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金融市场与金融机构基础 Fabozzi Chapter03

金融市场与金融机构基础 Fabozzi Chapter03
金融市场与金融机构基础 Fabozzi Chapter03

Foundations of Financial Markets and Institutions, 4e (Fabozzi/Modigliani/Jones) Chapter 3 Depository Institutions: Activities and Characteristics

Multiple Choice Questions

1 Asset/Liability Problem of Depository Institutions

1) Which of the below statements is TRUE?

A) A depository institution seeks to earn a positive spread between the assets it invests in (deposits and other sources) and the cost of its funds (loans and securities).

B) Interest rate risk refers to the risk that a borrower will default on a loan obligation to the depository institution or that the issuer of a security that the depository institution holds will default on its obligation

C) Regulatory risk is the risk that regulators will change the rules so as to adversely impact the earnings of the institution.

D) If the spread will be positive, it will cost the depository institution more to finance the government securities than it will earn on the funds invested in those securities.

Answer: C

Comment: A depository institution seeks to earn a positive spread between the assets it invests in (loans and securities) and the cost of its funds (deposits and other sources). Credit risk, also called default risk, refers to the risk that a borrower will default on a loan obligation to the depository institution or that the issuer of a security that the depository institution holds will default on its obligation. If the spread will be negative, it will cost the depository institution more to finance the government securities than it will earn on the funds invested in those securities.

Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.1 the role of depository institutions

2) Which of the below statements is FALSE?

A) Absent from any balance sheet of a depository institution is interest rate risk exposure.

B) Managers must be willing to accept some exposure, but they can take various measures to address the interest rate sensitivity of the institution's liabilities and its assets.

C) Regulators impose restrictions on the degree of interest rate risk a depository institution may be exposed to.

D) A depository institution will have an asset/liability committee that is responsible for monitoring the interest rate risk exposure.

Answer: A

Comment: Inherent in any balance sheet of a depository institution is interest rate risk exposure.

Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.1 the role of depository institutions

3) Which of the below statements is TRUE?

A) Depository institutions do not include commercial banks (or simply banks), savings and loan associations (S&Ls), savings banks, and credit unions.

B) Since their funds are raised through deposits and other funding sources, depository institutions cannot make direct loans to various entities or invest in securities.

C) Depository institutions derive their income from two sources: (1) the income generated from the loans they make and the securities they purchase, and (2) fee income.

D) It is uncommon to refer to S&Ls, savings banks, and credit unions as thrifts, which are specialized types of depository institutions.

Answer: C

Comment: Depository institutions include commercial banks (or simply banks), savings and loan associations (S&Ls), savings banks, and credit unions. All are financial intermediaries that accept deposits. These deposits represent the liabilities (debt) of the deposit-accepting institution. With the funds raised through deposits and other funding sources, depository institutions both make direct loans to various entities and invest in securities. It is common to refer to S&Ls, savings banks, and credit unions as thrifts, which are specialized types of depository institutions. Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

4) Which of the below statements is FALSE?

A) At one time, thrifts were permitted to accept deposits transferable by check (negotiable), or, as they are more popularly known, checking accounts.

B) Depository institutions are highly regulated because of the important role that they play in the country's financial system.

C) Demand deposit accounts are the principal means that individuals and business entities use for making payments, and government monetary policy is implemented through the banking system.

D) Securities held for the purpose of satisfying net withdrawals and customer loan demands

are sometimes referred to as secondary reserves.

Answer: A

Comment: At one time, thrifts were not permitted to accept deposits transferable by check (negotiable), or, as they are more popularly known, checking accounts.

Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

5) Depository institutions are ________ because of the important role that they play in the country's financial system.

A) lowly regarded

B) highly regulated

C) highly deregulated

D) lowly regulated

Answer: B

Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.1 the role of depository institutions

6) Because of their important role, ________ are afforded special privileges such as access to federal deposit insurance and access to a government entity that provides funds for liquidity or emergency needs..

A) NOW accounts

B) repository institutions

C) depository invitations

D) depository institutions

Answer: D

Diff: 2

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.4 the asset/liability problem all depository institutions face

2 Commercial Banks

1) Prior to 1863, banks were regulated only at the ________ level.

A) local

B) state

C) federal

D) international

Answer: B

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.5 who regulates commercial banks and thrifts and the types of regulations imposed

2) Realizing the need for banks to obtain liquidity during periods of economic stress, the federal government wanted to establish a banking system that would have an entity that banks could borrow from. The U.S. Congress accomplished this with the passage of the ________.

A) National Bank Act in 1863

B) Office of the Comptroller of the Currency Act

C) Federal Reserve Act of 1913

D) Financial Institutions Reform, Recovery, and Enforcement Act of 1989

Answer: C

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.5 who regulates commercial banks and thrifts and the types of regulations

imposed

3) In our financial system, commercial banks provide numerous services that can be broadly classified. Which of the below is NOT one of these broadly classified services?

A) individual banking

B) forthright banking

C) institutional banking

D) global banking

Answer: B

Comment: The services can be broadly classified as follows: (1) individual banking, (2) institutional banking, and (3) global banking.

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

4) Which of the below statements is FALSE?

A) Interest income and fee income are generated from mortgage lending and credit card financing.

B) Fee income is generated from brokerage services and financial investment services.

C) Loans to nonfinancial corporations, financial corporations, (such as life insurance companies), and government entities (state and local governments in the United States and foreign governments) fall into the category of institutional banking.

D) Loans and leasing generate dividend income, and other services that banks offer institutional customers generate fee income.

Answer: D

Comment: Loans and leasing generate interest income, and other services that banks offer institutional customers generate fee income.

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

5) Most global banking activities generate ________ rather than ________.

A) dividend income; interest income

B) fee income; dividend income

C) interest income; fee income

D) fee income; interest income

Answer: D

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

6) The three sources of funds for banks are ________.

A) salaries, nondeposit borrowing, common stock, and retained earnings.

B) deposits, nondeposit borrowing, common stock, and retained earnings.

C) deposits, salaries and wages, common stock, and retained earnings.

D) deposit borrowing, bonds, and retained earnings.

Answer: B

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

7) Risk-based capital guidelines establish a ________ weight for all assets where a weight depends on the credit risk associated with each asset.

A) commercial bank risk

B) scientific-based

C) credit risk

D) guideline-based

Answer: C

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.7 the capital requirements imposed on commercial banks and savings and loan associations

8) Which of the below statements is FALSE?

A) Risk-based capital guidelines establish a credit risk weight for all assets where a weight depends on the credit risk associated with each asset.

B) There are four credit risk classifications for banks: 0%, 20%, 50%, and 100%, arrived at on no particular scientific basis.

C) The purpose of the Basel I Framework was to improve on the rules as set forth in the Basel I Framework by bringing risk-based capital requirements more in line with the underlying risks to which banks are exposed.

D) The Basel Committee has several subcommittees whose stated purpose is to promote consistency in its implementation of the guidelines.

Answer: C

Comment: The purpose of the Basel II Framework was to improve on the rules as set forth in the Basel I Framework by bringing risk-based capital requirements more in line with the underlying risks to which banks are exposed.

Diff: 2

Topic: 3.2 Commercial Banks

Objective: 3.8 what is the Basel I and Basel II frameworks

3 Savings and Loan Associations

1) ________ means that there is no stock outstanding, so technically the depositors are the owners.

A) S&L owned

B) Institutionally owned

C) Corporate stock ownership

D) Mutually owned

Answer: D

Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.6 the funding sources available to commercial banks and thrifts

2) As the structures of S&L balance sheets and the consequent maturity mismatch led to widespread disaster, the Garn-St. Germain Act of 1982 expanded the types of assets in which

S&Ls could invest. The acceptable list of investments now includes ________.

A) consumer loans .

B) nonconsumer loans.

C) municipal securities.

D) All of these

Answer: D

Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

3) Traditionally, the only assets in which S&Ls were allowed to invest include ________.

A) mortgages, mortgage-backed securities, and foreign enterprises

B) mortgages, mortgage-backed securities and U.S. government securities.

C) mortgage-backed securities, non-U.S. government securities and mortgages.

D) mortgages, foreign securities and U.S. government securities.

Answer: B

Comment: Traditionally, the only assets in which S&Ls were allowed to invest have been mortgages, mortgage-backed securities, and U.S. government securities. Mortgage loans include fixed-rate mortgages, adjustable-rate mortgages, and other types of mortgage designs. While most mortgage loans are for the purchase of homes, S&Ls do make construction loans.

Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.4 the asset/liability problem all depository institutions face

4) S&Ls invest in short-term assets for ________.

A) liquidity and non-regulatory purposes.

B) long-term and regulatory purposes.

C) operational and regulatory purposes.

D) operational and illiquidity purposes.

Answer: C

Comment: S&Ls invest in short-term assets for operational (liquidity) and regulatory purposes. Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.4 the asset/liability problem all depository institutions face

5) The Garn-St. Germain Act, not only granted thrifts the right to offer money market demand accounts so that S&Ls could compete with money market funds, but also ________ the types of assets in which S&Ls could invest.

A) limited

B) shortened

C) broadened

D) maintained

Answer: C

Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.2 how a depository institution generates income

6) Which of the below statements is FALSE?

A) There are two sets of capital adequacy standards for S&Ls as for banks.

B) Until the early 2000s, S&Ls and all other lenders financed housing through traditional mortgages at interest rates fixed for the life of the loan.

C) For S&Ls, if interest rates rise above the interest rate on the mortgage loan, a negative spread will result, which must result eventually in insolvency.

D) With the high volatility of interest rates in the 1970s, followed by the historically high level of interest rates in the early 1980s, all depository institutions began to lose funds to competitors exempt from ceilings, such as the newly formed money market funds; this development forced some increase in ceilings.

Answer: B

Comment: Until the early 1980s, S&Ls and all other lenders financed housing through traditional mortgages at interest rates fixed for the life of the loan.

Diff: 2

Topic: 3.3 Savings and Loan Associations

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

4 Savings Banks

1) ________ are institutions similar to, although much older than, S&Ls.

A) Federal Reserve Banks

B) Partnerships

C) Corporations

D) Savings banks

Answer: D

Comment: The asset structures of savings banks and S&Ls are similar.

Diff: 1

Topic: 3.4 Savings Banks

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

2) The principal source of funds for savings banks is ________.

A) government bail-out funds.

B) withdrawals.

C) venture capital.

D) deposits.

Answer: D

Comment: The asset structures of savings banks and S&Ls are similar.

Diff: 1

Topic: 3.4 Savings Banks

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

3) In comparing savings banks and S&Ls, which of the below comparisons is FALSE?

A) Although the total deposits at savings banks are less than those at S&Ls, savings banks are typically larger institutions.

B) Asset structures of savings banks are always greater than S&Ls.

C) Because states have permitted more portfolio diversification than was permitted by federal regulators of S&Ls, savings bank portfolios weathered funding risk far better than S&Ls. D) Typically, the ratio of deposits to total assets is greater for savings banks than for S&Ls. Answer: B

Comment: The asset structures of savings banks and S&Ls are similar.

Diff: 2

Topic: 3.4 Savings Banks

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

5 Credit Unions

1) Technically, because credit unions are ________ by their members, member deposits are called ________.

A) managed; certificates

B) owned; certificates

C) managed; shares

D) owned; shares

Answer: D

Diff: 2

Topic: 3.5 Credit Unions

Objective: 3.6 the funding sources available to commercial banks and thrifts

2) Credit union assets consist of ________.

A) small consumer loans, residential mortgage loans, and securities.

B) large consumer loans, residential mortgage loans, and securities.

C) small consumer loans, business mortgage loans, and securities.

D) small consumer loans, residential auto loans, and securities.

Answer: A

Diff: 2

Topic: 3.5 Credit Unions

Objective: 3.6 the funding sources available to commercial banks and thrifts

3) Since 1970, the shares of all federally chartered credit unions have been insured by the

________.

A) Central Liquidity Facility

B) National Credit Union Administration

C) U.S. Central Credit Union

D) National Credit Union Share Insurance Fund

Answer: D

Diff: 1

Topic: 3.5 Credit Unions

Objective: 3.1 the role of depository institutions

True/False Questions

1 Asset/Liability Problem of Depository Institutions

1) Besides facing credit risk and interest rate risk, a depository institution must be prepared to satisfy withdrawals of funds by depositors and to provide loans to customers.

Answer: TRUE

Diff: 1

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.1 the role of depository institutions

2) A depository institution can accommodate withdrawal and loan demand by attracting additional deposits and raising short-term funds in the money market.

Answer: TRUE

Diff: 1

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

3) Selling securities that it owns, requires that the depository institution invest a portion of its funds in securities that are both illiquid and have a lot of price risk.

Answer: FALSE

Comment: Selling securities that it owns, requires that the depository institution invest a portion of its funds in securities that are both liquid and have little price risk.

Diff: 1

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

4) By interest rate risk, we refer to the prospect that the selling price of the security will be less than its purchase price, resulting in a loss.

Answer: FALSE

Comment: By price risk, we refer to the prospect that the selling price of the security will be less than its purchase price, resulting in a loss.

Diff: 1

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

2 Commercial Banks

1) Demand deposits pay interest, typically below market interest rates; do not have a specific maturity; and, usually can be withdrawn upon demand.

Answer: FALSE

Comment: Savings deposits pay interest, typically below market interest rates, do not have a specific maturity, and usually can be withdrawn upon demand

Diff: 1

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

2) Savings deposits (checking accounts) pay no interest and can be withdrawn upon demand. Answer: FALSE

Comment: Demand deposits (checking accounts) pay no interest and can be withdrawn upon demand.

Diff: 1

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

3) Time deposits, also called certificates of deposit, have a fixed maturity date and pay either a fixed or floating interest rate.

Answer: TRUE

Diff: 1

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

4) All banks must maintain a specified percentage of their deposits in a non-interest-bearing account at one of the twelve Federal Reserve Banks. These specified percentages are called required reserves, and the dollar amounts based on them that are required to be kept on deposit at a Federal Reserve Bank are called reserve ratios.

Answer: FALSE

Comment: All banks must maintain a specified percentage of their deposits in a

non-interest-bearing account at one of the twelve Federal Reserve Banks. These specified percentages are called reserve ratios, and the dollar amounts based on them that are required to be kept on deposit at a Federal Reserve Bank are called required reserves.

Diff: 1

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

5) The market where banks can borrow or lend reserves is called the federal funds market. The interest rate charged to borrow funds in this market is called the federal funds rate.

Answer: TRUE

Diff: 1

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

3 Savings and Loan Associations

1) The basic motivation behind creation of S&Ls was the providing of funds for financing the purchase of a home.

Answer: TRUE

Diff: 1

Topic: 3.3 Savings and Loan Associations

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

2) To increase the ability of S&Ls to expand the sources of funding available to bolster their capital, legislation facilitated the conversion of mutually owned companies into a corporate stock ownership structure.

Answer: TRUE

Diff: 1

Topic: 3.3 Savings and Loan Associations

Objective: 3.7 the capital requirements imposed on commercial banks and savings and loan associations

3) Although S&Ls had a comparative disadvantage in originating mortgage loans, they lacked the expertise to make commercial and corporate loans.

Answer: FALSE

Comment: Although S&Ls had a comparative advantage in originating mortgage loans, they lacked the expertise to make commercial and corporate loans.

Diff: 1

Topic: 3.3 Savings and Loan Associations

Objective: 3.7 the capital requirements imposed on commercial banks and savings and loan associations

4) After 1981, the bulk of the liabilities of S&Ls consisted of passbook savings accounts and time deposits.

Answer: FALSE

Comment: Prior to 1981, the bulk of the liabilities of S&Ls consisted of passbook savings accounts and time deposits.

Diff: 1

Topic: 3.3 Savings and Loan Associations

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

5) The maximum interest rate that is permitted on deposit accounts has been phased out by the Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA). Answer: TRUE

Diff: 1

Topic: 3.3 Savings and Loan Associations

Objective: 3.7 the capital requirements imposed on commercial banks and savings and loan associations

4 Savings Banks

1) Savings banks are institutions similar to, although much younger than, S&Ls.

Answer: FALSE

Comment: Savings banks are institutions similar to, although much older than, S&Ls. Diff: 1

Topic: 3.4 Savings Banks

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

2) The principal source of funds for savings banks is deposits.

Answer: TRUE

Diff: 1

Topic: 3.4 Savings Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

5 Credit Unions

1) Federal and state-chartered credit unions are referred to as "natural person" credit unions because they provide financial services to qualifying members of the general public.

Answer: TRUE

Diff: 1

Topic: 3.5 Credit Unions

Objective: 3.5 who regulates commercial banks and thrifts and the types of regulations imposed

2) The purpose of credit unions is to serve their members' lending needs.

Answer: FALSE

Comment: The dual purpose of credit unions is to serve their members’ saving and borrowing needs.

Diff: 1

Topic: 3.5 Credit Unions

Objective: 3.6 the funding sources available to commercial banks and thrifts

Essay Questions

1 Asset/Liability Problem of Depository Institutions

1) Besides facing credit risk and interest rate risk, a depository institution must be prepared to satisfy withdrawals of funds by depositors and to provide loans to customers. Identify and explain two ways that a depository institution can accommodate withdrawal and loan demand. Answer: A depository institution can accommodate withdrawal and loan demand in four ways. Below we identify and then comment on these four ways. (1) attract additional deposits, (2) use existing securities as collateral for borrowing from a federal agency or other financial institution such as an investment bank, (3) raise short-term funds in the money market, or (4) sell securities that it owns. The first alternative is self-explanatory. The second has to do with the privilege where banks are allowed to borrow at the discount window of the Federal Reserve Banks. The third alternative primarily includes using marketable securities owned as collateral to raise funds in the repurchase agreement market, which we cover in later chapters. The fourth alternativ e, selling securities that it owns, requires that the depository institution invest a portion of its funds in securities that are both liquid and have little price risk. By price risk, we refer to the prospect that the selling price of the security will be less than its purchase price, resulting in a loss.

Diff: 3

Topic: 3.1 Asset/Liability Problem of Depository Institutions

Objective: 3.2 how a depository institution generates income

2 Commercial Banks

1) Explain the following three concepts: discount window, type of collateral (to borrow from Fed), and discount rate.

Answer: The Federal Reserve Bank is the banker's bank or, to put it another way, the bank of last resort. Banks temporarily short of funds can borrow from the Fed at its discount window. Collateral is necessary to borrow, but not just any collateral will do. The Fed establishes (and periodically changes) the type of collateral that is eligible. Currently it includes (1) Treasury securities, federal agency securities, and municipal securities, all with a maturity of less than six months; and (2) commercial and industrial loans with 90 days or less to maturity. The interest rate that the Fed charges to borrow funds at the discount window is called the discount rate. The Fed changes this rate periodically in order to implement monetary policy. Bank borrowing at the Fed to meet required reserves is quite limited in amount, despite the fact that the discount rate generally is set below the cost of other sources of short-term funding available to a bank. This is because the Fed views borrowing at the discount window as a privilege to be used to meet

short-term liquidity needs, and not a device to increase earnings.

Diff: 3

Topic: 3.2 Commercial Banks

Objective: 3.6 the funding sources available to commercial banks and thrifts

2) Discuss how the risk-based capital guidelines attempt to recognize credit risk by segmenting and weighting requirements.

Answer: First, capital is defined as consisting of Tier 1 and Tier 2 capital. Minimum requirements are established for each tier. Tier 1 capital is considered core capital; it consists basically of common stockholders' equity, certain types of preferred stock, and minority interest in consolidated subsidiaries. Tier 2 capital is called supplementary capital; it includes loan-loss reserves, certain types of preferred stock, perpetual debt (debt with no maturity date), hybrid capital instruments and equity contract notes, and subordinated debt.

Second, the guidelines establish a credit risk weight for all assets. The weight depends on the credit risk associated with each asset. There are four credit risk classifications for banks: 0%, 20%, 50%, and 100%, arrived at on no particular scientific basis. The below table lists examples of assets that fall into each credit risk classification.

Diff: 3

Topic: 3.2 Commercial Banks

Objective: 3.7 the capital requirements imposed on commercial banks and savings and loan associations

3 Savings and Loan Associations

1) Discuss the S&L crisis focusing your discussion upon the funding problem of lending long and borrowing short.

Answer: Until the early 1980s, S&Ls and all other lenders financed housing through traditional mortgages at interest rates fixed for the life of the loan. The period of the loan was typically long, frequently up to 30 years. Funding for these loans, by regulation, came from deposits having a maturity considerably shorter than the loans. This is the funding problem of lending long and borrowing short. It is extremely risky – although regulators took a long time to understand it. There is no problem, of course, if interest rates are stable or declining, but if interest rates rise above the interest rate on the mortgage loan, a negative spread will result, which must result eventually in insolvency. Regulators at first endeavored to shield the S&L industry from the need to pay high interest rates without losing deposits by imposing a ceiling on the interest rate that would be paid by S&Ls and by their immediate competitors, the other depository institutions. But the approach did not and could not work.

Diff: 3

Topic: 3.3 Savings and Loan Associations

Objective: 3.4 the asset/liability problem all depository institutions face

4 Savings Banks

1) Contrast the differences and similarities between savings banks and S&Ls.

Answer: Savings banks are institutions similar to, although much older than, S&Ls. They can be either mutually owned (in which case they are called mutual savings banks) or stockholder owned. While conversion of mutual to corporate structure was made easier by the Garn-St. Germain Act, most savings banks are of the mutual form. Only 16 states in the eastern portion of the U.S. charter savings banks. In 1978, Congress permitted the chartering of federal savings banks. Although the total deposits at savings banks are less than those at S&Ls, savings banks are typically larger institutions. Asset structures of savings banks and S&Ls are similar. The principal assets of savings banks are residential mortgages. Because states have permitted more portfolio diversification than was permitted by federal regulators of S&Ls, savings bank portfolios weathered funding risk far better than S&Ls. Included in savings bank portfolios are corporate bonds, Treasury and government agency securities, municipal securities, common stock, and consumer loans. The principal source of funds for savings banks is deposits. Typically, the ratio of deposits to total assets is greater for savings banks than for S&Ls. Savings banks offer the same types of deposit accounts as S&Ls. Deposits can be insured by either the Bank Insurance Fund or Savings Association Insurance Fund.

Diff: 3

Topic: 3.4 Savings Banks

Objective: 3.3 differences among commercial banks, savings and loan associations, savings banks, and credit unions

5 Credit Unions

1) What is a corporate credit union?

Answer: One might think that a corporate credit union is a credit union set up by employees of a corporation. It is not. Federal and state-chartered credit unions are referred to as "natural person" credit unions because they provide financial services to qualifying members of the general public. In contrast, corporate credit unions provide a variety of investment services, as well as payment systems, only to natural person credit unions. Almost all corporate credit unions are federally insured. The U.S. Central Credit Union acts as the chief liquidity center for corporate credit unions by investing surplus funds from the other corporate credit unions.

Diff: 2

Topic: 3.5 Credit Unions

Objective: 3.5 who regulates commercial banks and thrifts and the types of regulations imposed

最全金融学知识点、概念理解

货币流通是指货币作为流通手段和支付手段在经济活动中所形成的连续不断的收支运动 劣币驱逐良币(Bad money drives out good)是指当一个国家同时流通两种实际价值不同而法定比价不变的货币时,实际价值高的货币(良币)必然要被熔化、收藏或输出而退出流通领域,而实际价值低的货币(劣币)反而充斥市场。 经济学中的货币,狭义地讲,是用作交换商品的标准物品;广义地讲,是用作交换媒介、价值尺度、支付手段、价值储藏的物品。具体地讲,货币具有交换媒介、价值标准、延期支付标准、价值储藏、世界货币等职能。 的财富储藏手段等功能的商品,都可被看作是货币;从商品中分离出来固定地充当一般等价物的商品,就是货币;货币是商品交换发展到一定阶段的产物。货币的本质就是一般等价物。 货币制度演变,银本位制、金银复本位制、金本位制、不兑换的信用货币制度 美元化制度是指放弃本币而用美元代替本币执行货币的各项职能的制度。 信用是以偿还付息为条件的价值运动的特殊形式。如赊销商品、贷出货币,买方和借方要按约定日期偿还货款并支付利息。 在社会化生产和商品经济发展中,信用形式也不断发展,主要形式有商业信用、银行信用、国家信用、消费信用等。 金融;是货币流通和信用活动以及与之相联系的经济活动的总称,广义的金融泛指一切与信用货币的发行、保管、兑换、结算,融通有关的经济活动,甚至包括金银的买卖,狭义的金融专指信用货币的融通。 收益资本化是指各种有收益的事物,不论它是否是一笔贷放出去的货币金额,甚至也不论它是否是一笔资本,都可以通过收益与利率的对比而倒过来算出它相当于多大的资本金额。 基准利率是金融市场上具有普遍参照作用的利率,其他利率水平或金融资产价格均可根据这一基准利率水平来确定。 利率是按不同的划分法和角度来分类: 按计算利率的期限单位可划分为:年利率、月利率与日利率; 按利率的决定方式可划分为:官方利率、公定利率与市场利率; 按借贷期内利率是否浮动可划分为:固定利率与浮动利率; 按利率的地位可划分为:基准利率与一般利率; 按信用行为的期限长短可划分为:长期利率和短期利率; 按利率的真实水平可划分为:名义利率与实际利率; 按借贷主体不同划分为:中央银行利率,包括再贴现、再贷款利率等; 商业银行利率,包括存款利率、贷款利率、贴现率等; 非银行利率,包括债券利率、企业利率、金融利率等; 按是否具备优惠性质可划分为:一般利率和优惠利率。

证券从业及专项《金融市场基础知识》复习题集(第5995篇)

2019年国家证券从业及专项《金融市场基础知识》职 业资格考前练习 一、单选题 1.以下关于政府债券的流通性,说法不正确的是( )。 A、政府债券发行量一般非常大 B、信用好,竞争力强,市场属性好 C、允许在证券交易所上市交易,但不允许在场外市场进行买卖 D、许多国家政府债券的二级市场十分发达 >>>点击展开答案与解析 【知识点】:第5章>第1节>二、政府债券 【答案】:C 【解析】: 政府债券是一国政府的债务,它的发行量一般非常大。同时,因为政府债券的信用好,竞争力强,市场属性好,所以,许多国家政府债券的二级市场十分发达,一般不仅允许在证券交易所上市交易,还允许在场外市场进行买卖。发达的二级市场为政府债券的转让提供了方便,使其流通性大大增强。 2.下列描述符合衍生工具的定义的有 ( )。 ①以现货资产作为标的物 ②成交时需要立即交割 ③价格由基础资产决定 ④一般表现为合约 A、①②③ B、①②④ C、②③④ D、①③④ >>>点击展开答案与解析 【知识点】:第1章>第1节>四、金融市场的分类 【答案】:D 【解析】: 考点:本题主要考查衍生工具。衍生工具通常是指从标的资产或基础资产派生出来的新型金融工具,一般表现为一些合约,以相应的现货资产作为标的物,其价格由其基础资产的价格决定,成交时不需要立即交割,而可在未来时点交割。 3.按照《关于调整证券资格会计师事务所申请条件的通知》的规定,会计师事务所申请证

券资格的,需依法成立( )年以上。 A、10 B、8 C、5 D、3 >>>点击展开答案与解析 【知识点】:第3章>第3节>四、证券服务机构 【答案】:C 【解析】: 考点:按照《关于调整证券资格会计师事务所申请条件的通知》的规定,会计师事务所申请证券资格的,需依法成立5年以上。 4.运用股权自由现金流模型进行估值,需要确定的指标有( )。 ①各期现金红利 ②各期自由现金流 ③股权要求收益率 ④股权自由现金流的终值 A、①②③ B、②③④ C、①②④ D、①③④ >>>点击展开答案与解析 【知识点】:第4章>第4节>二、股票估值方法 【答案】:B 【解析】: 股权自由现金流贴现模型的估值公式为: 式中:V——股票价值; FCFEt——第t期的股权自由现金流; n——详细预测期数; r——股权要求收益率(和红利贴现模型中的r相同); TV——股权自由现金流的终值。 5.上市公司存在下列( )情形之一的,不得非公开发行股票。 Ⅰ.本次发行申请文件有虚假记载、误导性陈述或重大遗漏 Ⅱ.上市公司的权益被控股股东或实际控制人严重损害且尚未消除 Ⅲ.上市公司及其附属公司违规对外提供担保且尚未解除 Ⅳ.现任董事、高级管理人员最近36个月内受到过中国证监会的行政处罚,或者最近12个

2018证券从业金融市场基础知识必背内容数字篇

证券从业金融市场基础知识必背内容:数字篇 一、金融市场体系 1.1983年9月国务院决定中国人民银行专门行使中央银行的职能,1992年成立了中国证券监督管理委员会、1998年成立了中国保险监督管理委员会、2003银监会正式挂牌运作,标志着中国金融业形成了“三驾马车”式的垂直分业监管体制,自此“一行三会”的监管架构正式形成。 2.2004年5月,经国务院批准,中国证监会批复同意深圳证券交易所在主板市场内设立中小板块。 3.2001年7月16日正式开办三板市场,官方名称是“代办股份转让系统”。 4.上海证交所成立于1990年11月26日,同年12月19日开业,归属中国证监会直接管理。 5.深圳证交所成立于1990年12月1日,1991年7月3日正式营业。 6.股票型上市公司:在最近3年内无重大违法行为,财务会计报告无虚假记载;开业在3年以上,最近3年连续营利。 7.债券型上市公司:公司债券的期限为1年以上。 8.全国中小企业股份转让系统股票挂牌条件:依法设立且存续满2年。 9.全国中小企业股份转让系统投资者条件,对于个人投资者:具有2年以上证券投资经验。 10.区域性股权交易市场(又称区域性市场、区域股权市场、第四板市 场)2008年天津股权交易所的成立,是此次浪潮开始的标志性起点。

二、证券市场主体 1.中国人民银行从2003年起开始发行中央银行票据,期限从3个月到三年不等。 2.2007年9月29日,中国投资有限责任公司(简称中投公司)正式挂牌成立。 3.企业年金基金不得直接投资于权证,但因投资股票、分离交易可转换债等投资品种而衍生获得的权证,应当在权证上市交易之日起10个交易日内卖出。 4.证券公司监管制度中的信息报送与披露制度要求:信息报送制度,应当自每一个会计年度结束之日起4个月内,向中国证监会报送年度报告,自每月结束之日起7个工作日内送月度报告。 5.证券资产管理业务人员具有证券从业资格,且无不良行为记录,其中具有3年以上证券自营、资产管理或者证券投资基金管理从业经历的人员不少于5人。 6.证券公司申请融资融券业务资格,应当具备的条件:具有证券经济业务资格;公司最近2 年内不存在因涉嫌违法违规正被证监会立案调查或者正处于整改期间的情形;财务状况良好,最近2 年各项风险控制指标持续符合规定,注册资本和净资本符合增加融资融券业务后的规定;信息系统安全稳定运行,最近1 年未发生因公司管理问题导致的重大事件。 7.IB业务的资格条件:申请日前6个月各项风险控制指标符合规定标准。 8.直投子公司非全资下属机构、直投基金负债期限不得超过12个月,负债余额不得超过注册资本或实缴出资总额的30%。

(完整版)金融学知识点总结

第一章货币与货币制度 货币形式的发展:实物货币→金属货币(铸币)→信用货币(银行券)→电子货币 货币的职:1、价值尺度2、流通手段3、贮藏手段4、支付手段5、世界货币 货币制度的构成要素:(一)规定货币材料(二)规定货币单位(货币单位名称和值)(三)规定流通中的货币种类 货币制度的演变:银本位制→金银复本位制→金本位制→不兑现的信用货币制度(信用本位制) 我国现行的货币制度:(一)人民币货币制度(二)港澳台地区的货币制度(特别注意香港) 国际货币制度:①国际金本位制(以黄金作为本位货币)②布雷顿森林体系(以黄金作为基础,以美元作为主要的国币储备货币,实行“双挂钩”的国际货币体系)(知识)1、1944年7月,达成《IMF协定》;2、双挂钩的固定汇率体系;3、1973年崩溃 (特点)a.美元与黄金挂钩;b. IMF成员国货币与美元挂钩 ③1978牙买加体系;承认浮动汇率的合法性,确定以特别提款权为主要的储备资产,美元地位明显削弱,日元、德国马克成为重要的国际货币 信用货币层次划分的依据:即都以流动性的大小,也即作为流通手段和支付手段的方便程度作为标准。流动性越强的金融资产,现实购买力也越强。 我国货币货币层次的划分:M0=流通中现金;M1=M0+可开支票的活期存款; M2=M1+企业单位定期存款+城乡居民储蓄存款+证券公司客户保证金存款+其他存款 铸币:铸成一定形状并由国家印记证明其重量和成色的金属货币。 信用货币:以信用为保证,通过信用程序发行的、充当流通手段和支付手段的货币形态。其实质的性用工具,其本身并无内在价值。因此这些形式的货币被称为信用货币。主要包括:纸质货币,存款货币,电子货币。 存款货币:指能够发挥货币作用的银行存款,主要是指能够通过签发支票办理转账结算的活期存款。 无限法偿:无限法偿是指不论支付数额多大,不论属于何种性质的支付(买东西、还账、缴税等),对方都不能拒绝接受。本位币具有 有限法偿:有限法偿是指在一次支付中若超过规定的数额,收款人有权拒收,但在法定限额内不能拒收,只有超过规定才能拒收。辅币具有 第二章信用与利息 信用的经济学定义:就是以偿还和付息为特征的借贷行为。 第二节信用的主要形式 直接信用:借贷双方不需要金融中介而直接形成的金融关系。如商业票据 间接信用:以金融机构为中介而间接形成的金融关系。典型的间接信用是银行的存贷款业务。 商业信用:是企业之间在进行商品买卖时,以延期付款或预付货款的形式所提供的信用,它是现代信用制度的基础。工商企业之间买卖商品时以商品形式提供的信用,包括商品买卖行为和借贷行为。借贷行为以买卖行为为基础,是企业之间的直接信用。 特征(1)以商品买卖为基础; (2)双方都是商品生产者或经营者,是企业间的直接信用; (3)商业信用直接受实际商品供求状况的影响. 商业信用的形式:(1)商业票据(2)赊销(3)背书(4)票据贴现: 商业信用的作用和局限性:作用——对生产流通过程起着润滑剂作用 局限性——规模的局限性:方向的局限性;期限上的局限(短期资金融通) 银行信用:银行或其他金融机构以货币的形式,通过存款、贷款等业务活动提供的信用。主要表现为以货币形式对工商企业提供的信用。 特点(1)以银行、金融机构作为信用中介,是一种间接信用;(2)是以货币形态提供的信用,无方向的局限; (3)贷放的是社会资本,无规模局限;(4)在期限上相对灵活,可长可短. (5)银行信用的主体与商业信用不同;银行信用的客体是单一形态的货币资本,是从产业资本循环中分离出来的货币资本 与商业信用的关系:银行信用是在商业信用广泛发展的基础上产生发展起来的;银行信用的出现使商业信用进一步得到发展; 银行信用与商业信用是并存而非取代关系 国家信用;以国家和地方政府为债务人的一种信用形式,它的主要方式是通过金融机构等承销商发行公债,在借贷资本市场上借入资金;公债的发行单位则要按照规定的期限向公债持有人支付利息。 国家信用的形式:内债和外债; 国家信用的主要工具是国家债券(国库券、公债)。 国家信用的作用(1)调节国库年度收支的临时失衡;(2)调节财政收支,弥补财政赤字;(3)调节经济总量与结构;

【证券】金融市场基础知识知识点总结

第一章金融市场体系 第一节全球金融体系 考点一金融市场的概念 金融市场是指以金融资产为交易对象,已金融资产的供给方和需求方为交易主体形成的交易机制及其关系的总和。广而言之,金融市场是实现货币借贷和资金融通、办理各种票据和有价证券交易活动的市场。比较完善的金融市场定义是:金融市场是交易金融资产并确定金融资产价格的一种机制。 考点二金融市场的分类 考点三影响金融市场的主要因素 一般来说,影响金融市场发展的因素是多方面的,但最为重要的则是以下五个方面:(1)经济因素 (2)法律因素 (3)市场因素 (4)技术因素 (5)体制或管理因素 考点四金融市场的特点和功能

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7.证交所成立于1990年11月26日,同年12月19日开业,归属中国证监会直接管理。 8.证交所成立于1990年12月1日,1991年7月3日正式营业。 9.区域性股权交易市场(又称区域性市场、区域股权市场、第四板市场)2008年天津股权交易所的成立,是此次浪潮开始的标志性起点。 第二章:证券市场主体 1.证券资产管理业务:证券公司从事资产管理业务,公司净资本不低于2亿元,且各项风险控制指标符合有关监管规定,设立规定性集合资产管理计划的净资本限额为3亿元,设立非限定性集合资产管理计划的净资本限额为5亿元。 2.证券公司设立限定性集合资产管理计划的,接受单个客户的资金数额不得低于人民币5万元;设立非限定性集合资产管理计划的,接受单个客户的资金数额不得低于人民币10万元。 3.申请证券评级业务许可的条件:具有中国法人资格,实收资本与净资本资产均不少于人民币2000万元。

证券从业金融市场的基础知识必背内容:金额篇

证券从业金融市场基础知识必背内容:金额篇 一、金融市场体系 1?发行人首次公开发行股票后申请其股票主板上市,应当符合的条件:公司股本总额不少于人民币五千万元;公开发行的股份达到公司股份总数的25%以上; 公司股本总额超过人民币四亿元的,公开发行股份的比例为10%以上。 2.债券型上市公司必须符合的条件:公司债券的实际发行额不少于人民币 5000万元;股份有限公司的净资产不低于人民币3000万元,有限责任公司的净资产不低于人民币6000万元。 3.发行人首次公开发行股票后申请其股票创业板上市,应当符合的条件:公 司股本总额不少于人民币三千万元;公开发行的股份达到公司股份总数的25%以上;公司股本总额超过人民币四亿元的,公开发行股份的比例为10%以上。 二、证券市场主体 1?证券资产管理业务:证券公司从事资产管理业务,公司净资本不低于2亿元,且各项风险控制指标符合有关监管规定,设立规定性集合资产管理计划的净 资本限额为3亿元,设立非限定性集合资产管理计划的净资本限额为5亿元。 2.证券公司设立限定性集合资产管理计划的,接受单个客户的资金数额不得低于人民币5万元;设立非限定性集合资产管理计划的,接受单个客户的资金数额不得低于人民币10万元。 3.会计师事务所申请证券资格的条件:净资产不少于500万元;会计师事务所 职业保险的累计赔偿限额与累计职业风险基金之和不少于8000万元;上一年度业务收入不少于8000万元,其中审计业务收入不少于6000万元。

4?申请证券、期货投资咨询机构具备的条件:有100万元人民币以上的注册

5.申请证券评级业务许可的条件:具有中国法人资格,实收资本与净资本资产均不少于人民币2000 万元。 6.资产评估机构申请条件:净资产不少于200万元;最近3 年评估业务收入合计不少于2000 万元,且每年不少于500 万元。 7.证券金融公司的组织形式为股份有限公司,注册资本不少于人民币60 亿元,注册资本应当为实收资本,其股东应当用货币出资。 8.证券登记结算公司的设立条件:自有资金不少于人民币 2 亿元。 9.向不特定对象发行的证券票面总值超过人民币5000 万元的,应当由承销团承销。承销团由主承销商和参与承销的证券公司组成。 三、股票 首次公开发行股票并上市的发行人的财务指标应满足的要求:最近三个会计年度净利润均为正数且累计超过人民币3000 万元,净利润以扣除非经常性损益后较低者为计算依据;最近3 个会计年度经营活动产生的现金流净额累计超过人民币5000万元或者近3个会计年度营业收入累计超过人民币3亿元;发行前股本、总额不少于人民币3000 万元。 四、债券 1.中小非金融企业集合票据发行规模要求:任一企业集合票据待偿还余额不得超过该企业净资产的40%,任一企业集合票据募集资金额不超过2 亿元人民币,单只集合票据注册金额不超过10 亿元人民币。 2.证券公司债券的条款设计:公开发行的债券每份面值为100 元;定向发行的债券应当采用记账方式向合格投资者发行,每份面值为50 万元,每一合格投资者认购的债券不得低于面值100 万元。

陈星《金融市场基础知识》课程标准20161108

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《金融学》黄达 知识点总结

1.什么是货币政策?其基本特征表现在哪些方面? 中央银行为实现特定的经济目标而采取的各种控制、调节货币供应量或信用量的方针、政策、措施的总称。 货币政策的基本特征 (1)宏观政策 (2)调节总需求 (3)间接调控 (4)连续性政策 6.什么是货币政策的中介指标?选择中介指标应该注意什么问题? 一、中介指标及其三大功能 为实现货币政策目标而选定的中间性或传导性金融变量。其功能集中体现在以下三个方面: 1.测度功能 通过金融变量来测定货币政策工具的作用和效果。 2.传导功能 货币政策的实施过程中,需要一个承前启后的中介或桥梁来传导。 3.缓冲功能 根据有关信息,及时调整货币政策工具及其操作力度,避免经济的急剧波动 二、选取中介指标的基本标准 1.可测性 中央银行能够迅速获得该指标准确的资料数据,并进行相应的分析判断。 2.可控性 该指标在足够短的时间内接受货币政策的影响,并按政策设定的方向和力度发生变化。 3.相关性 该指标与货币政策最终目标有极为密切的关系,控制住该指标就能基本实现政策目标。 三、货币政策中介指标的选择 1.利率 以利率作为中介指标,就是通过政策工具来调节、监控市场利率水平。 2.货币供应量 通过政策工具来调节、监控货供给量增长水平,以使货币供给增长与经济增长要求相适应。 3.超额准备金 通过政策工具来调节、监控商业银行及其他各类金融机构的超额准备金水平。 4.基础货币 中央银行直接对基础货币进行调节。 第一节 3.货币的定义?职能及相互关系? 固定充当一般等价物的特殊商品。价值尺度、流通手段、支付手段、贮藏手段、世界货币。 其中,价值尺度和流动手段是货币的基本职能,也是货币历史上最先出现的职能。 4.货币制度及构成要素? 一个国家为保障本国货币流通的正常稳定,对货币发行和流通的各个要素所做出的法律规定的总和。 货币供应量、信用总量、利率、汇率等宏观经济总量 通过货币供给调节投资需求、消费需求、出口需求 运用经济手段、法律手段对经济行为进行调整 多元化政策目标具有长期性特征,在短期内是难以实现

金融市场基础知识知识点归纳_图文.

第一章金融市场 第一节全球金融体系 考点一金融市场的概念 金融市场是指以金融资产为交易对象,已金融资产的供给方和需求方为交易主 体形成的交易机制及其关系的总和。广而言之,金融市场是实现货币借贷和资金融通、办理各种票据和有价证券交易活动的市场。比较完善的金融市场定义是:金融市场是交易金融资产并确定金融资产价格的一种机制。 考点二金融市场的分类 考点三影响金融市场的主要因素 一般来说,影响金融市场发展的因素是多方面的,但最为重要的则是以下五个方面:

(1经济因素 (2法律因素 (3市场因素 (4技术因素 (5体制或管理因素 考点四金融市场的特点和功能 考点五非证券金融市场的概念和分类 非证券金融市场是指除了证券以外的其他金融工具发行和交易的场所。它包括: 1.股权投资市场。股权投资指通过投资取得被投资单位的股份,及企业(或者个 人

购买的其他企业(准备上市、未上市公司的股票或以货币、无形资产和其他事 物资产直接投资于其他单位,最终目的是获得较大的经济利益,这种经济利益可以通过分得利润或股利获取,也可以通过其他方式取得。股权投资市场,即实现上述交易过程的市场。 2.信托市场。信托投资是金融信托投资机构用自有资金及组织的资金进行的投资。当信 托成为一种商业行为后,特别是其特殊的制度优势成为金融业的重要组成部分后,信托这种服务方式的需求和供给的总和就形成了信托市场,也可以说信托服务业实现其价值的领域即为信托市场。 3.融资租赁市场。融资租赁又称设备租赁或现代租赁,是指实质上转移与资产所有权有 关的全部或绝大部分风险和报酬的租赁。 考点六全球金融市场的形成及发展趋势

证券市场基本法律法规及金融市场基础知识大纲

2015年7月起将会对证券从业资格考试科目进行调整,由原来的5门考试科目变为2门,具体详情请参考2015年证券预约式考试公告(第2号) 第一章证券市场基本法律法规 第一节证券市场的法律法规体系 熟悉证券市场法律法规体系的主要层级;了解证券市场各层级的主要法规。 第二节公司法 掌握公司的种类;熟悉公司法人财产权的概念;熟悉关于公司经营原则的规定;熟悉分公司和子公司的法律地位;了解公司的设立方式及设立登记的要求;了解公司章程的内容;熟悉公司对外投资和担保的规定;熟悉关于禁止公司股东滥用权利的规定。 了解有限责任公司的设立和组织机构;熟悉有限责任公司注册资本制度;熟悉有限责任公司股东会、董事会、监事会的职权;掌握有限责任公司股权转让的相关规定。 掌握股份有限公司的设立方式与程序;熟悉股份有限公司的组织机构;熟悉股份有限公司的股份发行;熟悉股份有限公司股份转让的相关规定及对上市公司组织机构的特别规定。 了解董事、监事和高级管理人员的义务和责任;掌握公司财务会计制度的基本要求和内容;了解公司合并、分立的种类及程序;熟悉高级管理人员、控股股东、实际控制人、关联关系的概念。 熟悉关于虚报注册资本、欺诈取得公司登记、虚假出资、抽逃出资、另立账簿、财务会计报告虚假记载等的法律责任。 第三节证券法 熟悉证券法的适用范围;掌握证券发行和交易的“三公”原则;掌握发行交易当事人的行为准则;掌握证券发行、交易活动禁止行为的规定。 掌握公开发行证券的有关规定;熟悉证券承销业务的种类、承销协议的主要内容;熟悉承销团及主承销人;熟悉证券的销售期限;熟悉代销制度。 掌握证券交易的条件及方式等一般规定;掌握股票上市的条件、申请和公告;掌握债券上市的条件和申请;熟悉证券交易暂停和终止的情形;熟悉信息公开制度及信息公开不实的法律后果;掌握内幕交易行为;熟悉操纵证券市场行为;掌握虚假陈述、信息误导行为和欺诈客户行为。 掌握上市公司收购的概念和方式;熟悉上市公司收购的程序和规则。 熟悉违反证券发行规定的法律责任;熟悉违反证券交易规定的法律责任;掌握上市公司收

[金融学]《金融学》知识点总结

金融学 直击考点重点 1.什么是货币政策?其基本特征表现在哪些方面? 中央银行为实现特定的经济目标而采取的各种控制、调节货币供应量或信用量的方针、政策、措施的总称。 货币政策的基本特征 (1)宏观政策 (2)调节总需求 (3)间接调控 (4)连续性政策 2.什么是货币政策的中介指标?选择中介指标应该注意什么问题? 一、中介指标及其三大功能 为实现货币政策目标而选定的中间性或传导性金融变量。其功能集中体现在以下三个方面: 1.测度功能 通过金融变量来测定货币政策工具的作用和效果。 2.传导功能 货币政策的实施过程中,需要一个承前启后的中介或桥梁来传导。 3.缓冲功能 根据有关信息,及时调整货币政策工具及其操作力度,避免经济的急剧波动 二、选取中介指标的基本标准 1.可测性 中央银行能够迅速获得该指标准确的资料数据,并进行相应的分析判断。 2.可控性 该指标在足够短的时间内接受货币政策的影响,并按政策设定的方向和力度发生变化。 货币供应量、信用总量、利率、汇率等宏观经济总量 通过货币供给调节投资需求、消费需求、出口需求 运用经济手段、法律手段对经济行为进行调整 多元化政策目标具有长期性特征,在短期内是难以 实现

3.相关性 该指标与货币政策最终目标有极为密切的关系,控制住该指标就能基本实现政策目标。 三、货币政策中介指标的选择 1.利率 以利率作为中介指标,就是通过政策工具来调节、监控市场利率水平。 2.货币供应量 通过政策工具来调节、监控货供给量增长水平,以使货币供给增长与经济增长要求相适应。 3.超额准备金 通过政策工具来调节、监控商业银行及其他各类金融机构的超额准备金水平。4.基础货币 中央银行直接对基础货币进行调节。 第一节 3.货币的定义?职能及相互关系? 固定充当一般等价物的特殊商品。价值尺度、流通手段、支付手段、贮藏手段、世界货币。 其中,价值尺度和流动手段是货币的基本职能,也是货币历史上最先出现的职能。 4.货币制度及构成要素? 一个国家为保障本国货币流通的正常稳定,对货币发行和流通的各个要素所做出的法律规定的总和。 货币制度的构成要素 1.货币材料。用什么作为货币的材料。 2.货币单位。规定货币的名称和货币单位的“值”。 3.货币种类。本位币与辅币。 4.法定偿付能力。无限法偿,有限法偿。 5.铸造、发行与流通程序。 第二章 1.通过本章的学习,你对“信用”是否有了专业意义上的理解?

常见的金融术语——金融业从业基础知识

金融业务专业术语 1.买入返售业务。具体说来就是你现在手上有钱,可以通过交易市场将钱拆借出去,但是拆借是需要抵押 品的,这个抵押品一般就是债券。说白了相当于短期抵押贷款,你是贷出方,“买入”就是你付出钱,获得抵押权,“返售”就是你把券的抵押权还给对方,对方支付你本金和适当利息。因此,买入返售资产增多,说明你流动资金富裕,通过交易市场将钱以抵押的形式贷了出去。特点是双方有协议、有固定了返售价格。企业在符合资金使用规定的前提下,也可自行(无协议)购入有价证券(包括货币基金),风险自负。所谓买入返售,其实就是“逆回购”,是与卖出回购“回购”相对应的。这两个概念一定要分清楚。买入返售,即资金融出方、证券融入方。它是甲方(买入返售方)与资金需求乙方签订协议,现在买入证券,同时在规定时间被乙方以规定金额赎回的行为。卖出回购,即资金融入方、证券融出方。与买入返售的概念相对应。(一般可理解为资金与短期金融资产互换交易,是资金短期融通,提供货币资金收益。)理解买入返售金融资产的要点有:买入返售金融资产的会计主体是买入方买入对象是票据、证券、贷款等;买入方式是有协议的交易性金融资产、有回购返售协议或企业自行购入;卖出交易对象是原卖出方; 特点是双方有协议,有固定返售价格;实质是通过交易市场将富裕钱以抵押的形式贷出;抵押品一般是债券;你是贷出方,获得抵押权;本科目按类别和融资方进行明细核算。买入返售金融资产是指公司按返售协议约定先买入再按固定价格返售的证券等金融资产所融出的资金,是指按规定进行证券、票据、贷款回购业务而融出的资金。包括买入返售票据、买入返售证券、买入返售信贷资产等。公司根据返售协议买入金融资产时,应按实际支付的款项作为初始确认金额,按业务发生当时实际支付的款项入账。因取得证券等资产(除交易性金融资产)发生的交易费用,均应计入取得资产的初始确认金额,作为该项资产的实际成本入账。买入返售金融资产采用实际利率法,按照摊余成本进行计量。这是企业或机构,有协(或投资性金融资产)议的“交易性金融资产” 。该资金投资于有价证券等货币基金,获取收益。在企业资产负债表的买入日、返售日,都有清楚的金额、收益等项目记载。特点是双方有协议、有固定了返售价格。买入返售商业汇票买入返售(即回购):是指甲方对乙方合法持有的未到期票据实施限时购

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