金融市场与金融机构课后习题答案

ANSWERS TO QUESTIONS FOR CHAPTER 1(Questions are in bold print followed by answers.)1. What is the difference between a financial asset and a tangible asset?A tangible asset is one whose value depends upon certain physical properties, e.g. land, capital equipment and machines. A financial asset, which is an intangible asset, represents a legal claim to some future benefits or cash flows. The value of a financial asset is not related to the physical form in which the claim is recorded.2. What is the difference between the claim of a debtholder of General Motors and an equityholder of General Motors?The claim of the debt holder is established by contract, which specifies the amount and timing of periodic payments in the form of interest as well as term to maturity of the principal. The debt holder stands as a creditor and in case of default, he has a prior claim on firm assets over the equity-holder.The equity holder has a residual claim to assets and income. He can receive funds only after other claimants are satisfied. Income is in terms of dividends, the amount and timing of which are not certain.3. What is the basic principle in determining the price of a financial asset?The price of any financial asset is the present value of the expected cash flows or a stream of payments over time. Thus, the basic variables in determining the price are: expected cash flows, discount rate and the timing of these cash flows.4. Why is it difficult to determine the cash flow of a financial asset?The estimation and determination of cash flows is difficult because of several reasons. These include accounting measures, possibility of default of the issuer, and embedded options in the security. Interest payments can also change over time. There is uncertainty as to the amount and the timing of these payments.5. Why are the characteristics of an issuer important in determining the price of a financial asset?The characteristics of the issuer are important because these determine the riskiness or uncertainty of the expected cash flows. These characteristics, which determine the issuer’s creditworthiness or default risk, have an impact on the required rate of return for that particular financial asset.6. What are the two principal roles of financial assets?The first role of financial assets is to transfer funds from surplus spending units (i.e. persons or institutions with funds to invest) to deficit spending units (i.e. persons or firms needing funds to invest in tangible assets).The second role is to redistribute risk among persons or institutions seeking and providing funds. Funds providers share the risks of expected cash flows generated by tangible assets.7. In September 1990, a study by the U.S. Congress, Office of Technology Assessment, entitled “Electronic Bulls & Bears: U.S. Securities Markets and Information Technology,” included this statement:Securities markets have five basic functions in a capitalistic economy:a.They make it possible for corporations and governmental units to raise capital.b.They help to allocate capital toward productive uses.c.They provide an opportunity for people to increase their savings by investing inthem.d.They reveal investors’ judgments about the potential earning capacity ofcorporations, thus giving guidance to corporate managers.e.They generate employment and income.For each of the functions cited above, explain how financial markets (or securities markets, in the parlance of this Congressional study) perform each function.The five economic functions of a financial market are: (1) transferring funds from those who have surplus funds to invest to those who need funds to invest in tangible assets, (2) transferring funds in such a way that redistributes the unavoidable risk associated with the cash flow generated by tangible assets, (3) determining the price of financial assets (price discovery), (4) providing a mechanism for an investor to sell a financial asset (to provide liquidity), and (5) reducing the cost of transactions.The five economic functions stated in the Congressional Study can be classified according to the above five functions:1.“they make it possible for corporations and governmental units to raise capital” --functions 1 and 2;2.“they help to allocate capital toward productive uses” -- function 3;3.“they provide an opportunity for people to increase their savings by investing in them” --functions 1 and 5;4.“they reveal investors’ judgments about the potential earning capacity of corporations,thus giving guidance to corporate managers” --function 3;5.“they generate employment and income” -- follows from functions 1 and 2 allowingthose who need funds to use these funds to create employment and income opportunities.。

《金融市场与金融机构》课后习题答案金融市场与金融机构金融市场与金融机构是当今社会经济发展中不可或缺的组成部分，它们之间相互依存、相互影响，共同促进着经济的繁荣与发展。

本文将回答一些关于金融市场与金融机构的习题，帮助读者更好地理解与运用相关知识。

第一部分：金融市场1. 金融市场的定义及作用金融市场是指各类金融工具发行、交易和流通的场所，包括货币市场、资本市场和衍生品市场等。

它的作用主要体现在以下几个方面：- 提供融资渠道：金融市场为各个经济主体提供了融资的渠道，满足了各类人群的融资需求，包括个人、企业、政府等。

- 资源配置功能：金融市场通过价格发现与信息传递机制，使得资源能够更加高效地配置到各个经济领域，促进资源的优化配置。

- 风险管理和避险功能：金融市场提供多种金融工具，使得市场参与者可以进行风险管理和避险，降低风险对经济的不利影响。

2. 货币市场与资本市场的区别货币市场是指短期金融工具的交易市场，包括短期国债、商业票据等。

它的特点主要有交易期限短、风险较低、流动性强等。

而资本市场是指长期资金融通的市场，包括股票市场和债券市场等。

资本市场的特点是交易期限长、风险较高、收益潜力大等。

3. 金融市场的参与者金融市场的参与者包括个人投资者、机构投资者和金融中介机构等。

个人投资者是指普通公众，他们通过购买金融产品来增加个人财富。

机构投资者指的是一些专业的投资机构，例如保险公司、养老基金等，他们通过交易金融产品来增加自己管理的资金的回报率。

金融中介机构包括银行、证券公司等，他们为个人投资者和机构投资者提供金融产品的交易和中介服务。

第二部分：金融机构1. 商业银行的功能与特点商业银行是金融机构中最为常见的一种形式，它的功能主要包括以下几个方面：- 存款业务：商业银行接受个人和企业的存款，提供储蓄、结算等服务。

- 贷款业务：商业银行向个人和企业提供贷款，满足其经济发展和消费需求。

- 外汇业务：商业银行提供外汇买卖和外汇汇款等服务，方便国际贸易和跨境资金流动。

金融机构与金融市场练习题及答案一1、（）是金融市场上最重要的主体。

a.政府b.家庭c.机构投资者d.企业正确答案是：企业2、在经济系统中引导资金流向、使资金由盈余部门向短缺部门转移的市场是（）。

a.资本市场b.要素市场c.产品市场d.金融市场正确答案是：金融市场3、（）是指以期限在一年以内的金融工具为交易对象的短期金融市场。

a.债券市场b.货币市场c.股票市场d.资本市场正确答案是：货币市场4、（）又称柜台市场，是指未上市的证券或不足一个成交批量的证券进行交易的市场。

店头市场以“柜台”和店内交易为特征。

a.议价市场b.店头市场c.公开市场d.第四市场正确答案是：店头市场5、金融工具的重要特性为期限性、收益性、流动性和安全性。

关于金融工具四个特性，下列说法错误的是（）。

b.正是期限性、流动性、安全性和收益性相互间的不同组合导致了金融工具的丰富性和多样性，使之能够满足多元化的资金需求和对“四性”的不同偏好。

c.一般来说，流动性、安全性与收益性成反向相关，安全性、流动性越高的金融工具其收益性越低。

d.一般来说，期限性与收益性正向相关，即期限越长，收益越高。

正确答案是：一般来说，期限性与收益性负向相关，即期限越长，收益越低。

6、家庭在金融市场中的主要活动领域是（）。

a.黄金市场b.资本市场c.货币市场d.外汇市场正确答案是：资本市场7、金融市场中最主要的经纪人有（)a.货币经纪人b.证券承销人c.证券经纪人d.黄金经纪人e.外汇经纪人正确答案是：货币经纪人,证券经纪人,黄金经纪人,外汇经纪人8、证券公司具有以下职能()a.管理金融工具交易价格b.充当证券市场重要的投资人c.充当证券市场中介人d.充当证券市场资金供给者e.提高证券市场运行效率正确答案是：充当证券市场中介人,充当证券市场重要的投资人,提高证券市场运行效率9、金融工具交易或买卖过程中所产生的运行机制，是金融市场的深刻内涵和自然发展，其中最核心的是价格机制，金融工具的价格成为金融市场的要素。

第一章题号 1 2 3 4 5 6答案 C A B C D A题号 1 2 3 4 5 6答案 ACD ABCD BCD CD ABC AC1.什么是金融市场？其含义可包括几层含义？答：金融市场是指以金融资产为交易对象而形成的供求关系及其机制的总和。

它包括以下三层含义：首先，它是金融资产进行交易的一个有形或无形的场所；其次，它反映了金融资产的供应者和需求者之间所形成的供求关系；第三，它包含了金融资产交易过程中所产生的运行机制。

2.货币市场和资本市场的区别。

答：（1）期限的差别。

资本市场上交易的金融工具均为一年以上，最长者可达数十年，有些甚至无期限，如股票等。

而货币市场上一般交易的是一年以内的金融工具，最短的只有几日甚至几小时。

（2）作用的不同。

货币市场所融通的资金，大多用于工商企业的短期周转资金。

而在资本市场上所融通的资金，大多用于企业的创建、更新、扩充设备和储存原料，政府在资本市场上筹集长期资金则主要用于兴办公共事业和保持财政收支平衡。

（3）风险程度不同。

货币市场的信用工具，由于期限短，因此流动性高，价格不会发生剧烈变化，风险较小。

资本市场的信用工具，由于期限长，流动性较低，价格变动幅度较大，风险也较高。

3.如何理解金融市场是储蓄向投资转化的关键环节。

答：金融市场是储蓄者和投资者之间的传递机制。

它通过各种金融技术、金融工具和金融机构，把成千上万的储蓄组织起来，并把这些储蓄输送到投资者手中。

高度发达、影响广泛和运行灵活的金融市场在将储蓄资金转移到投资领域的过程中起着至关重要的作用。

一个有效的金融市场使得工商业能够对未来进行投资，通过资金的融通及时把握、利用每一个可能的获利机会，于是，投资规模的外在边界被极大扩展了，从而实体经济的发展也获得了一个极为广阔的空间。

另一方面，从储蓄者的角度来看，从金融资产获得的收益意味着明天更高的消费，一个有效的金融市场鼓励节俭，它允许个人通过延迟的当期消费以获取未来的更多的财富。

《金融市场与金融机构》题集一、选择题（每题2分，共20分）1.下列哪一项不属于金融市场的功能？A. 资源配置B. 风险分散C. 价格发现D. 商品交易2.下列哪一项是货币市场的特点？A. 长期性B. 高风险性C. 高流动性D. 低流动性3.下列哪一项不是金融机构的主要功能？A. 资金中介B. 支付中介C. 信息服务D. 商品生产4.下列哪一项属于资本市场的工具？A. 国库券B. 商业票据C. 股票D. 银行定期存款5.下列哪一项是中央银行的主要职能？A. 吸收公众存款B. 发行货币C. 提供商业贷款D. 经营保险业务6.下列哪一项不是商业银行的业务？A. 吸收存款B. 发放贷款C. 办理结算D. 发行股票7.下列哪一项属于金融衍生品？A. 债券B. 股票C. 期货D. 存款8.下列哪一项是证券市场的特点？A. 交易对象固定B. 交易价格不固定C. 交易场所不固定D. 交易时间不固定9.下列哪一项是投资银行的主要业务？A. 吸收公众存款B. 发放贷款C. 证券承销与交易D. 办理保险10.下列哪一项不是金融市场的构成要素？A. 市场主体B. 市场客体C. 市场价格D. 市场环境二、填空题（每空2分，共20分）1.金融市场按照交易工具的期限可以分为______和______。

2.金融机构体系一般由______、______和其他金融机构组成。

3.中央银行的主要职能包括______、______和维护金融稳定。

4.资本市场的工具主要包括______和______。

5.金融衍生品市场包括______市场和______市场。

三、判断题（每题2分，共10分）1.金融市场是指资金供求双方进行资金融通和有价证券交易的市场。

（）2.货币市场是短期金融工具交易的市场，其交易工具的期限通常在一年以上。

（）3.商业银行是以盈利为目的，以多种金融负债筹集资金，多种金融资产为经营对象，具有信用创造功能的金融机构。

（）4.证券市场是股票、债券等有价证券发行和交易的场所，是资本市场的核心。

金融市场与金融机构答案中文【篇一：fabozzi_金融市场与金融机构基础课后答案】the u.s. federal reserveand the creation of moneycentral banks and their purposethe primary role of a central bank is to maintain the stability of the currency and money supply for a country or a group of countries. the role of central banks can be categorized as: (1) risk assessment, (2) risk reduction, (3) oversight of payment systems, (4) crisis management.one of the major ways a central bank accomplishes its goals is through monetary policy. for this reason, central banks are sometimes called monetary authority. in implementing monetary policy, central banks, acting as a reserve bank, require private banks to maintain and deposit the required reserves with the central bank. in times of financial crisis, central banks perform the role of lender of last resort for the banking system. countries throughout the world may have central banks. additionally, the european central bank is responsible for implementing monetary policy for the member countries of the european union.there is widespread agreement that central banks should be independent of the government so that decisions of the central bank will not be influenced for short-term political purposes such as pursuing a monetary policy to expand the economy but at the expense of inflation.in implementing monetary and economic policies, the united states is a member of an informal network of nations. this group started in 1976 as the group of 6, or g6: us, france, germany, uk, italy, and japan. thereafter, canada joined to for the g7. in 1998, russia joined to form the g8.the central bank of the united states: the federal reserve systemthe federal reserve system consists of 12 banking districts covering the entire country. created in 1913, the federal reserve is the government agency responsible for the management of the us monetary and banking systems. it is independent of the political branches of government. the fed ismanaged by a seven-member board of governors, who are appointed by the president and approved by congress.the fed’s tools for monetary management have been made more difficult by financial innovations. the public’s increasing acceptance of money market mutual funds has funneled a large amount of money into what are essentially interest-bearing checking accounts. securitization permits commercial banks to change what once were illiquid consumer loans of several varieties into securities. selling these securities gives the banks a source of funding that is outside the fed’s influence.instrument of monetary policy: how the fed influences the supply of moneythe fed has three instruments at its disposal to affect the level of reserves.under our fractional reserve banking system have to maintain specified fractional amounts of reserves against their deposits. the fed can raise or lower these required reserve ratios, thereby permitting banks to decrease or increase their lending and investment portfolios. a bank’s total reserves equal its required reserves plus any excess reserves.the fed’s most powerful instrument is its authority to conduct open market operation. it buys and sells in open debt markets government securities for its own accounts. the fed prefers to use treasury bills because it can make its substantial transactions without seriously disrupting the prices or yields of bills.the federal open market committee, or fomc, is the unit that decides on the general issues of changing the rate of growth in the money supply, by open market sales or purchases of securities. the implementation of policy through open market operations is the responsibility of the trading desk of the federal reserve bank of new york.the fed often employs variants of simple open market purchases and sales, these are called the repurchase agreement (or repo) and the reverse repo. in a repo, the fed buys a particular amount of securities from a seller that agrees to repurchase the same number of securities for a higher price at some future time. in a reverse repo, the fed sells securitiesand makes a commitment to buy them back at a higher price later.a bank borrowing from the fed is said to use the discount window. the discount rate is the rate charged to banks borrowing directly from the fed. raising the rate is designed to discourage such borrowing, while lowering should have the opposite effect.different kinds of moneymoney is that item which serves as a numeraire. in a basic sense money can be defined as anything that serves as a unit of account and medium of exchange. we measure prices in dollars and exchange dollars for goods. hence coins, currency, and any items readily exchanged into dollars (checking deposits or now accounts) constitute our money supply.money and monetary aggregatesmonetary aggregates measure the amount of money available to the economy at any time. the monetary base is defined as currency in circulation (coins and federal reserve notes) and reserves in the banking system. the instruments that serve as a medium of exchange can be narrowly defined as m1, which is currency and demand deposits. m2 is m1 plus time and savings accounts, and money market mutual funds. finally, m3 is m2 plus short-term treasury liabilities. while all three aggregates are watched and monitored, m1 is the most common form of the money supply, with its trait as being the most liquid. the ratio of the money supply to the economy’s income is known as the velocity of money.the money multipier: the expansion of the money supplythe money multiplier effect arises from the fact that a small change in reserves can produce a large change in the money supply. through our fractional reserve system, a small increase will allow an individual bank, to lend out the greater part of these additional funds. these loans subsequently become deposits in other banks allowing them to expand proportionately. so, while one bank can expand its loans (or deposits) by an amount 1% of reserves required, all banks in the system can do likewise. thus, in a simple format total change in deposits can be stated as change in reserves divided by the reserve requirement, which is also the formula for perpetuity. for example, if the change in the level ofreserves is $100 and the reserve requirement is 20%, the change in total deposits will be $500 for a multiplier of 5. of course, major assumptions are that banks will fully loan out their excess reserves and that depositors will not withdraw any of these extra reserves.the impact of interest rates on the money supplyhigh rates of interest may make keeping excess reserves costly, since unused funds represent loans not made and interest not earned. high rates of interest will also affect the pub lic’s demand for holding cash. if deposits pay competitive interest rates, customers will be more willing to hold such bank liabilities and less cash. therefore, a higher rate of interest can actually spur growth of the money supply. more likely, however, it will deter borrowing and slow monetary growth.the money supply process in an open economyin the modern era, almost every country has an open economy. foreign commercial and central banks hold dollar accounts in the united states. their purchases and sales of these deposits can affect exchange rates of the dollar against their own currency. the fed has responsibility for maintaining stability in exchange rates. a purchase of foreign exchange with dollars depreciates the dollar’s value, but it also adds dollars to the accounts of foreign banks in this country, thus adding to the u.s. monetary base. most central banks of large economies own or stand ready to own a large amount of each of the world’s major currencies, which are considered international reserves. sales of foreign exchange transactions have monetary base implication and hence consequences for the domestic money supply, emphasis is given to coordinating monetarypolicies among developed nations.answers to questions for chapter 4(questions are in bold print followed by answers.)1. what is the role of a central bank?the role of a central bank has several functions: risk assessment, risk reduction, oversight of payment systems, and crisis management. it can do this through monetary policies, and through the implementation of regulations.2. why is it argued that a central bank should be independent of the government?central banks should be independent of the short-term political interests and political influences generally in setting economic policies.3. identify each participant and its role in the process by which the money supply changes and monetary policy is implemented.the fed determines monetary policy and seeks to implement it through changes in reserves. it is up to the nation’s banking system to act on changes in reserves thereby affecting deposits, which constitute the greater part of the m1 definition of the money supply.4. describe the structure of the board of governors of the federal reserve system.the board of governors of the federal reserve system consists of 7 members who are appointed to staggered 14-year terms. the board reviews discount operations and sets legal reserve requirements. in addition, all 7 members of the board serve on the federal open market committee (fomc), which determines the direction and magnitude of open-market operations. such operations constitute the key instrument for implementing monetary policy.5.a. explain what is meant by the statement “the united states has a fractional reserve banking system.”b. how are these items related: total reserves, required reserves, and excess reserves?a. a fractional reserve system requires that a fraction or percent of a bank’s reserve be placed either in currency in vault or with the federal reserve system.b. total reserves are the amounts that banks hold in cash or at the fed. required reserves are amounts required by the fed to meet some specific or legal reserve ratio to deposits. excess reserves are bank reserves in currency and at the fed which are in excess of legal requirements. since these amounts are non-interest bearing, banks are often willing to lend these surplus funds to deficit banks at the fed funds rate.【篇二：米什金《金融市场与金融机构》课后习题及其答案】class=txt>345【篇三：金融市场习题及答案】>1．金融市场是一个包括许多子系统的大系统；子系统之间也并不是简单的并列关系。

金融学精编版课后习题答案金融学精编版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科。

它涉及到许多重要的概念和理论，对于学习者来说，理解和掌握这些内容是非常重要的。

而课后习题则是检验学习者对所学知识的掌握程度的重要手段。

在这里，我们将为大家提供《金融学精编版》课后习题的答案，希望能够对大家的学习有所帮助。

第一章：金融学导论1. 金融学的定义是什么？金融学是研究个人、组织和政府如何有效地获取、使用和管理资金的学科。

2. 金融市场的功能有哪些？金融市场的功能包括资金配置、风险管理、信息传递和资源分配等。

3. 金融市场的分类有哪些？金融市场可以分为货币市场和资本市场两大类。

4. 金融机构的作用是什么？金融机构的作用包括资金的中介、风险管理、信息传递和支付清算等。

5. 金融工具的种类有哪些？金融工具的种类包括股票、债券、期货、期权等。

第二章：金融市场与金融机构1. 什么是货币市场？货币市场是指短期资金融通和短期证券交易的市场，包括银行间市场、票据市场等。

2. 什么是资本市场？资本市场是指长期资金融通和长期证券交易的市场，包括股票市场、债券市场等。

3. 金融机构的分类有哪些？金融机构可以分为商业银行、证券公司、保险公司等。

4. 什么是金融创新？金融创新是指金融机构和金融市场不断推出新的金融产品和服务的过程。

5. 金融市场的发展对经济有什么影响？金融市场的发展可以促进经济的增长和稳定，并提高资源配置的效率。

第三章：金融工具与金融市场1. 什么是股票？股票是一种代表股东所有权的金融工具，它代表了对公司所有资产和收益的权益。

2. 什么是债券？债券是一种代表债权人债权的金融工具，它代表了债务人对债权人的偿还承诺。

3. 什么是期货？期货是一种标准化合约，约定在未来某个时间以约定价格交割一定数量的标的资产。

4. 什么是期权？期权是一种购买或出售标的资产的权利，但并不是义务。

5. 金融市场的价格形成机制有哪些？金融市场的价格形成机制包括竞价定价、议价定价和指数定价等。

金融学第二版课后习题答案金融学第二版课后习题答案金融学是一门研究金融市场、金融机构和金融工具的学科，它对于理解和解决现代金融问题具有重要意义。

而课后习题则是帮助学生巩固所学知识、提高解决问题能力的重要工具。

本文将为读者提供金融学第二版课后习题的答案，以帮助读者更好地理解金融学的概念和理论。

第一章：金融的基本概念和职能1. 金融的基本概念是指金融的定义和范围。

金融的定义是指金融活动和金融制度的总称。

金融的范围包括金融市场、金融机构和金融工具等。

2. 金融的职能是指金融对于经济发展和社会进步的作用。

金融的主要职能包括储蓄和融资、支付和结算、风险管理和信息中介等。

第二章：金融市场1. 金融市场的分类包括货币市场、资本市场和衍生品市场等。

货币市场是指短期资金融通的市场，资本市场是指长期资金融通的市场，衍生品市场是指金融衍生品交易的市场。

2. 金融市场的功能包括资源配置、风险管理和信息传递等。

资源配置是指将资金从供给者转移给需求者的过程，风险管理是指通过金融市场进行风险的转移和分散，信息传递是指金融市场通过价格和交易信息传递经济信息。

第三章：金融机构1. 金融机构的分类包括银行、非银行金融机构和金融市场机构等。

银行是最重要的金融机构，它包括商业银行、中央银行和政策性银行等。

2. 金融机构的职能包括储蓄和融资、支付和结算、风险管理和信息中介等。

储蓄和融资是指金融机构接受存款并提供贷款的过程，支付和结算是指金融机构提供支付和结算服务的过程，风险管理是指金融机构通过风险评估和风险转移来管理风险，信息中介是指金融机构通过收集、加工和传递信息来提供金融服务。

第四章：金融工具1. 金融工具的分类包括货币工具、债券、股票和衍生品等。

货币工具是指短期借贷和短期投资的金融工具，债券是指借款人向债权人发行的债务凭证，股票是指公司向股东发行的所有权凭证，衍生品是指衍生自其他金融资产的金融工具。

2. 金融工具的特点包括流动性、收益性和风险性等。

金融市场与机构刘红忠课后题答案第一道题问题：什么是金融市场？它的分类有哪些？回答：金融市场是指进行金融资产买卖和金融衍生品交易的场所，是金融机构和个人之间进行资金融通和风险转移的重要平台。

根据其交易对象的不同，金融市场可以分为证券市场、货币市场和期货市场三大类。

证券市场主要交易股票、债券等证券品种，包括股票市场和债券市场。

股票市场是企业通过发行股票融资的市场，投资者可以通过购买股票来参与企业的所有权和收益分配。

债券市场是政府和企业通过发行债券筹集资金的市场，投资者可以通过购买债券来借出资金并获取利息。

货币市场主要交易短期的金融工具，如国库券、短期债券和银行同业存款等。

货币市场的交易期限一般较短，一般不超过一年。

货币市场的参与者主要是金融机构和企业，用于进行短期的资金周转和融资。

期货市场主要交易期货合约，即在未来某个时间按约定价格买卖某种标的物。

期货市场通过标准化的合约规定了交割时间、价格和标的物等要素，具有规范的交易方式和风险管理机制。

期货市场的参与者包括投资者和投机者，用于进行商品、股指、利率等各类合约的交易。

第二道题问题：金融机构的分类有哪些？它们的功能是什么？回答：金融机构根据其业务性质和组织形式可以分为中央银行、商业银行、证券公司、保险公司和投资基金公司等。

中央银行是国家的货币和信用机构，负责制定和实施货币政策，维护金融市场的稳定。

中央银行的主要功能包括发行货币、管理外汇储备、进行利率调控、维护金融稳定等。

商业银行是主要从事存款储蓄、贷款和信用业务的金融机构。

商业银行的功能包括吸收存款、发放贷款、提供支付结算、进行信用调查、提供金融咨询等。

证券公司是从事证券经纪、承销和交易的金融机构。

证券公司的功能包括提供证券经纪服务、进行证券承销、参与股票和债券的交易等。

保险公司是提供保险服务的金融机构，主要从事风险管理和赔付业务。

保险公司的功能包括接受保险业务、收取保费、进行风险评估、赔付保险金等。

第3章利率的含义及其在定价中的作用课后题（定量）1．计算5年期，到期收益率为6%的1000美元零息债券的现值。

2．一种彩票头奖每年偿付50万，共付20年，贴现率为6%，这份头奖的实际价值是多少？3．年息票利率为7%，面值1000美元，到期期限3年，到期收益率5%，计算当期价格。

4．票面价值为1000美元，息票利率为10%，当期售价1150美元，到期期限为8年，债券的到期收益率为多少？5．一种永续债券年支付1250美元，当前价格15625美元。

求年支付1250美元，20年期普通年金的当前价格。

6．一种永续债券年支付50美元，到期收益率为2.5%，求当前价格。

如果到期收益率翻倍，当前价格为多少。

7．10万美元的房产，财产税为每年2.66%，求财产税的现值。

（假设房产价值不变，财产税率不变，贴现率为9%）8．实际利率2%，下一年预期通货膨胀率6%，名义利率是多少？以名义利率存款1000美元，一年后能否购买1050美元的音响。

9．10年期息票债券，面值1000美元，息票利率7%，当前售价871.65美元，如果第二年以880.1美元出售，计算回报率。

10．5年期债券，息票利率8%，面值1000美元，当前以980.30美元购买，若在1年后售出，回报率为9%，求售出价。

11．期限3年，面值1000美元，息票利率6%的息票债券久期。

（到期收益率7%）12．第11题中，如果利率跌至6.75%，计算预期价格变动。

两种方法13．一种价值为1亿美元的资产组合久期为10年，4000万证券加入该组合后久期变为12.5年，求4000万证券的久期？14．银行有两种3年期贷款。

第一种价值为3000万美元，到期一次性还款3780万美元。

第二种价值为4000万美元，要求每年偿还360美元利息，本金到期后归还。

（1）银行贷款资产组合的久期。

（2）如果利率从8%提高为8.5%该资产组合的价值变化情况。

15．一种债券的现金流支付如下：年 1 2 3 4现金流160 170 180 230将其持有2.5年，然后售出。