年初以每份20美元的价格购入1000份国际基金，应付4%的购买费用率，当年基金投资的证券价值上涨了12%，基金的费用率为1.2%。

加入年末卖出基金，则收益率为多少？1.证券投资基金是通过发售基金份额，将众多投资者的资金集中起来，形成独立财产，由基金托管人托管，基金管理人管理，以投资组合的方式进行证券投资的一种利益共享、风险共担的集合投资方式。

基金与股票、债券的区别主要体现在：（1）性质不同，股票、债券是融资工具，其集资主要投向实业，是一种直接投资方式，而证券投资基金是信托工具，其集资主要投向有价证券，是一种间接投资方式。

（2）反映的权利关系不同，股票反映的是所有权关系，债券反映的是债券债务关系，而证券投资基金反映的是信托契约关系。

（3）风险与收益不同。

债券的利率是事先规定的，无论借款者的经营业绩如何，债券到期时借款者必须还本付息，因此，投资者面临的风险较小，相应的收益较低；股票的收益则因股份公司的经营状况不同而不同，因此，投资者面临较大的风险，相应的收益也较高。

而证券投资基金则由社会闲散资金组成，由投资公司的专业人员集中管理、分散投资，从而减少了投资风险。

所以，证券投资基金的风险低于股票投资而高于债券投资，相应的收益低于股票投资，而高于债券投资。

CHAPTER 17: MACROECONOMIC AND INDUSTRY ANALYSIS PROBLEM SETS1. Expansionary (looser) monetary policy to lower interest rates would stimulate bothinvestment and expenditures on consumer durables. Expansionary fiscal policy (i.e., lower taxes, increased government spending, increased welfare transfers) wouldstimulate aggregate demand directly.2. A depreciating dollar makes imported cars more expensive and American cars lessexpensive to foreign consumers. This should benefit the U.S. auto industry.3. This exercise is left to the student; answers will vary. Successful students will likelydiscuss an industry's profitability, leverage, and growth opportunities, especially in relation to general macroeconomic conditions.4. A top-down approach to security valuation begins with an analysis of the global anddomestic economy. Analysts who follow a top-down approach then narrow theirattention to an industry or sector likely to perform well, given the expectedperformance of the broader economy. Finally, the analysis focuses on specificcompanies within an industry or sector that has been identified as likely to perform well. A bottom-up approach typically emphasizes fundamental analysis ofindividual company stocks and is largely based on the belief that undervalued stocks will perform well regardless of the prospects for the industry or the broadereconomy. The major advantage of the top-down approach is that it provides astructured approach to incorporating the impact of economic and financial variables, at every level, into analysis of a company’s stock. One would expect, for example, that prospects for a particular industry are highly dependent on broader economic variables. Similarly, the performance of an individual company’s stock is likely to be greatly affected by the prospects for the industry in which the company operates.5. Firms with greater sensitivity to business cycles are in industries that producedurable consumer goods or capital goods. Consumers of durable goods (e.g.,automobiles, major appliances) are more likely to purchase these products during an economic expansion but can often postpone purchases during a recession. Business purchases of capital goods (e.g., purchases of manufacturing equipment by firmsthat produce their own products) decline during a recession because demand for the firms’ end products decline s during a recession.6. a. Gold Mining. Gold traditionally is viewed as a hedge against inflation.Expansionary monetary policy may lead to increased inflation and thus couldenhance the value of gold mining stocks.b. Construction. Expansionary monetary policy will lead to lower interest rateswhich ought to stimulate housing demand. The construction industry shouldbenefit.7. Supply-side economists believe that a reduction in income tax rates will makeworkers more willing to work at current or even slightly lower (gross-of-tax) wages.Such an effect ought to mitigate cost pressures on the inflation rate.8. a. When both fiscal and monetary policies are expansive, the yield curve issharply upward sloping (i.e. short-term rates are lower than long-term rates)and the economy is likely to expand in the future.9. a. When wealth is redistributed through the government’s tax policy, economicinefficiency is created. Tax policies should promote economic growth as muchas possible.10. a. The robotics process entails higher fixed costs and lower variable (labor) costs.Therefore, this firm will perform better in a boom and worse in a recession.For example, costs will rise less rapidly than revenue when sales volumeexpands during a boom.b. Because its profits are more sensitive to the business cycle, the robotics firmwill have the higher beta.11. a. Housing construction (cyclical but interest-rate sensitive): (iii) Healthy expansionb. Health care (a noncyclical industry): (i) Deep recessionc. Gold mining (counter-cyclical): (iv) Stagflationd. Steel production (cyclical industry): (ii) Superheated economy12. a. Oil well equipment: Relative decline (Environmental pressures, decline ineasily developed new oil fields)b. Computer hardware: Consolidationc. Computer software: Consolidationd. Genetic engineering: Start-upe.Railroads: Relative decline13. a.General Autos. Pharmaceuticals are less of a discretionary purchase than automobiles.b. Friendly Airlines. Travel expenditure is more sensitive to the business cyclethan movie consumption.14. The index of consumer expectations is a useful leading economic indicator because,if consumers are optimistic about the future, they will be more willing to spendmoney, especially on consumer durables, which will increase aggregate demand and stimulate the economy.15. Labor cost per unit is a useful lagging indicator because wages typically start risingonly well into an economic expansion. At the beginning of an expansion, there is considerable slack in the economy and output can expand without employersbidding up the price of inputs or the wages of employees. By the time wages start increasing due to high demand for labor, the boom period has already progressed considerably.16. The expiration of the patent means that General Weedkillers will soon faceconsiderably greater competition from its competitors. We would expect prices and profit margins to fall and total industry sales to increase somewhat as prices decline. The industry will probably enter the consolidation stage in which producers areforced to compete more extensively on the basis of price.17. a. Expected profit = Revenues – Fixed costs – Variable costs= $120,000 – $30,000 – [(1/3) ⨯ $120,000] = $50,000 b.Fixed costs $30,000DOL 11 1.60Profits $50,000=+=+=c. If sales are only $108,000, profit will fall to:$108,000 – $30,000 – [(1/3) ⨯ $108,000] = $42,000This is a 16% decline from the forecasted value. d.The decrease in profit is 16% = DOL × 10% drop in sales.e. Profit must drop more than 100% to turn negative. For profit to fall 100%, revenue must fall by:%5.6260.1%100DOL %100==Therefore, revenue would be only 37.5% of the original forecast. At this level,revenue will be: 0.375 ⨯ $120,000 = $45,000f. If revenue is $45,000, profit will be:$45,000 – $30,000 – (1/3) ⨯ $45,000 = $018. Equity prices are positively correlated with job creation or longer work weeks, aseach new dollar earned means more will likely be spent. High confidence presages well for spending and stock prices.19. a. Stock prices are one of the leading indicators. One possible explanation is thatstock prices anticipate future interest rates, corporate earnings, and dividends.Another possible explanation is that stock prices react to changes in the otherleading economic indicators, such as changes in the money supply or the spreadbetween long-term and short-term interest rates.20. a. Industrial production is a coincident indicator; the others are leading.21. b. If historical returns are used, the arithmetic and geometric means of returns areavailable. The geometric mean is preferred for multiperiod horizons to observelong-term trends. An alternative to the equity risk premium is to use a movingaverage of recent historical market returns. This will reveal a low expected equity risk premium when times have been bad, which is contrary to investor expectations.When using historical data, there is a trade-off between long and short time spans.Short time spans are helpful to reduce the impact of regime changes. Long timespans provide better statistical data that are less sensitive.22. a. Foreign exchange rates can significantly affect the competitiveness andprofitability for a given industry. For industries that derive a significant proportion of sales via exports, an appreciating currency is usually bad news because it makes the industry less competitive overseas. Here, the appreciating French currencymakes French imports more expensive in England.23. Determinants of buyer power include buyer concentration, buyer volume, buyerinformation, available substitutes, switching costs, brand identity, and productdifferences. Point 1 addresses available substitutes, Point 2 addresses buyerinformation, and Point 4 addresses buyer volume and buyer concentration. Point 3, which addresses the number of competitors in the industry, and Point 5, newentrants, may be factual statements but do not support the conclusion thatconsumers have strong bargaining power.24. a. Product differentiation can be based on the product itself, the method of delivery,or the marketing approach.25. A firm with a strategic planning process not guided by its generic competitivestrategy usually makes one or more of the following mistakes:1.The strategic plan is a list of unrelated action items that do not lead to asustainable competitive advantage.2.Price and cost forecasts are based on current market conditions and failto take into account how industry structure will influence future long-term industry profitability.3.Business units are placed into categories such as build, hold, andharvest; with businesses failing to realize that these are not businessstrategies, but rather the means to achieve the strategy.4.The firm focuses on market share as a measure of competitive position,failing to realize that market share is the result and not the cause of asustainable competitive position.Smith’s observations 2 and 3 describe two of these mistakes and therefore do not support the conclusion that the North Winery’s strategic planning process is guided and informed by their generic competitive strategy.CFA PROBLEMS1. a. Lowering reserve requirements would allow banks to lend out a higherfraction of deposits and thus increase the money supply.b. The Fed would buy Treasury securities, thereby increasing the money supply.c. The discount rate would be reduced, allowing banks to borrow additionalfunds at a lower rate.2. a. Expansionary monetary policy is likely to increase the inflation rate, eitherbecause it may overstimulate the economy or ultimately because the end resultof more money in the economy is higher prices.b. Real output and employment should increase in response to the expansionarypolicy, at least in the short run.c. The real interest rate should fall, at least in the short-run, as the supply offunds to the economy has increased.d. The nominal interest rate could either increase or decrease. On the one hand,the real rate might fall [see part (c)], but the inflation premium might rise [seepart (a)]. The nominal rate is the sum of these two components.3. a. The concept of an industrial life cycle refers to the tendency of most industriesto go through various stages of growth. The rate of growth, the competitiveenvironment, profit margins and pricing strategies tend to shift as an industrymoves from one stage to the next, although it is generally difficult to identifyprecisely when one stage has ended and the next begun.The start-up stage is characterized by perceptions of a large potential marketand by a high level of optimism for potential profits. However, this stageusually demonstrates a high rate of failure. In the second stage, often calledstable growth or consolidation, growth is high and accelerating, the marketsare broadening, unit costs are declining, and quality is improving. In this stage,industry leaders begin to emerge. The third stage, usually called slowinggrowth or maturity, is characterized by decelerating growth caused by factorssuch as maturing markets and/or competitive inroads by other products.Finally, an industry reaches a stage of relative decline in which sales slow oreven decline.Product pricing, profitability, and industry competitive structure often vary bystage. Thus, for example, the first stage usually encompasses high productprices, high costs (R&D, marketing, etc.) and a (temporary) monopolisticindustry structure. In stage two (stable growth), new entrants begin to appearand costs fall rapidly due to the learning curve. Prices generally do not fall asrapidly, however, allowing profit margins to increase. In stage three (slowinggrowth), growth begins to slow as the product or service begins to saturate themarket, and margins are eroded by significant price reductions. In the finalstage, industry cumulative production is so high that production costs havestopped declining, profit margins are thin (assuming competition exists), andthe fate of the industry depends on replacement demand and the existence ofsubstitute products/services.b. The passenger car business in the United States has probably entered the finalstage in the industrial life cycle because normalized growth is quite low. Theinformation processing business, on the other hand, is undoubtedly earlier inthe cycle. Depending on whether or not growth is still accelerating, it is eitherin the second or third stage.c. Cars: In the final stages of the life cycle, demand tends to be price sensitive. Thus,Universal cannot raise prices without losing volume. Moreover, given theindustry’s maturity, cost structures are likely to be similar across all competitors,and any price cuts can be matched immediately. Thus, Universal’s car business isboxed in: Product pricing is determined by the market, and the company is a“price-taker.”Idata: Idata should have much more pricing flexibility given its earlier stage inthe industrial life cycle. Demand is growing faster than supply, and depending onthe presence and/or actions of an industry leader, Idata may set prices high tomaximize current profits and generate cash for product development or set priceslow in an effort to gain market share.4. a. A basic premise of the business cycle approach to investment timing is thatstock prices anticipate fluctuations in the business cycle. For example, there isevidence that stock prices tend to move about six months ahead of theeconomy. In fact, stock prices are a leading indicator for the economy.Over the course of a business cycle, this approach to investing would workroughly as follows. As the investor perceives that the top of a business cycle isapproaching, stocks purchased should not be vulnerable to a recession. Whenthe investor perceives that a downturn is at hand, stock holdings should belightened with proceeds invested in fixed-income securities. Once therecession has matured to some extent, and interest rates fall, bond prices willrise. As the investor perceives that the recession is about to end, profits shouldbe taken in the bonds and reinvested in stocks, particularly those in cyclicalindustries with a high beta.Generally, abnormal returns can be earned only if these asset allocationswitches are timed better than those of other investors. Switches made afterthe turning points may not lead to excess returns.b. Based on the business cycle approach to investment timing, the ideal time toinvest in a cyclical stock such as a passenger car company would be justbefore the end of a recession. If the recov ery is already underway, Adam’srecommendation would be too late. The equities market generally anticipatesthe changes in the economic cycle. Therefore, since the “recovery isunderway,” the price of Universal Auto should already reflect the anticipatedimprovements in the economy.5. a. • The industrywide ROE is leveling off, indicating that the industry may beapproaching a later stage of the life cycle.• Average P/E ratios are declining, suggesting that investors are becomingless optimistic about growth prospects.• Dividend payout is increasing, suggesting that the firm sees less reason toreinvest earnings in the firm. There may be fewer growth opportunities inthe industry.• Industry dividend yield is also increasing, even though market dividendyield is decreasing.b. • Industry growth rate is still forecast at 10% to 15%, higher than would betrue of a mature industry.• Non-U.S. markets are still untapped, and some firms are now entering thesemarkets.• Mail order sale segment is growing at 40% a year.• Niche markets are continuing to develop.• New manufacturers continue to enter the market.6. a. Relevant data from the table supporting the conclusion that the retail autoparts industry as a whole is in the maturity stage of the industry life cycle are:• The population of 18–29 year olds, a major customer base for the industry, isgradually declining.• The number of households with income less than $35,000, another importantconsumer base, is not expanding.• The number of cars 5 to 15 years old, an important end market, hasexperienced low annual growth (or actual decline in some years), so thenumber of units that potentially need parts is not growing.• Automotive aftermarket industry retail sales have been growing slowly forseveral years.• Consumer expenditures on automotive parts and accessories have grownslowly for several years.•A verage operating margins of all retail autoparts companies have steadily declined.b. (i) Relevant data from the table supporting the conclusion that WigwamAutoparts Heaven, Inc. (WAH) and its principal competitors are in theconsolidation stage of their life cycle are:• Sales growth of retail autoparts companies with 100 or more storeshave been growing rapidly and at an increasing rate.• Market share of retail autoparts stores with 100 or more stores has beenincreasing but is still less than 20 percent, leaving room for much moregrowth.• Average operating margins for retail autoparts companies with 100 ormore stores are high and rising.(ii) Because of industry fragmentation (i.e., most of the market share is distributedamong many companies with only a few stores), the retail autoparts industryapparently is undergoing marketing innovation and consolidation. The industry ismoving toward the “category killer” format, in which a few major companiescontrol large market shares through proliferation of outlets. The evidence suggeststhat a new “industry within an industry” is emerging in the form of the “categorykiller” large chain-store company. This industry subgroup is in its consolidationstage (i.e., rapid growth with high operating profit margins and emerging marketleaders) despite the fact that the industry is in the maturity stage of its life cycle.7. a. (iii)b. All of the abovec. (iii)。

张元萍《投资学》课后习题答案第一章能力训练答案选择题思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。

也就是说，投资是要素投入权、资产所有权、收益占有权的统一。

这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。

从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。

②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。

尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。

③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。

投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。

这一全过程实际上都是投资三权统一的实现过程。

④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。

投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。

这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。

2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。

这是金融投资最基本的功能。

筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。

社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。

（2）分散化与多元化功能。

金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。

金融投资把投资权力扩大到了整个社会。

（３）自我发展功能。

金融投资具有一种促进自己不断创新和发展的内在机制。

（4）资源配置优化功能。

货币是经济增长的第一推动力和持续动力，因此如筹集货币和分配货币并通过货币的分配而优化整个经济系统的资源配置，是经济运行的首要问题。

第17章宏观经济分析与行业分析一、习题1．经济急剧衰退时，应该采取什么样的货币政策和财政政策？答：降低利率的扩张性（放松）货币政策将有助于刺激投资和对耐用消费品的支出。

扩张性财政政策（即降低税收，增加政府支出和福利转移支付）将直接刺激总需求。

2．如果你比其他投资者更相信美元会大幅贬值，那么你对美国汽车产业有何投资建议？答：美元的急剧贬值会使进口汽车变得更昂贵，美国的汽车对外国的消费者则变得更便宜了。

这将使得美国的汽车行业获益。

3．选择一个行业，列举决定其未来3年业绩的因素并预期其未来业绩。

答：答案不惟一。

4．证券评估“自下而上”和“自上而下”方法的差异是什么？“自上而下”方法的优势在哪里？答：证券评估“自上而下”的方法开始于全球和国内的经济分析。

在给定宏观经济的预期表现的情况下，遵循“自上而下”方法的分析家将会试图寻找一个可能表现良好的行业或部门。

最后，分析会集中于行业或部门内可能表现良好的特定企业。

“自下向上”的方法通常强调个别公司股票的基本面分析，它主要是基于这样一种信念，即无论行业或宏观经济的前景好坏，被低估的股票都将表现良好。

“自上而下”方法的主要优势是它提供了一种在每一水平下，将经济和金融变量的影响纳入到公司股票分析中的结构性方法。

特定行业的前景高度依赖于宏观经济变量。

同样，个别公司的股票表现可能受该公司经营的行业前景的影响很大。

5．公司的哪些特征会使其对经济周期更敏感？答：对经济周期有较大敏感性的公司一般属于生产耐用消费品或资本货物的行业。

耐用品（如汽车，大家电）的消费者更倾向于在经济扩张时购买这些东西，而在经济衰退时往往会推迟购买。

公司的资本货物（如购买生产产品的设备）的购买在经济衰退时会降低，因为在经济衰退时对公司最终产品的需求会下降。

6．与其他投资者不同，你认为美联储将实施宽松的货币政策。

那么你对下列行业有何投资建议？a．金矿开采b．建筑业答：a．金矿开采：传统上认为黄金可以对冲通胀风险。

张元萍《投资学》课后习题答案第一章能力训练答案选择题思考题1．投资就是投资主体、投资目的、投资方式和行为内在联系的统一，这充分体现了投资必然与所有权相联系的本质特征。

也就是说，投资是要素投入权、资产所有权、收益占有权的统一。

这是因为：①反映投资与所有权联系的三权统一的本质特征，适用于商品市场经济的一切时空。

从时间上看，无论是商品经济发展的低级阶段还是高度发达的市场经济阶段，投资都无一例外地是要素投入权、资产所有权、收益占有权的统一；从空间上看，无论是在中国还是外国乃至全球范围，投资都无一例外地是这三权的高度统一。

②反映投资与所有权联系的三权统一的本质特征，适用于任何投资种类和形式。

尽管投资的类型多种多样，投资的形式千差万别，但它们都是投资的三权统一。

③反映投资与所有权联系的三权统一本质特征贯穿于投资运动的全过程。

投资的全过程是从投入要素形成资产开始到投入生产，生产出成果，最后凭借对资产的所有权获取收益。

这一全过程实际上都是投资三权统一的实现过程。

④反映投资与所有权联系的三权统一本质特征，是投资区别于其他经济活动的根本标志。

投资的这种本质特征决定着投资的目的和动机，规定着投资的发展方向，决定着投资的运动规律。

这些都使投资与其他经济活动区别开来，从而构成独立的经济范畴和研究领域。

2．金融投资在整个社会经济中的作用来看，金融投资的功能具有共性，主要有以下几个方面：（1）筹资与投资的功能。

这是金融投资最基本的功能。

筹资是金融商品服务筹资主体的功能，投资是金融商品服务投资主体的功能。

社会经济发展的最终决定力量是其物质技术基础，物质技术基础的不断扩大、提高必须依靠实业投资。

（2）分散化与多元化功能。

金融投资促进了投资权力和投资风险分散化，同时又创造了多元化的投资主体集合。

金融投资把投资权力扩大到了整个社会。

（３）自我发展功能。

金融投资具有一种促进自己不断创新和发展的内在机制。

（4）资源配置优化功能。

货币是经济增长的第一推动力和持续动力，因此如筹集货币和分配货币并通过货币的分配而优化整个经济系统的资源配置，是经济运行的首要问题。

投资学练习答案导论2.A3.ABCDE4.正确第一至第四章习题1.公司剩余盈利2.固定、累积3.C4.D5.C6.C7.正确8.错误9.A 11.C 12.C 13.D14.AD 15.B 16A 17.B 18.D 20.C 21.B22.A 23.D 24.B 26.A 29.C 30.C 31.A32.C 33.错误 34.正确 35.正确 36.错误 37.C38.A 39.B 40.B第五章习题1.D2.AC3.AB4.BCD5.正确6.正确7.ABCD8.正确9.E 10.D 11.B 12.E13.D 14.C 17.C第六章练习8.D 10.B 12.B 13.A 14.C第七章练习1.B2.C3.C4.C5.D 8.C 9.B12.B 13.D 14.C 15.B 17.E 18.B 19.B 22.C 23.B 24.B 25E26.A 27.B 28.A 33错误 34.A 35.A第八章练习2.B3.A4.B5.D6.D7.C8.A9.B12.C 13.C 14.D 16.C 17.C 18.D19.B 23.B 25.D 27.C投资学第九章习题答案1.不做2.不做3.C4.不做5.不做6.3%7.不做8.B9. C 10.D 11. D 12.C 13.D 14.C 15.A 16.C 17.(答案为0.75) 18.D 19.C 20.B21.不做投资学第十章至第十一章习题答案1.相关系数为02. B3. B4. C5.错6.错7. B8. E9. A10.对11.D投资学第十二章至第十三章习题答案1.不做2.高于票面值因为10%大于8%3.具体看课本公式(老师只是讲公式没有给出确切得答案)4.贴现贴现率5.反方向6.C7.C8.对9.对10.不做11.折价平价溢价12.不做13.不做14.不做15.A16.C17.C18.具体看书本323页19.具体看课本325页20.看课本319至32021.不做22.不做第十四章至十五章习题答案1.先行同步滞后2.不做3.开拓拓展成熟衰落4.资产负责表损益表现金流量表5. C6.宏观分析行业分析公司分析7. A8. B9. A10.D11.D12.A13.A14.对15.对十七章注意事项: 注意技术分析得三大假设假设1. 市场行为涵盖一切信息假设2.价格沿趋势运动假设3.历史会重演。

投资学张中华答案【篇一：投资学_张中华复习精华版】资概述习题一、单项选择题1、下列行为不属于投资的是（）。

ca. 购买汽车作为出租车使用b. 农民购买化肥c. 购买商品房自己居住d. 政府出资修筑高速公路 2、投资的收益和风险往往（）。

aa. 同方向变化b. 反方向变化c. 先同方向变化，后反方向变化d. 先反方向变化，后同方向变化二、判断题1、资本可以有各种表现形态，但必须有价值。

（）√1、以下是投资主体必备条件的有（）abdea．拥有一定量的货币资金b．对其拥有的货币资金具有支配权c．必须能控制其所投资企业的经营决策 d．能够承担投资的风险e．能够享有投资收益2、下列属于真实资本有（）abcea．机器设备 b．房地产 c．黄金 d．股票e．定期存单 3、下列属于直接投资的有（）aba．企业设立新工厂b．某公司收购另一家公司60%的股权c．居民个人购买1000股某公司股票 d．发放长期贷款而不参与被贷款企业的经营活动 e．企业投资于政府债券第2章市场经济与投资决定习题一、单项选择题1、市场经济制度与计划经济制度的最大区别在于（）。

ba. 两种经济制度所属社会制度不一样b. 两种经济制度的基础性资源配置方式不一样c. 两种经济制度的生产方式不一样d. 两种经济制度的生产资料所有制不一样 2、市场经济配置资源的主要手段是（）。

da. 分配机制b. 再分配机制c. 生产机制d. 价格机制二、判断题第12章产业投资概述习题一、单项选择1、投资前期的主要任务是进行可行性研究和。

（）d a.培训员工b.委托设计c.制定企业发展战略d.资金筹措2、是对已建成的投资项目和单项工程进行全面考核，检验以及办理交接手续和工程价款的结算。

（） ca.负荷试运转b.试车c.竣工验收d.工程招标3、在公司制条件下，企业的所有权和经营权分离，投资涉及三类不同的主体：。

（）a a.所有者、经营者和相关利益者 b.合伙人、供应商和消费者 c.职业经理人、董事会、股东 d.理事会、监事会和董事会4、产业投资必须达到一定的经济规模的要求，这体现了产业投资的（）性的特点。