One,
1. The intangible market has no specific trading place, which is also called over-the-counter trading.
2. What are the handling fees charged by intermediaries to buyers and sellers respectively for buying and selling bonds?
A: Two ten thousandths.
3. Why is China called a fund manager?
A: Fund management companies
4. What are the basic analysis of securities investment?
A: Macroeconomic analysis, industry analysis and enterprise value analysis.
5. The earliest securities issued in history are bonds.
6. What is the highest exchange rate in spot foreign exchange transactions?
A: T/T has the highest exchange rate.
7. Systemic risks can be eliminated through diversification, while non-systematic risks cannot be eliminated through diversification.
8. The object of financial market refers to the transaction object of financial market.
9. There are two methods of securities investment: basic analysis and technology.
10. China's Securities Law stipulates that the total share capital of a publicly issued company shall not be less than?
A: 50 million yuan.
1 1. London gold market, the largest gold market in the world.
12. The oldest financial market is the gold market.
13. Compound interest can better reflect the time value of money.
14. The China Securities Regulatory Commission manages the China securities and futures market in a unified way.
15. What are the advantages of direct financing compared with indirect financing?
A: (1) The close relationship between the supply and demand sides of funds is conducive to the rapid and rational allocation of funds and the improvement of efficiency. (2) The cost of fundraisers is lower, while the income of investors is higher.
16. In China, the main undertakers of banking supervision are the People's Bank of China and the China Banking Regulatory Commission.
17. What are the main differences between securities and stocks?
A: (1) means different relationships. Bonds are debt certificates; Stocks are the evidence of rights and interests. (2) The rights and obligations of investors are different. (3) Different income decisions.
18. A promissory note is a stock issued by the drawer, stipulating that he will unconditionally pay a certain amount to the payee or shareholder on a specified date.
19. briefly describe the tools used by the central bank to implement monetary policy?
A: rediscount interest rate, open market business.
20. What are the basic principles of financial market supervision?
Summarizing the practical experience of various countries, financial market supervision generally follows the following principles:
Answer: (1) Comprehensive principle (2) Efficiency principle (3) Openness, fairness and impartiality principle.
2 1. According to different shareholders' rights and interests, stocks can be divided into common stocks and preferred stocks.
22. What are the basic pricing methods of exchange rate?
Answer: (1) Direct quotation; (2) Indirect pricing method.
23. What are the new features of the financial market?
A: Electronization, liberalization, virtualization and globalization.
24. What are the derivative financial instruments?
A: Financial forwards, financial futures, financial options and financial swaps.
25. The commercial bill market can be divided into acceptance market, discount market and rediscount market?
A: The bill market can be subdivided into discount market, commercial bill market and bank acceptance bill market.
26. Money market refers to the short-term financial market with financial assets with a term of less than one year as the transaction target.
27. What are the main reasons for commercial banks to borrow from other banks?
A: Adjust the position. Position refers to the difference between income and expenditure. Income is greater than expenditure, which is called position surplus, and income is not lower than expenditure, which is called position shortage.
28. What is the function of bond investment funds?
A: Value-added and value-preserved.
29. The largest gold market in the world is the London gold market.
30. In the foreign exchange market, the difference between the forward exchange rate and the spot exchange rate is called premium, and the difference between the forward exchange rate and the spot exchange rate is called discount.
3 1. Financial assets refer to assets in the form of value owned by units or individuals, and they are a right to claim physical assets.
32. Securities investment funds can be divided into corporate funds and contractual funds according to their organizational forms.
33. The theoretical basis of financial market supervision is public interest theory and financial risk bond protection theory.
34. The operational risk of offshore financial markets is usually higher than that of onshore finance.
35. Who first put forward the wave theory?
A: Professor Eliot proposed it in 1939.
36. The market risk prevention mechanism of futures trading is the price limit.
37. The Fund is issued at the par value of the net value of each fund share. Can this D-class premium bond fulfill its repayment obligations?
A: No.
38. What are the elements that make up a financial market?
A: Financial market participants, financial market trading instruments, financial market intermediaries, financial market prices.
39. How many stocks in the Shanghai and Shenzhen stock exchanges have become "primary" trading units?
A: 100 shares
40. What are the means of financial market management?
A: Economic means, legal means and administrative means.
4 1. Dividends can be divided into dividends and dividends.
42. Portfolio risk is divided into systematic risk and non-systematic risk.
43. What are the characteristics of modern foreign exchange market?
A: Globalization, complexity and integration.
44.a-share and RMB-denominated stocks are limited to those issued, listed and traded in the Mainland.
45. Financial forward is the earliest derivative financial instrument.
46. What is the longest time for all loans in the peer-to-peer lending market?
A: 1 year.
47. The delivery method of treasury bonds over the counter is T+ 1.
48. What is the current fund sponsorship management system in China?
A: Approval system.
49. The oldest financial center in the world is the London Financial Center.
50. What are the characteristics of short-term national debt?
A: The risk is the lowest and the liquidity is the highest.
5 1. What is the risk that the debtor fails to perform the contract and repay the principal on time?
A: Credit risk.
52. The most important use of derivative financial instruments is hedging.
53. At present, the only trading method in China's stock circulation market is spot trading.
54. Among the main participants in the foreign exchange market, commercial banks are at the core.
55. The originator of technical analysis of securities investment is Dow theory.
56. The management of foreign exchange market can be divided into quantity management, price management and comprehensive management.
57. Is the registration system the principle of substantive management?
A: No, the examination and approval system implements substantive management.
58. What is the earliest subject matter of a futures contract?
A: Agricultural products.
59. What are the two accounts opened by customers in the stock exchange?
Cash account, margin account.
60. Renminbi represents the face value of stocks. What stocks are exclusively subscribed and traded by Chinese mainland, Hongkong, Macau, Taiwan Province Province and foreign investors?
A: B shares.
6 1. Who is the issuer of financial instruments in the financial market?
A: Government, financial institutions and various non-financial enterprises.
62. What are the characteristics of derivative financial instruments?
A: Derivatives, leverage, high risk and virtuality.
63. What is the specific form of the direct management system of the foreign exchange market?
A: The legal differential exchange rate system, foreign exchange transfer voucher system and mixed exchange rate system are implemented.
64. What are the principles of securities investment?
Answer: (1) principle of risk-return balance (2) principle of bilateral transaction (3) principle of free ride (4) principle of information transmission.
65. What are the derivative financial instruments?
A: Financial forwards, financial futures, financial options and financial swaps.
66. The self-regulatory bodies of China Financial World Bank mainly include stock exchanges, securities associations and banking associations.
67. What are the methods of securities investment?
A: First, the basic analysis method. Second, technical analysis methods.
68. Among the indicators reflecting the short-term debt repayment ability of enterprises, which indicator can better reflect the short-term debt repayment ability of enterprises?
A: Liquidity ratio.
69. What are the new features of the financial market?
A: Electronization, liberalization, virtualization and globalization.
70. The commercial paper market can be divided into acceptance market, discount market and rediscount market.
7 1. What is the highest credit rating?
A: AAA.
72. What are the main reasons for commercial banks to borrow from other banks?
A: Adjust the position. Position refers to the difference between income and expenditure. Income is greater than expenditure, which is called position surplus, and income is not lower than expenditure, which is called position shortage.
73. The largest gold market in the world is the London gold market.
74. Financial assets refer to assets owned by units or individuals in the form of value, which is a right to claim physical assets.
75. What are the organizational forms of securities investment funds?
A: Corporate funds and contractual funds.
Second, the noun explanation
Institutional investors-legal institutions engaged in securities investment in the financial market, mainly including insurance companies, pension funds and investment funds, securities companies, banks and so on.
Eurodollars-US dollar deposits with banks outside the United States or US dollar loans borrowed from these banks. Because of this overseas dollar deposit, lending activities began in Europe, so it was called Eurodollar.
Mortgage company bonds-bonds issued by companies with real estate or chattel as collateral.
Systematic risk refers to the risk that cannot be eliminated by increasing the types of assets held.
Money broker-Money broker, also known as money market trading broker, refers to an intermediary businessman who acts as an intermediary between the two parties in the money market and collects employment money.
Direct quotation-is a pricing method based on the domestic currency of a unit and how many foreign currencies are converted to express the exchange rate. Also known as "receivable valuation method", its central content is "local currency does not move, foreign currency moves".
Open forward contract is a relatively simple financial derivative. The two parties to the contract agree to buy and sell an agreed amount of financial assets at an agreed price in a certain period in the future.
Bill discount market-refers to the market where banks, discount companies and other financial institutions buy unexpired bills through discount and provide short-term funds to shareholders.
Interbank lending market-a market formed by short-term capital lending activities between various financial institutions (including commercial banks and non-bank financial institutions).
Forward interest rate agreement-a transaction in which both parties promise to borrow a certain amount of nominal principal at a certain interest rate within an agreed period.
Closed-ended fund, also known as fixed fund, refers to a securities investment fund whose fund size does not increase or decrease within a specified time (also known as "closed period") after a predetermined number of fund securities are issued.
Offshore finance refers to an investment fund in which a country's securities fund issues securities fund shares in other countries and invests the raised funds in the securities markets of various countries.
Short-term government bonds-refers to the short-term bonds issued by governments at all levels or units provided with credit guarantee by the government, and is a short-term credit certificate for the government to bear the responsibility of repayment.
Public offering-Public offering, also known as public offering, refers to the direct public sale of securities such as stocks to the public without restricting subscribers.
Private placement-private placement, also known as non-public offering, refers to the way in which the issuer issues shares only to specific issuers.
Financial swap refers to a contract in which both parties agree to exchange a series of cash flows according to the agreed payment interest rate (interest rate, stock index yield, etc.). ) Based on the pre-determined nominal principal amount within the validity period of the contract.
Expected rate of return-that is, estimate various possible results of future rate of return, and then use their probability of occurrence to weighted average these estimated values.
Third,
1. What are the limitations of direct financing compared with indirect financing?
(1) Direct financing is more restricted than indirect financing in terms of capital quantity, term and interest rate.
(2) In countries or regions with underdeveloped financial markets, the liquidity of financial instruments used for direct financing is weaker than that used for indirect financing.
(3) For capital suppliers, the risk of direct financing is greater than that of indirect financing.
2. What are the basic elements of bonds?
Generally speaking, bonds are mainly composed of term, principal, face value, price, interest rate, yield and repayment method.
3. What are the main differences between bonds and stocks?
(1) indicates different relationships. Bonds are debt certificates; Stocks are the evidence of rights and interests.
(2) The rights and obligations of investors are different.
(3) Different income decisions.
4. Briefly describe the form of bond trading?
A: Spot trading, futures trading and repurchase agreement trading.
5. What are the main functions of China's financial market?
(1) Facilitate investment and financing
(2) Reasonably guide the flow of funds and promote the concentration and transfer of capital to efficient units.
(3) facilitate the flexible conversion of funds
(4) to achieve risk diversification and reduce transaction costs
(5) It is conducive to enhancing the flexibility of macro-control.
(6) It is conducive to strengthening economic ties between departments, regions and countries.
6. What is the main basis for determining the bond coupon rate?
(1) Bond Term Length
(2) Credit rating of bonds
(3) Frequency of interest payment
(4) the bank's interest rate level in the same period and the current market interest rate level.
(5) The investor's acceptance is high.
(6) The current regulations of the competent authorities on bond coupon rate.
7. What are the characteristics of securities investment funds?
(1) Diversify investment and risks.
(2) Expert management and scientific management.
(3) high liquidity and strong liquidity
(4) Scale operation reduces costs.
8. What are the income sources of securities investment funds?
A: Interest income, dividends and bonus income, capital gains and capital appreciation.
9. What is the role of the foreign exchange market?
(1) Realize the international transfer of purchasing power.
(2) financing for international economic transactions
(3) Providing places for foreign exchange hedging and speculation.
10. What is the function of the foreign exchange market?
(1) Realize the international transfer of purchasing power.
(2) financing for international economic transactions
(3) Providing places for foreign exchange hedging and speculation.
1 1. Basic steps of portfolio management?
(1) Specify investment policy (2) Select investment assets (3) Build investment portfolio (4) Adjust investment portfolio.
(5) Evaluate the performance of the portfolio.
12. Why are negotiable certificates of deposit a good financial management tool for banks and investors?
The emergence of (1) certificates of deposit makes commercial banks no longer need to wait for customers' deposits passively. Commercial banks can actively issue certificates of deposit in the market to raise funds, or they can actively manage assets and liabilities.
(2) certificates of deposit enable investors to buy and sell certificates of deposit at any time according to the capital situation and adjust their asset portfolio.
(3) CDs improve the stability of commercial banks' sources of funds,
13. what are the main factors that affect the relationship between supply and demand of stocks and cause fare fluctuations?
First, economic factors.
(1) Operating conditions of joint-stock companies that issue shares, (2) development prospects, (3) financial forms, (4) financial conditions, (5) international payments, (6) exchange rates and (7) others.
Second, political factors.
(1) war, (2) political situation, (3) changes in the international political situation, (4) labor disputes, (5) others.
Third, market factors. Fourth, psychological factors.
14. What are the basic principles for the supervision of the interbank lending market?
(1) The principle of voluntary coordination, equality and mutual benefit, and independent trading. (2) the principle of short-term use. (3) The principle of timely return.
15. What are the financial market intermediaries? What is the necessity of their existence?
(1) transaction intermediary
1, securities underwriter. 2. Securities trading broker. (1) money broker. (2) Securities brokers. (3) Stock exchanges. (4) Securities settlement companies.
(2) Information intermediary
1, information consulting company. 2. Investment consulting company. 3. Credit company. 4. Credit rating agencies.
16. What is the purpose of issuing financial bonds by financial institutions?
(1) Improve debt structure and enhance debt stability. (2) Obtain long-term funding sources. (3) Expand asset business.
17. What are the macroeconomic indicators?
(1) gross domestic product (GDP) (2) unemployment rate (3) inflation rate (4) interest rate (5) fiscal deficit (6) psychological expectation.
18. How should investors conduct enterprise value analysis?
The analysis of enterprises can be divided into two parts: basic quality analysis and financial analysis, and the results of various analyses eventually form the overall judgment of enterprise value.
(A) Analysis of the basic quality of enterprises
1, enterprise competitive position analysis 2, enterprise profitability and growth analysis 3, enterprise management ability analysis
(B) Analysis of the financial situation of enterprises
1, liquidity ratio 2, asset efficiency ratio 3, financial leverage ratio 4, profitability ratio 5, market value ratio
19. What are the main differences between closed-end funds and open-end funds?
Closed-end funds and open-end funds have the following differences:
(1) Liquidity, risk and profit are different; (2) Trading methods are different; (3) Trading prices are determined in different ways.
20. What are the shortcomings of financial forward transactions?
(1) Because there is no fixed centralized trading place for forward contracts, it is not conducive to the transmission of information and the formation of a unified market price, and the market efficiency is low.
(2) Because each forward contract is very different, it is not convenient for the circulation of contracts, so the liquidity of forward contracts is poor.
(3) There is no performance guarantee for forward contracts, so there is a greater risk of default.
2 1. What are the principles of financial market supervision in China?
Summarizing the practical experience of various countries, financial market supervision generally follows the following principles:
1, comprehensive principle 2, efficiency principle 3, openness, fairness and justice principle.
22. What are the main means of financial market supervision in China?
1, economic means 2, legal means 3, administrative means
23. What are the main factors that affect the relationship between stock supply and demand and cause stock price fluctuation?
(1) Economic factors.
(1) Operating conditions of joint-stock companies that issue shares, (2) development prospects, (3) financial forms, (4) financial conditions, (5) international payments, (6) exchange rates and (7) others.
(2) Political factors.
(1) war, (2) political situation, (3) changes in the international political situation, (4) labor disputes, (5) others.
(3) Market factors. (4) Psychological factors.
Fourth,
1. A company's dividend at the end of this year is $2 per share with a discount rate of 9%. It is estimated that the dividend per share will increase by 4% every year. Calculate the share price of the current company.
Stock market = expected dividend yield/market interest = 2 (1+4%)/9% = 23. 1 USD.
2. A bank acceptance bill with a face value of 65,438+0,000 yuan, with a maturity of 60 days and transfer 30 days before maturity. The discount rate is 4%. What is the price for investors to buy this bank acceptance bill?
Acceptance draft = face value (1- discount rate * discount days/360) =1000 * (1-4% * 30/360) = 996.7 yuan.
3. What is the half-year yield of interest-free bonds with maturity value of 1000 yuan and selling price of 500 yuan?
Yield: I = (m/p) ∧ (1/n)- 1.
= (bond principal/bond market price) ∧ (1/n)
=( 1000/500)∧( 1/20)
4. An investor buys a company's stock at the price of 20 yuan per share, holds the stock for one year, and gets dividend income 1 yuan. After paying dividends 1 month, he sold the stock at the market price of 22.5 yuan, and calculated the investor's dividend rate and holding period yield.
(1) dividend yield = d/P0×100% = (1/20 )×100% = 5%.
(2) Holding period yield = [D+(P-P0)]/P0× 100%
=[ 1+(22.5-20)]/20× 100%= 17.5%
5 An investor buys short-term government bonds with a face value of 65,438+0,000 yuan at the price of 850 yuan for a period of 90 days. Calculate the interest rate of bonds and the yield of investors.
(1) Short-term bond interest rate = (face value-market value)/face value ×(360/ maturity days)
=( 1000—850)/ 1000×(360/90)=60%
(2) Short-term bond yield = (face value-market value)/market value× (360/maturity days) = (1000-850)/850× (360/90) = 70.6%.
6. The spot yield of bonds, with annual interest rate of 65,438+00%, market buying price of 850 yuan and face value of 65,438+0,000 yuan.
Spot yield = annual coupon/bond market price × 100%
=( 100/850)× 100%= 1 1.7%
7. Party A's deposit in the bank is 1 1,000 yuan, with an annual interest rate of 8%. Based on simple interest calculation, what is his account balance after 2 years? What about compound interest?
(1) Sum of simple interest principal = p+I = p (1+r× n) =1000 (1+8 %× 2) =1/60 yuan.
(2) The sum of compound principal = p× (1+r) ∧ n =1000 (1+8%) ∧ 2 =1166.4 yuan.