大学六级-1221及答案解析.doc

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1、大学六级-1221 及答案解析(总分：712.00，做题时间：90 分钟)一、Part Writing(总题数：1，分数：106.00)1.介绍你的姓名、班级、专业等基本信息2. 列举你的优点，证明你能胜任此职位3. 表明你对此工作的热情，渴望得到锻炼的机会An Application for the Assistant Librarian（分数：106.00）_二、Part Reading Compr(总题数：1，分数：70.00)Dont Destroy the Essential Catalyst of RiskSince the spring, and most acutely thi

2、s autumn, a global contagion (传染)of fear and panic has choked off the arteries of finance, compounding a broader deterioration in the global economy.Financial institutions have an obligation to the broader financial system. We depend on a healthy, well-functioning system but we failed to raise enoug

3、h questions about whether some of the trends and practices that had become commonplace really served the publics long-term interests.Seven important lessonsAs policymakers and regulators begin to consider the regulatory actions to be taken to address the fallings, I believe it is useful to reflect o

4、n some of the lessons from tiffs crisis.The first is that risk management should not be entirely predicated on historical data. In the past several months, we have heard the phrase“ multiple standard deviation events“ more than a few times. If events that were calculated to occur once in 20 years in

5、 fact occurred much more regularly, it does not take a mathematician to figure out that risk management assumptions did not reflect the distribution of the actual outcomes. Our industry must do more to enhance and improve scenario analysis and stress testing.Second, too many financial institutions a

6、nd investors simply outsourced their risk management. Rather than undertake their own analysis, they relied on the rating agencies to do the essential work of risk analysis for them. This was true at the inception(初期)and over the period of the investment, during which time they did not consider othe

7、r indicators of financial deterioration.This over-dependence on credit ratings coincided with the dilution of the desired triple A-rating. In January 2008, there were 12 triple A-rated companies in the world. At the same time, there were 64, 000 structured finance instruments, such as collateralized

8、 debt obligations, rated triple A. It is easy and appropriate to blame the rating agencies for lapses in their credit judgments. But the blame for the result is not theirs alone. Every financial institution that participated in the process has to accept its share of the responsibility.Third, size ma

9、tters. For example, whether you owned $5 billion or $50 billion of (supposedly) low-risk super senior debt in a CDO, the likelihood of losses was, proportionally, the same. But the consequences of a miscalculation were obviously much bigger if you had a $50 billion exposure.Fourth, many risk models

10、incorrectly assumed that positions could be fully hedged. After the collapse of Long-Term Capital Management mid the crisis in emerging markets in 1998, new products such as various basket indices and credit default swaps were created to help offset a number of risks. However, we did not, as an indu

11、stry, consider carefully enough the possibility that liquidity would dry up, making it difficult to apply effective hedges.Fifth, risk models failed to capture the risk inherent in off-balance sheet activities, such as structured investment vehicles. It seems clear now that managers of companies wit

12、h large off-balance sheet exposure did not appreciate the full magnitude of the economic risks they were exposed to; equally worrying, their counterparties were unaware of the full extent of these vehicles and, therefore, could not accurately assess the risk of doing business.Sixth, complexity got t

13、he better of us. The industry let the growth in new instruments outstrip(超过)the operational capacity to manage them. As a result, operational risk increased dramatically and tiffs had a direct effect on the overall stability of the financial system.Last, and perhaps most important, financial institu

14、tions did not account for asset values accurately enough. I have heard some argue that fair value accounting - which assigns current values to financial assets and liabilities - is one of the main factors exacerbating(使恶化) the credit crisis. I see it differently. If more institutions had properly va

15、lued their positions and commitments at the outset, they would have been in a much better position to reduce their exposures.Fair value: a discipline for financial institutionsThe daily marking of positions to current market prices was a key contributor to our decision to reduce risk relatively earl

16、y in markets and in instruments that were deteriorating. This process can be difficult, and sometimes painful, but I believe it is a discipline that should define financial institutions.As a result of these lessons and others that will emerge from this financial crisis, we should consider important

17、principles for our industry, for policymakers and for regulators. For the industry, we cannot let our ability to innovate exceed our capacity to manage. Given the size and interconnected nature of markets, the growth in volumes, the global nature of trades and their cross-asset characteristics, mana

18、ging operational risk will only become more important.Risk and control functions need to be completely independent from the business units. And clarity as to whom risk and control managers report to is crucial to maintaining that independence. Equally important, risk managers need to have at least e

19、qual stature with their counterparts on the trading desks: if there is a question about the value of a position or a disagreement about a risk limit, the risk managers view should always prevail.Understandably, compensation continues to generate a lot of anger and controversy. We recognize that havi

20、ng troubled asset relief programme money creates an important context for compensation. That is why, in part, our executive management team elected not to receive a bonus in 2008, even though the firm produced a profit.More generally, we should apply basic standards to how we compensate people in ou

21、r industry. The percentage of the discretionary (任意的)bonus awarded in equity should increase significantly as an employees total compensation increases. An individuals performance should be evaluated over time so as to avoid excessive risk-taking. To ensure this, all equity awards need to be subject

22、 to future delivery and/or deferred exercise. Senior executive officers should be required to retain most of the equity they receive at least until they retire, while equity delivery schedules should continue to apply after the individual has left the firm.Limitations of self regulationFor policymak

23、ers and regulators, it should be clear that self-regulation has its limits. We rationalized and justified the downward pricing of risk on the grounds that it was different. We did so because our self-interest in preserving and expanding our market share, as competitors, sometimes blinds us - especia

24、lly when exuberance is at its peak. At the very least, fixing a system-wide problem, elevating standards or driving the industry to a collective response requires effective central regulation and the convening power of regulators.Capital, credit and underwriting standards should be subject to more“

25、dynamic regulation“. Regulators should consider the regulatory inputs and outputs needed to ensure a regime that is nimble and strong enough to identify and appropriately constrain market excesses, particularly in a sustained period of economic growth. Just as the Federal Reserve adjusts interest ra

26、tes up to curb economic frenzy, various benchmarks and ratios could be appropriately calibrated. To increase overall transparency and help ensure that book value really means book value, regulators should require that, all assets across financial institutions be similarly valued. Fair value accounti

27、ng gives investors more clarity with respect to balance sheet risk.The level of global supervisory co-ordination and communication should reflect the global interconnectedness of markets. Regulators should implement more robust information sharing and harmonized disclosure, coupled with a more syste

28、mic, effective reporting regime for institutions and main market participants. Without this, regulators will lack essential tools to help them understand levels of systemic vulnerability in the banking sector and in financial markets more broadly.In this vein, all pools of capital that depend on the

29、 smooth functioning of the financial system and are large enough to be a burden on it in a crisis should be subject to some degree of regulation.（分数：70.00）(1).Which organization should be responsible for proper operation of the broader financial system?（分数：7.00）A.Commercial banks.B.Financial institu

30、tions.C.The ministry of finance.D.The Wall Street.(2).In order to comprehensively reflect the state of economy, we must research deeply to enhance and improve _.（分数：7.00）A.scenario analysis and stress testingB.risk management assumptionsC.prediction on financial riskD.multiple standard deviation eve

31、nts(3).Many financial institutions and investors usually perform risk analysis by _.（分数：7.00）A.undertaking themselvesB.third-party agenciesC.outsourcing to rating agenciesD.risk management institutions(4).What was the consequence of an over-reliance on credit ratings?（分数：7.00）A.Increasing triple A c

32、ompanies.B.Declining trustworthiness on rating agencies.C.Deficiency in credit judgments.D.Collapse of financial institutions.(5).When the Long-Term Capital Management was disintegrated, the products initiated to counterweigh risks were _.（分数：7.00）A.various basket indices and credit default swapsB.h

33、edge fund and forward rate agreementsC.credit-linked notesD.current swaps and rates swaps(6).Operational risks caused by comparatively weakened operational capacity on increasing new instruments have influence on _.（分数：7.00）A.the operating income of companiesB.the capability to withstand risksC.the

34、structure of companies assetsD.the overall stability of the financial system(7).The author believes that financial institutions can reduce credit crisis if _.（分数：7.00）A.positions and commitments were initially assessed preciselyB.asset values were accounted for properlyC.financial liabilities were a

35、ssigned preciselyD.positions were valued fairly(8).The risk managers should be authorized to make the final decision when they disagree with business managers on _.（分数：7.00）填空项 1:_(9).Before a senior executive officer retired from his company, he has an obligation to _.（分数：7.00）填空项 1:_(10).Due to th

36、e deficiency of information sharing and harmonized disclosure, regulators cant easily understand levels of systemic vulnerability in _.（分数：7.00）填空项 1:_三、Part Listening Com(总题数：0，分数：0.00)四、Section A(总题数：3，分数：105.00)Questions 11 to 18 are based on the conversation you have just heard.（分数：56.00）A.Their

37、 favorite movie.B.Their hobbies.C.The latest film.D.Their favorite DVD.A.In an office.B.At the womans home.C.Via the Internet.D.On the telephone.A.Early in the morning.B.At noon.C.In the afternoon.D.Late in the night.A.It was beautiful.B.It was messed up.C.It was well-organized.D.It was clean.A.The

38、man is going to get married.B.The mans sister is going to get married.C.The woman has separated with the man.D.The woman will miss her sister.A.Both of the two speakers will have a relaxing weekend.B.The man will go for a picnic tomorrow.C.The woman will have a busy weekend.D.The woman will relax he

39、rself this weekend.A.They will have an exam.B.They will double-check the answers.C.They will correct the test score immediately.D.They will mark the wrong answer.A.He has taken photos of Kelly.B.He has taken photos of the campus.C.He has understood what the woman means.D.He will have a talk with Kel

40、ly.Questions 19 to 21 are based on the conversation you have just heard.（分数：21.00）A.He isnt interested in the movie.B.He slept through the whole movie.C.He didnt miss the best part of the movie.D.He brought pillow with him.A.The captain.B.The communication officer.C.The doctor.D.The frog person.A.In

41、 a neighbors house.B.In a movie theater.C.At home.D.On the street.Questions 22 to 25 are based on the conversation you have just heard.（分数：28.00）A.Education industry.B.Medicine industry.C.IT industry.D.Engineering industry.A.Health insurance, paid vacation, and a company vehicle.B.Paid vacation, opp

42、ortunities for promotion, and health insurance.C.Opportunities for advancement, insurance, and a free bus pass.D.Paid vacation, opportunities for advancement, and medicare.A.Growing, yet uncertain.B.Expanding and secure.C.Contracting, yet stable.D.Promising, yet shrinking.A.He didnt finish the colle

43、ge.B.He is now studying in a night school.C.He has a Bachelors degree.D.He is now a college student.五、Section B(总题数：3，分数：70.00)Passage OneQuestions 26 to 28 are based on the passage you have just heard.（分数：21.00）A.They think that it is similar to fruitcake.B.They regard it as a kind of nourishing fo

44、od.C.They have a number of complaints about it.D.They show indifference to its existence.A.Bread, cheese, raw and cooked vegetables and beans.B.Bread, butter, raw vegetables and beans.C.Bread, cheese, beef and raw vegetables.D.Bread, butter, raw and cooked vegetables and peas.A.When they first arriv

45、e at a prison.B.When they are leaving the prison.C.When they behave themselves.D.When they break the rules.Passage TwoQuestions 29 to 31 are based on the passage you have just heard.（分数：21.00）A.He cares too much about money.B.He works for himself.C.He is too old to work.D.His wife doesnt support him

46、.A.His name and telephone number.B.His name and career.C.His telephone number and payment.D.His own words explaining his kind act.A.Because he could make big money by doing this.B.Because he once was helped by a stranger on highway.C.Because people would help him fuel his car.D.Because it is the ass

47、ignment from his boss.Passage ThreeQuestions 32 to 35 are based on the passage you have just heard.（分数：28.00）A.By getting in caught by a rainstorm.B.By sleeping with the air-conditioning on.C.By talking with the infected people.D.By having a bad ventilation system.A.You will feel weak and tired when

48、 you get the flu, but not cold.B.You will cough frequently and forcefully when you get the flu, but not cold.C.You will have chills and a sore throat when you get the flu, but not cold.D.You will suddenly suffer from it when you get the flu, but not cold.A.A middle-aged woman with chronic lung probl

49、ems.B.An elderly man who has chronic heart problems.C.A newly-born infant who is only a few months old.D.A white collar with a tight schedule and irregular food.A.Stay away from the infected people.B.Have a good rest and drink plenty of fluids.C.Get the flu shot once a year.D.Take medicines like aspirin in advance.六、Section C(总题数：1，分数：77.00)From the beginning, America, a nation of immigrants