投资学Chapter-.pptxVIP

Investments: Background and Issues1Bodie, Kane, and MarcusEssentials of Investments Tenth EditionWhat is Investment?什么是投资Nature of Investment:投资的本质 Reduce current consumption for greater future consumption为了未来的消费而减少当期消费Different from Speculate与投资的区别 Strategy Games and Probability Play 策略游戏与概率游戏1.1 Real versus Financial Assets实物资产与金融资产Financial Assets:Claims on Real Assets or Real Asset Income金融资产：对实物资产或由实物资产产生收益的索取权Table 1.1 Balance Sheet, U.S. Households, 2014Assets $ Billion% TotalLiabilities and Net Worth$ Billion% TotalReal assets Real estate 不动产$22,82023.9%Mortgages（抵押贷款）$9,55113.3% Consumer durables（耐用消费品）5,0415.3%Consumer credit（消费贷款）3,1044.3% Other（其他）4680.5%Bank and other loans（其他贷款）4930.7% Total real assets$28,33029.6%Security credit（担保信用贷）3520.5%Other2860.4% Total liabilities$13,78519.2%Financial assets Deposits（存款）9,78310.2% Life insurance reserves（人寿保险）1,2571.3% Pension reserves（养老金）19,76620.7% Corporate equity（公司权益）13,50214.1% Equity in noncorp. business （股票）8,8699.3% Mutual fund shares（基金）7,0597.4% Debt securities（债券）5,2635.5% Other1,7201.8% Total financial assets67,21970.4%Net worth（资产净值）81,76485.6% TOTAL95,549100.0%$95,594100.0%Note: Column sums may differ from total because of rounding error. SOURCE: Flow of Funds Accounts of the United States, Board of Governors of the Federal Reserve System, June 2014.1.1 Financial Assets = Financial Liabilities金融资产=金融负债Financial Assets and Liabilities must balance.金融资产与金融负债必须平衡。Thus, when all balance sheets are aggregated, only real assets remain因此，当所有资产负债平衡表汇聚加总之后，留下的只有实物资产Domestic Net Worth = Sum of real assets国内资产净值=实物资产总和Table 1.2 Domestic Net Worth, 2014Assets $ Billion Commercial real estate 商业部门实物资产$20,092 Residential real estate 居民部门实物资产22,820 Equipment and software 设备和软件7,404 Inventories存货2,514 Consumer durables 耐用消费品5,041 TOTAL$57,873Note: Column sums may differ from total because of rounding error. SOURCE: Flow of Funds Accounts of the United States, Board of Governors of the Federal Reserve Sy