金融市场学第8章

金融市场学名词解析第一章金融市场概述1 金融市场：交易金融工具的场所2 分类对象：货币市场、债券市场、股票市场、基金市场外汇市场、黄金市场、金融衍生工具市场时间：货币市场（六大市场）、资本市场（债券市场、股票市场）融资：直接和间接（是否金融机构参与，主要是银行）直接（股票、政府债券、公司债券、商业票据等）间接（金融债券、银行票据、存单等）国内和国外，国外包括外国和境外（离岸）3 金融工具特征偿还性：期限性（不是所有金融工具都有期限性，比如股票）流动性：资产变现的能力收益性：收益率（收益/本金，收益：利息和资本利得）风险性：用方差度量第二章货币市场同业拆借市场：同业拆借市场利率（IBOR），基准利率、浮动利率LIBOR, HIBOR, SIBOR回购协议：正回购、逆回购短期政府债券：国库券票据市场：汇票、本票、支票大额可转让存单：CDs货币市场基金市场第三章债券市场1根据计息方式不同，债券不同类型的定价公式现金流贴现求和V—面值，c—票面利率，i—市场利率，n—期限r—到期收益率，P—价格现值（1）附息债券P=Vc/(1+i)+Vc/(1+i)2 +…+Vc/(1+i)n+ V/(1+i) nVc=C, i=r(到期收益率)P=C/(1+r)+C/(1+r)2 +…+C/(1+r)n + V/(1+r) n （2）一次性还本付息债券P=(V+nVc)/(1+i)nP=(1000+Vnc)/(1+i)n（3）贴现债券P= V/(1+d)n d? P61（4）零息债券P= V/(1+i)n例题某息票债券面值1000元，票面利率10%，期限3年，每半年计息一次，市场利率6%，求该债券理论市场价值。

解：根据附息债券的定价公式，可知P=某一次性还本付息债券面值1000元，票面利率10%，期限3年，市场利率6%，求该债券理论市场价值。

现金流某零息债券面值1000元，期限3年，市场利率6%，求该债券理论市场价值。

第三章习题：1．X股票目前的市价为每股20元，你卖空1 000股该股票。

请问：（1）你的最大可能损失是多少？（2）如果你同时向经纪人发出了停止损失买入委托，指定价格为22元，那么你的最大可能损失又是多少？2．下表是纽约证交所某专家的限价委托簿：（1）如果此时有一市价委托，要求买入200股，请问按什么价格成交？（2）下一个市价买进委托将按什么价格成交？（3）如果你是专家，你会增加或减少该股票的存货？3．假设A公司股票目前的市价为每股20元。

你用15 000元自有资金加上从经纪人借入的5000元保证金贷款买了1000股A股票。

贷款年利率为6%。

（1）如果A股票价格立即变为①22元，②20元，③18元，你在经纪人账户上的净值会变动多少百分比？（2）如果维持保证金比率为25%，A股票价格可以跌到多少你才会收到追缴保证金通知？（3）如果你在购买时只用了10 000元自有资金，那么第（2）题的答案会有何变化？（4）假设该公司未支付现金红利。

一年以后，若A股票价格变为：①22元，②20元，③18元，你的投资收益率是多少？你的投资收益率与该股票股价变动的百分比有何关系？4．假设B公司股票目前市价为每股20元，你在你的经纪人保证金账户中存入15000元并卖空1000股该股票。

你的保证金账户上的资金不生息。

（1）如果该股票不付现金红利，则当一年后该股票价格变为22元、20元和18元时，你的投资收益率是多少？（2）如果维持保证金比率为25%，当该股票价格升到什么价位时你会收到追缴保证金通知？（3）若该公司在一年内每股支付了0.5元现金红利，（1）和（2）题的答案会有什么变化？5．下表是2002年7月5日某时刻上海证券交易所厦门建发的委托情况：（1）13.18元的价格卖出1000股，请问能否成交，成交价多少？（2）此时你输入一笔限价买进委托，要求按13.24元买进10000股，请问能成交多少股，成交价多少？未成交部分怎么办？6．3月1日，你按每股16元的价格卖空1000股Z 股票。

第一章本章小结1．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。

2．金融市场可以按多种方式进行分类，其中最常用的是按交易的标的物划分为货币市场、资本市场、外汇市场和黄金市场。

3．金融市场的主体有筹资者、投资者（投机者）、套期保值者、套利者和监管者。

4．金融市场在经济系统中具有聚敛功能、配置功能、调节功能和反映功能。

5．资产证券化、金融全球化、金融自由化和金融工程化是金融市场的发展趋势。

本章重要概念金融市场金融资产金融工具套期保值者套利者投资者投机者货币市场资本市场外汇市场直接金融市场间接金融市场初级市场二级市场第三市场第四市场公开市场议价市场有形市场无形市场现货市场衍生市场资产证券化金融全球化金融自由化金融工程化思考题：1．什么是金融市场，其含义可包括几个层次？2．从金融市场在储蓄一投资转化机制中的重要作用这一角度理解“金融是现代经济的核心”。

3．金融市场有哪些分类，哪些主体？4．理解金融市场的经济功能，其聚敛功能、配置功能、调节功能和反映功能各表现在哪些方面？5．结合实际经济生活把握金融市场的四大发展趋势：资产证券化、金融全球化、金融自由化和金融工程化。

第二章本章重要概念同业拆借市场回购协议逆回购协议商业票据银行承兑票据大额可转让定期存单政府债券货币市场共同基金思考题：1．货币市场的界定标准是什么？它包括哪些子市场？2．同业拆借市场的主要参与者、交易对象及利率形成机制？3．回购市场的交易原理，及其与同业拆借市场的区别？4．商业票据市场和银行承兑票据市场的联系和区别？5．大额存单市场是如何产生的，有哪些特征？6．为什么国库券市场具有明显的投资特征？7．了解货币市场共同基金的动作及其特征。

第三章简短小结1．资本市场通常由股票市场、债券市场和投资基金三个子市场构成。

2．股票是投资者向公司提供资金的权益合同，是公司的所有权凭证，按剩余索取权和剩余控制权的不同有不同种类的股票，最基本的分类是普通股和优先股。

1. 假设你发现一只装有100万元的宝箱。

（答：A、这是金融资产B、整个社会的实物资产不会因为这个发现而增加C、因为得到这笔资金我会变得更富有D、金融资产代表了实物资产的要求权，当宝箱的发现者要求获得更多实物资产时，社会上其他人能获得的实物资产就变少了）2. 与产品市场及其他要素市场比较，金融市场有哪些主要特点？（答：（1）商品特殊性：以货币和资本为交易对象（2）交易活动集中性：通常在交易所集中进行（3）主体角色的可变性：参与主体在金融市场上可以既是资金供给者又是资金需求者（4）金融市场可以是有形市场，也可以是无形市场）3. 什么是金融工具的流动性？它对金融市场有何重要意义？（答：金融工具的流动性是指金融资产能够以一个合理的价格顺利变现的能力流动性对金融市场的意义：与一般商品不同，金融资产往往不具备特定的物质属性。

金融资产持有者主要关心持有期间所能获得的收益及其面临的风险，因而金融资产的流动性（转手买卖的难易度）成为投资者关心的重点。

流动性好的市场通常被认为是能够提供交易而且对价格影响较小的市场，除了能够增强交易者的信心，而且还能够抵御外部冲击，从而降低系统风险。

市场流动性的增强不仅保证了金融市场的正常运转，也促进了资源有效配置和经济增长。

）4. 什么是资产证券化？如何理解资产证券化对金融市场的影响？（答：资产证券化是以特定资产组合或特定现金流为支持，发行可交易证券的一种融资形式。

其对金融市场的影响主要表现在以下几个方面：（1）增强资产流动性（2）降低融资成本（3）减少风险资产，提高资产质量（4）资产担保类证券提供了比政府担保债券更高的收益（5）资产证券化为投资者提供了多样化的投资品种）5. 结合实际分析：金融全球化对中国的积极与消极影响。

（答：积极影响：（1）金融全球化有利于中国从国际市场引入外资（2）金融全球化有利于中国学习发达国家金融运作的先进经验（3）金融全球化有利于中国金融机构参与世界竞争消极影响：（1）金融全球化使中国本土金融机构的生存面临巨大压力（2）金融全球化为国际游资攻击中国金融市场提供了条件（3）金融全球化加剧了中国经济的泡沫化程度（4）金融全球化给中国的金融监管和调控带来挑战）6. 简述金融机构在金融市场上的特殊地位。

Financial Markets and Institutions, 8e (Mishkin)Chapter 8 Why Do Financial Crises Occur andWhy Are They So Damaging to the Economy?8.1 Multiple Choice1) Financial crisesA) are major disruptions in financial markets that are characterized by sharp declines in asset prices and the failures of many financial and nonfinancial firms.B) occur when adverse selection and moral hazard problems in financial markets become more significant.C) frequently lead to sharp contractions in economic activity.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 8.1 What Is a Financial Crisis?Question Status: Previous Edition2) Financial crisesA) cause failures of financial intermediaries and leave only securities markets to channel funds from savers to borrowers.B) are a recent phenomenon that occur only in developing countries.C) invariably lead to debt deflation.D) all of the above.E) none of the above.Answer: ETopic: Chapter 8.1 What Is a Financial Crisis?Question Status: Previous Edition3) In an advanced economy, a financial crisis can begin in several ways, includingA) mismanagement of financial liberalization or innovation.B) asset pricing booms and busts.C) an increase in uncertainty caused by failure of financial institutions.D) all of the above.Answer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition4) What is a credit boom?A) An explosion in a credit cycle, which can increase or decrease lending in the short-runB) Essentially a lending spree on the part of banks and other financial institutionsC) When credit card receivables rise due to low initial interest ratesD) The signal of the end of a credit spree, with credit contracting rapidlyAnswer: BTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition5) The process of deleveraging refers toA) cutbacks in lending by financial institutions.B) a reduction in debt owed by banks.C) both A and B.D) none of the above.Answer: ATopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition6) When asset prices fall following a boom,A) moral hazard may increase in companies that have lost net worth in the bust.B) financial institutions may see the assets on their balance sheets deteriorate, leading to deleveraging.C) both A and B are correct.D) none of the above are correct.Answer: CTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition7) During the 1800s, many U.S. financial crises were precipitated by an increase in ________, often originating in London.A) interest ratesB) housing pricesC) gasoline pricesD) heating oil pricesAnswer: ATopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition8) Stage Two of a financial crisis in an advanced economy usually involves a________ crisis.A) currencyB) stock marketC) bankingD) commoditiesAnswer: CTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition9) Stage Three of a financial crisis in an advanced economy featuresA) a general increase in inflation.B) debt deflation.C) an increase in general price levels.D) a full-fledged financial crisis.Answer: BTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition10) Debt deflation refers toA) an increase in net worth, leading to a relative fall in general debt levels.B) a decline in general debt levels due to deleveraging.C) a decline in bond prices as default rates rise.D) a decline in net worth as price levels fall while debt burden remains unchanged. Answer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition11) Factors that lead to worsening conditions in financial markets includeA) increases in interest rates.B) declining stock prices.C) increasing uncertainty in financial markets.D) all of the above.E) only A and B of the above.Answer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition12) Factors that lead to worsening conditions in financial markets includeA) declining interest rates.B) anticipated increases in the price level.C) bank panics.D) only A and C of the above.E) only B and C of the above.Answer: CTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition13) Most financial crises in the United States have begun withA) a steep stock market decline.B) an increase in uncertainty resulting from the failure of a major firm.C) a steep decline in interest rates.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition14) In addition to having a direct effect on increasing adverse selection problems, increases in interest rates also promote financial crises by ________ firms' and households' interest payments, thereby ________ their cash flow.A) increasing; increasingB) increasing; decreasingC) decreasing; increasingD) decreasing; decreasingAnswer: BTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition15) Adverse selection and moral hazard problems increased in magnitude during the early years of the Great Depression asA) stock prices declined to 10 percent of their levels in 1929.B) banks failed.C) the aggregate price level declined.D) a result of all of the above.E) a result of A and B of the above.Answer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition16) Stock market declines preceded a full-blown financial crisisA) in the United States in 1987.B) in the United States in 2000.C) in the United States in 1929.D) in all of the above.E) in none of the above.Answer: CTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Updated from Previous Edition17) Which of the following factors led up to the Greece debt crisis in 2009-2010?A) Speculative attacks on the euro and a rise in actual and expected inflationB) A decline in tax revenues resulting from a contraction in economic activityC) A double-digit budget deficitD) All of the aboveE) only B and C of the aboveAnswer: ETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Updated from Previous Edition18) What is a collateralized debt obligation?A) A tranche of an SPV that has been setup based on default riskB) An agreement to exchange interest payments when one party defaultsC) A type of insurance against defaultsD) A contract between credit rating agenciesAnswer: ATopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: New Question19) Which of the following led to the U.S. financial crisis of 2007-2009?A) Financial innovation in mortgage marketsB) Agency problems in mortgage marketsC) An increase in moral hazard at credit rating agenciesD) All of the aboveE) only A and B of the aboveAnswer: ETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition20) Approximately how large was the U.S. subprime mortgage market in 2007?A) $100 millionB) $100 billionC) $500 billionD) $1 trillionAnswer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition21) When we refer to the shadow banking system, what are we talking about?A) Hedge funds, investment banks, and other nonbank financial firms that supply liquidityB) The "underground" banking system used for illegal activitiesC) The subsidiaries of depository institutionsD) None of the aboveAnswer: ATopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition22) The impact of the 2007-2009 financial crisis was widespread, includingA) the first major bank failure in the UK in over 100 years.B) the failure of Bear Stearns, the fifth-largest U.S. investment bank.C) the bailout of Fannie Mae and Freddie Mac by the U.S. Treasury.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition8.2 True/False1) A financial crisis occurs when information flows in financial markets experience a particularly large disruption.Answer: TRUETopic: Chapter 8.1 What Is a Financial Crisis?Question Status: New Question2) Factors that can lead to worsening conditions in financial markets include increasing interest rates and asset price booms.Answer: TRUETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition3) During a bank panic, many banks fail in a very short time period.Answer: TRUETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition4) The failure of Ohio Life Insurance and Trust in 1857 did not signal the start of a recession due to prompt actions by the Fed.Answer: FALSETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition5) Bank failures have been a feature of all U.S. financial crises from 1800 to 1944. Answer: TRUETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition6) Debt deflation refers to the decline in debt values as creditors agree to lower interest rates as an alternative to defaults.Answer: FALSETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition7) The Internet stock market bubble of the late 1990s led to one of the worst financial crises in U.S. history. Banks lost billions of dollars as Internet companies went bankrupt.Answer: FALSETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition8) An unusual feature of the "Great Recession" in the U.S. from 2007-2009 was that the crisis did not spread to European nations.Answer: FALSETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: New Question9) In Europe, Greece was the first nation to face a debt crisis.Answer: TRUETopic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: New Question8.3 Essay1) Explain the relationship between agency theory and a financial crisis.Topic: Chapter 8.1 What Is a Financial Crisis?Question Status: New Question2) Describe the sequence of events in a financial crisis in an advanced economy and explain why they can cause economic activity to decline.Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition3) What is the problem with government safety nets, such as deposit insurance, during the formative stages of a financial crisis?Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition4) Discuss why some view the Fed as a culprit in the U.S. housing bubble during the 2000s.Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition5) Describe a special purpose vehicle. How are they related to the creation of collateralized debt obligations?Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: New Question6) Discuss some of the financial innovations in mortgage markets that led to the U.S. financial crisis in 2007.Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition7) Why was the shadow banking system important during the 2007-2009 U.S. financial crisis?Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: Previous Edition8) Describe how the European debt crisis evolved.Topic: Chapter 8.2 Dynamics of Financial Crises in Advanced Economies Question Status: New Question。

《金融市场学》作业参考答案第一章基本训练三、单项选择题1、金融市场的客体是指金融市场的( A )。

A．金融工具 B．金融中介机构C．金融市场的交易者 D．金融市场价格2、现货市场的实际交割一般在成交后( A ）内进行。

A．2日 B．5日C．1周 D．1月3、下列属于所有权凭证的金融工具是（ C ）.A．商业票据 B．企业债券C．股票 D．可转让大额定期存单4、在金融市场发达国家,许多未上市的证券或者不足一个成交批量的证券，也可以在市场进行交易，人们习惯于把这种市场称之为（ A ）。

A．店头市场B．议价市场C．公开市场D．第四市场5、企业是经济活动的中心,因此也是金融市场运行的( B )。

A．中心 B．基础C．枢纽 D．核心6、世界上最早的证券交易所是( A ）。

A．荷兰阿姆斯特丹证券交易所B．英国伦敦证券交易所C．德国法兰克福证券交易所D．美国纽约证券交易所7、专门融通一年以内短期资金的场所称之为( A )。

A．货币市场B．资本市场C．现货市场D．期货市场8、旧证券流通的市场称之为（ B )。

A．初级市场B．次级市场C．公开市场D．议价市场四、多项选择题1、下面( BCD )属于金融衍生工具的交易种类.A．现货交易 B．期货交易C．期权交易 D．股票指数交易 E．贴现交易2、金融市场的参与者包括( ABCDE ）。

A．居民个人 B．商业性金融机构C．中央银行 D．企业 E．政府3、下列金融工具中,没有偿还期的有（ AE ).A．永久性债券 B．银行定期存款C．商业票据 D．CD单 E．股票4、机构投资者一般主要包括( ABCDE )。

A．共同基金B．保险公司C．信托投资公司D．养老金基金E．投资银行5、货币市场具有( ACD )的特点.A．交易期限短 B．资金借贷量大C．流动性强 D．风险相对较低 E．交易工具收益较高而流动性差6、资本市场的特点是（ ABD )。

A．金融工具期限长 B．资金借贷量大 C．流动性强D．为解决长期投资性资金的供求需要E．交易工具有一定的风险性和投机性7、金融工具一般具有的特征：( BCDE )。