Capital Market से संबंधित UGC NET Numericals (PYQs)
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UGC NET Capital Market Numericals (PYQs) | Commerce & Economics
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📊 Capital Market से संबंधित UGC NET Numericals (PYQs)
नीचे UGC NET परीक्षा (पेपर 2: Commerce/Economics) में Capital Market से संबंधित महत्वपूर्ण न्यूमेरिकल प्रश्न दिए जा रहे हैं, जो पिछले वर्षों में पूछे गए हैं। प्रत्येक प्रश्न का पूर्ण हल (Step-by-Step Solution) भी दिया गया है।
📌 1. Market Capitalization (बाजार पूंजीकरण)
🔢 Numerical 1: Market Capitalization Formula
प्रश्न: किसी कंपनी के कुल 5 करोड़ शेयर बकाया (outstanding) हैं और प्रत्येक शेयर का prevailing market value ₹150 है। कंपनी की Market Capitalization ज्ञात करें।
प्रश्न: किसी कंपनी के कुल 5 करोड़ शेयर बकाया (outstanding) हैं और प्रत्येक शेयर का prevailing market value ₹150 है। कंपनी की Market Capitalization ज्ञात करें।
✅ उत्तर: ₹750 करोड़
📐 सूत्र: Market Capitalization = बकाया शेयरों की संख्या × प्रति शेयर बाजार मूल्य
🧮 हल (Solution):
Step 1: Outstanding Shares = 5 करोड़
Step 2: Market Price per Share = ₹150
Step 3: Market Cap = 5,00,00,000 × 150 = ₹750 करोड़
Step 1: Outstanding Shares = 5 करोड़
Step 2: Market Price per Share = ₹150
Step 3: Market Cap = 5,00,00,000 × 150 = ₹750 करोड़
💡 UGC NET Trick: "Market Cap = Shares × Price – कंपनी का बाजार में कुल मूल्य यही है"
📌 2. Cost of Equity vs Cost of Debt (इक्विटी और डेब्ट की लागत)
🔢 Numerical 2: Cost of Equity Share Capital
प्रश्न: Cost of Equity Share Capital is more than cost of Debt because:
Options:
1. Equity shares have fixed returns
2. Equity shares have low risk
3. Debt is more expensive
4. Equity shares have high risk than debts
प्रश्न: Cost of Equity Share Capital is more than cost of Debt because:
Options:
1. Equity shares have fixed returns
2. Equity shares have low risk
3. Debt is more expensive
4. Equity shares have high risk than debts
✅ Correct Answer: (4) Equity shares have high risk than debts
📖 व्याख्या (Solution):
| पहलू | Equity Share Capital | Debt Capital |
|---|---|---|
| Return | Uncertain (dividend depends on profit) | Fixed (interest guaranteed) |
| Repayment | Not guaranteed | Guaranteed |
| Risk | High (residual claim) | Low (secured against assets) |
| Cost | Higher | Lower |
Key Points: • Equity shareholders are last in line for repayment during liquidation
• Debt is secured against securities and has a fixed return → less risk
• Cost of Equity = DPS/MPS + r (DPS = Dividend Per Share, MPS = Market Price per Share, r = growth rate)
📌 3. Debt Instrument Pricing (ऋण साधन मूल्य निर्धारण)
🔢 Numerical 3: Market Price of Debt Instrument
प्रश्न: A 12 percent debt instrument yields Rs. 200.4 as a 20 percent return in 1.66 years. The market price of the underlying debt instrument is:
प्रश्न: A 12 percent debt instrument yields Rs. 200.4 as a 20 percent return in 1.66 years. The market price of the underlying debt instrument is:
✅ Correct Answer: (1) Rs. 167
📐 हल (Solution):
Step 1: माना Market Price = 100x
Step 2: Effective Rate = r% × t → 12% × 1.66 = 20%
Step 3: Amount after return = 100 + 20 = 120 → 120x
Step 4: 120x = 200.4 → x = 200.4 / 120 → x = 1.67
Step 5: Market Price = 100 × 1.67 = ₹167
Step 1: माना Market Price = 100x
Step 2: Effective Rate = r% × t → 12% × 1.66 = 20%
Step 3: Amount after return = 100 + 20 = 120 → 120x
Step 4: 120x = 200.4 → x = 200.4 / 120 → x = 1.67
Step 5: Market Price = 100 × 1.67 = ₹167
✨ Trick: "Effective rate = r × t, then Amount = Principal + Effective return"
📌 4. Capital Market vs Money Market (Features based)
🔢 Numerical 4: Which is NOT a feature of Indian Capital Market?
प्रश्न: Which of the following is NOT the feature of the Indian capital market?
Options:
1. Serves as link between savers and investment opportunities
2. Long term investment
3. Helps in capital formation
4. Co-promotes state-level venture funds
प्रश्न: Which of the following is NOT the feature of the Indian capital market?
Options:
1. Serves as link between savers and investment opportunities
2. Long term investment
3. Helps in capital formation
4. Co-promotes state-level venture funds
✅ Correct Answer: (4) Co-promotes state-level venture funds
| Feature | Capital Market | Money Market |
|---|---|---|
| Term | Long-term (>1 year) | Short-term (≤1 year) |
| Instruments | Shares, Debentures, Bonds | T-Bills, CP, CD |
| Risk | Higher | Lower |
| Liquidity | Lower | Higher |
| Regulator | SEBI | RBI |
Co-promoting state-level venture funds is a function of SIDBI or NABARD, not a feature of the capital market itself.
📌 5. Security Market Line (SML) and CAPM
🔢 Numerical 5: Required Return Calculation using CAPM
प्रश्न: The linear relation between the excess return on individual securities and the overall market at every point in time is known as?
प्रश्न: The linear relation between the excess return on individual securities and the overall market at every point in time is known as?
✅ Correct Answer: Security Characteristic Line (SCL)
📖 व्याख्या (Solution):
| Term | Formula | Description |
|---|---|---|
| Capital Market Line (CML) | Rp = Rf + σp × (Rm - Rf)/σm | Risk-return trade-off for efficient portfolios |
| Security Market Line (SML) | R = Rf + β × (Rm - Rf) | Expected returns based on systematic risk |
| Security Characteristic Line (SCL) | Ri - Rf = αi + βi(Rm - Rf) + εi | Linear relation between security excess return and market excess return |
Required Return Formula (CAPM): Required Return = Risk-free rate + Beta × (Market return – Risk-free rate)
📊 Example Calculation:
Risk-free rate (Rf) = 5%, Beta (β) = 1.2, Market return (Rm) = 12%
Step 1: Market Risk Premium = 12% - 5% = 7%
Step 2: Risk Premium = 1.2 × 7% = 8.4%
Step 3: Required Return = 5% + 8.4% = 13.4%
Risk-free rate (Rf) = 5%, Beta (β) = 1.2, Market return (Rm) = 12%
Step 1: Market Risk Premium = 12% - 5% = 7%
Step 2: Risk Premium = 1.2 × 7% = 8.4%
Step 3: Required Return = 5% + 8.4% = 13.4%
📌 6. International Fisher Effect (IFE) पर आधारित Assertion-Reason
🔢 Numerical 6: Assertion-Reason Question
Assertion (A): The nominal interest rate comprises of a real interest rate and an expected rate of inflation, and it adjusts when the inflation rate is expected to change. Hence, in the perfect international capital markets, real rate of returns are equal in the two countries.
Reason (R): The international Fisher Effect states that the nominal interest rate differential must be equal to the expected inflation rate differential in the two countries.
Assertion (A): The nominal interest rate comprises of a real interest rate and an expected rate of inflation, and it adjusts when the inflation rate is expected to change. Hence, in the perfect international capital markets, real rate of returns are equal in the two countries.
Reason (R): The international Fisher Effect states that the nominal interest rate differential must be equal to the expected inflation rate differential in the two countries.
✅ Correct Answer: Both (A) and (R) are correct and (R) is the right explanation of (A)
📐 Fisher Equation (Domestic): Nominal Interest Rate = Real Interest Rate + Expected Inflation Rate
🌍 International Fisher Effect (IFE): (iₐ - iᵦ) = (πₐ - πᵦ)
where i = nominal interest rate, π = expected inflation rate
where i = nominal interest rate, π = expected inflation rate
Key Points: • In perfect international capital markets, real rates are equalized across countries
• Nominal rate differences reflect expected inflation differences
• IFE explains why exchange rates adjust to offset inflation differentials
📊 UGC NET के लिए Numericals की सारांश तालिका
| Numerical Type | Formula | Example Answer |
|---|---|---|
| Market Capitalization | Shares Outstanding × Market Price per Share | ₹750 Cr |
| Cost of Equity vs Debt | Equity > Debt because Equity has higher risk | Equity shares have high risk |
| Debt Instrument Pricing | Amount = P(1 + r×t) | ₹167 |
| Capital Market Feature | Long-term, SEBI regulated, Link between savers & investors | Co-promotes state-level venture funds is NOT a feature |
| CAPM Required Return | R = Rf + β(Rm - Rf) | 13.4% |
| International Fisher Effect | (iₐ - iᵦ) = (πₐ - πᵦ) | Both A and R correct |
🧠 परीक्षा के लिए ट्रिक्स (Exam Tricks)
| Concept | Trick |
|---|---|
| Market Cap | "Shares × Price = Market Cap – कंपनी की कुल कीमत यही है आप" |
| Cost of Equity vs Debt | "Equity is riskier, Debt is safer – Equity shareholders are 'residual claimants'" |
| Primary vs Secondary Market | "Primary नया, Secondary पुराना – Primary में IPO, Secondary में trading जारी" |
| CML vs SML | "CML efficient portfolios के लिए, SML all assets के लिए – CML सिर्फ market portfolio से tangent, SML सबका beta से जुड़ा है" |
| IFE | "Nominal rate difference = Inflation difference – यही IFE का सिद्धांत है सज्जन" |
| SEBI Role | "SEBI regulator, Depositories रखवाला, Stock Exchange ट्रेडिंग का ठिकाना" |
✨ अंतिम ट्रिक:
"Capital Market long-term, SEBI is the boss; SML and CML, risk and return ke concepts; Market Cap shares × price, IFE में real rates are equal in paradise" 😊
"Capital Market long-term, SEBI is the boss; SML and CML, risk and return ke concepts; Market Cap shares × price, IFE में real rates are equal in paradise" 😊
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