金融学复习要点201812参考答案

金融学复习题与答案一、单项选择题1. 金融市场的主要功能是（）。

A. 资金的筹集和分配B. 风险的转移和管理C. 价格的发现和信息的传递D. 以上都是答案：D2. 以下哪项不是货币市场工具的特点？（）。

A. 期限短B. 风险低C. 流动性高D. 收益高答案：D3. 股票的内在价值是指（）。

A. 股票的市场价格B. 股票的账面价值C. 股票的清算价值D. 股票未来现金流的现值答案：D二、多项选择题1. 以下哪些因素会影响债券的收益率？（）。

A. 利率水平B. 通货膨胀预期C. 债券的信用等级D. 市场流动性答案：ABCD2. 金融衍生品的主要功能包括（）。

A. 风险管理B. 价格发现C. 投机D. 套利答案：ABCD三、判断题1. 利率上升时，债券价格通常会下降。

（）答案：正确2. 期权的时间价值随着到期日的临近而增加。

（）答案：错误四、简答题1. 什么是货币供应量？请简述其对经济的影响。

答：货币供应量是指一个国家或地区在一定时期内流通中的货币总量，包括现金和存款。

它对经济的影响主要体现在：影响通货膨胀率，影响经济增长，影响利率水平。

2. 什么是资本结构？企业如何决定其最优资本结构？答：资本结构是指企业资金来源中债务和股权的比例。

企业决定最优资本结构通常考虑以下因素：税收影响、破产成本、代理成本、信息不对称和市场条件等。

五、计算题1. 假设某公司发行了一张面值为1000元，年利率为5%，期限为3年的债券。

如果市场利率为4%，请计算该债券的理论价格。

答：根据债券定价公式，该债券的理论价格为：\[ P = \frac{C}{(1+r)^1} + \frac{C}{(1+r)^2} +\frac{C+F}{(1+r)^3} \]其中，C为年利息，r为市场利率，F为债券面值。

代入数值计算得：\[ P = \frac{50}{1.04} + \frac{50}{1.04^2} +\frac{1050}{1.04^3} \]\[ P = 48.08 + 46.15 + 918.40 \]\[ P = 1012.63 \]所以，该债券的理论价格为1012.63元。

金融学复习提纲及解答一、金融市场1.金融市场的分类及特点金融市场根据交易工具的种类可以分为货币市场和资本市场。

货币市场主要交易短期债务工具，资本市场则交易长期债务工具和股权工具。

金融市场的特点包括流动性、风险性、权益性和信息性。

2.金融市场的功能金融市场具有资金调剂、风险管理、信息传递和资源配置等功能。

通过金融市场，资金从蓄储者流向需求者，同时市场价格反映了市场参与者对风险和回报的评估。

3.金融市场的参与者金融市场的参与者包括金融机构、非金融企业、个人投资者和政府等。

金融机构是金融市场的主要参与者，包括商业银行、投资银行、保险公司和证券公司等。

二、金融工具1.债务工具债务工具是一种承诺偿还本金和支付利息的金融工具，包括国债、公司债券、债务证券化产品等。

债务工具的收益主要来自于利息收入。

2.股权工具股权工具是一种代表股东权益的金融工具，包括普通股、优先股和证券投资基金等。

股权工具的收益主要来自于股息和资本利得。

3.衍生工具三、金融风险管理1.风险的分类金融风险主要包括信用风险、流动性风险、市场风险和操作风险等。

其中，信用风险是指债务人违约的可能性，流动性风险是指资产无法迅速变现的可能性，市场风险是指资产价格变动带来的损失，操作风险是指内部和外部交易操作过程带来的风险。

2.风险管理工具风险管理工具包括风险传递和风险规避。

风险传递通过保险合约和衍生工具将风险转移给其他市场参与者。

风险规避通过分散投资和选择低风险资产来降低风险。

3.金融风险管理的方法金融风险管理的方法包括风险度量、风险监测和风险控制。

风险度量通过风险价值和风险敞口等指标评估风险的大小。

风险监测通过市场数据和风险模型等工具追踪和识别风险。

风险控制通过限制头寸和制定风险管理策略来减少风险。

四、资本结构与成本1.资本结构的决策资本结构决策是指企业选择债务与股权融资的比例。

企业的资本结构会影响资本成本和风险水平。

企业应该通过权衡债务成本和风险承受能力，选择最优的资本结构。

李健《金融学》笔记和课后习题（含考研真题）详解第1章生活中的金融：从经济主体的财务活动谈起1.1复习笔记一、居民理财与金融1.货币收入与支出（1）货币收入城乡居民、企业通过生产经营，提供劳务和经营性资产等各种渠道获得收入。

从形式上看，收入可分为货币收入与非货币收入。

（2）货币支出支出是指家庭为了满足日常生活需要的付出行为。

支出可分货币支出与非货币支出。

（3）盈余与赤字居民的货币收入大于支出产生盈余；反之，则产生赤字。

居民的货币盈余是其进行货币储蓄与投资的前提，而居民的赤字则需要通过消费信贷或民间信用来弥补。

2.居民盈余的使用（1）储蓄我国居民除了现金储蓄外，大部分居民盈余通过储蓄存款形成金融部门的资金来源，又通过金融部门的贷款，满足非金融企业的资金需求，实现金融平衡。

（2）投资居民货币盈余另一重要使用方式是进行投资，以获取收益。

居民投资可分为金融投资与实物投资。

3.居民赤字的弥补居民赤字较正规的弥补方式是消费信用。

消费信用是指居民为满足自身的消费需求而向消费品出售方申请赊销或分期付款。

二、企业财务活动与金融1.企业经营与财务（1）企业经营与资金运动企业是从事生产、流通、服务等经济活动，以生产或服务满足社会需要，实行自主经营、独立核算、依法设立、具有经济法人资格的营利性经济组织。

从实物形态看，企业在其经营过程中，通过采购、生产加工、销售等环节，完成了从投入到产出的再生产过程。

从资金形态看，则通过资产、负债、所有者权益、成本、利润和现金流等指标变化，完成资金筹集、资金运用、资金回收的循环周转过程。

（2）企业财务与财务管理①企业财务活动及其体现企业的生产经营活动过程也是企业的资金活动过程，即企业财务活动过程。

企业财务报表是会计主体对外提供的反映自身财务和经营状况的会计报表，主要包括资产负债表、利润表和现金流量表等。

②企业财务管理企业财务管理主要体现在负债管理、资产管理和盈余分配三个方面，其中每个方面都与金融体系息息相关。

一、名词解释货币制度：国家以法律形式规定的货币流通结构和组织形式。

金银复本位制：金银两种金属货币同时作为本位币的货币制度。

金银都是币材，金银币同时流通。

有限法偿：货币具有的法定支付能力，即在一次支付中有法定支付限额的限制，若超过限额，对方可以拒绝接受。

无限法偿：具有无限的支付能力，即法律上赋予它流通的权力，不论每次支付的金额多大，受款人均不得拒绝接受。

格雷欣法则：在双本位制下，虽然金银之间规定了法定比价，但市场价格高于法定价格的金属货币就会从流通中退出来进入贮藏或输出国外；而实际价值较低的金属货币则继续留在流通中执行货币职能，产生“劣币驱逐良币”的现象。

商业信用：工商企业间以赊销商品和预付定金方式提供的信用。

消费信用：对消费者个人提供的，用以满足其消费方面所需货币的信用。

银行信用：是指银行或其他金融机构以货币形态提供的信用。

二、简答1.简要比较商业信用与银行信用。

答：商业信用是指工商企业间以赊销商品和预付定金方式提供的信用。

它是企业之间相互提供的，与商品交易直接相联系的信用形式，以赊销方式为典型。

银行信用是银行以货币形态提供的信用。

它最基本的形式是存款和贷款。

商业信用保证了工商企业之间的种种稳定的经济联系，直接为商品流通服务，是创造信用流通工具最简单的方式，但商业信用中企业的信用能力有限，提供的范围有限，数量、期限也有限。

使商业信用具有一定的局限性，有些企业很难从这种形式取得必要的信用支持。

银行信用是银行和金融机构以货币形态向社会提供的信用，是在商业信用基础上发展起来的一种更高层次的信用，其信用标的为货币而且有金融机构为中介，因此克服了商业信用的局限性。

具有广泛的接受性，扩大了信用的数量和范围；但银行信用不能代替商业信用。

2.信用的三要素及主要形式有哪些？答：信用的三要素是：1、债权和债务关系；2、时间的间隔；3、信用工具，即融资工具或称金融工具。

其主要形式有商业信用、银行信用、国家信用、消费信用和国际信用等。

大学《金融学》第十二章知识点归纳
一、金融发展与经济发展的相互作用
（一）金融发展对于经济发展的积极作用
1、金融发展有助于实现资本的积聚与集中，可以帮助实现现代化的大规模生产经营，实现规模经济的效益。

2、金融发展有助于提高资源的使用效率，从而提高社会经济效率。

3、金融发展有助于提高金融资产的储蓄比例，有助于提高社会投资水平。

（二）经济发展对于金融发展的作用
1、经济的发展使社会的收入水平不断提高，因而提高人们对金融投资和理财服务的需求。

2、经济发展形成越来越多的大企业集团，这些大的企业集团要求与其融资需求相匹配的现代金融机构为其提供服务。

二、金融压抑的定义
金融压抑，是指市场机制的作用没有得到充分发挥的发展中国家中存在的过多金融管制、利率限制、信贷配额、金融资产单调等现象。

三、金融压抑战略对经济发展和经济成长有四个负效应：
负收入效应
负储蓄效应
负投资效应
负就业效应
四、金融深化的含义
金融抑制是欠发达国家经济发展的一大障碍，要想实现经济迅速增长，就必须实现一系列的金融自由化政策，这就是所谓“金融深化”。

1。

《金融学》教案大纲及习题解答第一章：金融学导论1.1 金融学的定义和研究对象1.2 金融市场的基本概念和分类1.3 金融市场的参与者：投资者、金融机构、监管机构1.4 金融学的主要学科领域和应用范围习题解答：1.1 金融学是研究金融市场、金融机构以及金融政策的学科。

它的研究对象包括金融市场的运作机制、金融产品的定价和交易、金融机构的经营管理和监管政策等方面。

1.2 金融市场是指资金供应者和资金需求者通过金融工具进行交易的场所。

金融市场可以分为货币市场、资本市场、金融衍生品市场和外汇市场等。

1.3 金融市场的参与者包括投资者、金融机构和监管机构。

投资者包括个人投资者和机构投资者，金融机构包括银行、证券公司、保险公司等，监管机构负责对金融市场进行监管和调控。

1.4 金融学的主要学科领域包括金融市场、金融机构、金融衍生品、金融政策和金融监管等。

金融学广泛应用于金融行业、企业管理和政府监管等领域。

第二章：金融市场的基本原理2.1 金融市场的供求关系和价格机制2.2 金融市场的效率和稳定性2.3 金融市场的风险和收益2.4 金融市场的信息不对称和信息不对称问题习题解答：2.1 金融市场的供求关系是指资金供应者和资金需求者之间的相互作用。

价格机制是指金融市场的价格由市场供求关系决定，反映了资金的稀缺程度。

2.2 金融市场的效率是指市场能够迅速、准确地反映信息的能力。

金融市场的稳定性是指市场能够保持稳定的运行，不发生大规模的波动。

2.3 金融市场的风险是指投资者在投资过程中可能遭受的损失。

收益是指投资者从投资中获得的回报。

投资者在选择金融产品时需要权衡风险和收益。

2.4 信息不对称是指市场参与者之间信息的不平衡。

信息不对称问题可能导致市场失灵和资源配置效率低下，需要通过监管和制度建设来解决。

第三章：金融市场的主要金融产品3.1 货币市场的金融产品：短期债券、商业票据等3.2 资本市场的主要金融产品：股票、债券、基金等3.3 金融衍生品市场的主要产品：期货、期权、掉期等3.4 其他金融产品：外汇、黄金、大宗商品等习题解答：3.1 货币市场的金融产品是指在货币市场上交易的金融工具。

18年12月会计学、工商管理专业《金融学》期末复习题18年12月会计学、工商管理专业《金融学》期末复习题（以下内容及答案仅供参考，汇集往届期末复习题库及往届试卷题库）形成性考核50%，终结性考核50%。

考试题型共6种：一、名词解释（每小题5分，共15分）二、判断正确与错误（正确的打√，错误的打×。

每小题1分，共10分）三、单项选择题（每小题2分，共20分）四、多项选择题（每小题2分，共20分）五、简答题（每小题8分，共16分）六、论述题（19分）一、名词解释:1、货币存量——是指在某一时点上各经济主体所持有的货币余额，根据货币层次分为狭义货币存量和广义货币存量。

我国中央银行公布的年度货币供应量就是货币存量。

2、货币政策时滞——是指从货币政策制定到最终影响各经济变量，实现政策目标所经过的时间，也就是货币政策传导过程所需要的时间。

货币政策时滞可分为内部时滞和外部时滞。

3、提现率——在商业银行创造信用货币的过程中，存款客户总会提取一些先进，从而使部分现金流出银行系统，这就是现金漏损。

现金漏损与存款总额之比称为现金漏损率，即提现率。

提现率是商业银行存款货币创造的制约因素之一。

4、金融创新——是指金融领域内部通过各种要素的重新组合和创造性变革所创造或引进的新事物。

包括制度、业务和组织机构创新。

5、市场利率——是按照市场规律自由变动的利率，即由借贷资金的供求关系决定并由借贷双方自由议定的利率。

6、资本充足率—是指由巴塞尔协议规定的资本对加权风险资产的比例。

它是评价银行自担风险、自我发展能力的一个标志，银行在开展业务时要受自有资本的制约，不能脱离自有资本而任意扩大业务。

7、经济金融化——是指一国经济中金融资产总值与国民经济产出总量的比重处于较高水平并不断提高的过程及趋势。

8、存款货币——是指能够发挥货币作用的银行存款，主要是指能够通过签发支票办理转帐结算的活期存款。

9、通货紧缩——是指由于货币供给不足而引起货币升值，物价普遍、持续下跌的货币现象。

《⾦融学（第⼆版）》讲义⼤纲及课后习题答案详解⼗⼆章CHAPTER 12CHOOSING AN INVESTMENT PORTFOLIOObjectivesTo understand the process of personal investing in theory and in practice.To build a quantitative model of the tradeoff between risk and reward.Outline12.1 The Process of Personal Portfolio Selection12.2 The Trade-off between Expected Return and Risk12.3 Efficient Diversification with Many Risky AssetsSummaryThere is no single portfolio selection strategy that is best for all people.Stage in the life cycle is an imp ortant determinant of the optimal composition of a person’s optimal portfolio of assets and liabilities.Time horizons are important in portfolio selection. We distinguish among three time horizons: the planning horizon, the decision horizon, and the trading horizon.In making portfolio selection decisions, people can in general achieve a higher expected rate of return only by exposing themselves to greater risk.One can sometimes reduce risk without lowering expected return by diversifying more completely either withina given asset class or across asset classes.The power of diversification to reduce the riskiness of an investor’s portfolio depends on the correlations among the assets that make up the portfolio. In practice, the vast majority of assets are positively correlated with each other because they are all affected by common economic factors. Consequently, one’s ability to reduce risk through diversification among risky assets without lowering expected return is limited.Although in principle people have thousands of assets to choose from, in practice they make their choices from a menu of a few final products offered by financial intermediaries such as bank accounts, stock and bond mutual funds, and real estate. In designing and producing the menu of assets to offer to their customers theseintermediaries make use of the latest advances in financial technology.Solutions to Problems at End of Chapter1. Suppose that your 58-year-old father works for the Ruffy Stuffed Toy Company and has contributed regularly to his company-matched savings plan for the past 15 years. Ruffy contributes $0.50 for every $1.00 your father puts into the savings plan, up to the first 6% of his salary. Participants in the savings plan can allocate their contributions among four different investment choices: a fixed-income bond fund, a “blend” option that invests in large companies, small companies, and the fixed-income bond fund, a growth-income mutual fund whose investments do not include other toy companies, and a fund whose sole investment is stock in the Ruffy Stuffed Toy Company. Over Thanksgiving vacation, Dad realizes that you have been majoring in finance and decides to reap some early returns on that tuition money he’s been investing in your education. He shows you the most recent quarterly statement for his savings plan, and you see that 98% of its current value is in the fourth investment option, that of the Ruffy Company stock..a.Assume that your Dad is a typical risk-averse person who is considering retirement in five years. Whenyou ask him why he has made the allocation in this way, he responds that the company stock has continually performed quite well, except for a few declines that were caused by problems in a division that the company has long since sold off. Inaddition, he says, many of his friends at work have done the same. What advice would you give your dad about adjustments to his plan allocations? Why?b.If you consider the fact that your dad works for Ruffy in addition to his 98% allocation to the Ruffy stockfund, does this make his situation more risky, less risky, or does it make no difference? Why? SOLUTION:a.Dad has exposed himself to risk by concentrating almost all of his plan money in the Ruffy Stock fund. This is analogous to taking 100% of the money a family has put aside for investment and investing it in a single stock.First, Dad needs to be shown that just because the company stock has continually performed quite well is no guarantee that it will do so indefinitely. The company may have sold off the divisions which produced price declines in the past, but future problems are unpredictable, and so is the movement of the stock price. “Past performance is no guarantee of future results” is the lesson.Second, Dad needs to hear about diversification. He needs to be counseled that he can reduce his risk by allocating his money among several of the options available to him. Indeed, he can reduce his risk considerably merely by moving all of his money into the “blend” fund because it is diversifi ed by design: it has a fixed-income component, a large companies component, and a small companies component. Diversification isachieved not only via the three differing objectives of these components, but also via the numerous stocks that comprise each of the three components.Finally, Dad’s age and his retirement plans need to be considered. People nearing retirement age typically begin to shift the value of their portfolios into safer investments. “Safer” normally connotes less variability, so that the risk of a large decline in the value of a portfolio is reduced. This decline could come at any time, and it would be very unfortunate if it were to happen the day before Dad retires. In this example, the safest option would be the fixed-income bond fund because of its diversified composition and interest-bearing design, but there is still risk exposure to inflation and the level of interest rates. Note that the tax-deferred nature of the savings plan encourages allocation to something that produces interest or dividends. As it stands now, Dad is very exposed to a large decline in the value of his savings plan because it is dependent on the value of one stock.Individual equities over time have proven to produce the most variable of returns, so Dad should definitely move some, probably at least half, of his money out of the Ruffy stock fund. In fact, a good recommendation given his retirement horizon of five years would be to re-align the portfolio so that it has 50% in the fixed- income fund and the remaining 50% split between the Ruffy stock fund (since Dad insists) and the “blend” fund.Or, maybe 40% fixed-income, 25% Ruffy, 15% growth-income fund, and 20% “blend” fund. This latterallocation has the advantage of introducing another income-producing component that can be shielded by the tax-deferred status of the plan.b.The fact that Dad is employed by the Ruffy Company makes his situation more risky. Let’s say that the companyhits a period of slowed business activities. If the stock price declines, so will th e value of Dad’s savings plan. If the company encounters enough trouble, it may consider layoffs. Dad’s job may be in jeopardy. At the same time that his savings plan may be declining in value, Dad may also need to look for a job or go onunemployment. Thus, Dad is exposed on two fronts to the same risk. He has invested both his human capital and his wealth almost exclusively in one company.2. Refer to Table 12.1.a.Perform the calculations to verify that the expected returns of each of the portfolios (F, G, H, J, S) in thetable (column 4) are correct.b.Do the same for the standard deviations in column 5 of the table.c.Assume that you have $1million to invest. Allocate the money as indicated in the table for each of the fiveportfolios and calculate the expected dollar return of each of the portfolios.d.Which of the portfolios would someone who is extremely risk tolerant be most likely to select? SOLUTION:d.An extremely risk tolerant person would select portfolio S, which has the largest standard deviation but also thelargest expected return.3. A mutual fund company offers a safe money market fund whose current rate is4.50% (.045). The same company also offers an equity fund with an aggressive growth objective which historically has exhibited an expected return of 20% (.20) and a standard deviation of .25.a.Derive the equation for the risk-reward trade-off line.b.How much extra expected return would be available to an investor for each unit of extra risk that shebears?c.What allocation should be placed in the money market fund if an investor desires an expected return of15% (.15)?SOLUTION:a.E[r] = .045 + .62b.0.62c.32.3% [.15 = w*(.045) + (1-w)*(.020) ]4. If the risk-reward trade-off line for a riskless asset and a risky asset results in a negative slope, what does that imply about the risky asset vis-a-vis the riskless asset?SOLUTION:A trade-off line wit h a negative slope indicates that the investor is “rewarded” with less expected return for taking on additional risk via allocation to the risky asset.5. Suppose that you have the opportunity to buy stock in AT&T and Microsoft.a.stocks is 0? .5? 1? -1? What do you notice about the change in the allocations between AT&T andMicrosoft as their correlation moves from -1 to 0? to .5? to +1? Why might this be?b.What is the variance of each of the minimum-variance portfolios in part a?c.What is the optimal combination of these two securities in a portfolio for each value of the correlation,assuming the existence of a money market fund that currently pays 4.5% (.045)? Do you notice any relation between these weights and the weights for the minimum variance portfolios?d.What is the variance of each of the optimal portfolios?e.What is the expected return of each of the optimal portfolios?f.Derive the risk-reward trade-off line for the optimal portfolio when the correlation is .5. How much extraexpected return can you anticipate if you take on an extra unit of risk?SOLUTION:a.Minimum risk portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 73.5% AT&T, 26.5% Microsoft.5: 92.1% AT&T, 7.9% Microsoft1: 250% AT&T, short sell 150% MicrosoftAs the correlation moves from -1 to +1, the allocation to AT&T increases. When two stocks have negativec orrelation, standard deviation can be reduced dramatically by mixing them in a portfolio. It is to the investors’benefit to weight more heavily the stock with the higher expected return since this will produce a high portfolio expected return while the standard deviation of the portfolio is decreased. This is why the highest allocation to Microsoft is observed for a correlation of -1, and the allocation to Microsoft decreases as the correlationbecomes positive and moves to +1. With correlation of +1, the returns of the two stocks will move closely together, so you want to weight most heavily the stock with the lower individual standard deviation.b. Variances of each of the minimum variance portfolios:62.5% AT&T, 37.5% Microsoft Var = 073.5% AT&T, 26.5% Microsoft Var = .016592.1% AT&T, 7.9% Microsoft Var = .0222250% AT&T, short 150% Microsoft Var = 0c. Optimal portfolios if correlation is:-1: 62.5% AT&T, 37.5% Microsoft0: 48.1% AT&T, 51.9% Microsoft.5: 11.4% AT&T, 88.6% Microsoft1: 250% AT&T, short 150% Microsoftd. Variances of the optimal portfolios:62.5% AT&T, 37.5% Microsoft Var = 048.1% AT&T, 51.9% Microsoft Var = .022011.4% AT&T, 88.6% Microsoft Var = .0531250% AT&T, short 150% Microsoft Var = 0e. Expected returns of the optimal portfolios:62.5% AT&T, 37.5% Microsoft E[r] = 14.13%48.1% AT&T, 51.9% Microsoft E[r] = 15.71%11.4% AT&T, 88.6% Microsoft E[r] = 19.75%250% AT&T, short 150% Microsoft E[r] = -6.5%f.Risk-reward trade-off line for optimal portfolio with correlation = .5:E[r] = .045 + .66/doc/31dbf23b580216fc700afd59.html ing the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, along with the results in part f of question 12-5, determine:a.the expected return and standard deviation of a portfolio which invests 100% in a money market fundreturning a current rate of 4.5%. Where is this point on the risk-reward trade-off line?b.the expected return and standard deviation of a portfolio which invests 90% in the money market fundand 10% in the portfolio of AT&T and Microsoft stock.c.the expected return and standard deviation of a portfolio which invests 25% in the money market fundand 75% in the portfolio of AT&T and Microsoft stock.d.the expected return and standard deviation of a portfolio which invests 0% in the money market fundand 100% in the portfolio of AT&T and Microsoft stock. What point is this?SOLUTION:a.E[r] = 4.5%, standard deviation = 0. This point is the intercept of the y (expected return) axis by the risk-rewardtrade-off line.b.E[r] = 6.03%, standard deviation = .0231c.E[r] = 15.9%, standard deviation = .173d.E[r] = 19.75%, standard deviation = .2306. This point is the tangency between the risk-reward line from 12-5part f and the risky asset risk-reward curve (frontier) for AT&T and Microsoft.7. Again using the optimal portfolio of AT&T and Microsoft stock when the correlation of their price movements is 0.5, take $ 10,000 and determine the allocations among the riskless asset, AT&T stock, and Microsoft stock for:a. a portfolio which invests 75% in a money market fund and 25% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expected return?b. a portfolio which invests 25% in a money market fund and 75% in the portfolio of AT&T and Microsoftstock. What is this portfolio’s expect ed return?c. a portfolio which invests nothing in a money market fund and 100% in the portfolio of AT&T andMicrosoft stock. What is this portfolio’s expected return?SOLUTION:a.$7,500 in the money-market fund, $285 in AT&T (11.4% of $2500), $2215 in Microsoft. E[r] = 8.31%, $831.b.$2,500 in the money-market fund, $855 in AT&T (11.4% of $7500), $6645 in Microsoft. E[r] = 15.94%, $1,594.c.$1140 in AT&T, $8860 in Microsoft. E[r] = 19.75%, $1,975.8. What strategy is implied by moving further out to the right on a risk-reward trade-off line beyond the tangency point between the line and the risky asset risk-reward curve? What type of an investor would be most likely to embark on this strategy? Why?SOLUTION:This strategy calls for borrowing additional funds and investing them in the optimal portfolio of AT&T and Microsoft stock. A risk-tolerant, aggressive investor would embark on this strategy. This person would be assuming the risk of the stock portfolio with no risk-free component; the money at risk is not onl y from this person’s own wealth but also represents a sum that isowed to some creditor (such as a margin account extended by the investor’s broker).9. Determine the correlation between price movements of stock A and B using the forecasts of their rate of return and the assessments of the possible states of the world in the following table. The standard deviations for stock A and stock B are0.065 and 0.1392, respectively. Before doing the calculation, form an expectation of whether that correlation will be closer to1 or -1 by merely inspecting the numbers.SOLUTION:Expectation: correlation will be closer to +1.E[r A] = .05*(-.02) + .15*(-.01) + .60*(.15) + .20*(.15) = .1175, or, 11.75%E[r B] = .05*(-.20) + .15*(-.10) + .60*(.15) + .20*(.30) = .1250, or, 12.50%Covariance = .05*(-.02-.1175)*(-.20-.125) + .15*(-.01-.1175)*(-.10-.125) +.60*(.15-.1175)*(.15-.125) + .20*(.15-.1175)*(.30-.125) =.008163Correlation = .008163/(.065)*(.1392) = .90210.Analyze the “expert’s” answers to the following questions:a.Question:I have approx. 1/3 of my investments in stocks, and the rest in a money market. What do you suggestas a somewhat “safer” place to invest another 1/3? I like to keep 1/3 accessible for emergencies.Expert’s answer:Well, you could try 1 or 2 year Treasury bonds. You’d get a little bit more yie ld with no risk.b.Question:Where would you invest if you were to start today?Expert’s answer:That depends on your age and short-term goals. If you are very young – say under 40 –and don’tneed the money you’re investing for a home or college tuition or such, you would put it in a stockfund. Even if the market tanks, you have time to recoup. And, so far, nothing has beaten stocks overa period of 10 years or more. But if you are going to need money fairly soon, for a home or for yourretirement, you need to play it safer.SOLUTION:a.You are not getting a little bit more yield with no risk. The real value of the bond payoff is subject to inflationrisk. In addition, if you ever need to sell the Treasury bonds before expiration, you are subject to the fluctuation of selling price caused by interest risk.b.The expert is right in pointing out that your investment decision depends on your age and short-term goals. In addition, the investment decision also depends on other characteristics of the investor, such as the special character of the labor income (whether it is highly correlated with the stock market or not), and risk tolerance.Also, the fact that over any period of 10 years or more the stock beats everything else cannot be used to predict the future.。

会计与工商管理本科《金融学》期末复习方向2018、12第一部分、考试题型、分数比例名词解释15%（3题），判断题10%、单选20%、多选20%、问答题16%（2题）、论述题19%（1题）本次考试时间为闭卷90分钟。

考试时间：2019年1月6日，以考条通知为准。

网上实时答疑时间：2018、12、15市开大网上课堂BBS 晚上20:00-21:00第二部分、题目复习方向：一、名词解释（每小题5分，共15分）1、货币存量——2、货币政策时滞——3、提现率——4、金融创新——5、市场利率——6、资本充足率—7、经济金融化—— 8、存款货币—— 9、通货紧缩——10、狭义金融监管— 11、公开市场业务—— 12、商业银行—13、官定利率—— 14、汇率—— 15、货币市场—1、货币存量（34页）：是指在某一时点上各经济主体所持有的货币余额，根据货币层次分为狭义货币存量和广义货币存量。

我国中央银行公布的年度货币供应量就是货币存量。

2、货币政策时滞（232页）：是指从货币政策制定到最终影响各经济变量、实现政策目标所经过的时间，也就是货币政策传导过程所需要的时间。

分为内部时滞和外部时滞。

3、提现率（203页）：又称现金漏损率，是指现金漏损额与银行存款总额的比率，是影响存款扩张倍数的一个重要因素。

4、金融创新（255页）：是指金融领域内部通过各种要素的重新组合和创造性变革所创造或引进的新事物。

5、市场利率（78页）：是指按照市场规律自由变动的利率，即由借贷资金的供求关系决定并由借贷资金双方自由议定的利率。

6、资本充足率（247页）：是指资本对风险资产的比例。

它是评价银行自担风险和自我发展能力的一个重要标志，银行在开展业务时要受到自有资本的制约，不能脱离自有资本而任意扩大业务。

7、经济金融化（263页）：是指一国经济中金融资产总值占国民经济产出总量的比重处于较高比重并不断提升的过程及趋势。

8、存款货币（28页）：是指能够发挥货币交易媒介和资产职能的银行存款，包括可以直接进行转账支付的活期存款、定期存款、储蓄存款等各种形式的各类存款。