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《金融学》习题答案第一章货币与货币制度一、填空题1.一般等价物易于携带便于贮藏2.一般等价物3.纸币硬币银行活期存款近似货币货币替代物4.狭义货币广义货币5.价值尺度流通手段贮藏手段支付手段世界货币6.价值商品价值货币价值正比反比7.平衡国际贸易的差额购买外国商品从一国转移到另一国家8.银本位制复本位制金本位制纸币本位制9.格雷欣法则10.待售的商品数量商品的价格水平货币流通速度二、判断题1.×2.√3.×4.×5.×6.√7.√8.√9.×10.√三、选择题1．A2．ABCE3．A4．AC D5．ABCD6．A7．ACD8．ABC四、名词解释1．一般等价物——随着商品交换日益增多，交换地区扩大，充当商品交换媒介的物品就逐渐被固定在某种特殊的商品上，这种特殊的商品称为一般等价物。
而当一般等价物固定地由某种商品担当时，这种商品就成了货币。
2．信用货币——作为商品本身的价值与作为货币的价值不相等，并且不能用以兑现金银的货币，称为信用货币。
3．流通手段——货币在两种商品的交换关系中起着媒介的作用，即执行流通手段的职能。
4．货币制度——货币制度简称“币制”，是一个国家以法律形式规定的货币流通结构、体制与组织形式。
包括币材规定、货币单位、发行与流通程序、准备制度等。
5．格雷欣法则——是指定价过高（货币名义价值高于货币本身价值）的劣币把定价过低（货币名义价值低于货币本身价值）的良币驱逐出货币流通市场的趋势。
五、简答题：1.答：货币在商品经济中的职能是货币本质的具体表现，是商品交换所赋予的，也是人们运用货币的客观依据。
在商品经济中，货币执行着以下五种职能。
（1）在表现和衡量其他一切商品和劳务的价值时，执行价值尺度职能。
在执行这个职能时，可以用观念上的而不必是现实的货币，它把商品的价值表现为一定数量的货币。
商品价值的货币表现就是价格。
（2）在商品交换中充当交易的媒介，货币执行流通手段的职能。
第一章货币与货币制度一、不定项选择题1、与货币的出现严密相联的是〔B〕A、金银的稀缺性B、交换产生与开展C、国家的强制力D、先哲的智慧2、商品价值形式最终演变的结果是〔D〕A、简单价值形式B、扩大价值形式C、一般价值形式D、货币价值形式3、中国最早的铸币金属是〔A〕A、铜B、银C、铁D、贝4、在以下货币制度中劣币驱逐良币律出现在〔C〕A、金本位制B、银本位制C、金银复本位制D、金汇兑本位制5、中华人民国货币制度建立于〔A〕A、1948年B、1949年C、1950年D、1951年6、欧洲货币同盟开场使用“欧元EURO〞于〔B〕A、1998年B、1999年C、2001年D、2002年7、金银复本位制的不稳定性源于〔D〕A、金银的稀缺B、生产力的迅猛提高C、货币发行管理混乱D、金银同为本位币8、中国本位币的最小规格是〔C〕A、1分B、1角C、1元D、10元9、金属货币制度下的蓄水池功能源于〔C〕A、金属货币的稀缺性B、金属货币的价值稳定C、金属货币的自由铸造和熔化D、金属货币的易于保存10、单纯地从物价和货币购置力的关系看，物价指数上升25%，则货币购置力〔B〕A、上升20%B、下降20%C、上升25%D、下降25%11、在国家财政和银行信用中发挥作用的主要货币职能是〔C〕A、价值尺度B、流通手段C、支付手段D、贮藏手段12、以下货币制度中最稳定的是〔C〕A、银本位制B、金银复本位制C、金铸币本位制D、金汇兑本位制13、马克思的货币本质观的建立根底是〔A〕A、劳动价值说B、货币金属说C、货币名目说D、创造创造说14、对商品价格的理解正确的选项是〔C〕A、同商品价值成反比B、同货币价值成正比C、商品价值的货币表现D、商品价值与货币价值的比15、货币的本质特征是充当〔B〕A、特殊等价物B、一般等价物C、普通商品D、特殊商品16 、马克思关于货币起源的论述，是以如下哪种理论为依据的? 〔D 〕A 、货币价值论B 、货币数量论C 、国家政权决定论D 、劳动价值论17、马克思主要是通过分析如下哪一要素的开展，来提醒货币产生的客观必然性的? 〔C〕A 、经济体制B 、使用价值形式C 、价值形式D 、社会形态18、与货币的起源密不可分的是：〔D〕A 、私有制B 、社会分工C 、贫富分化D 、商品交换19、不同商品在量上可以比拟、在质上同一的共同根底是：〔C〕A 、价格标准B 、使用价值C 、价值D 、价格20、属于物物的直接交换的价值形式包括：〔CD 〕A 、一般的价值形式B 、特殊的价值形式C 、简单的价值形式D 、扩大的价值形式21、最初的货币所采取的形态是：〔B〕A 、金币、银币B 、牲畜、皮革、烟草C 、纸币D 、银行券22、货币的各种职能都是从现实的货币出发来描述的，但可用货币符号来代替的是：〔B 〕A 、流通手段B 、价值尺度C 、储藏手段D 、支付手段23、货币支付手段职能最初是导源于：〔B〕A 、支付工资B 、商品赊销C 、吸收存款D 、发放贷款24、在价值形式的演进中，商品交换有质的变化的是：〔A 〕A 、扩大价值形式到一般价值形式B 、一般价值形式到货币形式C 、简单价值形式到货币形式D 、货币价值形式25、金本位制度下，汇价的根本决定因素是：〔A〕A 、铸币平价B 、商品的价格C 、货币购置力D 、物价指数26、第一次世界大战前，主要的国际储藏货币是：〔C 〕A 、美元B 、黄金C 、英镑D 、德国马克27、作为流通手段职能的货币是：〔AD 〕A 、价值符号B 、现实的货币C 、信用货币D 、观念上的货币28、在兴旺的商品经济中，支付手段发挥作用的主要场所是：〔D 〕A 、信贷收支B 、支付工资C 、财政收支D 、大额交易29、以下属于货币发挥支付手段职能的有：〔AC〕A 、银行吸收存款B 、汽车购置C 、工资支付D 、商品购置30、经济对货币的需求包括对：〔CD 〕A 、世界货币的需求B 、储藏手段的需求C 、流通手段的需求D 、支付手段的需求31、货币所具有的特征是：〔ACD 〕A 、表现商品价值B 、在世界围流通C 、衡量商品价值D 、和一切商品相交换32、在我国境严禁作为计算单位和价值尺度流通的有：〔BCD 〕A 、人民币B 、金银C 、港币、澳元D 、外国货币二、判断题1、最早的货币形式是金属铸币。
(完整版)金融学第一章金融体系习题附答案第一章金融体系概述一、挑选题1、直截了当融资的优点是：。
A．投资者承担较小的投资风险 B．容易实现资金供求期限和数量的匹配C．有利于落低信息成本和合约成本 D．能够节省交易成本2、直截了当融资的缺点包括等。
①投资者需要花费大量的搜集信息、分析信息的时刻和成本②投资者要承担较大的投资风险③别利于经过分散化来落低金融风险④融资的门槛比较高A．①②③④ B.①③④ C.②③④ D.①②③3、金融机构可经过来筹集资金。
①发行存单②提供贷款③发行债券④发行股票A．①②③ B.①③④ C．①②④ D.①②③④4、以下阐述正确的是。
①金融市场是金融资产交易的场所②金融市场是金融资产的供求关系、交易活动和组织治理等活动的总和③金融市场的发育程度直截了当妨碍金融体系功能的发挥④金融市场为有形市场A．②③④ B.①③④ C．①②③ D.①②④5、金融创新包括等在内的创新。
①金融工具②金融市场③金融制度④金融机构A．①②③ B.①③④ C．②③④ D.①②③④6、的金融创新对传统的金融市场和体制带来巨大冲击。
A．20世纪50年代 B．离岸金融市场—欧洲货币市场的建立C．18世纪英国中央银行制度的建立 D．20世纪70年代别断涌现7、当代金融创新的直截了当导因是。
①国际资本的加速流淌②世界范围的放松金融管制③国际债务危机的爆发和妨碍④电子计算机技术和网络技术在金融领域的广泛应用A．①②③④ B.②④ C．②③④ D.①③④8、以下哪一选项别是金融创新所能产生的积极作用？A．金融创新扩大了金融机构的资金来源渠道，扩大了金融服务业务领域 B．有利于发挥利率杠杆在调节金融资源配置中的作用C．能落低金融系统的风险D．有利于世界金融和经济的深化进展9、金融市场创新别包括：A．市场种类的创新 B．市场组织形式的创新C．市场制度的创新 D．汇率制度的创新10、金融工具的创新具体包括：①时刻衍生②功能衍生③种类衍生④复合衍生A．①②③④ B．以上都别是 C．①②④ D．②③④11、以下对金融资产的描述别正确的是A．市场价值稳定 B．是一种无形资产C．是一种将来收益的索取权 D．市场价值受市场供求状况妨碍二、推断题1、在现代经济条件下，资金的流淌要紧是经过金融体系来实现的。
（完整版）金融数学课后习题答案第一章习题答案1. 设总量函数为A(t) = t2 + 2t + 3 。
试计算累积函数a(t) 和第n 个时段的利息In 。
解: 把t = 0 代入得A(0) = 3 于是:a(t) =A(t)A(0)=t2 + 2t + 33In = A(n) ? A(n ?1)= (n2 + 2n + 3) ?((n ?1)2 + 2(n ?1) + 3))= 2n + 12. 对以下两种情况计算从t 时刻到n(t < n) 时刻的利息: (1)Ir(0 < r <n); (2)Ir = 2r(0 < r < n).解:(1)I = A(n) ? A(t)= In + In?1 + + It+1=n(n + 1)2t(t + 1)2(2)I = A(n) ? A(t)=Σnk=t+1Ik =Σnk=t+1Ik= 2n+1 ?2t+13. 已知累积函数的形式为: a(t) = at2 + b 。
若0 时刻投入的100 元累积到3 时刻为172 元，试计算：5 时刻投入的100 元在10 时刻的终值。
第1 页解: 由题意得a(0) = 1, a(3) =A(3)A(0)= 1.72a = 0.08,b = 1∴A(5) = 100A(10) = A(0) ? a(10) = A(5) ? a(10)a(5)= 100 × 3 = 300.4. 分别对以下两种总量函数计算i5 和i10 :(1) A(t) = 100 + 5t; (2) A(t) = 100(1 + 0.1)t. 解：(1)i5 =A(5) ? A(4)A(4)=5120≈4.17%i10 =A(10) ? A(9)A(9)=5145≈3.45%(2)i5 =A(5) ? A(4)A(4)=100(1 + 0.1)5 ?100(1 + 0.1)4100(1 + 0.1)4= 10%i10 =A(10) ? A(9)A(9)=100(1 + 0.1)10 ?100(1 + 0.1)9100(1 + 0.1)9= 10%第2 页5.设A(4) = 1000, in = 0.01n. 试计算A(7) 。
第一章货币与货币制度1．钱、货币、通货、现金是一回事吗？银行卡是货币吗？答：（1）钱、货币、通货、现金不是一回事，虽然其内容有所重叠，但这几个概念之间是有区别的。
钱是人们对货币的俗称。
经济学中被称为货币的东西，就是在日常人们生活中被称为钱的东西。
货币是由国家法律规定的，在商品劳务交易中或债务清偿中被社会普遍接受的东西。
通货即流通中的货币，指流通于银行体系外的货币。
现金就是指家庭个人、工商企业、政府部门所拥有的现钞，包括纸币现钞、硬币现钞。
现金是货币的一部分，这部分货币的流动性强，使用频率高，对人们日常消费影响大。
（2）银行卡亦称“塑料货币”，是由银行发行，供客户办理存取款等业务的新型服务工具的总称，包括信用卡、支票卡、记账卡、自动出纳机卡、灵光卡等。
各种银行卡是用塑料制作的，可用于存取款和转账支付。
现在，特别在西方发达国家，各种银行卡正逐步取代现钞和支票，成为经济生活中广泛运用的支付工具。
因此，在现代社会银行卡也属于货币。
2．社会经济生活中为什么离不开货币?为什么自古至今，人们又往往把金钱看作是万恶之源?答：（1）社会经济生活离不开货币，货币的产生和发展都有其客观必然性。
物物交换的局限性要求有某种商品充当共同的、一般的等价物，而金银的特性决定其成为货币的天然材料。
作为货币的金银等贵金属，便于携带、铸造和分割，大大推动了商品经济的发展。
随着经济的发展，货币形态不断发生变化。
经历了实物货币阶段、贵金属货币阶段、代用货币阶段和信用货币阶段。
当今货币正朝着专门化、无体化、扩张化、电子化的趋势发展。
但不管货币的具体形态如何，都是媒介商品经济所必需的。
对货币的使用是实现市场对资源合理配置的必要条件，也是市场经济正常运行的必要条件。
从这个意义上说，市场经济实际上是一种货币经济：货币方便了市场交换，提高了市场效率；货币保证了社会需求的实现，促进了市场对资源的有效配置。
从交易成本上看，节约是经济生活中最基本的规律。
博迪《金融学》（第2版）笔记和课后习题详解（修订版）完整版>精研学习䋞>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1部分金融和金融体系第1章金融学1.1复习笔记1.2课后习题详解第2章金融市场和金融机构2.1复习笔记2.2课后习题详解第3章管理财务健康状况和业绩3.1复习笔记3.2课后习题详解第2部分时间与资源配置第4章跨期配置资源4.1复习笔记4.2课后习题详解第5章居民户的储蓄和投资决策5.1复习笔记5.2课后习题详解第6章投资项目分析6.1复习笔记6.2课后习题详解第3部分价值评估模型第7章市场估值原理7.1复习笔记7.2课后习题详解第8章已知现金流的价值评估：债券8.1复习笔记8.2课后习题详解第9章普通股的价值评估9.1复习笔记9.2课后习题详解第4部分风险管理与资产组合理论第10章风险管理的原理10.1复习笔记10.2课后习题详解第11章对冲、投保和分散化11.1复习笔记11.2课后习题详解第12章资产组合机会和选择12.1复习笔记12.2课后习题详解第5部分资产定价第13章资本市场均衡13.1复习笔记13.2课后习题详解第14章远期市场与期货市场14.1复习笔记14.2课后习题详解第15章期权市场与或有索取权市场15.1复习笔记15.2课后习题详解第6部分公司金融第16章企业的财务结构16.1复习笔记16.2课后习题详解第17章实物期权17.1复习笔记17.2课后习题详解。
《金融学》习题及参考答案第一章货币制度一、名词解释1．铸币税：铸币税是由于铸造金属货币或发行信用货币而获得的收入，它不是一种专门税种，而是因货币特有的管理方式而形成的专门收益，在政府统一了货币铸造和信用货币发行后，这部分收益归政府所有，类似于一种税收，习惯上称铸币税。
2．信用货币：即信用货币形态，是指使用货币符号等信用工具作为货币的表现形式，信用货币的前身是货币符号，或称为代表贵金属货币流通的贵金属重（数）量的价值符号。
3．无限法偿：金属货币分为本位币（主币）和辅币，本位币是用货币金属按照规定的货币单位铸造的货币。
是足值货币，它是一种无限法偿货币，即本位币在支付中，无论金额大小都不得拒绝接受。
4．金本位：金本位货币制度，是国家法律规定以黄金作为本位货币金属，确定货币单位，铸造方式和进行管理的货币制度，它经历了金币本位货币制度，金块本位货币制度与金汇兑本位货币制度。
金币本位货币制度是金本位制度的最初及典型形式5．金块本位：亦称金块本位货币制度，是指国内不铸造金币，发行银行券代表一定的黄金量进行流通，银行可以有条件地兑换金块的货币制度。
6．劣币驱逐良币：是在银本位货币制度和金银复本位货币制度两种本位币流通的条件下，政府通过法令确定两者的固定比价，由于两种货币的内在价值发生了变化，两者的实际比价逐步偏离了政府过去确定的固定比价，而政府又没有及时做出相应调整，这时，人们都选择使用（放弃）价值被高估的货币（劣币）进行交易，而实际价值低估的货币（良币）被贮藏（退出），在流通中出现实际价值较低的货币充斥市场的现象，英国经济学家汤姆斯・格雷欣研究发现了这一现象，后被麦克劳德在其中书用了这一结论，并命名为“格雷欣法则”。
二、简述题 1.货币价值形态的演变过程。
答：货币产生的社会背景是人类的物品交换，货币诞生于商品交换，货币从萌芽到稳定于金属货币，是生产力水平不断发展的体现。
货币价值形态的历史演变过程为：简单的价值形态→扩大的价值形态→一般的价值形态→货币形态 2.货币形态的演进过程。
博迪《金融学》第2版课后习题及详解第1章金融学一、概念题1．金融学（finance）答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
其主要研究货币领域的理论及货币资本资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。
金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。
2．金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
3．资产（assets）答：资产是指个人、公司或者组织拥有的具有商业或交换价值的任何物品，它能在未来产生经济利益，资产有三个非常重要的特征：①能在未来产生经济利益；②由实体控制；③由过去发生的事项或交易产生。
在国民账户体系中，资产是指经济资产，即所有者能对其行使所有权，并在持有或使用期间可以从中获得经济利益的资源或实体。
资产可分为金融资产和非金融资产两大类。
金融资产是指以价值形态或以金融工具形式存在的资产，它包括金融债权以及货币黄金和特别提款权。
非金融资产是指非金融性的资产，它包括生产资产和非生产资产。
在企业财务会计中，资产是指由过去的交易和事项所形成的，并由企业拥有或控制，预期会给企业带来经济利益的资源。
按流动性可分为流动资产和非流动资产两大类。
流动资产是指企业可以在一年或超过一年的一个营业周期内变现或者耗用的资产。
非流动资产是指不能在一年或者超过一年的一个营业周期内变现或耗用的资产。
Chapter1Role of Financial Markets and Institutions OutlineOverview of Financial MarketsMoney Versus Capital MarketsPrimary Versus Secondary MarketsOrganized Versus Over-the-Counter MarketsSecurities Traded in Financial MarketsMoney Market SecuritiesCapital Market SecuritiesDerivative SecuritiesValuation of Securities in Financial MarketsMarket Pricing of SecuritiesMarket EfficiencyFinancial Market RegulationDisclosureOther RegulationsFinancial Market GlobalizationRole of the Foreign Exchange MarketForeign Exchange RatesRole of Financial Institutions in Financial MarketsRole of Depository InstitutionsRole of Nondepository InstitutionsComparison of Roles Among Financial InstitutionsOverview of Financial InstitutionsCompetition Between Financial InstitutionsConsolidation of Financial Institutions12E Chapter1/Role of Financial Markets and InstitutionsGlobal Expansion by Financial InstitutionsKey Concepts1.Explain the role of financial intermediaries in transferring funds from surplus units to deficit units.2.Introduce the types of financial markets available and their functions.3.Introduce the various financial institutions that facilitate the flow of funds.4.Provide a preview of the course outline.Emphasize the linkages between the various sections of thecourse.Questions1.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.Chapter1/Role of Financial Markets and Institutions E3 8.What was the purpose of the Securities Act of1933?What was the purpose of the SecuritiesExchange Act of1934?Do these laws prevent investors from making poor investment decisions?Explain.ANSWER:The Securities Act of1933was intended to assure complete disclosure of relevantfinancial information on publicly offered securities,and prevent fraudulent practices when selling these securities.The Securities Exchange Act of1934extended 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 arecompensated 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 ability 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.mercial 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 now4E Chapter1/Role of Financial Markets and Institutionsallowed 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.pare 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.).Chapter1/Role of Financial Markets and Institutions E5 26.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.Interpreting Financial News“Interpreting Financial News”tests your ability to comprehend common statements made by Wall Street analysts and portfolio managers who participate in the financial markets.Interpret the following statements made by Wall Street analysts and portfolio managers.a.“The price of IBM will not be affected by the announcement that its earnings have increased asexpected.”The earnings level was anticipated by investors,so that IBM’s stock price already reflected this anticipation.b.“The lending operations at Bank of America should benefit from strong economic growth.”High economic growth encourages expansion by firms,which results in a strong demand forloans provided by Bank of America.c.“The brokerage and underwriting performance at Merrill Lynch should benefit from strongeconomic growth.”High economic growth may result in a large volume of stock transactions in which Merrill Lynch may serve as a broker.Also,Merrill Lynch underwriters new securities that are issued whenfirms raise funds to support expansion;firms are more willing to issue new securities to expand during periods of high economic growth.Managing in Financial MarketsAs a financial manager of a large firm,you plan to borrow$70million over the next year.a.What are the more likely alternatives for you to borrow$70million?You could attempt to borrow$70million from commercial banks,savings institutions,or finance companies in the form of commercial loans.Alternatively,you may issue debt securities.b.Assuming that you decide to issue debt securities,describe the types of financial institutions thatmay purchase these securities.Financial institutions such as mutual funds,pension funds,and insurance companies commonly purchase debt securities that are issued by firms.Other financial institutions such as commercial banks and savings institutions may also purchase debt securities.c.How do individuals indirectly provide the financing for your firm when they maintain deposits atdepository institutions,invest in mutual funds,purchase insurance policies,or invest in pensions?Individuals provide funds to financial institutions in the form of bank deposits,investment inmutual funds,purchases of insurance policies,or investment in pensions.The financialinstitutions may channel the funds toward the purchase of debt securities(and even equitysecurities)that were issued by large corporations,such as the one where you work.。
第1章金融学1.1 复习笔记【知识框架】【考点难点归纳】金融金融学对金融学进行界定金融体系金融理论消费和储蓄决策居民户的金融决策投资决策融资决策风险管理决策战略计划资本预算企业的金融决策资本结构决策营运资本管理独资企业企业组织的形式合伙企业公司所有权与管理分离管理的目标市场性管束：收购财务专家在公司中的角色金融学考点一：对金融学进行界定1．金融金融是货币流通、信用活动及与之相关的经济行为的总称。
简言之，就是货币资金的融通。
一般是指以银行、证券市场等为中心的货币流通和信用调节活动，包括货币的发行和流通、存款的吸收和提取、贷款的发放和收回、国内外汇兑往来、有价证券的发行和流通、保险、信托、抵押、典当以及各种金融衍生工具交易等。
按金融中介机构是否充当资金转移的媒介，金融可以分为直接金融（direct finance）和间接金融（indirect finance）。
2．金融学金融学是一项针对人们怎样跨期配置稀缺资源的研究。
金融决策区别于其他资源配置决策的两项特征是：①金融决策的成本和收益是跨期分摊的；②无论是决策者还是其他人，通常都无法预先确知金融决策的成本和收益。
金融学是主要研究货币领域的理论及货币资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。
金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。
3．金融体系金融体系是金融市场与金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
《金融学》习题及参考答案第一章货币制度一、名词解释1．铸币税：铸币税是由于铸造金属货币或发行信用货币而获得的收入，它不是一种专门税种，而是因货币特有的管理方式而形成的专门收益，在政府统一了货币铸造和信用货币发行后，这部分收益归政府所有，类似于一种税收，习惯上称铸币税。
2．信用货币：即信用货币形态，是指使用货币符号等信用工具作为货币的表现形式，信用货币的前身是货币符号，或称为代表贵金属货币流通的贵金属重（数）量的价值符号。
3．无限法偿：金属货币分为本位币（主币）和辅币，本位币是用货币金属按照规定的货币单位铸造的货币。
是足值货币，它是一种无限法偿货币，即本位币在支付中，无论金额大小都不得拒绝接受。
4．金本位：金本位货币制度，是国家法律规定以黄金作为本位货币金属，确定货币单位，铸造方式和进行管理的货币制度，它经历了金币本位货币制度，金块本位货币制度与金汇兑本位货币制度。
金币本位货币制度是金本位制度的最初及典型形式5．金块本位：亦称金块本位货币制度，是指国内不铸造金币，发行银行券代表一定的黄金量进行流通，银行可以有条件地兑换金块的货币制度。
6．劣币驱逐良币：是在银本位货币制度和金银复本位货币制度两种本位币流通的条件下，政府通过法令确定两者的固定比价，由于两种货币的内在价值发生了变化，两者的实际比价逐步偏离了政府过去确定的固定比价，而政府又没有及时做出相应调整，这时，人们都选择使用（放弃）价值被高估的货币（劣币）进行交易，而实际价值低估的货币（良币）被贮藏（退出），在流通中出现实际价值较低的货币充斥市场的现象，英国经济学家汤姆斯·格雷欣研究发现了这一现象，后被麦克劳德在其中书用了这一结论，并命名为“格雷欣法则”。
二、简述题1.货币价值形态的演变过程。
答：货币产生的社会背景是人类的物品交换，货币诞生于商品交换，货币从萌芽到稳定于金属货币，是生产力水平不断发展的体现。
货币价值形态的历史演变过程为：简单的价值形态→扩大的价值形态→一般的价值形态→货币形态2.货币形态的演进过程。
金融学（第二版）答案博迪默顿第一章课后习题答案一.我的生活目标：●完成学业●退休3，当我结5，?2，现在消费更多为以后比如买房，买车或储蓄留置很少的钱还是现在消费很少，甚至少于我的许多朋友二.答案样例：净值＝资产－负债$__________(很可能会被低估)资产包括:经常帐户余额储蓄存款帐户余额家具设备，首饰类（如表）车（如果有的话）负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
单身汉是很灵活自由的，可以选择住在几乎任何地方。
他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。
既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。
有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘b.1银行借贷2汽车经销商借贷或租赁3个人储蓄C（略）d你应该从可选择的融资方式中选择成本最小的一种。
当你分析的时候，你应该考虑以下方面：1你是否有足够的现金储蓄去购买？为了买车，你必须放弃的利息？你付现金和贷款所付是否不同？2对于不同的贷款方式，首付金额是多少？月付多少？付多久？相关利息是多少？整个贷款是按月还清，还是期末一次还清？税收和保险费是否包括在月付款中？3对于不同的租赁方式，首付金额是多少？月付多少？付多久？在租赁期末你是否拥有车？如果不拥有，买车要花多少？在租赁期末你是否必须得买车？你是否拥有优先购买权？如果你不买车你是否得付钱？相关利息是多少？税收和保险费是否包括在月付款中？是否有里程限制？七．a为学生们提供个人服务可能是个低成本的选择。
Chapter 1The Corporation1-1. What is the most important difference between a corporation and all other organizational forms?A corporation is a legal entity separate from its owners.1-2. What does the phrase limited liability mean in a corporate context?Owners’ liability is limited to the amount they invested in the firm. Stockholders are not responsible for any encumbrances of the firm; in particular, they cannot be required to pay back any debts incurred by the firm.1-3. Which organizational forms give their owners limited liability?Corporations and limited liability companies give owners limited liability. Limited partnerships provide limited liability for the limited partners, but not for the general partners.1-4. What are the main advantages and disadvantages of organizing a firm as a corporation?Advantages: Limited liability, liquidity, infinite lifeDisadvantages: Double taxation, separation of ownership and control1-5. Explain the difference between an S corporation and a C corporation.C corporations must pay corporate income taxes; S corporations do not pay corporate taxes, but mustpass through the income to shareholders to whom it is taxable. S corporations are also limited to 75 shareholders and cannot have corporate or foreign stockholders.1-6. You are a shareholder in a C corporation. The corporation earns $2 per share before taxes. Once it has paid taxes it will distribute the rest of its earnings to you as a dividend. The corporate tax rate is 40% and the personal tax rate on (both dividend and non-dividend) income is 30%. How much is left for you after all taxes are paid?´-= is left to pay dividends. Once First, the corporation pays the taxes. After taxes, $2(10.4)$1.20´-=. So, after all the the dividend is paid, personal tax must be paid, which leaves $1.20(10.3)$0.84taxes are paid, you are left with 84¢.1-7. Repeat Problem 6 assuming the corporation is an S corporation.An S corporation does not pay corporate income tax. So it distributes $2 to its stockholders. These stockholders must then pay personal income tax on the distribution. So they are left with ´-=.$2(10.3)$1.401-8. You have decided to form a new start-up company developing applications for the iPhone. Give examples of the three distinct types of financial decisions you will need to make.As the manager of an iPhone applications developer, you will make three types of financial decisions.i. You will make investment decisions such as determining which type of iPhone applicationprojects will offer your company a positive NPV and that your company, therefore, shoulddevelop.ii. You will make the decision on how to fund your iPhone application investments and what mix of debt and equity your company will have.iii. You will be responsible for the cash management of your company, ensuring that your company has the necessary funds to make investments, pay interest on loans, and pay your employees.1-9. When a pharmaceutical company develops a new drug, it often receives patent protection for that medication, allowing it to charge a higher price. Explain how this public policy of providing patent protection might help align the corporation’s interests with society’s interests.Without patent protection, the developer of the drug would be forced to lower prices to compete with generic manufacturers. Because this price competition would lower expected future profits, the developer would be willing to spend much less in R&D to develop the drug initially, and drug innovation would be curtailed.A lternatively, by allowing the drug’s developer to earn higher profits that are commensurate with thevalue of the drug to society, drug developers will find it in their best interests to spend more on R&D, and drug innovation is enhanced. Thus, patent protection can align the corporation’s and society’s interests and provide for more efficient spending on drug R&D.1-10. Corporate managers work for the owners of the corporation. Consequently, they should make decisions that are in the interests of the owners, rather than their own. What strategies are available to shareholders to help ensure that managers are motivated to act this way?Shareholders can do the following.i. Ensure that employees are paid with company stock and/or stock options.ii. Ensure that underperforming managers are fired.iii. Write contracts that ensure that the interests of the managers and shareholders are closely aligned.iv. Mount hostile takeovers.1-11. Suppose you are considering renting an apartment. You, the renter, can be viewed as an agent while the company that owns the apartment can be viewed as the principal. What principal-agent conflicts do you anticipate? Suppose instead that you work for the apartment company.What features would you put into the lease agreement that would give the renter incentives to take good care of the apartment?The agent (renter) will not take the same care of the apartment as the principal (owner), because the renter does not share in the costs of repairing damage to the apartment. To mitigate this problem, having the renter pay a deposit should motivate the renter to keep damages to a minimum. The deposit forces the renter to share in the costs of repairing any problems that they cause.1-12. You are the CEO of a company and you are considering entering into an agreement to have your company buy another company. You think the price might be too high, but you will be the CEO of the combined, much larger, company. You know that when the company gets bigger, your pay and prestige will increase. What is the nature of the agency conflict here and how is it related to ethical considerations?There is an ethical dilemma when the CEO of a firm has the opposite incentives to those of the shareholders. In this case, you (as the CEO) have an incentive to potentially overpay for another company (which would be damaging to your shareholders) because your pay and prestige will improve. 1-13. Are hostile takeovers necessarily bad for firms or their investors? Explain.No. They are a way to discipline managers who are not working in the interests of shareholders.1-14. What is the difference between a public and private corporation?The shares of a public corporation are traded on an exchange (or “over the counter” in an electronic trading system) while the shares of a private corporation are not traded on a public exchange.1-15. Explain why the bid-ask spread is a transaction cost.Investors always buy at the ask and sell at the bid. Since ask prices always exceed bid prices, investors “lose” this difference. It is one of the costs of transacting. Since the market makers take the other side of the trade, they make this difference.1-16. The following quote on Yahoo! Stock appeared on July 9, 2012, on Yahoo! Finance: If you wanted to buy Yahoo!, what price would you pay? How much would you receive if you wanted to sell Yahoo!?You would buy at $15.78 and sell for $15.77.。
第1章:投资环境问题集1．的确,实际资产决定经济的物质享受。
然而,当金融工程创建新产品时, 个人可以受益，可以让他们更有效地管理金融资产投资组合。
因为对于不同的风险来源，捆绑和拆分创造具有新属性和敏感性的金融产品,能让投资者更有效地对冲特定来源的风险。
2．证券化需要大量的潜在投资者。
为了吸引这些投资者,资本市场需求: 1。
一个安全系统的商业法律和概率低的没收的税收法律/法规;2。
一个成熟的投资银行业;3。
成熟的经纪和金融交易系统,;4。
发达的媒介,尤其是财务报告。
这些特征在一个发达的金融市场中具有。
3．证券化导致金融脱媒;也就是说,证券化为市场参与者提供了一个手段绕过中介。
例如,抵押贷款支持证券是房地产市场获得资金不需要通过银行或储蓄机构发放贷款的投资组合。
随着资产证券化的发展,金融中介机构必须增加其他活动，例如向消费者和小型企业提供短期流动性,金融服务。
4．金融资产使大公司筹集支持实物资产投资的资本变得容易。
如果福特,例如,可以不向公众发行股票或债券,这将更难以筹集资金。
紧缩金融资产的供应将使融资更加困难,从而增加了资本成本。
更高的资本成本导致更少的投资和较低的实际增长。
5．即使公司不需要发行股票，股票市场对于财务经理依然很重要。
股票价格提供关于公司投资项目的市场价值的重要信息。
例如，如果股票价格大幅上涨，经理可能得出结论，认为公司的前景是光明的。
这对于公司继续投资扩大资产业务可能是个有用的信号。
此外，股票可以在二级市场交易是对初始投资者更具吸引力的方面，因为他们知道他们可以出售股票。
反过来这会使得市场投资者更愿意购买初始股票，从而使得公司更容易在股市筹集资金。
6．a、不会，价格的增加不会增加经济的生产能力。
b、是的，股票在这些资产的价值增加了。
c、未来业主作为一个整体更糟，因为抵押贷款债务也增加了。
此外，这个房价泡沫最终会破裂，社会作为一个整体将承受损失。
7．a 银行贷款是兰尼的金融负债，收到的现金是兰尼的金融资产。
