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Asker · 2020年10月11日

问一道题:NO.PZ2015122802000037

问题如下:

The government of a country whose financial markets are in an early stage of development has hired you as a consultant on financial market regulation. Your first task is to prepare a list of the objectives of market regulation. Which of the following is least likely to be included in this list of objectives?

选项:

A.

Minimize agency problems in the financial markets.

B.

Ensure that financial markets are fair and orderly.

C.

Ensure that investors in the stock market achieve a rate of return that is at least equal to the risk-free rate of return.

解释:

C  is correct.

Ensure that investors in the stock market achieve a rate of return that is at least equal to the risk-free rate of return is least likely to be included as an objective of market regulation. Stocks are risky investments and there would be occasions when a stock market investment would not only have a return less than the risk-free rate but also a negative return. Minimizing agency costs and ensuring that financial markets are fair and orderly are objectives of market regulation.

请问 A 是什么意思,agency 这个好像没有在强化串讲里看到,为什么是正确 的呢?

1 个答案
已采纳答案

Debrah_品职答疑助手 · 2020年10月12日

同学你好,代理问题是指金融市场中的大多数客户使用各种代理来帮助他们解决他们不太理解的问题。这些代理人包括证券经纪人、财务顾问、投资经理和保险代理人。由于客户通常不太了解市场情况,因此很难对这些代理(agency)进行监督。监管者这时就会对各类代理设置门槛,譬如CFA可能是基金经理的门槛,原则上,如果客户能够有效地确定合格的代理商,则无需进行监管。

这道题目也可以用排除法,监管并不确保投资人的股票回报率,所以C是显而易见错误的。

请看下面原版书对于监管目标的总结: