【正文】 (2— 4分 ) 請您刪除一下內(nèi)容， O(∩_∩)O 謝謝?。?！ 2021 年中央電大期末復習考試小抄大全，電大期末考試必備小抄，電大考試必過小抄 Shanghai’s Suzhou Creek has witnessed much of the city’s history. Zhou Wenting travels this storied body of water and finds its most fascinating spots. Some lucky cities can boast a great body of water, like London with the river Thames and Paris with the river Seine. Shanghai is privileged enough to have two great bodies of water: Huangpu River and Suzhou River became famous when colonists established clusters of grand buildings on its banks on what became known as the bund. Today, the bund overlooks the breathtaking skyline of Lujiazui financial district. Shanghai’s other body of water, however, Suzhou Creek, has been somewhat overshadowed. Suzhou Creek links the inland cities of Jiangsu province with Shanghai. When the British colonists, who arrived in the city after it was opened as a mercial port in 1843 found they could reach Suzhou, Jiangsu province, via the creek, they named it Suzhou Creek. Thanks to its location, a large amount of cargo and travelers were transported via the creek before rail links were established. But after a century of being utilized as a waterway to transport goods and labor, the creek grew dark and smelly. Industrial factories were established along the banks. In the 1990s it became a key task of the city government to clean the creek. Suzhou Creek, which snakes 17 km from the iconic Waibaidu Bridge downtown to the outer ring road in west Shanghai, maps the changing periods of the city’s history, including the imprints of the concessions, the beginning of industrialization and the improvement in people’s living conditions. Where the Bund began Inbetween the shopping street of East Nanjing Road and the Bund, are a cluster of streets that give me the illusion that I am no longer in modern Shanghai. The streets are narrow and old and crisscross each other. Any old residential house may turn out to be a former office of the British, constructed in the 1880s. Pawnshops and hardware stores that are hard to find elsewhere, are plentiful here. This area, at the confluence of Huangpu River and Suzhou Creek, is called the Bund Origin. Countless tour buses stop at the site every day and visitors from around the world get off to see this place, the starting point of the concessions in the city. It all started in 1872, when the former British Consulate General was constructed and the Bund began its transformation into an the financial street of the East. Now the site of the former consulate is called “No 1 Waitanyuan”, which translates to “the Bund Origin”, to honor its beginnings. The entire plex of this historical site prises of five buildings, the former British Consulate General, the official residence of the consul, the former Union Church, the church apartments and the former Shanghai Rowing Club. The size of the courtyard is equivalent to that of four standard soccer fields. The building of the former consulate is a twostorey masonry building on an Hshaped plan in typical English renaissance style. The building is designed with a fivearch verandah on the ground floor with a raised terrace facing the garden, while the facade features an entry portico beneath a colonnaded loggia. It has been turned into a caf233。 (2— 4 分 )(3)從熱錢流人對中國經(jīng)濟的影響角度分析。 解 題思路： (1)解釋國際收支順差和逆差。 —— 摘自柴青山：國際收支順差讓加息陷入兩難困境要求： (1)認真研讀所給材料并根據(jù)國際收支教學內(nèi)容，寫一份案例 分析材料。 (2— 4 分 )(3)從過度投機角度進行分析(2— 4分 ) (4)從國家的金融監(jiān)管體制不健全角度進行分析。 解題思路： (1)解 釋看漲期權和看跌期權。 要求： (1)認真研讀所給 “ 中航油事件 ” 材料并根據(jù)金融期權的教學內(nèi)容，寫一份案例分析材料。議價市場。 (3)資本市場。次級市場。公開市場。 答案要點： (1)貨幣市場。注意下列交易適合于上述市場分類中 1種以上的類別，答案要選出每一種 交易適合的所有的適當?shù)氖袌鲱愋汀? 從國內(nèi)基金的有關費用方面看，對基金實行優(yōu)惠政策，盡量減少基金和基金管理公司的負 擔。在印花稅上，投資者買賣基金免征印花稅。（ 5分） 3．我國對基金的政策扶持，主要體現(xiàn)在稅收和費用兩個方面。 (3)基金單位的買賣價格 形成方式不同。（ 5分） 2． (1)基金規(guī)模的可變性不同。 (4)封閉期長短。 (2)基金市場供求關系。美國是當今全球投資基金發(fā)展最發(fā)達、規(guī)模最大、基 金運作最規(guī)范、法律監(jiān)管制度最完善的國家。 (1— 3分 ) (2)從國際收支順差的副作用角度分析。 (2)分析材料應完整準確闡述案例中涉及的基本原理、存在的主要問題及解決此類問題的 思路或建議。 六、案例分析題 (15分 ) 國際收支順差加劇了境內(nèi)外對人民幣升值的預期，致使大量資金包括熱錢持續(xù)流人中國， 短期外債的比重也上升至比較高的水平。 投資分析：市盈率、股本結構、機構持倉情況。 表一：財務報表 表二：公司概況 主要分以下析因素：盈利能力：每股收益、主營收入、資金流量。因為過低的匯率意味著購買外匯成本過低，從而導致對外匯需求過旺，供給相對不足，由此將推動匯率的回升。外匯匯率的變化能夠引起夕 bfF_供求關系的變化，而供求關系的變化又會引起外匯匯率的變化。今后幾年，兩大政策在市場培育和管理上應當進一步體現(xiàn)協(xié)調(diào)與配合。 體現(xiàn)財政政策與貨幣政策的協(xié)調(diào)配合。應當在解決債市發(fā)展的策略中充分考慮規(guī)范的股市融資機制的建設問題。從二級市場的角度而言，債市與股市的平衡發(fā)展問題實際上是一個貨幣市場與資本市場平衡發(fā)展的問題。中國直接融資渠道正在拓寬，但債券發(fā)行體比較單一，企業(yè)缺乏正常的債券融資機制，股票融資市場壓力過大，資本市場總體效率偏低。 實現(xiàn)債市與股市的平衡發(fā)展。中國國債市場的應債潛能巨大，我國居民、機構具有直接參與國債投資的傳統(tǒng)和較強的認購能力，商業(yè)銀行系統(tǒng)對國債的需求則更加巨大， 15萬億元的商業(yè)銀行資產(chǎn)，按照資產(chǎn)負債比例管理和流動性管理的要求，其中至少應有 15－ 20％的債券資產(chǎn)。我國目前國債余額 ，債務負擔率 18％左右，低于許多西方國家的水平，但若考慮或有債務，該指標則顯偏高。 未來債券市場發(fā)展的基本取向主要有以下幾個方面。 債券市場在發(fā)展中存在的主要問題是：發(fā)行主體依然單一；雖然較好地實現(xiàn)了與貨幣市場的有機結合，尚未能與資本市場實現(xiàn)平 衡發(fā)展；子市場間存在分割；市場投資者還不夠成熟；流動性作為市場發(fā)育狀況的綜合反映仍然不足。 ‘(4) 促進創(chuàng)新發(fā)展功能。 (2)聚集社會資金功能。從企業(yè)成長來說 ,樹立企業(yè)良好信用形象的價值 ,可能幾倍于 融進幾筆資金所包含的價值。因為前者 ,只是原來的制度框架和管理理念之下的簡單融資方式的重復 ,后者則孕育著新的 融資理念和市場行為標準更新?，F(xiàn)時整體信用狀況不佳 ,只能說明建立現(xiàn)代信用制度是長期的任務 ,也是發(fā)展票據(jù)市場的長期價值這所在。前者指在企業(yè)群體中 ,必定有少數(shù)企業(yè)十分珍重自己的企業(yè)信用 ,這些企業(yè)就是培養(yǎng)信用環(huán)境的種籽隊 ,要使這些種籽隊在票據(jù)融資中得到真實的利益 ,成為社會信用中的 典范 ,然后逐漸擴大 ,使這種籽隊的信用逐步擴張與升華 ,成為全社會的信用價值觀 ,形成為公共規(guī)則。 目前的現(xiàn)實是 :沒有銀行承兌的匯票 ,中小企業(yè)簽發(fā)的商業(yè)票據(jù) ,欠發(fā)達地區(qū)的票據(jù) ,能不能提高信用度 ?如何提高信用度 ?從商業(yè)銀行辦理貼現(xiàn)的風險管理來說 ,有沒有辦法識別和預防風險 ?如果只是因為信用差 ,就拒絕開辦這項業(yè)務 ,不見得是上策。第三個是地域孤島 :經(jīng)濟發(fā)達地區(qū)票據(jù)融資比較活躍 ,欠發(fā)達地區(qū)就無所表現(xiàn)。一是票據(jù)類型孤島 :敢于接收的票據(jù) ,只有銀行承兌匯票 ,商業(yè)承兌匯票大多排除在外。 在最近幾年中的票據(jù)市場發(fā)展過程中 ,企業(yè)關心的是自己的票據(jù)到銀行能不能貼現(xiàn) ,銀行關心的是辦理貼現(xiàn)票據(jù)有沒有可靠的承兌和擔保 ,管理決策部門擔心的是票據(jù)市場搞大了會不會出現(xiàn)大規(guī)模的擠兌風險 ,等等。據(jù)資料反映 ,全國由于三角債的牽累 ,每年形成的損失有 3000億元之 巨。這幾年的票據(jù)市場實踐中 ,許多企業(yè)深切地感覺到票據(jù)融資的成本 ,低于銀行借款成本、低于債券成本、低于發(fā)行股票的成本、更大大低于民間借貸成本。商業(yè)銀行要結合縣域中小企業(yè)尤其是民營企業(yè)的實際，制定基層行辦理銀行承兌匯票的彈性規(guī)定 ，在防范票據(jù)風險前提下，達到大力為中小企業(yè)融資和增加自身中間業(yè)務收入的雙重目的。 擴大對縣轄商業(yè)銀行的授權，加強縣域票據(jù)市場建設。 促進票據(jù)市場發(fā)展的建議與對策 建立有效的外部監(jiān)管和內(nèi)部控制制度，進一步規(guī)范和支持票據(jù)市場發(fā)展。 央行調(diào)控力度被削弱，貨幣政策意圖不能得到有效貫徹。一是保證金比例過高。骨干企業(yè)和優(yōu)勢企業(yè)有時被多個金融企業(yè)選為重點客戶，多個金融企業(yè)同時根據(jù)企業(yè)的經(jīng)營狀況等條件進行授信，造成 某一企業(yè)的授信總額膨脹，形成隱性風險。隨著商業(yè)銀行對票據(jù)業(yè)務積極性的提高，各商業(yè)銀行爭相開辦票據(jù)貼現(xiàn)及轉貼現(xiàn)，同業(yè)之間的競爭日益激烈，相互之間以降低貼現(xiàn)利率