投资学(双语)11课件.ppt

Basic Investments;《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;Part 2 The Basic Investment Alternative;Part 3 Derivatives;Chapter 1;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. ;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，在规定的发行有效期限内将证券销售出去，这一过程称为承销。承销分为包销（firm commitment）和代销（best-efforts agreement）。投资银行在两种承销方式中承担的风险有所区别。 Syndicate and lead underwriter ;栋栏刚笆想耙怜唆碍鼎唾锻懊沟挣狡海酱揣辊廊堤决院正缀往收傍桂诫聂投资学(双语)11课件投资学(双语)11课件;2. Types of agreements Best-efforts agreement — make best effort to sell securities — return all the unsold shares to the issuing firm — commission — the risk rests with the issuing company — limited to less well known firms Firm-commitment Underwriting — investment banker purchase the entire issues of securities — pay the issuing firm for all the securities even if the syndicate is unable to sell them — underwriter discount: the spread — the risk rests with the under