金融市场与机构 15文档格式.docx

金融市场与机构 15文档格式.docx

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（b）stocks.

（c）bondsandcommercialpaper.

（d）nonbankloans.

Answer:

B

2.OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,themostimportantis

D

3.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproximately_________ofthetotal.

（a）10percent

（b）20percent

（c）30percent

（d）50percent

C

4.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproximately_________ofthetotal.

（d）40percent

A

5.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?

（a）MarketablesecuritiesaccountforalargershareofexternalbusinessfinancingintheUnitedStatesthaninmostothercountries.

（b）Since1970,lessthan5percentofnewlyissuedcorporatebondsandcommercialpaperhavebeensolddirectlytoAmericanhouseholds.

（c）ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970–2000period.

（d）Alloftheabove.

（e）Only（a）and（b）oftheabove.

E

6.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?

（a）Directfinanceisusedinlessthan5percentoftheexternalfinancingofAmericanbusinesses.

（b）Onlylarge,well-establishedcorporationshaveaccesstosecuritiesmarketstofinancetheiractivities.

（c）LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.

7.（I）IntheUnitedStatesnonbankloansarethemostimportantsourceofexternalfundsfornonfinancialbusinesses.（II）InGermanyandJapan,issuingstocksandbondsisthemostimportantsourceofexternalfornonfinancialbusinesses.

（a）（I）istrue,（II）false.

（b）（I）isfalse,（II）true.

（c）Botharetrue.

（d）Botharefalse.

8.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?

（a）Debtcontractsaretypicallyextremelycomplicatedlegaldocumentsthatplacesubstantialrestrictionsonthebehavioroftheborrower.

（b）Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.

（c）Collateralisaprevalentfeatureofdebtcontractsforbothhouseholdsandbusiness.

（d）Newsecurityissuesarethemostimportantsourceofexternalfundstofinancebusinesses.

9.Whichofthefollowingisnotoneoftheeightbasicfactsaboutfinancialstructure?

（a）Thefinancialsystemisamongthemostheavilyregulatedsectorsoftheeconomy.

（b）Issuingmarketablesecuritiesistheprimarywaybusinessesfinancetheiroperations.

（c）Indirectfinance,whichinvolvestheactivitiesoffinancialintermediaries,ismanytimesmoreimportantthandirectfinance,inwhichbusinessesraisefundsdirectlyfromlendersinfinancialmarkets.

（d）Financialintermediariesarethemostimportantsourceofexternalfundstofinancebusinesses.

10.Becauseinformationisscarce,

（a）equitycontractsareusedmuchmorefrequentlytoraisecapitalthanaredebtcontracts.

（b）monitoringmanagersgivesrisetocostlystateverification.

（c）governmentregulations,suchasstandardaccountingprinciples,canhelpreducemoralhazard.

（d）alloftheabovearetrue.

（e）only（b）and（c）oftheabovearetrue.

11.Whichofthefollowingbestexplainstherecentdeclineintheroleoffinancialintermediaries?

（a）Privateproductionandsaleofinformation

（b）Governmentregulationtoincreaseinformation

（c）Improvementsininformationtechnology

（d）Noneoftheabovecanexplaintherecentdecline

12.（I）Thetotalcostofcarryingoutatransactioninfinancialmarketsincreasesproportionallywiththesizeofthetransaction.（II）Financialintermediariesfacilitatediversificationwhenaninvestorhasonlyasmallsumtoinvest.

（a）（I）istrue;

（II）isfalse

（b）（I）isfalse;

（II）istrue

（c）Both（I）and（II）aretrue

（d）Both（I）and（II）arefalse

13.Ifbadcreditrisksaretheoneswhomostactivelyseekloansand,therefore,receivethemfromfinancialintermediaries,thenfinancialintermediariesfacetheproblemof

（a）moralhazard.

（b）