金融市场与机构

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1、Chapter15WhyDoFinancialInstitutionsExist?■MultipleChoiceQuestions1•OfthefollowingsourcesofexternalfinanceforAmericannonfinancialbusinesses,theleastimportantis(a)loansfrombanks.(b)stocks・(c)bondsandcommercialpaper.(d)nonbankloans・Answer:B2.OfthefollowingsourcesofexternalfinanceforAmericannonfina

2、ncialbusinesses,themostimportantis(a)loansfrombanks・(b)stocks・(c)bondsandcommercialpaper.(d)nonbankloans.Answer:D3.OfthesourcesofexternalfundsfornonfinancialbusinessesintheUnitedStates,bondsaccountforapproximatelyofthetotal.(a)10percent(b)20percent(c)30percent(d)50percentAnswer:C4.Ofthesourceso

3、fexternalfundsfornonfinancialbusinessesintheUnitedStates,stocksaccountforapproximatelyofthetotal.(a)10percent(b)20percent(c)30percent(d)40percent2.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?(a)Marketablesecuritiesacc

4、ountforalargershareofexternalbusinessfinancingintheUnitedStatesthaninmostothercountries・(b)Since1970,lessthan5percentofnewlyissuedcorporatebondsandcommercialpaperhavebeensolddirectlytoAmericanhouseholds・(c)ThestockmarketaccountedforthelargestshareofthefinancingofAmericanbusinessesinthe1970-2000

5、period.(d)Alloftheabove.(e)Only(a)and(b)oftheabove.Answer:E3.WithregardtoexternalsourcesoffinancingfornonfinancialbusinessesintheUnitedStates,whichofthefollowingareaccuratestatements?(a)Directfinanceisusedinlessthan5percentoftheexternalfinancingofAmericanbusinesses・(b)Onlylarge,well-established

6、corporationshaveaccesstosecuritiesmarketstofinancetheiractivities.(c)LoansfrombanksandotherfinancialintermediariesintheUnitedStatesprovidefivetimesmorefinancingofcorporateactivitiesthandostockmarkets.(d)Alloftheabove.(e)Only(a)and(b)oftheabove.Answer:D4.(1)IntheUnitedStatesnonbankloansarcthemos

7、timportantsourceofexternalfundsfornonfinancialbusinesses.(II)InGermanyandJapan,issuingstocksandbondsisthemostimportantsourceofexternalfornonfinancialbusinesses・(a)(I)istrue,(II)false.(b)(I)isfhlse,(II)true.(c)Botharetrue.(d)Bothar