Chapter Seven
Risks of Financial Intermediation
Chapter Outline Introduction
Interest Rate Risk
Market Risk
Credit Risk
Off-Balance-Sheet Risk
Technology and Operational Risk
Foreign Exchange Risk
Country or Sovereign Risk
Liquidity Risk
Insolvency Risk
Other Risks and the Interaction of Risks
Summary
Solutions for End-of-Chapter Questions and Problems: Chapter Seven
1.What is the process of asset transformation performed by a financial institution? Why
does this process often lead to the creation of interest rate risk? What is interest rate risk?
Asset transformation by an FI involves purchasing primary assets and issuing secondary assets as a source of funds. The primary securities purchased by the FI often have maturity and liquidity characteristics that are different from the secondary securities issued by the FI. For example, a bank buys medium- to long-term bonds and makes medium-term loans with funds raised by issuing short-term deposits.
Interest rate risk occurs because the prices and reinvestment income characteristics of long-term assets react differently to changes in market interest rates than the prices and interest expense characteristics of short-term deposits. Interest rate risk is the effect on prices (value) and interim cash flows (interest coupon payment) caused by changes in the level of interest rates during the life of the financial asset.
2.What is refinancing risk? How is refinancing risk part of interest rate risk? If an FI funds
long-term fixed-rate assets with short-term liabilities, what will be the impact on earnings of an increase in the rate of interest? A decrease in the rate of interest?
Refinancing risk is the uncertainty of the cost of a new source of funds that are being used to finance a long-term fixed-rate asset. This risk occurs when an FI is holding assets with maturities greater than the maturities of its liabilities. For example, if a bank has a ten-year fixed-rate loan funded by a 2-year time deposit, the bank faces a risk of borrowing new deposits, or refinancing, at a higher rate in two years. Thus, interest rate increases would reduce net interest income. The bank would benefit if the rates fall as the cost of renewing the deposits would decrease, while the earning rate on the assets would not change. In this case, net interest income would increase.
3.What is reinvestment risk? How is reinvestment risk part of interest rate risk? If an FI
funds short-term assets with long-term liabilities, what will be the impact on earnings of a decrease in the rate of interest? An increase in the rate of interest?
Reinvestment risk is the uncertainty of the earning rate on the redeployment of assets that have matured. This risk occurs when an FI holds assets with maturities that are less than the maturities of its liabilities. For example, if a bank has a two-year loan funded by a ten-year fixed-rate time deposit, the bank faces the risk that it might be forced to lend or reinvest the money at lower rates after two years, perhaps even below the deposit rates. Also, if the bank receives periodic cash flows, such as coupon payments from a bond or monthly payments on a loan, these periodic cash flows will also be reinvested at the new lower (or higher) interest rates. Besides the effect on the income statement, this reinvestment risk may cause the realized yields on the assets to differ from the a priori expected yields.
4. The sales literature of a mutual fund claims that the fund has no risk exposure since it
invests exclusively in federal government securities that are free of default risk. Is this
claim true? Explain why or why not.
Although the fund's asset portfolio is comprised of securities with no default risk, the securities remain exposed to interest rate risk. For example, if interest rates increase, the market value of the fund's Treasury security portfolio will decrease. Further, if interest rates decrease, the realized yield on these securities will be less than the expected rate of return because of reinvestment risk. In either case, investors who liquidate their positions in the fund may sell at a Net Asset Value (NAV) that is lower than the purchase price.
5. What is economic or market value risk? In what manner is this risk adversely realized in
the economic performance of an FI?
Economic value risk is the exposure to a change in the underlying value of an asset. As interest rates increase (or decrease), the value of fixed-rate assets decreases (or increases) because of the discounted present value of the cash flows. To the extent that the change in market value of the assets differs from the change in market value of the liabilities, the difference is realized in the market value of the equity of the FI. For example, for most depository FIs, an increase in interest rates will cause asset values to decrease more than liability values. The difference will cause the market value, or share price, of equity to decrease.
6. A financial institution has the following balance sheet structure:
Assets Liabilities and Equity
Cash $1,000 Certificate of Deposit $10,000 Bond $10,000 Equity $1,000 Total Assets $11,000 Total Liabilities and Equity $11,000 The bond has a 10-year maturity and a fixed-rate coupon of 10 percent. The certificate of deposit has a 1-year maturity and a 6 percent fixed rate of interest. The FI expects no
additional asset growth.
a. What will be the net interest income (NII) at the end of the first year? Note: Net
interest income equals interest income minus interest expense.
Interest income $1,000 $10,000 x 0.10
Interest expense 600 $10,000 x 0.06
Net interest income (NII) $400
b. If at the end of year 1 market interest rates have increased 100 basis points (1 percent),
what will be the net interest income for the second year? Is the change in NII caused
by reinvestment risk or refinancing risk?
Interest income $1,000 $10,000 x 0.10
Interest expense 700 $10,000 x 0.07
Net interest income (NII) $300
The decrease in net interest income is caused by the increase in financing cost without a corresponding increase in the earnings rate. Thus, the change in NII is caused by
refinancing risk. The increase in market interest rates does not affect the interest income because the bond has a fixed-rate coupon for ten years. Note: this answer makes no
assumption about reinvesting the first year’s interest income at the new higher rate.
c. Assuming that market interest rates increase 1 percent, the bond will have a value of
$9,446 at the end of year 1. What will be the market value of the equity for the FI?
Assume that all of the NII in part (a) is used to cover operating expenses or is
distributed as dividends.
Cash $1,000 Certificate of deposit $10,000
Bond $9,446 Equity $ 446
Total assets $10,446 $10,446
d. If market interest rates had decreased 100 basis points by the end of year 1, would the
market value of equity be higher or lower than $1,000? Why?
The market value of the equity would be higher ($1,600) because the value of the bond would be higher ($10,600) and the value of the CD would remain unchanged.
e. What factors have caused the change in operating performance and market value for
this firm?
The operating performance has been affected by the changes in the market interest rates that have caused the corresponding changes in interest income, interest expense, and net interest income. These specific changes have occurred because of the unique maturities of the fixed-rate assets and fixed-rate liabilities. Similarly, the economic market value of the firm has changed because of the effect of the changing rates on the market value of the bond.
7. How does the policy of matching the maturities of assets and liabilities work (a) to
minimize interest rate risk and (b) against the asset-transformation function for FIs?
A policy of maturity matching will allow changes in market interest rates to have approximately the same effect on both interest income and interest expense. An increase in rates will tend to increase both income and expense, and a decrease in rates will tend to decrease both income and expense. The changes in income and expense may not be equal because of different cash flow characteristics of the assets and liabilities. The asset-transformation function of an FI involves investing short-term liabilities into long-term assets. Maturity matching clearly works against successful implementation of this process.
8. Corporate bonds usually pay interest semiannually. If a company decided to change from
semiannual to an nual interest payments, how would this affect the bond’s interest rate risk?
The interest rate risk would increase as the bonds are being paid back more slowly and therefore the cash flows would be exposed to interest rate changes for a longer period of time. Thus any change in interest rates would cause a larger inverse change in the value of the bonds.
9. Two 10-year bonds are being considered for an investment that may have to be liquidated
before the maturity of the bonds. The first bond is a 10-year premium bond with a coupon rate higher than its required rate of return, and the second bond is a zero-coupon bond that pays only a lump-sum payment after 10 years with no interest over its life. Which bond would have more interest rate risk? That is, which bond’s price would change by a larger amount for a given change in interest rates? Explain your answer.
The zero-coupon bond would have more interest rate risk. Because the entire cash flow is not received until the bond matures, the entire cash flow is exposed to interest rate changes over the entire life of the bond. The cash flows of the coupon-paying bond are returned with periodic regularity, thus allowing less exposure to interest rate changes. In effect, some of the cash flows may be received before interest rates change. The effects of interest rate changes on these two types of assets will be explained in greater detail in the next section of the text.
10. Consider again the two bonds in problem (9). If the investment goal is to leave the assets
untouched until maturity, such as for a child’s education or for one’s retirement, which of the two bonds has more interest rate risk? What is the source of this risk?
In this case the coupon-paying bond has more interest rate risk. The zero-coupon bond will generate exactly the expected return at the time of purchase because no interim cash flows will be realized. Thus the zero has no reinvestment risk. The coupon-paying bond faces reinvestment risk each time a coupon payment is received. The results of reinvestment will be beneficial if interest rates rise, but decreases in interest rate will cause the realized return to be less than the expected return.
11. A money market mutual fund bought $1,000,000 of two-year Treasury notes six months
ago. During this time, the value of the securities has increased, but for tax reasons the
mutual fund wants to postpone any sale for two more months. What type of risk does the mutual fund face for the next two months?
The mutual fund faces the risk of interest rates rising and the value of the securities falling.
12. A bank invested $50 million in a two-year asset paying 10 percent interest per annum and
simultaneously issued a $50 million, one-year liability paying 8 percent interest per annum.
Wha t will be the bank’s net interest income each year if at the end of the first year all
interest rates have increased by 1 percent (100 basis points)?
Net interest income is not affected in the first year, but NII will decrease in the second year.
Year 1 Year 2
Interest income $5,000,000 $5,000,000
Interest expense $4,000,000 $4,500,000
Net interest income $1,000,000 $500,000
13. What is market risk? How do the results of this risk surface in the operating performance
of financial institutions? What actions can be taken by FI management to minimize the
effects of this risk?
Market risk is the risk of price changes that affects any firm that trades assets and liabilities. The risk can surface because of changes in interest rates, exchange rates, or any other prices of financial assets that are traded rather than held on the balance sheet. Market risk can be minimized by using appropriate hedging techniques such as futures, options, and swaps, and by implementing controls that limit the amount of exposure taken by market makers.
14. What is credit risk? Which types of FIs are more susceptible to this type of risk? Why?
Credit risk is the possibility that promised cash flows may not occur or may only partially occur. FIs that lend money for long periods of time, whether as loans or by buying bonds, are more susceptible to this risk than those FIs that have short investment horizons. For example, life insurance companies and depository institutions generally must wait a longer time for returns to be realized than money market mutual funds and property-casualty insurance companies.
15. What is the difference between firm-specific credit risk and systematic credit risk? How
can an FI alleviate firm-specific credit risk?
Firm-specific credit risk refers to the likelihood that specific individual assets may deteriorate in quality, while systematic credit risk involves macroeconomic factors that may increase the default risk of all firms in the economy. Thus, if S&P lowers its rating on IBM stock and if an investor is holding only this particular stock, she may face significant losses as a result of this downgrading. However, portfolio theory in finance has shown that firm-specific credit risk can be diversified away if a portfolio of well-diversified stocks is held. Similarly, if an FI holds well-diversified assets, the FI will face only systematic credit risk that will be affected by the general condition of the economy. The risks specific to any one customer will not be a significant portion of the FIs overall credit risk.
16. Many banks and S&Ls that failed in the 1980s had made loans to oil companies in
Louisiana, Texas, and Oklahoma. When oil prices fell, these companies, the regional
economy, and the banks and S&Ls all experienced financial problems. What types of risk were inherent in the loans that were made by these banks and S&Ls?
The loans in question involved credit risk. Although the geographic risk area covered a large region of the United States, the risk more closely characterized firm-specific risk than systematic risk. More extensive diversification by the FIs to other types of industries would have decreased the amount of financial hardship these institutions had to endure.
17. What is the nature of an off-balance-sheet activity? How does an FI benefit from such
activities? Identify the various risks that these activities generate for an FI and explain how these risks can create varying degrees of financial stress for the FI at a later time.
Off-balance-sheet activities are contingent commitments to undertake future on-balance-sheet investments. The usual benefit of committing to a future activity is the generation of immediate fee income without the normal recognition of the activity on the balance sheet. As such, these contingent investments may be exposed to credit risk (if there is some default risk probability), interest rate risk (if there is some price and/or interest rate sensitivity) and foreign exchange rate risk (if there is a cross currency commitment).
18. What is technology risk? What is the difference between economies of scale and
economies of scope? How can these economies create benefits for an FI? How can these economies prove harmful to an FI?
Technology risk occurs when investment in new technologies does not generate the cost savings expected in the expansion in financial services. Economies of scale occur when the average cost of production decreases with an expansion in the amount of financial services provided. Economies of scope occur when an FI is able to lower overall costs by producing new products with inputs similar to those used for other products. In financial service industries, the use of data from existing customer databases to assist in providing new service products is an example of economies of scope.
19. What is the difference between technology risk and operational risk? How does
internationalizing the payments system among banks increase operational risk?
Technology risk refers to the uncertainty surrounding the implementation of new technology in the operations of an FI. For example, if an FI spends millions on upgrading its computer systems but is not able to recapture its costs because its productivity has not increased commensurately or because the technology has already become obsolete, it has invested in a negative NPV investment in technology.
Operational risk refers to the failure of the back-room support operations necessary to maintain the smooth functioning of the operation of FIs, including settlement, clearing, and other transaction-related activities. For example, computerized payment systems such as Fedwire, CHIPS, and SWIFT allow modern financial intermediaries to transfer funds, securities, and messages across the world in seconds of real time. This creates the opportunity to engage in global financial transactions over a short term in an extremely cost-efficient manner. However, the interdependence of such transactions also creates settlement risk. Typically, any given transaction leads to other transactions as funds and securities cross the globe. If there is either a transmittal failure or high-tech fraud affecting any one of the intermediate transactions, this could cause an unraveling of all subsequent transactions.
20. What two factors provide potential benefits to FIs that expand their asset holdings and
liability funding sources beyond their domestic economies?
FIs can realize operational and financial benefits from direct foreign investment and foreign portfolio investments in two ways. First, the technologies and firms across various economies differ from each other in terms of growth rates, extent of development, etc. Second, exchange rate changes may not be perfectly correlated across various economies.
21. What is foreign exchange risk? What does it mean for an FI to be net long in foreign assets?
What does it mean for an FI to be net short in foreign assets? In each case, what must
happen to the foreign exchange rate to cause the FI to suffer losses?
Foreign exchange risk involves the adv erse affect on the value of an FI’s assets and liabilities that are located in another country when the exchange rate changes. An FI is net long in foreign assets when the foreign currency-denominated assets exceed the foreign currency denominated liabilities. In this case, an FI will suffer potential losses if the domestic currency strengthens relative to the foreign currency when repayment of the assets will occur in the foreign currency. An FI is net short in foreign assets when the foreign currency-denominated liabilities exceed the foreign currency denominated assets. In this case, an FI will suffer potential losses if the domestic currency weakens relative to the foreign currency when repayment of the liabilities will occur in the domestic currency.
22. If the Swiss franc is expected to depreciate in the near future, would a U.S.-based FI in
Bern City prefer to be net long or net short in its asset positions? Discuss.
The U.S. FI would prefer to be net short (liabilities greater than assets) in its asset position. The depreciation of the franc relative to the dollar means that the U.S. FI would pay back the net liability position with fewer dollars. In other words, the decrease in the foreign assets in dollar value after conversion will be less than the decrease in the value of the foreign liabilities in dollar value after conversion.
23. If international capital markets are well integrated and operate efficiently, will banks be
exposed to foreign exchange risk? What are the sources of foreign exchange risk for FIs?
If there are no real or financial barriers to international capital and goods flows, FIs can eliminate all foreign exchange rate risk exposure. Sources of foreign exchange risk exposure include international differentials in real prices, cross-country differences in the real rate of interest (perhaps, as a result of differential rates of time preference), regulatory and government intervention and restrictions on capital movements, trade barriers, and tariffs.
24. If an FI has the same amount of foreign assets and foreign liabilities in the same currency,
has that FI necessarily reduced to zero the risk involved in these international transactions?
Explain.
Matching the size of the foreign currency book will not eliminate the risk of the international transactions if the maturities of the assets and liabilities are mismatched. To the extent that the asset and liabilities are mismatched in terms of maturities, or more importantly durations, the FI will be exposed to foreign interest rate risk.
25. A U.S. insurance company invests $1,000,000 in a private placement of British bonds.
Each bond pays ￡300 in interest per year for 20 years. If the current exchange rate is
￡1.7612/$, what is the nature of the insurance company’s exch ange rate risk? Specifically, what type of exchange rate movement concerns this insurance company?
In this case, the insurance company is worried about the value of the ￡ falling. If this happens, the insurance company would be able to buy fewer dollars with the ￡ received. This would happen if the exchange rate rose to say ￡1.88/$ since now it would take more ￡ to buy one dollar, but the bond contract is paying a fixed amount of interest and principal.
26. Assume that a bank has assets located in London worth ￡150 million on which it earns an
average of 8 percent per year. The bank has ￡100 million in liabilities on which it pays an average of 6 percent per year. The current spot rate is ￡1.50/$.
a. If the exchange rate at the end of the year is ￡2.00/$, will the dollar have appreciated or
devalued against the mark?
The dollar will have appreciated, or conversely, the ￡ will have depreciated.
b. Given the change in the exchange rate, what is the effect in dollars on the net interest
income from the foreign assets and liabilities? Note: The net interest income is interest
income minus interest expense.
Measurement in ￡
Interest received = ￡12 million
Interest paid = ￡6 million
Net interest income = ￡6 million
Measurement in $ before ￡ devaluation
Interest received in dollars = $8 million
Interest paid in dollars = $4 million
Net interest income = $4 million
Measurement in $ after ￡ devaluation
Interest received in dollars = $6 million
Interest paid in dollars = $3 million
Net interest income = $3 million
c. What is the effect of the exchange rate change on the value of assets and liabilities in
dollars?
The assets were worth $100 million (￡150m/1.50) before depreciation, but after
devaluation they are worth only $75 million. The liabilities were worth $66.67 million
before depreciation, but they are worth only $50 million after devaluation. Since assets
declined by $25 million and liabilities by $16.67 million, net worth declined by $8.33
million using spot rates at the end of the year.
27. Six months ago, Qualitybank, LTD., issued a $100 million, one-year maturity CD
denominated in Euros. On the same date, $60 million was invested in a €-denominated loan and $40 million was invested in a U.S. Treasury bill. The exchange rate six months ago was €1.7382/$. Assume no repayment of principal, and an exchange rate today of €1.3905/$.
a. What is the current value of the Euro CD principal (in dollars and €)?
Today's principal value on the Euro CD is €173.82 and $125m (173.82/1.3905).
b. What is the current value of the Euro-denominated loan principal (in dollars and €)?
Today's principal value on the loan is DM104.292 and $75 (104.292/1.3905).
c. What is the current value of the U.S. Treasury bill (in dollars and €)?
Today's principal value on the U.S. Treasury bill is $40m and €55.62 (40 x 1.3905),
although for a U.S. bank this does not change in value.
d.What is Qualitybank’s profit/loss from this transaction (in dollars and €)?
Qualitybank's loss is $10m or €13.908.
Solution matrix for problem 27:
At Issue Date:
Dollar Transaction Values (in millions) Euro Transaction Values (in millions)
Euro Euro Euro Euro
Loan $60 CD $100 Loan DM104.292 CD DM173.82 U.S T-bill $40 U.S. T-bill DM69.528
$100 $100 DM173.82 DM173.82 Today:
Dollar Transaction Values (in millions) €Transaction Values (in millions)
Euro Euro Euro Euro
Loan $75 CD $125 Loan €104.292CD €173.82 U.S. T-bill $40 U.S. T-bill €55.620
$115 $125 €159.912 €173.82 28. Suppose you purchase a 10-year, AAA-rated Swiss bond for par that is paying an annual
coupon of 8 percent. The bond has a face value of 1,000 Swiss francs (SF). The spot rate at the time of purchase is SF1.50/$. At the end of the year, the bond is downgraded to AA and the yield increases to 10 percent. In addition, the SF appreciates to SF1.35/$.
a. What is the loss or gain to a Swiss investor who holds this bond for a year? What portion of this loss or gain is due to foreign exchange risk? What portion is due to interest rate risk?
Beginning of the Year
000,1*000,1*6010,610,6SF PV SF PVA SF Bond of Price n i n i =+=====
End of the Year
06.875*000,1*609,89,8SF PV SF PVA SF Bond of Price n i n i =+=====
The loss to the Swiss investor (SF875.06 + SF60 - SF1,000)/$1,000 = -6.49 percent. The entire amount of the loss is due to interest rate risk.
b. What is the loss or gain to a U.S. investor who holds this bond for a year? What portion of this loss or gain is due to foreign exchange risk? What portion is due to interest rate risk?
Price at beginning of year = SF1,000/SF1.50 = $666.67
Price at end of year = SF875.06/SF1.35 = $648.19
Interest received at end of year = SF60/SF1.35 = $44.44
Gain to U.S. investor = ($648.19 + $44.44 - $666.67)/$666.67 = +3.89%.
The U.S. investor had an equivalent loss of 6.49 percent from interest rate risk, but he had a
gain of 10.38 percent (3.89 - (-6.49)) from foreign exchange risk. If the Swiss franc had depreciated, the loss to the U.S. investor would have been larger than 6.49 percent.
29. What is country or sovereign risk ? What remedy does an FI realistically have in the event
of a collapsing country or currency?
Country risk involves the interference of a foreign government in the transmission of funds transfer to repay a debt by a foreign borrower. A lender FI has very little recourse in this situation unless the FI is able to restructure the debt or demonstrate influence over the future supply of funds to the country in question. This influence likely would involve significant working relationships with the IMF and the World Bank.
30. Characterize the risk exposure(s) of the following FI transactions by choosing one or more
of the risk types listed below:
a. Interest rate risk d. Technology risk
b. Credit risk e. Foreign exchange rate risk
c. Off-balance-sheet risk f. Country or sovereign risk
(1) A bank finances a $10 million, six-year fixed-rate commercial loan by selling one-
year certificates of deposit. a, b
(2) An insurance company invests its policy premiums in a long-term municipal bond
portfolio. a, b
(3) A French bank sells two-year fixed-rate notes to finance a two-year fixed-rate loan to
a British entrepreneur. b, e, f
(4) A Japanese bank acquires an Austrian bank to facilitate clearing operations.
a, b, c, d, e, f
(5) A mutual fund completely hedges its interest rate risk exposure using forward
contingent contracts. b, c
(6) A bond dealer uses his own equity to buy Mexican debt on the less-developed country
(LDC) bond market. a, b, e, f
(7) A securities firm sells a package of mortgage loans as mortgage backed securities.
A, b, c
31. Consider these four types of risks: credit, foreign exchange, market, and sovereign. These
risks can be separated into two pairs of risk types in which each pair consists of two related risk types, with one being a subset of the other. How would you pair off the risk types, and which risk type may be considered a subset of another?
Credit risk and sovereign risk comprise one pair, while FX and market risk make up the other. Sovereign risk is a type of credit risk in that one reason why a loan may default is because of political upheaval in the country in which the borrower resides. FX risk is a type of market risk in that one reason why the market value of an outstanding loan or security may change is due to
a change in exchange rates.
32. What is liquidity risk? What routine operating factors allow FIs to deal with this risk in
times of normal economic activity? What market reality can create severe financial
difficulty for an FI in times of extreme liquidity crises?
Liquidity risk is the uncertainty that an FI may need to obtain large amounts of cash to meet the withdrawals of depositors or other liability claimants. In times of normal economic activity, depository FIs meet cash withdrawals by accepting new deposits and borrowing funds in the short-term money markets. However, in times of harsh liquidity crises, the FI may need to sell assets at significant losses in order to generate cash quickly.
33. Why can insolvency risk be classified as a consequence or outcome of any or all of the
other types of risks?
Insolvency risk involves the shortfall of capital in times when the operating performance of the institution generates accounting losses. These losses may be the result of one or more of interest rate, market, credit, liquidity, sovereign, foreign exchange, technological, and off-balance-sheet risks.
34. Discuss the interrelationships among the different sources of bank risk exposure. Why
would the construction of a bank risk-management model to measure and manage only one type of risk be incomplete?
Measuring each source of bank risk exposure individually creates the false impression that they are independent of each other. For example, the interest rate risk exposure of a bank could be
reduced by requiring bank customers to take on more interest rate risk exposure through the use of floating rate products. However, this reduction in bank risk may be obtained only at the possible expense of increased credit risk. That is, customers experiencing losses resulting from unanticipated interest rate changes may be forced into insolvency, thereby increasing bank default risk. Similarly, off-balance sheet risk encompasses several risks since off-balance sheet contingent contracts typically have credit risk and interest rate risk as well as currency risk. Moreover, the failure of collection and payment systems may lead corporate customers into bankruptcy. Thus, technology risk may influence the credit risk of FIs.
As a result of these interdependencies, FIs have focused on developing sophisticated models that attempt to measure all of the risks faced by the FI at any point in time.
金融风险管理考试题目 及答案 Company Document number：WTUT-WT88Y-W8BBGB-BWYTT-19998
一、名词解释 1、风险:风险是一种人们可知其概率分布的不确定性。在经济学中，风险常指未来损失的不确定性。 模型风险: 模型风险是指客观概率与主观概率不完全相符的风险。一般的经济风险往往在不同程度上都存在着或多或少的模型风险。根据客观概率和主观概率差异的来源，可将模型风险分为结构风险、参数风险、滞后期限风险和变量风险。 不确定性:是指人们对事件或决策结果可能性完全或部分不确知。根据人们对可能性确知程度的高低，可将不确定性分为完全确定性、不完全确定性和完全不确定性。在经济学中不确定性是指对于未来的收益和损失等经济状况的分布范围和状态不能确知。 2、全面风险管理:是指企业围绕总体经营目标，通过在企业管理的各个环节和经营过程中执行风险管理的基本流程，培育良好的风险管理文化，建立健全全面风险管理体系，包括风险管理策略、风险理财措施、风险管理的组织职能体系、风险管理信息系统和内部控制系统，从而为实现风险管理的总体目标提供合理保证的过程和方法。 3、债券久期:这一概念最早是由经济学家麦考雷提出的。他在研究债券与利率之间的关系时发现，在到期期限（或剩余期限）并不是影响利率风险的唯一因素，事实上票面利率、利息支付方式、市场利率等因素都会影响利率风险。基于这样的考虑，麦考雷提出了一个综合了以上四个因素的利率风险衡量指标，并称其为久期。久期表示了债券或债券组合的平均还款期限，它是每次支付现金所用时间的加权平均值，权重为每次支付的现金流的现值占现金流现值总和的比率。久期用D表示。久期越短，债券对利率的敏感性越低，风险越低；反之
2019年危废规范管理培训试题 姓名：单位：成绩： 一、单选题（每题3分，共45分） 1.2014年新修订的环境保护法，“保护环境”被确立为我国的一项( )。 A、基本国策 B、基本政策 C、基本方针 D、基本策略 2. 环境保护坚持保护优先、预防为主、综合治理、( )、损害担责的原则。 A、政府为主 B、公众参与 C、部门配合 D、社区配合 3.新环保法规定，保护环境是国家的基本国策;一切( )都有保护环境的义务。 A、单位和个人 B、企业和个人 C、政府部门和社会团体 D、企事业单位和社会组织 4.公民应当增强环境保护意识，采取( )的生活方式，自觉履行环境保护义务。 A、自给自足 B、低碳、节俭 C、奢华 D、铺张 5.新环保法规定，排放污染物的企业事业单位和其他生产经营者，应当按照国家有关规定缴纳( )。 A、环境保护税 B、矿产资源税 C、排污费 D、污染费 6.新环保法规定,每年6月5日为( )。 A、环境保护日 B、世界环境日 C、环境日 D、中国环境日 7.实行排污许可管理的企业事业单位和其他生产经营者应当按照( )的要求排放污染物。 A、排污许可证 B、总量控制指标 C、环境管理 D、污染排放 8.实行排污许可证管理的企业事业单位和其他生产经营者应当按照排污许可证的要求排放污染物;未取得排污许可证的，不得( )。 A、擅自投入生产 B、排放污染物 C、继续生产 D、开工建设 9.新环保法中的“环境”是指( )。 A、影响人类生存和发展的各种自然、社会、经济因素的总体 B、影响生物生存的各种天然的和经过人工改造的自然因素的总体 C、影响人类生存和发展的各种天然的和经过人工改造的自然因素的总体 D、以上都不对 10.一般认为，我国酸雨形成的主要原因是（）等酸性气体进入大所后，逐步形成PH<5.6的酸性降水。 A.盐酸 B.二氧化碳 C.二氧化硫 11.污水处理站运行操作规程中规定污水处理设施是每（）小时巡查一次。 A .2 B.3 C.4 12.环境保护“三同时”制度是（）。 A.同时设计、同时施工、同时改造 B.同时设计、同时施工、同时投产 C.同时设计、同时改造、同时投产 13.在大气污染物中，对植物危害较大的是（）。 A．一氧化碳和二氧化硫B．二氧化硫和氟化物C．一氧化碳和氟化物 14.企业应当优先使用( )能源，采用资源利用率高、污染物排放量少的工艺、设备以及废弃物综合利用技术和污染物无害化处理技术，减少污染物的产生。 A、特殊 B、先进 C、环保 D、清洁 15.工业三废是指（）。 A。废水、废料、废渣B。废水、废气、废料C。废水、废气、废渣 二、填空题（每空3分，,共30分） 1.企业事业单位和其他生产经营者应当防止、减少环境污染和生态破坏，对所造成的损害
2013年11月中英合作金融管理专业管理段证书课程考试 金融管理综合应用试题 （课程代码11753） 仔细阅读下列案列，回答第一、二题，共100分。 上品三明治公司 背景介绍 1989年，上品三明治公司（下文简称“上品公司”）在伦敦开设了第一家门店。上品公司的三明治品种丰富，为满足顾客的个性化需求提供了不同的面包、馅料组合。这种创意受到消费者的极大青睐，公司得以迅速扩张。下表显示了上品公司成立25年来迅速增长的门店数量。 上品公司在英国的门店数量 上品公司位列英国金融时报指数（FTSE）前250强，是一家公认的成功企业。 对于上品公司这样的企业来讲，近几年确实是发展的黄金时期。较低的利率意味着筹资成本低，而经济衰退又迫使人们生活节俭。在城市工作的人们开始喜欢便宜、快捷的午餐。上品公司成为这一潮流的受益者。 公司门店一直面向当地招聘备餐和服务人员，但主管和经理往往选自更广的区域。如果本地员工具备了晋升资格，他们可以在其他门店获得更高的职位。 自上品公司成立之日起，公司的使命陈述就未曾改变过。
制度上享有良好的声誉。英国多地的官员都认为上品公司能遵守英国雇佣法，能采取积极的措施避免由种族、宗教、性别、性取向或残疾偏见引起的法律纠纷。并且，公司所有级别的员工都享有同等的晋升机会。 此外，上品公司力争在环境问题上作出表率。公司在减少污染和使用可持续产品上付出的努力得到了公众认可，被认为是一家承担了社会责任的公司。同事，公司因捐助当地的公益活动和慈善机构赢得了人们的尊重。 由于上述原因，上品公司收到了利益相关者的拥护。股东对高额股利和持续上升的股价表示满意，而雇员对这个公认的好雇主十分忠诚和拥戴。顾客喜欢公司的产品，社会总体上对公司富有社会责任感的经营方式表示赞赏。 经期的变化 上品公司在英国开设新门店的速度开始下降，因为很多合适的地点都已开店，当地的竞争也愈加激烈。公司董事们认为在英国进一步发展的机会有限，正在考虑公司未来发展的各种选择。其中一个可能的举措是打入欧洲其他国家市场。然而，上品公司的声誉仅限于英国国内，并不具有国际知名度，因此无法依靠它的品牌来促进销售。相关研究表明，在欧洲其他较发达的国家，同类公司已经存在，而且当地的商业地产价格高，竞争激烈。在欧洲不太富裕的国家，城市里已有类似的商家，而偏远的乡村仍保持传统的生活方式，能购买这种食品的人数有限，对上品公司这样的企业而言缺乏明显的商机。亚洲市场是另一个具有发展潜力的地区。 下表列示了上品公司当前的财务状况。 上品三明治公司年度利润表截止到2013年6月30日（单位：千英镑）
风险管理第一次作业 一、单项选择题 1.按金融风险的性质可将风险划为(C)。 A.纯粹风险和投机风险 C.系统性风险和非系统性风险B.可管理风险和不可管理风险 D.可量化风险和不可量化风险 2.(A)是指获得银行信用支持的债务人由于种种原因不能或不愿遵照合同规定按时偿还债务而使银行遭受损失的可能性。 A.信用风险 B.市场风险 C.操作风险 D.流动性风险 3.(C)是在风险发生之前，通过各种交易活动，把可能发生的风险转移给其他人承担。 A.回避策略 B.抑制策略 C.转移策略 D.补偿策略 4.下列各种风险管理策略中，采用(A)来降低非系统性风险最为直接、有效? A.风险分散 B.风险对冲 C.风险转移 D.风险补偿 5.依照“贷款风险五级分类法”，基本特征为“肯定损失”的贷款为(C)。 A.关注类贷款 B.次级类贷款 C.可疑类贷款 D.损失类贷款 二、多项选择题 1.按金融风险主体分类，金融风险可以划分为(ABC)。 A.国家金融风险 B.金融机构风险 C.居民金融风险
2.金融风险的特征是(ABCD)。 A.隐蔽性 C.加速性 D.企业金融风险B.扩散性D.可控性 3.信息不对称又导致信贷市场的(AC)，从而导致呆坏帐和金融风险的发生。 A.逆向选择 B.收入下降 C.道德风险 D.逆向撤资 4.金融风险管理的目的主要包括(ABCD)。 A.保证各种金融机构和体系的稳健安全 B.保证国家宏观货币政策贯彻执行 C.保证金融机构的公平竞争和较高效率 D.维护社会公众利益 5.根据有效市场假说理论，可以根据市场效率的高低将资本市场分为(BCD)。 A.无效市场 B.弱有效市场 C.强有效市场 D.中度有效市场 三、判断题(判断正误，并对错误的说明理由) 1.风险就是指损失的大小。 错误理由：风险是指产生损失后果的不确定性(×) 2.20世纪70年代以后的金融风险主要表现为证券市场的价格风险和金融机构的信用风险及流动性风险。(×)错误理由：主要表现出金融的自由化、金融行为的证券化和金融的一体化特征 3.风险分散只能降低非系统性风险，对系统性风险却无能为力。 正确依据：风险分散只能降低非系统风险； 风险转移可以转移非系统风险和系统风险； 风险对冲不仅对冲非系统风险也可以对冲系统风险； 风险规避就直接避免了系统风险和非系统风险。
环境管理体系考试试题 一、选择题(在下列各题中选择一个你认为最适合的答案，填到空格中。每题1 分，共 计10 分) 1. 已知某个月的所有星期天的日期加起来是85，那么这个月的最后一个星期 天是( )号。 a) 30 b) 28 c) 29 d) 31 【答案】d 【解析】一个月的星期天只可能是4 个或5 个。由于 85- (1+2+3+4) X7= 15, 15 吒=3,所以这个月应当有5个星期天，第一个星期天 是该月3 号，最后一个星期 天是31 号。 2. 《城市区域环境噪声标准》中各类标准的适用区域 由( A )划定。 a) 当地人民政府 b) 当地环境保护行政主管部门 c) 当地气象部门 d) 当地人民代表大会 3. GB/T24001-2004 标准的全称是 (a ) a) 环境管理体系要求及使用指南 b) 环境管理体系规范及使用指南 c) 环境管理体系原则体系和支持技术通用指南
d) 环境管理体系要求及支持技术指南 4. 污染预防不包括（b ） a）更改过程、产品或服务 b）污染工序外包 c）采用替代能源 d）源的减少或消除 5. 某市的红光大厦工程建设任务进行招标。有四个建筑公司投标。为简便起 见，称它们为甲、乙、丙、丁。在标底公布以前，各公司经理分别做出猜测。 甲公司经理说：“我们公司最有可能会中标，其他公司不可能。”乙公司经理 说：“中标的公司一定出自乙和丙两个公司之中。”丙公司经理说：“中标的 若不是甲公司就是我们公司。”丁公司经理说：“如果四个公司中必有一个中 标，那就非我们莫属了！”标底公开后得知，四人中只有一个人的预测成真 了。 以下哪项判断最可能为真？（） a）甲公司经理猜对了，甲公司中标了b ）乙公司经理猜对了，丙公司中 标了 c）乙公司和丁公司的经理都说错了d）甲公司和乙 公司的经理都说错
《商业银行管理学》课后习题及题解 第一章商业银行管理学导论 习题 一、判断题 1. 《金融服务现代化法案》的核心内容之一就是废除《格拉斯－斯蒂格尔法》。 2. 政府放松金融管制与加强金融监管是相互矛盾的。 3. 商业银行管理的最终目标是追求利润最大化。 4. 在金融市场上，商业银行等金融中介起着类似于中介经纪人的角色。 5. 商业银行具有明显的企业性质，所以常用于企业管理的最优化原理如边 际分享原理、投入要素最优组合原理、规模经济原理也适用于商业银行。 6. 金融市场的交易成本和信息不对称决定了商业银行在金融市场中的主体 地 位。 7. 企业价值最大化是商业银行管理的基本目 标。 8. 商业银行管理学研究的主要对象是围绕稀缺资源信用资金的优化配置所 展开的各种业务及相关的组织管理问题。
9. 商业银行资金的安全性指的是银行投入的信用资金在不受损失的情况下 能如期收回。 二、简答题 1. 试述商业银行的性质与功能。 2. 如何理解商业银行管理的目标？ 3. 现代商业银行经营的特点有哪些？ 4. 商业银行管理学的研究对象和内容是什么？ 5. 如何看待“三性”平衡之间的关系？ 三、论述题 1. 论述商业银行的三性目标是什么，如何处理三者之间的关系。 2. 试结合我国实际论述商业银行在金融体系中的作用。 第一章习题参考答案 一、判断题 1.√ 2.× 3.× 4.√ 5.× 6.√ 7.× 8.√ 9.√
二、略；三、略。 第二章商业银行资本金管理 习题 一、判断题 1. 新巴塞尔资本协议规定，商业银行的核心资本充足率仍为4％。 2. 巴塞尔协议规定，银行附属资本的合计金额不得超过其核心资本的50%。 3. 新巴塞尔资本协议对银行信用风险提供了两种方法：标准法和内部模型法。 4. 资本充足率反映了商业银行抵御风险的能力。 5. 我国国有商业银行目前只能通过财政增资的方式增加资本金。 6. 商业银行计算信用风险加权资产的标准法中的风险权重由监管机关规定。 二、单选题 1. 我国《商业银行资本充足率管理办法》规定，计入附属资本的长期次级债务不得超过核心资本的。 A. 20% B. 50% C. 70% D. 100% 2. 商业银行用于弥补尚未识别的可能性损失的准备金是。 A. 一般准备金 B. 专项准备金 C. 特殊准备金 D. 风险准备金
第一章 【习题答案】 1.系统性金融风险 2.逆向选择；道德风险 3.正确。心理学中的“乐队车效应”是指在游行中开在前面，载着乐队演奏音乐的汽车，由于音乐使人情绪激昂，就影响着人们跟着参加游行。在股市中表现为，当经济繁荣推动股价上升时，幼稚的投资者开始拥向价格处于高位的股票，促使市场行情飙升。 4.错误。不确定性是指经济主体对于未来的经济状况的分布范围和状态不能确知；而风险是一个二维概念，它表示了损失的大小和损失发生概率的大小。 5.A（本题目有错别字，内存，应改为内在） 6.A 7.略。提示：金融风险的定义。 8.金融风险的一般特征：客观性：汇率的变动不以任何金融主体的主观意志为转移。普遍性：每一个具体行业、每一种金融工具、每一个经营机构和每一次交易行为中，都有可能潜伏着金融风险、扩张性：美国次贷危机将整个世界拖入金融海啸、多样性与可变性：期货期权等金融衍生品不断创新，影响风险的因素变得多而复杂、可管理性：运用恰当手段可套期保值达到避险的目的；金融风险的当代特征：高传染性：由于金融的高度自由化和一体化，美国次贷危机成为引发欧债危机的导火线、“零”距离化：1997年泰国金融危机使东南亚国家相继倒下、强破坏性：由于金融深化，美国发生的“次债危机”从2007年8月开始席卷美国、欧盟和日本等世界主要金融市场，以及2009年发生的欧洲主权债务危机，截至2012年仍然对全球经济产生巨大的负面作用。 9.按照金融风险的形态划分：价格风险（利率风险、汇率风险、证券价格风险、金融衍生品价格风险、通货膨胀风险）；信用风险；流动性风险；经营或操作风险；政策风险；金融科技风险；其他形态的风险（法律风险、国家风险、环境风险、关联风险）。根据金融风险的主体划分：金融机构风险；个人金融风险；企业金融风险；国家金融风险。根据金融风险的产生根源划分：客观金融风险；主观金融风险。根据金融风险的性质划分：系统性金融风险；非系统性金融风险（经营风险、财务风险、信用风险、道德风险等）。根据金融风险的层次划分：微观金融风险；宏观金融风险。 10.金融风险的效应可以划分为经济效应、政治效应和社会效应三个方面，经济效应主要包括微观经济效应和宏观经济效应。
环境管理体系考试试题一、选择题(在下列各题中选择一个你认为最适合的答案，填到空格中。每题1分，共计10分) 1.已知某个月的所有星期天的日期加起来是85，那么这个月的最后一个星期天是（）号。a） 30 b） 28 c） 29 d） 31 【答案】d 【解析】一个月的星期天只可能是4个或5个。由于85-（1+2+3+4）×7＝15，15÷5＝3，所以这个月应当有5个星期天，第一个星期天是该月3号，最后一个星期天是31号。 2.《城市区域环境噪声标准》中各类标准的适用区域由（A ）划定。a）当地人民政府b）当地环境保护行政主管部门c）当地气象部门d）当地人民代表大会3.GB/T24001-2004标准的全称是（a ） a）环境管理体系要求及使用指南 b）环境管理体系规范及使用指南 c）环境管理体系原则体系和支持技术通用指南d）环境管理体系要求及支持技术指南 4.污染预防不包括（b ） a）更改过程、产品或服务 b）污染工序外包 c）采用替代能源 d）源的减少或消除 5.某市的红光大厦工程建设任务进行招标。有四个建筑公司投标。为简便起见，称它们为甲、乙、丙、丁。在标底公布以前，各公司经理分别做出猜测。甲公司经理说：“我们公司最有可能会中标，其他公司不可能。”乙公
司经理 说：“中标的公司一定出自乙和丙两个公司之中。”丙公司经理说：“中标的若不是甲公司就是我们公司。”丁公司经理说：“如果四个公司中必有一个中标，那就非我们莫属了！”标底公开后得知，四人中只有一个人的预测成真了。以下哪项判断最可能为真？（）a）甲公司经理猜对了，甲公司中标了 b）乙公司经理猜对了，丙公司中标了c）乙公司和丁公司的经理都说错了d）甲公司和乙公司的经理都说错了【答案】d 【解析】由题干可知，若甲为真，则丙为真，不能出现两真，所以甲必为假，假如据此而认定丙中标，即丙为真，则乙也为真，也不可能，所以丙为假，即丙未中标，因此中标者或者为乙、或者为丁，如是前者乙所说为真，如是后者丁所说为真，符合这一结果的只有D。 6.为满足ISO14001环境管理体系标准，当识别环境因素时应考虑（ d ）a）组织的环境管理体系覆盖范围内的活动、产品和服务b）组织能够控制或能施加影响的环境因素c）已纳入计划的或新的开发、新的或修改的活动、产品和服务d）所有上述答案7. “与审核准则有关的并且能够证实的记录、事实陈述或其他信息”，是指(b）a）审核结论b）审核发现c）审核方案
2017年11月中英合作金融管理专业管理段证书课程考试 《金融管理综合应用》课程考试 考生须知 2.随本须知下发的案例资料仅供报考《金融管理综合应用》课程考试的考生 在考前阅读。除考试机构下发案例资料工作所需外，其他任何个人或机构不得复制或出版此案例资料，不得以任何形式传播案例内容，违者必究。 3.正式考试时，考生不得携带案例资料和任何学习材料入场。考试试卷中将 提供案例资料内容。 4.考生应携带黑色字迹的签字笔、2B铅笔参加考试，可携带不带存储功能的 计算器、直尺等文具。 5.考试过程中，考生应严格遵守考场纪律和考试要求。 教育部考试中心 2017年11月3日
2017年11月中英合作金融管理专业管理段证书课程考试 金融管理综合应用 案例资料 GL自行车销售公司 背景介绍 GL自行车销售公司（下文简称“GL公司”）20多年前由李戈和刘林创立于上海。GL 公司为私人有限责任公司，两位创始人各持有50%的股份。李戈是公司总裁兼首席执行官，刘林是财务总监。两人在工作过程中紧密合作，所有重大决策都由两人共同商议决定。董事会由李戈、刘林及律师组成。 创立初期，他们只拥有一家位于上海郊区的门店。经过快速扩张，公司现已有22家分店，分布于上海及南京等周边城市。两位创始人雄心勃勃，打算开设更多分店，目前考虑在北京和重庆开设分店。这两家分店地址均距离现有分店几百公里。公司目前可用于开设新店的资金为2 800 000美元。 表1是近三年公司的简化利润表。 表1显示，2016年公司净利润下降。时值公司正在策划业务扩张和多元化发展之际，利润的下降引起了李戈和刘林的担心。利润表一直由刘林负责组织编制，由于是一家私营 金融管理综合应用案例资料第1 页（共8页）
金融风险管理作业1 一、单项选择题 1.按金融风险的性质可将风险划为(C)。 A.纯粹风险和投机风险 B.可管理风险和不可管理风险 C.系统性风险和非系统性风险 D.可量化风险和不可量化风险 2.(A)是指获得银行信用支持的债务人由于种种原因不能或不愿遵照合同规定按时偿还债务而使银行遭受损失的可能性。 A.信用风险 B.市场风险 C.操作风险 D.流动性风险 3.(C)是在风险发生之前，通过各种交易活动，把可能发生的风险转移给其他人承担。 A.回避策略 B.抑制策略 C.转移策略 D.补偿策略 4.下列各种风险管理策略中，采用(A)来降低非系统性风险最为直接、有效? A.风险分散 B.风险对冲 C.风险转移 D.风险补偿 5.依照“贷款风险五级分类法”，基本特征为“肯定损失”的贷款为(C)。 A.关注类贷款 B.次级类贷款 C.可疑类贷款 D.损失类贷款 二、多项选择题 1.按金融风险主体分类，金融风险可以划分为(ABC)。 A.国家金融风险 B.金融机构风险 C.居民金融风险 D.企业金融风险 2.金融风险的特征是(ABCD)。 A.隐蔽性 B.扩散性 C.加速性 D.可控性 3.信息不对称又导致信贷市场的(AC)，从而导致呆坏帐和金融风险的发生。 A.逆向选择 B.收入下降 C.道德风险 D.逆向撤资 4.金融风险管理的目的主要包括(ABCD)。 A.保证各种金融机构和体系的稳健安全 B.保证国家宏观货币政策贯彻执行 C.保证金融机构的公平竞争和较高效率 D.维护社会公众利益 5.根据有效市场假说理论，可以根据市场效率的高低将资本市场分为(BCD)。 A.无效市场 B.弱有效市场 C.强有效市场 D.中度有效市场
沈阳市城市市容和环境卫生管理条例 试卷 单位： 部门： 姓名： 1、《沈阳市城市市容和环境卫生管理条例》自（2012年 1月1日）起施行。 2、《沈阳市城市市容和环境卫生管理条例》适用于本市 城市内和其他实行（城市化管理）地区的市容和环境卫生管 理。实行城市化管理地区的范围，由市人民政府划定。 3、市（城市建设管理）部门是市容和环境卫生主管部门， 负责本市市容和环境卫生的监督和管理工作。区、县(市)市 容和环境卫生主管部门负责本辖区内市容和环境卫生的管理 工作。 4、主要街道、桥梁、地下通道、广场、公厕等公共区域 的市容和环境卫生管理责任，由（环境卫生作业单位）负责。 5、街巷、住宅小区的市容和环境卫生管理责任，由（街 道办事处）负责；实行物业管理的住宅小区的市容和环境卫生 管理责任，由物业服务企业负责。 6、商店、超市、集贸市场、展览展销场馆、证券市场、 宾馆、饭店等场所的市容和环境卫生管理责任，由经营管理 单位或者（经营者）负责。 7、机场、火车站、长途汽车客运站、停车场、公交车始 末站点的市容和环境卫生管理责任，由（经营管理单位）负 责。 8、浑河、南北运河等城市水域沿岸的市容和环境卫生管 理责任，由（管理单位）负责。
9、工程施工现场的市容和环境卫生管理责任，由施工单 位负 责；尚未开工的建设工程用地的市容和环境卫生管理责任，由（建 设单位）负责。 10、市和区、县(市)人民政府应当积极推进市容和环境卫生 事业的改革，逐步实现市容和环境卫生作业和服务的社会化和 （市场化）。 11、任何单位和个人都有保护市容和环境卫生的义务，对损 坏市容和环境卫生的行为有劝阻和（举报）的权利。 12、主要街道两侧和繁华地区的建筑物前，应当根据需要与 可能，选用透景、半透景的围墙、栅栏或者绿篱、花坛(池)、草 坪等作为分界，除特殊情况外，不得设置（实体围墙）。 13、需要在道路及其他公共场所设置公安、交通、路灯、民 政、环保、电力、邮政、通信等公共设施的，应当向（城建主管 部门）提出申请，经城建主管部门组织有关部门审查批准后，方 可设置。设施的所有权人或者维护单位应当及时对公共设施进行 维修、更换、清洗或者补设，保持各类设施完好、整洁、美观。 14、任何单位和个人不得在道路和（公共场地）借助护栏、 电杆悬挂物品。 15、工程施工现场应当设置围挡、（警示）标志和临时环境 卫生设施。 16、建筑、拆迁施工现场的出入口路面应当作必要的（覆 盖），设置冲洗设备，对进出的车辆进行清洗，不得带泥行驶， 污染路面。 17、浑河、南北运河等城市水域沿岸应当保持整洁，岸坡完 好，无破损，及时清除水面垃圾、漂浮物。禁止（滥倒）或者堆 放垃圾、粪便、污染物及其他废弃物。
PART1 考试情况介绍 1.考试时间：3小时 2.考试形式：满分100分，60分及格 3.考试题型： 一个案例，包括两个大题，每题50分（全是主观题★★★） 4.考试时间：2013.11.16.14:30-17:30 5.知识点的考核目标： A.解决问题能力：40% B.决策能力：40% C.人际交往能力：10% D.数据处理能力：10%（实际要求要比这个比例高，重要★★★） 6.考试涉及的重点课程：1.《企业组织与经营环境》2.《商务沟通方法与技能》3.《会计学原理与实务》4. 《市场与市场营销》5.《国际商务金融》6.《企业成本管理会计》（最为核心的是前面四门课程★★★） PART2：涉及各学科重要知识点汇总 一、企业组织与经营环境★★★ 1、公共部门：是指那些由国家所有并控制为了社会公众利益而运营的组织。 私营部门：是指由个人或股东所有为了营利而运营的组织。 2、生产要素：是指使产品和服务的生产得以进行的那些资源，最基本的四要素是土地、劳动力、资本和 企业家。 3、产业类型：★★★ 第一产业是主要是指采集业，是指从土地这类要素中提取产品，包括采矿业、采石业、捕鱼业、林业以及 农牧业等，第一产业的产品是第二产业的基本原材料。 第二产业是指制造业和建筑业，例如化学品、纺织服装等加工制造业以及房子、公路、桥梁的建造等，该 产业将原材料转化为制成品。 第三产业不生产产品而是提供服务，例如公交、物流、银行、汽车维修、理发、学校等，第三产业的活动 可分为商业服务和个人服务。
4、企业使命：是企业存在的根本目的和理由，决定了企业从事什么业务，该生产什么产品或提供什么服 务。 5、利益相关者★★★：是指与企业有着某种直接或间接联系的所有群体。包括了股东、员工、管理者、 顾客、供应商、当地社区、政府等，不同的利益相关者追求不同的目标。 6、企业经营计划书:是指一份解释企业经营理念并指出如何将这些经营理念付诸实施的文件，常用来获取 贷款。 7、企业的战略目标：应具有长远性、整体性、可测量性、可实现性，企业需要对其所设定的目标定期考 察和审核，保证目标的恰当性和现实性。 8、企业利益相关者：★★★ （1）股东：期望能获得红利，追求企业未来利润的可持续性。 （2）员工：提高薪水，接受培训以发展全部潜力，追求良好而公平的待遇。 （3）管理者：实现企业的目标，完成股东委派的事情，获得报酬和升迁等。 （4）供应商：及时付款、获得更多的订单，以及来自采购方对技术、人员等方面的指导，能满足彼此需 要。 （5）顾客：得到尊重，获得性价比高的有保证的产品，遇到问题能及时解决。 （6）当地社区：希望企业对社区的人和事情关心，成为社区中负责任的一员，送货、取货安排在适当的 时间，不扰乱当地居民的正常生活，不污染当地环境，能提高当地的就业、税收等问题。（7）政府：通过立法、征税、获得贷款的难易程度等，来对企业造成影响。 （8）环境：企业经营对全球污染和气候变暖等问题造成的影响，如企业制定节能减排政策。 9、企业的主要经营目标：★★★ （1）利润最大化（高利润）（2）市场领导者（高市场份额）（3）销售收入最大化（高收入）（4）企业 成长（高成长率）（5）在不同市场上开展经营活动（降低单一市场经营风险）（6）自我满
Chapter Nine Interest Rate Risk II Chapter Outline Introduction Duration A General Formula for Duration ?The Duration of Interest Bearing Bonds ?The Duration of a Zero-Coupon Bond ?The Duration of a Consol Bond (Perpetuities) Features of Duration ?Duration and Maturity ?Duration and Yield ?Duration and Coupon Interest The Economic Meaning of Duration ?Semiannual Coupon Bonds Duration and Immunization ?Duration and Immunizing Future Payments ?Immunizing the Whole Balance Sheet of an FI Immunization and Regulatory Considerations Difficulties in Applying the Duration Model ?Duration Matching can be Costly ?Immunization is a Dynamic Problem ?Large Interest Rate Changes and Convexity Summary Appendix 9A: Incorporating Convexity into the Duration Model ?The Problem of the Flat Term Structure ?The Problem of Default Risk ?Floating-Rate Loans and Bonds ?Demand Deposits and Passbook Savings ?Mortgages and Mortgage-Backed Securities ?Futures, Options, Swaps, Caps, and Other Contingent Claims
一、单选题 １、“＿D_____就是指管理者通过承担各种性质不同得风险,利用它们之间得相关程度来取得最优风险组合，使加总后得总体风险水平最低. Ａ、回避策略B、转移策略 Ｃ、抑制策略D、分散策略” 2、“流动性比率就是流动性资产与＿__＿__＿之间得商。 A、流动性资本Ｂ、流动性负债 C、流动性权益 D、流动性存款" 3、“资本乘数等于＿_＿__除以总资本后所获得得数值 Ａ、总负债B、总权益 C、总存款 D、总资产” 4、“狭义得信用风险就是指银行信用风险，也就就是由于__＿_＿_主观违约或客观上还款出现困难,而给放款银行带来本息损失得风险。 A、放款人 B、借款人 Ｃ、银行D、经纪人” 5、“__＿__＿＿理论认为，银行不仅可以通过增加资产与改善资产结构来降低流动性风险，而且可以通过向外借钱提供流动性,只要银行得借款市场广大，它得流动性就有一定保证。 A、负债管理 B、资产管理 C、资产负债管理Ｄ、商业性贷款" 6、“所谓得“存贷款比例"就是指＿_＿_＿______。 A、贷款/存款 B、存款/贷款 C、存款/(存款+贷款) D、贷款/（存款+贷款) 7、“当银行得利率敏感性资产大于利率敏感性负债时，市场利率得上升会_＿__＿＿_银行利润；反之，则会减少银行利润. Ａ、增加B、减少C、不变Ｄ、先增后减” 银行得持续期缺口公式就是____＿__＿____＿_。( A ） A．B、Ｃ、Ｄ、 9、“______＿_，又称为会计风险，就是指对财务报表会计处理,将功能货币转为记账货币时，因汇率变动而蒙受账面损失得可能性。 A、交易风险 B、折算风险 C、汇率风险 D、经济风险” 1０、“为了解决一笔贷款从贷前调查到贷后检查完全由一个信贷员负责而导致得决策失误或以权谋私问题,我国银行都开始实行了＿_＿_＿___制度，以降低信贷风险。 A、五级分类 B、理事会 C、公司治理 D、审贷分离” 11、证券承销得信用风险主要表现为，在证券承销完成之后，证券得__________不按时向证券公司支付承销费用，给证券公司带来相应得损失。 Ａ、管理人B、受托人C、代理人D、发行人 １2、“＿______＿就是以追求长期资本利得为主要目标得互助基金。为了达到这个目得，它主要投资于未来具有潜在高速增长前景公司得股票.
2015年11月中英合作金融管理专业管理段证书课程考试 金融管理综合应用试题 （课程代码11753） 姓名：准考证号： 考生注意事项 1.严格遵守考场规则，考生得到监考人员的指令后方可开始答题。 2.考生须将自己的姓名和准考证号写在本试卷上。 3.作答前，考生务必将自己的姓名、考点名称、课程名称、座位号、准考证号、课程 代码用黑色字迹的签字笔填写在答案卡指定位置，并将准考证号。课程代码对应的信息点用2B铅笔涂黑。 4.全部试题均在答题卡上作答，在试卷上作答无效。选择题部分，用2B铅笔把答题卡 上对应题目的答案标号涂黑。如需改动，用橡皮擦干净后，再涂选其他答案。非选择题部分，用黑色字迹的签字笔在答题卡的“非选择题答题区”内按试题题号顺序直接答题，并在题号栏标明大题题号和小题题号。 5.可使用计算器、直尺等文具。 6.考试结束后，考生将试题和答题卡放在桌上，不得带走，待监考人员收毕清点后， 方可离场。 任何人或机构不得保留、复制和出版本试卷，不得以任何形式传播试卷内容。违者必究。 教育部考试中心 2015年11月 金融管理综合应用试题 仔细阅读下列案例，回答一、二题，共100分。考试时间为180分钟。 钟唐鞋业有限公司 一、公司背景 1968年，中学毕业的托尼·钟开始在马来西亚一家小型零售鞋店工作。这家鞋店经营得很成功。老板于1972年用所赚取的利润在当地开设了第二家鞋店，由托尼单人总经理。尽管托尼没有接受过经营企业方面的正式培训，但事实证明他很有经验管理方面的天赋。在鞋店老板决定退休时，托尼用自己的积蓄买下了这两家鞋店。 在20 鞋店 长使 当时 况不 流趋 需求 托尼 制鞋 利润 托尼 迈克 称“ 自己 这是 为维 的十 让他 人有 业后 作经 获得 计师 为公 学位 托尼 家族二、制 钟唐 裁剪
Chapter Fifteen Foreign Exchange Risk Chapter Outline Introduction Sources of Foreign Exchange Risk Exposure ?Foreign Exchange Rate Volatility and FX Exposure Foreign Currency Trading ?FX Trading Activities ?The Profitability of Foreign Currency Trading Foreign Asset and Liability Positions ?The Return and Risk of Foreign Investments ?Risk and Hedging ?Interest Rate Parity Theorem ?Multicurrency Foreign Asset-Liability Positions Summary
Solutions for End-of-Chapter Questions and Problems: Chapter Fifteen 1. What are the four FX risks faced by FIs? The four risks include (1) trading in foreign securities, (2) making foreign currency loans, (3) issuing foreign currency-denominated debt, and (4) buying foreign currency-issued securities. 2.What is the spot market for FX? What is the forward market for FX? What is the position of being net long in a currency? The spot market for foreign exchange involves transactions for immediate delivery of a currency, while the forward market involves agreements to deliver a currency at a later time for a price or exchange rate that is determined at the time the agreement is reached. The net exposure of a foreign currency is the net foreign asset position plus the net foreign currency position. Net long in a currency means that the amount of foreign assets exceeds the amount of foreign liabilities. 3.X-IM Bank has ￥14 million in assets and ￥23 million in liabilities and has sold ￥8 million in foreign currency trading. What is the net exposure for X-IM? For what type of exchange rate movement does this exposure put the bank at risk? The net exposure would be ￥14 million – ￥23 million – ￥8 million = -￥17 million. This negative exposure puts the bank at risk of an appreciation of the yen against the dollar. A stronger yen means that repayment of the net position would require more dollars. 4.What two factors directly affect the profitability of an FI’s position in a foreign currency? The profitability is a function of the size of the net exposure and the volatility of the foreign exchange ratio or relationship. 5. The following are the foreign currency positions of an FI, expressed in dollars. Currency Assets Liabilities FX Bought FX Sold Swiss franc (SF) $125,000 $50,000 $10,000 $15,000 British pound (￡) 50,000 22,000 15,000 20,000 Japanese yen (￥) 75,000 30,000 12,000 88,000 a. What is the FI’s net exposure in Swiss francs? Net exposure in Swiss francs = $70,000. b. What is the FI’s net exposure in British pounds? Net exposure in British pounds = $23,000. c. What is the FI’s net exposure in Japanese yen?
《金融风险管理》课后习题答案 第一章课后习题答案 一、重要名词 答案略 二、单项选择 1-5 C B D A A 6-10 C A C C C 11-15 D A B D A 16-20 B C D D D 21-25 B B B B 三、多项选择 1. BCD 2. ACDE 3. ADE 4. ABCDE 5. ABDE 6. BCDE 7. AD 8. ABCE 9. ABCDE 10. ACDE 11. ACE 12. ABCDE 13. ACDE 14. AB 15.ABC 16. ACE 17. ABC 18.ABCDE 四、判断题 1-5 ××××√ 6-10 ×√××× 11-15 √√××× 16-20 ×√√×√ 五、简答题 答案略 第二章课后习题答案 一、重要名词 答案略 二、单项选择 1-5 A C C AD 6-10 C B D D B 11-15 A A C C D 16-18 A D A 三、多项选择 1. A B C D 2. A B C DE 3. ABCDE 4. ABCD 5. ABCDE 6. ABCDE 7. ABCD 8. ADE 9. ACDE 10. ACE 四、判断题 1-5 ×√××× 6-8 ×√× 五、简答题 答案略 第三章课后习题答案 一、重要名词 答案略 二、单项选择 1-5 ACBBB 6-10 ADBCD 11-15 DBBAC 16-21 DDABAB 三、多项选择 1. ABCE 2. AD 3. BCDE 4. BDE 5. BE 6. CD 7. BCDE 8. ABCDE 9. BDE 10. ABDE
《环境与资源保护法》试题与答案 一、单项选择题（ 2分×10=20分备选项中只有一项是符合题目要求的，请将其代码填写在题后括号内） 1、我国在（）首次提出排污收费。 A、1978年《环境保护工作汇报要点》 B、1979年《环境保护法（试行）》 C、1982年《排污收费暂行办法》 D、2003年《排污收费征收使用管理条例》 2、依据组成环境的物质与人类活动的关系，环境可以分为（） A、生活环境与生态环境 B、大气环境、水环境、土壤环境 C、天然环境（自然环境）与人为环境（人工环境） D、室内环境、村镇环境、城市环境 3、地方环境标准的制定机关是（） A、地方各级人民代表大会 B、省级人民政府 C、地方各级环保机构 D、省级环保机构 4、根据《环境影响评价公众参与暂行办法》的规定，建设单位在环境影响评价文件报送审批之前征求公众意见的期限不能少于（） A、5日 B、10日 C、15日 D、20日 5、建设项目环境影响评价的形式是（） A、建设项目的环境影响报告书 B、建设项目的环境影响登记表 C、建设项目的环境影响报告书 D、建设项目的环境影响说明 6、《国家突发环境事件应急预案》将突发环境事件的预警分为四级，由低到高分别是（） A、蓝色、黄色、橙色、黑色 B、黑色、红色、黄色、蓝色 C、红色、橙色、黄色、蓝色 D、蓝色、黄色、橙色、红色
7、环境行政执法机关进行执法检查或采取制裁措施的依据是（） A、环境行政处理 B、环境行政处罚 C、环境行政许可 D、环境行政强制执行 8、环境保护行政处罚案件自立案之日起，应当在多长时间内作出处理决定（） A、1个月 B、2个月 C、3个月 D、6个月 9、在控制固体废物转移入境的有关法律规定中，下列说法正确的是（） A、国家禁止进口不能用作原料的固体废物 B、国家限制进口不能用作原料的固体废物 C、国家禁止进口可以用作原料的固体废物 D、国家并不禁止进口未列入可以用作原料进口的固体废物的目录的固体废物 10、下列关于我国国内环境法与国际环境法关系的说法，不正确的是（） A、我国缔结或参加的与环境保护有关的国际条约与国内法律有不同规定的，适用国际条约的规定； B、我国缔结或参加的与环境保护有关的国际条约与国内法律有不同规定的，如属于我国声明保留的条款，则仍适用我国国内法适用国际条约的规定； C、国内环境法的效力优于国际环境条约； D、国际环境条约在我国境内直接适用，不需要国内立法机关将它转换为国内法 二、多项选择题（4分×5=20分备选项中有2—4个是符合题目要求的，请将其代码全部填写在题后的括号内） 1、清洁生产的“清洁”主要表现在（） A、清洁的技术标准 B、清洁的能源 C、清洁的生产过程 D、清洁的产品 2、关于我国环境监测机构的论述正确的是（） A、全国环境监测机构由国家环境保护总局设置 B、全国环境保护系统设置三级监测站，即国家级、省级、市级监测站 C、各级环境监测站受同级环境保护主管部门的领导，并在业务上接受其指导 D、各级监测站是技术事业单位