投资学(双语)11.ppt

Basic Investments Herbert B. Mayo 《投资学》第五版 威廉 F 夏普 人大出版社 《投资学》第七版 滋维.博迪 机械工业出版社 《投资学》滋维.博迪 课后习题详解 《投资学导论》(第七版) 赫伯特·B·梅奥 《期权、期货和其他衍生品》约翰·C·赫尔 清华大学出版社 ************************************* Part 1 The Basics of Investing An Introduction to Basic Investments Chapter 1 Securities Markets Chapter 2 Review: The Time Value of Money Chapter 3 Portfolio Planning in an Efficient Market Context Chapter 4 The Measurement of Risk and Return Chapter 5 Investment Returns Part 2 The Basic Investment Alternative Chapter 6 Investment Theory: Portfolio Theory And CAPM Chapter 7 The Valuation and Selection of Common Stock Chapter 8 The Valuation of Fixed Income Securities Chapter 9 Specialized Investment Companies and Benchmarking Performance Part 3 Derivatives Chapter 10 An Introduction to Options Chapter 1 Securities Markets The Creation of Securities 1.什么是投资 广义上的投资是指为未来收入货币而奉献当前的货币。 基本特征——时间和风险。风险是当前发生的、确定的，要是有回报的话，也是将来才有的，而且数量是不确定的。 2.实物投资与金融投资 实物投资与实际资产有关，如土地、机器、厂房等。 金融投资离不开一纸合同，如普通股、债券。 3. Intermediary? Direct Investment Indirect Investment 4. Private placement and public sale Private Placements（私募）——只找几个大的机构投资者，把所有的债券或股票卖给其中的一个或几个，实际上这种私下安排经常在成交之后通过金融新闻的广告发布。 Public Sale（公开募集）——向社会公众公开发售债券或股份和宣传推广，募集对象不确定。 The disadvantages and advantages of private placement Advantages — Eliminate the cost of selling securities to the general public. — Avoid the cost and the risk of disclosure requirements. — Each sale is separately negotiated, so the maturity date and scale of funds can be set to meet the lender’s need. — Investors can gain more control over the firm. — An important for small, emerging firms. Disadvantages — Be lack of liquidity. — Hight risk. The Issuing and Selling of New Securities 1. The Role of Investment Bankers in IPO Brokerage firm: channal money from investors to firms, do not claims on themselves. Consultant: how to price and sell new stock Underwriting: 当一家发行人通过证券市场筹集资金时，就要聘请证券经营机构来帮助它销售证券。证券经营机构借助自己在证券市场上的信誉和营业网点，在规定的发行有效