问题 问答题

证券投资组合有哪几种风险什么是证券组合的风险报酬如何确定

答案

参考答案:①风险指未来的不确定性可能带来的损失。证券投资组合风险可以分为可分散风险和不可分散风险。可分散风险又叫做非系统风险或者是公司特别风险,是指某些因素对单一投资造成经济损失的可能性。一般讲,只要投资多样化,这种风险是可以被分散的。而且,随着证券种类的增加该风险也将逐渐减少,并最终降为零。此时,组合投资的风险只剩下不可分散风险了。但应强调的是,只有将负相关的证券进行组合才能降低可分散风险,而将正相关的证券进行组合不能降低可分散风险。不可分散风险(又称系统性风险或市场风险),是指某些因素对市场上所有投资造成经济损失的可能性。这种风险与组合投资中证券种类的多少没有关系,因而无法通过组合投资分散掉。系统性风险通常用系数表示,用来说明某种证券(或某一组合投资)的系统性风险相当于整个证券市场系统性风险的倍数。通过投资组合,可以分散的是非系统风险,但是不能分散系统性风险,投资组合不能分散系统性风险是因为:股票的不可分散风险是由市场的变动产生的,它对所有的股票都有影响,不能通过证券组合而消除。
②证券组合的风险报酬,是证券组合所要求的必要的报酬率,它由无风险市场报酬率Rf、整个资本市场平均的风险报酬率Km和证券组合相对于整个资本市场的系统风险β决定。可以用公式表述:Ki=Rf+β(Km-Rf),其中Ki即为证券组合的风险报酬率。

口语交际,情景问答题
单项选择题

All animals must rest, but do they really sleep as we know it The answer to this question seems obvious. If an animal regularly stops its activities and stays quiet and unmoving—if it looks as though it is sleeping—then why not simply assume that it is in fact sleeping But how can observers be sure that an animal is sleeping

They can watch the animal and notice whether its eyes are open or closed, whether it is active or lying quietly, and whether it responds to light or sound. These factors are important clues, but they often are not enough. Horses and cows, for example, rarely close their eyes, and fish and snakes cannot close them. Yet this does not necessarily mean that they do not sleep. Have you ever seen a cat dozing with an eye partly open Even humans have occasionally been observed to sleep with one or both eyes partially open. Animals do not necessarily lie down to sleep either. Elephants, for example, often sleep standing up, with their tusks resting in the fork of a tree. Finally, while "sleeping" animals often seem unaware of changes in the sounds and light and other stimuli around them, that does not really prove they are sleeping either.

Observations of animal behavior alone cannot fully answer the question of whether or not animals sleep. The answers come from doing experiments in "sleep laboratories" using a machine called the electroencephalograph (EEC). The machine is connected to animals and measures their brain signals, breathing, heartbeat, and muscle activity. The measurements are different when the animals appear to be sleeping than when they appear to be awake. Using the EEC, scientists have confirmed that all birds and mammals studied in laboratories do sleep. There is some evidence that reptiles, such as snakes and turtles, do not truly sleep, although they do have periods of rest each day, in which they are quiet and unmoving. They also have discovered that some animals, like chimpanzees, cats, and moles (who live underground), are good sleepers while others, like sheep, goats, and donkeys, are poor sleepers. Interestingly, the good sleepers are nearly all hunters with resting places that are safe from their enemies. Nearly all the poor sleepers are animals hunted by other animals: they must always be watching for enemies, even when they are resting.

Animals that are good sleepers()

A. need to have a good sleep after they have exhausted themselves by getting rid of hunting animals

B. need to have a good sleep after they get tired from hunting other animals

C. are all mammals

D. almost always have a safe resting place