北外1603奥鹏远程教育--金融市场与机构参考答案(共14页)

Chapter 1Role of Financial Markets and InstitutionsQuestions1. 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 thetime?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 purchasingsecurities, 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.12 Chapter 1/Role of Financial Markets and Institutions8. What was the purpose of the Securities Act of 1933? What was the purpose of the SecuritiesExchange Act of 1934? Do these laws prevent investors from making poor investment decisions?Explain.ANSWER: The Securities Act of 1933 was intended to assure complete disclosure of relevantfinancial information on publicly offered securities, and prevent fraudulent practices when selling these securities. The Securities Exchange Act of 1934 extended the disclosure requirements tosecondary market issues. It also declared a variety of deceptive practices illegal, but does not prevent poor investments.9. If barriers to international securities markets are reduced, will a country's interest rate be more or lesssusceptible to foreign lending or borrowing activities? Explain.ANSWER: If international securities market barriers are reduced, a country's interest rate will likely become more susceptible to foreign lending and borrowing activities. Without barriers, funds will flow more freely in between countries. Funds would seek out countries where expected returns are high. Then, the amount of foreign funds invested in any country could adjust abruptly and affect interest rates.10. In what way could the international flow of funds cause a decline in interest rates?ANSWER: If a large volume of foreign funds was invested in the United States, it could placedownward pressure on U.S. interest rates. Without this supply of foreign funds, U.S. interest rates would have been higher.11. Distinguish between the functions of a broker and those of a dealer, and explain how each iscompensated.ANSWER: Brokers are commonly compensated with commissions on trades, while dealers are compensated on their positions in particular securities. Some dealers also provide brokerage services.12. Why is it necessary for securities to be somewhat standardized?ANSWER: Securities can be more easily traded when they are standardized because the specifics of the security transaction are well known. If securities were not standardized, transactions would be slowed considerably as participants would have to negotiate all the provisions.13. What are the functions of securities firms?ANSWER: Securities firms provide a variety of functions (such as underwriting and brokerage) that either enhance a borrower's ability to borrow funds or an investor’s abi lity to invest funds.14. Explain why some financial flows of funds cannot occur through the sale of standardized securities.ANSWER: Some financial flows, such as most commercial loans, must be provided on a personal basis, since the firms requesting loans have particular needs.15. If securities were not standardized, how would this affect the volume of financial transactionsconducted by brokers?ANSWER: If securities were not standardized, the volume of financial transactions conducted by brokers would be reduced, because the documentation would be greater.16. Commercial banks use some funds to purchase securities and other funds to make loans. Why are thesecurities more marketable than loans in the secondary market?ANSWER: Securities are more standardized than loans and therefore can be more easily sold in the secondary market. The excessive documentation on commercial loans limits a bank's ability to sell loans in the secondary market.17. How have the asset compositions of savings and loan associations differed from those of commercialbanks? Explain why and how this distinction may change over time.ANSWER: Savings and loan associations have traditionally concentrated in mortgage lending, while commercial banks have concentrated in commercial lending. Savings and loan associations are nowChapter 1/Role of Financial Markets and Institutions 3 allowed to diversify their asset portfolio to a greater degree and will likely increase theirconcentration in commercial loans (but not to the same degree as commercial banks.18. With regard to the profit motive, how are credit unions different from other financial institutions?ANSWER: Credit unions are non-profit financial institutions.19. Compare the main sources and uses of funds for finance companies, insurance companies, andpension funds.ANSWER: Finance companies sell securities to obtain funds, while insurance companies receive insurance premiums and pension funds receive employee/employer contributions. Finance companies use funds to provide direct loans to consumers and businesses. Insurance companies and pension funds purchase securities.20. What is the function of a mutual fund? Why are mutual funds popular among investors?ANSWER: A mutual fund sells shares to investors, pools the funds, and invests the funds in aportfolio of securities. Mutual funds are popular because they can help individuals diversify while using professional expertise to make investment decisions.21. How does a money market mutual fund differ from a stock or bond mutual fund?ANSWER: A money market mutual fund invests in money market securities, whereas other mutual funds normally invest in stocks or bonds.22. Classify the types of financial institutions mentioned in this chapter as either depository ornondepository. Explain the general difference between depository and nondepository institution sources of funds.ANSWER: Depository institutions include commercial banks, savings and loan associations, and credit unions. These institutions differ from nondepository institutions in that they accept deposits.Nondepository institutions include finance companies, insurance companies, pension funds, mutual funds, and money market funds.23. It is often stated that all types of financial institutions have begun to offer services that werepreviously offered only by certain types. Consequently, many financial institutions are becoming more similar in terms of their operations. Yet, the performance levels still differ significantly among types of financial institutions. Why?ANSWER: Even though financial institutions are becoming more similar, they often differ distinctly from each other in terms of sources and uses of funds. Therefore, their performance levels differ as well.24. Look in a recent business periodical for news about a recent financial transaction that involves twofinancial institutions. For this transaction, determine the following:a. How will each institution's balance sheet be affected?b. Will either institution receive immediate income from the transaction?c. Who is the ultimate user of funds?d. Who is the ultimate source of funds?ANSWER: This exercise will force students to understand how the balance sheet and incomestatement of a financial institution is affected by various transactions. When a financial institution simply acts as a middleman, income (fees or commissions) are earned, but the institution's asset portfolio is not significantly affected.25. Which types of financial institutions do you deal with? Explain whether you are acting as a surplusunit or a deficit unit in your relationship with each financial institution.ANSWER: This exercise allows students to realize that they constantly interact with financialinstitutions, and that they often play the role of a deficit unit (on car loans, tuition loans, etc.).4 Chapter 1/Role of Financial Markets and Institutions26. Explain how the privatization of companies in Europe can lead to the development of new securitiesmarkets.ANSWER: The privatization of companies will force these companies to finance with stocks and debt securities, instead of relying on the federal government for funds. Consequently, secondary markets for stocks and debt securities will be developed over time.Chapter 2Determination of Interest RatesQuestions1.Explain why interest rates changed as they did over the past year.ANSWER: This exercise should force students to consider how the factors that influence interest rates have changed over the last year, and assess how these changes could have affected interest rates.2. Explain what is meant by interest elasticity.ANSWER: Interest elasticity of supply represents a change in the quantity of loanable funds supplied in response to a change in interest rates. Interest elasticity of demand represents a change in thequantity of loanable funds demanded in response to a change in interest rates.3. Would you expect federal government demand for loanable funds to be more or less interest elasticthan household demand for loanable funds? Why?ANSWER: Federal government demand for loanable funds should be less interest elastic than the consumer demand for loanable funds, because the government's planned borrowings will likely occur regardless of the interest rate. Conversely, the quantity of loanable funds by consumers is moreresponsive to the interest rate level.4. If the federal government planned to expand the space program, how might this affect interest rates?ANSWER: An expanded space program would (a) force the federal government to increase its budget deficit, (b) possibly force any firms involved in facilitating the program to borrow more funds.Consequently, there is a greater demand for loanable funds. The additional spending could cause higher income and additional saving. Yet, this impact is not likely to be as great. The likely overall impact would therefore be upward pressure on interest rates.5. Explain why interest rates tend to decrease during recessionary periods.ANSWER: During a recession, firms and consumers reduce their amount of borrowing. The demand for loanable funds decreases and interest rates decrease as a result.6. Obtain or develop forecasts of economic growth and inflation. Use this information to forecastinterest rates one year from now.ANSWER: Open-ended question, intended to illustrate the ease of subjectively creating forecasts, but the difficulty in deciding the appropriate weight to be assigned to each influential factor.7. Jayhawk Forecasting Services analyzed several factors that could affect interest rates in the future.Most factors were expected to place downward pressure on interest rates. Jayhawk also felt that although the annual budget deficit was to be cut by 40 percent from the previous year, it would stillChapter 1/Role of Financial Markets and Institutions 5 be very large. Thus, Jayhawk believed that the deficit's impact would more than offset the othereffects and therefore forecast interest rates to increase by 2 percent. Comment on Jayhawk's logic.ANSWER: A reduction in the deficit should free up some funds that had been used to support the government borrowings. Thus, there should be additional funds available to satisfy other borrowing needs. Given this situation plus the other information, Jayhawk should have forecasted lower interest rates.8. Should increasing money supply growth place upward or downward pressure on interest rates? Justifyyour answer.ANSWER: If one believes that higher money supply growth will not cause inflationary expectations, the additional supply of funds places downward pressure on interest rates. However, if one believes that inflation expectations do erupt as a result, demand for loanable funds will also increase, and interest rates could increase (if the increase in demand more than offsets the increase in supply).9. Consider a scenario where inflation is low and is not expected to rise in the future. In addition,assume that the Fed substantially increases the money supply. Explain how this would likely affect interest rates.ANSWER: Interest rates should decrease because the amount of loanable funds will increase withouta corresponding increase in the demand for loanable funds.10. What is the logic behind the Fisher effect's implied positive relationship between expected inflationand nominal interest rates?ANSWER: Investors require a positive real return, which suggests that they will only invest funds if the nominal interest rate is expected to exceed inflation. In this way, the purchasing power of invested funds increases over time. As inflation rises, nominal interest rates should rise as well since investors would require a nominal return that exceeds the inflation rate.11. What is the difference between the nominal interest rate and real interest rate?ANSWER: The nominal interest rate is the quoted interest rate, while the real interest rate is defined as the nominal interest rate minus the expected rate of inflation. The real interest rate represents the recent nominal interest rate minus the recent inflation rate.12. Estimate the real interest rate over the last year.ANSWER: This exercise forces students to measure last year's nominal interest rate and inflation rate.13. Review historical interest rates to determine how they react to recessionary periods. Explain thisreaction.ANSWER: In general, interest rates tend to decline in recessionary periods. This reaction occurs because the demand for loanable funds declines during the recessionary periods, which placesdownward pressure of interest rates.14. Why do forecasts of interest rates differ among experts?ANSWER: Various factors may influence interest rates, and changes in these factors will affectinterest rate movements. Experts disagree about how various factors will change. They also disagree about the specific influence these factors have on interest rates.15. During the stock market crash in October 1987, interest rates declined. Use the loanable fundsframework discussed in this chapter to explain why.ANSWER: The crash led to concerns of a possible recession. The demand for loanable funds declined, causing downward pressure on interest rates. In addition, investors shifted funds out of stocks and into money market securities, causing an increase in the supply of loanable funds.6 Chapter 1/Role of Financial Markets and Institutions16. If foreign investors expected that the U.S. dollar's value would weaken over the next few years, howmight this affect (a) the foreign supply of funds to the U.S. markets and (b) U.S. interest rates?Explain.ANSWER: The expectation of a weaker U.S. dollar can cause a lower foreign supply of funds to the U.S. markets, as foreign investors reduce their investment in the United States, because a weakened dollar over the investment horizon reduces the return to foreign investors. The reduced foreign supply of funds to U.S. markets places upward pressure on U.S. interest rates.17. A well-known economist recently suggested that lower interest rates will stimulate the economy. Yet,this chapter implied that a strong economy can cause high interest rates. Do these concepts conflict?Explain.ANSWER: The concepts do not conflict. There are feedback effects between interest rates andeconomic growth. Lower interest rates stimulate the economy because they encourage borrowing and therefore spending. Yet, a strong economy can cause an additional desire to borrow, which places upward pressure on interest rates.18. Assume that if the U.S. dollar strengthens, it can place downward pressure on U.S. inflation. Basedon this information, how might expectations of a strong dollar affect the demand for loanable funds in the United States and U.S. interest rates? Is there any reason to think that expectations of a strong dollar could also affect the supply of loanable funds? Explain.ANSWER: As a strong U.S. dollar dampens U.S. inflation, it can reduce the demand for loanable funds, and therefore reduce interest rates. The expectations of a strong dollar could also increase the supply of funds because it may encourage saving (there is less concern to purchase goods before prices rise when inflationary expectations are reduced). In addition, foreign investors may invest more funds in the United States if they expect the dollar to strengthen, because that could increase their return on investment.19. If financial market participants overestimate inflation in a particular period, will real interest rates berelatively high or low? Explain.ANSWER: If inflation is overestimated, the real interest rate will be relatively high. Investors had required a relatively high nominal interest rate because they expected inflation to be high (according to the Fisher effect).20. Why might you expect interest rate movements of various industrialized countries to be more highlycorrelated in recent years than in earlier years?ANSWER: Interest rates among countries are expected to be more highly correlated in recent years because financial markets are more geographically integrated. More international financial flows will occur to capitalize on higher interest rates in foreign countries, which affects the supply and demand conditions in each market. As funds leave a country with low interest rates, this places upwardpressure on that country's interest rates. The international flow of funds caused this type of reaction.21. In November 1989, the wall separating East and West Germany was removed. Some analysts say thatthis event led to an increase in German and U.S. interest rates. Offer a possible explanation as to why this event could have caused an increase in German and U.S. interest rates.ANSWER: The removal of the wall led to the reunification of East and West Germany, and resulted in economic expansion in Germany. This led to an increased demand for loanable funds from sources in Germany and in the United States, placing upward pressure on interest rates.22. In August 1990, the Persian Gulf crisis occurred, resulting in some significant reactions in financialmarkets. Why would the crisis be expected to place upward pressure on U.S. interest rates? Why might some investors expect the crisis to place downward pressure on U.S. interest rates?ANSWER: The Persian Gulf crisis placed upward pressure on U.S. interest rates because it (1)increased inflationary expectations in the United States as oil prices increased abruptly, and (2)increased the expected U.S. budget deficit as government expenditures were necessary to boostChapter 1/Role of Financial Markets and Institutions 7 military support. However, the crisis also caused some analysts to revise their forecasts of economic growth downward. In fact, some analysts predicted that a U.S. recession would occur. The slower economy reflects a reduced corporate demand for funds, which by itself places downward pressure on interest rates. If inflation was not a concern, the Fed may attempt to increase money supply growth to stimulate the economy. However, the inflationary pressure restricted the Fed from stimulating the economy (since any stimulative policy could cause higher inflation).23. Offer an argument for why the terrorist attack on the United States on September 11, 2001 couldplace downward pressure on U.S. interest rates. Offer an argument for why the terrorist attack could place upward pressure on U.S. interest rates.ANSWER: The terrorist attack could cause a reduction in spending related to travel (airlines, hotels), and would also reduce the expansion by those types of firms. This reflects a decline in the demand for loanable funds, and places downward pressure on interest rates. Conversely, the attack increases the amount of government borrowing needed to support a war, and therefore places upward pressure on interest rates.Interpreting Financial NewsInterpret the following comments made by Wall Street analysts and portfolio managers.a. “The flight of funds from bank deposits to U.S. stocks will pressure interest rates.”As the supply of loanable funds declines (due to bank deposit withdrawals), there will be upward pressure on interest rates.b. “Since Japanese interest rates have recently declined to very low levels, expect a reduction in U.S.interest rates.”As Japanese interest rates decline, Japanese savers invest more loanable funds in the UnitedStates, which places downward pressure on U.S. interest rates.c. “The cost of borrowing by U.S. firms is dictated by the degree to which the federal governmen tspends more than it taxes.”As the federal government spends more than it taxes, it borrows the difference; the greater theamount borrowed, the higher the pressure on U.S. interest rates.Managing in Financial MarketsAs the treasurer of a manufacturing company, your task is to forecast the direction of interest rates. You plan to borrow funds and may use the forecast of interest rates to determine whether you should obtain a loan with a fixed interest rate or a floating interest rate. The following information can be considered when assessing the future direction of interest rates:♦Economic growth has been high over the last two years, but you expect that it will be stagnant over the next year.♦Inflation has been 3 percent over each of the last few years, and you expect that it will be about the same over the next year.♦The federal government has announced major cuts in its spending, which should have a major impact on the budget deficit.♦The Federal Reserve is not expected to affect the existing supply of loanable funds over the next year. ♦The overall level of savings by households is not expected to change.a. Given the preceding information, determine how the demand for and the supply of loanable fundswould be affected (if at all), and determine the future direction of interest rates.The demand for loanable funds should decline in response to: (1) stagnant economic growth(because a relatively low level of borrowing will be needed), and (2) a major cut in government8 Chapter 1/Role of Financial Markets and Institutionsspending. The supply of loanable funds should remain unchanged because the savings level is not expected to change, and the Fed is not expected to affect the existing money supply. Given a large decline in the demand for loanable funds and no significant change in the supply of loanablefunds, U.S. interest rates should decline.b. You can obtain a one-year loan at a fixed-rate of 8 percent or a floating-rate loan that is currentlyat 8 percent but would be revised every month in accordance with general interest ratemovements. Which type of loan is more appropriate based on the information provided?Since interest rates are expected to decline, you should prefer the floating-rate loan. As interest rates decline, the rate charged on this type of loan would decline.c. Assume that Canadian interest rates have abruptly risen just as you have completed your forecastof future U.S. interest rates. Consequently, Canadian interest rates are now 2 percentage pointsabove U.S. interest rates. How might this specific situation place pressure on U.S. interest rates?Considering this situation along with the other information provided, would you change yourforecast of the future direction of U.S. interest rates?This situation could encourage U.S. individuals and firms to withdraw their savings from U.S.financial institutions and send their funds to Canada to earn a higher interest rate (although they would have to convert their U.S. dollars into Canadian dollars and are therefore exposed toexchange rate risk). To the extent that savings are withdrawn from U.S. financial institutions,there would be a reduction in the supply of loanable funds in the U.S. Consequently, this specific situation places upward pressure on the U.S. interest rates.While this specific situation places upward pressure on U.S. interest rates, the economic growth and the budget deficit are expected to place downward pressure on interest rates.Therefore, you would still forecast a decline in U.S. interest rates, unless you believe that theimpact of the Canadian situation would overwhelm the impact of the economic growth and thebudget deficit.Problems1.Suppose the real interest rate is 6 percent and the expected inflation is 2 percent. What would youexpect the nominal rate of interest to be?ANSWER:i = E(INF) + i ki = 2% + 6% = 8%2. Suppose that Treasury bills are currently paying 9 percent and the expected inflation is 3 percent.What is the real interest rate?ANSWER:i = E(INF) + i ki k = i – E(INF)i k = 9% – 3% = 6%Chapter 3Structure of Interest RatesChapter 1/Role of Financial Markets and Institutions 9Questions1.Identify the relevant characteristics of any security that can affect the security's yield.ANSWER:The relevant characteristics are:1. default risk2. liquidity3. tax status4. maturity5. special provisions (such as a call feature)2. What effect does a high credit risk have on securities?ANSWER: Investors require a higher risk premium on securities with a high default risk.3. Discuss the relationship between the yield and liquidity of securities.ANSWER: The greater the liquidity of a security, the lower is the yield, other things being equal.4. Do investors in high-tax brackets or those in low-tax brackets benefit more from tax-exemptsecurities? Why?ANSWER: High-tax bracket investors benefit more from tax-exempt securities because their tax savings from avoiding taxes is greater.5. Do municipal bonds or corporate bonds offer a higher before-tax yield at a given point in time? Why?Which has the higher after-tax yield?ANSWER: Corporate bonds offer a higher before-tax yield, since they are taxable by the federal government. The municipal bonds may have a higher tax yield for investors subject to a high tax rate.For low-tax bracket investors, the corporate bonds would likely have a higher after-tax yield.6. If taxes did not exist, would Treasury bonds offer a higher or lower yield than municipal bonds withthe same maturity? Why?ANSWER: Treasury bonds would offer a lower yield than municipal bonds because they areperceived to be risk-free. If taxes did not exist, the required return on Treasury bonds would be lower than on municipal bonds.7. Explain how a yield curve would shift in response to a sudden expectation of rising interest rates,according to the pure expectations theory.ANSWER: The demand for short-term securities would increase, placing upward (downward)pressure on their prices (yields). The demand for long-term securities would decrease, placingdownward (upward) pressure on their prices (yields). If the yield curve was originally upward sloped, it would now have a steeper slope as a result of the expectation. If it was originally downward sloped, it would now be more horizontal (less steep), or may have even become upward sloping.8. What is the meaning of the forward rate in the context of the term structure of interest rates?ANSWER: The forward rate is the expected interest rate at a future point in time.9. Why might forward rates consistently overestimate future interest rates? How could such a bias beavoided?ANSWER: If forward rates are estimated without considering the liquidity premium, it mayoverestimate the future interest rates. If a liquidity premium is accounted for when estimating the forward rate, the bias can be eliminated.10. Assume there is a sudden expectation of lower interest rates in the future. What would be the effecton the shape of the yield curve? Explain.ANSWER: The demand for short-term securities would decrease, placing downward (upward)pressure on their prices (yields). The demand for long-term securities would increase, placing upward。

第一单元选择题1 投资者持有证券是为了取得收益，但持有证券也要冒得不到收益甚至损失的风险。

所以，收益是对风险的补偿，风险与收益成（）关系。

A. 正比B. 反比C. 不相关D. 线性2 很多情况下人们往往把能够带来报酬的支出行为称为（）。

A. 支出B. 储蓄C. 投资D. 消费3 证券按其性质不同，可以分为（）A. 凭证证券和有价证券B. 资本证券和货券C. 商品证券和无价证券D. 虚拟证券和有价证券4 证券投资通过投资于证券将资金转移到企业部门，因此通常又被称为（）。

A. 间接投资B. 直接投资C. 实物投资D. 以上都不正确5 直接投融资的中介机构是（）A. 商业银行B. 信托投资公司C. 投资咨询公司D. 证券经营机构6 由于（）的作用，投资者不再满足投资品种的单一性，而希望建立多样化的资产组合。

A. 边际收入递减规律B. 边际风险递增规律C. 边际效用递减规律D. 边际成本递减规律7 广义的有价证券包括（）、货币证券和资本证券。

A. 商品证券B. 凭证证券C. 权益证券D. 债务证券8 有价证券是（）的一种形式。

A. 商品证券B. 权益资本C. 虚拟资本D. 债务资本9 证券按发行主体不同，可分为公司证券、（）、政府证券和国际证券。

A. 银行证券B. 保险公司证券C. 投资公司证券D. 金融机构证券1 0证券持有者可以获得一定数额的收益，这是投资者转让资金使用权的报酬。

此收益的最终源泉是（）B. 利息或红利C. 生产经营过程中的价值增值D. 虚拟资本价值第一单元是非题1 证券的最基本特征是法律特征和书面特征。

√2 有价证券是指无票面金额，证明持券人有权按期取得一定收入并可自由转让和买卖的所有权或债权证券货币证券是指本身能使持券人或第三者取得货币索取权的有价证券。

有价证券是虚拟资本的一种形式，能给持有者带来收益。

有价证券本身没有价值，所以没有价格。

×3 √4 √5 ×6 持有有价证券可以获得一定数额的收益，这种收益只有通过转让有价证券才能获得。

第一单元选择题1 设立在海外的子公司，具备以下各项特征，除了（）A. 是独立法人B. 在经济上和业务上被母公司实际控制C. 不具有法人资格，不能独立承担责任，其一切行为后果及责任由总公司承担D. 母公司对子公司的实际控制或是基于股权参与或是基于支配性协议等非股权安排2 目前，世界最大的FDI流入国是（）A. 中国B. 美国C. 日本D. 印度3 跨国企业最经常采用的法律组织形式是（）A. 个人企业B. 合伙C. 有限责任公司或者股份有限公司D. 无限责任公司4 20世纪90年代以后，跨国公司出现了新的扩张浪潮，以下（）不符合近期跨国公司的行为发展特征。

A. 跨国并购B. 国际战略联盟C. 技术合作与研究开发的全球化D. 母国中心主义5 发展中国家利用外部资金的方式包括以下几种，从世界范围来看，目前（）所占比例最大。

A. 直接投资B. 间接投资C. 商业贷款D. 官方援助6 世界直接投资流动按照投资方式，可以分为新建式投资和跨国并购，按照行业，可以分为初级产业、制造业、服务业的直接投资，目前，（）和（）所占比例较高，达到70%以上。

A. 新建式投资制造业B. 跨国并购服务业C. 新建式投资服务业D. 跨国并购制造业7 跨国度指数是三个比例的平均，不包括（）A. 海外资产/总资产B. 海外销售额/总销售额C. 海外分支机构/总分支机构数D. 海外雇员人数/总雇员人数8 从企业对于国际业务的态度来看，（）是跨国公司发展的最高阶段。

A. Ethnocentric母国中心主义B. Geocentric 全球中心主义C. Polycentric 多元中心主义D. Multidomestic东道国中心主义9 流入中国的外商直接投资，从产业分布上看，（）所占比例明显超出世界平均水平。

A. 初级产业B. 制造业C. 服务业D. 农业1 0近年来，中国对外直接投资流出增长迅猛，而外商直接投资流入增速相对放缓，以每年的流动金额来看，目前表现出的特征是（）。

第一单元选择题1 下列哪一个因素不会直接影响商业银行货币创造的规模？（）A. 原始存款B. 法定存款准备金率C. 现金漏损率D. 银行的利润率2 最早设立股份制银行的国家是（）A. 美国B. 英国C. 德国D. 法国3 在商业银行的内部组织结构中，董事会属于（）A. 决策机构B. 执行机构C. 监督机构D. 管理机构4 商业银行能够随时满足客户提现，这是其经营原则中的（）A. 安全性原则B. 流动性原则C. 盈利性原则D. 风险性原则5 商业银行经营的首要目标在于（）A. 获得盈利B. 保证安全C. 保证流动性D. 以上都是6 商业银行把社会上各种闲散资金集中起来再通过贷款将资金投向社会经济各部门，这体现了商业银行的哪一个职能？（）A. 信用中介职能B. 支付中介职能C. 货币创造职能D. 金融服务职能7 在下列金融机构中，哪一个是能够吸收活期存款的？（）A. 中央银行B. 商业银行C. 保险公司D. 证券公司8 自20世纪90年代以来，商业银行在经营和业务上也产生了很多变化，下列哪一项不是变化的趋势之一？（）A. 银行的国际化进程加快B. 金融业务与工具不断创新C. 银行越来越专业化D. 金融管制总体呈现放松趋势9 商业银行在社会经济生活中存在的组织形式设立应该遵循（）原则A. 公平竞争、注重效率B. 积极进取、优胜劣汰C. 规模不限、不断扩大D. 以上都是1 0世界上大多数国家的商业银行在外部组织形式上采取了（）A. 单一银行制B. 多元银行制C. 总分行制D. 全能银行制第一单元是非题1 商业银行的行政首脑是总经理（行长），是商业银行决策机构的构成部分。

商业银行通过支付中介职能可以称为工商企业、社会团体和个人的货币保管者、出纳者和支付代理人。

在各类金融机构中，商业银行的历史最为悠久×2 √3 √4 现代商业银行都是根据资本主义经济发展、按照资本主义原则，以股份公司形式组建而成的。

北外1603 国际金融参考答案北外1603-国际金融参考答案单元一多项选择题1在国际收支失衡后一国可以采取一些政策措施来加以调节，以下哪一项不属于货币政策的调节方式。

a.调整出口退税政策b.改变准备金比率c.调整再贴现率d、公开市场操作2国际收支的弹性理论分析中提出的马歇尔-勒纳条件是货币贬值改善贸易收支的必要条件，是指下列哪一组弹性之和大于1？a.出口商品的供给弹性和进口商品的供给弹性b.出口商品的需求弹性和进口商品的需求弹性c.出口商品的需求弹性和进口商品的供给弹性d.出口商品的供给弹性和进口商品的需求弹性根据《蒙代尔分配法》，当国内经济出现通货膨胀，国际收支出现顺差时，应该采取的政策组合是a.扩张性货币政策和紧缩性财政政策B.紧缩性货币政策和紧缩性财政政策C.扩张性货币政策和扩张性财政政策D.紧缩性货币政策和扩张性财政政策4。

判断一项交易是否应列入国际收支平衡表的依据是：a.交易双方的国籍B.交易的货币C.交易发生的地点d.交易双方的居住地在国际收支平衡表中，为一个人设立的项目是a.经常账户B.资本账户c.净错误与遗漏d.金融项目6以下哪项交易最有可能是监管交易a.日本一家公司从中国进口1000万日元的玩具b.美国的高利率吸引了很多国家的资本流入c、住在英国的李小姐每年都会向留在中国的父母汇一笔赡养费d.随着中国贸易顺差的不断增长，我国货币当局大幅度增加外汇储备7在国际收支平衡表的金融项目中，通常最具稳定性的是a.直接投资b.证券投资c.其他投资d.以上都不是8.由于国民收入的增加或减少而引起的国际收支不平衡称为A.周期性不平衡B.收入不平衡C.结构性不平衡D.货币不平衡9针对不同国家在相同时期内的国际收支平衡表进行分析，是国际收支平衡表的哪种分析方法a.静态分析法b.动态分析法c.比较分析法d.差额分析法国际收支顺差的潜在不利后果是a.外汇储备的增加b.本币坚挺，经济环境稳定c、国内货币供应量增加和通货膨胀压力D.更友好的贸易伙伴第一单元是非题国际收支平衡是存量的概念。

第一单元单选题1 根据“文化层次理论”以下选项中属于“中层文化”的是（ ）A. 一个国家的建筑风格B. 一个民族使用的语言C. 中国人用筷子吃饭D. 墨西哥人认为“工作是为了生活”2 根据文化的“冰山理论”以下文化现象中不属于文化的隐形部分的是（） ） A. 绘画、电影、音乐等艺术作品B. 西方人采用分餐，而中国人喜欢分享菜肴C. 中国人认为“加班”是工作勤奋的表现D. 在美国，陌生人见面时通过握手来表示友好3 比较以下几种企业的经验战略，哪种战略几乎不受到文化差异的影响（A. 地区内经营战略B. 全球经营战略C. 跨地区经营战略D. 跨国经营战略4 以下哪个地区的企业组织结构最为扁平（ ））A. 亚洲B. 非洲C. 北美D. 欧洲 5 以下那个现象会出现在美国的公司当中（A. 公司的中层领导由企业老总任命B. 公司员工之间强调等级和人际关系C. 公司的每个岗位都有职位描述，有完善的绩效评估体制D. 公司中决策的程序是自上而下6 以下哪个国家的人极有可能会为了工作效率，越级处理事情（ ）A. 瑞典B. 印尼C. 西班牙D. 中国7 以下哪个国家的文化认为“企业的管理者不必一定是该领域的专家”（）A. 美国B. 法国C. 日本D. 西班牙8 以下哪个公司的经营策略没有考虑到当地文化的因素（ ）A. 尼桑汽车公司结合美国人的口味来设计SUV 汽车B. 肯德基积极开发适合中国人口味的食品C. 星巴克在北京的故宫中建立分店D. 诺基亚专门设计在中国市场推销的手机技术9 以下哪种表述不能体现了一个公司的价值观（ ）A. 公司员工都是来自于同一个地区B. 公司的员工都穿同样的工作服C. 公司会庆祝每位员工的生日D. 公司采用弹性上班时间1 0 以下选项中对文化的定义较全面的一项是（ ）A. 文化是一切人工创造的环境B. 被一群体人共享的价值观念系统C. 文化是人的“心里程序”D. 文化是某一群体解决解决问题所采用的途径和方法第一单元判断题1 隐性文化包含中层文化和核心文化两部分。

第一单元单选题1 企业的常见的三种组织形态不包括以下哪种(A. 国有独资企业B. 独资企业C. 合伙制企业D. 公司制企业2 企业可以看做一系列契约关系的组合,其中不包括以下的(A. 股东B. 债权人C. 企业职工D. 行业竞争对手3 公司财务的基本内容不包括A. 长期投资决策B. 长期筹资决策C. 兼并与收购D. 营运资金管理4 在公司所有的利益相关人中,下面哪项最为重要(A. 债权人B. 供应商C. 股东D. 客户5 公司财务管理有三个具体目标,不包括(A. 成果目标B. 过程目标C. 效率目标D. 安全目标6 50年代后,奠定现代公司财务管理理论基石的研究理论不包括(A. 财务报表分析方法B. 股利政策理论C. 效率市场假说D. 期权定价理论7 公司财务的效率目标不包括(A. 合理使用资金B. 保持较低的财务风险C. 加速资金周转D. 提高资金的使用效率8 股东人数不超过 50人,不少于 2人的企业组织形态是(A. 独资企业B. 合伙制企业C. 有限责任公司D. 股份有限公司9 公司财务的目标是(A. 利润最大化B. 收入最大化C. 公司股东价值最大化D. 公司资产安全1 0 公司财务管理与会计相比,更侧重于(A. 计量方法B. 分析解释C. 提供内部管理信息D. 分析与决策第一单元判断题1 合伙制企业是企业一种组织形态,依据企业的规模大小而定×2 企业要想成为上市公司,首先要是股份有限公司。

√3 公司是契约组合体,至少包括股东,职工,债权人、供应商、客户、政府和社区等不同利益相关人应收账款管理、资本市场融资决策等营运资金管理内容是公司财务管理的主要内容公司财务管理的目标是利润最大化√4 ×5 ×6 股东价值最大化是公司财务管理的最终版目标√7 股东价值最大化目标又可以进一步分解为成果目标、效率目标和安全目标公司财务的成果目标是在控制投资风险的前提下,努力提高资金的报酬率公司会计可以分为两大类,财务会计和管理会计,后者主要是为公司内容使用者提供管理信息,也是我们所说的公司财务管理√8 √9 ×1 0 资产组合理论和资本资产定价模型是投资学模型,与公司财务管理无关×第二单元单选题1 资产负债表中的资产是企业所取得和控制的,能够用来进行生产经营活动并带来未来经济利益的经济资源,其所有权属于(A. 股东B. 债权人C. 企业法人D. 全体职工2 市盈率指标是众多财务比率的一个,它属于(A. 资产运用能力指标B. 流动性指标C. 盈利能力指标D. 市场价值指标3 同比资产负债表是指资产负债表的各项按照以下哪项会计科目的百分比表示的(B. 固定资产C. 注册资本D. 资产4 在同基财务报表表现形式上,关键是要选择(A. 何种财务报表B. 指数的计算方法C. 基期D. 各项目的变化趋势5 现金流量表不包括以下的哪项内容(A. 经营活动现金流B. 筹资活动现金流C. 经营活动现金流D. 销售活动现金流6 用于反映企业短期偿债能力的财务指标包括(A. 资产负债率B. 速动比率C. 资本比率D. 利息保障倍数7 资产运用能力指标有很多,但不包括(A. 存货周转率B. 应收债款周转期C. 经营利润率D. 资产周转率8 损益表有两种格式,包括以下的(A. 单步式B. 复合式C. 税前利润D. 税后利润9 和资产运用能力指标相比,盈利能力指标也包含诸多指标,但不包括(A. 销售利润率B. 资产利润率C. 权益报酬率D. 市净率1 0 杜邦分析体系是企业报表综合分析工具,它可以表现为不包括以下那一项的财务指标的连乘关系(A. 销售利润率B. 总资产利润率C. 资产周转率D. 权益乘数第二单元判断题1 现金流量表也叫财务状况变动表,反映了企业的产生现金流量的能力公司资产负债表、损益表和现金流量表是公司三大基础财务报表存货周转率是销货成本与存货价值之比 ×2 √34 资产周转率为销售收入与资产价值之比√5 反映企业盈利能力的财务指标主要有销售利润率、经营利润率、资产利润率和权益报酬率等通过同基财务报表,我们可以分析企业经营状况随时间的变化,这种分析也叫趋势分析资产负债表是公司财务报表的重要形式之一,表述了企业的盈利状况√6 √7 ×8 速动比率由速动资产和流动负债构成,反映了企业运用能够较迅速转换为现金的资产偿还短期负债的能力资本比率是指资本充足率状况,由所有者权益除以总资产而得√9 ×1 0 杜邦分析体系主要是揭示了权益报酬率指标与各种相关财务指标之间的关系√第三单元单选题1 最准确的刻画市场利率水准的指标是(A. 到期收益率B. 当期收益率C. 贴现率D. 票面利率2 在利润分配和破产清算时没有任何优先权,享有剩余收益权和剩余资产清偿权的证券是(A. 债券B. 优先股C. 普通股D. 贷款3 普通股股票的价值可分为以下几类,不包括(A. 票面价值B. 账面价值C. 清算价值D. 交换价值4 在高登增长模型中, g 和哪项财务指标无关(A. 再投资比率B. 权益报酬率C. 资产负债率D. 股利增长5 系统风险是个别资产的风险中无法在资产组合内被分散、抵消掉得那一部分风险,也叫(A. 市场风险B. 经营风险C. 财务风险D. 个别风险6 通过资产组合投资,可以有效降低风险,但不能抵消的是(A. 市场风险B. 经营风险C. 财务风险D. 个别风险7 由企业、金融机构或政府发行的,表明发行人对其承担还本付息义务的一种债务性证券,是指(A. 优先股B. 普通股C. 贷款D. 债券8 风险是指未来的结果是不确定的,是指概率分布是已知的或是可以估计的这样一种不确定性,可以用以下除哪像指标来反映(A. 方差B. 期望值C. 标准差D. 标准离差率9 债券的基本参数包括很多方面,但不包括(A. 市场利率B. 票面价值C. 到期日D. 票面利息率1 0 债券的基本特征包括很多方面,但不包括(A. 流动性B. 复合性C. 风险性D. 返还性第三单元判断题1 金融市场中,一个基本的原则是承担多大风险就有多大的收益我们可以用方差,也可以用标准差以及标准离差率来反映证券的风险状况债券的市场价格和市场利率呈反比×2 √3 √4 债券的到期日越长,收到市场利率波动的影响就越大零息债券是不支付利息的债券,以折扣形式销售√5 √6 优先股在股利分配上优先于普通股股票,但次于债券高登增长模型中的 g 是与权益报酬率和再投资比率有关的资产组合可以有效降低风险,最终有效组合可以实现无风险的状况普通股股东享有剩余收益请求权和投票权,但不享有经营权√7 √8 ×9√1 0 从理论上讲,股票价值由未来年度公司的现金收入的现值决定√第四单元单选题1 对项目现金流的分析方法,同样可以用于非项目投资决策中,比较典型的有(A. 设备更新决策B. 设备比较决策C. 上述两种决策都不是D. 上述两种决策都是2 项目现金流分析可以划分为初始现金流、营业现金流和终结现金流三个阶段,其中以下哪个阶段最为重要和负责( A. 初始现金流分析B. 营业现金流分析C. 终结现金流分析D. 以上都不对3 资本投资过程一般来说有五个阶段构成,下面哪一项不属于此过程(A. 调查研究B. 分析预测C. 事中监督D. 聘请外部中立机构4 下面的投资指标中,与其他指标不属于同类的是(A. 净现值B. 内部收益率C. 投资回收期D. 现值指数 5 下面的投资指标中,与其他指标不属于同类的是(A. 投资回收期B. 平均会计利润率C. 平均报酬率D. 内部收益率6 在各种投资指标中,我们可以分为两大类,贴现指标和非贴现指标,他们的划分依据是(A. 时间价值和决策标准B. 时间价值和会计指标C. 会计指标和决策标准D. 以上都不对7 净现值指标和内部收益指标都属于贴现指标,但两者有时会出现截然相反的结论,这种情况会出现在(A. 项目现金流会多次改变符号B. 初始投资额不等C. 现金流发生时间不同D. 以上都对8 在对项目进行现金流分析时,一个基本的原则就相关性原则,它也被称为(A. 增量现金流原则B. 筹资成本原则C. 机会成本原则D. 沉没成本原则9 沉没成本不应当计入项目现金流的分析过程,因为它对当前的投资决策不产生任何影响,以下哪项属于沉没成本(A. 设备折旧成本B. 投资决策前的咨询费用C. 空置厂房的租金D. 分摊费用1 0 按企业投资范围的不同,可分为对内投资和对外投资,其中对外投资的主要形式是(A. 设备的更新B. 新产品的研发C. 股票投资D. 收购与兼并第四单元判断题1 净现值指标和内部收益率指标同属于贴现指标,但两者在某些情况下会有结论冲突。

第一单元单选题1 以下有关信息管理的说法，不正确的是（）A. 信息管理是，人类综合采用技术的、经济的、政策的、法律的、人文的方法和手段对信息流进行控制。

B. 信息管理的目的是提高信息利用效率、最大限度地实现信息效用价值的一种活动。

C. 信息管理的对象是信息。

D. 信息管理是实现信息使用价值的基本要求。

但是不以用户最大限度满足信息需求为要求，是社会信息交流科学性的要求。

2 一千个读者，一千个‘哈姆雷特’对于同一件事情，每个人可能会有不一样的看法。

这体现了（）特征。

A. 信息的共享性B. 信息的价值相对性C. 信息的时效性D. 信息的普遍性3 知识(knowledge)是（）A. 可以长期保存的对事物的静态描述和记录。

B. 载荷或记录信息的按照一定规则排列组合的物理符号。

C. 信息接收者通过对信息的提炼和推理而获得的正确结论，是人的大脑通过思维重新组合的、系统化的信息集合。

D. 是按照一定的方式排列起来的信号序列所揭示的内容。

4 有关‚信息‛的论述，不正确的是（）A. 信息是通信内容，是‚用来消除未来的某种不确定性的东西‛。

B. 是人与外部世界的中介。

C. 信息必须通过主体的主观认知才能被反映和揭示。

D. 有效的数据内涵。

5 信息不具备的特征有（）。

A. 普遍性，动态性，相对性B. 独立性C. 可传递性，可加工性D. 共享性，依附性6 信息的资源管理阶段，信息控制问题表述中不正确的是（）。

A. 纯粹的技术手段不能实现对信息的有效控制和利用，因此才从技术管理阶段发展到资源管理阶段。

B. 信息的资源管理阶段包括信息政策、信息法律和信息管理的经济手段等信息控制管理问题。

C. 当代社会发展使得信息成为一种重要的经济资源，从经济的角度思考问题，通过对信息资源进行优化配置和管理, 解决不了对信息的有效控制和利用。

D. 资源管理阶段特征在于从经济学资源配置和管理中高层战略需求的角度，采用技术、经济、人文等多种手段，对信息进行资源性质的管理。

金融市场与机构刘红忠课后题答案第一道题问题：什么是金融市场？它的分类有哪些？回答：金融市场是指进行金融资产买卖和金融衍生品交易的场所，是金融机构和个人之间进行资金融通和风险转移的重要平台。

根据其交易对象的不同，金融市场可以分为证券市场、货币市场和期货市场三大类。

证券市场主要交易股票、债券等证券品种，包括股票市场和债券市场。

股票市场是企业通过发行股票融资的市场，投资者可以通过购买股票来参与企业的所有权和收益分配。

债券市场是政府和企业通过发行债券筹集资金的市场，投资者可以通过购买债券来借出资金并获取利息。

货币市场主要交易短期的金融工具，如国库券、短期债券和银行同业存款等。

货币市场的交易期限一般较短，一般不超过一年。

货币市场的参与者主要是金融机构和企业，用于进行短期的资金周转和融资。

期货市场主要交易期货合约，即在未来某个时间按约定价格买卖某种标的物。

期货市场通过标准化的合约规定了交割时间、价格和标的物等要素，具有规范的交易方式和风险管理机制。

期货市场的参与者包括投资者和投机者，用于进行商品、股指、利率等各类合约的交易。

第二道题问题：金融机构的分类有哪些？它们的功能是什么？回答：金融机构根据其业务性质和组织形式可以分为中央银行、商业银行、证券公司、保险公司和投资基金公司等。

中央银行是国家的货币和信用机构，负责制定和实施货币政策，维护金融市场的稳定。

中央银行的主要功能包括发行货币、管理外汇储备、进行利率调控、维护金融稳定等。

商业银行是主要从事存款储蓄、贷款和信用业务的金融机构。

商业银行的功能包括吸收存款、发放贷款、提供支付结算、进行信用调查、提供金融咨询等。

证券公司是从事证券经纪、承销和交易的金融机构。

证券公司的功能包括提供证券经纪服务、进行证券承销、参与股票和债券的交易等。

保险公司是提供保险服务的金融机构，主要从事风险管理和赔付业务。

保险公司的功能包括接受保险业务、收取保费、进行风险评估、赔付保险金等。

第一单元选择题1 下列哪一个因素不会直接影响商业银行货币创造的规模？（）A. 原始存款B. 法定存款准备金率C. 现金漏损率D. 银行的利润率2 最早设立股份制银行的国家是（）A. 美国B. 英国C. 德国D. 法国3 在商业银行的内部组织结构中，董事会属于（）A. 决策机构B. 执行机构C. 监督机构D. 管理机构4 商业银行能够随时满足客户提现，这是其经营原则中的（）A. 安全性原则B. 流动性原则C. 盈利性原则D. 风险性原则5 商业银行经营的首要目标在于（）A. 获得盈利B. 保证安全C. 保证流动性D. 以上都是6 商业银行把社会上各种闲散资金集中起来再通过贷款将资金投向社会经济各部门，这体现了商业银行的哪一个职能？（）A. 信用中介职能B. 支付中介职能C. 货币创造职能D. 金融服务职能7 在下列金融机构中，哪一个是能够吸收活期存款的？（）A. 中央银行B. 商业银行C. 保险公司D. 证券公司8 自20世纪90年代以来，商业银行在经营和业务上也产生了很多变化，下列哪一项不是变化的趋势之一？（）A. 银行的国际化进程加快B. 金融业务与工具不断创新C. 银行越来越专业化D. 金融管制总体呈现放松趋势9 商业银行在社会经济生活中存在的组织形式设立应该遵循（）原则A. 公平竞争、注重效率B. 积极进取、优胜劣汰C. 规模不限、不断扩大D. 以上都是1 0世界上大多数国家的商业银行在外部组织形式上采取了（）A. 单一银行制B. 多元银行制C. 总分行制D. 全能银行制第一单元是非题1 商业银行的行政首脑是总经理（行长），是商业银行决策机构的构成部分。

商业银行通过支付中介职能可以称为工商企业、社会团体和个人的货币保管者、出纳者和支付代理人。

在各类金融机构中，商业银行的历史最为悠久×2 √3 √4 现代商业银行都是根据资本主义经济发展、按照资本主义原则，以股份公司形式组建而成的。

北外15春金融市场与机构作业答案（1）风险投资案例分--阿里巴巴阿里巴巴是全球企业间（B2B）电子商务的著名品牌,是目前全球最大的网上交易市场和商务交流社区。

公司总部位于浙江杭州，在中国大陆地区拥有16个销售和服务中心，在香港和美国设有分公司。

被国内外媒体、硅谷和国外风险投资家誉为与Yahoo 、Amazon 、eBay 、AOL 比肩的世界五大互联网商务流派代表之一。

阿里巴巴集团公司有5个子公司，合并被称为达摩五指。

分别是：1.阿里巴巴：1999年，全球领先的网上贸易市场和商人社区。

2.淘宝：2003年，C2C+B2C。

3.支付宝：第三方支付平台。

4.阿里软件: 2007年，中国领先的中小企业在线软件服务提供商。

5.雅虎中国：2005年，中国领先的搜索生活服务平台6.阿里云：2009年，主要从事基础技术的研发。

（一）投资动因分析1.独特的商业模式90年代，亚洲的电子商务模式陷入了‘照搬照抄欧美模式’误区，因此亚洲电子商务一直发展缓慢。

阿里巴巴则创造了亚洲最独特的B2B 商务模式，不是‘商业和商业business to business’,而是‘商人对商人businessman to businessman’.我国加入WTO后，出口额大增，而众多的中小企业因规模小，销售渠道窄，商品信息缺乏，无力负担昂贵的差旅费广告费等。

为了满足这一需求，阿里巴巴独创式推出了主要面对中小企业提供B2B进出口信息服务模式。

经过长期实践，阿里巴巴模式不断演变，逐渐形成从B2B到B2B2C的深化（B2B2C是以B2B为中心，结合C2C、B2C两种模式）。

立足中国实际，独特的商业模式带来的巨大商机，无疑是风投选择阿里巴巴的重要因素之一。

2.梦幻的创业团队CEO马云，高瞻远瞩的战略规划能力和执行能力，超强的凝聚力和领导才能。

CFO蔡崇信，华尔街多年投资机构的工作经历，奠定了风险投资者对阿里巴巴的信心。

CPO关明生，在国际管理领域有20几年的工作经验。

第一单元单选题1今年来，国际投资发展最快的产业部门是（））A.第一产业B.第二产业C.第三产业D.制造业21914年以前，在全球投资中最大输出国是（A.美国B.法国C.德国D.英国3总体来看，自20世纪80年代后半期以来，制造业在国际直接投资行业格局中的地位（）A.下降了B.提高了C.未发生显著变化D.一会高一会低4（）是国际直接投资的主体A.跨国公司B.跨国金融机构C.官方与半官方机构D.个人投资者5国际投资的根本目的是（）A.政治利益B.经济利益C.实现价值增值D.长期的战略性目标6国际货币基金组织认为，视为对企业实施有效控制的股权比例一般是（）A.10%B.25%C.35%D.50%7（）是当今发展中国家中吸引外资最多的国家。

A.中国B.巴西C.泰国D.南非8区分国际直接投资和国际间接投资的根本原则是（）A.股权比例B.有效控制C.持久利益D.战略关系9根据投资主体类型，国际投资可分为（）A.实物资产投资和无形资产投资B.官方投资和半官方投资C.对外投资和对内投资10二次世界大战前，国际投资是以（）为主A.证券投资B.实业投资C.直接投资D.私人投资第一单元判断题1国际投资一般而言较国内投资风险更大。

√2统计表明，国际直接投资较国际间接投资波动性更大。

国际投资的发展对世界经济的影响有百利而无一害。

×3×4近年来，发展中国家在吸收FDI 方面已超过发达国家，占据主要地位。

近年来，国际投资的发展很大程度上得益于政策的日益自由化。

中国援非建设不属于国际投资。

×5√6×7大三角地区是指：美国、北约、日本。

×8自20世纪80年代后半期以来，初级产品部门在国际直接投资行业格局中的地位未发生显著变化。

无形资产包括生产诀窍、管理技术、厂房、商标专利等。

×9×10国际投资不同于国际贸易和国际信贷，因为国际贸易主要是商品的流通的与交换，而国际信贷则主要是货币的贷放与回收。

2.金融自由化不包括(C) 监管自由化4.以下货币市场工具中，通常情况下哪一种的收益率最低(D) D. 银行承兑汇票5股票市盈率是(D)D. 股票市场价格/每股收益名词解释6.金融工具:P4金融工具是指标明交易双方权利、义务关系的书面凭证。

包括股票、债券、贷款和约和存单等，这些也被称作有价证券。

7.持续期持续期的含义有三条:(1)债券产生的现金的平均回收期；(2)债券价格对收益率的弹性；(3)修正的持续期又是债券价格对收益率的导数。

8.风险升水债券的风险性的上升导致债券的利率上升升水是指远期汇率高于即期汇率。

与贴水对应。

在通常情况下，银行报出的升贴水数只报两位或三位数。

如果是两位数，即为小数点后第三和第四位，如果报三位数，即为小数点后第二、三、和第四位数。

升贴水数的大小，两个数的排列次序也按升水或贴水而不同。

在直接标价法下，小数在前，大数在后，即为升水；在间接标价法下，若是小数在后，大数在前，即为升水。

简答题:13.假如你当前持有一份可赎回债券，该债券每年利息收入75元，买卖时经纪人收取35元手续费，政府收取20元的转手税。

债券公告说要在两年后以1050元价格将债券赎回，如果当前适当的贴现收益类是9%，请问该债券当前的市场价格应是多少？75/1.09+1125/1.09^2=1015.714.假定预期的市场收益率是15%，无风险收益率是5.7%，如果一个证券的贝塔系数是1.3，根据资本资产定价模型，该证券的预期收益率是多少？(5.7%)*1.3*15%=0.2061(则20.61%)15.假定2010年4月1日，你购买了一笔500份的黄豆期货合约，需要缴纳的初始保证金是10000元，每份合约的价格是200元，即该笔交易的总价值是100,000元。

在以下的三个交易日，该合约的结算价格分别是205、197元和190元(假定在此前你既没有提出也没有增加保证金。

再假定在这三个交易日中，亏损时，你会补足保证金；获利时，你会取走获利部分)。

（1）努力发展直接信用市场，改变直接信用和间接信用的比例（2）货币市场和资本市场要合理配置（3）进一步加快利率市场化的步伐（4）减少垄断，搞活金融市场。

2. 招商银行成立于1987 年，总部位于中国深圳，业务以中国市场为主。

截至2008 年12 月31 日，招行在中国境内设有44 家分行及623 家支行（含分理处），一个代表处（北京），一个信用卡中心，一个小企业信贷中心，1,567 家自助银行，离行式单台设备1,400 多台（ATM 和CDM），一家全资子公司——招银金融租赁有限公司。

招行高效的分销网络主要分布在长江三角洲地区、珠江三角洲地区、环渤海经济区域等中国相对富裕的地区以及其他地区的一些大城市。

招行在香港拥有永隆银行有限公司（以下简称“永隆银行”）和招银国际金融有限公司（以下简称“招银国际”）两家子公司，及一家分行，在纽约有一家分行和一个代表处，还与93 个国家及地区的1,756 家海外金融机构保持着业务往来。

招商银行并未采取跟随型产品定位战略，而是采取挑战型产品定位战略，在深入调查研究的基础上，进行市场细分，同时结合自身的优势和特点，寻求“人无我有、人有我新、人新我特”的产品定位战略。

结合具体银行的例子，论述商业银行管理理论的演变过程。

答案：商业银行是特殊的企业，有自己的经营管理理论。

随着经济环境的变化，银行自身业务的发展，其管理理论经历了资产管理、负债管理和资产负债管理演变过程。

（1）资产管理理论经历了三个不同的发展阶段：第一阶段，商业贷款理论（真实票据论）；第二阶段，可转换性理论；第三阶段，预期收入理论。

（2）负债管理理论是在金融创新中发展起来的理论。

负债管理理论的核心是，银行的流动性不仅可以加强资产管理获得，向外借款也可提供流动性，只要借款领域扩大，流动性就有保证。

而且，负债管理有效，则无须经常保有大量流动性资产，并可将资金投入到更有利可图的资产上，银行收益将提高。

负债管理存在的缺陷在与经营成本的提高可能给银行增加压力。

第一单元选择题1 计划投资若超过计划储蓄，那么（）。

A. 总供给将大于总需求B. 在未充分就业情况下将增加就业C. 将产生通货膨胀缺口D. 经济将处于非预期状态2 下列（）项不属于要素收入但被居民收到了。

A. 租金B. 银行存款利息C. 红利D. 养老金3 我们通常用下列哪项指标来反映人民生活水平的变化（）。

A. 实际国民生产总值B. 名义国民生产总值C. 人均实际消费额D. 人均实际国民生产总值4 某国有企业为其总经理购买一辆汽车和该企业支付给总经理一笔钱让他自己购买一辆汽车，在国民收入帐户中的区别在于（）。

A. 前者使投资增加，后者使消费增加B. 前者使消费增加，后者使投资增加C. 前者使政府购买增加，后者使消费增加D. 前者使消费增加，后者使政府购买增加5 一国的国内生产总值大于国民生产总值，则该国公民从国外取得的收入（）外国公民从该国取得的收入。

A. 大于B. 小于C. 等于D. 不能确定6 下列选项中，哪一项不属于总需求（）。

A. 政府支出B. 净出口C. 税收D. 投资7 如果个人收入是570美元，而个人所得税是90美元，消费是430美元，利息支付总额为10美元，个人储蓄为40美元，个人可支配收入则等于（）。

A. 500美元B. 480美元C. 470美元D. 400美元8 如果中国一个公司在国外建立一个工厂，那么这个活动将被（）。

A. 排除在中国的GNP外B. 全部计入中国的GDP内C. 只对中国的资本和劳动有贡献的那部分计算在中国的GNP内D. 计入中国的GDP，但不计入GNP9 若实际产出位于储蓄函数和投资曲线交点的左方，则（）。

A. 存在超额产出B. 存货中包含有非计划投资C. 计划储蓄多于计划投资D. 以上各项都是1 0 总支出由四个部分构成，以下哪一项不是这四个部分之一（ ）。

A. 消费B. 储蓄C. 投资D. 政府开支第一单元是非题1 私人家庭购买轿车在GDP 的核算中被计入投资。

一、判断题1.从价值形式的演变历史看，最早的价值形式是“扩大的价值形式”。

（X ）改正：从价值形式的演变历史看，最早的价值形式是“简单的价值形式”，然后才是“扩大的价值形式”。

2.商业信用是指企业之间在出售商品时以延期支付或预先支付货币的形式所提供的信用，是现代信用制度的基础。

（√）3.金融机构体系通过规模经营可以大大降低交易成本，推动资金资源的有效配置。

（X ）改正：债券是固定的契约，必须偿还本息，其中的利息一般是事前约定好的；而股票是一定的所有权，所以收益不固定，与企业盈利状况有关。

4.企业获得资金后，其盈利情况决定其能够支付给企业债券的持有人的利息，和支付给其普通股票的持有者的收益。

（×）改正：债券是固定的契约，必须偿还本息，其中的利息一般是事前约定好的；而股票是一定的所有权，所以收益不固定，与企业盈利状况有关。

5.商业银行的现金资产的流动性很高，一般包括库存现金、在中央银行的存款、存放同业存款几项。

（×）改正：商业银行的现金资产的流动性很高，一般包括库存现金，在中央银行的存款、存放同业存款、以及托收中的现金。

6.中央银行是发行的银行，所以除中央银行外任何其他金融机构的行为都不会影响货币供给。

（×）改正：中央银行是发行的银行，但是商业银行、公众都会参与到货币供给过程，发挥一定的影响。

7.在货币供给中，影响货币供应程度的包括中央银行和商业银行的行为。

（×）改正：货币供给由中央银行和商业银行以及企业居民的行为共同作用来决定。

居民的持有现金的选择也会影响到供给的过程。

8.外部时滞是指中央银行从认识到制订实施货币政策的必要性，到研究政策措施和采取行动经过的时间，中央银行对其很难控制。

（X ）改正：内部时滞是指中央银行从认识到制订实施货币政策的必要性，到研究政策措施和采取行动经过的时间，可通过中央银行效率的提高而缩短内部时滞。

外部时滞央行很难控制。

9.国家信用是国家以债权人的身份，借助债券而形成的一种信用形式。