[試題] 96下 廖咸興 財務金融實務研討 期中考
課程名稱︰財務金融實務研討
課程教師︰廖咸興(掛名)，每個禮拜不同花旗講師
考試日期（年月日）︰2008.04.16
是否需發放獎勵金：是
試題 :
I. 是非題；對打T，錯打F。每題答對2分，答錯及未答得零分, 12%。
1. The structured product can be decomposed as two main parts:
fixed income and derivatives.
2. Banks usually use derivatives as the tool of asset liability
management, such as modifying cash flow, enhancing yield but
without taking any additional risk.
3. Private equity funds play important roles in recent global M&A
markets.
4. Private equity funds play important roles in Taiwan M&A cases in
recent years.
5. The target investors of structured products are individuals without
sufficient financial background knowledge.
6. For an exchange-listed company, stock liquidity is a sign of the
company’s credit status.
II. 選擇題；每題答對3分，答錯及未答得零分, 90%。
7. Which of the following(s) is/are the function of structured products?
(A) Return enhancement (B) Hedge
(C) Customization (D) Principal protection (E) All of the above.
8. Which of the following statement is INCORRECT of 5-yr callable
inverse floater note with coupon: Max(0%, 4.2% - 90D CP)?
(A) It will get loss when CP rate goes down
(B) It will get loss when CP rate goes up
(C) it contain interest rate derivatives, such as interest rate swap,
cap and swaption
(D) Investor should better realize all the possible risk before
making investment decision
(E) Investor may get loss on principal if early unwind.
9. Which of the following is the usual way to reach the target of
“Principal protection” on the structured products?
(A) Sell option + buy normal bonds
(B) Buy very high-yield but low credit rating corporate bond
(C) Buy stock directly
(D) Buy option + buy zero coupon bond.
10. If bank would like to take ABC company’s “credit” risk to get
yield enhancement, which of the following instruments is improper?
(A) make commercial loan to ABC company
(B) buy corporate bond issued by ABC company
(C) buy ABC company common stock
(D) Take credit default swap linked to ABC company
(E) none of the above.
11. Which of the following statement is the correct description of “
Market risk” or so called “Price risk” of bond investment?
(A) the failure to pay interest or principal
(B) the price dropped due to interest rate goes up
(C) the early callback of principal
(D) the purchase power decline due to inflation
(E) all of the above.
12. What is the most important factor when Citibank assesses a
company’s management team?
(A) Equity Size
(B) Industry background
(C) Integrity
(D) Technology background
13. For Citibank’s perspective, which of the following is always the
first way-out provided by a customer?
(A) Customer’s cash injection plan
(B) Positive net operating cash generated
(C) Customer’s cash on hand
(D) Support by the parent
14. What does an increasing Days Receivable of a company might suggest?
(1) Decreased operating cash inflow
(2) Increased operating cash inflow
(3) The company’s credit policy became more lenient
(4) The company’s bargaining power over its clients is declining
(5) The company is losing qualified customers
(A) 1, 4 and 5, (B) 2, 3 and 4, (C) 1, 3, and 5, (D) 1, 3 and 4
15. Which one does Citibank try to avoid when starting a new relationship
with a company?
(A) Proposed facility is less than other banks;
(B) Hedge (FX) facility
(C) Inferior position
(D) Clean facility
16. Why does Citibank have to assess counterparty’s suitability and
appropriateness before entering a hedging deal (FX, interest rate,
oil price) with a company?
(A) To understand this company’s capability to reimburse bank
(B) To decide whether the company has adequate underlying exposure and
is capable of executing the deal
(C) To decide the suitable pricing proposal
(D) To calculate expected revenue from the captioned deal
17. Which one is a consideration for choosing venue for listing:
A) valuation, B) liquidity, c) company's profile, d) all of above
18- which valuation method is often used for a company with predictable
revenue and income streams :
a) DCF, b) P/sales, 3) P/earning, 4) price/growth
19- "DR", a certificate of stock, represents :
a) dollar revenue, b) depositary revenue, c) depositary receipt,
d) denominated receipt
20- which one is NOT a normal course business activity for investment bank:
a) M&A advisory, b) bank deposit, c) equity underwriting, 4) bond underwriting
21- why management should care about its stock price:
a) increasing shareholders' wealth, b) gaining stronger acquisition power,
c) fiduciary obligation, d) all of above
22. What is not true about the three pillars concepts in the BASEL II
agreement about capital adequacy?
(a) Minimum capital requirement
(b) Independent director and supervisory
(c) Supervision mechanism
(d) Market disclosure
23. What statement below is true :
(a) The minimum regulatory requirement for banks’ capital adequacy is 8%
(b) Solvency, liquidity, operating efficiency and P/E multiple are the
key directions in quantitative analysis on banks
(c) In a financial institution’s perspective, risk management generally
means the mechanism to monitor market, operational, and fiduciary risk
(d) All the above
24. What statement below is true :
(a) The NPL ratio of banking industry reached the peak in 2002
(b) Coverage ratio defines the quality of collateral the bank requested
the borrowers to provide;
(c) BIS ratio is the best pricing indicator for booking new assets on
bank balance sheet
(d) The CAMEL approach to analyze a bank stands for capital adequacy,
asset quality, earning power, management and loan policy
25. Which of the following methods is “NOT” a strategy to improve a
bank’s capital adequacy ratio?
(a) Issuing GDR/Sub-debt
(b) Asset securitization
(c) Increase cross-sale to enhance earnings power
(d) Doing more loans with SME customers
26. Which of the following qualitative criterion is “NOT” used
to judge a bank’s performance
(a) Risk Architecture: Credit Risk, Market Risk, and Track Record of
Risk Management
(b) Earnings Power: Net margin, ROE and ROA
(c) Management Reputation: Integrity, Strategic Vision of Business,
and Leadership
(e) Franchise: Diversification of Business, Product Innovation, and
Financial Flexibility
27. Which of the following statement you do “not” learn from
“Ta Chong” case?
(a) To maintain the delinquent ratio not to breach 3% (regulatory requirement)
, Ta Chong’s profitability is hurt by the increasing charge-off
(b) Ta Chong Bank is a “consumer-centric” bank
(c) Ta Chong’s capital adequacy (BIS) has maintained at a quite good
level of 8% for past three years
(d) By introducing strategic partner, Carlyle Group, Ta Chong obtained
long-term funding source to further improve the capital adequacy
and asset quality
28. Which of the following risk does not take into the consideration
of BASEL II BIS?
(a) Credit Risk; (b) Market Risk;
(c) Operational Risk; (d) Compliance Risk
29. Which of the following statements is not true about Chinese Bank?
(a) Despite marginal overall profitability, in terms of card business
, the bank still ranked as top 3 bank in card issuance.
(b) After RTC took over the Chinese Bank, the bank has been suspended
from interbank transaction activities to prevent from systematic
banking problems.
(c) The illegal lending to its affiliates is the major cause to the bank
failure. To retain the management and controllingship in hand, the
Wang family has propose to FSC a financial re-structuring plan to
attract foreign investors to strengthen the bank’s financial standing.
(d) All of the above
30. According to the statistics on Banks’ derivatives trading volume in
Taiwan provided by CBoC, which type of the derivative product has
the highest trading volume?
a) Foreign Exchange related contracts
b) Credit related contracts
c) Interest Rate related contracts
d) Commodity related contracts
e) Hybrid product contracts
31. ABC company has issued a 5 Year floating rate bond this year.
As ABC Company’s CFO, which action you may take if you expect
interest rate will go up in the future?
(a) Enter into an interest rate swap contract to “pay fixed,
receive floating”
(b) Issue another floating rate bond
(c) Enter into an interest rate swap contract to “pay floating,
receive fixed”
(d) Buy an interest rate floor
(e) Sell an interest rate cap
32. For 3-Way WTI Extendible with Double Gearing Structure contract,
it states that customer buys oil call spread option (buys oil call
at strike $89 and sells oil call at strike $95, for amount: 200bbls)
and sells oil put at strike $84, for amount: 400bbls. According to
the contract, when will the customer benefit most in the following
situations?
a) when oil price hits $75
b) when oil price hits $80
c) when oil price hits $85
d) when oil price hits $90
e) when oil price hits $95
33. For WTI Asian Knock-out Call Option, which one should
be more expensive?
a) Strike: USD 58/bbl, Tenor: 1 Year, Knock out: USD 72/bbl
b) Strike: USD 60/bbl, Tenor: 1 Year, Knock out: USD 72/bbl
c) Strike: USD 58/bbl, Tenor: 1 Year, Knock out: USD 65/bbl
d) Strike: USD 65/bbl, Tenor: 1 Year, Knock out: USD 72/bbl
e) Strike: USD 58/bbl, Tenor: 1 Year, Knock out: USD 80/bbl
34. According to Target Redemption Accumulator Forward contract,
TARN (mentioned in the slides), the contract will “Knock Out”/
be terminated when:
a) The target positive payout has been reached
b) The cut-loss level has been triggered
c) The contract will only be “Knock Out”/ terminated when mature
d) All of the above; e) None of the above
35. Which of the following is the GTS business model?
A. Sales Process > Product Development > Client Delivery
B. Sales Process > Client Delivery > Product Development
C. Product Development > Sales Process > Client Delivery
D. Client Delivery > Sales Process > Product Development
36. Which of the following is NOT the advantage of CitiDirect online banking?
A. Access Account Information at everywhere and any time
B. Require no password
C. Remove Cross boarder/region barrios
D. Provide Real-time Account Information
ANS: TFTTFT
EADC BCBDC
BDACB DBAAD
BCDDA AEEAC B
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