F9 Financial Management 樣題分析

本期網(wǎng)校和學(xué)員們一起分享一些比較典型的樣題，這樣同學(xué)們可以更有針對性的來提問或者從這些類型題里面看看想提問的問題是否也已經(jīng)得到了解決。

提問內(nèi)容：“5.2.2.2 Liquidity preference theory

Investors have a natural preference for more liquid （shorter maturity） investments. They will need to be compensated if they are deprived of cash for a longer period.

5.2.2.3 Expectation theory

The normal upward sloping yield curve reflects the expectation that inflation levels, and therefore interest rates will increase in the future.

5.2.2.4 Market segmentation theory

The market segmentation theory suggests that there are different players in the short term end of the market and the long term end of the market. If there is an increased supply in the long term end of the market because the government needs to borrow more, this may cause the price to fall and the yield to rise and may result in an upward sloping yield curve.”

解答：“Market segmentation theory將具有不同期限債券的市場完全獨立和相互分割，認(rèn)為長期債券與短期債券是在不同的相互分割的市場上進(jìn)行交易的，它們各自達(dá)到平衡。

債權(quán)的價格和理論是永遠(yuǎn)保持反比例關(guān)系，從公式中可以看出。

P=D1/(1+t)1+D2/(1+t)2+D3/(1+t)3.....(Dn+P)/(1+t)n”

提問內(nèi)容：“The home currency strengthens against the currency in which it trades

A competitor’s home currency weakens against the currency in which it trades.

請問老師這兩句話怎樣理解呢？”

解答：“這塊是講的是出口時候的一種風(fēng)險是因為匯率的變化所發(fā)生的風(fēng)險，比如說所在國的匯率要大于貿(mào)易國的匯率（The home currency strengthens against the currency in which it trades），競爭者所在的國家的匯率小于貿(mào)易國的匯率（A competitor’s home currency weakens against the currency in which it trades）。如果公司總部所在國的匯率過高是不利于出口的，比如中國和美國與歐洲國家相比，中國除了人工便宜外，它的兌換匯率要比美國（6;1)和歐洲(10;1)國家低。所以說在這方面，中國是出口大國。

背后的原因：假設(shè)，原來的美圓對人民幣匯率是1美圓換6元人民幣，假如中國制造了一件價格為6元的商品，美國人要買它就要支付1美圓。而匯率降低以后，比如說降到1美圓換10元人民幣，那么美國人只需支付0.5美圓就可以買到它，這樣中國的商品就會更加具備國際競爭力。”