2019电大《企业金融行为》作业二及参考答案.doc

电大企业金融行为电大作业2及答案第四章 收益和风险一、 单项选择题1. 投资收益率的计算公式为（A ）A. （期末资产价格期初资产价格 ）/期初资产价格 B. （期末资产价格期初资产价格 ）/期末资产价格 C. 期末资产价格/期初资产价格 D. 期初资产价格 /期末资产价格2. 你在年初以100元买入某股票，期间得现金股息10元，年末股票市价上升为102元，则该股票的年投资收益率为（C ）A.2% B.10% C.12% D.11.8%3.以下哪项投资为无风险投资（ D ）A.股票 B.可转换债券 C.商业票据 D.国债4.如果你是一个投资者，你认为以下哪项决策是正确的（B ）A.若两项目投资金额相同、期望收益率相同，应选择较高标准的离差率的方案B. 若两项目投资金额相同、标准离差相同，应选择期望收益高的项目C. 若两项目投资金额相同、期望收益与标准离差均不相同，应选择期望收益高的项目D若两项目投资金额相同、期望收益与标准离差均不相同，应选择标准离差低的项目5.进行投资组合的目的是 （ B ）A.为了提高期望收益 B.为了分散投资风险C. 为了提高期望收益率 D.为了承担社会义务6.设项目A的年收益率的期望值为30%，标准离差为12%，项目B的年收益率的期望值为20%，标准离差为10%，则应选择（ A ）比较合理。A.选择A B. 选择B C.选择A和B是一样的 D.无法选择7.已知某股票的系数等于1.则说明该证券（ C ）A.无风险 B.有非常低的风险 C.与金融市场系统风险水平一致 D.比金融市场系统风险大一倍8.有投资者用60万元投资于期望收益率为10%的A公司的股票，40万元资金投资于期望收益率为20%的B公司的股票，则该股票投资组合的收益率为（ D ）A.10% B.20% C.15% D.14%二、多项选择题1.以下指标可以用来衡量风险的有（ BCDE ）A.期望值 B.方差 C.标准离差 D.标准离差率 E. 系数2. 系数通常用于衡量（ BC ）A.可分散风险 B.不可分散风险 C.系统风险D.非系统风险 E.卖不出去的风险3.以下指标只能取正数的是 （ABE）A.投资收益率 B.方差 C.标准差D.协方差 E. 系数4.以下属于系统风险形成因素的有（ABCDE）A.战争 B.通货膨胀 C.国家政治形势 D.利率变化 E.经济周期变化5.以下属于非系统风险形成因素的有（ACD）A.原材料供应脱节 B.物价上涨C.新产品开发失败 D.法律纠纷 E.利率变动6.以下说法正确的是（ BE ）A.“防卫型”股票对市场波动很敏感 B. “进攻型”股票对市场波动很敏感C.如果市场波动，最好持有“进攻型”股票 D. 如果市场回落，最好持有“进攻型”股票 E.“进攻型”股票的系数大于1，“防卫型”股票的系数小于1三、判断题1.风险就是事前可以知道所有可能发生的事件，但是不知道这些事件发生的概率。（ ）2.如果某项资产肯定能实现某期望收益率，该资产将不存在投资风险。 （ ）3.概率分布定义为用百分比的形式描述各个事件发生的可能性。 （ ）4.方差或标准差越大，投资收益率就越大，投资风险也越大 （ ）5.当一个投资方案有较高期望收益率，另一个投资方案有较低的标准差时，投资者应选择标准差高的方案进行投资。 （ ）6.作为投资组合内的某项资产通常比单独投资该项资产有更低的风险 （ ）7.协方差与相关系数，都可以用来衡量两个随机变量的相关性，但有时两者的正负符号不一致。 （ ）8.投资组合的期望收益率是各个证券收益率的加权平均，但组合收益率的方差并不是各证券收益率方差的加权平均。 （ ）9.系统风险基本上可以通过投资组合的多元加以消除。 （ ）10.“进攻型”股票的系数总小于“防卫型”股票的系数。 （ ）四、计算题1.某投资者拟投资项目A、B。市场调查情况如下表所示：经济状态项目A项目B期望收益率概率期望收益率概率景气20%0.515%0.4一般10%0.2510%0.4衰退-8%0.250%0.2要求：（1）计算并比较两项目的收益率的期望值。 （2）计算并比较两项目的标准差。 （3）如果你是投资者，你认为那个项目更具有吸引力？解：期望值标准离差A和 B两个项目比较：B项目更具有吸引力。2. 某投资者持有A公司与B公司两种公司的股票构成的投资组合，基本情况如下表所示：投资对象投资金额（万元）期望收益率标准差A公司股票1008%6%B公司股票20010%9%并已知该投资组合的协方差为0.009.要求：（1）计算投资组合的收益率。 （2）计算投资组合的风险（标准离差）。解：（1）投资组合的收益率100/3008%+200/30010% = 9.33% （2）组合风险3.设我们持有以下组合风险股票比率期望收益率系数A2/410%0.5B1/420%1.2C1/416%1.0要求：（1）计算该投资组合的期望收益率是多少？ （2）计算该组合的系数。 （3）问该组合所承受的系统风险是否高于平均资产系统风险？解：（1）投资组合期望收益率=比率个别期望收益率 =2/410%+1/420%+1/416%=14% （2）组合的系数=比率个别系数 =2/40.5+1/41.2+1/41.0=0.8 (3)该组合的系数为0.8，低于平均资产风险1。第五章 证券评价：债券和股票一、 判断题1.不同的票面金额可以适应不同的投资对象，票面金额较少时，散户投资者较多，发行费用较低。 （ ） 2.对于零息债券，由于不附有息票，所以它不应列入按计息方式分类之中。 （ ） 3.发行公司债券，债券总额不超过公司净资产额的45%。 （ ）4.建立偿债基金既可以保障债券持有者的利益，也可能对债券持有者带来负面影响。（ ）5.债券内在价值可表示为。 （ ）6.当优先股每期固定股息，其内在价值计算公式实际上也是年金计算的结果。 （ ）7.虽然优先股的发行增加了公司的财务风险，但比起发行债券还是降低了资金成本。（ ）8.普通股票随着股份公司的利润变动，其股息能保持稳定不变。 （ ）9.由于普通股没有规定的到期日，公司筹到永久资本，因此，既不能退股也不能出售。（ ）10.当股份有限公司经营前景甚好时，可以发行多种普通股。 （ ）二、单项选择题1.债券评级主要考虑的是（ B ）A.利率波动 B.违约的可能性 C.发行企业规模 D.利率风险2.把企业债券分为重点企业债券和地方企业债券，这是按（D）分类的。A.是否附加条件 B.有无担保 C.计息方式 D.不同投资主体和用途3.证券评价的基本模型是（ A ）A. B. C. D. 4.下列各项中属于长期债券筹资缺点的是（ D ）。A.分散公司控制权 B.增加公司缴纳的所得税C.筹资成本较高 D.规定限制条款而影响筹资能力5.可转换优先股是经约定可转换为（ A ）A.普通股 B.累计优先股 C.非累积优先股 D.公司债券6.优先股内在价值的计算是指（ B ）A.各期股息之和 B.各期股息的现值 C.按单利计算的终值 D.按复利计算的终值7.下列各项中属于普通股股东权利的是（ A ）A.投票权 B.优先分配股利权 C.得到固定股息 D.将股票转为公司债券9.申请公开发行股票时，发起人认购的数额不少于公司拟发行股本总额的（ A ）。A.35% B.25% C.40% D.45%10.某公司股利支付率为80%，ROE=18%，则现金股利增长率为（ A ）.A.（1-80%）18% B.80%18%C. （1-80%）（1-18%） D. 80%（1-18%）三、多项选择题1.影响债券利率的因素有（ABCD ）A.票面价值 B.期限长短 C.市场利率高低 D.利息偿还方式2.债券评级有很重要的作用，它影响着（ABC）。A.债券利率和负债成本的确定 B.债券的推销C.债券的筹资量 D.债券的面值3.债券契约主要内容有 （AD ）。A.限制条款 B.利息偿还方式 C.债券利率 D.保护债券持有者利益措施4.长期债券筹资的优点有 （BD ）。A.筹资风险很少 B.负债成本固定 C.保持经营灵活性 D.减少公司缴纳的所得税5.与普通股相比，优先股的特征有（ ABCD ）.A.固定的股息率 B.优先分配股利测权利 C.优先认购权 D.优先分配剩余财产的权利6.下列说法中，哪些是正确的（ABD）A.发行优先股比债券风险小 B.有些优先股没有到期日C.发行优先股比债券风险大 D.当设有偿债基金时，可有效地构成优先的最后到期日7.按投资主体不同，普通股可分为（ BD ）。A.A股、B股 B.个人股和外资股 C.H股、N股 D.国家股、法人股8.股票发行的方式，按筹资对象不同分为（ BC ）。A.直接发行 B.私募发行 C.公募发行 D.集团销售发行9.下列各项中，是普通股筹资优点的是 （ ABCD ）。A.筹得的资本具有永久性 B.保持公司经营灵活性C.发型比较容易 D.比债券筹资风险大四、计算题1.某债券面值500元，票面利率为10%，期限为5年，当前市场利率为12%，问：债券的价格是多少时，才能进行投资？解：答：只有债券的价格在464.04以下，才可以投资。2.某优先股每年有股息，如果都是2.8元，当投资者要求的收益率为5.6%时，这个优先股的内在价值是多少？解：内在价值=2.8/5.6%=50（元） 这道题的股息是每年发放。其实，就是永久年金求现值的公式。3.A公司欲购买B公司的普通股股票，并准备两年后出售。预计第一年现金股利为1.2元，第二年现金股利为1.44元，预计出售价格为1.72元。计算该普通股的内在价格（投资要求收益率为20.5%）解：内在价值为未来股利的折现价值与股票出售价格的折现之和。内在价值=4广江公司准备购买D公司的普通股股票进行长期投资，基期的股利为8元，估计年股利固定增长，增长率为4%，广江公司的期望收益率为12%。要求：计算D公司股票的价值。解：年固定增长率的股票的价值=（元） 答：D公司股票的价值为104元。请您删除一下内容，O(_)O谢谢！2015年中央电大期末复习考试小抄大全，电大期末考试必备小抄，电大考试必过小抄Shanghais Suzhou Creek has witnessed much of the citys history. Zhou Wenting travels this storied body of water and finds its most fascinating spots. Some lucky cities can boast a great body of water, like London with the river Thames and Paris with the river Seine. Shanghai is privileged enough to have two great bodies of water: Huangpu River and Suzhou Creek.Huangpu River became famous when colonists established clusters of grand buildings on its banks on what became known as the bund. Today, the bund overlooks the breathtaking skyline of Lujiazui financial district. Shanghais other body of water, however, Suzhou Creek, has been somewhat overshadowed. Suzhou Creek links the inland cities of Jiangsu province with Shanghai. When the British colonists, who arrived in the city after it was opened as a commercial port in 1843 found they could reach Suzhou, Jiangsu province, via the creek, they named it Suzhou Creek. Thanks to its location, a large amount of cargo and travelers were transported via the creek before rail links were established. But after a century of being utilized as a waterway to transport goods and labor, the creek grew dark and smelly. Industrial factories were established along the banks. In the 1990s it became a key task of the city government to clean the creek. Suzhou Creek, which snakes 17 km from the iconic Waibaidu Bridge downtown to the outer ring road in west Shanghai, maps the changing periods of the citys history, including the imprints of the concessions, the beginning of industrialization and the improvement in peoples living conditions. Where the Bund began In-between the shopping street of East Nanjing Road and the Bund, are a cluster of streets that give me the illusion that I am no longer in modern Shanghai. The streets are narrow and old and criss-cross each other. Any old residential house may turn out to be a former office of the British, constructed in the 1880s. Pawnshops and hardware stores that are hard to find elsewhere, are plentiful here. This area, at the confluence of Huangpu River and Suzhou Creek, is called the Bund Origin. Countless tour buses stop at the site every day and visitors from around the world get off to see this place, the starting point of the concessions in the city. It all started in 1872, when the former British Consulate General was constructed and the Bund began its transformation into an the financial street of the East. Now the site of the former consulate is called “No 1 Waitanyuan”, which translates to “the Bund Origin”, to honor its beginnings. The entire complex of this historical site comprises of five buildings, the former British Consulate General, the official residence of the consul, the former Union Church, the church apartments and the former Shanghai Rowing Club. The size of the courtyard is equivalent to that of four standard soccer fields. The building of the former consulate is a two-storey masonry building on an H-shaped plan in typical English renaissancestyle. The building is designed with a five-arch verandah on the ground floor with a raised terrace facing the garden, while the facade features an entry portico beneath a colonnaded loggia. It has been turned into a caf where dinner and afternoonteaare available. Visitors can choose to sit indoors or outdoors to enjoy the magnificent gardens with nearly 30 ancient trees.Yuanmingyuan Road behind the complex is also a historical site. The road has been revamped as a pedestrian shopping street and high-end brands have seized the best spots. Altogether, 14 old buildings, including those used for offices and residences constructed during 1920s and 1930s, remain. Today, it is a popular location for commercialfashionphoto shoots. New Tianan Church, or Union Church, stands at the intersection of Yuanmingyuan Road and Suzhou Creek. The church, designed in the style of the English countryside, has a capacity of 500 people. It was very popular during the concession period but was converted into factory offices after 1949. The church we see today is a replica, the original burned down in 2007. There used to be an outdoor swimming pool, the first of its kind in Shanghai, beside the church but has been filled-in and is now a small garden. Bridge of romance There is perhaps no other place thats more representative of Shanghai than this bridge, which appears in quite a lot ofmovies about the city. Dozens of couples visit every day to pose for their pre-wedding photos on the bridge where Suzhou Creek begins and interconnects with Huangpu River. This is Waibaidu Bridge, or the Garden Bridge. The soon-to-be-wed couples pose in splendid attire on the bridge, leaning against the railing or sitting on the wooden floor. Some even risk walking into the middle of the road to get the perfect shot.Colorful lights illuminate the bridge throughout the night, making it a picturesque place for pre-wedding portraits and lovers to meet. Constructed in 1873 and designed by a British company, the 106-meter-long bridge was the first-ever major bridge in Shanghai. In 1856, the first large wooden bridge, Wells Bridge, was built over Suzhou Creek but the bridge toll led to complaints from citizens. So 17 years later, another wooden bridge, which did not require tolls, was built. People called it Waibaidu, which means “going across for free”. The bridge was renovated as a steel truss structure in 1907. Because nearly 40 bridges have now been built over Suzhou Creek, the bridge is no longer a traffic artery but is more of an observation deck for tourists. It is a tradition in Shanghai for a grandmother to walk across a bridge with their grandchild when he or she reaches one month. This represents that the newborn has overcome all the twists and turns and its journey will be safe and smooth throughout his or her life. Waibaidu Bridge is always the best option because its the icon of Shanghai. The picture of my daughter when she was a baby held by her grandmother was also taken here. Its like a family tradition, says Wang Xuefen, a Shanghai native who has a newborn grandson. Changning Riverside There is a 5-km stretch of waterfront by Suzhou Creek in Changning district on Changning Road from the intersection of Hami Road to Jiangsu Road. It has become a popular place to take a walk and sunbathe on the lawn. There is an overpass at the intersection of Changning Road and Gubei Road for people to enjoy the view of the creek and a 3-km plastic runway on both sides of Changning Road, which attracts people of all ages, Chinese and expat. Jogging on the two sides gives a different feeling because the north side is next to the creek, and the south side is adjacent to the residential highrises, which is like jogging in the jungle, says Xiao Xu, a 27-year-old woman who lives nearby. The riverside used to be completely different. Dozens of textile mills, chemical plants and machine manufacturing factories were set up along the creek in the 1920s. They brought industrialization but also pollution. From the 1930s the creek could no longer be used as a source for tap water, and no living fish or shrimp could be found. Suzhou Creek in my memory is dark and smelly. I used to go to the riverbank to watch the sewage disposal running out from the chemical plants when I was a little girl. We didnt know it was pollution. We thought it was a red waterfall, says Huang Qi, a 57-year-old Shanghai resident. So the residential houses along the creek were unpopular, and only migrants with low incomes would live in that area, she says. However, things have changed. The plants were closed and turned into riverside parks and the apartments in the new highrises, especially those facing the creek, are much sought after. East China University of Political Science and Law This is the famous former Saint Johns University, Chin