北大金融——北大光华管理学院金融考研真题精讲

光华金融——北大光华管理学院金融学考研资料精讲各位考研的同学们，大家好！我是才思的一名学员，现在已经顺利的考上北大管理学院，今天和大家分享一下这个专业的真题，方便大家准备考研，希望给大家一定的帮助。

139、价格--消费曲线（Pric-consumption curve）价格--消费线是把与在一种商品的各种价格下消费者所选择的市场篮子相对应的各个均衡点连接而成的一条曲线。

140、价格歧视（Price discrimination）价格歧视是指这样一种做法，出售同一种商品，厂商向一个买者索取的价格高于其他的买者。

141、富有价格弹性（Price elastic）如果需求的价格弹性大于1，那么商品的需求就是富有价格弹性。

142、需求的价格弹性（Price elasticity of demand）需求的价格弹性是指价格变化1％导致的需求量变化的百分比（习惯上通常以正数表示）。

143、供给的价格弹性（Price elasticity of supply)供给的价格弹性是指价格变化1％导致的供给量变化的百分比。

144、最低限价（Price floor）最低限价是指政府对某种商品所规定的最低价格。

例如，联邦农业计划规定了小麦和玉米的最低价格。

145、缺乏价格弹性(Price inelastic）如果需求的价格弹性小于1，那么商品的需求就是缺乏价格弹性。

146、价格领导者（Price leader）价格领导者是指在寡头垄断的行业中制定价格并且其他厂商愿意跟随的厂商。

147、价格系统（Price system）在价格系统下，商品和服务都有一个价格，在纯粹的资本主义经济中价格执行一个经济系统的基本职能（决定生产什么、怎样生产、每个人应该得到多少以及一个国家的增长率应该是多少）。

148、委托--代理问题（Principal-agent problem）由于经理或工人可能会追求自己的目标，即便这样做会减少企业所有者的利润，从而导致了委托--代理问题。

北大光华金融硕士专业课考研试题回忆昨天考完，心情比较纠结。

等了一天的时间，想看看有没有分享光华专业课试题的朋友，或者大家一起探讨一下答案，可是目前还没有什么动静，我在这就权当抛砖引玉了吧，也希望能给准备明年考的同学带来一些帮助。

金融硕士的专业课有两部分，一部分是微观经济学，一部分是统计学。

记得微观5道题，统计3道题。

其中微观：第一题亘古不变的考了消费者选择理论，推导消费者对两种商品的最优选择，然后根据这个最优选择推导这两种商品是否是奢侈品，然后再推导是否是吉芬品，说明理由。

第二题考了垄断，市场上有两类消费者，分别给出了需求函数，第一类消费者有10人，第二类消费者有20人，然后问如果垄断厂商采取两部价格定价，并且要使两类消费者都购买，垄断厂商应该如何制定入场费和边际价格；如果只需要保证一种消费者购买，应该如何制定价格策略；最后对比保留两种消费者和保留一种消费者哪个更好。

第三题记得考了厂商理论，一个厂商是价格接受者，给出成本函数，推导供给曲线。

当市场上变成了两个厂商时，平均供给与价格的关系；变成4个时，平均供给与价格的关系；变成无穷多个时平均供给与价格的关系....最后给出了需求函数，求市场均衡，并且指出市场均衡唯一存在条件。

第四题考了古诺均衡和何芬达尔指数，给出H指数的表达式，然后问如果市场上存在n个厂商，在这n个厂商古诺均衡时，证明一个所有厂商总利润与H指数和需求弹性的等式。

然后再这个基础之上将等式变形，指出如何推导。

第五题考了博弈论，有k个目击者，看到了一个犯罪分子，当有人告发时，则犯罪分子会被抓住，此时目击者效用为4；但是目击者都很忙，如果去告发，效用会-1，如果犯罪分子逍遥法外，目击者效用为0，然后问这个博弈的所有纯策略纳什均衡；当k=2时的混合策略纳什均衡；当有k个目击者时的混合策略纳什均衡，并问此时囚犯被抓住的概率（k的函数）。

接下来是统计部分；第一题给出两个总体，分别抽取n1与n2个样本，问u=u1-u2的矩估计；这个距估计的方差；当n1+n2=100时，如何分配能使方差最小。

Principles of FinanceLecture 06Forward and Futures ContractsThe Nature of Derivatives∙ A derivative is an instrument whose value depends on the values of other more basic underlying variables∙Examples of derivatives-F orward-F utures-O ptions-S waps……Derivative Markets ∙Exchange Traded-Standard products-Trading floor or computer trading-Virtually no credit risk∙Over-the-Counter (OTC)-Non-standard products-Telephone market-Credit riskForward Contracts∙ A forward contract is an agreement made today to buy or sell an asset at a certain time in the future for a certain price (referred to as the forward price or the delivery price)∙The delivery price is usually chosen so that the initial value of the contract is zero; No money changes hands when contract is first negotiated and it is settled at maturity∙An OTC agreement between two parties and both parties are subject to credit risk∙Both parties have the obligation to honor the contractSettlement of Forward Contracts∙Physical: requires delivery of actual assets∙ Cash settled: requires only the exchange of the difference between the delivery price and the prevailing spot price at maturity∙Suppose that:Long 3-month Gold forwardDelivery price $300Spot price at t = 3 months: $320P/L from a Long Forward PositionS, TP/L from a Short Forward PositionSTFutures Contract∙Futures are standardized forward contracts.∙Whereas a forward contract is traded OTC a futures contract is traded on an exchange∙Specifications need to be defined:-The underlying asset-Delivery location-Maturity date and delivery time-Method of settlement∙Most contracts are closed out before maturityFeatures Promoting Liquidity ∙Standardized Contract-Maturity dates-Contract size-Price tick size, i.e. minimum price movement-The underlying asset (especially commodities) ∙Organized exchangesFeatures Reducing Credit Risk∙Daily settlement: Futures contracts are marked to market and settled at the end of every business day∙Margin account: To buy or sell a futures contract, the investor is required to post a specified margin to guarantee contract performance∙Clearinghouse: The clearinghouse does not take a position in any trade but interpose itself between two parties in every transactionMargin Accounts∙ A margin is cash or marketable securities deposited by an investor with his or her broker∙The balance in the margin account is adjusted to reflect daily settlement (profit or loss)∙Initial margin: The amount a trader must deposit into his/her trading account (i.e. margin account) when establishing a futures position∙When the balance in the margin account falls to, or below, a maintenance margin level, the trader receives a margin call and is requested to top up the account to the initial level. The extra funds deposited are known as a variation margin∙If the balance in the margin account exceeds the initial margin level, the trader is entitled to withdraw the excess funds in the accountExample of the Margin Account ∙An investor takes long position in $/£ futures∙Contract size: £62,500∙Initial margin: 1,485$∙Maintenance margin: 1,100$Date SettlementPrice OpeningBalance($)DailyP/L ($)ClosingBalance($)Margincall ($)Cumulative P/L ($)1.6500 1,48501/11 1.6508 1,485 50 1,535 50 02/11 1.6412 1,535 -600 935 550 -550 03/11 1.6384 1,485 -175 1,310 -725 04/11 1.6456 1,310 450 1,760 -275 05/11 1.6492 1,760 225 1,985 -50The Economic Function of Futures MarketsThe futures markets facilitate the re-allocation of exposure to commodity price risk among market participants.By providing a means to hedge the price risk associated with storing a commodity, futures contracts make it possible to separate the decision of whether to physically store a commodity from the decision to have financial exposure to price changes.The Economic Function of Futures MarketsThe existence of the futures market for wheat conveys information to all producers, distributors, and consumers; and this eliminates the necessity for market participants to gather and process information in order to forecast the future spot priceSuppose the commodity is wheat, and next year’s crop is expected to be much higher than average, then futures prices may be lower than the spot, (the spread may be negative,) nobody will store wheat.The Law of One Price and Arbitrage∙In a competitive market, if two assets are equivalent they will tend to have the same price∙The law of one price is enforced by a process called arbitrage∙Arbitrage is the purchasing of a set of assets, and immediate sale of another set of assets, in such a way as to earn a sure profit from price differences∙Arbitrage process brings two equivalent assets to the same price, this is known as market clearing.An Arbitrage Opportunity?∙Shares of General Motors (GM) are listed on both NYSE and LSE ∙The quoted price is £100 in London and $148 in New York∙The current exchange rate is $1.4500/£∙An arbitrage opportunity?Another Arbitrage Opportunity?∙There are two investment portfolios: portfolio A and portfolio B∙The payoffs at maturity are as follows:State 1 State 2Portfolio A $70 $100Portfolio B $70 $100∙The current quoted price of portfolio A is $80 and the current quoted price for portfolio B is $82∙An arbitrage opportunity?Framework for Forward/Future Pricing ∙Future price: price of the future∙Spot price: price of the underlying asset at present∙Future spot price: price of the underlying asset in the futureFramework for Forward/Future Pricing Suppose you have some spare cash, and you want to invest it in gold in a year’s time. There are 2 ways to do it:A.Buy gold at the spot price with your money, store it for a year(which means you incur some storage costs), sell it at the future spot price.B.Enter into a forward/future contract of gold, put your money in abank for a year, buy A at the forward/future price in the end of the year, sell it at the future spot price.Since the two strategies are equivalent, they must provide the same return so that there are no arbitrage opportunities.Framework for Forward/Future PricingDenote S as the spot price of gold, F as the forward/future price of gold, FS as the future spot price of gold, s as the storage cost of gold as a fraction of spot price, r as the risk-free interest rate:Return of A: FS S s S -- Return of B: FS FrS -+FS S FS Fs rS S---=+Therefore: (1)F r s S =++Framework for Forward/Future Pricing∙Forward price must be arbitrage-free∙Suppose that-The spot price of gold is US$300-The 1-year US$ interest rate is 8% per annum with annual compounding-Storage costs 2% of gold.-The forward-spot-price-parity relation implies that the one-year forward price is:+=++F⨯rs=S+08)30033002.0)1(.01(=∙Forward prices above $330 permit arbitrage-Suppose the forward price is $340-At time t = 0- Sell gold forward at $340- Borrow $300 at 8% pa- Purchase gold in the spot market at $300, store for a year (storage costs $6)-At time t = 1 year- Deliver gold and receive $340-Pay back loan with interest ($324)-Pay storage cost: ($6)- Make a profit of $10: 340-324-6=10∙Forward prices below $330 permit arbitrage-Suppose the forward price is $320-At time t = 0-Buy gold forward at $320-Sell short gold in the spot market at $300 (borrow gold and sell it immediately)-Deposit $300 at 8% pa-At time t = 1 year-Accept delivery of gold for $320: ($320)-Return the gold and receive storage cost: $6-Receive deposit with interest of $324-Make a profit of $10: 324+6-320=10Financial FuturesThe underlying asset of a financial future is a financial instrument, e.g. stock, bond, foreign currency, etc.Example: Share A has a spot price of $100 (S=100), the risk-free interest rate is 8% (r=0.08) with annual compounding, what’s the forward price?Forward-spot-price-parity for a share with no dividend with maturity of T years:T1(+=SrF)Financial FuturesThe investor has two equivalent investment strategies:1.buy one share A, hold it for a year, and sell it at the future spotprice of 1S. Cash flow in a year’s time: 1S2.buy a forward/future contract of share A at the price of F, make adeposit in a risk-free asset with future value of F, take the money out after a year, and buy the share at F, sell it in the market at the future spot price of 1S. Cash flow in a year’s time: 1SThe law of one price says that they should have the same price today since they produce the same amount of cash flow in a year’s time!Financial FuturesPrice of strategy 1: the spot price of share A: SPrice of strategy 2: the amount of cash invested into the risk-free asset so as to generate F in a year’s time: F/(1+r)Therefore: S=F/(1+r)Rearranging, we have:F+=S)1(rIf the futures contract matures in T years, it becomes:T=1(+rSF)Financial FuturesWhat if share A pays dividend of D in a year’s time?Again the investor has two equivalent strategies:Strategy 1: buy share A at the spot price S, hold it for one year, receive dividend of D, and sell the share at the future spot price of S. Cash flow in a year’s time: 1S+ D1Strategy 2: buy a forward/future contract at the price of F, make an investment in a risk-free asset with future value of F+D, take the money out after a year, buy the share at F, sell it in the market at the future spot price of 1S. Cash flow in a year’s time: 1S+DFinancial FuturesPrice of strategy 1: the spot price of share A: SPrice of strategy 2: the amount of cash invested into the risk-free assetso as to generate F+D in a year’s time (F+D)/(1+r)Applying the law of one price, we have: S=(F+D)/(1+r) Rearranging, we have the forward-spot-price-parity of a share with dividend payment:F=S(1+r)-DThe Forward Price is not a Forecast of Future Spot Price The forward price is obtained without risk from the current spot and risk free investmentThe spot value at a future date is obtained by investing in the security and accepting (market) risk, and this risk must be rewardedFX Forward RateDefine HC r and FC r as the effective interest rates at home andabroadFCHCr r S F ++=11where F and S are defined as the number of units of HC per unit of FC. For example, suppose £1=$1.6, then F =1.6 and $r r HC =, £r r FC = if you are buying a pound future; F =0.625 and £r r HC =, $r r FC = if you are buying a dollar future.The FX Forward RateSuppose an investor wants to buy a futures contract of pound sterling at F , i.e. he can buy pound at the price of £1=$F in a year’s time. The spot price of pound is S , i.e. £1=$S . So here pound is the foreign currency, dollar is the home currency. The risk-free interest rates are: $r r HC =, £r r FC =. What is the proper price of the future contract?The investor has two equivalent strategies: Stragegy 1:At t=0: Enter into a futures contract of pound with futures price of F . Cash flow: 0At t=1: Buy pound at F . Cash flow: FThe FX Forward RateStrategy 2:At t=0: Borrow )1/(£r S + of US dollars, change into £1/(1)r + of pounds, put it in a bank at the pound interest rate. Cash flow: 0At t=1, take the money out (in pound), pay back the dollar loan. Cashflow: $£11r Sr ++The FX Forward RateSince the two strategies both will give you one pound in a year’s time, the law of one price says that they have the same price, i.e. the amount of investment of these two strategies must be the same:$£11r F Sr +=+More generally:FCHCr r SF ++=11Pricing FX Forward Contract∙ Suppose that:Spot $/£: 1.4222One-year $ interest rate: %00.5 per annum with annual compounding One-year £ interest rate: %00.6 per annum with annual compounding∙ The six-month £ forward rate:415.10296.010247.014222.11111£$=++⨯=++=++=r r S r r S F FC HCAs a rule of thumb, if the foreign currency offers a higher interest rate, the future price of the foreign currency will be lower than the spot price.Corporate Applications: Hedging∙Receive FC payment at a future date ⇒ sells FC forward short∙Boeing has just sold 10 Boeing-747s to British Airways with total price of £200m payable in one year’s time∙Boeing can hedge this cash flow in £ by selling £ forward short∙If the one-year forward rate is $1.60/£, so Boeing will receive $320m no matter how exchange rate $/£ movesCorporate Applications: Hedging∙Make FC payment at a future date ⇒ buys FC forward (long)∙An US company imported some goods from Switzerland and is due to pay SFr100m in six months’ time∙The company can hedge its exposure to SFr by buying SFr forward. The six-month forward rate is SFr1.54/$, so the company is required to pay $64.94mThe Role of Expectations in Determining Exchange Rates Consider a world in which there are two countries, Domestic & Foreign, and conditions are such in each country that the yield curves are flat, with yields of 5% and 10% respectively.Further assume that the exchange rate is 1 todayThe 1-year forward is 1*1.05/1.10=0.9545The Role of Expectations in Determining Exchange Rates If the interest rate in Foreign is higher than in Domestic, one explanation may be that the rate of inflation is higher.Assume no taxes, and the interest rate difference is the result inflation being 5% and 10% respectively.Then the price dynamics of both countries will result in an exchange rate of 0.9545 next year, which is also the forward rate.The Role of Expectations in Determining Exchange Rates In real life, things are not so simple, but several mechanisms may be postulated that support the expectations hypothesis.International investor confidence, and their forecasts of inflation, place price pressure on both spot and forward exchange rates through the international bond market。

目　录2017年北京大学光华管理学院431金融学综合[专业硕士]考研真题（回忆版）2018年北京大学光华管理学院431金融学综合[专业硕士]考研真题（微观经济学、统计学部分回忆版）2017年北京大学光华管理学院431金融学综合[专业硕士]考研真题（回忆版）第一部分：微观经济学（本部分4道大题，共75分）1（15分）考虑下面三种情形，并分别作答：（1）一个消费者消费牛肉（b）和胡萝卜（c），她的效用函数为U（b，c）＝b0.5c0.5，她对于两种商品的初始禀赋为2公斤牛肉和3公斤胡萝卜，她可以在市场上出售自己的禀赋。

请问是否存在一组市场价格使她愿意直接消费自己的禀赋。

（2）一个消费者消费饮料（b）和薯片（c），他的效用函数是U（b，c）＝min{b，c}，他对于两种商品的初始禀赋为2公斤薯片和三升饮料，他可以在市场上出售自己的禀赋。

请问是否存在一组市场价格使她愿意直接消费自己的禀赋。

（3）护林员甲住在祁连山深处，他消费两种产品，汽油和牛肉面。

由于他的住处距离最近的牛肉面馆30公里，去吃面要开车前往，他每天必须先消费6升汽油，余下的钱全部用于购买牛肉面。

请问他的偏好可以用无差异曲线描述吗？如果可以，请画图。

2（15分）一个农民有10000元资金，年初他可以用来购买水稻种子（s）以及保险（i）。

如果该年天气好，他可以消费水稻种植的产出，产出的大米量（公斤）为y＝10s0.5；如果天气不好则水稻绝收，他的消费完全来自保险公司的理赔，保险公司就每份保险赔付给他1公斤大米。

天气好的概率π＝0.8，种子价格（p）为每公斤1元，保险价格（q）为2元一份。

（1）假设农民的效用函数为U＝πln（C1）＋（1－π）ln（C2），C1和C2分别是天气好和天气不好时的大米消费量。

请问他会买多少公斤种子，多少份保险？（2）假设该农民的效用函数为U＝min{ln（C1），ln（C2）}，请问他会买多少公斤的种子？3（15分）假设城市W由两座电厂（A和B）提供电力。

2020年北大光华金融硕士研究生招生考试专业课试题说明：金融专业方向：微观经济学为必答题，统计学、金融学二选一作答商业分析方向：微观经济学、统计学为必答题一、微观经济学(共计75分)1.（15分）B城的市民有两种出行方式：公共交通和私家车。

为鼓励绿色出行，B城补贴市民的公共交通花销，其补贴力度为原价格的50%。

即本需要花费pp11元/公里的线路在补贴后只需要花费0.5pp11元/公里即可。

假设B城的市民平均每月出行的公共交通通勤里程为xx11公里，私家车里程为xx22公里。

私家车出行的成本为pp22元/公里。

市民从出行中获得的效用为u(xx11,xx22)=xx1100.22xx2200.88。

现有专家提出，为缓解高峰时段公共交通运力不足，建议取消公共交通价格补贴，使得价格恢复为pp11元/公里。

但这样会使市民的出行效用降低，所以建议每月给每一位市民一笔固定的收入补贴s元。

政府的目标是花最少的钱使市民的效用在补贴前后无差异。

（1）（5分）为了使得市民的效用水平在补贴方式改变前后没有差异，s最少应为多少？（2）（5分）改为固定收入补贴之后市民选择的出行方式xx11和xx22为多少？（3）（5分）哪一种补贴方式对政府的财政负担较小，价格补贴还是固定收入补贴？差异为多少元？2.（20分）一个小商贩在小车上售卖两种商品，冰激凌和汽水。

他认为未来一周高温和气温正常的概率相等。

此小商贩对收入的效用为u(w)=√ww。

如果他全部售卖冰激凌，则如果未来一周发生高温，收入为2500元；如果气温正常，收入为400元。

如果他全部售卖汽水，则如果未来一周发生高温，收入为1600元；如果气温正常，收入为900元。

（1）（10分）该小贩应怎样组合冰激凌和汽水的售卖比例αα和1-αα，使得期望效用最大？（2）（10分）有一个保险给只卖冰激凌的商贩设立。

保险的保费为每周400元。

如果气温不高（即气温正常），则保费赔付800元。

目　录2017年北京大学光华管理学院431金融学综合[专业硕士]考研真题（回忆版）2018年北京大学光华管理学院431金融学综合[专业硕士]考研真题（微观经济学、统计学部分回忆版）2017年北京大学光华管理学院431金融学综合[专业硕士]考研真题（回忆版）第一部分：微观经济学（本部分4道大题，共75分）1（15分）考虑下面三种情形，并分别作答：（1）一个消费者消费牛肉（b）和胡萝卜（c），她的效用函数为U（b，c）＝b0.5c0.5，她对于两种商品的初始禀赋为2公斤牛肉和3公斤胡萝卜，她可以在市场上出售自己的禀赋。

请问是否存在一组市场价格使她愿意直接消费自己的禀赋。

（2）一个消费者消费饮料（b）和薯片（c），他的效用函数是U（b，c）＝min{b，c}，他对于两种商品的初始禀赋为2公斤薯片和三升饮料，他可以在市场上出售自己的禀赋。

请问是否存在一组市场价格使她愿意直接消费自己的禀赋。

（3）护林员甲住在祁连山深处，他消费两种产品，汽油和牛肉面。

由于他的住处距离最近的牛肉面馆30公里，去吃面要开车前往，他每天必须先消费6升汽油，余下的钱全部用于购买牛肉面。

请问他的偏好可以用无差异曲线描述吗？如果可以，请画图。

2（15分）一个农民有10000元资金，年初他可以用来购买水稻种子（s）以及保险（i）。

如果该年天气好，他可以消费水稻种植的产出，产出的大米量（公斤）为y＝10s0.5；如果天气不好则水稻绝收，他的消费完全来自保险公司的理赔，保险公司就每份保险赔付给他1公斤大米。

天气好的概率π＝0.8，种子价格（p）为每公斤1元，保险价格（q）为2元一份。

（1）假设农民的效用函数为U＝πln（C1）＋（1－π）ln（C2），C1和C2分别是天气好和天气不好时的大米消费量。

请问他会买多少公斤种子，多少份保险？（2）假设该农民的效用函数为U＝min{ln（C1），ln（C2）}，请问他会买多少公斤的种子？3（15分）假设城市W由两座电厂（A和B）提供电力。

光华金融——北大光华管理学院金融学参考书名词讲义总结各位考研的同学们，大家好！我是才思的一名学员，现在已经顺利的考上北大管理学院，今天和大家分享一下这个专业的笔记，方便大家准备考研，希望给大家一定的帮助。

135.多杀多是普遍认为当天股价将上涨，于是市场上抢多头帽子的特别多，然而股价却没有大幅度上涨，等交易快结束时，竞相卖出，造成收盘价大幅度下跌的情况。

136.轧空是普遍认为当天股价将下跌，于是都抢空头帽子，然而股价并末大幅度下跌，无法低价买进，收盘前只好竞相补进，反而使收盘价大幅度升高的情况。

137.长多是对股价远期看好，认为股价会长期不断上涨，因而买进股票长期持有，等股价上涨相当长时间后再卖出，赚取差价收益的行为。

138.短多是对股价短期内看好，买进股票，如果股价略有不涨即卖出的行为。

139.死多是看好股市前景，买进股票后，如果股价下跌，宁愿放上几年，不赚钱绝不脱手。

140.套牢是指预期股价上涨，不料买进后，股价路下跌；或是预期股价下跌，卖出股票后，股价却一路上涨，前者称多头套牢，后者是空头套牢。

141.股价指数股价指数是运用统计学中的指数方法编制而成的。

反映股中总体价格或某类股价变动和走势的指标。

根据股价指数反映的价格走势所涵盖的范围，可以将股价指数划分为反映整个市场走势的综合性指数和反映某一行业或某一类股票价格上势的分类指数。

股价指数的计算方法，有算术平均法和加权平均法两种。

算术平均法，是将组成指数的每只股票价格进行简单平均，计算得出一个平均值。

加权平均法，就是在计算股价个均值时，不仅考虑到每只股票的价格，还要根据每只股票对市场影响的大小，对平均值进行调整。

实践中，一般是以股票的发行数量或成交量作为市场影响参考因素，纳入指数计算，称为权数。

由于以股票实际平均价格作为指数不便于人们计算和使用，一般很少直接用平均价来表水指数水平。

而是以某一基准日的平均价格为基准，将以后各个时期的平均价格与基准日平均价格相比较。

北大金融——北大光华管理学院经济学考研真题各位考研的同学们，大家好！我是才思的一名学员，现在已经顺利的考上北大光华管理学院经济学，今天和大家分享一下这个专业的真题，方便大家准备考研，希望给大家一定的帮助。

2006年金融学（一）写出货币乘数公式，说明在货币创造过程中参与各方如何对货币乘数产生影响。

答：货币乘数的公式为mm=1+1/1+cu+re+f，其中mm为货币乘数，cu为通货-存款比率，re为存款准备金比率，f为流出比率。

在货币的创造过程中，参与的各方包括，一般公众、企业、商业银行以及中央银行。

一般公众在货币的创造过程中，主要是持有通货，对通货-存款比率产生影响。

相对于存款，公众的支付习惯、取得现金的成本和取得方便与否影响公众手中持有的现金，从而影响通货-存款比率。

例如：如果附近有自动取款机，个人将平均携带较少的现金，因为用完现金的成本较低。

另外，通过-存款比率具有很强的季节性特点，在一些特定的时节，比如西方的圣诞节，我国的春节前后，比率会比较高。

改写货币乘数公式为mm=1+（1-re）/（re+cu）可知通过-存款比率上升会减少货币乘数。

存款准备金包括法定存款准备金和银行自己持有的超额准备金，法定存款准备金率由中央银行规定，而超额的准备金由银行自身根据经营状况，金融市场整体风险自行决定。

当然，由于持有准备金是有成本的，贷款利率即持有准备金的机会成本，因此银行会在尽可能少的持有准备金所导致的风险和多持有准备金所导致的利率损失两者进行权衡，在可以承受的风险条件下，近可能的少持有超额准备金。

银行持有的超额准备金会影响准备金-存款比率，进而影响货币乘数。

在货币创造过程中，中央银行不仅可以改变基础货币存量进而创造货币，也对货币乘数产生重要的影响。

首先中央银行可以通过规定法定存款准备金率来极大的影响货币乘数。

中央银行对法定存款准备金率的改变可以直接反映到银行的经营决策中，甚至迫使银行改变经营策略，这一手段能直接、迅速地起到作用，但是它可能会引起金融系统的巨大波动，因此并不经常使用。

考研真题就业学费，参考书目考试科目，考研经验考研笔记，考试大纲招生简章，考研辅导复试真题，考研答题技巧考研模拟考试，考研调剂录取分数线，考研答题考研真题答案，考研资料考研专业课，考研参考书金融硕士，考研免费资料下载，考研公开课考研报名，考研预测考研押题，2016年2015年2014年，金融硕士，对外经济贸易大学，中央财经大学，中国人民大学，北京大学经济学院，光华管理学院，汇丰商学院，清华大学五道口，金融学院夏令营，801经济学综合，802经济学综合，815经济学综合--育明教育姜老师金融硕士-光华管理学院学费：12.8万/2年奖学金：一等奖学金：12.8万元，二等奖学金：6.4万元。

招生人数：光华金融硕士推免进复试人数录取人数分数线2015年5118114002014年5540163882013年5348254112012年504325374 2011484829405 2010535133390考试科目：政治英语一数学三431金融学综合431金融学综合：微观经济学、统计学、金融学（含证券投资学、公司财务、货币金融），每部分各75分，考生须任选两部分作答。

参考书目：微观：《微观经济学：现代观点》范里安《微观经济学基本原理与扩展》尼克尔森《微观经济学十八讲》平新乔《博弈论与信息经济学》张维迎《高级微观经济学》蒋殿春统计：《概率论与数理统计》茆诗松《商务与经济统计》戴维安德森《计量经济学基础》伍德里奇《计量经济学导论》古扎拉蒂《应用回归分析》何晓群金融学：罗斯《公司理财》米什金《货币金融学》博迪《投资学》光华出版的《证券投资学》曹凤岐《货币银行学》姚长辉《公司财务》刘力等，与上三本类似。

复试参考书目金融学米仕金公司理财罗斯证券投资学曹凤岐金融工程宋逢明参考书目解析：微观：范里安《现代观点》打基础，-------尼克尔森《微观原理》-----------《十八讲》做题：《十八讲》课后题很经典，尼的题也得做，再做一些中微或者真题做一下。