金融考研辅导班：2015年对外贸易大学431金融学综合考研真题解析
一、单项选择（每小题1分，共10分）
1. 投资者可以选择放弃执行合同的金融交易是（ ）。
A、远期利率协议 B、择期交易
C、期货交易 D、期权交易
2.通常，经济学家认为衡量利率最精确的指标是（）。
A、贴现率 B、票面利率
C、到期收益率 D、实际利率
3.商业银行表外业务的“表外”相对于资产负债表而言的，其与资产负债表的 关系是（）。
A、该项业务的发生只会引起资产负债表内的资产方资金发生变动
B、该项业务的发生只会引起资产负债表内的负债方资金发生变动
C、该项业务的发生只会引起资负债表内的权益方资金发生变动
D、在一定的条件下可能会转化为资产负债表内的业务
4.凯恩斯学派的货币政策传导机制中，起关键作用的指标是（）。
A、利率 B、货币供给量
C、基础货币 D、超额存款准备金
5.属于垄断组织提高垄断利润而导致一般物价的上涨，属于（）。
A、需求拉上型通货膨胀 B、工资推动型通货膨胀
C、利润推动型通货膨胀 D、结构型通货膨胀
6.—个投资组合无法通过充分分散化消除的风险是（）
A、单个证券的风险 B、系统性风险
C、无风险证券的风险 D、总体方差
7.关于金融中介机构的功能，以下不正确的是（）。
A、可降低交易成本 B、可进行风险分担
C、能消除信息不对称 D、总体方差
8.根据汇率决定理论中的弹性价格货币模型，以下引起本币升值的因素是（）
A、本国货币供给相对于外国增加
B、外国产出水平相对于本国增加
C、本国利率水平相对于外国增加
D、外国利率水平相对于本国增加
9.按照马可维茨的描述，下面的（）资产组合不会落在有效边界上。
|
资产组合 |
期望收益率（%） |
标准差（%） |
|
W |
12 |
15 |
|
X |
5 |
7 |
|
Y |
15 |
36 |
|
Z |
9 |
21 |
A、W B、X C、Y D、Z
10.有四种评价投资的主要方法，其中考虑了货币时间价值的方法有（）
A、净现值法和内部收益率法 B、内部收益率法和回收期法
C、回收期法和会计收益率法 D、会计收益率法和净现值法
二、判断下列表述是否正确（表述正确的划√，表述错误的划X, 每小题1分，共10分）
1.通常在国庆长假前，中央银行会与商业银行进行逆回购交易来增加基础货币 投放。
2.违约风险债券与无风险债券的利率之差称为违约升水。
3.商业银行扩张信用、创造派生存款的约束机制的原理在于商业银行吸收的存 款是否能够全部发放贷款。
4.在其他因素不变的情况下，本国价格水平提高将引起本币实际升值。
5.某投资者采取如下的投资策略：在股票价格下跌10%时买入股票，在价格上涨10%时卖出股票，如果这种策略在股市中能够获得超额收益，则意味弱有效市场假说不成立。
6.琢食优序理论（pecking order theory)认为，盈利好的企业应该多负债。
7.成长型股票的市账率（即市值与账面价值比）一般小于1。
8.1999年美国国会通过的《麦克法登法案》（McFadden Act)确立了美国商业 银行与投资银行混业经营的格局。
9.在通货膨胀比较严重、且预期通货膨胀问题能够在近期内明显缓解的情况下， 长期利率会低于短期利率。
10.“中央银行是政府的银行”的含义是指中央银行的产权归属于政府。
三、名词解释（每小题4分，共20分)
1、资本结构 2、作理问题 3、联邦基金利率
4、敏感性分析 5、费雪效应
四、计算与分析（每小题8分，共16分）
1.已知经济体中现金C=3200亿元，银行存款D=1万亿元，超额准备金ER=600 亿美元，法定准备金率r=0.2
（1）计算现金比率（c),超额准备金比率（e)和货币乘数（m)。（3分）
（2）计算法定准备金（RR),准备金（R)和基础货币（MB)。（3分）
（3）假如中央银行将法定准备金率r调整为0.1,计算新的货币乘数（m)和新 的货币供给（M)。（2分）
2.假定流动补偿理论解释利率期限结构是合理的，已知下列条件：
未来5年内的一年期利率分别是：5%, 6%, 7%, 7%, 7%
未来1年至5年的流动补偿率分别是：0%，0.25%, 0. 5%, 0.75%, 1%
请回答
(1)2年期至5年的利率分别是多少？（（5分）
(2)画出收益曲线（Yield Curve)图。（3分)
五、简答与证明（每小题8分，共16分）
1.请列举股利支付的至少2种可能的正面效应和至少2种可能的负面效应。
2.解释经营风险和财务风险的概念。假如A企业的财务风险大于B企业，是否 A企业的权益资本成本将更高？
六、论述题（每小题14分，共28分)
1.2013年9月28日，上海自由贸易园区正式挂牌，拟在园区实现利率市场化 改革试点，这意味着在区内的经济主体需要重视对利率的预测。请结合利率理论，阐述经济主体在预测利率时应考虑的基本因素。（更多资料请咨询育明教育小李老师）
2.试分析泰勒规则的基本政策思想，并论述对中国实施货币政策的借鉴意义。
七、专业英语（英译中，共计50分)
1.(10 A common stock (typically just called a stock) represents a share of ownership in a corporation. It is a security that is a claim on the earnings and assets of the corporation. Issuing stock and selling it to the public is a way for corporations to raise funds to finance their activities. The stock market is the most widely followed financial market in almost every country that has one; that's why it is often called simply “the market.” A big swing in the prices of shares in the stock market is always a major stolon the evening news. People often speculate on where the market is heading and get very excited when they can brag about their latest “big earning” but they become depressed when they suffer a big loss. The attention the market receives can probably be best explained by one simple fact: it is a place where people can get rich - or poor - quickly.
2.(15 分）Beginning in mid-2007, the U.S. economy began to weaken following a series of crises related to problem financial institutions. Several large investment
banks, commercial banks, and insurance companies suffered losses due to falling real estate values and excessive financial leverage.
As large financial institutions suffered significant losses all over the globe, credit supply reduced sharply. In December 2007, the United States fell into recession. The global economy followed. In 2008, the U.S. lost over 2.5 million jobs. By 2009, the Obama administration and Congress had approved a massive stimulus plan involving tax cuts and increased government spending in an effort to jump-start consumer and business spending. Importantly, the policies were designed to raise consumer and business confidence.
Clearly, the banking world has permanently changed. Investment banks in the traditional sense no longer exist as independent organizations.Given excessive financial leverage, bank regulators pursued policies to reduce leverage at banks. As such，the nature of bank risk taking changed. Banks began to focus more on capital adequacy，the quality of assets，and the availability of adequate liquidity. And the financial industry again consolidated.
3.(25 分）The US Federal Reserve yesterday said the world5s largest economy Is still expanding at a moderate pace, suggesting a slowing of asset purchases in December or January is still a possibility. The rate-setting Federal Open Market Committee made no changes to policy at its October meeting, keeping its asset purchases steady at $85bn a month, but the statement implied it did not see a lot of damage from the government shutdown earlier this month. Although markets have assumed the Fed will not “taper” its asset purchases until March，the statement implied it could still slow the programmer earlier than that - perhaps as early as its December meeting - if the economic data justified it.
The Fed surprised markets in September by choosing to keep purchases on hold. That prompted a global rally in risky assets and big fall in market interest rates, which had risen after Fed communications in June and July suggested it was close to a taper.
Combined with the effects of the shutdown - which has scrambled the economic data for October - markets have assumed the September decision meant the Fed was automatically on hold for some months. But October’s statement suggests that is not necessarily correct.
