F9 Financial Management 样题分析

本期网校和学员们一起分享一些比较典型的样题，这样同学们可以更有针对性的来提问或者从这些类型题里面看看想提问的问题是否也已经得到了解决。

提问内容：“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将具有不同期限债券的市场完全独立和相互分割，认为长期债券与短期债券是在不同的相互分割的市场上进行交易的，它们各自达到平衡。

债权的价格和理论是永远保持反比例关系，从公式中可以看出。

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

提问内容：“The home currency strengthens against the currency in which it trades

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

请问老师这两句话怎样理解呢？”

解答：“这块是讲的是出口时候的一种风险是因为汇率的变化所发生的风险，比如说所在国的汇率要大于贸易国的汇率（The home currency strengthens against the currency in which it trades），竞争者所在的国家的汇率小于贸易国的汇率（A competitor’s home currency weakens against the currency in which it trades）。如果公司总部所在国的汇率过高是不利于出口的，比如中国和美国与欧洲国家相比，中国除了人工便宜外，它的兑换汇率要比美国（6;1)和欧洲(10;1)国家低。所以说在这方面，中国是出口大国。

背后的原因：假设，原来的美圆对人民币汇率是1美圆换6元人民币，假如中国制造了一件价格为6元的商品，美国人要买它就要支付1美圆。而汇率降低以后，比如说降到1美圆换10元人民币，那么美国人只需支付0.5美圆就可以买到它，这样中国的商品就会更加具备国际竞争力。”