金融市场与金融机构基础答案第1章.doc

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1、ANSWERSTOQUESTIONSFORCHAPTER1(Questionsareinboldprintfollowedbyanswers.)LWhatisthedifferencebetweenafinancialassetandatangibleasset?Atangibleassetisonewhosevaluedependsuponcertainphysicalproperties,e.g.land,capitalequipmentandmachines.Afinancialasset,whichisanintangible

2、asset,represenfsalegalclaimtosomefuturebenefitsorcashflows.Thevalueofafinancialassetisnotrelatedtothephysicalforminwhichtheclaimisrecorded・2.WhatisthedifferencebetweentheclaimofadebtholderofGeneralMotorsandanequityholderofGeneralMotors?Theclaimofthedebtholderisestablish

3、edbycontract,whichspecifiestheamountandtimingofperiodicpaymentsintheformofinterestaswellastermtomaturityoftheprincipal.Thedebtholderstandsasacreditorandincaseofdefault,hehasapriorclaimonfirmassetsovertheequity-holder.Theequityholderhasaresidualclaimtoassetsandincome.Hec

4、anreceivefundsonlyafterotherclaimantsaresatisfied・Incomeisintermsofdividends,theamountandtimingofwhicharenotcertain.3.Whatisthebasicprincipleindeterminingthepriceofafinancialasset?Thepriceofanyfinancialassetisthepresentvalueoftheexpectedcashflowsorastreamofpaymentsovert

5、ime・Thus,thebasicvariablesindeterminingthepriceare:expectedcashflows,discountrateandthetimingofthesecashflows・4・Whyisitdifficulttodeterminethecashflowofafinancialasset?Theestimationanddeterminationofcashflowsisdifficultbecauseofseveralreasons.Theseineludeaccountingmeasu

6、res,possibilityofdefaultoftheissuer,andembeddedoptionsinthesecurity.Interestpaymentscanalsochangeovertime.Thereisuncertaintyastotheamountandthetimingofthesepayments.5・Whyarethecharacteristicsofanissuerimportantindeterminingthepriceofafinancialasset?Thecharacteristicsoft

7、heissuerareimportantbecausethesedeterminetheriskinessoruncertaintyoftheexpectedcashflows.Thesecharacteristics,whichdeterminetheissuer'screditworthinessordefaultrisk,haveanimpactontherequiredrateofreturnforthatparticularfinancialasset.6.Whatarethetwoprincipalrolesoffinan

8、cialassets?Thefirstroleoffinancialassetsistot「ansferfundsfromsurplusspendingunits(i.e・personsorinstitutionswit