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金融市场与机构 (15)

Chapter 15

Why Do Financial Institutions Exist?

Multiple Choice Questions

1. Of the following sources of external finance for American nonfinancial businesses, the least

important is

(a) loans from banks.

(b) stocks.

(d) nonbank loans.

Answer: B

2. Of the following sources of external finance for American nonfinancial businesses, the most

important is

(a) loans from banks.

(b) stocks.

(d) nonbank loans.

Answer: D

3. Of the sources of external funds for nonfinancial businesses in the United States, bonds account for

approximately _________ of the total.

(a) 10 percent

(b) 20 percent

(d) 50 percent

Answer: C

4. Of the sources of external funds for nonfinancial businesses in the United States, stocks account for

approximately _________ of the total.

(a) 10 percent

(b) 20 percent

(d) 40 percent

Answer: A

186 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition

5. With regard to external sources of financing for nonfinancial businesses in the United States, which

of the following are accurate statements?

(a) Marketable securities account for a larger share of external business financing in the United

States than in most other countries.

(b) Since 1970, less than 5 percent of newly issued corporate bonds and commercial paper have

been sold directly to American households.

1970–2000 period.

(d) All of the above.

(e) Only (a) and (b) of the above.

Answer: E

6. With regard to external sources of financing for nonfinancial businesses in the United States, which

of the following are accurate statements?

(a) Direct finance is used in less than 5 percent of the external financing of American businesses.

(b) Only large, well-established corporations have access to securities markets to finance their

activities.

more financing of corporate activities than do stock markets.

(d) All of the above.

(e) Only (a) and (b) of the above.

Answer: D

7. (I) In the United States nonbank loans are the most important source of external funds for

nonfinancial businesses. (II) In Germany and Japan, issuing stocks and bonds is the most important source of external for nonfinancial businesses.

(a) (I) is true, (II) false.

(b) (I) is false, (II) true.

(d) Both are false.

Answer: A

8. Which of the following is not one of the eight basic facts about financial structure?

(a) Debt contracts are typically extremely complicated legal documents that place substantial

restrictions on the behavior of the borrower.

(b) Indirect finance, which involves the activities of financial intermediaries, is many times more

important than direct finance, in which businesses raise funds directly from lenders in financial

markets.

(d) New security issues are the most important source of external funds to finance businesses.

Answer: D

Chapter 15 Why Do Financial Institutions Exist? 187

9. Which of the following is not one of the eight basic facts about financial structure?

(a) The financial system is among the most heavily regulated sectors of the economy.

(b) Issuing marketable securities is the primary way businesses finance their operations.

important than direct finance, in which businesses raise funds directly from lenders in financial

markets.

(d) Financial intermediaries are the most important source of external funds to finance businesses.

Answer: B

10. Because information is scarce,

(a) equity contracts are used much more frequently to raise capital than are debt contracts.

(b) monitoring managers gives rise to costly state verification.

(d) all of the above are true.

(e) only (b) and (c) of the above are true.

Answer: E

11. Which of the following best explains the recent decline in the role of financial intermediaries?

(a) Private production and sale of information

(b) Government regulation to increase information

(d) None of the above can explain the recent decline

Answer: C

12. (I) The total cost of carrying out a transaction in financial markets increases proportionally with the

size of the transaction. (II) Financial intermediaries facilitate diversification when an investor has only a small sum to invest.

(a) (I) is true; (II) is false

(b) (I) is false; (II) is true

(d) Both (I) and (II) are false

Answer: B

13. If bad credit risks are the ones who most actively seek loans and, therefore, receive them from

financial intermediaries, then financial intermediaries face the problem of

(a) moral hazard.

(b) adverse selection.

(d) costly state verification.

Answer: B

14. If borrowers take on big risks after obtaining a loan, then lenders face the problem of

(a) free-riding.

(b) adverse selection.

(d) costly state verification.

188 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition Answer: C

Chapter 15 Why Do Financial Institutions Exist? 189 15. Because of the lemons problem in the used car market, the average quality of the used cars offered

for sale will be _________, which gives rise to the problem of _________.

(a) low; moral hazard

(b) low; adverse selection

(d) high; adverse selection

Answer: B

16. In the used car market, asymmetric information leads to the lemons problem because the price that

buyers are willing to pay will

(a) reflect the highest quality of used cars in the market.

(b) reflect the lowest quality of used cars in the market.

(d) none of the above.

Answer: C

17. The problem created by asymmetric information before the transaction occurs is called _________,

while the problem created after the transaction occurs is called _________

(a) adverse selection; moral hazard.

(b) moral hazard; adverse selection.

(d) free-riding; costly state verification.

Answer: A

18. A borrower who takes out a loan usually has better information about the potential returns and risk

of the investment projects he plans to undertake than does the lender. This inequality of information is called

(a) moral hazard.

(b) asymmetric information.

(d) adverse selection.

Answer: B

19. Adverse selection is a problem associated with equity and debt contracts arising from

(a) the lender’s relative lack of information about the borrower’s potential returns and risks of his

investment activities.

(b) the lender’s inability to legally require sufficient collateral to cover a 100 percent loss if the

borrower defaults.

(d) none of the above.

Answer: A

190 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition

20. Moral hazard is a problem associated with debt and equity contracts arising from

(a) the borrower’s incentive to undertake highly risky investments.

(b) the owners’ inability to ensure that managers will act in the owners’ interest.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

21. Because of the adverse selection problem,

(a) lenders may make a disproportionate amount of loans to bad credit risks.

(b) lenders may refuse loans to individuals with low net worth.

(d) all of the above.

Answer: D

22. Because of the adverse selection problem,

(a) good credit risks are more likely to seek loans, causing lenders to make a disproportionate

amount of loans to good credit risks.

(b) lenders may refuse loans to individuals with high net worth, because of their greater proclivity

to “skip town.”

(d) all of the above.

Answer: C

23. The problem of adverse selection helps to explain

(a) why banks prefer to make loans secured by collateral.

(b) why banks have a comparative advantage in raising funds for American businesses.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: D

24. The problem of adverse selection helps to explain

(a) which firms are more likely to obtain funds from banks and other financial intermediaries, rather

than from securities markets.

(b) why collateral is an important feature of consumer, but not business, debt contracts.

(d) only (a) and (b) of the above.

Answer: A

25. The concept of adverse selection helps to explain

(a) why collateral is not a common feature of many debt contracts.

(b) why large, well-established corporations find it so difficult to borrow funds in securities markets.

(d) all of the above.

Answer: C

Chapter 15 Why Do Financial Institutions Exist? 191 26. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that these

intermediaries

(a) have been afforded special government treatment, since used car dealers do not provide

information that is valued by consumers of used cars.

(b) are able to prevent potential competitors from free-riding off the information that they provide.

traded.

(d) do all of the above.

Answer: B

27. That most used cars are sold by intermediaries (i.e., used car dealers) provides evidence that these

intermediaries

(a) provide information that is valued by consumers of used cars.

(b) are able to prevent others from free-riding off the information that they provide.

(d) do all of the above.

Answer: D

28. A key finding of the economic analysis of financial structure is that

(a) the existence of the free-rider problem for traded securities helps to explain why banks play a

predominant role in financing the activities of businesses.

(b) while free-rider problems limit the extent to which securities markets finance some business

activities, nevertheless the majority of funds going to businesses are channeled through

securities markets.

significant economic consequence in these markets.

(d) economists do not have a very good explanation for why securities markets are so heavily

regulated.

Answer: A

29. In the United States, the government agency requiring that firms, which sell securities in public

markets, adhere to standard accounting principles and disclose information about their sales, assets, and earnings is the

(a) Federal Corporate Securities Commission.

(b) Federal Trade Commission.

(d) U.S. Treasury Department.

(e) Federal Reserve System.

Answer: C

30. An audit certifies that

(a) a firm’s loans will be repaid.

(b) a firm’s securities are safe investments.

(d) the information reported in a firm’s accounting statements is correct.

Answer: C

192 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition

31. The authors’ analysis of adverse selection indicates that financial intermediaries in general, and

banks in particular (because they hold a large fraction of non-traded loans),

(a) have advantages in overcoming the free-rider problem, helping to explain why indirect finance

is a more important source of business finance than is direct finance.

(b) play a greater role in moving funds to corporations than do securities markets as a result of their

ability to overcome the free-rider problem.

they do to newer and smaller corporations, which rely to a greater extent on the new issues

market for funds.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

32. The authors’ analysis of adverse selection indicates that financial intermediaries

(a) overcome free-rider problems by holding non-traded loans.

(b) must buy securities from corporations to diversify the risk that results from holding non-tradable

loans.

(d) do all of the above.

(e) do only (a) and (b) of the above.

Answer: A

33. The pecking order hypothesis predicts that the _________ a corporation is, the more likely it will be

to _________.

(a) smaller and less well known; issue securities

(b) larger and more well known; borrow from financial intermediaries

(d) smaller and less well known; need external financing

Answer: C

34. Financial intermediaries and, particularly, banks have the ability to avoid the free-rider problem as

long as they primarily

(a) make private loans.

(b) acquire a diversified portfolio of stocks.

(d) do a balanced combination of (a) and (b) of the above.

Answer: A

35. Property that is pledged to the lender in the event that a borrower cannot make his or her debt

payment is called

(a) points.

(b) interest.

(d) good faith money.

Answer: C

Chapter 15 Why Do Financial Institutions Exist? 193

36. Collateral is

(a) property that is pledged to the lender if a borrower cannot make his or her debt payments.

(b) a prevalent feature of debt contracts for households.

(d) all of the above.

(e) only (a) and (c) of the above.

Answer: D

37. The majority of household debt in the United States consists of

(a) credit card debt.

(b) consumer installment debt.

(d) unsecured loans, such as student loans.

Answer: C

38. Commercial and farm mortgages, in which property is pledged as collateral, account for

(a) one-quarter of borrowing by nonfinancial businesses.

(b) one-half of borrowing by nonfinancial businesses.

(d) two-thirds of borrowing by nonfinancial businesses.

Answer: A

39. Because of the moral hazard problem,

(a) lenders will write debt contracts that restrict certain activities of borrowers.

(b) lenders will more readily lend to borrowers with high net worth.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

40. Moral hazard in equity contracts is known as the _________ problem because the manager of the

firm has fewer incentives to maximize profits than the stockholders might ideally prefer.

(a) principal-agent

(b) adverse selection

(d) debt deflation

Answer: A

41. Because managers (_________) have less incentive to maximize profits than the stockholders-

owners (_________) do, stockholders find it costly to monitor managers; thus, stockholders are

reluctant to purchase equities.

(a) principals; agents

(b) principals; principals

(d) agents; principals

Answer: D

194 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition

42. The principal-agent problem

(a) occurs when managers have more incentive to maximize profits than the stockholders-

owners do.

(b) would not arise if the owners of the firm had complete information about the activities of the

managers.

American business.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: B

43. Solutions to the moral hazard problem include

(a) high net worth.

(b) monitoring and enforcement of restrictive covenants.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

44. One financial intermediary in our financial structure that helps to reduce the moral hazard arising

from the principal-agent problem is the

(a) venture capital firm.

(b) money market mutual fund.

(d) savings and loan association.

Answer: A

45. A venture capital firm protects its equity investment from moral hazard through which of the

following means?

(a) It places people on the board of directors to better monitor the borrowing firm’s ac tivities.

(b) It writes contracts that prohibit the sale of an equity investment to anyone but the venture

capital firm.

(d) It does both (a) and (b) of the above.

(e) It does both (a) and (c) of the above.

Answer: D

46. Debt contracts

(a) are agreements by the borrowers to pay the lenders fixed dollar amounts at periodic intervals.

(b) have an advantage over equity contracts in that they have a lower cost of state verification.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: D

Chapter 15 Why Do Financial Institutions Exist? 195 47. Equity contracts account for a small fraction of external funds raised by American businesses

because

(a) costly state verification makes the equity contract less desirable than the debt contract.

(b) there is greater scope for moral hazard problems under equity contracts, as compared to debt

contracts.

(d) all of the above.

(e) both (a) and (b) of the above.

Answer: E

48. A debt contract is said to be incentive compatible if

(a) the borrower’s net worth reduces the probability of moral hazard.

(b) restrictive covenants limit the type of activities that can be undertaken by the borrower.

(d) neither (a) nor (b) of the above occur.

Answer: A

49. A debt contract is more likely to be incentive compatible if

(a) the company must follow standard accounting principles.

(b) the funds are provided by a venture capital firm.

(d) all of the above.

(e) only (b) and (c).

Answer: C

50. A clause in a mortgage loan contract requiring the b orrower to purchase homeowner’s insurance is

an example of

(a) a restrictive covenant.

(b) a collusive agreement between mortgage lenders and insurance companies.

(d) neither (a) and (b) of the above.

Answer: A

51. A debt contract that specifies that the company can only use the funds to finance certain activities

(a) is a private loan.

(b) contains a restrictive covenant.

(d) all of the above.

(e) only (a) and (b).

Answer: B

196 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition

52. Which of the following are accurate statements concerning the role that restrictive covenants play in

reducing moral hazard in financial markets?

(a) Covenants reduce moral hazard by restricting borrowers’ undesirable behavior.

(b) Covenants require that borrowers keep collateral in good condition.

(d) All of the above.

(e) Only (a) and (b) of the above.

Answer: D

53. Although restrictive covenants can potentially reduce moral hazard, a problem with restrictive

covenants is that

(a) borrowers may find loopholes that make the covenants ineffective.

(b) they are costly to monitor and enforce.

others’ monitoring and enforcement efforts.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

54. Governments in developing countries sometimes adopt policies that retard the efficient operation of

their financial systems. These actions include policies that

(a) prevent lenders from foreclosing on borrowers with political clout.

(b) nationalize banks and direct credit to politically-favored borrowers.

(d) do all of the above.

(e) do only (a) and (b) of the above.

Answer: D

55. Financial crises

(a) 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.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: D

56. Financial crises

(a) cause failures of financial intermediaries and leave only securities markets to channel funds

from savers to borrowers.

(b) are a recent phenomenon that occurs only in developing countries.

(d) all of the above.

(e) none of the above.

Answer: E

Chapter 15 Why Do Financial Institutions Exist? 197

57. Factors that lead to worsening conditions in financial markets include

(a) increases in interest rates.

(b) declining stock prices.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: D

58. Factors that lead to worsening conditions in financial markets include

(a) declining interest rates.

(b) unanticipated increases in the price level.

(d) only (a) and (c) of the above.

(e) only (b) and (c) of the above.

Answer: C

59. If the anatomy of a financial crisis is thought of as a sequence of events, which of the following

events would be least likely to be the initiating cause of the financial crisis?

(a) Increase in interest rates

(b) Bank panic

(d) Increase in uncertainty

Answer: B

60. An examination of past financial crises in the United States indicates that a bank panic has

typically been

(a) the one key factor that initiates a financial crisis.

(b) a consequence of worsening conditions during a financial crisis.

(d) an event that is unrelated to financial crises.

Answer: B

61. Most financial crises in the United States have begun with

(a) a steep stock market decline.

(b) an increase in uncertainty resulting from the failure of a major firm.

(d) all of the above.

(e) only (a) and (b) of the above.

Answer: E

62. Most financial crises in the United States have begun with

(a) a sharp rise in interest rates.

(b) a steep stock market decline.

(d) all of the above.

(e) only (a) and (b) of the above.

198 Mishkin/Eakins ?Financial Markets and Institutions, Fifth Edition Answer: D

Chapter 15 Why Do Financial Institutions Exist? 199 63. 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; increasing

(b) increasing; decreasing

(d) decreasing; decreasing

Answer: B

64. Deterioration in a firm’s balance sheet and a decline in net worth, which increases adverse selection

and moral hazard problems, can be caused by

(a) a sharp drop in the price level.

(b) a sharp increase in uncertainty.

(d) all of the above.

(e) only (a) and (c).

Answer: E

65. Adverse selection and moral hazard problems increased in magnitude during the early years of the

Great Depression as

(a) stock prices declined to 10 percent of their level in 1929.

(b) banks failed.

(d) a result of all of the above.

(e) a result of (a) and (b) of the above.

Answer: D

66. Adverse selection and moral hazard problems increased in magnitude during the early years of the

Great Depression as

(a) stock prices declined to 10 percent of their level in 1929.

(b) banks failed.

(d) a result of all of the above.

(e) a result of (a) and (b) of the above.

Answer: E

67. Financial crises in the United States and Mexico

(a) were similar in being precipitated by an increase in interest rates abroad.

(b) were different because in Mexico speculative attacks in the foreign exchange market played a

key role.

(d) all of the above.

(e) only (a) and (c).

Answer: D

金融市场和金融机构

第二章金融市场和金融机构（一）第二章金融市场和金融机构 ?1 金融体系的定义 ?2 资金流动 ?3 金融制度的功能 ?4 金融创新 ?5 金融市场 ?6 金融市场中的比率第一部分金融体系介绍金融系统（金融体系） ?被用于订立金融合约和交换资产及风险的金融市场和金融机构（中介）的集合 ?金融机构担当投资者的代理人和帮助资本（金）的流动等 ?金融市场是所有金融交易的核心 ?居民户、企业和政府实施其金融决策离不开金融市场和金融机构。第一节金融市场一、金融市场概述（一）金融市场的概念和分类 1.金融市场：金融市场是买卖金融工具以融通资金的场所或机制。 ?之所以把金融市场视作为一种场所，是因为只有这样才与市场的一般含义相吻合； ?之所以同时又把金融市场视作为一种机制，是因为金融市场上的融资活动既可以在固定场所进行，也可以不在固定场所进行，如果不在固定场所进行的融资活动就可以理解为一种融资机制。 ?按有无固定场所进行分，金融产品市场可分为两类： ?交易所交易市场（Exchange traded） ?场外市场（Over-the-counter ，OTC) 交易所交易市场 ?芝加哥期货交易所（CBOT） ?纽约证券交易所（NYSE) ?芝加哥期权交易所（CBOE） ?上海证券交易所 ?深圳证券交易所 ?上海黄金交易所 ?上海期货交易所（金属） ?大连商品交易所（农产品） ?郑州商品交易所（农产品） ?中国金融期货交易所（股指期货） ?……

?交易所的主要职责： ?定义交易合约 ?组织交易 ?使交易双方的利益同时得到保护 ?交易规则：由组织化的证券交易所制定，对交易程序进行标准化。 ?传统上，交易双方在交易所内相见并通过特定手语达成交易，而现在交易更多的是采用电子交易系统。场外市场 ?由电话和计算机将金融机构和大型企业的交易员以及基金经理联系在一起的网络系统。银行等金融机构通常扮演做市商的角色。 ?场外交易的最大优点是合约内容不受交易所限制。 ?场外市场用于交易的电话通常都是被录音的。 ?场外市场与交易所交易市场的一个重要区别在于信用风险的大小。 ?场外市场交易额远远大于交易所交易市场。 ?最简单的交易，例如： ?买入100股IMB股票 ?卖出100万英镑 ?买入1000盎司黄金 ?卖出价值100万美元的通用汽车公司债券 ?第一个交易往往发生在交易所内，而其它三个交易更可能是场外交易，但四种均属现货交易。（二）分类（三）金融市场的构成要素 1.金融市场主体：即金融市场的参与者 2.金融市场客体：金融市场的交易载体——货币资金。 3.金融市场交易工具：金融市场的交易对象指的是金融工具，也称信用工具，它是证明金融交易金额、期限、价格的书面文件，它对交易双方的权利和义务具有法律约束意义。 4.金融市场价格：在金融市场上，交易对象的价格就是用货币资金表示的价格。二、货币市场和资本市场 ?按到期期限划分 ?货币市场，期限短于一年，强调流动性 ?短期债务市场：比如美国的短期国库券，企业的商业票据等。 ?资本市场，期限长于一年，强调收益性 ?包括长期债务市场和权益性证券市场。金融资产三种基本的金融资产类型：债务、股权和衍生工具 ?债券(固定收益证券，Fixed Income Securities)：承诺未来支付固定数量现金的借款合约。 ?公司债券、政府债券、住宅性和商业性按揭贷款、消费贷款。股票（普通股）：公司发行的所有权凭证。 ?每份股票代表对企业所有权的等同份额； ?通常还代表对公司治理事务的投票权； ?股票代表对一家公司资产和收益的剩余索取权（Residual Claim）； ?普通股同时具备有限责任的特征，即如果资不抵债，债权人无法向股票所有者索取更多资金来弥补缺口，债权人的索取权被限定在该企业资产的范围之内。

金融市场与机构课后习题答案.doc

Chapter 1 Role of Financial Markets and Institutions Questions 1. Explain the meaning of surplus units and deficit units. Provide an example of each. ANSWER: Surplus units provide funds to the financial markets while deficit units obtain funds from the financial markets. Surplus units include households with savings, while deficit units include firms or government agencies that borrow funds. 2. Distinguish between primary and secondary markets. ANSWER: Primary markets are used for the issuance of new securities while secondary markets are used for the trading of existing securities. 3. Distinguish between money and capital markets. ANSWER: Money markets facilitate the trading of short-term (money market) instruments while capital markets facilitate the trading of long-term (capital market) instruments. 4. Distinguish between perfect and imperfect security markets. ANSWER: With perfect financial markets, all information about any securities for sale would be freely available to investors, information about surplus and deficit units would be freely available, and all securities could be unbundled into any size desired. In reality, markets are imperfect, so that surplus and deficit units do not have free access to information, and securities can not be unbundled as desired. 5. Explain why the existence of imperfect markets creates a need for financial institutions. ANSWER: Financial intermediaries are needed to facilitate the exchange of funds between surplus and deficit units. They have the information to provide this service and can even repackage deposits to provide the amount of funds borrowers desire. 6. Explain the meaning of efficient markets. Why might we expect markets to be efficient most of the time? ANSWER: If markets are efficient then prices of securities available in these markets properly reflect all information. We should expect markets to be efficient because if they weren't, investors would capitalize on the discrepancy between what prices are and what they should be. This action would force market prices to represent the appropriate prices as perceived by the market. 7. In recent years, several securities firms have been guilty of using inside information when purchasing securities, thereby achieving returns well above the norm (even when accounting for risk). Does this suggest that the security markets are not efficient? Explain. ANSWER: Efficiency is often defined with regard to publicly available information. In this case, markets can be efficient, but investors with inside information could possibly outperform the market on a consistent basis. A stronger version of efficiency would hypothesize that even access to inside information will not consistently outperform the market. 1

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离岸金融市场研究的文献评述摘要：随着金融自由化和金融制度创新的进一步发展，离岸金融市场在国际金融体系中占据越来越重要的地位。本文先从国外离岸金融研究的发展入手，从对离岸金融市场的定义到实践中对离岸金融市场建立的建议，阐述了国外学者的研究历程。进而转向国内学者对离岸金融市场的认识过程，并在文末指出了国内外相关研究中目前存在的问题。关键词：离岸金融市场；研究；评述离岸金融市场是金融自由化和金融制度创新的产物，从上世纪中期至今，迅速发展成为现代国际金融体系的重要组成部分，建立离岸金融市场的浪潮更是方兴未艾。尤其是亚洲，更是掀起了一股离岸金融的浪潮，新加坡、日本、香港等亚洲国家和地区相继建立其区域性离岸金融中心，为其带来了巨大的收益和便利，甚至带动该国（地区）经济的发展与飞跃。因此，发展我国离岸金融市场成为金融体系改革的重要环节。一、国外离岸金融研究情况综述离岸金融理论研究伴随着离岸金融市场的产生而产生，关于离岸金融市场的定义，在国外有不同的见解。Grabbe （1997）从离岸金融市场运行方式上界定指出：“离岸金融市场代表着一种针对管理规则的套利行为，离岸银行是一个金融管理组合体：它所经营的货币在货币发行国之外运动着，因此它所经营的货币是一个国家的（一种法律环境），而它所适用的银行条例和竞争效率却是另一个国家的。”“为促进国际银行业务而专门设定的小型区域”、“可以财政中性的方式进行国际金融业务的地

方”、“为避免政府当局限制和管制而进行的地域选择”，但总体而言都是指非居民间的资金融通市场。随着国际金融市场的发展，离岸金融市场基本理论也突破了传统的范畴。（2007）对离岸金融中心和市场进行了全新的定义，他突破了传统的对离岸金融的理论概述，结合金融服务和具体金融活动指出离岸金融市场是一种经营非居民间金融服务的市场，建立离岸金融市场是金融自由化、全球一体化的必然产物。另有一些文献在有关金融自由化、国际化发展及金融创新的理论研究中涉及离岸金融的产生和其市场建立问题，认为金融管制促使了离岸金融的产生，离岸金融市场的建立和发展加速了金融自由化、国际化的进程。 Andrew 和Mark （2005）通过对建立离岸金融市场国家的数据考察，提出影响离岸金融市场的因素，并提出评价离岸金融市场的相关指标，指出离岸金融市场的避税和洗钱特征。Ahmed Zorome（2007）开发了统计方法区分离岸金融市场和非离岸金融市场的数据，从证券投资统计调查、国际投资头寸和国际收支的平衡的角度构建了一个简单的二元回归模型对离岸金融市场的条件进行了评估，并确定了新的国家离岸金融条件的三个评价标准。在实践中关于建立离岸金融市场的研究焦点集中在以下三个方面：一是，从货币发行国的角度研究离岸金融市场建立及其风险控制问题，Hudson（1998）指出关于离岸金融市场的建立更多的是要适应各个国家的不同国情，并从离岸金融中心的角度进行分析。二是，从避税港角度研究“避税天堂”的税收政策及其对发达国家金融体系的冲击，从而使人们开始关注离岸金融市场的建立设立一定的准入标准，Ingo Walter （1990）从避税港角度研究“避税天堂” 二、国内离岸金融研究情况综述

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CHAPTER 4 THE U.S. FEDERAL RESERVE AND THE CREATION OF MONEY CENTRAL BANKS AND THEIR PURPOSE The 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 SYSTEM The 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 is managed 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.

金融市场与机构

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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。（）正确的答案是“对”。 10、在世界大部分经济体系中，政府执行着分配资源、生产商品与劳务这一复杂的任务。()

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Chapter 11 The Stock Market Multiple Choice Questions 1. (I) A share of common stock in a firm represents an ownership interest in that firm. (II) A share of preferred stock is as much like a bond as it is like common stock. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C 2. Preferred stockholders hold a claim on assets that has priority over the claims of (a) both common stockholders and bondholders. (b) neither common stockholders nor bondholders. (c) common stockholders, but after that of bondholders. (d) bondholders, but after that of common stockholders. Answer: C 3. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common stockholders, but after that of bondholders. (II) Firms issue preferred stock in far greater amounts than common stock. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: A 4. (I) Preferred stockholders hold a claim on assets that has priority over the claims of common stockholders. (II) Bondholders hold a claim on assets that has priority over the claims of preferred stockholders. (a) (I) is true, (II) false. (b) (I) is false, (II) true. (c) Both are true. (d) Both are false. Answer: C

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