1. (1) Journal entry
A chronological record of transactions, showing for each transaction the debits and credits to be entered in specific ledger accounts.
(2) Going concern
An assumption that a business entity will continue in operation indefinitely and thus will carry out its existing commitments.
(3) Matching principle
The revenue earned druing an accounting period is offset with the expenses incurred in generating this revenue.
(4) Working capital
Current assets minus current liabilities
(5) Revenue expenditure
Any expenditure that will benefit only the current accounting period.
2. 每空1分，其中两个debit合计1分
(1) (two). (debit). (debit). (equal).
(2) (adjusting). (assign). (end). (prior)
(3) (liquid). (that). (at)
3.题一10分，第一小段6分，第二小段4分。 题二8分
(1) Financial statements show the financial position of a business and the results of its operations, presented in conformity with generally accepted accounting principles. These statements are intended for use by many different decision makers, for many different purposes.
Tax returns show the computation of taxable income, legal concept by tax laws and regulations. In many cases, tax laws are similar to generally accepted accounting principles, but substantial differences do exist.
(2) Auditors do not guarantee the accuracy of financial statements; they express only their expert opinion as to the fairness of the statements. However, CPA firms stake their reputations on the thoroughness of their audits and the dependability of their audit reports.
7.共6个调整数据，做对一个2分，合计数对2分，计14分。
Cash flows from operating activities:
Net income …………………………………………………………… $260000
Adjustment for non cash revenue and expenses:
Added (less): depreciation ………………………..$90000
Loss on sale of machinery ………..$2400
Patent amortization ……………...$14800
Amortization of premium on bond ….($4600) $102600
Working capital changes:
Accounts receivable increase ……..($2000)
Accounts payable increase …………$8400 $6400
Cash flows from operating activities ………………………………$369000
8.项目1和项目3正确表述各4分，项目2正确表述3分。
Item 1: This item is a prepaid expenses and not properly recorded. Half of this expenses should be charged to the repair and maintenance account in the current year, half of this expenses should be deferred to next year.
Item 2: This item is properly charged the account, because that is for regulative repairs.
Item 3: This item is not properly charged, because this expenditure is for increasing the efficiency of production and should be capitalized
Ⅰ、Carefully fill in each of the 10 blanks with a word most appropriate to the context(10 points)
In the report entitled \"build a well-off society in ( ) all-round way and create a new situation in building socialism with Chinese characteristics\" delivered by Jiang Zemin at the 16th National Congress of the Communist Party of China, the theme of the congress was defined ( ) “to hold ( ) the great banner of Deng Xiaoping Theory, fully act ( ) the important thought of “Three Represents,” carry ( ) our cause ( ) the future .keep pace (
)the times ,build a well-off society in an all-round way, speed ( ) socialist modernization and work ( ) to create a new situation ( ) building socialism with Chinese characteristics.”
Ⅱ、True /False Question (30points each 1.5 points)
1、 How to allocate organizational resources to attain goals is part of the organizing process.
2、 A decentralized work place requires that managers invest in training and development to ensure that employees have the knowledge they need to make decisions that would otherwise be made by top managers only.
3、 Managers are more effective when they expose their perception to competing points of view.
4、 Maslow’s theory states that, once a need has been satisfied, it nonetheless continues to act as a source of motivation.
5、 MBO states that managers and subordinates must participate in setting subordinates’goals
6、 Job enrichment involves increasing the degree of responsibility a worker has over his or her job.
7、 An example of backward vertical integration is a car company’s decision to open company owned stores to sell its cars.
8、 Most decision making that relates to the day-to-day running of an organization is non-programmed decision making.
9、 Boundary spanning refers to the process of relating to groups of people outside the organization to secure valuable information.
10、 Decentralization refers to the degree to which authority is split up among major departments in an organization.
11、 Theory X managers believes that characteristics of the work setting determine worker satisfaction.
12、 The trait model of leadership focuses on identifying the personal characteristics that are responsible for effective leadership.
13、 A task force id formed to solve a problem in a certain time period.
14、 Good communication can help organizations improve responsiveness to customers.
15、 Wheel networks are often found in command groups with pooled interdependence.
16、 Organizational conflict is usually centered on competing interests among stakeholders.
17、 The rise of computer-based information systems has been associated with a flattening of the organization hierarchy.
18、 JIT systems can decrease efficiency by increasing warehousing and storage costs.
19、 Process reengineering refers to the dramatic redesign of business processes.
20、 A major responsibility of top managers is to establish organizational goals.
Ⅲ、Discussing Questions (30 points)
1、 Please explain the difference between “to do the right thing” and “to do thing” with one specific example (10 points)
2、 Please define the following terms (total 20 points, each 5 points)
(1)、QFII scheme
(2)、IPO
(3)、OEM
(4)、TQM
Ⅱ、简答题（50分，每题10分）
1、 现代企业管理理论强调企业管理者的在职培训，试问对管理人员进行在职培训的主要途径包括那些/
2、 全面质量管理（TQM）融合了“古典的科学管理、人力资源管理学派和定量方法等贡献”一些内容，您认为这种说法合理吗？为什么？
3、 什么是资产负债表？
4、 何谓品牌延伸？该策略对品牌所有者的好处和潜在的危险是什么？
5、 影响人力资源管理的主要因素有那些？并加以适当说明。作者: 黎明前的荣耀 时间: 08-5-30 19:43 标题: 对外经济贸易大学2004年硕士研究生入学考试企业管理综合试卷 Ⅰ、Carefully fill in each of the 10 blanks with a word most appropriate to the context(10 points)
Large organizations are able to achieve economies of ( ) and to reach ( ) to the global market. The small organization is more responsive ( ) customers and flexible. Its reach is usually only regional. The structure of the large organization is often mechanistic with emphasis ( ) the vertical hierarchy. Although keep ( ) mind that successful large organizations are decentralized. ( ) the small organization is ( ) likely to have a ( ) structure and be more organic. The large organization is ( ) complex and likely to breed organization men, while the small organization can be kept simple in a relatively ( ) environment, and foster entrepreneurs.
Ⅱ、True /False Question (30points each 1.5 points)
1. The belief that a person’s effort will result in performance is referred to as expectancy.
2. The Hawthorne studies were conducted by a team of researchers headed by Henry Foyal.
3. The practice of expanding the content of a job by adding more tasks at the same level most closely describes the practice of job enlargement.
4. According to Herzberg’s motivator-hygiene theory, pleasant working conditions are most likely to be associated with job satisfaction.
5. Victor Vroom explains that motivation is a product of three factors: valence, expectancy, and instrumentality.
6. The assumption that high satisfaction always lends to high employee performance is a cornerstone of effective management.
7. Each manager needs to learn who the key informal leader is in any group and to work especially with that person to encourage behavior that furthers the accomplishment of organizational objectives.
8. Accurate interpersonal communication occurs when the sender transmits the message accurately.
9. Individuals who isolate themselves from others are using self-denying.
10. Cohesiveness is when individuals conform because of real or imagined group pressure.
11. Subordinates who do something to avoid punishment by the manager are responding to the manager’s legitimate power.
12. Adoption of a flexible-hours working system is not a type of reward.
13. The extent to which an organization’s departments vary in structure, people orientations, time horizon orientations, and uncertainty is known as line and staff separation.
14. Functional structure is a situation in which some employees report to two or more higher level managers.
15. In McGregor’s Theory X view, individuals on the job are usually interested in working hard.
16. Heredity affects personality indirectly in terms of genetic pool only.
17. A generalization about a class or group of people is called stereotype.
18. The most common influence process is expert power.
19. A sense of accomplishment from a job well done is considered as extrinsic reward for work.
20. A group of managers met to decide how much company money should be invested in a new untested product that had a high potential for significant profits if successful, but also a high potential for total failure and loss of investment money. Individually, before the meeting, no manager believed that more than $100,000 should be invested in the product; yet, the group decision was that $250,000 should be invested, This group decision is an example of the risk-shift phenomenon.
Ⅲ、Discussing Questions (30 points)
1. What is the difference between an open system and a closed system in the context of corporate setting?
2. What are the implications of contingency theories for managers?
3. Please define the following terms
(1) ODII
(2) CEPA
1、 Give a brief explanation for the following terms(10%)
(1) Journal entry
(2) Going concern
(3) Matching principle
(4) Working capital
(5) Revenue expenditure
2. Please read the following passage carefully and fill in each of the 11 blanks with a word most appropriate to the content (10%)
(1) The double-entry system of accounting takes its name from the fact that every business transaction is recorded by (____) types of entries: 1: (_____) entries to one or more accounts and
2: credit entries to one or more accounts. In recording any transaction, the total dollar amount of the (______) entries must (_____) the total dollar amount of credit entries.
(2) Often a transaction affects revenues or expenses of two or more different periods, in these cases, an (_____) entries are needed to (_____) to each period the appropriate amounts of revenues and expenses. These entries are performed at the (_____) of each accounting period but (_____) to preparing the financial statements.
(3) Marketable securities are highly (_____) investments, primarily in share stocks and bounds, (____) can be sold (_____) quoted market prices in organized securities exchanges.
3.Translate the following Chinese statements into English (18%)
(1) 财务报表反映一个企业的财务状况和经营成果，是根据公认会计准则编制的。这些报表是为许多不同的决策者，许多不同的目的而提供的。
纳税申报单则反映应税收益的计算，是由税法和税则规定的概念。在许多情况下，税法和公认会计准则相似，但两者却存在实质上的不同。
4. Translate the following statements into Chinese (12%)
(1) Accounting principles are not like physical laws; they do not exist in nature, awaiting discovery man. Rather, they are developed by man, in light of what we consider to be the most important objectives of financial reporting. In many ways generally accepted accounting principles are similar to the rules established for an organized sport shuch as football or basketball.
(2) Accounting have devised procedures whereby the flows of cash receipts and payments are spread over a period of time in a certain way to derive income, which is representative of the economic performance of the firm for the given period. The income concept as applied in the real world involves numerous decisions and judgmenmts.
5. Multiple choice questions (choose the best for your answer) (10%)
(1) The CPA firm auditing XY Recording Service found that retained earning were understated and liabilities were overstated. Which of the following errors could have been the cause?
A. Making the adjustment entry for depreciation expenses twice;
B. Failure to recored interest accrued on a note payable;
C. Failure to make the adjusting entry to recored revenue which had been earned but not yet billed to clients;
D. Faillure to recored the earned portion of fees received in advance.
(2) How will net income be affected by the amortization of a discount on bonds payable?
A. Interest expense is increased, so net income is decreased;
B. Interest expense is decreased, so net income is increased;
C. Interest expense is increased, so net income is increased;
D. Interest expense is decreased, so net income is decreased;
(3) A stock dividend
A. Increase the debt-to-equity ratio of a firm;
B. Decrease future earnings per share;
C. Decrease the size of the firm;
D. Increase sharholder’s wealth;
E. None of the above.
(4) A company had sales in both 1999 and 2000 of $200000. Cost of sales for 1999 was $140000. In computing the cost of sales for 1999, an item of inventory purchased in 1999 for $50 was incorrectly written down to current replacement cost of $35. The item is currently selling in 2000 for $100, its normal selling price. As a result of this error:
A. Income for 1999 is overstated;
B. Cost of sales for 2000 will be overstated;
C. Income for 2000 will be overstated;
D. Income for 2000 will not be affected.
E. None of the above.
(5)Using the data presented below, calculate the cost of sales for the BC Company for 1999.
Current ratio 3.5
Quick ratio 3.0
Current liabilities 12/31/1999 $600000
Inventory 12/31/1999 $500000
Inventory turnover 8.0
The cost of sales for the BC Company for 1999 was:
A. $1600000;
B. $2400000;
C. $3200000;
D. $6400000;
E. None of these.
(6) W Company computed the following items from its financial records for 1999:
Price-earning ratio 12
Pay-out ratio 0.6
Assets turnover ratio 0.9
The dividend yield on W’s common stock for 1999 is :
A. 5% B. 7.2% C. 7.5% D. 10.2%
(7) the data about Accounts receivable of Newton Company for 1999 as follows:
Accounts receivable 12/31/1999 $150000
Allowance for uncollectible accounts 12/31/1999 5000(credit)
Bad debt expenses for the year 2000
During 1999 recoveries on bad debts previously written off were correctly recorded at $500. If the beginning balance in the allowance for uncollectible accounts was $4700, What was the amount of accounts receivable written off as bad debts during 1999:
A. $1200 B. $1800 C. $2200 D. $2400
(8) Which one of the following items would likely increase earnings per share (EPS) of a corporation?
A. Declaration of a stock dividend;
B. Declaration of a stock split;
C. Purchase treasury stock;
D. A reduction in the amount of cash dividends paid;
E. None of above;
(9) The primary purpose for using an inventory flow assumption is to:
A. Parallel the physical flow of units merchandise;
B. Offset against revenue an appropriate cost of goods sold;
C. Minimize income taxes;
D. Maximize the reported amount of net income.
(10) Delta company sold a plant assets that originally had cost of $50000 for $22000 cash. If Delta company correctly reports a $5000 gain on this sale. The accumulated depreciation on the asset at the date of sale must have been:
A. $28000; B. $23000 C. $33000; D. $27000; E. Some other amount
6. Bonds payable issue and recording interest expenses.(15%)
The ABC Company sold $600000 of its 9.5%, 12 years bonds on April 1, 2000, at 106. The semi-annual interest payment dates are April 1 and October 1. The effective interest rate is approximately 8.9%. The company’s fiscal year ends December 31.
Required:
Prepare journal entries to record:
(1) The issue of the bonds on April 1,2000
(2) The first interest payment on October 1, 2000
(3) The Amortization of premium or discount and interest expenses on December 31, 2001.
7. Statement of Cash Flows (14%)
The net income of the ZY Company for 1999 was $260000. Additional data available relative to activities for the year are given below:
A. Depreciation expenses for the year, $90000;
B. Loss on sale of machinery used in operations was $2400;
C. Accounts receivable increased by $2000;
D. Accounts payable increased by $8400;
E. Patent amortization for the year was $14800;
F. Amortization of premium on bonds payable for the year was $4600.
Required
Prepare the cash flows from operating activities section of a statement of cash flows under the indirect method.
8. Determining Revenue and Capital Expenditures (11%)
The controller for XYZ Co. Asks you to review the Repair and Maintenance Expenses account to determine if all of the charges are appropriate. The account contains many transactions totaling $215540. All of the transactions are considered material.
Required:
You examine three of the transactions. Indicate whether each transaction is properly charged to the reqair and maintenance account and, if not, indicate why not and to which account the transaction should be charged. The three transactions as follows:
Item Date Amount Decription
1 01/03/00 $10000 Two-year service contract on office equipment
2 05/18/00 $38500 Sealing roof leaks over entire production plant
3 10/20/00 $48500 Purchase a crane for the assembly departement作者: 黎明前的荣耀 时间: 08-5-30 19:45
2002年国贸学专业综合试卷
本试题为英译中，共五段，每段二十分。
1.The True, Peaceful Face of Islam
There are 1.2 billion Muslims in the world, and Islam is the world’s fastest-growing religion. If the evil carnage we witnessed on Sept. 11 were typical of the faith, and Islam truly inspired and justified such violence, its growth and the increasing presence of Muslims in both Europe and the U.S. would be a terrifying prospect. Fortunately, this is not the case.
The very word Islam, which means “surrender”, is related to the Arabic salam, or peace. When the Prophet Muhammad brought the inspired scripture known as Koran to the Arabs in the early 7th century A. D., a major part of his mission was devoted precisely to bringing an end to the kind of mass slaughter we witnessed in New York City and Washington. Pre-Islamic Arabia was caught up in a vicious cycle of warfare, in which tribe fought tribe in a pattern of vendetta and counter-vendetta. Muhammad himself survived several assassination attempts, and the early Muslin community narrowly escaped extermination by the powerful city of Mecca. The Prophet had to fight a deadly war in order to survive, but as soon as he felt his people were probably safe, he devoted his attention to building up a peaceful coalition of tribes and achieved victory by an ingenious and inspiring campaign of non-violence. When he died in 632, he had almost single-handedly brought peace to war-torn Arabia.
Because the Koran was revealed in the context of an all-out war, several passages deal with the conduct of armed struggle. Warfare was a desperate business on the Arabian Peninsula. A chieftain was not expected to spare survivors after a battle, and some of the Koran injunctions seem to share this spirit. Muslims are ordered by God to “slay [enemies] wherever you find them!”. Extremists such as Osama bin laden like to quote such verses but do so selectively. They do not include the exhortation to peace, which in almost every case follow these more ferocious passages:” Thus, if they let you be, and do not make war on you, and offer you peace, God does not allow you to harm them.
Islam is not addicted to war, and jihad is not one of its “pillars”, or essential practices. The primary meaning of the word jihad is not ”holy war” but “struggle”. It refers to the different effort that is needed to put God’s will into practice at every level-personal and social as well as political. A very important and much quoted tradition has Muhammad telling his companions as they go home after a battle. “We are returning from the lesser jihad [the battle] to the greater jihad,” the far more urgent and momentous task of extirpating wrongdoing from one’s own society and one’s own heart.
---Time, October 1st 2001.
2.Women at work
Throughout American history, the proportion of women who work to provide for themselves or their families has always very high, What has changed---and has changed dramatically---is how many women earn a wage. After the rise of industrial capitalism in the nineteenth century, men increasingly sold their labor on the market. Most American women, however, continued to work without pay inside the home or on the family farm. This has changed. Most Americans now regard the rigidly enforced isolation of women from the labor force as out of step with contemporary business and culture. For over a century, at any given time more than 80 percent of men have earned a wage or salary. One hundred years ago, only about 20 percent women earned a wage or salary. Today, over 70percent do. Historians will report that the entrance of large numbers of women into the labor force was the most profound shift in the demographic composition of U.S. workers in the twentieth century. Indeed, it could be argued soundly that it was the century’s preeminent sociocultural change as well. Wage-earning women in the industrial democracies today have greater earning power than women have ever had in the history of the West.
Many see the World War II ear, with its tight labor market and Rosie the Riveter” campaigns as the watershed period for women’s first beginning to work for wages in large numbers. Such exclusive attention to the temporary upsurge cause by the war, though, risks ignoring how there has been a trend toward increasing labor force participation throughout the development of the American market economy.
There can be little doubt that, on balance, a woman’s expectation to earn a wage has been liberating . The labor power of today’s women allows personal and professional choices to be made that were unavailable in the past. Some worry, however, that the economic agency that women have gained by entering the labor force is culturally hollow, At very least, the grand social transformation that many feminists hoped would follow after large number of hours outside the home still earn less on average than their male coworkers and are often excluded from positions of authority, yet continue to bear disproportionate responsibility for completing household chores.
---America by the Numbers
3.The Knowledge Economy
Economists continue to search for the foundations of economic growth. Traditional “production functions” focus on labor, capital, materials and energy; knowledge and technology are external influences on production. Now analytical approaches are being developed so that knowledge can be included more directly in production functions. Investments in knowledge can increase the productive capacity of the other factors of production as well as transform them into new products and processes. And since these knowledge investments are characterized by increasing (rather than decreasing) returns, they are the key to long-term economic growth.
The most visible sign of the knowledge-based economy is the emergence of the “information society”. Information technology has speeded up the codification of knowledge, transforming it into a market commodity: large chunks of knowledge can be codified and transmitted over computer and communications networks. The use of personal computers has more than doubled in the last decade. These computers can be linked nationally and internationally. Through computer networks, knowledge is more accessible to a wider group of people and cheaper to acquire.
Knowledge itself is becoming a more marketable product, and its spread is transforming other goods and services and creating new markets. The spiraling number of information services available on the Internet, raging from job searches to medical advice, is one example. The transformation of several disciplines—measurements, navigation, chemistry, music, surgery, telecommunications—by laser technology is another. And as the stock of knowledge accessible to the world economy swells, it is driving economic growth. The increase in knowledge accessibility and lower barriers to entry are also enhancing the role of the entrepreneur.
---The Knowledge Economy
4.Capacity to Be a Principal
Nor every person or entity may be a principal. To be a principal, one must have the capacity to execute a contract. Minors, incompetents, and other natural persons with limited contractual capacity may be restricted in their ability to be a principal or even prohibited entirely from becoming a principal. Adult persons of limited mental capacities or adults who are temporarily incapacitated (for example, while intoxicated) are not permitted to appoint agents freely. Under modern legal theory, minors have contractual capacity for necessities and thus may be principals and appoint agents for any item deemed to be necessary (food, shelter, and so on). This complicated by the fact that there is no uniform definition of what falls within the term “necessary”. Consequently, the practical result is that very few people are willing to contract with minors for anything, and even fewer people will deal with the agent of minor.
A corporation has contractual capacity and can be a principal. The corporation’s ability to appoint an agent is limited to the scope of activities authorized in its articles of incorporation. This caused some problems in the past because lawyers used to draft the articles of incorporation to encompass only those activities contemplated by the incorporations (for example, to operate a railroad). However, since modern legal practice is to create a corporation with the ability to conduct any business the law allows, there are few limitations on a corporation’s capacity to act as a principal.
Partnerships can usually act as principals, although there are two legal theories to explain how. Where the law does not treat a partnership as a legal entity, the partnership itself is not technically capable of being a principal. In these jurisdictions, because the partnership lacks contractual capability, the individual partners are deemed to be the principal and the partnership’s agent is really the agent of the partners. In the jurisdictions where a partnership is a legal entity, this fiction need not be observed, and the partnership can act directly as a principal through its agents.
---McGill’s Legal Aspects of Life Insurance
5.Financial Derivatives
In the past two decades, we have witnessed the revolutionary period in the trading of financial derivatives or contingent claims in financial markets around world. A derivative security may be defined as a security whose value depends on the values of other more basic underlying variables, which may be the prices of traded securities, prices of commodities or stock indices. The two most common derivative securities are futures and options. A forward contract ( called a futures contract if traded on exchange ) is an agreement between two parties to buy or sell an asset at a certain time in the future for a predetermined price while an option gives the holder the right ( but not the obligation ) to buy or sell an asset by a certain date for a predetermined price.
Options are classified either as a call option or a put option. A call ( or put ) is a contract which gives the holder the right to buy ( or sell ) a prescribed asset, known as the underlying asset, by a certain date ( expiration date ) for a predetermined price ( commonly called the exercise price or the strike price ). Since the holder is given the right, but not the obligation, to buy or sell the asset, he will make the decision depending on whether the deal is favorable to him or not. The option is said to be exercised on the expiration date, then the option is called a European option, while the exercise is allowed at any time prior to the expiration date, then it is called an American option ( these term have nothing to do with their continental origins ). The simple call and put options with no special features are commonly called plain vanilla options. Also, we have options coined with names like Asian option, lookback option, barrier option etc.
The other party to the holder of the option in the contract is called the writer of the option. The holder and the writer are said to be in the long and short positions of the option contract, respectively. Unlike the holder, he writer does have an obligation with regard to the option contract, say, the writer must sell the asset if the holder chooses in his favor to buy the asset. This is zero-sum game. The holder gains from the loss of writer or vice versa.作者: 黎明前的荣耀 时间: 08-5-30 19:46
2002金融专业试题
3、试析战略性外购（strategic outsourcing）的合理性。
七、专业英语（每题25分，共50分）
1、The Taylor Rule:Could a Robot Replace Alan Greenspan?
Macroeconomist John Taylor of Stanford University Calls for a
New Monetary Rule That Would Institutionalize Appropriate Fed
Policy Responses to Changes in Real Output and Inflation.
In our discussion of rules versus discretion, “rules” were associated with a
passive monetary policy--one in which the monetary rule required that the Fed
expand the money supplyai a fixed annual rate regardless of the state of the
economy.“Discretion”on the other hand, was associated with an active monetary
policy in which the Fed changed the interest rate in response to actual or
anticipated changes in the economy.
Economist John Taylor has put a new twist on the rule-versus-discretion debate
by suggesting a hybrid policy rule that dictates the precise active monetary
actions the Fed should take when changes in the economy occur.This so-called
Taylor rule combines traditional monetarism, with its emphasis on a monetary
rule, and the more mainstream view that active monetary policy is a useful tool
for taming inflation and limiting recession. Unlike the Friedman monetary rule,
the Taylor rule holds, for example, that monetary policy should respond to
changes in both real GDP and inflation, not simply inflation. The key adjustment
is the interest rate, not the money supply.
The Taylor rule has three parts:
● If real GDP rises 1 percent above potential GDP, the Fed should raise the
Federal Funds rate(the interbank rate of overnight loans),relative to the
current inflation rate, by .5 percent.
● If inflation rises by 1 percent above its target of 2 percent, then the Fed
should raise the Federal funds rate by .5 percent relative to the inflation
rate.
● When the real GDP is equal to potential GDP and inflation is equal to its
target rate of 2 percent, the Federal funds rate remain at about 4 percent,
which would imply a real interest rate of 2 percent.
Taylor has nerther suggested nor implied that a robot, programmed with the
Taylor rule, should replace Alan Greenspan,chairman of the Federal Reserve
System.The Fed\'s discretion to override the rule(or “contingency plan for
policy”)would be retained,but the Fed would renove the “mystery”associated
with monetary policy and increase he Fed\'s accountability.Also,says Taylor, if
used consistently, the rule would enable market participants to predice Fed
behavior, and this would increase Fed credibility and reduce uncertainty.
Critics of the Taylor rule admit it is more in tune with countercyclical Fed
policy than with Friedman\'s simple monetary rule. But they bo reason to limit
the Fed\'s discretion in adjusting interest rates as it sees fit to achieve
stabilization and growth.Monetary policy may be more art than science. The
critics also point our that the Fed has done a remarkable job of promoting
price stability, full employment, and economic growth over the past decade.
In view of this succes, they ask,“Why saddle the Fed with a highly mechanical
monetary rule?”
2、Petition of the Candlemakers, 1845
French Economist Fredric Bastiat(1801-1850) Devastated the
Proponents of Prorectionism by Satircally Extending their
Reasoning to Its Logical and Abusurd Conclusions.
Petitogogo,Candlesticks,Street Lamps,Snuffers,Extinguishers,and of the Prodecers of Oil Tallow,Rosin,Alcohol,and,
Generally,of Everything Connected with Lighting.
TO MESSIEURS THE MEMBERS OF THE CHAMBER OF DEPUTIES
Gentlemen--You are on the right road.You rreject abstract theories,and have
little consideration for cheapness and plenty,You chief care is the interest of
producer.You desire to emancipate him from external conpetition, and reserve the
national market for national industry.
We are abour to offer you an admirable opportunity of applying your--what shall
we call it?No;nothing is more deceptive than theory;your doctrine?your system?
your principle?but you dislike doctrines,you abhor systems,and as principles,you
deny that there are any in social economy:we shall say,then,your practice,your
practice without theory and wothour principle.
We are suffering from the intolerable competition of a foreign ribal,palced,it
would seem,in a condition so far superior to ours for the prodection fo light,
that the absolutely inundates our national market with it at a price fabulously
reduced.The moment he shows himself,our trade leaves us--all consumer apply to
him;and a branch of native industry,having countless ramifications,is all at
once rendered completely stagnant.This rival...is no other than the Sun.
What we pray for is,that is mat please you to pass a law ordering the shuttling
up all of windows,skylights,dormer windows,outside and inside shutters,curtains,
blinds,bull\'s-eyes;in a word,of all openings,holes,chinks,clefts,and fissures,by
or thought which the light of the sun has been in ues to enter houses,to the
prejudice of the meritorious magogo we
have accommodated our country,--a country which,in gratitude,ought not to
abandon us now to a strife so unequal.
If more tallow is consumed,then there must be more oxen and sheep;and
consequently,we shall be hold the multiplication of artificial meadows,meat,wool,hides,and,above all,manure,which is the basis and foundation of all
agricultural wealth.
The same remark applies to navigation.Thousand of vessels will proceed to the whale fishery;and,in a short time,we shall possess a navy capable of maintaining
the honor of France,and gratifying the patriotic aspirations of your petitioners,the undersigned candlemankers and others.
Only have the goodness th relfect,Gentlemen,and you will be convinced that there
is perhaps,no Frenchman,from the wealth coalmaster to humblest vender of lucifer
matches,whose lot will be ameliorater by success of this our petition.作者: 黎明前的荣耀 时间: 08-5-30 19:48
2003年国际贸易学综合试题
Little noticed in the shock of WorldCom Inc.\'s massive accounting fraud is that it came to light only
after a review initiated by the company\'s audit committee. Yes, believe it or not, the directors in the
boardroom actually asked their auditors to take another look at the numbers.
Lo and behold, that review let to the largest single restatement ever: a $3.8 billion reduction in previously
reported pretax income. Together with Xerox Corp\'s recent concession that it overstated operating earnings
by $1.4billion, these two corporate meaculpas alone nearly match the combined total hit of $5.8 billion from
all 463 restatements in 1998,1999, and 2000.
How much worse can it get? Plenty. It\'s not that we\'ll likely see numbers as breathtaking as those as WorldCom
or Xerox. But expect a tidal wave of restatements to come in what will surely amount to some sort of accounting
chatharsis. If ever there was a time for companies to come clean, it\'s now. Over the years, the quality of
financial reporting has varied widely. Some companies did the bare minimum to meet accounting standards. Others
were more cautious. To get beyond the current stock market malaise, companies need to flush out the excesses
so investors can regain their confidence in our financial system. It\'s better to take a hit now than risk
dragging this out over the next few years.
2.Happy birthday, Milton Friedman
Milton Friedman\'s professional career has been marked by controversy over his many policy proposals. Yet as he
approaches his 90th birthday, Friedman is increasingly recognized as the most influential economist in a 20th
century that witnessed towering contributions from John Maynard Keynes, Paul A. Samuelson, and others.
Friedman is best known for \"monetarism\", a view that stability in the growth of the money supply is crucial
to controlling inflation and recessions. Although the relation between the money supply and the economy has
often been highly variable, no less an authority than Fedral Reserve Chairman Alan Greenspan has indicated
that Friedman\'s emphasis on a stable monetary framework was instrumental in guiding central banks in Europe
and the U.S. toward low inflation during the pass two decades.
Before Friedman, economic conventional wisdom held that inflation reduces unemployment because prices rise
faster than labor costs. In the late 1960s, Friedman argued instead that there is no permanent reduction in
unemployment from continuing inflation because wages eventually catch up to prices as expectations about
inflation become more accurate. His analysis has been validated twice since then----by the high U.S. the \'90
even though inflation was negligible.
Two decades before Chile introduces its revolutionary private individual account retirement system, Friedman\'s
classic 1962 book Capitalism and Freedom criticized the prevailing pay-as-you -go Social Security systems for
restricting the ability of individuals to choose how much and in what form to save for retirement, and for mixing
a welfare program for elderly poor with a compulsory program that applies to all the elderly. Has his advice been
followed twenty years ago, there would be no impending Social Security financing crisis in the U.S. and other
developed nations with aging population.
3. Are Force Majeure Clauses Exclusion Clauses?
In order to differentiate an exclusion or limitation clause from a force majeure clause we must first define
exactly what we mean by exclusion clauses and examine their effect on the contractual relations of the
parties. We might then usefully compare the operatiogogo to that of force majeure clauses.
A tripartite distinction betweegogo: \" Protective conditions are three
distinct types: first, those which limit or reduce what would otherwise be the defendant\'s duty; second,
those which exclude the defendant\'s liability for breach of specified aspects of that duty, and third, those
which limit the extent to which the defendant is bound to indemnify the plaintiff in respect of the consequences
of breaches of that duty.\" The difference between the first two categories is said to be this: in the first case
there is no breach of contract since there is no obligation to perform in the circumstances which have
arisen, whilst in the second case there is a breach but the liability to pay damages in respect of it has
been removed.
Force majeure clauses, it seems, go to limit the extent of the obligation assumed by the promisor. They do not
operate so as to shield a promisor from liability for a breach of contract. A force majeure clause will ensure
that non-performance is no breach because no performance was due in the circumstances that have occurred.作者: 黎明前的荣耀 时间: 08-5-30 19:49
2002年国贸学专业综合试卷
2、 假设某经济的消费函数为C＝100+0.8Y（其中Y为个人可支配收入），投资I＝100，政府购买支出G＝200，政府转移支付TR＝62.5（单位均为10亿美元），税率t＝0.25。问：
（1）均衡国民收入是多少？
（2）投资乘数和政府税收乘数分别是多少？
（3）当政府将一笔支出用在政府购买上对国民收入的影响是否和将这一笔支出用在政府转移支付上对国民收入的影响一样？为什么？
1.The True, Peaceful Face of Islam
There are 1.2 billion Muslims in the world, and Islam is the world’s fastest-growing religion. If the evil carnage we witnessed on Sept. 11 were typical of the faith, and Islam truly inspired and justified such violence, its growth and the increasing presence of Muslims in both Europe and the U.S. would be a terrifying prospect. Fortunately, this is not the case.
The very word Islam, which means “surrender”, is related to the Arabic salam, or peace. When the Prophet Muhammad brought the inspired scripture known as Koran to the Arabs in the early 7th century A. D., a major part of his mission was devoted precisely to bringing an end to the kind of mass slaughter we witnessed in New York City and Washington. Pre-Islamic Arabia was caught up in a vicious cycle of warfare, in which tribe fought tribe in a pattern of vendetta and counter-vendetta. Muhammad himself survived several assassination attempts, and the early Muslin community narrowly escaped extermination by the powerful city of Mecca. The Prophet had to fight a deadly war in order to survive, but as soon as he felt his people were probably safe, he devoted his attention to building up a peaceful coalition of tribes and achieved victory by an ingenious and inspiring campaign of non-violence. When he died in 632, he had almost single-handedly brought peace to war-torn Arabia.
Because the Koran was revealed in the context of an all-out war, several passages deal with the conduct of armed struggle. Warfare was a desperate business on the Arabian Peninsula. A chieftain was not expected to spare survivors after a battle, and some of the Koran injunctions seem to share this spirit. Muslims are ordered by God to “slay [enemies] wherever you find them!”. Extremists such as Osama bin laden like to quote such verses but do so selectively. They do not include the exhortation to peace, which in almost every case follow these more ferocious passages:” Thus, if they let you be, and do not make war on you, and offer you peace, God does not allow you to harm them.
Islam is not addicted to war, and jihad is not one of its “pillars”, or essential practices. The primary meaning of the word jihad is not ”holy war” but “struggle”. It refers to the different effort that is needed to put God’s will into practice at every level-personal and social as well as political. A very important and much quoted tradition has Muhammad telling his companions as they go home after a battle. “We are returning from the lesser jihad [the battle] to the greater jihad,” the far more urgent and momentous task of extirpating wrongdoing from one’s own society and one’s own heart.
---Time, October 1st 2001.
2.Women at work
Throughout American history, the proportion of women who work to provide for themselves or their families has always very high, What has changed---and has changed dramatically---is how many women earn a wage. After the rise of industrial capitalism in the nineteenth century, men increasingly sold their labor on the market. Most American women, however, continued to work without pay inside the home or on the family farm. This has changed. Most Americans now regard the rigidly enforced isolation of women from the labor force as out of step with contemporary business and culture. For over a century, at any given time more than 80 percent of men have earned a wage or salary. One hundred years ago, only about 20 percent women earned a wage or salary. Today, over 70percent do. Historians will report that the entrance of large numbers of women into the labor force was the most profound shift in the demographic composition of U.S. workers in the twentieth century. Indeed, it could be argued soundly that it was the century’s preeminent sociocultural change as well. Wage-earning women in the industrial democracies today have greater earning power than women have ever had in the history of the West.
Many see the World War II ear, with its tight labor market and Rosie the Riveter” campaigns as the watershed period for women’s first beginning to work for wages in large numbers. Such exclusive attention to the temporary upsurge cause by the war, though, risks ignoring how there has been a trend toward increasing labor force participation throughout the development of the American market economy.
There can be little doubt that, on balance, a woman’s expectation to earn a wage has been liberating . The labor power of today’s women allows personal and professional choices to be made that were unavailable in the past. Some worry, however, that the economic agency that women have gained by entering the labor force is culturally hollow, At very least, the grand social transformation that many feminists hoped would follow after large number of hours outside the home still earn less on average than their male coworkers and are often excluded from positions of authority, yet continue to bear disproportionate responsibility for completing household chores.
---America by the Numbers
3.The Knowledge Economy
Economists continue to search for the foundations of economic growth. Traditional “production functions” focus on labor, capital, materials and energy; knowledge and technology are external influences on production. Now analytical approaches are being developed so that knowledge can be included more directly in production functions. Investments in knowledge can increase the productive capacity of the other factors of production as well as transform them into new products and processes. And since these knowledge investments are characterized by increasing (rather than decreasing) returns, they are the key to long-term economic growth.
The most visible sign of the knowledge-based economy is the emergence of the “information society”. Information technology has speeded up the codification of knowledge, transforming it into a market commodity: large chunks of knowledge can be codified and transmitted over computer and communications networks. The use of personal computers has more than doubled in the last decade. These computers can be linked nationally and internationally. Through computer networks, knowledge is more accessible to a wider group of people and cheaper to acquire.
Knowledge itself is becoming a more marketable product, and its spread is transforming other goods and services and creating new markets. The spiraling number of information services available on the Internet, raging from job searches to medical advice, is one example. The transformation of several disciplines—measurements, navigation, chemistry, music, surgery, telecommunications—by laser technology is another. Agogoible to the world economy swells, it is driving economic growth. The increase in knowledge accessibility and lower barriers to entry are also enhancing the role of the entrepreneur.
---The Knowledge Economy
4.Capacity to Be a Principal
Nor every person or entity may be a principal. To be a principal, one must have the capacity to execute a contract. Minors, incompetents, and other natural persons with limited contractual capacity may be restricted in their ability to be a principal or even prohibited entirely from becoming a principal. Adult persons of limited mental capacities or adults who are temporarily incapacitated (for example, while intoxicated) are not permitted to appoint agents freely. Under modern legal theory, minors have contractual capacity for necessities and thus may be principals and appoint agents for any item deemed to be necessary (food, shelter, and so on). This complicated by the fact that there is no uniform definition of what falls within the term “necessary”. Consequently, the practical result is that very few people are willing to contract with minors for anything, and even fewer people will deal with the agent of minor.
A corporation has contractual capacity and can be a principal. The corporation’s ability to appoint an agent is limited to the scope of activities authorized in its articles of incorporation. This caused some problems igogoed to draft the articles of incorporation to encompass only those activities contemplated by the incorporations (for example, to operate a railroad). However, since modern legal practice is to create a corporation with the ability to conduct any business the law allows, there are few limitations on a corporation’s capacity to act as a principal.
Partnerships can usually act as principals, although there are two legal theories to explain how. Where the law does not treat a partnership as a legal entity, the partnership itself is not technically capable of being a principal. In these jurisdictions, because the partnership lacks contractual capability, the individual partners are deemed to be the principal and the partnership’s agent is really the agent of the partners. In the jurisdictions where a partnership is a legal entity, this fiction need not be observed, and the partnership can act directly as a principal through its agents.
---McGill’s Legal Aspects of Life Insurance
5.Financial Derivatives
In the past two decades, we have witnessed the revolutionary period in the trading of financial derivatives or contingent claims in financial markets around world. A derivative security may be defined as a security whose value depends on the values of other more basic underlying variables, which may be the prices of traded securities, prices of commodities or stock indices. The two most common derivative securities are futures and options. A forward contract ( called a futures contract if traded on exchange ) is an agreement between two parties to buy or sell an asset at a certain time in the future for a predetermined price while an option gives the holder the right ( but not the obligation ) to buy or sell an asset by a certain date for a predetermined price.
Options are classified either as a call option or a put option. A call ( or put ) is a contract which gives the holder the right to buy ( or sell ) a prescribed asset, known as the underlying asset, by a certain date ( expiration date ) for a predetermined price ( commonly called the exercise price or the strike price ). Since the holder is given the right, but not the obligation, to buy or sell the asset, he will make the decision depending on whether the deal is favorable to him or not. The option is said to be exercised on the expiration date, then the option is called a European option, while the exercise is allowed at any time prior to the expiration date, then it is called an American option ( these term have nothing to do with their continental origins ). The simple call and put options with no special features are commonly called plain vanilla options. Also, we have options coined with names like Asian option, lookback option, barrier option etc.
The other party to the holder of the option in the contract is called the writer of the option. The holder and the writer are said to be in the long and short positions of the option contract, respectively. Unlike the holder, he writer does have an obligation with regard to the option contract, say, the writer must sell the asset if the holder chooses in his favor to buy the asset. This is zero-sum game. The holder gains from the loss of writer or vice versa.作者: 黎明前的荣耀 时间: 08-5-30 19:50
2001年国际贸易学综合试题
9、（ ）买方期权和买方期权是同一期权交易的两个方面。
10、（ )扬基债券和武士债券分别是在美国和日本发行的两种欧洲债券。
三、单项选择题（将正确答案填写在括号内，每题1分，共9分）
1、既考虑到出口商品劳动生产率的变化，又考虑到进口商品劳动生产率变化的贸易条件
为：
A、收入贸易条件；B、单项因素贸易条件；C、净贸易条件；D、双项因素贸易条件
答案（ ）
2、按国内价格与进口价格之间的差额征收的关税为：
A、最惠国税；B、普惠税；C、特惠税；D、差价税
答案（ ）
3、普遍优惠制的三个基本原则是：
A、普遍的、非歧视的、互惠的；B、普遍的、附加条件的、对等的；C、普遍的、非歧视
的、非互惠的；D、有选择的、附加条件的、对等的
答案（ ）
4、欧洲联盟对农畜产品征收差价税，按照（ ）的差额征收。
A、指标价格与进口价格；B、门槛价格与进口价格；C、指标价格与门槛价格；D、干预
价格与进口价格
答案（ ）
5、当被保险人投保水渍险时，保险人承保的责任范围不包括：
A、保险标的的实际全损和推定全损；B、因意外事故导致的部分损失；C、因共同海损所
造成的牺牲和费用；D、因外来风险所造成的货物损失
答案（ ）
6、下列关于海运提单与提单的区别的说法中，错误的说法是：
A、提单是运输契约的证明：海运单不是运输契约的证明：B、提单是货物所有权的凭证
：海运单不是货物所有权的凭证；C、提单的抬头不须标明收货人；D、提单是收货人提
货的凭证：海运单不是收货人提货的凭证
答案（ ）
7、当处于通货膨胀和国际收支逆差的经济状况时，应采取下列什么政策搭配：
A、紧缩国内支出，本币升值；B、扩张国内支出，本币贬值；C、扩张国内支出，本币升
值：D、紧缩国内支出，本币贬值
答案（ ）
8、假设美国投资者投资英镑CD，6个月收益5％，此期间英镑贬值9％，则投资英镑的有
效收益率为：
A、14.45%；B、-4.45%；C、14％；D、4%
答案（ ）
9、当一个注册地点为中国大陆的公司在香港联交所上市时，我们称该公司为：
A、A股上市公司；B、B股上市公司；C、红筹股上市公司；D、H股上市公司
答案（ ）
四、多项选择题（将正确答案填在括号内，每题1分，共6分）
1、邓宁的国际生产折衷理论认为，企业欲进行有利的海外投资活动必须具备：
A、所有权优势；B、内部化优势；C、比较优势；D、区位优势
答案（ ）
2、在现代贸易条约与协定中，最常见的最惠国待遇适用的例外包括：
A、边境贸易；B、沿海贸易；C、关税贸易；D、过境贸易
答案（ ）
3、乌拉圭回合达成的《服务贸易总协定》，将服务贸易定义为：
A、过境交付；B、境外消费；C、商业存在；D、自然人流动
答案（ ）
4、我们说国际贸易术语一方面用来表示交易商品的价格构成，另一方面用以确定交货的
条件，这后者是指：
A、确定风险划分的界限；B、确定交货的方式；C、确定所有权转移的时间和方式；D、
划分交易双方承担的责任和费用
答案（ ）
5、下列关于分期装运（Shipment by Instalment)的说法中与国际惯例的规定相符的说
法是：
A、规定分期装运条款时只须规定允许或不允许；B、规定分期装运时每批的交货数量必
须相对；C、分期装运条款中要规定每批货的数量和交货时间；D、任何一批未按规定装
运，信用证从该期开始作废
答案（ ）
6、欧洲货币市场境内、外业务一体型的代表是：
A、纽约；B、伦敦；C、新加坡；D、香港
答案（ ）
五、简单准确解释下列名次（每题3分，共18分）
1、挤出效应
2、帕累托最优
3、Restrictive Business Practice
4、逆汇汇票
5、外汇缓冲政策
6、马歇尔－－勒纳条件
六、简述题（每题6分，共12分）
1、在国际货物买卖中，信用证与买卖合同之间的关系如何？
2、简述国际范围内金融业混业经营的主要表现及其内在动力。
七、论述题（每题10分，共20分）
1、为什么说在组建关税同盟的条件下，产业规模经济效应的存在可以增强成员国的贸易
创造效应，弱化贸易转移效应？
2、垄断是由什么原因造成的？为什么说垄断造成了市场失灵？政府能够采取有效的措施
限制垄断吗？为什么？
八、案例分析题（第1题7分，第2题9分，共16分）
1、中国的某公司购买产自伊朗的槽钢，合同规定应符合德国的DIN标准，但是制造商实
际是按俄国的ГОСТ标准生产的。由于德国的DIN和俄国的ГОСТ标准对同一规格的
槽钢规定的截面尺寸是不一致的，于是买方认为货物不符合合同，不能使用，但他没有
拒绝收获，也没有要求换货，而是向买方提出只能作为废钢回炉，要求按废钢降价处理
。你认为买方的做法是否正确？清说明理由。
2、美国的Sal\'s卫星公司向洛杉矶和纽约的订户发送电视节目。洛杉矶和纽约订户的市
场需求曲线分别为：
QLA＝80－（2/3）PLA
QNY＝80－（2/3）PNY
式中，Q以千户/年计，P是年定价。
Sal\'s卫星公司提供发送电视节目的服务成本为：
C＝1000＋30Q
其中，Q＝QLA＋QNY
问：
（1）在两个市场是分开的情况下，保证洛杉矶市场和纽约市场利润最大化的价格和数量
分别是多少？
（2）美国五角大楼部署了一颗新卫星，使居住在洛杉矶的人可以直接收到Sal\'s公司在
纽约发送的节目，而居住在纽约的人也可以直接收到Sal\'s公司在洛杉矶发送的节目，这
样纽约或洛杉矶的任何人只要在任一城市付费就可以收到Sal\'s公司的节目，因此Sal\'s
公司只能定单一的价格。Sal\'s公司的单一价格为多少？它在纽约和洛杉矶能销售多少数
量？
（3）上两种销售情况哪一种对Sal\'s公司来说利润更大？
1.The information revolution
Never in the history of this planet has humanity seen more change than w
itnessed over the last twenty years.After centuries-even millenniums-of human
civilization,only in this period has man found the means to connect instantly
and efficiently the consciousness of virtually every inhabitant on the earth.O
nly in the past decade have come the means to consolidate,organize,and access
all of the available knowledge that man has gained over the entire history
of humanity.And as if this mind-numbing pace of change has not been fast enoug
h,the forces that drive it promise to become even stronger and faster in the c
oming twenty years.Our race is in the midst of the information revolution-a re
volution that could change virtually every facet of human life.
From our vantage point ,it is still not possible to fully grasp the e
xtent and significance of the information
revolution .Things are moving too fast-propelled by advances in science and t
he forces of market economics to predict exactly how evolving technologies wil
l alter civilization on earth . The only thing that can be said for certain is
that major change is inevitable for all but the most remote fringes of human
society.We are heading at blinding speed into a complete new world built on a
foudation of the information and communication technology.
2.Recent Trends in international trade
Over the last decades,the foreign trade sector has grown dramatically in i
mportance worldwide .In 1960,as a percentage of nominal GDP,goods exports and
imports were 3.9 percent and 2.9 percent ,respectively.By 1997,goods exports
and imports shares had risen to 8.5 percent and 11.0 percent ,respectively.Dom
estic demand has increasingly been met by imports,while exports have become a
more significant factor underlying growth in manufacturing output.
What does the United States export and import ?In 1997,by principle end-u
se categories,export are led by capital goods excluding autos ,with second pla
ce held by industrial supplies and materials.Most imports for industrial suppl
ies and materials,followed by automotive vehicles,parts ,and engines.
Exports and imports flows between various trading partners have changes
significantly since the end of World WarII .Though still important,Wester
n Europe no longer dominates as the United states\' primary trading region.For
exports,Canada is by far the most important buyer of US goods.In 1996, Canada
also was the number one supplier of goods to the United States.In recent yea
rs , however ,Japan,China,and Mexico have become increasingly important .While
the United States\' largest unilateral trade deficit for goods is with Japan
,China\'s goods trade surplus with the United States has grown rapidly in rece
nt years.
3.contract in Cyberspace
The law of contracts,fashioned over centuries to fit the needs of parties w
ho transact ,is rich in human experience .It would be presumptuous to assume t
hat technological change will fundamentally alter the way we contract.It will
gogo has ,to accommodate cybers
pace .Although,contract law must change so that it provides certainty and enf
orceability over cyberspace transactions,technology must progress before this
can happen .Cyberspace security problems must be resolved ,for until transac
tions can be securely effected simply and with wide accessibility,business wi
ll lack the necessary comfort level.This may require patience. It\'s important
that the market resolve the technological issues first,or wu run the risk of l
aw dictating technology--a sub-optimal solution.The contact law that will emer
ge won\'t be a \"new\" or revolutionary contract law per se.Rather it will apply
old principles to the new enviroment,and over time will evolve to further
reflect cyberspace\'s idiosyncrasies.
Contract law issues that require immdiate legislative attention are: the st
atus of digital signature and their acceptability in Contracts , amendments t
o the Statue of Frauds\' writing and signing requirements ,legal support of
encryption use ,and criminalization of crypto-attacks ,Government should also
give priority attention to public key infrastructure(PKI) issues,such as the
liability of certification authorities.Other than becoming a model user,it sho
uldn\'t magogotem at this time.The market should b
e left to make its own choices.
4.Corporate Bonds
As the name indicates,corporate bonds are issued by corporations,Corporati
on bonds are classified by the type of issuer. The four general classif
ications used by bond information services are1)utilities,(2)transportation
s,(3)industrials,and(4)banks and finance companies.First breakdowns are often
to create more homogeneous groupings.For example,utilities are subdivided into
electric power companies,gas distribution companies,water companies,and commu
nication companies.Transportation are divided further into airlines.railroads,
and trucking companies.Industrials are the catchall class,and the most hetero
geneous of the groupings with respect to investment characteristics.Industrial
s include all kinds of manufacturing,merchandising,and service companies.
The promises of a corporate bond issuer and the rights of investors are s
et forth in great detail in a contract called a bond indenture .Failure to pay
either the principal or interest when due constitutes legal default and cour
t proceedings can be instituted to enforce the contract .Bondholders,as credit
ors,have a prior legal claim over preferred and common stockholders as to bot
h income and assets of the corporation for the principal and interest due them
In a typical corporate bond ,there are options embedded in the issue.An e
mbedded option is part of the structure of a bond,as opposed to a \"bare option
\",which trades separeately from any underlying security.
Most corporate bonds are term bonds,that is ,they run for a term of year
s and then become due and payable.Term bonds are ofen referred to as \"bullet--
maturity\" or simply \"bullet\" bonds.The term may be long or short.As with Treas
ure secutities,obligations due less then ten years from the date of issue are
called notes.Term bonds may be retired by payment at final maturity or retire
d prior to maturity if provided for in the indenture.Some corporate bond issue
s are so arranged that specified principal amounts become due on specified dat
es.Such issues are called serial bonds.
5.warranties on the Sale of a Business
The sale of a business is a transaction which involves the sale of a varied co
llection of assets having differrent characteristics:
(a)some of the assets will be physical goods,such as stock,machinery and equi
pment ;
(b)usually there will be freehold of leasehold properties to be transferred;
(c)intangible assets will include the goodwill of the business,debtors and ,co
mmonly,intellectual property rights.
(d)rights may be sold,such as to the current order berrorly asset
s in the nomal sense.
The transaction will not normally involve the purchaser in taking over liabili
ties and these will not generally pass unless there is an express acceptance b
y the purchaser.This broad principle needs,however,to be qualified in a number
of respects:
(1)Liabilities in relation to properties may run with the land and accordingly
automatically bind the purchaser.
(2)Certain obligations to the emplyees of a business which is sold as a going
concern pass under the Transfer of Undertaking (Protection of Employment)Regul
ations 1981.
(3)Partly completed goods,the manufacture of which is completed by the purchas
er,will give rise to a liability on the purchaser if they prove to be defectiv
e envn though the defect arises from work done by the vendor.
(4)From a practical point of view,it is often necessary for the purchaser to p
erform warranty obligations of the vendor in relation to goods sold slightly b
efore the transfer of the business.
Despite these exceptions,the general rules is that the purchaser does not take
over any liabilities of the business for which it does not wish to be respons
ible.This significantly affects the scope of the wanrranties which the purchas
er will seek and,broadly,the warranties on share sales dealing with liabilitie
s ,and in particular those concerning taxation, will be unnecessary.Neverthele
ss,not all liabilities are irrelevant in determining whether the purchaser has
acquired what it thought it was buying :
(1)The purchaser will wish to be sure that accounts of the vendor correctly r
eflect the profitability of the business and that liabilities reducing the pr
ofits are fully taken into account.
(2)Disputes with suppliers and customers could adversely affect the goodwill o
f the business.
(3)Employees who are dissatisfied because they have outstanding claims of whic
h the purchaser is not aware could cause problems for the purchaser of such si
gnificance that it could find itself effectively forced to meet the liabilitie
s even though it has no legal responsibility.作者: 黎明前的荣耀 时间: 08-5-30 19:51
2000年攻读硕士学位研究生入学考试国际贸易综合试题
八 回答以下两个问题（请将每题的叙述限制在1000字以内。10分/题，共20分）
1． 李嘉图提出“比较成本说”的前提条件是什么？
2． 世界贸易组织的职能有哪些？
1.The Battle to Be Your Online Bill Collector
-------------Bankers hope cyberbilling can give them a toehold on
the Net
Every year,American business sends out 29 billion bills.And by any measure,the
exercise isn\'t much fun.For companies,printing,processing and posting a tipic
al consumer bill runs about 90.And for recipients ,there\'s not only a demand f
or payment,there \'s a wad of solicitations that nearly everyone throws away.
But for banks trying to make it on the Internet,bills are cool .Bankers see bi
lls as surefire eyeball-grabbers in an environment where it\'s tough to command
consumer attention--and a key to protecting their existing business managing
cash for big companies.Increasingly,banks are battling high-tech competitors f
or control of Internet billing,or electronic-bill presentment,as it is called.
To be sure,this is a fight over a business that is in its infancy.Few bills ar
e now sent via the Net,and online payment systems often involve a paper check.
But the technology exists to send bills from business to customers and route p
ayments back on the Net.By the end of next year,industry analysts estimate upw
ards of 4.5 million households will be receiving bills online .What\'s more, se
nding and handling bills over the Net should be about 40% cheaper than paper d
elivery, says the Gartner Group, a research firm in Stamford, Conn.
The question is who will become the bill collector on the Net.Bankers reckon t
hat if they can turn their Web sites into mailboxes for electronic bills ,they
can become key entry points on the Net-portals,even.That would enable them to
sell other financial services online. The fear is that existing portals,such
as Yahoo! or even American Online,will become centers of bill payment and , in
turn ,siphon off existing bank business . \"banks have been slow to get into t
his,\" says Kenneth J.Kerr,a Garter analyst in Durham,N.C. \"But they realize th
ere is a threat here and they need to get aboard\" .
Banks have their advantages.They can offer custumers simultaneous access to th
eir bills and their money. Banks have long relationships with the billers,such
as utilities and retailers,and centuries of experience in protecting people\'s
money.
Big banks also are worried that technology companies offering bill presentment
could muscle into one of their fastest-growing business-managing cash for big
companies. After all ,distributing and collecting bills is a close cousin to
cash management.
At this point,predicting how the industry will shake out is premature . Banks
and technology companies already have formed several alliances aimed a deliver
ing bills on the net. More combinations are likely . What\'s clear, though , is
the banks know they are running out of time to get their Internet billing act
together.
_____From Business Week/July 19,1999
2.Principles of Regulation
The following quotation describes the scope of regulation and how it affects i
ndividuals and businesses participating in a market.
\"All market and transactions are in practice regulated by some kind of governm
ent laws or regulations , and without regulations of any kind,most markets and
types of transactions would cease to exist.Without laws, the terms of many ty
pes of agreement and transaction between individuals would be unenforceable an
d would cease. The choice facing individuals and society is not between regula
tion and no regulation ; it is how much regulation and what kinds of regulatio
n are desirable.\"
This description portrays regulation as fully encompassing the systems of gove
rnment and law with the power to control all markets and transactions . Econom
ists and politicians would typically take a much narrower view of regulation,c
oncentrating more on the targets of regulatory action or the regulatory proces
s itself. An economist, focusing on the targets of regulatory action, might d
escribe regulation as government policy that exerts control over a firm to eli
cit a desired behavior as a producer of goods or employer of labor. An economi
st or politician focusing on regulatoty process, however, might express a view
similar to the following:
\"Through regulation,society attempts to substitute the decidion-making process
of a regulatory commission for the action of the market mechanism...It is cle
ar that the\'process\' of regulation is to substitute administrative judgment fo
r market-place judgement. In effect, an economic environment of legal rules an
d regulations is used as a surrogate for the free market,and economic decision
s are made by a political process.\"
The above description portrays regulation as a political process, substituting
asministrative judgement for marketplace judgement. The description identifie
s the important interaction between regulation and the market and raised an im
portant issue:when, if at all, should marketplace judgment be replaced with as
ministrative judgement?
Various answers to this question have been proposed. Of primary importance is
the market being considered. Different market require different amounts and ty
pes of regulation.
____From The Regulation of Insurance
3.Intervention Arrangements in the European Monetary System
Bilateral exchange rates within the European Monetary System have never been l
iterally fixed; rather, they have fluctuated within specified limits called ma
rgins. Since August 1993 the margins for most bilateral exchange rates have be
en +_15 percent,although they were narrower before then. Each participating cu
rrency is also assigned a \"central\" exchange rate against the European Union c
urrencies. When a currency\'s market xchange rate against the ECU diverges suff
iciently from its cegogo the currency is e
xpected to intervene and possibly take other actions to correct the situation.
In return for contributing 20 percent of their gold and dollar holdings to a E
uropean Monetary Institute,central bank in the EMS receive equivalent holding
of ECUs. ECUs can be used, along with other types of international reserves, t
o purchase domestic currency from member central banks that acquire it in inte
rvention opertations but do not wish to hold it.
Intervention burdens may be shared symmetrically within the EMS, but they need
not be. If the French franc depreciates to its lower limit against the DM, fo
r example,the French central bank must rectify the situation by selling DM res
erves; at the same time, the German central bank must lend the necessary DM to
the Bank of France.EMS rules thus call for a symmetric intervention procedure
when an exchange rate reaches the limit of its range, one in which the weak-c
urrency country loses reserves and the other gains them.
Much intervention takes place within the EMS exchange rate margins, however,an
d such intervention does not oblige other central banks to take action. If the
bank of France buys DM assets and adds them to its reserves, for example, the
Bundesbank is not require to intervene as long as the franc stays within its
margins.
In addition, the symmetry of intervention at the margins is no guarantee that
the resulting adjustments in national money supplies are symmetric.There is li
ttle at present to prevent a central bank from trying to shift the burden of m
onetary adjustment onto its EMS partners by sterilizing its foreign interventi
on.
________From c Economics-Theory and Policy,4th Edition
4.Freedom of Contract
The main principle of the law relating to commercial transactions is based on
the freedom of the contracting parties to agree as they wish. This principle c
omprises the freedom to choose whether one wants to enter into a contract at a
ll, the freedom to choose one\'s contracting party and to agree on the contents
of the contract and its general and specific terms. However, any freedom of c
ontract is necessarily controlled by some fundamentals principles of the appli
cable national law which determine how contractual rights come into being and
the effect on contractual undertaking of fraud, misleading statements, duress,
coercion, mistake or other invalidating causes. It should also be observed th
at it may be impossible to obtain enforcement of some contracts and that the m
odalities of enforcement may differ in different jurisdictions.
Generally one cannot expect enforcement of contracts which are illegal in the
jurisdiction concerned or which may have such an object that redress to enforc
ement authorities is unavailable. This is true for most illegal contracts as o
ne cannot very well expect organs of the state to extend a helpful hand to tho
se who have engaged in prohibited of undesirable activities. The same reluctan
ce may well apply to contracts which are not illegal but merely of such a natu
re that the contracting parties should have to arrange their affairs without t
he assistance of the authorities, e.g. wagering contract or games for money.
In modern commerce, it would normally be impracticable to let the contracting
parties individually negotiate each and every contract term. Instead, they wou
ld in most cases use ready-made texts appearing in different standard forms or
clauses.It is also possible to use computerized texts available for different
types of contracts. If so, it is only theoretically possible to base contract
interpretation on the actual will and intention of the contracting parties th
emselves. Such standardised text have to be interpreted objectively and refere
nce to contractual intent represents no more than a lip-service to the traditi
onal paradigm of deriving the contents of contract solely from the will of the
parties. The standard to be used is to assess how a reasonable person would u
nderstand the text rather than to examine how the actual contracting parties u
nderstood it, if they even thought about it at all. Such standardised texts or
iginate from different sources. In some cases they are unilaterally prepared b
y
one of the contracting parties and, in other cases,they are e
laborated under the auspices of various trade organisations usually only repre
senting one of the parties in a particular type of contractual relationship. H
owever, trade organisations representing both parties in the contractual relat
ionship may also have agreed on a standardised text, which is then usually cal
led an \"agreed document\". International organisations,such as the Internationa
l Chamber of Commerce, Promote the elaboration of standard texts and principle
s which could be incorporated into commercial contracts by reference, In some
cases, such standardised texts and principles could attain the status of inter
national usage of trade and, if so, they could be deemed to govern the contrac
ting relationship even in the absence of express reference.
________From Igogo, by ICC
5.The Legal Nature of A share
The issue of a share for money, or money\'s worth or in satisfaction of a debt
is the transaction by which the whole or part of the stated nominal or authori
sed share capital of a registered company is collectively realised. In some ju
risdictions a minimun or par value for each share is fixed by dividing the amo
unt of the share capital into equal parts. This technique is often reflected i
n dictionary and legislative definitions of the term \"share\". The definition o
f a share as a part or share of share capital is misleading to the extent that
is conveys the notion of an entitlement on the part of the shareholder to be
repaid the par value of the share. A share is not a debenture and is therefore
not a debt owed by the company to the shareholder. If subscribers for shares
in a commercial company do not lend the consideration to the company then the
issue of shares must, of necessity, serve the additional function of rendering
the enterprise of the company participable. The jurisdical substance of a
share must therefore be sought in the nature of the participation
afforded its proprietor by the constituent documents of the company and by co
mpany law. That substance,to the extent that it is not mandatory or generic, i
s determined initially by the framers of the revevant memorandum and articles
of association. Theoretically, therefore, a large part of the legal content of
a share is infinitely variable from corporation to corporation, from share to
share and from time to time. Practically, however, commercial necessity, secu
rities regulation and convenience may dictate some incidents of a share. The m
ultifarious nature of a share enables it accommodate commercial requirements s
uch as that for collective or pooled capital; marketable securities; limited l
iability, participation of shareholders in profits and in any surplus on a win
ding up; and the provision of workable management and control.
_________From Interests In Goods, 2nd Edition,LLP作者: 黎明前的荣耀 时间: 08-5-30 19:52
99经贸综合知识试题
2.某企业向某欧洲银行借款100,000美元,期限为3个月,年利率12%.
(1).该笔贷款的利息时先付还是后付,还是提用贷款后付? (2分)
(2).该笔贷款的利息时多少美元? (4分)
(3).该企业是按100,000美元还本还是按多少美元还本? (2分)
(4).该企业实际担负的利率是12%,还是多少? (4分)
1.ASIA: ONE YEAR LATER
On the first anniversary of Asia’s worst recession in half a century, it is c
lear that the geoeconomic shape of the Pacific Rim will be far different from
what anyone anticipated just a year ago. The fulcrum of growth is slowly shift
ing from a senescent Japan and stagnant Southeast Asia to a dynamic ,confident
China, President Clinton’s remarkable journey will likely mark this tectonic
shift for future histories. Consider these events taking place:
CHINA is choosing a strategy of pumping up domestic-led economic growth, in co
ntrast with the International Monetary Fund’s policy of austerity and Japan’
s weak yan-and-export push. By cutting interest rates, privatizing housing, in
viting foreign investment, and keeping the renminbi stable, Beijing is increas
ing domestic demand and growth. Certainly, China shares many of the woes affli
cting Asia-insolvent banks, lax regulatory enforcement, and corruption. Yet it
s vigor in attacking these problems and its decision to opt for a strong curre
ncy set it apart and show real leadship.
Japan,in contrast, is stick in a hermetically sealed society. Despite the rhet
oric of reform, its political and bureaucratic elites deny there is anything b
asically wrong and run the country as a pension state focused on an aging popu
lation. Problems are described as isolated , and solutions take an inordinate
amount of time. Seven years into a severe banking crisis, Tokyo is just now pa
ssing legislation to create a Resolution Trust Corp.-type unit. Meanwhile, the
unemployment rate soars to new records. Among men, who constitute most of the
labor force , it hit 4.3% in May, It is worse for the young. The jobless rate
for men 15 to 24 years old rose to 8.4%
Foreign investment should be pouring in to reinvigorate growth, but little is
allowed. Mergers and acquisitions should be consolidating companies, but few a
re permitted. Immigrants should be arriving to give new life to society and su
pport the elderly, but they are forbidden. Outside CEOs should be taking over
failing corporations, but is not accepted. As much as China is invigorated, Ja
pan is stultified. The contrast is startling.
SOUTHESAT ASIA is in agogogohed back i
nto poverty. Depression is looming. Indonesia is deindustrializing, with peopl
e leaving cities to return to villages. Chinese merchants are fleeing(up to 10
0,000 have left). Overseas Chinese capital that funded much of Southeast Asia’
s past three decated of growth is drying up.
2.FRAMEWORK AGREEMENT.
The Framework Agreement is made up of six parts that lay out the basic paramet
ers of the GATS. The six parts deal with(1) the scope and definition of GATS,(
2)general obligations, and disciplines of member states, (3)obligations and di
sciplines concerning specific commitments of member states,(4)a schedule for p
rogressively liberalizating the world’s trade in services, (5)the institution
al structure for implementing the GATS , and (6)miscellaneous provisions.
While much of the GATS is based on the provisions in the General Agreement on
Tariffs and Trade and uses much of the same terminology, the “architecture”
of the Agreement is significantly different. Unlike GATT, which provides for a
single set of the obligation that apply to all measures affecting trade in go
ods, the GATS contains two sets of obligations (1)a set of general principles
and rules that apply to all measures affecting trade in services and (2)a set
of principles and rules that apply only to specific sectors and subsectors lis
ted in a member state’s Schedule. The consequence of this division of obligat
ion is that the principles and rules in the GATS, as we shall see, are less “
binding” than those in the GATT.
3. PURPOSES OF TAXATION
Taxation schemes are usually created for three basic purposes: (1) to raise re
venue for government; (2)to encourage, regulate, or restrict local or foreign
investment; and (3)to protect consumers or local producers.
The rationale most commonly used for adopting or changing a particular tax sch
eme is to improve revenues. For example, the multinational oil companies that
discovered and developed the petroleum industry in the Middle East encouraged
the local governments to impose a corporate income tax. Although this seems ir
rational at first blush, it was a sound financial move. The countries, rather
than taking a percentage royalty on profits (which was the arrangement origina
lly agreed to), imposed an income tax on profits at a slightly higher percenta
ge. The result was an increase in income for both the companies and the countr
ies. This was because the companies could use the taxes they paid to the Middl
e East countries to offset the taxes they paid to their home-country governmen
ts.(Royalties, by contrast, cannot-in most countries-be used to offset corpora
te income taxes.) This meant that the companies paid fewer taxes at home and,
even though they were paying more to the host countries, their after-tax profi
ts were large. A second example is the value-added tax (VAT), w
hich generally produces greater revenues than a sales tax. In the last thirty
years, some forty countries have switched to, or adopted directly, a VAT.
By contrast, the most difficult tax scheme for governments to alter is one tha
t protects local products. Producers are commonly able to lobby the government
to maintain a particular scheme, even though it may run contrary to other gov
ernmental objectives. However, the protection of local producers is not necess
arily a frivolous rational for a tax scheme, even in times of increased intern
ational trade.
--
4. PAYMENT TERMS
Unless otherwise agreed in writing, or implied from a prior course of dealing
between the parties, payment of the price and of any other sums due by the Buy
er to the Seller shall be on open account and time of payment shall be 30 days
from the date of invoice. The amount due shall be transferred, unless otherwi
se agreed, by teletransmission to the Seller’s bank in the Seller’s count
ry for the account of the Seller and the Buyer shall be deemed to have perform
ed his payment obligations when the respective sums due have been received by
the Seller’s bank in immediately available funds.
If the parties have agreed on payment in advance, without further indication,
it will be assumed that such advance payment, unless otherwise agreed, refers
to the full price, and that the advance payment must be received by the Seller
’s bank in immediately available funds at least 30 days before the agreed dat
e of delivery or the earliest date within the agreed delivery period. If advan
ce payment has been agreed only for a part of the contract price, the payment
conditions of the remaining amount will be determined according to the rules s
et forth in this article.
5. TYPES OF DIVIDENDS
Cash Dividends. The most customary type of dividend is the cash dividend decla
red and paid at regular intervals depending in amount upon the policy of the b
oard of directors and earnings of the enterprise. References to “regular” di
vidends in a charter or contract are considered as referring to a distribution
of the earned surplus in the form of cash. While dividends are almost invaria
bly paid in cash, in a few instances a distribution of earnings has been made
to shareholders in the form of property and has been termed a property dividen
d. On one occasion, a distillery declared and paid a dividend in bonded whiske
y.
Stock Dividends. A stock dividend is a ratable distribution of additional shar
es of the capital stock of the corporation to its shareholders. It is reflecte
d on the books of the corporation by a reduction in surplus account equal to t
he amount of the stock dividend and a corresponding increase in the stated cap
ital account. The practical and legal significance of a stock dividend differs
greatly from a dividend payable in cash or property. Following the payment of
a stock dividend, the assests of the corporation are no less than they were b
efore, and the shareholder does not have any greater relative interest in the
net worth of the corporation than he had before except possibly where the divi
dend is paid in shares of a different class. His shares will each represent a
smaller proportionate interest in the assets of the corporation, but by reason
of the increase in the number of shares his total investment will remain the
same. The declaration and payment of a stock dividend means that surplus which
may have been previously available for distribution or other u
ses is thereafter frozen in stated capital.
A stock dividend should not be confused with a stock split. By the latter, eac
h of the issued and outstanding shares is simply broked up into a greater numb
er of shares, each representing aproportionately smaller interest in the corpo
ration. A stock split effects no change in the stated capital or in the surplu
s account. Where there is more than one class of shares outstanding it is poss
ible for either a stock dividend or a stock split in one class to alter the re
lative voting stregogo.
6 SAVING AND INFLATION
The greater part of the research, however, has been into the relationship betw
een inflation and the savings ratio. Most of the studies have found a positive
connection between these two variables, but there is some disagreement as to
why the inflation rate should affect the savings ratio.
One theory(Deaton 1977)explains the relationship in terms of consumers failing
to perceive that actual rate of inflation. The suggestion is that consumers u
nderestimate the average price level and are therefore unduly shocked at the a
pparently “excessive”
rise in the price of particular commodities. Until such time as consumers reco
gnize the true(and higher) level of average prices, purchases of these commodi
ties will have been cut back in response to the assumed sharp increase in indi
vidual prices. Savings will therefore rise as a result of this “inflation sur
prise” effect. This theory suggests that it is unanticipated inflation that m
atters, so that the effect on consumption, and therefore savings, will be part
icularly strong in the early stages of inflation when the rate of inflation is
accelerating.
A study by Bulkley(1981) has supplemented the above theory, showing that even
if inflation is fully anticipated the savings ratio will increase as long as a
nticipated inflation is itself increasing. Even if inflation is fully anticipa
ted, workers’ real wages will still have fluctuated throughout the year, sinc
e money wages are usually set on only one occasion in the year. Real wages wil
l therefore be at a maximum when the money wage is first set, falling to a min
imum a year later as prices progressively rise. In order to smooth out his or
her real consumption pattern over the year, an individual will save more each
week early in the contract period, and correspondingly less later in the contr
act period. If inflation is constant, and if wage contracts are spread evenly
over the year, then the additional savings of some will cancel out the reduced
savings of others, and there will be no aggregate effect on the savings ratio
. However, when anticipated inflation is increasing and with it the money wage
, then the extra savings by those who have recently received hi
gher wage awards will more than offset the reduction in the savings of those n
earing the end of their nominal wage contracts, and the savings ratio will rise.作者: 黎明前的荣耀 时间: 08-5-30 19:53
对外经济贸易大学2007年硕士学位研究生入学考试初试试题
考试科目：821金融学专业基础