金融市场课后习题答案.doc

金融市场课后习题答案.doc

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ANSWERSTOQUESTIONSFORCHAPTER1

（Questionsareinboldprintfollowedbyanswers.）

1.Whatisthedifferencebetweenafinancialassetandatangibleasset?

Atangibleassetisonewhosevaluedependsuponcertainphysicalproperties,e.g.land,capitalequipmentandmachines.Afinancialasset,whichisanintangibleasset,representsalegalclaimtosomefuturebenefitsorcashflows.Thevalueofafinancialassetisnotrelatedtothephysicalforminwhichtheclaimisrecorded.

2.WhatisthedifferencebetweentheclaimofadebtholderofGeneralMotorsandanequityholderofGeneralMotors?

Theclaimofthedebtholderisestablishedbycontract,whichspecifiestheamountandtimingofperiodicpaymentsintheformofinterestaswellastermtomaturityoftheprincipal.Thedebtholderstandsasacreditorandincaseofdefault,hehasapriorclaimonfirmassetsovertheequity-holder.

Theequityholderhasaresidualclaimtoassetsandincome.Hecanreceivefundsonlyafterotherclaimantsaresatisfied.Incomeisintermsofdividends,theamountandtimingofwhicharenotcertain.

3.Whatisthebasicprincipleindeterminingthepriceofafinancialasset?

Thepriceofanyfinancialassetisthepresentvalueoftheexpectedcashflowsorastreamofpaymentsovertime.Thus,thebasicvariablesindeterminingthepriceare:

expectedcashflows,discountrateandthetimingofthesecashflows.

4.Whyisitdifficulttodeterminethecashflowofafinancialasset?

Theestimationanddeterminationofcashflowsisdifficultbecauseofseveralreasons.Theseincludeaccountingmeasures,possibilityofdefaultoftheissuer,andembeddedoptionsinthesecurity.Interestpaymentscanalsochangeovertime.Thereisuncertaintyastotheamountandthetimingofthesepayments.

5.Whyarethecharacteristicsofanissuerimportantindeterminingthepriceofafinancialasset?

Thecharacteristicsoftheissuerareimportantbecausethesedeterminetheriskinessoruncertaintyoftheexpectedcashflows.Thesecharacteristics,whichdeterminetheissuer’screditworthinessordefaultrisk,haveanimpactontherequiredrateofreturnforthatparticularfinancialasset.

6.Whatarethetwoprincipalrolesoffinancialassets?

Thefirstroleoffinancialassetsistotransferfundsfromsurplusspendingunits（i.e.personsorinstitutionswithfundstoinvest）todeficitspendingunits（i.e.personsorfirmsneedingfundstoinvestintangibleassets）.

Thesecondroleistoredistributeriskamongpersonsorinstitutionsseekingandprovidingfunds.Fundsproviderssharetherisksofexpectedcashflowsgeneratedbytangibleassets.

7.InSeptember1990,astudybytheU.S.Congress,OfficeofTechnologyAssessment,entitled“ElectronicBulls&Bears:

U.S.SecuritiesMarketsandInformationTechnology,”includedthisstatement:

Securitiesmarketshavefivebasicfunctionsinacapitalisticeconomy:

a.Theymakeitpossibleforcorporationsandgovernmentalunitstoraisecapital.

b.Theyhelptoallocatecapitaltowardproductiveuses.

c.Theyprovideanopportunityforpeopletoincreasetheirsavingsbyinvestinginthem.

d.Theyrevealinvestors’judgmentsaboutthepotentialearningcapacityofcorporations,thusgivingguidancetocorporatemanagers.

e.Theygenerateemploymentandincome.

Foreachofthefunctionscitedabove,explainhowfinancialmarkets（orsecuritiesmarkets,intheparlanceofthisCongressionalstudy）performeachfunction.

Thefiveeconomicfunctionsofafinancialmarketare:

（1）transferringfundsfromthosewhohavesurplusfundstoinvesttothosewhoneedfundstoinvestintangibleassets,

（2）transferringfundsinsuchawaythatredistributestheunavoidableriskassociatedwiththecashflowgeneratedbytangibleassets,（3）determiningthepriceoffinancialassets（pricediscovery）,（4）providingamechanismforaninvestortosellafinancialasset（toprovideliquidity）,and（5）reducingthecostoftransactions.

ThefiveeconomicfunctionsstatedintheCongressionalStudycanbeclassifiedaccordingtotheabovefivefunctions:

1.“theymakeitpossibleforcorporationsandgovernmentalunitstoraisecapital”--functions1and2;

2.“theyhelptoallocatecapitaltowardproductiveuses”--function3;

3.“theyprovideanopportunityforpeopletoincreasetheirsavingsbyinvestinginthem”--functions1and5;

4.“theyrevealinvestors’judgmentsaboutthepotentialearningcapacityofcorporations,thusgivingguidancetocorporatemanagers”--function3;

5.“theygenerateemploymentandincome”--followsfromfunctions1and2allowingthosewhoneedfundstousethesefundstocreateemploymentandincomeopportunities.

8.Explainthedifferencebetweeneachofthefollowing:

a.moneymarketandcapitalmarket

b.primarymarketandsecondaryma