R80 练习: 自然资源
考纲范围
- explain features of raw land, timberland, and farmland and their investment characteristics
- describe features of commodities and their investment characteristics
- analyze sources of risk, return, and diversification among natural resource investments
Q1.
Compared with farmland investment, advantages of investing in timberland exhibited on:
A. flexibility.
B. offering income stream.
C. smaller size.
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答案：A
解析：林地投资相比农田投资的优势在于灵活性（flexibility）。树木可以延迟砍伐等待更好的市场价格（biological growth），而农作物有固定的收获周期，无法延迟。两者都提供收入流，林地规模通常更大。
选项 判断 解析 A ✓ 林地可灵活选择砍伐时机，具有”存储在树上”的优势 B ✗ 农田和林地都能提供收入流 C ✗ 林地投资规模通常较大，不是更小
Q2.
Which of the following factors could distinguish farmland/timberland investment from raw land investment in real estate?
A. Weather
B. International competitive landscape
C. Both of the above.
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答案：C
解析：天气和国际竞争格局都是区分农田/林地投资与普通土地投资的因素。农田和林地受天气影响大（影响产出），且面临国际市场竞争（农产品和木材是全球贸易商品），而普通土地投资主要受当地房地产市场影响。
选项 判断 解析 A ✗ 天气是因素之一，但不是唯一 B ✗ 国际竞争是因素之一，但不是唯一 C ✓ 天气和国际竞争格局都是区分因素
Q3.
Which of the following is not an indirect investing method of investing timberland or farmland?
A. Investing through REITs
B. Investing through limited partnership
C. Owning physical timberland or farmland
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答案：C
解析：直接拥有实物林地或农田是直接投资方式，不是间接投资。通过REITs和有限合伙都是间接投资方式。
选项 判断 解析 A ✗ 通过REITs投资是间接方式 B ✗ 通过有限合伙投资是间接方式 C ✓ 直接拥有实物不是间接投资方式
Q4.
For commodity investment, which of the following options is not correct?
A. Commodity derivatives are more attractive to most investors than physical commodities.
B. The index of commodities contains different types of physical commodities.
C. The futures price changes can only be partially explained by price changes of underlying commodities.
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答案：B
解析：商品指数由商品期货合约构成，不是由实物商品（physical commodities）构成。A和C都是正确描述：衍生品比实物更受欢迎，期货价格变化受多种因素影响（不仅是现货价格）。
选项 判断 解析 A ✗ 正确，衍生品对大多数投资者更具吸引力 B ✓ 错误，商品指数由期货合约构成，不是实物商品 C ✗ 正确，期货价格变化还受展期收益、抵押品收益等影响
Q5.
Which of the following options about commodity futures is correct?
A. When futures prices are higher than spot prices, the prices are called being in backwardation.
B. A backwardation scenario means the convenience yield is high.
C. High storage costs will probably lead to backwardations.
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答案：B
解析：Backwardation（现货溢价）意味着现货价格高于期货价格，这通常是因为持有实物商品的便利收益（convenience yield）很高。当期货高于现货时称为contango，高存储成本会导致contango。
选项 判断 解析 A ✗ 期货高于现货称为contango，不是backwardation B ✓ Backwardation意味着便利收益高 C ✗ 高存储成本会导致contango（期货溢价）
Q6.
To achieve commodity exposure, which of the following would least likely be implemented:
A. CTAs.
B. commodity futures.
C. REITs.
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答案：C
解析：REITs（房地产投资信托）投资的是房地产，不是大宗商品，因此最不可能用于获得大宗商品敞口。CTAs（商品交易顾问）和商品期货都是获得商品敞口的常见方式。
选项 判断 解析 A ✗ CTAs是获得商品敞口的常见方式 B ✗ 商品期货是最直接的商品敞口工具 C ✓ REITs投资房地产，不提供商品敞口
Q7.
Which of the following statement is not accurate in regard to commodity spot prices determination?
A. Commodity spot prices are affected by supply and demand, production and storage costs, the value to users and global economic conditions.
B. Producers could quickly respond to changes in demand levels which stabilizes the spot prices of commodity and makes commodity a real hedge against inflation risk.
C. The cost of new supply would grow over time leaving aside the advancing technology.
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答案：B
解析：生产者通常不能快速响应需求变化（supply is inelastic in the short run），这正是商品价格波动的原因。如果能快速响应就不会有价格波动。A和C是正确描述。
选项 判断 解析 A ✗ 正确，现货价格受多种因素影响 B ✓ 错误，生产者短期内无法快速调整供给 C ✗ 正确，撇开技术进步，新增供给成本随时间增长
Q8.
An investment manager constructs a portfolio including public stocks and corporate bonds. Which of the following is least likely a reason for him to add commodity into the portfolio?
A. Low correlation with stocks and bonds
B. Potential high current income.
C. Hedge against inflation.
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答案：B
解析：大宗商品不产生当期收入（no current income），因为商品不支付利息或股息。低相关性和通胀对冲是投资商品的主要原因。
选项 判断 解析 A ✗ 低相关性是投资商品的重要理由 B ✓ 商品不产生当期收入，这不是投资商品的理由 C ✗ 通胀对冲是投资商品的重要理由
Q9.
Which of the following investment funds may be passively managed to provide exposure to a category of alternative investments?
A. hedge funds
B. portfolios of commodity
C. private equity funds
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答案：B
解析：商品投资组合可以通过跟踪商品指数进行被动管理。对冲基金和私募股权基金本质上都是主动管理的。
选项 判断 解析 A ✗ 对冲基金是主动管理的 B ✓ 商品组合可以通过指数基金被动管理 C ✗ 私募股权基金是主动管理的