專業考試證券期貨

HKSI 7《金融市場》證券及投資考試(七) Paper 7 極致好用題庫

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1597 題専門 3/10/2026

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本題庫專為準備 HKSI Paper 7 考試的考生打造，內容全面涵蓋金融市場架構、金融產品及監管框架等核心考點。透過模擬真實考題與詳盡解析，幫助學習者精確掌握答題技巧並強化觀念理解。無論是金融從業人…

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免費體驗 20 題

在香港現行的聯繫匯率制度下，當港元匯率觸及弱方兌換保證水平時，香港金融管理局（金管局）會採取下列哪項行動以維持匯率穩定？ Under Hong Kong's current Linked Exchange Rate System, when the Hong Kong dollar exchange rate reaches the weak-side Convertibility Undertaking level, which of the following actions will the Hong Kong Monetary Authority (HKMA) take to maintain exchange rate stability?

以 7.85 的匯率水平向銀行買入港元，並賣出美元 Buy Hong Kong dollars and sell US dollars from banks at the 7.85 exchange rate level

以 7.80 的匯率水平向銀行賣出港元，並買入美元 Sell Hong Kong dollars and buy US dollars from banks at the 7.80 exchange rate level

以 7.75 的匯率水平向銀行買入港元，並賣出美元 Buy Hong Kong dollars and sell US dollars from banks at the 7.75 exchange rate level

以 7.80 的匯率水平向銀行買入港元，並賣出美元 Buy Hong Kong dollars and sell US dollars from banks at the 7.80 exchange rate level

香港作為國際資產管理中心，具備多項優勢以吸引獨立基金經理在本地設立業務。下列哪些屬於這些吸引因素？ (i) 香港是通往中國內地市場的重要門戶及窗口 (ii) 擁有先進且具備世界級水平的通訊系統與電訊網絡 (iii) 股票市場具備極高的流動性 (iv) 稅制簡單且稅率具有競爭力 As an international asset management centre, Hong Kong possesses various advantages to attract independent fund managers to establish local operations. Which of the following are among these attractive factors? (i) Hong Kong is an important gateway and window to the Mainland China market (ii) Possesses advanced and world-class communication systems and telecommunications networks (iii) The stock market has extremely high liquidity (iv) The tax system is simple and tax rates are competitive

(i), (iii), (iv)

(ii), (iv)

(i), (iii)

以上皆是 All of the above

假設市場上新發行的 10 年期政府債券（被視為無風險利率）目前的到期收益率為 1.25%。與此同時，由恆信實業發行、剩餘期限同樣為 10 年的 A 級公司債券，其市場交易收益率為 3.84%。根據上述數據，恆信實業債券相對於政府債券的風險溢價是多少？ Assume that the current yield to maturity of a newly issued 10-year government bond (considered the risk-free rate) is 1.25%. Meanwhile, an A-rated corporate bond issued by Hengxin Industrial with the same remaining maturity of 10 years is trading at a market yield of 3.84%. Based on the above data, what is the risk premium of the Hengxin Industrial bond relative to the government bond?

2.59% 2.59%

5.09% 5.09%

1.25% 1.25%

3.84% 3.84%

李先生在 10 年前購入一個住宅單位，當時的買入價為 8,000,000 元，並向銀行申請了一筆 5,600,000 元的按揭貸款。時至今日，該物業的市場估值已上升至 10,000,000 元，而李先生尚未償還的按揭貸款餘額為 3,500,000 元。若李先生現在決定出售該物業並清還所有餘下的貸款，在不計算任何交易稅費及法律成本的情況下，他最終可收回的淨金額是多少？ Mr. Li purchased a residential unit 10 years ago at a purchase price of $8,000,000 and applied for a mortgage loan of $5,600,000 from a bank. Today, the market valuation of the property has risen to $10,000,000, and Mr. Li's outstanding mortgage loan balance is $3,500,000. If Mr. Li decides to sell the property now and repay all remaining loans, excluding any transaction taxes and legal costs, what is the net amount he can eventually recover?

2,000,000 元 $2,000,000

6,500,000 元 $6,500,000

3,500,000 元 $3,500,000

5,600,000 元 $5,600,000

在債務工具市場中，發行人的有效利息成本受多種內在與外在因素影響。下列哪一項因素通常「不會」直接影響個別債券發行人的有效利息成本？ In the debt instrument market, an issuer's effective interest cost is influenced by various internal and external factors. Which of the following factors generally does "not" directly affect the effective interest cost of an individual bond issuer?

發行機構的信用評級及其變動 The credit rating of the issuing institution and its changes

二級市場中相關債券期權的價格波動性 Price volatility of related bond options in the secondary market

當前市場的基準利率水平 The current market benchmark interest rate level

債券的剩餘到期期限 The remaining term to maturity of the bond

恒信企業與德誠集團計劃分別籌集 2 億港元資金，期限為 10 年。兩家公司在定息與浮息債務市場面對的融資成本如下表所示：公司名稱 | 10年期定息票據 | 10年期浮息票據 --- | --- | --- 恒信企業 | 4.0% | HIBOR + 1.0% 德誠集團 | 7.5% | HIBOR + 2.5% 恒信企業希望最終支付以 3 個月 HIBOR 為基準的浮息利息，而德誠集團則希望支付定息利息以規避利率波動風險。若兩家公司希望透過利率掉期協議降低各自的融資成本，他們應首先分別在市場上進行哪些借貸交易？ (i) 恒信企業以 4.0% 定息借入 2 億港元 (ii) 恒信企業以 HIBOR + 1.0% 浮息借入 2 億港元 (iii) 德誠集團以 7.5% 定息借入 2 億港元 (iv) 德誠集團以 HIBOR + 2.5% 浮息借入 2 億港元 Hengxin Enterprise and De-Cheng Group plan to raise HK$200 million each for a 10-year term. Their financing costs in the fixed-rate and floating-rate debt markets are shown in the table below: Company Name | 10-year Fixed-rate Notes | 10-year Floating-rate Notes --- | --- | --- Hengxin Enterprise | 4.0% | HIBOR + 1.0% De-Cheng Group | 7.5% | HIBOR + 2.5% Hengxin Enterprise wishes to pay floating-rate interest based on 3-month HIBOR, while De-Cheng Group wishes to pay fixed-rate interest to hedge against interest rate volatility risk. If both companies wish to reduce their respective financing costs through an interest rate swap agreement, which borrowing transactions should they first conduct in the market respectively? (i) Hengxin Enterprise borrows HK$200 million at a 4.0% fixed rate (ii) Hengxin Enterprise borrows HK$200 million at a floating rate of HIBOR + 1.0% (iii) De-Cheng Group borrows HK$200 million at a 7.5% fixed rate (iv) De-Cheng Group borrows HK$200 million at a floating rate of HIBOR + 2.5%

(i), (iii)

(ii), (iii)

(i), (iv)

(ii), (iv)

恒信企業與德誠集團計劃在債務市場融資，兩家公司在定息與浮息市場的借貸成本如下表所示： 10年期定息票據 10年期浮息票據恒信企業 4.0% 3個月HIBOR + 1.0% 德誠集團 7.5% 3個月HIBOR + 2.5% 恒信企業希望以浮息債務融資 2 億港元，為期 10 年，以配合其資產結構；而德誠集團則希望以定息債務融資 2 億港元，以鎖定融資成本。若兩家公司直接進入其偏好的市場借款，總成本將較高。若兩家公司達成一項利率掉期協議，並約定平分交易所產生的利息節省收益，下列哪項條款最符合此「互惠互利」且「節省額相等」的安排？ Hengxin Enterprise and De-Cheng Group plan to raise funds in the debt market. Their borrowing costs in the fixed-rate and floating-rate markets are shown in the table below: 10-year Fixed-rate Notes 10-year Floating-rate Notes Hengxin Enterprise 4.0% 3-month HIBOR + 1.0% De-Cheng Group 7.5% 3-month HIBOR + 2.5% Hengxin Enterprise wishes to raise HK$200 million in floating-rate debt for 10 years to match its asset structure; while De-Cheng Group wishes to raise HK$200 million in fixed-rate debt to lock in financing costs. If both companies enter their preferred markets directly to borrow, the total cost will be higher. If both companies enter into an interest rate swap agreement and agree to split the interest savings generated from the swap equally, which of the following terms best fits this 'mutually beneficial' and 'equal savings' arrangement?

恒信企業向德誠集團支付 3 個月 HIBOR + 1.5%，而德誠集團向恒信企業支付 7.0% 定息。 Hengxin Enterprise pays 3-month HIBOR + 1.5% to De-Cheng Group, and De-Cheng Group pays 7.0% fixed rate to Hengxin Enterprise.

恒信企業向德誠集團支付 3 個月 HIBOR + 2.0%，而德誠集團向恒信企業支付 6.0% 定息。 Hengxin Enterprise pays 3-month HIBOR + 2.0% to De-Cheng Group, and De-Cheng Group pays 6.0% fixed rate to Hengxin Enterprise.

恒信企業向德誠集團支付 3 個月 HIBOR + 2.5%，而德誠集團向恒信企業支付 4.5% 定息。 Hengxin Enterprise pays 3-month HIBOR + 2.5% to De-Cheng Group, and De-Cheng Group pays 4.5% fixed rate to Hengxin Enterprise.

恒信企業向德誠集團支付 3 個月 HIBOR + 1.5%，而德誠集團向恒信企業支付 4.0% 定息。 Hengxin Enterprise pays 3-month HIBOR + 1.5% to De-Cheng Group, and De-Cheng Group pays 4.0% fixed rate to Hengxin Enterprise.

在宏觀經濟環境中，當中央銀行採取減息政策時，通常會透過哪些途徑對證券市場產生正面影響？ (i) 降低證券保證金融資的利息成本，從而提高市場的流動性與交易活躍度。 (ii) 減輕企業的債務利息負擔，改善盈利能力並促進資本開支與擴張。 (iii) 在其他因素不變下，降低持有現金的機會成本，使風險資產如股票的相對吸引力提升。 (iv) 透過降低折現率，在預期未來現金流不變的情況下，提升證券的內在價值估值。 In a macroeconomic environment, when a central bank adopts an interest rate cut policy, through which channels does it usually have a positive impact on the securities market? (i) Reducing the interest cost of securities margin financing, thereby increasing market liquidity and trading activity. (ii) Reducing the debt interest burden of enterprises, improving profitability, and promoting capital expenditure and expansion. (iii) Ceteris paribus, reducing the opportunity cost of holding cash, making risk assets such as stocks relatively more attractive. (iv) By lowering the discount rate, increasing the intrinsic valuation of securities, assuming expected future cash flows remain unchanged.

(i), (iv)

(ii), (iii), (iv)

(i), (ii), (iii)

以上各項皆是 All of the above

香港金融管理局於 2018 年推出的快速支付系統（轉數快）具備多項先進功能，以提升香港的零售支付效率。關於該系統的特點，下列哪些敘述是正確的？ (i) 系統提供全天候 24 小時運作，全年無休 (ii) 僅限持有持牌銀行牌照的機構參與，不開放予儲值支付工具營運商 (iii) 系統同時支援港元及人民幣兩種貨幣的支付結算 (iv) 透過手機號碼或電郵地址等識別碼，即可實現跨行或跨儲值支付工具的即時資金轉帳 The Faster Payment System (FPS) launched by the Hong Kong Monetary Authority in 2018 possesses various advanced features to enhance the efficiency of retail payments in Hong Kong. Regarding the features of this system, which of the following statements are correct? (i) The system provides 24/7 operation, all year round. (ii) Participation is limited to institutions holding a licensed bank license and is not open to Stored Value Facility operators. (iii) The system supports payment settlement in both Hong Kong Dollars and Renminbi. (iv) Through identifiers such as mobile phone numbers or email addresses, instant fund transfers across banks or across Stored Value Facilities can be achieved.

(i), (iv)

(i), (iii), (iv)

(ii), (iii)

(i), (ii), (iii)

在評估固定收益證券的風險管理時，下列哪一項指標主要用於衡量債務證券價格對利率變動的敏感程度？ When evaluating risk management for fixed-income securities, which of the following indicators is primarily used to measure the sensitivity of debt security prices to changes in interest rates?

標準差 Standard Deviation

期權對沖值 Option Delta

風險值 Value at Risk

存續期 Duration

在所有其他市場因素保持不變的前提下，下列哪一種金融工具的市場價格對發行人本身股份價格變動的敏感度（即 Delta）最低？（假設該發行人為一家在證券交易所上市的公司） Assuming all other market factors remain constant, which of the following financial instruments has the lowest sensitivity (i.e., Delta) of its market price to changes in the price of the issuer's own shares? (Assume the issuer is a company listed on a stock exchange.)

可換股票據 Convertible notes

普通定息票據 Ordinary fixed-rate notes

公司股票期權 Company stock options

股本權證 Equity warrants

在財務風險管理中，有關風險值的陳述，下列哪一項是不正確的？ In financial risk management, which of the following statements regarding Value at Risk (VaR) is incorrect?

計算風險值時，其結果往往取決於對資產收益或然率分佈（如正態分佈）的假設。 When calculating Value at Risk, the result often depends on assumptions about the probability distribution of asset returns (e.g., normal distribution).

風險值旨在量度在正常市場條件下，特定時間範圍內及給定置信水平下的最大預期損失。 Value at Risk aims to measure the maximum expected loss under normal market conditions within a specific time frame and at a given confidence level.

風險值是一種廣泛應用於量度市場風險的統計技術。 Value at Risk is a statistical technique widely used to measure market risk.

風險值的主要功能是量度在特定風險水平下，投資組合預期可獲得的市場平均回報。 The primary function of Value at Risk is to measure the average market return expected to be obtained by a portfolio at a specific risk level.

資產管理專業人士在構思投資策略及進行日常決策時，通常必須具備下列哪些範疇的知識與技能？ (i) 宏觀與微觀經濟分析知識 (ii) 各類投資工具的資產估值方法 (iii) 企業財務報表分析與解讀技巧 (iv) 基礎會計原則及相關技能 When formulating investment strategies and making daily decisions, asset management professionals must generally possess knowledge and skills in which of the following areas? (i) Knowledge of macroeconomic and microeconomic analysis (ii) Asset valuation methods for various investment instruments (iii) Techniques for analyzing and interpreting corporate financial statements (iv) Basic accounting principles and related skills

(ii), (iii)

(i), (iv)

(i), (ii), (iii)

(i), (ii), (iii), (iv)

在宏觀經濟分析中，下列哪一項現象最能明確反映出通貨膨脹是由於社會對商品及服務的總需求過度擴張所引起的？ In macroeconomic analysis, which of the following phenomena most clearly reflects that inflation is caused by an excessive expansion of aggregate demand for goods and services in society?

市場名義利率水平普遍上升 A general rise in market nominal interest rate levels

生產者價格指數顯著增長 Significant growth in the Producer Price Index

企業整體業務利潤水平提高 An increase in the overall business profit level of enterprises

在生產能力已達飽和且足以滿足現有需求的狀態下，就業率仍持續增加 The employment rate continues to increase even when production capacity has reached saturation and is sufficient to meet existing demand

在股本證券市場中，關於「可分紅優先股」的特性，下列哪一項描述最為正確？ In the equity securities market, which of the following descriptions regarding the characteristics of 'participating preferred shares' is the most accurate?

持有人有權在特定期間內，按預先設定的比例將優先股轉換為發行公司的普通股 Holders have the right to convert preferred shares into the issuing company's ordinary shares at a pre-set ratio within a specific period

若公司在某一年度未能支付股息，該欠付股息將會累積，並須在支付普通股股息前悉數償付 If the company fails to pay dividends in a given year, the unpaid dividends will accumulate and must be paid in full before ordinary dividends are paid

持有人除可領取固定的股息外，還有權在公司達到特定盈利水平時參與額外利潤的分派 In addition to receiving fixed dividends, holders have the right to participate in the distribution of additional profits when the company reaches a specific earnings level

持有人在派息順序上處於最低優先級，僅在所有債權人及普通股股東獲派發後方可領取股息 Holders have the lowest priority in the dividend payment order and can only receive dividends after all creditors and ordinary shareholders have been paid