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要考的章节
一、本学期期末考试的范围为第<
/p>
1
、
2
、
3
、
4
、
5
、
6
、
8
、
9
、
10
、
15
章，共计十章。
期末题型
单项选
择题
20
道，计
40
< br>分；判断题
10
道，计
10 <
/p>
分；计算题
2
道，计
20
分；分析题
2
道，计
30
分
选择题
分布：除第一章外，每章
2
题，个别章节
3
题
判断题
为每章一题
< br>计算题
：久期与价格关系
1
题（
第
3
章）
，即期与远期利率关系
1
题（第
5
章）
，利率与
现值关系
1
题（第
3
章）
分析题
：有效市场三种形式
1
题（第
6
章）
，可贷资金理论分析
1
题（第
4
章）<
/p>
，货币市
场与资本市场工具投资策略选择
1
题（涉及计算
第
9
、
10
）
< br>。
复习时可以做一下课后带星号的题，答案在本书的最后
第一章
1
、
在金融体系中最重要的是中央银行，
2
、本章小结（
P11
）
第二章
Function of Financial Markets
金融市场的职能
Channels
funds
from
person
or
business
without
investment
opportunities
(i.e.,
“
Lender-
Savers
”
) to one who has them
(i.e.,
“
Borrower-
Spenders
”
)
基本
经济职能是作为流通渠道
Improves economic efficiency
一、
Financial Markets Funds
Transferees
Lender-Savers
贷款—储蓄者
1.
Households
最主要的贷款—储蓄者
2.
Business firms
3.
Government
4.
Foreigners
Borrower-Spenders
借款
-
支出者
1.
Business firms
2.
Government
最主要的借款
-
支出者
3.
Households
4.
Foreigners
二、
Segments of Financial
Markets
1.
Direct
Finance
直接融资
Borrowers borrow directly from lenders
in
financial markets
by
selling financial instruments which are
claims on the borrower
’
s
future income or assets
2.
Indirect Finance
间接融资
Borrowers
borrow
indirectly
from
lenders
via
financial
intermediaries
(established
to
source
both
loadable
funds
and
loan
opportunities) by issuing
financial instruments
which
are claims
on the
borrower
’
s future income or
assets
三、
Debt Markets and
Equity Markets
（
p33,
第六题）
P16
四、
Money Market and Capital
Market
Money Market: Short-Term
(maturity < 1 year)
货币市场是交易短期债务工具
的金融市场
Capital Market :
Long-Term (maturity > 1 year) plus equities
资本市场是
交易长期债务或股权工具的市场。
三、交易成本
Transactions Costs
1
、
Financial
intermediaries
（
金
融
中
介
）
< br>
make
profits
by
reducing
transactions costs
2
、
Reduce
transactions
costs
by
developing
expertise
and
taking
advantage
of economies of
scale
（规模经济）
四
asymmetric information
信息不对称
五、逆向选择
Adverse
Selection
1
、
Before
transaction occurs
2
、
Potential
borrowers
most
likely
to
produce
adverse
outcome
are
ones
most
likely to seek a loan
产生信贷风险
的借贷人往往就是那些最积极寻找贷款，
因而最有可能获得贷款的人。
< br>
3
、
Similar
problems
occur
with
insurance
where
unhealthy
people
want
their
known medical problems covered
< br>六、道德风险
(p33,
第
12
题
)
Moral Hazard
After transaction occurs
第三章（理解）
一、
4
中类型的信贷市场工具（选择题）
1
）
简单贷款
Simple Loan
i.
principal +
interest, only at maturity dates
（必须到到期
日偿
还资金并支付利息）
ii.
Commercial
loan
2
）
定期定额清偿贷款
Fixed Payment Loan
i.
Same payment
every month
（定期等额偿还）
ii.
Mortgages,
installment loans
3
）
息票债券
Coupon Bond
I
．
Coupon payment
息票支付
II
．
Face value or par value
III
．
Issuer, maturity, coupon rate
IV
．
Treasury bonds, corporate bonds
4
）
贴现债券
Discount Bond
I
．
Price below face value
II
．
Repaid face value
III
．
No interest payment
二、
现值
present value
is based on the commonsense notion that a dollar
of cash flow paid to you one year from
now is less valuable to you than
a
dollar paid to you today
现值的计算（
< br>P40
）
（大题）
三、到期收益率的计算
Yield
to
maturity
=
interest
rate
that
equates
today's
value
with
present
value
of all future payments
4
种信贷市场工具的到期收益率是如何计算出来的
例题：
P51-54
四、实际利率和名义利率
e
i
等于实际利率加上预期通货膨胀率。
费雪方程
表明名义利率
（
P59
例题）
r
When the real rate is low,
there are greater incentives to borrow and less to
lend
当实际利率很低时，借款者愿意借入的动力就越大，
贷款者愿意贷出的动力就越小。
五、回报率的计算（
P62
页，例题）
Key findings from Table2 (P63)
I
．
Only bond whose return = yield is one
with maturity = holding period
II
．
For
bonds
with
maturity
>
holding
period,
i
?
P
?
implying
capital
loss
III
．
Longer is maturity, greater is price
change associated with interest
rate
change
IV
．
Longer is maturity, more return changes
with change in interest rate
i
?
i
?
?
Bond with high initial interest rate can still
have negative return
if i
?
四、计算久期（
< br>P77
页
第
8
题
f
）
(
大题
)
1
证券组合的久期等于该投资组合中每只证券组合的久期加权平
均值。
（
P71
例题）
2
、
当其他条件保持不变时
，
债券距离到期期限时间越长，
久其越长；
当利率水平提高时，
息票债券的久期将会下降，债券的息票利率提高，其久期越短。
V
．
第四章
一、资产需求的决定因素
Determinants of
Asset Demand
1.
财富
Wealth,
the
total resources owned by the individual, including
all assets
2
、预期回报率
Expected
return
(the
return expected
over
the
next
period)
on
one
asset relative to
alternative assets
3.
风险
Risk
(the
degree
of
uncertainty
associated
with
the
return)
on
one
asset
relative to alternative assets
4.
流动性
Liquidity
(the
ease and speed with which an asset can be turned
into
cash) relative to alternative
assets
二、
Supply and Demand
in the Bond Market
债券市场的供给和需求
1
、
Interest rate
in negatively related to bond price
利率与价格呈负相关
2
、
Market
equilibrium
（市场均衡）
occurs
when
the
amount
that
people
are
willing
to buy
(
demand
) equals the amount
that people are willing to sell
(
supply
) at
a
given price
3
、
Excess
supply
（超额供给）
occurs when the
amount that people are willing to
sell
(
supply
) is greater than the
amount people are willing to buy
(
demand
) at
a
given price
4
、
Excess
demand
（超额需求）
occurs when the
amount that people are willing to
buy
(
demand
)
is
greater
than
the
amount
that
people
are
willing
to
sell
(
supply
)
at a given price
5
、
supply Curve
供给曲线（
P86
）
6
、
Demand Curve<
/p>
需求曲线（
P86
）
7
、
Loanable
funds framework
可贷资金理论框架（分析题）
(P89)
注
;
与
86
页的供给需求曲线相联系有助于理解该理论，看懂
89
的图表
对债券的需求等同于可贷资金的供给，对债券的供给等于对可
贷资金的需求
三、均衡利率的变动
Changes in
Equilibrium Interest Rates
Shift in the
Demand Curve
1.
Wealth
–
Economy
?
, wealth
?
,
Bd
?
,
Bd
shifts out to right
?
2.
Expected
Return
–
i
?
in
future,
Re
for long-term
bonds
?
,
Bd
shifts out to right
?
–
π
e
?
, relative
Re
?
,
Bd
shifts out to right
?
3.
Risk
–
Risk of bonds
?
,
Bd
?
,
Bd
shifts out to right
?
–
Risk of other assets
?
,
Bd
?
,
Bd
shifts out to right
?
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