2010级证券原理试卷纸A.doc

山东理工大学证券原理（双语）试卷纸（A）卷 2011/2012 学年第 2学期 班级： 姓名： 学号： 序号：装订线.适用专业金融学2010级考核性质考试闭卷命题教师宋浩考试时间100分钟题号一二三四五六七八九十十一总分得分评阅人复核人 一、选择题(每题3分，共30分)1. Risk can be analyzed:a. only on a stand-alone basis b. only on a portfolio basis. c. both on a stand-alone and portfolio basis. d. neither of the above is correct. 2. The coefficient of variation:a. is a stand-alone risk measure b. provides an idea of how far above or below the expected value the actual value is likely to be c. shows the risk per unit of return d. a and c are correct 3. Stock A has a beta of 1.0 and Stock B has a beta of 0.8. Which of the following statements must be true about these securities? (Assume the market is in equilibrium.)a. When held in isolation, Stock A has greater risk than Stock B. b. Stock B would be a more desirable addition to a portfolio than Stock A. c. Stock A would be a more desirable addition to a portfolio than Stock B. d. The expected return on Stock A will be greater than that on Stock B. e. The expected return on Stock B will be greater than that on Stock A. 4. The price of a stock is:a. the future value of all expected future dividends, discounted at the dividend growth rate. b. the present value of all expected future dividends, discounted at the dividend growth rate. c. the future value of all expected future dividends, discounted at the investors required return. d. the present value of all expected future dividends, discounted at the investors required return. 5. _ is a measure of market risk which is the extent to which the returns on a stock move with the market.a. Beta b. Standard deviation c. Coefficient of variation d. Expected return 6. Which of the following statements is most correct?a. If a market is strong-form efficient this implies that the returns on bonds and stocks should be identical. b. If a market is weak-form efficient this implies that all public information is rapidly incorporated into market prices. c. If a market is semi-strong weak-form efficient this implies that all private information is rapidly incorporated into market prices. d. None of the above statements is correct. 7. Which of the following factors tend to encourage management to pursue stock price maximization as a goal?a. Shareholders link managements compensation to company performance. b. Managers reactions to the threat of firing and hostile takeovers. c. Statements a and b are both correct. d. None of the above statements is correct.8. Which of the following is a reason for the initial need for financial statements?a. As lending became more complex, physical inspection of assets was not always possible. b. No investments were made on a share-of-profits basis. c. Factory owners did not need reports to see how effectively their enterprises were being run. d. All of the above statements are true. 9. P/E ratios are reflections of:a. the firms growth prospects b. the firms risk c. both a and b d. neither a nor b 共 3 页 第 1 页山东理工大学证券原理（双语）试卷纸（A）卷 11/12学年第 2 学期 班级： 姓名： 学号： 装订线.10. Financial statement analysis is useful to:a. help anticipate future conditions b. as a starting point for planning actions that will improve the firms future performance c. both a and b are true d. neither a nor b are true二、判断题（每题2分，共20分）1. The chief financial officer (CFO) is usually the highest ranking officer in a corporation.2. An example of a primary market transaction is buying 100 shares of Wal-Mart stock from your uncle.3. If a firm is experiencing a period of non-constant growth, its stock price cannot be calculated as the present value of expected dividends.4. The dividend policy decision is the way the firm is funded (e.g., the mix of debt and equity used).5. Since stockholders are generally diversified, Corporate risk is theoretically the most relevant measure of risk. 6. In most firms the treasurer has the responsibility for managing the firms cash and marketable securities, for planning its capital structure, for selling stocks and bonds to raise capital, for overseeing the corporate pension plan, and for managing risk.7. Socially responsible actions that increase costs may have to be put on a mandatory basis.8. Depreciation-generated funds are an additional source of capital and, in fact, represent the largest single source of funds for some firms.9. Most actions that help a firm increase the price of its stock also benefit society at large.10. Most firms have several classes of common stock outstanding.三、计算题（每题10分，共30分）1. Last year YYY Company had a 10.5% net profit margin based on $22,000,000 in sales and $15,000,000 of total assets. During the coming year, the president has set a goal of attaining a 14% return on total assets. How much must firm sales equal, other things being the same, for the goal to be achieved?2. TECO Energy is a firm that is experiencing rapid growth. The firm yesterday paid a dividend of $1.00. You believe that dividends will grow at a rate of 15.0% per year for two years,at 12.0% in the third year, and then at a rate of 6.0% per year thereafter. If you expect an annual rate of return of 12.0% on this investment and you plan to hold the stock indefinitely, what is the most you would pay for the stock now?3. You are holding a stock that has a beta of 3 and is currently in equilibrium. The required return on the stock is 20%, and the return on the market portfolio is 10%. What would be the new required return on the stock if the return on the market increased to 12% while the risk-free rate and beta remained unchanged?四、翻译（20分，可以使用一本英汉字典）ITC to Investigate Chinese EconomyThe U.S International Trade Commission said Friday it will examine the extent of financial support China provides its businesses - a practice that has been criticized by the West as unfair. US. manufacturers, particularly in the steel and paper sectors, have long criticized the Chinese government for subsidizing its domestic firms and enabling them as a result to undercut U.S. companies. Democrats in Congress have echoed the criticisms.The Obama administration, in response, initiated a World Trade Organization dispute with China in February, alleging that tax breaks and other subsidies the government provides to Chinese companies violate WTO rules. The United States also provides tax breaks to oil companies such as ExxonMobil Corp. and large manufacturers such as Boeing Co., but argues that China offers tax breaks targeted to exports, which is barred by the WTO. The scope of the ITC reports was expanded at the request of the House Ways and Means Committee(众议院筹款委员会), which oversees U.S. internation