对外经济贸易大学
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专业年级： 学号： 姓名：
本试卷共有五道大题
题号 一 二 三 四 五 六 七 卷面成绩
分值
一、选择题：（每空 2 分，共 40 分） 得分
题 目 1 2 3 4 5 6 7 8 9 10
答 案
题 目 11 12 13 14 15 16 17 18 19 20
答 案
1. The bank’s loans can be classified as five categories. In the following four categories,
which one is not counted as the non-performing loan?
a. Substandard b. Doubtful c. Special Mention d. Loss
2. Deposits are the commercial bank’s major funding source. In the following types of
deposits, which one is the cheapest?
a. Corporate time deposits b. Corporate demand deposits
c. Personal time deposits d. Personal time deposits
3. Among the following risk types, which one is not included in the commercial bank’s
market risk?
a. Interest risk b. Exchange rate risk c. Commodity risk d. Reputational risk
4. Among the following economic indicators, which one is not the PBC’s monetary policy
ultimate objective?
a. GDP growth rate b. Inflation rate c. M2 growth rate d. Unemployment rate
5. The PBC withdraws money through raising the bank’s required reserve ratios (RRR),
leading to the increase of which items on the PBC’s balance sheet
a. Foreign Assets
b. Claims on Other Depository Corporations
c. Deposits of Other Depository Corporations
d. Currency Issue
6. Among the following interest rates, which one is the benchmark to price NCD rates?
a. SHIBOR b. DR007 c. MLF rates d. 7-day Reverse Repo rates
7. Fleming Corporation has plans to raise $ 2 million in capital by issuing 250,000 shares
of $ 4.00 common stock and by issuing $ 1 million in bonds @ 12% interest. Fleming's
tax rate is 40%. Fleming expects EBIT (Earnings Before Interest Taxes) of $ 4.5 million
and its current capital structure consists only of common stock - 250,000 shares
outstanding. What will EPS (Earnings per Share) be after the financing plan?
a. $ 6.67
b. $ 6.02
c. $ 5.26
d. $ 4.20
8. In what phase of strategic planning does identification of strengths and weaknesses take
place?
a. Organizing
b. Approval of the Plan
c. Assessment
d. Implementation
9.Which method of calculating the firm’s cost of equity is most likely to incorporate the long-
run return relationship between the firm’s stock and the market portfolio?
a.Capital asset pricing model
b.Dividend discount model
c. Bond yield plus risk premium approach
d.P/E ratio approach
10. One way a large diversified company can create value is to issue new stock to
shareholders for a new separate company. This type of restructuring is referred to as：
a. Liquidation
b. Merger
c. Leveraged Buy Out
d. Spin Off
二、概念题：（每题 2 分，共 6 分） 得分
1.What are the two forms of poison pills and how can they be used in anti-takeover?
2.What’s the differences between horizontal merger, vertical merger and conglomerate？
3.What is the pecking order theory?
三、计算题（共 10 分） 得分______
Assume King Grocers acquires Gold Stores for 300. Assume King Grocers pays the
shareholders of Gold stores with 100 of existing cash, a share issue valued at 100 and
the rest of the consideration raised by long-term debt. Produce the proforma
consolidated balance sheet.
Sources of funds: Uses of funds:
New equity Share purchase
New debt
Cash
Total sources Total uses
King Gold Stores Deal Changes Combined
Grocers
Cash 150 10
Receivables 50 30
Inventory 40 20
PP&E 200 150
Goodwill 20 0
Total 460 210
Payables 48 20
Long-term debt 120 58
Common stock 110 75
and APIC
Retained 182 57
earnings
Total 460 210
四、图表分析题
1. The PBC’s Balance Sheet and Monetary Policy in China. (14 points)
Figure 1 and Figure 2 show the key components of the PBC’s asset and liabilities, respectively.
Read these two figures, and answer the following questions.
Figure 1. The PBC’s Asset Structure, 2004-2022
Figure 2. The PBC’s Liability Structure, 2004-2022
(1) List three main channels through which the PBC supplies the base money. In each channel,
which component on the PBC’s balance sheet is directly affected? (3 points)
(2) What are the main components in the PBC’s foreign assets? Describe the process through
which that the PBC accumulates foreign assets. (2 points)
(3) During 2004-2014, the large foreign exchange (FX) inflows led to the PBC’s base money over-
supply. What are the two monetary policy tools used by the PBC to sterilize the large FX inflows?
List the two tools and compare their relative advantages. (3 points)
(4) During 2006-2012, the PBC raised the bank’s required reserve ratios (RRR) from 8% to 21%.
Why did the strict reserve requirement on commercial banks lead to a boom in shadow banking
business? Explain the intuition behind it. (2 points)
(5) In the PBC’s open market operations (OMO), repurchase agreements and outright bond
transactions are the two frequently used instruments. By definition, what is the difference between
the two instruments? Following the 2007 financial crisis, why did the Fed use large scales
purchases of treasury bonds (i.e. quantitative easing), in place of the repurchase agreements?
Explain the reason. (3 points)
