2017年中国人民大学金融硕士考研在职金融学公司理财题型分析17

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--育明教育姜老师整理中国人民大学金融硕士考研初试简介（1）科目安排：科目一：思想政治理论（满分100分），50分及格线科目二：英语（二）（满分100分），50分及格线科目三：396经济类综合能力联考（满分150分），90分及格线科目四：431金融专业基础（满分150分），90分及格线（2）初试4个科目中，政治与英语二第一天考试，属于敲门砖的科目，考好考坏都不会影响大局，务必沉着稳定。

396综合是拉分利器，好好准备130+，不好好准备则是90+,但其提分难度远小于数学三，属低投入高产出的现金牛科目。

431金融学综合是最为重要的科目，每年都有大量370-380的考生却因为431不及格被刷，2011与2012届更是号称只有专业课及格就能复试，关乎成败，不用多说。

1、金融学部分考试特点分析金融学部分总计90分，其中（1）客观题1*20单项选择题+1*20判断题考察面极为广泛（例如2014年考的中金公司、货币流通速度理论的提出者），但是也有固定考察的几个点（例如货币章节的金本位和金银复本位制度、商业银行法与中央银行法颁布时间），平时遇到有趣的金融知识就记录下来，做成自己的金融百科全书。

对这些金融小知识要有个梗概印象，有时间的话研宄下具体内容。

（2）主观题2*10简答题人大侧重考查理论知识，简答题中必有一道“利率决定理论”或是“利率期限结构”，从2011年下来，两道轮流考试。

公司理财全书课后答案及人大金融考研公司理财全书课后答案及人大金融考研操作指南:大家一般都是用的中文版本,所以题目和英文原书有些出入,我提供的是英文版的详细答案,除了概念题外,都没有原始题目对应,但是这并不防碍大家找到答案,因为中文和英文的题目在数字上全是一致的,所以大家拿着这份答案可以很容易的找到书中的题目.我今年已经确定被录取了,马上要去工作一段时间了然后准备上学去了.最后写点东西给08的DDMM吧关于理财:建议大家提早看,因为复试的时候其他几门全是记忆的,而理财想在短期提高很不容易,所以大家如果有时间,建议大家在初试前看一看,熟悉一下,理财的重点是前18章+第22章关于其它三门复试课程:金融学要记忆的很多,而且很多地方都有出题的可能,商行的重点很集中就是第9章,证券和理财重叠的知识很多所以看好理财,证券也就基本拿下了,技术分析那章具体的如K线,波浪线,形态理论等看不懂就算了,考试基本不会涉及的.关于人大考研初试公共课:总的来说,你考试的成败就取决于数学上面,当然其它的你要保证上线,想靠英语政治提分很难,北京今年压分压的太厉害,唯一压不了的只有数学,数学的结果是确定的,对就是对,错就是错,但英语政治2卷就不然,你的作文觉得能拿15分,老师就是给你3分你能怎么样呢? 所以劝大家好好学好数学,其他2门中庸一下也不会影响大局,当然对于立志做人大金融第一又或者冲着公费去的DDMM,可以忽略我上面的那段话.推荐几本书吧:数学:基础还行的话直接看二李的复习全书吧不推荐老陈的二李的看3遍然后做660 11月开始做400+真题就足够了我考2次都是这么复习的题目要反复做特别是660 那书你做透了选择填空不会扣分400最后做按时间严格做做3遍真题再好好看看简单的卷子140 难的这样的分数基本没问题的如果想150 基本要看发挥了政治:看红宝书看3遍不用背但要认真看选择都是那里面的(当然今年有2个题目确实不是,出题的人因此被狂骂)最后一定记得买20天20题那个一定要背每年大题基本都能压到的8月开始准备政治就行了到最后冲刺的时候多花点时间背75左右没问题的英语: 我只看过真题,看了很多遍.初试专业课:3本指定教材足够了,好好看几遍,重点的东西记忆一下,至于西经计算,考的很EASY的,没时间的话不专门准备也可,IS-LM的计算几乎每年都考,不过很简单的最后祝大家好运,周2回京工作去了,感谢在这里陪我度过考研的每个人.........R,KEVIN,橙子,大K,小鱼...........9月人大见啦~ ~理财答案感谢橙子,这个答案是给我的,很不错,每个题目都有详细的过程,这样让我轻松的在英文中找到了中文原题)CONCEPT部分解决是是所有章节的概念题CONCEPT QUESTIONS - CHAPTER 11.1 · What are the three basic questions of corporate finance?a. Investment decision (capital budgeting): What long-term investment strategy should a firm adopt?b. Financing decision (capital structure): How much cash must be raised for therequired investments?c. Short-term finance decision (working capital): How much short-term cash flow does company need to pay its bills.· Describe capital structure.Capital structure is the mix of different securities used to finance a firm's investments.· List three reasons why value creation is difficult.Value creation is difficult because it is not easy to observe cash flows directly. The reasons are:a. Cash flows are sometimes difficult to identify.b. The timing of cash flows is difficult to determine.c. Cash flows are uncertain and therefore risky.1.2 · What is a contingent claim?A contingent claim is a claim whose payoffs are dependent on the value of the firm at the end of the year. In more general terms, contingent claims depend on the value of an underlng asset.· De scribe equity and debt as contingent claims.Both debt and equity depend on the value of the firm. If the value of the firm is greater than the amount owed to debt holders, they will get what the firm owes them, while stockholders will get the difference. But if the value of the firm is less than equity, bondholders will get the value of the firm and equity holders nothing.1.3 · Define a proprietorship, a partnership and a corporation.A proprietorship is a business owned by a single individual with unlimited liability. A partnership is a business owned by two or more individuals with unlimited liability. A corporation is a business which is a "legal person" with many limited liability owners.· What are the advantages of the corporate form of business organization?Limited liability, east of ownership transfer and perpetual succession.1.4 · What are the two types of agency costs?Monitoring costs of the shareholders and the incentive fees paid to the managers.· How are managers bonded to shareholders?a. Shareholders determine the membership to the board ofdirectors, which selects management.b. Management contracts and incentives are build into compensation arrangements.c. If a firm is taken over because the firm's price dropped, managers could lose their jobs.d. Competition in the managerial labor market makes managers perform in the best interest of stockholders.· Can you recall some managerial goals?Maximization of corporate wealth, growth and company size.· What is the set-of-contracts perspective?The view of the corporation as a set of contracting relationships among individuals who have conflicting objectives.1.5 · Distinguish between money markets and capital markets.Money markets are markets for debt securities that pay off in less than one year, while capital markets are markets for long-term debt and equity shares.· What is listing?Listing refers to the procedures by which a company applies and qualifies so that its stock can be traded on the New York Stock Exchange.· What is the difference between a primary market and a secondary market?The primary market is the market where issuers of securities sell them for the first time to investors, while a secondary market is a market for securities previously issued.CONCEPT QUESTIONS - CHAPTER 22.1 · What is the balance-sheet equation?Assets = Liabilities + Stockholders' equity· What three things should be kept in mind when looking at a balance sheet?Accounting liquidity, debt vs. equity, and value vs. cost.2.2 · What is the inco me statement equation?Revenue - expenses = Income· What are the three things to keep in mind when looking at an income statement? Generally Accepted Accounting Principles (GAAP), noncash items, and time and costs.· What are noncash expenses?Noncash expenses are items included as expenses but which do not directly affect cash flow. The most important one is depreciation.2.3 · What is net working capital?It is the difference between current assets and current liabilities.· What is the change in net wor king capital?To determine changes in net working capital you subtract uses of net working capital from sources of net working capital.2.4 · How is cash flow different from changes in net working capital?The difference between cash flow and changes in new working capital is that some transactions affect cash flow and not net working capital. The acquisition of inventories with cash is a good example of a change in working capital requirements.· What is the difference between operating cash flow and total cash flow of the firm?The main difference between the two is capital spending and additions to working capital, that is, investment in fixed assets and "investment" in working capital.CONCEPT QUESTIONS - CHAPTER 33.1 · What is an interest rate?It is the payment required by the lender of money for the use of it during a determined period of time. It is expressed in percentage.· What are institutions that match borrowers and lenders called?They are called financial institutions.· What do we mean when we say a market clears? What is an equilibrium rate of interest?A market clears if the amount of money borrowers want to borrow is equal to the amount lenders wish to lend. An equilibrium rate of interest is the interest rate at which markets clear.3.2 · How does an individual change his consumption across periods throughborrowing and lending.By borrowing and lending different amounts the person can achieve any of all consumption possibilities available.· How do interest rate changes affect one's degre e of impatience?A person's level of patience depends upon the interest rate he or she faces in the market. A person eager to borrow money at a low interest rate will become less eager if that interest rate is raised and may prefer to lend money to take advantage of higher interest rates.3.3 · What is the most important feature of a competitive financial market?No investor, individual or corporation can have a significant effect on total lending or on interest rates. Therefore, investors are price takers.· What conditions are likely to lead to this?a. Trading is costless.b. Information about borrowing and lending opportunities is availablec. There are many traders.3.4 · Describe the basic financial principle of investment decision-making?An investment project is worth undertaking only if it is mores desirable than what is available in the financial markets.3.5 · Describe how the financial markets can be used to evaluate investment alternatives?The financial markets can be used as a benchmark. If the proposed investment provides a better alternative than the financial markets, it should be undertaken.· What is the separation theorem? Why is it important?The separation theorem says that the decision as to whether to undertake a project (compared to the financial markets) is independent of the consumption preferences of the individual. It is important because we can make investment decisions based on objective data, disregarding personal preferences.3.6 · Give the definitions of net present value, fut ure value and present value?New present value is the difference in present value terms between cash inflows and cash outflows. Given the financial market, the future value is an amount equivalent to the amount currently held, and present value is the amount equivalent to an amount to be received or given in the future.· What information does a person need to compute an investment's net presentvalue?Cash inflows, cash outflows and an interest or discount rate.3.7 · In terms of the net-present-value rule, what is the essential differencebetween the individual and the corporation.The main difference is that firms have no consumption endowment.CONCEPT QUESTIONS - CHAPTER 44.1 · Define future value and present value.Future value is the value of a sum after investing over one or more periods. Present value is the value today of cash flows to be received in the future.· How does one use net present value when making an investment decision?One determines the present value of future cash flows and then subtracts the cost of the investment. If this value is positive, the investment should be undertaken. If the NPV is negative, then the investment should be rejected.4.2 · What is the difference between simple interest and compound interest?With simple interest, the interest on the original investment is not reinvested. With compound interest, each interest payment is reinvested and one earns interest on interest.· What is the formula for the net present value of a project?TNPV = -C0 + å Ct /(1+I)tt=14.3 · What is a stated annual interest rate?The stated annual interest rate is the annual interest rate without consideration of compounding.· What is an effective annual interest rate?An effective annual interest rate is a rate that takescompounding into account.· What is the relationship between the stated annual interest rate and the effective annual interest rate?Effective annual interest rate = (1 + (r/m) )m - 1.· Define continuous compounding.Continuous compounding compounds investments every instant.4.4 · What are the formulas for perpetuity, growing-perpetuity, annuity, andgrowing annuity?Perpetuity: PV = C/rGrowing Perpetuity: PV = C/(r-g)Annuity: PV = (C/r) [1-1/(1+r)T]Growing Annuity: PV = [C/(r-g)] [1-((1+g) / (1+r))T ]· What are three important points concerning the growing perpetuity formula?1. The numerator.2. The interest rate and the growth rate.3. The timing assumption.· What are four tricks concerning annuities?1. A delayed annuity.2. An annuity in advance3. An infrequent annuity4. The equating of present values of two annuities.CONCEPT QUESTIONS - CHAPTER 55.2 · Define pure discount bonds, level-coupon bonds, and consols.A pure discount bond is one that makes no intervening interest payments. One receives a single lump sum payment at maturity. A level-coupon bond is a combination of an annuity anda lump sum at maturity. A consol is a bond that makes interest payments forever.·Contrast the state interest rate and the effective annual interest rate for bonds pang semi-annual interest.Effective annual interest rate on a bond takes into account two periods of compounding per year received on the coupon payments. The state rate does not take this into account.5.3 · What is the relationship between interest rates and bond prices?There is an inverse relationship. When one goes up, the other goes down.· How does one calculate the eld to maturity on a bond?One finds the discount rate that equates the promised future cash flows with the price of the bond.5.8 · What are the three factors determining a firm's P/E ratio?1. Today's expectations of future growth opportunities.2. The discount rte.3. The accounting method.5.9 · What is the closing price of General Data?The closing price of General Data is 6 3/16.· What is the PE of General House?The PE of General House is 29.· What is the annual dividend of General Host?The annual dividend of General Host is zero.CONCEPT QUESTIONS - Appendix to Chapter 5· What is the difference between a spot interest rate and the eld to maturity?The eld to maturity is the geometric average of the spot rates during the life of the bond.· Define the forward rate.Given a one-year bond and a two-year bond, one knows the spot rates for both. The forward rate is the rate of return implicit on a one-year bond purchased in the second year that would equate the terminal wealth of purchasing the one-year bond today and another in one year with that of the two-year bond.· What is the relationship between the one-year spot rate, the two-year spot rate and the forward rate over the second year?The forward rate f2 = [(1+r2)2 /(1+r1 )] - 1· What is the expectation hypothesis?Investors set interest rates such that the forward rate over a given period equals the spot rate for that period.What is the liquidity-preference hypothesis?This hypothesis maintains that investors require a risk premium for holding longer-term bonds (i.e. they prefer to be liquid or short-term investors). This implies that the market sets the forward rate for a given period above the expected spot rate for that period.CONCEPT QUESTIONS - CHAPTER 66.2 · List the problems of the payback period rule.1. It does not take into account the time value of money.2. It ignores payments after the payback period.3. The cutoff period is arbitrary.· What are some advantages?1. It is simple to implement.2. It may help in controlling and evaluating managers.6.4 · What are the three steps in calculating AAR?1. Determine average net income.2. Determine average investment3. Divide average net income by average investment.· What are some flaws with the AAR approach?1. It uses accounting figures.2. It takes no account of timing.3. The cutoff period is arbitrary.6.5 · How does one calculate the IRR of a project?Using either trial-and-error or a financial calculator, one finds the discount rate that produces an NPV of zero.6.6 · What is the difference between independent projects and mutually exclusive projects?An independent project is one whose acceptance does not affect the acceptance of another. A mutually exclusive project, on the other hand is one whose acceptance precludes the acceptance of another.· What are two problems with the IRR approach that apply to both independent and mutually exclusive projects?1. The decision rule depends on whether one is investing of financing.2. Multiple rates of return are possible.· What are two additional problems applng only to mutually exclusive projects?1. The IRR approach ignores issues of scale.2. The IRR approach does not accommodate the timing of the cash flows properly.6.7 · How does one calculate a project's profitability index?Divide the present value of the cash flows subsequent to the initial investment by the initial investment.· How is the profitability index ap plied to independent projects, mutually exclusive projects,and situations of capital rationing?1. With independent projects, accept the project if the PI is greater than 1.0 and reject if less than 1.0.2. With mutually exclusive projects, use incremental analysis, subtracting the cash flows of project 2 from project 1. Find the PI. If the PI is greater than 1.0, accept project 1. If less than 1.0, accept project 2.3. In capital rationing, the firm should simply rank the projects according to their respective PIs and accept the projects with the highest PIs, subject to the budget constrain. CONCEPT QUESTIONS - CHAPTER 77.1 · What are the three difficulties in determining incremental cash flows?1. Sunk costs.2. Opportunity costs3. Side effects.· Define sunk costs, opportunity costs, and side effects.1. Sunk costs are costs that have already been incurred and that will not be affected by the decision whether to undertake the investment.2. Opportunity costs are costs incurred by the firm because, if it decides to undertake a project, it will forego other opportunities for using the assets.3. Side effects appear when a project negatively affects cash flows from other parts of the firm.7.2 · What are the items leading to cash flow in any year?Cash flow from operations (revenue-operating costs-taxes) plus cash flow of investment (cost of new machines + changes in net working capital + opportunity costs).· Why did we determine income when NPV Analysis discounts cash flows, not income? Because we need to determine how much is paid out in taxes.· Why is working capital viewed as a cash outflow?Because increases in working capital must be funded by cash generated elsewhere in the firm.7.3 · What is the difference between the nominal and the real interest rate?The nominal interest rate is the real interest rate with a premium for inflation.· What is the difference between nominal and real cash flows?Real cash flows are nominal cash flows adjusted for inflation.7.4 · What is the equivalent annual co st method of capital budgeting?The decision as to which of various mutually exclusive machines to buy is based on the equivalent annual cost. The EAC is determined by dividing the net present value of costs by an annuity factor that has the same life as the machines. The machine with the lowest EAC should be acquired.· Can you list the assumptions that we must to use EAC?1. All machines do the same job.2. They have different operating costs and lives3. The machine will be indefinitely replaced.CONCEPT QUESTIONS - CHAPTER 88.1 · What are the ways a firm can create positive NPV.1. Be first to introduce a new product.2. Further develop a core competency to product goods or services at lower costs than competitors.3. Create a barrier that makes it difficult for the other firms to compete effectively.4. Introduce variation on existing products to take advantage of unsatisfied demand5. Create product differentiation by aggressive advertising and marketing networks.6. Use innovation in organizational processes to do all of the above.· How can managers use the market to help them screen out negative NPV projects?8.2 · What is a decision tree?It is a method to help capital budgeting decision-makers evaluating projects involving sequential decisions. At every point in the tree, there are different alternatives that should be analyzed.· What are potential problems in using a decision tree?Potential problems 1) that a different discount rate should be used for different branches in the tree and 2) it is difficult for decision trees to capture managerial options.8.3 · What is a sensitivity analysis?It is a technique used to determine how the result of a decision changes when some of the parameters or assumptions change.· Why is it important to perform a sensitivity analysis?Because it provides an analysis of the consequences of possible prediction or assumption errors.· What is a break-even analysis?It is a technique used to determine the volume of production necessary to break even, that is, to cover not only variable costs but fixed costs as well.· Describe how sensitivity analysis interacts with break-even analysis.Sensitivity analysis can determine how the financial break-even point changes when some factors (such as fixed costs, variable costs, or revenue) change.CONCEPT QUESTIONS - CHAPTER 99.1 · What are the two parts of total return?Dividend income and capital gain (or loss)· Why are unrealized capital gains or losses included in the calculation of returns?Because it is as much a part of returns as dividends, even if the investor decides to hold onto the stock and not to realize the capital gain.· What is the difference between a dollar return and a percentage return?A dollar return is the amount of money the original investment provided, while percentage return is the percentage of the original investment represented by the total return.9.2 · What is the largest one-period return in the 63-year history of commonstocks we have displayed, and when did it occur? What is the smallest return, and when did it occur?Largest common stock return: 53.99% in 1933. Smallest common stock return: -43.34% in 1931.· In how many years did the common stock return exceed 30 percent, and inhow many years was it below 20 percent?It exceeded 30% in 16 years. It was below 20% in 39 years.· For common stocks, what is the longest period of time without a single losingyear? What is the longest streak of losing years?There are 6 consecutive years of positive returns. The longest losing streak was 4 years.· What is the longest period of time such that if you have invested at thebeginning of the period, you would still not have had apositive return on your common-stock investment by the end?The longest period of time was 14 years (from 1929 to 1942).9.4 · What is the major observation about capital markets that we will seek toexplain?That the return on risky assets has been higher on average than the return on risk-free assets.· What does the observation tell us about investors for the period from 1926through 1994.An investor in this period was rewarded for investment in the stock market with an extra or excess return over what would have achieved by simply investing in T-bills.9.5 · What is the definition of sample estimates of variance and standarddeviation?Variance is given by Var (R) = (1 / (T-1) ) St (Rt - R)2 where T is the number of periods, Rtis the period return and R is the sample mean. Standard deviation is given by SD = Var 1/2. For large T, (T-1) may be approximated by T.· How does the normal distribution help us interpret standard deviation?For a normal distribution, the probability of having a return that is above or below the men by a certain amount only depends on the standard deviation.9.6 · How can financial managers use the hist ory of capital markets to estimatethe required rate of return on nonfinancial investments with the same risk as the average common stock?They can determine the historical risk premium and add this amount to the current risk-free rate to determine the required return on investments of that risk.CONCEPT QUESTIONS - CHAPTER 1111.1· What are the two basic parts of a return?1. The expected part2. The surprise part· Under what conditions will some news have no effect on common stock prices?If there is no surprise in the news, there will not be any effect on prices. That is, the news was fully expected.11.2· Describe the difference between systematic risk and unsystematic risk.A systematic risk is any risk that affects a large number of assets, each to a greater or lesser degree. An unsystematic risk is a risk that specifically affects a single asset or a small group of assets.· Why is unsystematic risk sometimes referred to as idiosyncratic risk?Because information such as the announcement of a labor strike, may affect only some companies.11.3 · What is an inflation beta? A GNP beta? An interest-rate beta?An inflation beta is a measure of the sensitivity of a stock's return to changes in the expected inflation rate. A GNP beta measures the sensitivity of a stock's return to changes in the expected GNP. An interest rate beta reflects the sensitivity of a stock's return to changes in the market interest rate.· What is the difference between a k-factor model and the market model?The main difference is that the market model assumes that only one factor, usually a stock market aggregate, is enough to explain stock returns, while a k-factor model relies on k factors to explain returns.· Define the beta coefficient.The beta coefficient is a measure of the sensitivity of stock's return to unexpected changes inone factor.11.4· How can the return on a portfolio be expressed in terms of a factor model?It is the weighted average of expected returns plus the weighted average of each security's beta times a factor F plus the weighted average of the unsystematic risks of the individual securities.· What risk is diversified away in a large portfolio?The unsystematic risk.11.5· What is the relationship between the one-factor model and CAPM?Assuming the market portfolio is properly scaled, it can be shown that the one-factor model is identical to the CAPM.11.7 · Empirical models are sometimes called factor models. What is the difference betweena factor as we have used it previously in this chapter and an attribute as we use it in this section?A factor is generally a market wide or industry wide factor proxng the systematic risk. An attribute is related with the returns of the stocks.· What is data mining and why might it overstate the relation between some stock attribute and returns?Choosing parameters because they have been shown to berelated to returns is data mining. The relation found between some attribute and returns can be accidental, thus overstated.· What is wrong with measuring the performance of a U.S. growth stock manager against a benchmark composed of English stocks?Using a benchmark composed of English stocks is wrong because the stocks included are not of the same style as those in a U.S. growth stock fund.CONCEPT QUESTIONS - CHAPTER 1212.1· What is the disadvantage of using too few observations when estimating beta? Small samples can lead to inaccurate estimations.· What is the disadvantage of using too many observations when estimating beta?Firms may change their industries over time making observations from the distant past out-of-date.·What is the disadvantage of using the industry beta as the estimate of the beta of an individual firm?The operations of a particular firm may not be similar to the industry average.12.2· What are the determinants of equity betas?1. The responsiveness of a firm's revenues to economy wide movements.2. The degree of a firm's operating leverage.3. The degree of a firm's financial leverage.· What is the difference between an asset beta and an equity beta?Financial leverage.12.6h What is liquidity?Liquidity in this context means the cost of bung and selling。

2017年中国人民大学金融硕士（MF）金融学综合真题试卷(总分：142.00，做题时间：90分钟)一、单项选择题(总题数：40，分数：80.00)1.如果人民币的有效汇率指数从120上升到128，那么( )。

（分数：2.00）A.人民币相对于美元升值B.人民币相对于美元贬值C.人民币相对于一篮子货币升值（正确答案）D.人民币相对于一篮子货币贬值解析：解析：汇率指数是指一种加权平均汇率，是衡量一国货币对一篮子外国货币加权平均汇率的变动，能够全面反映一国货币的价值变化。

实际有效汇率指数上升意味着本币的价值上升，下降意味着本币贬值。

同时又因为我国的汇率制度是以一篮子货币为基础的浮动调节制度，2015年，官方首次出具CFETS汇率指数，即参考一篮子货币的汇率指数，不再钉住美元出具汇率指数。

因此，汇率指数上升，本币相对于一篮子货币升值。

故选C。

2.货币层次划分的主要依据是( )。

（分数：2.00）A.金融资产的盈利性B.金融资产的流动性（正确答案）C.金融资产的安全性D.金融资产的种类解析：解析：各国货币层次划分的主要依据都较为一致，即依据流动性的大小对货币进行层次划分。

我国当前的货币层次为： M 0 =流通中现金 M 1 =M 0 +企业单位活期存款+农村存款+机关团体部队存款+个人持有信用卡类存款 M 2 =M 1 +企业单位定期存款+城乡居民储蓄存款+其他存款+信托类存款+证券公司客户保障金 M 3 =M 2 +金融债券+商业票据+大额可转让定期存单。

故选B。

3.直接影响商业银行派生存款能力大小的因素为( )。

（分数：2.00）A.市场利率B.通胀率C.资产负债率D.提现率（正确答案）解析：解析：派生存款乘数是指银行存款货币创造机制所决定的存款货币的最大扩张倍数。

其公式为K=，其中，r d为活期存款的准备金率，r t为定期存款的准备金率，c为现金漏损和活期存款总额之比，称为现金漏损率，也称提现率，e为超额准备金率。

金融硕士考研-2017人大金融考研真题2第二部分（公司财务，共60分）一、单项选择题（每小题1分，共15分）1．在下列描述中，对贴现率的描述不正确的是。

A个体对一项投资的货币时间价值的主观衡量B项目未来将实现的投资收益率C贴现率的选择与项目投资的机会成本有关D当完全竞争的金融市场为个体主要的投资机会时，贴现率为完全竞争金融市场的均衡利率2．一个资本市场被称为弱有效（Weakly Efficient），是由于其证券价格充分包含和反映了（）。

A公开可获得信息B所有可获得的信息C历史价格信息D证券基本现值的信息3．衡量一项资产是否具有投资价值的指标托宾的Q（Tobin’s Q）指的是A市场价值和账面价值的比率B账面价值和市场价值的比率C市场价值和资产重置价值的比率D资产重置价值和市场价值的比率4．在下列描述中，对权益和债务的区别不正确的是。

A对权益所有者和债权人利益保护的实现途径不同B权益的融资成本通常要高于债务的融资成本C抵税作用不同D财务危机发生的可能性不同5．假定一个公司计划发行债务回购部分股票，给定公司未来的收益状况保持不变，则对于财务杠杆的引入（）将不发生改变。

A股东权益收益率（ROE）B每股收益（EPS）C资产收益率（ROA）D资产负债率6．在下面描述中，对MM命题1（无税）的描述不正确的是。

A对于MM世界中的投资者，尽管所持有股票公司可能处于不同资本结构下，但总能获得相同的权益期望收益率B.MM世界中的投资者可以通过自制杠杆的方式来达到任何杠杆公司可能实现的收益C在MM世界中，杠杆公司的价值等同于无杠杆公司的价值D在MM世界中，公司的价值与资本结构选择无关7．在下列描述中，不属于财务困境的直接成本的是。

A公司清算或重组过程中聘请律师和诉讼费等法律成本B公司破产的可能性使与客户和供货商的正常商业往来受到影响而导致的损失C公司清算或重组过程中聘请会计师的会计费用D公司清算或重组过程中发生的管理费用8．在下列描述中，对构成股利来源的描述不正确的是。

2016年人大金融硕士考研经验：公司理财知识点会计报表与现金流量基本知识点：V=B+S(Value=bond+stock)A=B+S(Asset=bond+stock)(1)CF(A)=CF(B)+CF(S)CF(B)为向债权人支付的现金流，债务清偿，利息+到期本金-长期债券融资如果钱流向了债权人那么为加，如果钱从债权人流出那么为减。

CF(S)为向股东支付的现金流，股利-股权净值如果钱流向了股东那么为加，如果钱从股东流出那么为减。

(2)CF(A)=经营性现金流量OCF-(净)资本性支出-净营运资本的增加CF(A)，企业现金流总额，自由现金流量，或企业的总现金流量经营性现金流量OCF=EBIT+折旧-税(净)资本性支出=固定资产的取得-固定资产的出售=期末固定资产净额-期初固定资产净额+折旧，(其中，“期末固定资产净额-期初固定资产净额”即为固定资产增加净额)1.流动性是非题：所有的资产在付出某种代价的情况下都具有流动性。

请解释。

解：正确;所有的资产都可以以某种价格转换为现金。

2.会计与现金流量为什么标准的利润表上列示的收入和成本不代表当期实际的现金流入和现金流出?解：按公认会计原则中配比准则的要求，收入应与费用相配比，这样，在收入发生或应计的时候，即使没有现金流量，也要在利润表上报告。

注意，这种方式是不正确的，但是会计必须这么做。

3.会计现金流量表在会计现金流量表上，最后一栏表示什么?这个数字对于分析一家公司有何用处?解：现金流量表最后一栏数字表明了现金流量的变化。

这个数字对于分析一家公司并没有太大的作用。

4.现金流量财务现金流量与会计现金流量有何不同?哪个对于公司分析者更有用?解：两种现金流量主要的区别在于利息费用的处理。

会计现金流量将利息作为营运现金流量(会计现金流量的逻辑是，利息在利润表的营运阶段出现，因此利息是营运现金流量)，而财务现金流量将利息作为财务现金流量。

事实上，利息是财务费用，这是公司对负债和权益的选择的结果。

2017中财金融硕士考研考研真题分类汇总名词解释：一、格雷欣法则(指定教材没有)二、货币中性三、到期收益率四、修正现金流量(呃，当时比较乱，书上只有修正内部收益率，按那个答得)五、多头套期保值(书上木有~)计算：一、基础货币及派生货币，还考了同比增长率什么的二、就是一个公司价值，权益资本成本与WACC(不让用计算器，算起来相当悲催)简答：一、什么是逆向选择以及应对措施二、MM定理1,2论述：一、分业经营与混业经营各自的优缺点与美国采取的哪两种经营模式二、为什么人民币汇率上升但依旧存在贸易顺差的问题一、逻辑推理：第1~20小题，每小题2分，共40分。

下列每题给出的A、B、C、D、E五个选项中，只有一项是符合试题要求的。

1、高校2011年秋季入学的学生中有些是免费的师范生。

所有的免费师范生都是家境贫寒的。

凡家境贫寒的学生都参加了勤工助学活动。

如果以上陈述为真，则以下各项必然为真，除了A2011年秋季入学的学生中有人家境贫寒。

B凡没有参加勤工助学活动的学生都不是免费师范生。

C有些参加勤工助学活动的学生是2011年秋季入学的。

D有些参加勤工助学活动的学生不是免费师范生。

E凡家境富裕的学生都不是免费师范生2、捐助希望工程的动机，大都是社会责任，但也有的是个人功利，当然，出于社会责任的行为，并不一定都不考虑个人功利。

对希望工程的每一项捐款，都有是利国利民的善举。

如果以上陈述为真，则以下哪项不可能为真?A有的行为出于社会责任，但不是利国利民的善举B所有考虑个人功利的行为，都有不是利国利民的善举。

C有的出于社会责任的行为是善举。

D有的行为虽然不是出于社会责任，但却是善举。

E对希望工程的有些捐助，既不是出于社会责任，也不是出于个人功利，而是有其他原因，如服从某种摊派。

3、并非所有出于良好愿望的行为必然会导致良好的结果。

如果以上断定为真，则以下哪项断定必真?A所有出于良好愿望的行为必然不会导致良好的结果B所有出于良好愿望的行为可能不会导致良好的结果。

人大金融硕士金融学综合真题（完整版）真题对于考研复习的重要性和参考价值，不言而喻。

接近备考冲刺阶段，年份最近的真题更是有必要拿出来反复研究，包括出题方向、难度指数、知识点分布，高频考点，分值分配比例等等。

这里，凯程考研姜老师为大家整理了人大金融硕士金融学综合17年真题完整版，助力人大金融硕士备考。

金融学一、选择题（每题1分，共30分）1、哪个国际金融机构成立的初始目的是帮助二战战后国家重建?2、面值100，价格95的半年债券，年化收益率是多少？a.5.26%b.5%c.10%d.2%3、哪一个选项不是商业银行传统的中间业务?A.汇兑 b.代收买卖 c.信用证业务 d.承兑4、最早全面发挥中央银行职能的银行是a.英国b.法国c.意大利d.德国5、美国的联邦基金利率本质上是什么利率？a.同业拆借利率b.基准利率6、执行价格高对看涨期权和看跌期权价格的影响？7、____更能聚沙成塔，续短为长？（后一个词大概是这个意思）a.银行票据比股票市场b.股票市场比银行票据c.资本市场比货币市场d.货币市场比资本市场8、TED利差与美国国债利差扩大说明啥?A.信贷市场风险上升美国国债价格上升9、抨击相机抉择不连续不能起作用的是哪个学派？a.古典学派b.理性预期学派10、扩大资产业务不以负债业务的增加为前提是谁的特点？a.央行b.商行c.证券市场11、货币供给公式中谁既能影响通货存款比也能影响准备存款比？a.央行b.商行c.企业d.个人12、人民币有效汇率由120变为128，说明a人民币对美元升值b人民币兑美元贬值c人民币对一篮子货币升值d对一篮子货币贬值13、.信贷市场信用紧缩/扩张，国债需求上升/下降14、企业和企业的三角债是什么信用形式a.商业信用b.国家信用c.企业信用d.货币信用15、下列哪个国家不是亚投行的意向创始国?A.日本B.韩国c.俄国 d.英国二、名词解释（每题2分，共16分）欧洲美元宏观谨慎监管资本市场商业银行资产回购协议基础货币五级贷款分类购买力平价三、简答题（每题12分，共24分）1、市场上只有一家商业银行，初期有5亿存款，法定存款准备金率10％，之后降为8％，商业银行将超额准备金的75％用于贷款。

人民大学金融硕士考研报考分析指导-育明考研一、人大金融学硕士考研参考书推荐（育明教育考研课程中心）专业参考书作者出版社金融硕士《公司理财》第九版斯蒂芬A·罗斯机械工业出版社《金融学》黄达中国人民大学出版社《中国人民大学金融硕士考研新攻略》《金融硕士大纲解析》《金融硕士精品题库》育明教育内部资料育明教育考研课程部宋老师解析：1、参考书是理论知识建立所需的载体，如何从参考书抓取核心书目，从核心书目中遴选出重点章节常考的考点，如何高效的研读参考书、建立参考书框架，如何初步将参考书中的知识内容对应到答题中，是考生复习的第一阶段最需完成的任务。

建议大家可以在专业课老师的指导下来高效率、高质量完成这项工作，为整个备考的成功构建基础。

2、专业知识的来源也不能局限于对参考书的研读，整个的备考当中考生还需要使用相关的参考书笔记、导师课件讲义、各专题总结。

读哪一些资料有用、怎么去读、读完之后应该怎么做，这些也会直接影响到考生的分数。

3、中国人民大学金融硕士考研专业课复习过程中很多人都只看黄达和罗斯的参考书，但是经过育明教育考研中心的分析，人大考研专业课还会延伸到其他参考书,比如陈雨露的《国际金融》，易纲的《货币银行学》等，但是这些参考书都是只会涉及一部分，不会全都考到，所以没必要把整本书都看完，我们育明教育这边的专业课老师会给大家总结需要的考点。

针对中国人民大学金融硕士考研育明教育开设的考研辅导课程包括：专业课小班课程·一对一课程·视频班·定向保录班·复试保过班。

近年来人大金融硕士的录取考生中，近1/3均出自育明教育的相关考研辅导课程。

（金砖考研资料、考试经验、辅导课程可咨询育明教育宋老师叩叩：二四五九、六二二、四七七）二、人大金融硕士历年考研分数线（育明教育考研课程部）年份复试人数说明复试分数线2011年复试73人，录取65人。

北京37人，苏州28人。

调剂到税务硕士苏州4人。

人大金融硕士考研真题题型名师解析与笔记整理（1）金融学部分（50分）一、名词解释（每题5分，共20分）。

1、金融压抑；2、流动性陷阱；3、私募基金；4、宏观审慎监管二、利率补偿有哪些构成要素。

（10分）三、引用周小川关于存款保险制度的答记者问的话，问题大致是，我国为什么要实行存款保险制度？实施存款保险制度过程中应防范那些不利影响？（20分）（2）公司理财部分。

（50分）一、简单说明股东和债权人利益发生冲突时如何影响公司的决策，以及如何解决其代理成本。

（10分）二、（20分）第二题是关于一中小板上市企业，X、Y、Z三股东各占15%的股份，其余为社会公开交易股票，然后貌似公司一科研成果，如果要运用并扩大生产需要融资。

但三大股东不想引进新股东，便将这一科研成果卖掉。

然后关于这笔资金的处理，三个股东都有不同的意见，然后讨论对股价或者公司价值的影响。

（1）X提倡全部用来发放一次特殊股利，请问这对股价和公司价值的影响。

（2）Y主张偿还债务，或者用于扩大再生产，请问对公司价值的影响。

（3）Z建议用于回购股票，其认为有利于提高P/E和ROE，你认为是否正确？对公司价值有什么影响。

（4）只记得前三问，貌似有四问。

欢迎补充。

三、（20分）这一题关于公司理财第三章，财务报表分析与财务模型的题，题目给的是各种财务报表。

（1）求各种财务指标的值，8个。

（2）求可持续增长率，外部融资需要量（EFN），对（1）中哪些财务指标有影响。

（3）公司不断算实行权益融资，且股东决定下一年的增长目标比率定为20%，你对该决策的建议和观点吧。

（4）公司打算投资一项目，初始投资3000万元，按照第二问求出的可持续增长率，求需要的外部融资需要量（EFN）。

（欢迎研友补充）市面上考研辅导班众多，但是真正懂人大金融硕士的机构寥寥无几，让学生无法辨别，您不妨问一句，人大金融硕士考研参考书有哪些？很多机构的人就哑口无言了，这就是从一个侧面了解到他们是不是真的对人大金融硕士有辅导，有没有人大金融硕士考研辅导经验的积累。