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问题 单项选择题

《行政处罚法》第51条明确规定，对到期不缴纳罚款的，每日按罚款数额的3%加处罚款。按3%加处的罚款属于( )。

A．行政处罚

B．直接强制措施

C．执行罚

D．代执行

答案

参考答案：C

解析：本题涉及行政处罚的分类。执行罚是行政强制执行的一种间接强制方式，它通过使不履行义务的法定义务人承担新的持续不断的金钱给付义务，促使其履行义务。它的目的是执行，而作为行政处罚的罚款是以惩戒为目的。

问答题

The treasury division of Marengo Co,a large quoted company,holds equity investments in various companies around the world.One of the investments is in Arion Co,in which Marengo holds 200，000 shares,which is around 2% of the total number of Arion Co’s shares traded on the stock market.Over the past year,due to the general strength in the equity markets following optimistic predictions of the performance of world economies,Marengo’s investments have performed well.However,there is some concern that the share price of Arion Co may fall in the coming two months due to uncertainty in its markets.It is expected that any fall in share prices will be reversed following this period of uncertainty.The treasury division managers in Marengo,Wenyu,Lola and Sam,held a meeting to discuss what to do with the investment in Arion Co and they each made a different suggestion as follows:1.Wenyu was of the opinion that Marengo’s shareholders would benefit most if no action were taken.He argued that the courses of action proposed by Lola and Sam,below,would result in extra costs and possibly increase the risk to Marengo Co.2.Lola proposed that Arion Co’s shares should be sold in order to eliminate the risk of a fall in the share price.3.Sam suggested that the investment should be hedged using an appropriate derivative product.Although no exchange-traded derivative products exist on Arion Co’s shares,a bank has offered over-the-counter (OTC)option contracts at an exercise price of 350 cents per share in a contract size of 1，000 shares each,for the appropriate time period.Arion Co’s current share price is 340 cents per share,although the volatility of the share prices could be as high as 40%.It can be assumed that Arion Co will not pay any dividends in the coming few months and that the appropriate inter-bank lending rate will be 4% over that period.Required:

(b)Discuss possible reasons for the suggestions made by each of the three managers.(13 marks)
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判断题

作为政府机构，参与证券投资的目的主要是为了调剂资金余缺和进行宏观调控。 ( )
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