金融学专业考研复试专业英语题目文档格式.docx

金融学专业考研复试专业英语题目文档格式.docx

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（1）ThefirstistheGDPdeflator（GDP平减指数）,whichisdefinedasnominalGDPdividedbyrealGDP.

（2）AnotherpopularmeasureoftheaggregatepricelevelistheProducerPriceIndex（生产者价格指数）whichisameasureofthecostofabasketofgoodsandservicesboughtbyfirms.

（3）ThemeasureoftheaggregatepricelevelthatismostfrequentlyreportedinthepressistheConsumerPriceIndex（消费者价格指数）,whichismeasuredbypricingabasketofgoodsandservicesboughtbyatypicalurbanhousehold.

2.What’sthedisadvantageandadvantageofholdingequityratherthandebt?

持有股权的优劣？

（1）Themaindisadvantageofowningacorporation’sequitiesratherthanitsdebtisthatanequityholderisaresidualclaimant（剩余求偿权）,thatis,thecorporationmustpayallitsdebtholdersbeforeitpaysitsequityholders.

（2）Themainadvantageofholdingequitiesisthatequityholdersbenefitdirectlyfromanyincreasesinthecorporation’sprofitabilityorassetvaluebecauseequitiesconferownershiprightsontheequityholders.Debtholdersdonotshareinthisbenefit,becausetheirpaymentsarefixed.

3.What’sthedifferencebetweenprimaryandsecondarymarket?

一级市场与二级市场的区别？

（1）Aprimarymarketisafinancialmarketinwhichnewissuesofasecurity,suchasabondorastock,aresoldtoinitialbuyersbythecorporationorgovernmentagencyborrowingthefunds.

（2）Asecondarymarketisafinancialmarketinwhichsecuritiesthathavebeenpreviouslyissuedcanberesold.

4.What’sthedifferencebetweenforeignbondandEurobond?

外国债券和欧洲债券的区别？

（1）Foreignbondsaresoldinaforeigncountryandaredenominatedinthatcountry’scurrency.Forexample,abondissuedbyaChinesecompanydenominatedinU.S.dollarssoldinNewYork.

（2）Eurobondisabonddenominatedinacurrencyotherthanthatofthecountryinwhichitissold.Forexample,abonddenominatedinU.S.dollarssoldinChina.

5.What’sassettransformationanddiversification？

资产转换和分散化

（1）Financialintermediariescreateandsellassetswithriskcharacteristicsthatpeoplearecomfortablewith,andtheintermediariesthenusethefundstheyacquirebysellingtheseassetstopurchaseotherassetsthatmayhavefarmorerisk.Thisprocessofrisksharingisreferredasassettransformation,becauseinasense,riskyassetsareturnedintosaferassetsforinvestors.

（2）Diversificationentailsinvestinginaportfolioofassetswhosereturnsdonotalwaysmovetogetherwiththeresultthatoverallriskislowerthanforindividualassets.Italsorefersto“Youshouldn'

tputallyoureggsinonebasket”.Diversificationcaneliminatefirm-specificrisk—theuncertaintyassociatedwiththespecificcompanies.Butdiversificationcannoteliminatemarketrisk—theuncertaintyassociatedwiththeentireeconomy,whichaffectsallcompaniestradedonthestockmarket.Forexample,whentheeconomygoesintoarecession,mostcompaniesexperiencefallingsales,profitandlowstockreturns.Diversificationreducestheriskofholdingstocks,butitdoesnoteliminateit.

6.Explainthefollowingconcepts:

asymmetricinformation,adverseselectionandmoralhazard.

（1）Asymmetricinformation（信息不对称）referstothatonepartyoftendoesnotknowenoughabouttheotherpartytomakeaccuratedecisions.Forexample,aborrowerwhotakesoutaloanusuallyhasbetterinformationaboutthepotentialreturnsandriskassociatedwiththeinvestmentprojectsforwhichthefundsareinvestedthanthelenderdoes.

（2）Adverseselection（逆向选择）istheproblemcreatedbyasymmetricinformationbeforethetransactionoccurs.Adverseselectioninfinancialmarketsoccurswhenthepotentialborrowerswhoarethemostlikelytodefaultaretheoneswhomostactivelyseekoutaloanandarethusmostlikelytobeselected.

（3）Moralhazard（道德风险）istheproblemcreatedbyasymmetricinformationafterthetransactionoccurs.Moralhazardinfinancialmarketsistheriskthattheborrowermightengageinactivitiesthatareundesirablefromthelenderspointofview,becausetheymakeitlesslikelythattheloanwillbepaidback.

7.What’sthefunctionofmoney?

货币的职能？

Moneyhasthreeprimaryfunctionsinanyeconomy:

asamediumofexchange,asaunitofaccount,andasastoreofvalue.

（1）Whenmoneyisusedtopayforgoodsandservices,itplaystheroleofamediumofexchange（流通手段）.Theuseofmoneyasamediumofexchangepromoteseconomicefficiencybyminimizingthetimespentinexchanginggoodsandservices.

（2）Thesecondroleofmoneyistoprovideaunitofaccount（价值尺度）,thatis,itisusedtomeasurevalueofgoodsandservicesintheeconomy.

（3）Moneyalsofunctionsasastoreofvalue（储藏手段）.Astoreofvalueisusedtosavepurchasingpowerfromthetimeincomeisreceiveduntilthetime