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第二章国际投资理论第一节国际直接投资理论一、西方主流投资理论（一）垄断优势论：市场不完全性是企业获得垄断优势的根源，垄断优势是企业开展对外直接投资的动因。
市场不完全：由于各种因素的影响而引起的偏离完全竞争的一种市场结构。
市场的不完全包括：1.产品市场不完全2..要素市场不完全3.规模经济和外部经济的市场不完全4.政策引致的市场不完全。
跨国公司具有的垄断优势：1.信誉与商标优势2.资金优势3.技术优势4.规模经济优势（内部和外部）5.信息与管理优势。
跨国公司的垄断优势主要来源于其对知识资产的控制。
垄断优势认为不完全市场竞争是导致国际直接投资的根本原因。
（二）产品生命周期论：产品在市场销售中的兴与衰。
（三）内部化理论：把外部市场建立在公司内部的过程。
（纵向一体化，目的在于以内部市场取代原来的外部市场，从而降低外部市场交易成本并取得市场内部化的额外收益。
）（1）内部化理论的基本假设：1.经营的目的是追求利润最大化2.企业可能以内部市场取代外部市场3.内部化跨越了国界就产生了国际直接投资。
（2）市场内部化的影响因素：1.产业因素（最重要）2.国家因素 3.地区因素4.企业因素（最重要）（3）市场内部化的收益：来源于消除外部市场不完全所带来的经济效益，包括1.统一协调相互依赖的企业各项业务，消除“时滞”所带来的经济效益。
2.制定有效的差别价格和转移价格所带来的经济效益。
3.消除国际市场不完全所带来的经济效益。
4.防止技术优势扩散和丧失所带来的经济效益。
市场内部化的成本：1.资源成本（企业可能在低于最优化经济规模的水平上从事生产，造成资源浪费）2.通信联络成本3.国家风险成本4.管理成本当市场内部化的收益大于大于外部市场交易成本和为实现内部化而付出的成本时，跨国企业才会进行市场内部化，当企业的内部化行为超越国界时，就产生对外直接投资。
（四）国际生产折衷理论：决定跨国公司行为和对外直接投资的最基本因素有所有权优势、内部化优势和区位优势，即“三优势范式”。
第二章股票第一节股票的特征与类型一、股票概述(一)股票的定义股票是一种有价证券，它是股份有限公司签发的证明股东所持股份的凭证。
(二)股票的性质1．股票是有价证券。
2．股票是要式证券。
3．股票是证权证券。
4．股票是资本证券。
5．股票是综合权利证券。
(三)股票的特征1．收益性。
2．风险性。
3．流动性。
4．永久性。
5．参与性。
二、股票的类型(一)普通股票和优先股票按股东享有权利的不同(二)记名股票和无记名股票股票按是否记载股东姓名l记名股票。
(1)股东权利归属于记名股东。
(2)可以一次或分次缴纳出资。
(3)转让相对复杂或受限制。
(4)便于挂失，相对安全。
2无记名股票。
(1)股东权利归属股票的持有人(2)}人购股票时要求一次缴纳出资。
(3)转让相对简便。
(4)安全性较差(三)有面额股票和无面额股票按是否在股票票面上标明金额。
1. 有面额股票。
(1)可以明确表示每一股所代表的股权比例。
(2)为股票发行价格的确定提供依据。
2无面额股票。
(1)发行或转让价格较灵活(2)便于股票分割。
三、与股票相关的部分概念股份公司资本管理事项中经常要涉及公司股票，常见的包括：(一)股利政策股利政策是指股份公司对公司经营获得的盈余公积和应付利润采取现金分红或派息、发放红股等方式回馈股东的制度与政策。
1．现金股利。
现金股利指股份公司以现金分红方式将盈余公积和当期应付利润的部分或全部发放给股东，股东为此应支付利息税。
2．股票股利。
股票股利也称送股，是指股份公司对原有股东采取无偿派发股票的行为，把原来属于股东所有的盈余公积转化为股东所有的投入资本，实质上是留存利润的凝固化、资本化，股东在公司里占有的权益份额和价值均无变化。
获取股票股利暂免纳税。
3．4个重要日期：(1)股利宣布日，即公司董事会将分红派息的消息公布于众的时间。
(2)股权登记日，即统计和确认参加本期股利分配的股东的口期，在此日期持有公司股票的股东方能享受股利发放。
(3)除息除权日，通常为股权登记日之后的1个工作日，本日之后(含本日)买入的股票不再享有本期股利。
《投资学》第2章金融市场与金融工具在当今的经济社会中，金融市场和金融工具扮演着至关重要的角色。
它们不仅是资金融通的重要渠道，也是投资者实现财富增值和风险管理的重要手段。
金融市场，简单来说，就是资金供求双方进行资金交易的场所。
它可以分为不同的类型，比如按照交易期限的长短，可分为货币市场和资本市场。
货币市场主要是进行短期资金融通的市场，交易的金融工具期限通常在一年以内，像国库券、商业票据、银行承兑汇票等。
这些工具具有流动性强、风险低的特点。
而资本市场则是长期资金交易的场所，包括股票市场、债券市场等，交易的金融工具期限较长，如股票、长期债券等，其风险相对较高，但潜在的收益也可能更大。
金融市场还可以按照交易对象的不同，分为现货市场和期货市场。
现货市场中，交易是即时进行的，买卖双方当场成交并交割。
而期货市场则是交易双方在未来某个约定的时间按照约定的价格进行交易，它的主要作用是帮助投资者进行套期保值和价格发现。
再来说说金融工具。
金融工具是在金融市场中可交易的金融资产，它是资金融通的载体。
常见的金融工具包括股票、债券、基金、期货、期权等。
股票，作为一种重要的金融工具，代表着对公司的所有权。
投资者购买股票，就成为了公司的股东，有权分享公司的利润，同时也要承担公司经营风险。
股票的价格会受到公司业绩、宏观经济环境、行业发展等多种因素的影响，具有较高的不确定性和波动性。
债券则是一种债务工具，是发行者向投资者借款的一种凭证。
债券通常有固定的利率和到期日，投资者在到期时可以收回本金和利息。
相比股票，债券的风险较低，但收益也相对较稳定。
基金是一种集合投资工具，它通过汇集众多投资者的资金，由专业的基金经理进行投资管理。
基金的种类繁多，有股票型基金、债券型基金、混合型基金等，可以满足不同投资者的风险偏好和投资目标。
期货和期权则是金融衍生品，它们的价值取决于基础资产的价格变动。
期货合约是双方约定在未来某个特定时间以特定价格买卖一定数量的某种商品或金融资产的标准化合约。
1. 28.Assume that you invest $5000 for 30 years in an account that pays an interest rate of 8.5% per year with annual compounding. The amount of interest-on-interest earned is?(1.0分)A.a)67,750B.b)52,791C.c)57,791D.d)40,041E.e)60,0002. 29.Consider a stock that has an expected return of 10% and standard deviation of 14%. Assuming that future returns will resemble past returns, an investor can expect 95% of actual future returns to lie between(1.0分)A.a) -10% and 24%B.b) 10% and 14%C.c) -32% and 52%D.d) -4% and 24%E.e) -18% and 38%3.Assume that you invest $5000 for 30 years in an account that pays an interest rate of8.5% per year with annual compounding. The amount of simple interest earned is?A.a) $67,750B.b) $12,750C.c) $57,791D.d) $40,041E.e) $60,0004. 18.If U.S. firms increase their debt/total capital ratios, it will very likely cause required returns to(1.0分)A. a)Increase and change the slope of the capital market line (CML).B. b)Increase and cause a movement up along the capital market line (CML).C. c）Remain unchanged and cause a parallel shift of the capital market line (CML).D. d) Decrease and change the slope of the capital market line (CML).E. e)Decrease and cause a movement down along the capital market line (CML).5. 17.The following would be an example of systematic risk:(1.0分)A.a) Changes in interest rates.B.b) Management decisions.C.c) Stability of sales.D.d) The amount of debt financing.E.e) Liquidity.6. 16.The nominal risk free rate is influenced by the following factors:(1.0分)A.a) Inflationary expectations and capital market conditions.B.b) Business risk and financial risk.C.c) Investment opportunities and time preference for consumption.D.d) All of the above.E.e) None of the above.7. 15.If a significant change is noted in the yield of a T-bill, the change is most likely attributable to:(1.0分)A.a) A downturn in the economy.B.b) A static economy.C.c) A change in the expected rate of inflation.D.d) A change in the real rate of interest.E.e) A change in risk aversion.8. 14.The real risk free rate is influenced by the following factors:(1.0分)A.a) Inflationary expectations and capital market conditions.B.b) Business risk and financial risk.C.c) Investment opportunities and time preference for consumption.D.d) All of the above.E.e) None of the above.9. 13.The coefficient of variation is a measure of(1.0分)A.a) Central tendency.B.b) Absolute variability.C.c) Absolute dispersion.D.d) Relative variability.E.e) Relative return.10. The nominal risk-free rate is influenced by the relative ease or tightness in the capital markets and the unexpected rate of inflation.A.a)TrueB.b)False11. 24.Assume that you invest $1000 for 15 years in an account that pays an interest rate of 7% per year with annual compounding. Calculate the proportion of the total value of the account that can be attributed to interest-on-interest, at the end of 15 years.(1.0分)A.a) 100%B.b) 38.06%C.c) 36.24%D.d) 25.70%E.e) 0%12. 12.When rates of return on a security have a high standard deviation then(1.0分)A.a) Arithmetic mean will equal geometric meanB.b) The difference between arithmetic mean and geometric mean will be large.C.c) The difference between arithmetic mean and geometric mean will be small.D.d) Geometric mean will exceed arithmetic mean.E.e) None of the above.13. 11.The return relative is calculated as(1.0分)A.a) (1 – HPR)B.b) (1 + HPR)C.c) (1 – HPR)^nD.d) (1 + HPR)^nE.e) (1 – (Income + Price Change))14. 10.The risk premium is a function of sales volatility, financial leverage, and inflation.(1.0分)A.TureB.False15. 9.Widening interest rate spreads indicate a flight to quality.(1.0分)A.TureB.False16. Two measures of risk are the standard deviation and the variance.A.a)TrueB.b)False17. 8.Historically return relatives are used to measure the risk for a series of historical rates of return.(1.0分)A.TureB.False18. 7.The coefficient of variation is the expected return divided by the standard deviation of the return.(1.0分)A.TureB.False19. 6.When rates of return are the same for all years,the geometric mean and the arithmetic mean will be the same. (1.0分)A.TureB.False20. 5.The geometric mean of a series of returns is always larger than the arithmetic mean and the difference increases with the volatility of the series.(1.0分)A.TureB.False21. 4.The geometric mean is the nth root of the product of the annual holding period returns for N years minus one.(1.0分)A.TureB.False22. The expected rate of return is the summation of the possible returns divided by the probability of each return in the summation.A.a)TrueB.b)False23. 3.The holding period return (HPR) is equal to the return relative stated as a percentage.(1.0分)A.TureB.False24. 2.The sources of investment returns are dividends and interest.(1.0分)A.TureB.False25. An investor should expect to receive higher returns from taking on lower risks(1.0分)A.TureB.False26. The the variance of returns, everything else remaining constant, the dispersion of expectations and the risk.A. a) Smaller, greater, lowerB. b) Smaller, greater, greaterC. c) Larger, greater, lowerD. d) Larger, smaller, higherE. e) Larger, greater, higher27. Which of the following conditions would not lead an investor to seek a risk premium?A.a) A low level of liquidity in the chosen investment instrumentB. b)A high level of volatility in the sales of the firm invested inC. c) A high level future investment opportunitiesD. d) A high standard deviation in possible returnsE. e) A large investment in risk-free assets28. The risk premium formulated as a function ofbusiness risk,liquidity risk, financial risk,exchange rate risk, and country risk is the risk premium formulated as a function of systematic market risk.A. Greater thanB. Less thanC. Approximately equal toD. TwiceE. One half29. Which of the following is not a component of the risk premium?A. a) Business riskB. b) Financial riskC. c) Unsystematic market riskD. d) Exchange rate riskE. e) Liquidity risk30. If there is a significant change (increase or decrease) in the yield spread between Baa and Aaa rated bonds, it will very likely cause a change in the required rate of return forcommon stocks, thus resulting in(1.0分)A. a) A change in the slope of the security market line (SML).B. b) A movement along the security market line (SML)C. c) A parallel shift of the security market line (SML)D. d) All of the aboveE. e) None of the above31. If there is a change in the expected rate of inflation, it will very likely cause a change in the required rate of return for various assets, thus resulting in:(1.0分)A. a) A change in the slope of the security market line (SML).B. b) A movement along the security market line (SML)C. c) A parallel shift of the security market line (SML)D. d) All of the aboveE. e) None of the above32. At the beginning of the year a U.K. investor purchased shares of a U.S. company at $25 per share. At this time the exchange rate was ₤0.69 per dollar. At the end of the year, the investor sold the shares at $22 per share, and the exchange rate is ₤0.85 per dollar. What is the home country (U.K.) HPR?(1.0分)A.a)-8.41%B.b)-12%C.c)23.19%D.d)13.64%E.e)-18.82%33. At the beginning of the year a U.S. investor purchased shares of a U.K. company at ₤15per share. At this time the exchange rate was $1.44 per pound. At the end of the year, the investor sold the shares at ₤20 per share, and the exchange rate is $1.15 per pound. What is the home country (U.S.) HPR?A.a)33%B.b)79.86%C.c)6.48%D.d)1.33%E.e)1.048%34.The table provided below provides the probability of outcomes for various states of the economy and the corresponding rates of return for a securityEconomic Status Probability Rate of ReturnWeak Economy 0.10 -5%Static Economy 0.65 5%Strong Economy 0.25 10%What is your coefficient of variation (CV) for the next year?A.a)0.576B.b)0.676C.c)0.766D.d)0.876E.e)0.97635.The table provided below provides the probability of outcomes for various states of the economy and the corresponding rates of return for a securityEconomic Status Probability Rate of ReturnWeak Economy 0.10 -5%Static Economy 0.65 5%Strong Economy 0.25 10%What is your standard deviation (SD) for the next year?(1.0分)A.a)2.042%B.b)4.023%C.c)8.250%D.d)16.750%E.e)32.500%36.The table provided below provides the probability of outcomes for various states of the economy and the corresponding rates of return for a securityEconomic Status Probability Rate of ReturnWeak Economy 0.10 -5%Static Economy 0.65 5%Strong Economy 0.25 10%What is your expected rateof return [E(R i)]for next year?A.a)4.25%B.b)5.25%C.c)6.25%D.d)7.25%E.e)8.25%37. 26. Assume that you invest $5000 for 30 years in an account that pays an interest rate of 8.5% per year with annual compounding. The total value of your investment at the end of 30 years is?(1.0分)A.a) $67,750B.b) $52,791C.c) $57,791D.d) $40,041E.e) $60,00038.25.Given the following returns and return relatives over the past four years, compute the arithmetic mean (AM) and geometric mean (GM) rates of return.Period Returns Return Relativet10.05 1.05t2-0.10 0.90t30.11 1.11t4-0.02 0.98(1.0分)A.a) AM = 4.000%, GM = 1.010%B.b) AM = 1.000%, GM = 0.692%C.c) AM = 0.692%, GM = 4.000%D.d) AM = 1.000%, GM = 1.0692%E.e) AM = 4.000%, GM = 0.0692%39. 23.At the beginning of theyear an investor purchased 100 shares of common stock from ABC Corporation at $10 per share. During the year, the firm paid dividends of $1 per share. At theend of the year, the investor sold the 100 shares at $11 per share. What is the HPR?(1.0分)A.a) 1.20%B.b) 5.50%C.c) 12.00%D.d) 20.00%E.e) 30.00%40. 22.The HPR on a security is 3%. If the holding period is 4 weeks , the annualized HPR is (1.0分)A.a) 39.15%B.b) 78.87%C.c) 46.85%D.d) 158.25%E.e) 52.25%41. 21.The HPR on a security is 6.5%. If the holding period is 1 month, the annualized HPR is (1.0分)A.a) 113%B.b) 78%C.c) 65%D.d) 6.5%E.e) 1.129%42. 20.A parallel shift in the capital market line (CML) is caused by changes in the following factors: (1.0分)A.a) Expected real growth in the economy.B.b) Capital market conditions.C.c) Expected rate of inflation.D.d) All of the above.E.e) None of the above.43. 19.An increase in the slope of the Capital Market Line (CML) is caused by(1.0分)A.a) Changes in business risk.B.b) Changes in financial risk.C. c) Changes in the attitudes of investors toward riskD.d) Changes in systematic risk.E.e) Changes in unsystematic risk.。
