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2014年中级财务管理第2章同步习题及答案_图文


conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the var ious types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the cov erage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committ ee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the over all general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effectiv e. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s liv elihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effectiv e ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, an d learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epar tment on "two lear n a do" learning arra ngements of spe cific

2014 年中级会计职称《财务管理》第二章同步试题及解析
-、单项选择题 1.以下关于资金时间价值的叙述中,错误的是( )。

A.资金时间价值是指-定量资金在不同时点上的价值量差额 B.资金时间价值相当于没有风险、没有通货膨胀条件下的社会平均利润率 C.根据资金时间价值理论,可以将某-时点的资金金额折算为其他时点的金额 D.资金时间价值等于无风险收益率减去纯粹利率 2.某-项年金前 5 年没有流入,后 5 年每年年初流入 4000 元,则该项年金的递延期是( A.4 B.3 C.2 D.5 3.企业拟进行-项投资,投资收益率的情况会随着市场情况的变化而发生变化,已知市场繁荣、 -般和衰退的概率分别为 0.3、0.5、0.2,相应的投资收益率分别为 20%、10%、-5%,则该项投 资的投资收益率的标准差为( A.10% B.9% C.8.66% D.7% 4.如果 A、B 两只股票的收益率变化方向和变化幅度完全相同,则由其组成的投资组合( A.不能降低任何风险 B.可以分散部分风险 C.可以最大限度地抵销风险 D.风险等于两只股票风险之和 5.甲希望在 10 年后获得元,已知银行存款利率为 2%,那么为了达到这个目标,甲从现在开始, 共计存 10 次,每年末应该等额存入( A.8706.24 B.6697.11 C.8036.53 D.9132.42 6.企业计提资产减值准备属于( A.风险回避 B.风险自担
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made ef fectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, p urpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of wa y, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

C.风险自保 D.风险自留 7.在下列各项资金时间价值系数中,与资本回收系数互为倒数关系的是( A.(P/F,i,n) B.(P/A,i,n) C.(F/P,i,n) D.(F/A,i,n) 8.在下列各项中,无法计算出确切结果的是( A.后付年金终值 B.预付年金终值 C.递延年金终值 D.永续年金终值 9.某投资者购买债券,在名义利率相同的情况下,对其最有利的计息期是( A.1 年 B.半年 C.1 季度 D.1 个月 10.下列各项中属于接受风险的措施的是( A.业务外包 B.放弃可能明显导致亏损的投资项目 C.计提资产减值准备 D.租赁经营 11.投资者对某项资产合理要求的最低收益率,称为( A.实际收益率 B.必要收益率 C.预期收益率 D.无风险收益率 12.如果已知甲资产的风险大于乙资产的风险,则可以推出的结论是( A.甲资产的实际收益率大于乙资产的实际收益率 B.甲资产收益率的方差大于乙资产收益率的方差 C.甲资产收益率的标准差大于乙资产收益率的标准差 D.甲资产收益率的标准离差率大于乙资产收益率的标准离差率 13.单耗相对稳定的外购零部件成本属于( A.约束性固定成本
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

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values,

Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

B.酌量性固定成本 C.技术性变动成本 D.约束性变动成本 14.某投资者喜欢收益的动荡胜于喜欢收益的稳定,则该投资者属于( A.风险接受者 B.风险回避者 C.风险追求者 D.风险中立者 15.A 公司是国内-家极具影响力的汽车公司,已知该公司的β 系数为 1.33,短期国库券利率为 4%,市场上所有股票的平均收益率为 8%,则公司股票的必要收益率为( A.9.32% B.14.64% C.15.73% D.8.28% 16.某人分期付款购买-套住房,每年年末支付 40000 元,分 10 次付清,假设年利率为 3%,则 相当于现在-次性支付( A. B. C. D. 17.下列属于半固定成本的是( A.直接材料 B.检验员的工资费用 C.直接人工 D.常年租用的仓库的年租金 18.企业有-笔 5 年后到期的贷款,每年年末归还借款 3000 元,假设贷款年利率为 2%,则企业 该笔贷款的到期值为( A.15612 B.14140.5 C.15660 D.18372 19.某公司第-年初借款 20000 元,每年年末还本付息额均为 4000 元,连续 9 年还清。则借款利 率为( )。[已知(P/A,12%,9)=5.3282,(P/A,14%,9)=4.9464] )元。 )。 )元。 )。 )。

A.12.6%
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

values,

Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

3

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

B.18.6% C.13.33% D.13.72% 20.在投资收益不确定的情况下,按估计的各种可能收益水平及其发生概率计算的加权平均数是 ( )。 A.实际投资收益(率) B.期望投资收益(率) C.必要投资收益(率) D.无风险收益(率) 21.某企业于年初存入银行 10000 元,假定年利息率为 12%,每年复利两次,已知(F/P,6%, 5)=1.3382,(F/P,6%,10)=1.7908,(F/P,12%,5)=1.7623,(F/P,12%,10)=3.1058, 则第五年末的本利和为( A.13382 B.17623 C.17908 D.31058 22.已知某种证券收益率的标准差为 0.2,当前市场组合收益率的标准差为 0.4,两者之间的相 关系数为 0.5,则两者之间的协方差是( A.0.04 B.0.16 C.0.25 D.1.00 二、多项选择题 1.在下列各项中,可以直接或间接利用普通年金终值系数计算出确切结果的项目有( A.偿债基金 B.先付年金终值 C.永续年金现值 D.永续年金终值 2.下列说法中,正确的有( ) 。 A.对于同样风险的资产,风险回避者会钟情于具有高预期收益率的资产 B.当预期收益率相同时,风险追求者选择风险小的 C.当预期收益率相同时,风险回避者偏好于具有低风险的资产 D.风险中立者选择资产的唯-标准是预期收益率的大小 3.下列说法中,正确的有( ) 。 A.实际收益率表示已经实现的资产收益率 B.名义收益率仅指在资产合约上标明的收益率 C.必要收益率也称最低必要报酬率或最低要求的收益率 D.必要收益率-无风险收益率+风险收益率
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of

party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

4

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

4.下列关于证券市场线的说法中,正确的有( ) 。 A.证券市场线是关系式 R=Rf+β ×(Rm-Rf)所代表的直线 B.该直线的横坐标是β 系数,纵坐标是必要收益率 C.如果风险厌恶程度高,则(Rm—Rf)的值就大 D.Rf 通常以短期国债的利率来近似替代 5.下列关于资金时间价值的表述中,正确的有( ) 。 A.-般情况下应按复利方式来计算 B.可以直接用短期国债利率来表示 C.是指-定量资金在不同时点上的价值量差额 D.相当于没有风险和没有通货膨胀条件下的社会平均资金利润率 6.下列说法不正确的有( ) 。 A.对于某项确定的资产,其必要收益率是确定的 B.无风险收益率也称无风险利率,即纯粹利率 C.通常用短期国库券的利率近似地代替无风险收益率 D.必要收益率表示投资者对某资产合理要求的最低收益率 7.在下列各项中,属于财务管理风险控制对策的有( ) 。 A.规避风险 B.减少风险 C.转移风险 D.接受风险 8.下列关于成本的说法中,不正确的有( ) 。 A.单位变动成本-直保持不变 B.酌量性固定成本关系到企业的竞争能力 C.从较长时间来看,没有绝对不变的固定成本 D.混合成本可分为半变动成本和半固定成本 9.职工的基本工资,在正常工作时间情况下是不变的;但当工作时间超出正常标准,则需按加班 时间的长短成比例地支付加班薪金,从成本性态的角度看,这部分人工成本属于( ) 。 A.固定成本 B.变动成本 C.混合成本 D.延期变动成本 10.关于单项资产的β 系数,下列说法中正确的有( ) 。 A.表示单项资产收益率的变动受市场平均收益率变动的影响程度 B.取决于该项资产收益率和市场资产组合收益率的相关系数、该项资产收益率的标准差和市场组 合收益率的标准差 C.当β <1 时,说明其所含的系统风险小于市场组合的风险 D.当β =1 时,说明如果市场平均收益率增加 1%,那么该资产的收益率也相应的增加 1% 三、判断题 1.证券组合风险的大小,等于组合中各个证券风险的加权平均数。 ( ) 2.企业向专业性保险公司投保既可以规避风险还可以在-定程度上减少风险。 ( ) 3.如果市场上短期国库券的利率为 6%,通货膨胀率为 2%,风险收益率为 3%,则资金时间价值 为 4%。 ( ) 4.风险收益率是指某资产持有者因承担该资产的风险而要求的超过无风险利率的额外收益。风险 收益率衡量了投资者将资金从无风险资产转移到风险资产而要求得到的“额外补偿” ,它的大小取决于 风险的大小。 ( ) 5.通常情况下,如果通货膨胀率很低,公司债券的利率可视同为资金时间价值。 ( ) 6.在期数-定的情况下,折现率越大,则年金现值系数越大。 ( )
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

5

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

7. 回归分析法下, 假设混合成本符合总成本模型 y=a+bx, 其中 bx 表示的是单位变动成本。 ( ) 8.市场风险溢酬反映市场作为整体对风险的厌恶程度。 ( ) 9.风险中立者既不回避风险,也不主动追求风险。在风险相同的情况下,他们选择资产的唯-标 准是预期收益的大小。 ( ) 10.-般来讲,随着证券资产组合中资产个数的增加,证券资产组合的风险会逐渐降低,如果资产 组合中资产的个数足够大,则证券资产组合的风险会全部消除。 ( ) 11.假设目前的通货膨胀率为 5%,银行存款的实际利率为 3%,则名义利率为 8%。 ( ) 12.递延年金有终值,终值的大小与递延期是有关的,在其他条件相同的情况下,递延期越长,则 递延年金的终值越大。 ( ) 13. 要想降低约束性固定成本, 只有厉行节约、 精打细算, 编制出积极可行的费用预算并严格执行, 防止浪费和过度投资等。 ( ) 四、计算分析题 1.甲公司欲购置-台设备,销售方提出四种付款方案,具体如下: 方案 1:第-年初付款 10 万元,从第二年开始,每年末付款 28 万元,连续支付 5 次; 方案 2:第-年初付款 5 万元,从第二年开始,每年初付款 25 万元,连续支付 6 次; 方案 3:第-年初付款 10 万元,以后每间隔半年付款-次,每次支付 15 万元,连续支付 8 次; 方案 4:前三年不付款,后六年每年初付款 30 万元。 要求:假设按年计算的折现率为 10%,分别计算四个方案的付款现值,最终确定应该选择哪个方 案?(计算结果保留两位小数,用万元表示)

2.张先生拟购买-轿车,销售方提出了三个付款方案: 方案-:现在起 15 年内每年末支付 40 万元; 方案二:现在起 15 年内每年初支付 38 万元; 方案三:前 5 年不支付,第 6 年起到 15 年每年末支付 72 万元。 要求:按银行贷款利率 10%复利计息,若采用终值方式比较,请判断哪-种付款方式对张先生有 利?

3.K 公司原持有甲、乙、丙三种股票构成证券组合,它们的β 系数分别为 2.0、1.5、1.0;它 们在证券组合中所占比重分别为 60%、30%和 10%,市场上所有股票的平均收益率为 12%, 无风险收益率为 10%。该公司为降低风险,售出部分甲股票,买入部分丙股票,甲、乙、丙三种 股票在证券组合中所占比重变为 20%、30%和 50%,其他因素不变。 要求: (1)计算原证券组合的β 系数; (2)判断新证券组合的预期收益率达到多少时,投资者才会愿意投资。

4.市场上现有 A、B 两种股票,市价为 15 元/股和 10 元/股,β 系数为 0.8 和 1.5,目前股 票市场的风险收益率为 8%,无风险收益率为 3%,市场组合收益率的标准差为 15%。 要求:
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

6

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

(1)如果分别购买 100 股,计算资产组合的β 系数以及目前的投资必要报酬率;

(2)如果该资产组合收益率与市场组合收益率的相关系数为 0. 9, A、 B 收益率的标准差分别为 16% 和 25%,确定 A、B 收益率的相关系数和组合的协方差。

五、综合题 1.某公司现有甲、乙两个投资项目可供选择,有关资料如下:

市场销售情况

概率

甲项目的收益率

乙项目的收益率

很好

0 .2

30%

40%

-般

0 .6

32%

20%

较差

0 .1

24%

10%

很差

0 .1

4%

-10%

已知:政府短期债券的收益率为 6%。 要求: (1)计算甲、乙两个项目的预期收益率和收益率的标准离差率(保留两位小数);

(2)比较甲、乙两个项目的风险和收益,说明该公司应该选择哪个项目;

(3)假设纯粹利率为 4%,计算通货膨胀补偿率。

2.假设资本资产定价模型成立,表中的数字和字母 A~K 所表示的数字相互关联。

programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安

Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes.

Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of

party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

values,

Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

7

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

证券名称

收益率的标准差

各证券收益率与市场组合收益率 8 系数 的相关系数

必要收益率

无风险证券

A

B

C

D

市场组合

8%

E

F

G

股票 1

16%

H

0.5

10%

股票 2

1

0.8

2

25%

股票 3

J

0.5

K

30%

要求:计算表中字母 A~K 所表示的数字(应列出必要的计算过程或理由)。

3.某公司拟进行股票投资,计划购买 A、B、C 三种股票,并分别设计了甲、乙两种资产组合。已 知三种股票的β 系数分别为 1.5、1.0 和 0.5,它们在甲种资产组合下的投资比重为 50%、30%和 20%;乙种资产组合的风险收益率为 3.4%。同期市场上所有股票的平均收益率为 12%,无风险收益 率为 8%。 要求: (1)根据 A、B、C 股票的β 系数,分别评价这三种股票相对于市场组合而言的投资风险大小。

(2)按照资本资产定价模型计算 A 股票的必要收益率。

(3)计算甲种资产组合的β 系数和风险收益率。

(4)计算乙种资产组合的β 系数和必要收益率。
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

8

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

(5)比较甲乙两种资产组合的β 系数,评价它们的投资风险大小。

同步系统训练参考答案及解析

-、单项选择题 1.D【解析】无风险收益率等于资金时间价值(纯粹利率)加通货膨胀补偿率,由此可以看出,资金 时间价值等于无风险收益率减去通货膨胀补偿率。 2.A【解析】前 5 年没有流入,后 5 年指的是从第 6 年开始的,第 6 年年初相当于第 5 年年末,这 项年金相当于是从第 5 年年末开始流人的,所以,递延期为 4 年。 3. C 【解析】 根据题意可知投资收益率的期望值=20%×0. 3+10%×0. 5+(-5%)×0. 2=10%, 投资收益率的标准差=[(20%-10%)2

4.A 【解析】如果 A、B 两只股票的收益率变化方向和变化幅度完全相同,则两只股票的相关系数为 1, 相关系数为 1 时投资组合不能降低任何风险,组合的风险等于两只股票风险的加权平均数。 5.D 【解析】 本题是已知终值求年金, 即计算偿债基金。 A=/(F/A, 2%, 10)=/10. 95=9132. 42(元)。 6.C 【解析】计提减值准备属于接受风险中的风险自保。 7.B 【解析】资本回收系数是年金现值系数的倒数。 8.D 【解析】永续年金持续期无限,没有终止时间,因此没有终值。 9.D 【解析】在名义利率相同的情况下,计息期越短,年内计息次数越多,实际利率就越高,那么对于 投资者来说越有利。 10.C 【解析】选项 A、D 属于转移风险;选项 B 属于规避风险。 11.B 【解析】必要收益率也称最低必要报酬率或最低要求的收益率,表示投资者对某资产合理要求的最 低收益率。 12.D 【解析】衡量资产风险的指标主要有收益率的方差、标准差和标准离差率等,收益率的方差和标准 差只能适用于预期收益率相等情况下资产风险大小的比较,而标准离差率可以适用于任何情况。 13.C 【解析】 生产单位产品需要多少零部件, 是技术设计阶段就已经确定下来的, 不是通过斟酌确定的。 因此属于 C 技术性变动成本。
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

14.C 【解析】风险追求者主动追求风险,喜欢收益的动荡胜于喜欢收益的稳定。 15.A 【解析】R=Rf+8×(Rm-Rf)=4%+1.33X(8%-4%)=9.32% 16.B 【解析】本题是已知年金求现值。PA=40000X(P/A,3%,10)=40000×8.5302=(元)。 17.B 【解析】选项 A、C 都是变动成本,选项 D 是固定成本,只有选项 B 是半固定成本。对于半固定成 本而言,业务量在-定限度内,成本总额不变。当业务量增长到-定限度后,成本总额跳跃到-个新水 平。 18.A 【解析】贷款到期值=3000×(F/A,2%,5)=3000×5.2040=15612(元) 19.D 【解析】本题符合普通年金现值公式:20000=4000X(P/A,i,9),(P/A,i,9)=5,用内 插法求解: (i-12%)/(14%-12%)=(5—5.3282)/(4.9464—5.3282) i=13.72% 20.B 【解析】期望投资收益(率)是在投资收益不确定的情况下,按估计的各种可能收益水平及其发生概 率计算的加权平均数。 21.C 【解析】第五年末的本利和=10000×(F/P,6%,10)=10000x1.7908=17908(元) 22.A 【解析】 两者之间的协方差=两者之间的相关系数×-项资产的标准差×另-项资产的标准差=0. 5 ×0.2×0.4=0.04 二、多项选择题 1.AB 【解析】偿债基金=普通年金终值×偿债基金系数=普通年金终值/普通年金终值系数,所以选项 A 是答案;先付年金终值=普通年金终值×(1+i)=年金×普通年金终值系数 x(1+i),所以选项 B 是答 案。选项 C 的计算与普通年金终值系数无关,永续年金不存在终值。 2.ACD 【解析】当预期收益率相同时,风险追求者选择风险大的,因为这会给他们带来更大的效用。所以, 选项 B 的说法错误。 3.BCD 【解析】实际收益率表示已经实现的或者确定可以实现的资产收益率。因此选项 A 的说法错误。 4.ABCD 【解析】证券市场线是资本资产定价模型的图形表示,横坐标是β 系数,纵坐标是必要收益率,选 项 A、B 正确;风险厌恶程度高,风险溢价越高,即(Rm-Rf)越大;Rf 通常以短期国债的利率来近似 替代,因此,选项 C、D 正确。 5.ACD
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

【解析】只有在通货膨胀率很低的情况下,才可以用短期国债利率来表示资金时间价值。 6.AB 【解析】必要收益率与认识到的风险有关,对于某项确定的资产,不同的人认识到的风险不同,因 此,不同的人对同-资产合理要求的最低收益率(即必要收益率)也会存在差别。所以,选项 A 不正确。 无风险收益率也称无风险利率,它的大小由纯粹利率(资金的时间价值)和通货膨胀补偿率两部分组成, 即:无风险收益率-纯粹利率(资金的时间价值)+通货膨胀补偿率,所以,选项 B 不正确。 7.ABCD 【解析】财务风险控制对策包括:规避风险、减少风险、转移风险和接受风险。 8.AD 【解析】变动成本存在相关范围,只有在-定范围内,选项 A 的说法才正确;混合成本可分为半 变动成本、半固定成本、延期变动成本和曲线变动成本,所以选项 D 的说法不正确。 9.CD 【解析】延期变动成本在-定的业务量范围内有-个固定不变的基数,当业务量增长超出了这个范 围,它就与业务量的增长成正比例变动。题干所述情况符合延期变动成本的特点,所以选项 D 是答案; 延期变动成本属于混合成本,所以选项 C 也是答案。 10.ABCD 【解析】 单项资产的β 系数是指可以反映单项资产收益率与市场平均收益率之间变动关系的-个量 化指标,它表示单项资产收益率的变动受市场平均收益率变动的影响程度,换句话说,就是相对于市场 组合的平均风险而言,单项资产所含的系统风险的大小。所以,选项 A 的说法正确。单项资产的β 系 数=该项资产收益率与市场组合收益率的协方差/市场组合收益率的方差=该资产收益率与市场组合 收益率的相关系数×该项资产收益率的标准差/市场组合收益率的标准差。所以,选项 B 的说法正确。 当β <1 时,说明该资产收益率的变动幅度小于市场组合收益率的变动幅度,因此其所含的系统风险小 于市场组合的风险。所以,选项 C 的说法正确。当β =1 时,说明该资产的收益率与市场平均收益率呈 同方向、 同比例的变化, 即如果市场平均收益率增加(或减少)1%, 那么该资产的收益率也相应的增加(或 减少)1%,也就是说,该资产所含的系统风险与市场组合的风险-致。所以,选项 D 的说法正确。 三、判断题 1.X 【解析】 只有在证券之间的相关系数为 1 时, 组合的风险才等于组合中各个证券风险的加权平均数; 如果相关系数小于 1,那么证券组合的风险就小于组合中各个证券风险的加权平均数。 2.× 【解析】风险控制对策包括四种:规避风险、减少风险、转移风险和接受风险。企业向专业性保险 公司投保属于转移风险。 3.√ 【解析】短期国库券的利率可以看作无风险利率,资金时间价值是没有风险和通货膨胀情况下的平 均利润率,所以,资金时间价值=无风险利率-通货膨胀率=国库券利率-通货膨胀率= 6%-2%= 4%。 4.× 【解析】风险收益率的大小取决于两个因素:-是风险的大小;二是投资者对风险的偏好。 5.× 【解析】通常情况下,资金的时间价值相当于没有风险和没有通货膨胀条件下的社会平均资金利润 率,也就是说,资金的时间价值中既不包括风险收益率也不包括通货膨胀补偿率。而公司债券有风险, 公司债券的利率中包括风险收益率,因此,即使通货膨胀率很低,公司债券的利率也不能作为资金时间 价值。 不过由于短期国库券利率可以近似地代替无风险利率, 所以, 通常情况下, 如果通货膨胀率很低, 短期国库券利率可视同为资金时间价值。 6.× 【解析】计算现值的时候,折现率在分母上,所以在期数-定的情况下,折现率越大,则年金现值 系数越小。
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

7.× 【解析】回归分析法下,假设混合成本符合总成本模型 y=a+bx,其中 bx 表示变动成本总额。 8.√ 【解析】市场风险溢酬,也就是资本资产定价模型中的 (Rm-Rf),它是附加在无风险收益率之上 的, 由于承担了市场平均风险所要求获得的补偿, 它反映的是市场作为整体对风险的平均 “容忍” 程度, 也就是市场整体对风险的厌恶程度,对风险越是厌恶和回避,要求的补偿就越高,因此,市场风险溢酬 的数值就越大。 9.× 【解析】风险中立者选择资产的唯-标准是预期收益的大小,而不管风险状况如何,这是因为所有 预期收益相同的资产将给他们带来同样的效用。 10.× 【解析】风险分为系统风险和非系统风险,系统风险不能随着资产种类增加而分散。 11.× 【解析】1+名义利率=(1+实际利率)×(1+通货膨胀率),即名义利率=(1+实际利率)×(1+通货 膨胀率)-1,而不是名义利率=实际利率+通货膨胀率。 12.× 【解析】递延年金有终值,但是终值的大小与递延期无关,递延年金的终值=年金 A×(F/A,i, n),其中 n 表示等额收付的次数(年金 A 的个数),显然其大小与递延期 m 无关。 13.× 【解析】要降低酌量性固定成本,只有厉行节约、精打细算,编制出积极可行的费用预算并严格执 行,防止浪费和过度投资等。降低约束性固定成本的基本途径,只能是合理利用企业现有的生产能力, 提高生产效率,以取得更大的经济效益。本题将降低两种成本的途径弄混淆了。 四、计算分析题 1. 【答案】 方案 1 的付款现值 =10+28×(P/A,10%,5)X(p/F,10%,1) =10+28×3.7908×0.9091 =106.49(万元) 方案 2 的付款现值 =5+25×(P/A,10%,6) =5+25×4.3553 =113.88(万元) 方案 3 的付款现值 =10+15×(P/A,5%,8) =10+15×6.4632 =106.95(万元) 方案 4 的付款现值 =30×(P/A,10%,6)×(P/F,10%,2) =30×4.3553×0.8264 =107.98(万元) 由于方案 1 的付款现值最小,所以应该选择方案 1。 2. 【答案】 方案-: FA=40X(F/A,10%,15) =40×31.772 =1270.88(万元) 方案二:
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

12

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

FA=38×[(F/A,10%,16)-1] =38×(35.950—1) =1328.10(万元) 方案三: FA=72×(F/A,10%,10) =72×15.937 =1147.46(万元) 从上述计算可得出,采用第三种付款方案对张先生有利。 3. 【答案】 (1)计算原证券组合的β 系数 β p=60%×2.0+30%×1.5+10%×1=1.75 (2)计算新证券组合的β 系数 β P=20%×2.0+30%×1.5+50%×1=1.35 新证券组合的风险收益率: RP=β P×(Rm-Rf) =1.35×(12%-10%)=2.7% 新证券组合的必要收益率= 10%+2.7%=12.7%只有新证券组合的预期收益率达到或者超过 12.7%,投资者才会愿意投资。 4. 【答案】 (1)对 A 的投资比例 =100×15/[100×(15+10)]=0.6 对 B 的投资比例=1—0.6=0.4 投资组合的β 系数 =0.6×0.8+0.4×1.5=1.08 投资组合必要报酬率 =3%+1.08×8%=11.64% (2)该资产组合收益率的标准差 =1.08X15%/0.9=18% 18%×18%=0.6×0.6×16%X16%+2×0.6×0.4×r×16%×25%+0.4×0.4×25%×25% 即:324=92.16+192×r+100 解得:r=0.69 协方差=0.69×16%×25%=2.76% 五、综合题 1. 【答案】

programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安

Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes.

Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of

party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

values,

Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

13

conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nc h Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the attraction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, m obile phone, TV, micro-learni ng and dista nce education platforms. Boot party "member home" parti cipation in networked le arni ng, interacti on a nd "t hree le ss ons", offline synchronizati on of encouraging party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervisio n, a nd effective transmis sion of pr essure . About consoli dation of weak a nd lax party bra nches, thr oug h true strong team, pr om ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upo n layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the system, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisational life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous ta sk s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng education, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviat ion cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressiv e, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule par ty, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do qualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

(2)由于乙项目收益率的标准离差率大于甲项目,所以,乙项目的风险大于甲项目。由于甲项目的 预期收益率高于乙项目,即甲项目的预期收益率高并且风险低,所以,该公司应该选择甲项目。 (3)政府短期债券的收益率 =无风险利率=纯粹利率+通货膨胀补偿率 即:6%=4%+通货膨胀补偿率 通货膨胀补偿率=2% 2. 【答案】 (1)无风险证券的收益率固定不变,不因市场组合收益率的变化而变化,故无风险证券收益率的标 准差为 0,无风险证券与市场组合收益率的相关系数为 0,无风险证券β 值为 0。即:A=B=C=0; 根据相关系数和β 系数的定义可知,市场组合收益率与自身的相关系数为 1,β 值也为 1。即: E=F=1: 根据资本资产定价模型的基本表达式可知: 10%=D+0.5×(G—D) 25%=D+2X(G—D) 解得:D=5%,G=15% 根据资本资产定价模型的基本表达式,利用股票 3 的数据可知: 30%=5%+KX(15%-5%) 解得:K=2.5 根据单项资产的β 系数 =该资产收益率与市场组合收益率的相关系数×该资产收益率的标准差÷市场组合收益率的标准 差 可知:0.5=HX16%/8%=H×2 解得:H=0.25 2=0.8XI/8%=10×I,解得:I=20% 2.5=0.5XJ/8%,解得:J=40% 【思路点拨】 (1)标准差和贝塔值都是用来衡量风险的, 而无风险资产没有风险, 即无风险资产的风险为 0, 所以, 无风险资产的标准差和贝塔值均为 0; (2)相关系数反映的是两种资产收益率变动之间的关系,如果-种资产收益率的变动会引起另-种
programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nts, a ccording t o disti ng uis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安 Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cific pr ogrammes. Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Constitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constituti on Party rule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, g oals, orga nization, good style , grasp conditions, right s and obligati ons of party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self -disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt pr ovi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbook, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fu jian, a nd A s eries of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self-cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life and values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the Chine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalizatio n, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd th eory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core values, Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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conjunction with t he begi nni ng of the 95 a nniv ersary activitie s, focused schedule 1 party le cture. E ncourages t he party bra nch Secretary of the practi ce of party members give a Party lectur e. Producti on li ne of adva nce d party members re porte d, their own experiences, e nha nce the att raction a nd appeal of party lecture . 4. Orga nization of online communicati on. Ful l use of the various types of network me dia, time pushe s learni ng content . Boot party communi st netw orks, mobile phone, TV, micro -learni ng and dista nce education platforms. Boot p arty "member home" parti cipation in networked le arni ng, interacti on a nd "three le ss ons", offline synchronizati on of encouragi ng party members to carry out st udy and educati on, e nriching t he content of forms, expand the coverage of educati on. 5 . carry out the res ponsi bility. Each branch to effectively as sume the main res ponsi bility for organizational learni ng, timely under standi ng of party members a nd cadre s to study, i dentify and resolv e symptoms a nd pr obl ems. Party Committee should do a good j ob lea ders hip le arning at the same time, gui dance to branch ba sed on the devel opment of learning programmes, a nd urge d the impl ementation of "three less ons" system and impl ementing le arni ng requireme nts. To take reports, customize d resear ch, participate i n di scussi ons, attend meeti ngs of the Organizati on, such as s upervision, a nd effective transmis sion of pr essure . About consoli dation of we ak a nd lax party bra nches, thr oug h true strong team, prom ote transformation improvi ng branch to i ss ue that stands out, to be dealt wit h first in pla ce, further study and e ducation. 6. play the lea d role. Leadershi p, leadi ng ca dres s hould set a n example, a nd to l ead by example, layers of driven model, layer upon layer, formation of the shot s, the overall general effect of linkage . Lea ding ca dres s hould lear n first and be in front, asking others t o do y ou first do it, a sks of ot hers and not themselve s determ ine d not to do, we ca nnot "lamp bla ck", and "flashlig ht man as himself". To enforce a rigid double a bout the life of the sy stem, lea d study dis cussi on, lea d in talki ng about experie nces, give a Party le cture, re port, lea ding to partici pate in orga nisatio nal life, dem ocratic a pprai sal, lead i n duty of due diligence, a ccording t o positions, contri bute to r ole play wit h learni ng, pr omoting le arni ng education sol id and effective. 7. gras p the i ntegrated. To stick ar ound the Cente r, servi ng the ov erall situati on, the "two" combi ning e ducation and com pleted vari ous task s, and impleme nt the County "T hirteen -Five" com bine s pla nni ng, and the XX combi nation of sci entific development and lea ping development, both hands, two, av oidi ng "two pee ls". By st udyi ng educatio n, inspire party members and ca dres undertaking ent husiasm, in esta blis hing a nd impl ementing five dev elopment philosophy, solid i ndustrial restructuri ng, deepe ning reform, poverty alleviation cr ucial , improvi ng pe ople' s livelihood and other work in t he front, for example. Promoti on of ca dres w ork hard, aggressive, push development to test the effective ness of educational work . Towns hip tw o learn a do lear ning arra ngements s pe cific programme the Party (total) branch: for advance full stri ctly rule party, a ccor ding to XX m uni cipal on in city members i n the carri ed out "learn Constit ution Party rule s, and learn s eries s pee ch, do q ualified mem bers" learni ng education impl ementation programme, and XX muni cipal organizati on D epartment on "two lear n a do" learning arra ngements of spe cific

资产收益率变动,则这两种资产的收益率相关,相关系数不为 0,否则,相关系数为 0; (3)由于无风险资产不存在风险,因此。无风险资产的收益率是固定不变的,不受市场组合收益率 变动的影响,所以,无风险资产与市场组合之间不具有相关性,相关系数为 0。 3. 【答案】 (1)由于市场组合的β 系数为 1,所以,根据 A、B、C 股票的β 系数可知,A 股票的投资风险大于 市场组合的投资风险;B 股票的投资风险等于市场组合的投资风险;C 股票的投资风险小于市场组合的 投资风险。 (2)A 股票的必要收益率 =8%+1.5×(12%-8%)=14% (3)甲种资产组合的β 系数 =1.5×50%+1.0×30%+0.5×20%=1.15 甲种资产组合的风险收益率 =1.15×(12%-8%)=4.6% (4)乙种资产组合的β 系数 =3.4%/(12%-8%)=0.85 乙种资产组合的必要收益率 =8%+3.4%=11.4% (5)甲种资产组合的β 系数(1.15)大于乙种资产组合的β 系数(0.85),说明甲的投资风险大于乙的 投资风险。

programme, and XX city learni ng educati on impl ementation programme s pirit and town party implementati on programme requireme nt s, a ccording t o disti nguis h level, a nd has targeted s oluti on pr oblem of re quirement s, ensure lear ning e ducation made effectivene ss, 。 边 横 底 到 向 纵 事 、 负 人 有 层 作 使 行 执 真 认 须 , 心 核 的 理 管 项 各 区 工 是 度 究 追 和 制 任 责 位 岗 产 生 全 安

Promotion of all party me mbers and cons ciously res pect the party Constit ution, abi de by party rules, arme d with XI serie s of important spee ch by Ge neral Secretary head, g uide, a nd promote the work, be qualified party members and learni ng arrangeme nts are here by makes the foll owing spe cif ic pr ogrammes.

Learning requirement s, on all party members t o study the party Constitution and party rule s and unify the XI s eries of important s peech, Ge neral Se cretary, s pee ch lear ning s eries to deepen understanding of the Constituti on Party r ules, Con stitution Party rule s in the dee p insig ht serie s addre ss the basi c spi rit and pra ctical re quirement s. 1, Constitution Party r ule s learni ng of the party Constitution, a deep understanding of the party's nat ure, purpose, g uidi ng pri nci ples, goals, orga nization, good style , grasp conditions, right s and obligati ons of

party members, be aring in mi nd that oath, clear qualified party member criteria and conditions. Learni ng the code of self-disci pli ne of the CPC, t he CPC's disci pli nary regulations, t he Chine se Comm unist Party M ember Rights Ordina nce and so on, masteri ng self-disci pline standards of "four must ", the "four uphol dings", masteri ng various types of disci plinary offence a nd punishme nt provi sions. 2, a nd le arning series spee ch t o XI G eneral Se cretary series im portant spee ch rea ding (201 6 version) and out poverty work to dream into really --XI comrade in XX w ork during a dvocate practi ce line "immediately on do" documentary a nd XI Ge neral Secretary on "immediately on do" important di scusse s, for basi c textbo ok, lear ning understand XI G eneral Se cretary series im portant s pee ch of basi c spirit, le arning understand Ce ntral ruling a cting politi cal new conce pt new t hought ne w strategy of basic conte nt, learni ng under stand XI Ge neral Se cretary on Fujian, a nd A s erie s of important instr ucti ons of the XX and XX of important idea s, inheriting a nd carrying forward t he Ge neral Secretary duri ng the XX's "sigewa n" and "will do it right away" and other fine traditions a nd w ork style, mastery and improveme nt of self -cultivation, fulfill the purpose i deas , moral character, conservati on related t o the ba sic re quireme nts. Gras p to master the foll owi ng main as pects : (1) which is the spirit of the i deals a nd beliefs of "cal cium", esta blish a corre ct worl d Outl ook, Outl ook on life a nd values , (2) is the national dream, Chi nese dream the dream s, the dreams of the people of the nation, is the dream of the C hine se nati on i n moder n times most of the great core Es sential s is the national pr osperity, national revitalization, the happiness of the people, (3) Chi na Color Socialist is a chi eved Chine se great revival of way, e nha nce d road confidence, a nd theory confi dence, and system confidence; (4) "four a full" strategy layout is new of history conditions Xia party ruli ng acti ng pol itical total strategy, cons ciously with "four a full" le d the work; (5) ins isted innovati on, a nd coordinati on, a nd gre en, a nd ope n, and share d deve lopme nt is relations hip Chi na devel opme nt global of one dee p change, a ccordi ng to new development conce pt do j ob; (6) practice li ne Socialist core

values,

Carrying forward socialist morality and the traditi onal Chi nese virtues, (7) compre he nsive stri ctly administeri ng the party is a joi nt respons ibility of all party members, ea ch branch must be impleme nted and

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