模块 1：课程大图景与金融体系基础 Module 1: Big Picture and Financial-System Foundations Finance 的本质、金融系统结构、money 的功能、债权/股权差异、一级/二级市场关系。 The nature of finance, financial-system structure, functions of money, debt versus equity, and primary versus secondary markets. 模块 2：利率、期限结构与估值引擎 Module 2: Interest Rates, Term Structure, and Valuation PV、YTM、return、risk/term structure、DCF、tracking portfolio、certainty equivalent 和 HW1 估值母题。 PV, YTM, returns, risk and term structure, DCF, tracking portfolios, certainty equivalents, and the HW1 valuation template. 模块 3：风险定价、预期与价格发现 Module 3: Risk Pricing, Expectations, and Price Discovery 风险厌恶、certainty equivalent、Grossman-Miller、BLW、WE/REE/noisy REE，以及信息如何进入价格。 Risk aversion, certainty equivalents, Grossman-Miller, BLW, WE/REE/noisy REE, and how information enters prices. 模块 4：融资结构与逆向选择 Module 4: Financing Structure and Adverse Selection adverse selection、pooling vs separating、equity vs debt、asset substitution、debt overhang 与金融中介的角色。 Adverse selection, pooling vs separating, equity vs debt, asset substitution, debt overhang, and the role of intermediation. 模块 5：道德风险、契约设计与融资效率 Module 5: Moral Hazard, Contract Design, and Financing Efficiency hidden action、IC 约束、equity vs debt under moral hazard、HW2 Q3 的 c 区间，以及监管作为外部激励约束。 Hidden action, IC constraints, equity vs debt under moral hazard, the HW2 Q3 cost ranges, and regulation as an external incentive device. 模块 6：银行、金融机构与监管 Module 6: Banks, Financial Institutions, and Regulation tradability vs redeemability、loan/bond/banknote、Diamond-Dybvig、bank run、deposit insurance、capital requirements 与监管逻辑，以及 HW3 的 bond vs banknote 和 mutual fund redemption threshold。 Tradability vs redeemability, loan/bond/banknote, Diamond-Dybvig, bank runs, deposit insurance, capital requirements, regulatory logic, plus HW3 on bond vs banknote valuation and the mutual fund redemption threshold. 模块 7：危机机制与市场异常 Module 7: Crisis Mechanisms and Market Anomalies credit boom and bust、twin crises、ambiguity aversion、liquidity spirals、beauty contest、limits to arbitrage 与 panic runs。 Credit boom and bust, twin crises, ambiguity aversion, liquidity spirals, beauty contests, limits to arbitrage, and panic runs. 模块 8：央行、货币供给与政策框架 Module 8: Central Banks, Money Supply, and Policy Frameworks 央行独立性、基础货币、三方货币供给过程、常规政策工具、QE、inflation targeting，以及中国债券与银行间市场。 Central bank independence, the monetary base, the three-player money supply process, conventional tools, QE, inflation targeting, and China’s bond and interbank markets. 模块 9：综合选择题冲刺 Module 9: Objective-Question Sprint 前 8 模块高频判断题、机制题、比较题和一行解释题，按考试客观题结构压缩成一轮自测。 A compressed self-test of high-frequency true/false, mechanism, comparison, and one-line explanation questions from Modules 1-8. 模块 10：综合计算题冲刺 Module 10: Calculation Sprint 估值、融资激励、风险溢价/信息推导三类高频计算题的模板化收尾页。 A final template-driven sprint covering valuation, financing incentives, and risk-pricing/information calculations. 模拟卷：按考试比例整套演练 Mock Exam: Full Paper by Exam Mix 一套更接近作业难度的模拟卷，包含 70% 客观题与 30% 计算题，并附参考答案。 A harder full-paper mock exam with 70% objective questions, 30% calculations, and an answer key. 收尾页：公式表与高频错因 Final Sheet: Formula Map and Wrong Answers 临考前速刷的一页：按题型整理公式地图，并汇总最常见的错误答案模式。 A last-minute revision page with formula maps by question family and the most common wrong-answer patterns.