米什金《金融市场与金融机构》课后习题及其答案

1Copyright © 2010 Pearson Education Inc. Publishing as Prentice HallFoundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones)Chapter 1 IntroductionMultiple Choice Questions1 Financial Assets1) An asset is a possession that has value in an exchange and can be classified as ________.A) financial or intangible.B) financial or variable.C) tangible or intangible.D) fixed or variable.Answer: CDiff: 2Topic: 1.1 Financial AssetsObjective: 1.5: the various ways to classify financial markets2) The financial asset is referred to as a ________ if the claim is a fixed dollar.A) debt instrument.B) common equity instrument.C) derivative instrument.D) preferred equity instrument.Answer: ADiff: 2Topic: 1.1 Financial AssetsObjective: 1.4: the distinction between debt instruments and equity instruments3) A basic economic principle is that the price of any financial asset ________ the present value of its expected cash flow, even if the cash flow is not known with certainty.A) is greater thanB) is equal toC) is less thanD) is equal to or greater thanAnswer: BDiff: 2Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets2Copyright © 2010 Pearson Education Inc. Publishing as Prentice Hall4) A(n) ________ such as plant or equipment purchased by a business entity shares at least one characteristic with a financial asset: Both are expected to generate future cash flow for their owner.A) tangible assetB) intangible assetC) balance sheet assetD) cash assetAnswer: ADiff: 1Topic: 1.1 Financial AssetsObjective: 1.2: the distinction between financial assets and tangible assets5) Financial assets have two principal economic functions. Which of the below is ONE of these?A) A principal economic function is to transfer funds from those who have surplus funds to borrow to those who need funds to invest in intangible assets.B) A principal economic function is to transfer funds in such a way as to redistribute the avoidable risk associated with the cash flow generated by intangible assets among those seeking and those providing the funds.C) A principal economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.D) A principal economic function is to transfer funds from those who have surplus funds to invest to those who need funds to invest in intangible assets.Answer: CComment: Financial assets have two principal economic functions.(1) The first is to transfer funds from those who have surplus funds to invest to those who need funds to invest in tangible assets.(2) The second economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.Diff: 3Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets3Copyright © 2010 Pearson Education Inc. Publishing as Prentice Hall6) A principal economic function to transfer funds from those who have ________ to invest to those who need funds to invest in ________.A) deficit funds; tangible assets.B) surplus funds; intangible assets.C) deficit funds; intangible assets.D) surplus funds; tangible assets.Answer: DComment: Financial assets have two principal economic functions.(1) The first is to transfer funds from those who have surplus funds to invest to those who need funds to invest in tangible assets.(2) The second economic function is to transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds.Diff: 2Topic: 1.1 Financial AssetsObjective: 1.1: what a financial asset is and the principal economic functions of financial assets2 Financial Markets1) Financial markets provide three economic functions. Which of the below is NOT one of these?A) The interactions of buyers and sellers in a financial market determine the price of the traded asset.B) Financial markets provide a mechanism for an investor to sell a financial asset.C) Financial markets increases the cost of transacting.D) The interactions of buyers and sellers in a financial market determine the required return on a financial asset. Answer: CComment: Financial markets provide three economic functions.First, the interactions of buyers and sellers in a financial market determine the price of the traded asset. Or, equivalently, they determine the required return on a financial asset. As the nducement for firms to acquire funds depends on the required return that investors demand, it is this feature of financial markets that signals how the funds in the economy should be allocated among financial assets. This is called the price discovery process.Second, financial markets provide a mechanism for an investor to sell a financial asset. Because of this feature, it is said that a financial market offers liquidity, an attractive feature when circumstances either force or motivate an investor to sell. If there were not liquidity, the owner would be forced to hold a debt instrument until it matures and an equity instrument until the company is either voluntarily or involuntarily liquidated.While all financial markets provide some form of liquidity, the degree of liquidity is one of the factors that characterize different markets.The third economic function of a financial market is that it reduces the cost of transacting. There are two costs associated with transacting: search costs and information costs.Diff: 3Topic: 1.2 Financial MarketsObjective: 1.3: what a financial market is and the principal economic functions it performs

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第10章　金融监管的经济学分析

一、概念题

1．商誉（goodwill）

答：商誉是一种无形价值，指由企业的良好信誉、产品的较高质量和市场占有率、可

靠的销售网络、有效的内部管理、先进的技术、优越的地理位置等因素形成，属于不可辨

认的无形资产。其特征是：①商誉与企业整体相关，不能单独存在；②形成商誉的因素无

法单独计值；③商誉与形成商誉过程中所发生的成本无关，它是一种获得超额收益的能力。

商誉只有在企业兼并、联营，或以全部产权有偿转让时，经评估才能作为无形资产。

2．监管宽容

答：监管宽容是指监管者尽量不行使将破产银行逐出行业外的权力。由于金融对于经

济增长具有不容替代的支撑作用，因此，各国中央政府乃至地方政府都充分认识到金融资

源对于经济发展的重要意义，因而，作为金融控制的主体也使得金融监管者本身在监管过

程中存在监管宽容。监管宽容是世界各国银行存在的通病，尤其在政府持银行产权比重高

的国家更甚。一旦国有银行出现问题，“大而不倒”的观念根深蒂固，很容易产生“监管宽

容”，监管宽容的存在致使市场惩戒机制不力，金融监管的效率无从保障，道德风险的激励

会危害整个金融体系。

二、选择题

1．商业银行的资本充足率指（ ）。

A．资本和期限加权资产的比率

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B．资本和风险加权资产的比率

C．资本和期限加权负债的比率

D．资本和风险加权负债的比率

【答案】B

【解析】商业银行的资本充足率是指商业银行持有的符合相关规定的资本与商业银行

风险加权资产之间的比率。

2．下列说法不正确的是（ ）。

A．金融全球化促进金融业提高效率

B．金融全球化增强国家宏观经济政策的效率

C．金融全球化会加大金融风险

D．金融全球化会增加国际金融体系的脆弱性

【答案】B

【解析】金融全球化的积极影响主要有：提高金融市场运作的效率；促进资金在全球

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第14章　货币供给过程

一、概念题

1．原始存款

答：原始存款指银行吸收的现金存款或中央银行对商业银行贷款所形成的存款。它包

括商业银行吸收到的所增加其准备金的存款。商业银行的准备金以两种具体的形式存在：

一是商业银行持有的应付日常业务需要的库存现金；二是商业银行在中央银行的存款。这

两者都是归商业银行持有的中央银行的负债，也是中央银行对社会公众总负债中的一部分。

商业银行所持有的这部分中央银行负债，对商业银行来说则是所拥有的一笔资产。这笔以

准备金形式所持有的资产可分为两部分：一是商业银行遵照法律规定不能用以放款盈利的

数额；二是由于经营上的原因尚未用去的部分。前一部分属法定准备金，后一部分属超额

准备金。

2．派生存款

答：派生存款指由商业银行发放贷款、办理贴现或投资等业务活动引申出来的存款，

又称为衍生存款。派生存款在原始存款基础上产生。原始存款是指商业银行接受的客户现

金和中央银行对商业银行的再贷款，是商业银行从事资产业务的基础。派生存款的产生的

过程，就是商业银行吸收存款、发放贷款、形成新的存款额……这一过程循环不断地在各

家商业银行存款户之间转移、最终是银行体系的存款总量增加的过程。因此，商业银行创

造派生存款的实质，是以非现金形式为社会提供货币供应量。

3．货币供给

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答：指一定时期内一国银行系统向经济中投入、创造、扩张（或收缩）货币的行为。

货币供给的必然结果是在经济中形成一定的货币供给量。这种货币供给量对银行系统而言

是一种负债，但对非银行经济主体来说则是一种资产。在现代信用货币制度下，货币供给

的主体是银行系统——中央银行和商业银行。前者创造基础货币，后者创造存款货币。这

就构成了货币供给过程的两个环节。其中，中央银行在整个货币供给中居于核心地位。货

2023内部版米什金版货币金融学简答及知识点

第一章：

1 .什么是金融市场，金融市场的基本功能是什么？

金融市场是资金由盈余单位向短缺单位转移的市场。金融市场履行的基本经济功能是：从那些由于支出少于收入而积蓄了盈余资金的人那里把资金引导到那些由于支出超过收入而资金短缺的人那里。

第二章：金融体系概述

L金融市场的种类划分

⑴股权市场和债权市场。（按契约的性质）

2 2）一级市场和二级市场。（按在发行和交易中的地位）

（3）场内交易市场和场外交易市场。（按交易的地点和场所）（4）货币市场和资本市场。（按所交易金融工具的期限长短）

2 .主要的货币市场工具和资本市场工具有哪些？

货币市场工具：（1）美国国库券（贴现发行）（2）可转让银行定期存 单（3）商业票据（4）回购协议（5）联邦基金

资本市场工具：（1）股票（2）抵押贷款（3）公司债券（4）美国政府债券（5）美国政府机构债券（6）州和地方政府债券

3 .金融中介机构的概念和类型

概念：金融中介机构是通过发行负债工具筹集资金，并且通过运用这些资金购买证券或者发放贷款来形成资产的金融机构。

（1）存款机构（商业银行，储贷协会，互助储蓄银行，信用社）

（2）契约型储蓄机构（保险公司，养老金，退休金）

（3）投资中介机构（财务公司，共同基金，货币市场共同基金，投资银行）

4 .直接融资和间接融资的区别

(1)在直接融资中，借款人通过将证券卖给贷款人，直接从贷款人那里取得资金；在间接融资中，金融机构居于贷款人和借款人之间，帮助实现资金在二者之间的转移。 (2)直接融资的优点：短缺单位可以节约一定的融资成本，盈余单位可以获得较高的资金报酬。

缺点：盈余单位需要有一定专业知识和能力且负担的风险高；对短缺单位来说，直接融资市场门槛较高。

(3)间接融资的优点或功能：降低交易成本，实现规模经济；有助于降低投资者面临的风险；解决信息不对称问题(交易发生前:逆向选择；交易发生后：道德风险)