Theory of Finance - Lecture 1

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国际金融基本理论

反之，外国物价水平涨幅比该国大，则该国货币对外国货币的汇率就会上升
若两国都发生通货膨胀，且幅度相等，则汇率不变.。
（三）对购买力平价理论的评价
理论具有重要解释力，但又有明显局限性假定A、B二国与衣食住行相对应只有四种消费品：
衣服、食物、房屋、自行车，并且它们质量、性能完全对等可比，但在不同国家价格不同，那么可以算出ΣPA与ΣPB，如ΣPA/ΣPB为2，则A国一单位货币等于 B国1/2单位货币，这就是A、B两国汇率局限：
和英国利率分别为5%、10%。12个月后当期汇率为£1=1.80$ 套利者如何行为？若12个月远期汇率£1=1.96$。套利者如何行为？套利活动会产生什么影响？
利率平价说推导（2）
假定本国利率为i，外国同期利率为i*，E为即期汇率，F为远期汇率，期限与利率期限相同，且E、F都为直接标价法下的汇率。资本金为1单位本国货币
A>B？A<B？A=B？
最终，两国收益将趋于相等，即A=B，整理为（1+i）/（1+i*）=F/E，因此，若i > i*，则远期出现升水；若i < i*，则远期出现贴水
（i-i*）/（1+i*）=（F-E）/E，可近似为i-i*= （F-E）/E
利率平价方程表明：如果国内利率高于国外利率，远期将升水；反之则
进出口的供给弹性趋于无穷大；额最终会改善还是恶化，取决于价格变化对进出口需求量的影响程度，即需求的价格弹性。
收入水平不变而吸收减少
基本假定不考同时进行抵补以避免汇率风险，在远期市场上卖出高利率国家：的货币
不适用于经济周期的复苏与高涨阶段。
虑国际间
资本流动
，国际收
等同于贸易收支。 2)假定不存在资本流动障碍，实际上，资本在国际间流动会受到率管制和市场不发达等因素的阻碍；

米什金《货币金融学-英文第12版》PPT-第一章为什么研究货币、银行和金融市场

FinanceChapter1 IntroductionWhy Study Money, Banking, and Financial Markets An Overview of the Financial SystemWhat Is Money?Lecture 1Why Study Money, Banking, and Financial Markets?•Course Overview•Why Study Financial Markets?•Why Study Financial Institutions and Banking?•Why Study Money and Monetary Policy?Learning Objectives：How to construct a preliminary financial knowledge system Types of financial marketsTypes of financial institutionsHow the central bank implement monetary policyWhat is monetary theoryPart 1Why Study Financial Markets?1.1 Financial MarketsFinancial Markets (P2)：Markets in which funds are transferred from people who have an excess of available funds to people who have a shortage.金融市场：资金从那些可用资金过剩的人转移到资金短缺的人的市场。

Why study financial markets?•Channel funds from savers to borrowers, thereby promoting economic efficiency•Affect personal wealth and behavior of business firms1.2 The Bond Market and Interest RatesBond (P3) is a debt security that promises to make periodic payments for a specified period of time.债券：是一种债务性证券，承诺在一个特定时间段内定期支付。

现代西方货币金融理论全套课件

• 二、凯恩斯货币理论的主题
• 1、货币理论中心主题的转变 • 凯恩斯认为，古典经济学的货币理论是一种物价的货币理论。
该理论没有将货币引入到生产中研究，因而不能解释失业问题。为此，必须将货币决定物价的理论转变为货币影响就业和产量的理论。这种转变被称为“凯恩斯革命”。由此，凯恩斯将就业作为其货币理论的中心主题。同时，将利息率的决定看作是纯粹的货币问题。货币与利息一道成为凯恩斯解释就业问题的关键。
• 2、凯恩斯对古典理论原理的批判
• 凯恩斯为了建立自己的理论，首先抨击了古典经济学的三个原则：
• （1）“萨伊定律”。即“供给会自行创造需求”。凯恩斯则颠倒过来，认为不是供给创造需求，而是需求创造供给。
• （2）古典经济学认为，由于利息率的调节作用，储蓄等于投资，且储蓄决定投资；凯恩斯认为利率是由货币供求所决定的，它不能调节储蓄和投资的均衡，对储蓄和投资的均衡起作用的是产量或收入，且投资决定储蓄，而不是相反。
• 3、两者的共同缺陷： • （1）两者都以充分就业为假定前提，这不符合现实。 • （2）两者都是长期的均衡理论和静态的理论，而对导致经济
变动的经常性的短期经济变动未作分析。
• （3）两者都没有研究方程式中各因素之间的相互关系。事实上，方程式中的各因素都是可变的，且是相互作用的。
第二节凯恩斯的货币理论
• 3、凯恩斯的有效需求原理
• （1）相关概念
• 有效需求：指产品的总供给价格与总需求价格达到均衡时的总需求。
• 总供给价格：全社会资本家预期因雇佣一定数量的工人所生产出来的产品能够得到的最低限度卖价。
• 总需求价格：社会购买这些产品时愿意支付的总价格。
• （2）原理关系
• 就业和产量由有效需求决定，而有效需求分为消费需求和投资需求。有效需求能否保证充分就业的实现，取决于投资需求的大小。而投资需求又取决于两个因素：资本边际效率和利息率。前者大于后者时，资本家才会投资。而利息率又取决于货币的供求。由于货币供给由央行控制，是外生的，故决定利息率的关键是货币需求。

第1章公司理财导论

第一章公司理财导论1．财务管理与金融的区别英文Finance/n或Financial/adj，中文可翻译成“财政”、“财务”和“金融”，这样在英语世界的一门学科，在我国就有三个学科与之对应，特别是财务与金融两个学科。

我国的学科体系及其分类，还烙印着前苏联的印迹，财政主要是国家收支，财务主要是企业收支，金融主要是指金融机构，当年就有“大财政、小财务、银行是出纳”之说。

我国改革开放和市场经济的发展，在学科体系和学科内容上，大量引进和借鉴了美英两国的做法，致使原有体系和目前的学科体系、学科内容发生了冲突。

这样就引发了一个在英语世界不存在，但目前在我国依然存在并必须回答的一个问题：财政、财务与金融之间的关系问题。

因为目前我国的财务管理和金融学大都沿用美英体系，所以采用美英体系来解释他们之间的关系。

1.1 什么是财务管理（Finance Management或Corporate Finance）？简单地说，财务管理就是对企业资金的管理。

具体地说，就是“在一定的整体目标下，关于资产的购置、融资和管理（范霍恩.现代企业财务管理[第十版].经济科学出版社.1998:2）”。

财务论题的四大领域：公司理财、投资、金融机构、国际财务管理p2。

1.2 什么是金融学（或财务学、财务理论，Finance)？金融学“是研究人们在不确定的环境中如何进行资源的时间配置的学科。

金融决策的成本和效益是在时间上分布的，而且决策者和任何其他人无法预先明确知道的。

这是金融决策区别于其他资源配置决策的两个特点”（博迪.金融学.中国人民大学出版社.2000:4.）。

博迪在其《金融学》一书的前言中指出，金融学是将其“所有的分支领域——公司财务、投资学、金融机构学——囊括在一个统一的框架中”，阐述其一般原理。

于是财务管理就是运用这些原理进行资产购置决策、融资决策和管理决策。

然而，事实上财务管理在讲解这些决策时同时阐述其所依据的基本原理，所以两者也难以区分。

金融经济学导论教学课件(全)

工商企业主要拥有实物资产
主要拥有银金行融资产
金融市场交易金融资产的市场，包括 • 货币市场 • 资本市场 • 衍生市场
其他金融中介主要拥有金融资产
主要拥保有险金公融司资产
个体（消费者）既拥有实物资产又拥有金融资产
金融市场的功能
时间和风险是金融决策的两项基本要素金融市场的基本功能：
评估资产的价值配置资源
按时间配置按风险配置
传递和交流信息
按时间配置
按风险配置
所有权与经营权的分离
企业的市场价值由市场评价，与投资者个体无关投资者可以不直接干预企业的经营管理
第一讲小结
会计的帐面价值和金融的市场价值时间和风险复制与套利资本成本投资法则金融市场的基本功能股东价值最大化
中国人民大学金融实验班
第四讲动态资产定价理论
多期经济最优消费/投资策略均衡定价静态完全性和动态完全性理性预期均衡的资产定价套利定价多期模型的金融经济学基本定理叉树定价技术远期与期货
跨期信息结构
• 多期经济体的信息结构
跨期信息结构（续）
• 事件树
跨期信息结构（续）
阿里亚斯悖论
公平赌博与风险厌恶
• 公平赌博
• 风险厌恶
风险厌恶与确定性效用函数的凹性
风险补偿
绝对风险厌恶与相对风险厌恶
• 绝对风险厌恶 • 相对风险厌恶
• HARA
风险厌恶的比较
第二讲小结
偏好、选择的理性基础以效用表示偏好不确定性条件下的偏好关系与期望效用函
数理性与非理性：独立性公理风险厌恶风险补偿风险厌恶的比较
的组合
实现期末任何消费模式

财务管理(英语)-教学大纲

《财务管理基础（双语）》教学大纲课程编号：课程类型：专业课总学时：32 讲课学时：32 实验（上机）学时：0 学分：2适用对象：先修课程：财务会计、概率与统计一、课程的教学目标Financial management is a foundation course for undergraduate students in accounting school. Financial management draws on the knowledge acquired in other areas of accounting, including terms and concepts from the fields of financial accounting, managerial economics, and quantitative methods. A solid understanding of basic mathematics and its application in business contexts is required.Financial management emphasizes on the major decisions made by financial executives of an organization. Topics introduced in this course include the following: • Financial planning• Working capital management• Capital budgeting• Strategic decision making• Cost of capital• Security valuation二、教学基本要求1.Teaching RequirementsFirstly, a learning bridge between theory and practice should be built. While teaching, teachers should emphasize on the financial theories and the role in guiding practice. The ability of using theory knowledge to analysis typical financial cases andsolve practical problems should be trained. Thirdly, a variety of teaching methods should be used. Theory teaching should combine with case study and classroom teaching should combine with students’self-study. Various learning methods are encouraged to be adopted to help students to consolidate the learned knowledge.2. Selection Principles of Teaching MaterialsThe content of teaching materials should cover the main points and basic methods of corporate finance and the framework of teaching materials should be universally accepted in China. However, the framework of the teaching materials should be strict in structure and have a clear logic relationship. While explaining the basic theories and methods of finance, the teaching materials should combine those theories with practice to conform the trend. The latest development of corporate finance should also be included in the teaching materials.3. Teaching Method and Grade sTeaching Method: While teaching, the key points should be focused and difficult points should be taught clearly. Modern means of teaching are encouraged to be used. Exercises are used to help students to prepare and review the lessons. Extra newspapers, magazines and website should be provided, and students are encouraged to use these channels to collect information combined with theory principles learned in the class to analyze and solve practical problems. Homework are required to be completed by individuals or discussed in groups according to the difficulty of the problems.Grades:Homework and test in classroom: 30%;Final Examination: 70%.三、各教学环节学时分配教学课时分配四、教学内容Part 1 Introduction of Financial ManagementChapter 1 The Role of Financial ManagementWhat is Financial Management?The Goal of the FirmCorporate GovernanceOrganization of the Financial Management FunctionKey Learning Points：What is Financial Management?The Goal of the FirmObjectives：After Studying Chapter 1, you should be able to: Explain why the role of the financial manager today is so important. Describe "financial management" in terms of the three major decision areas that confront the financial manager.Identify the goal of the firm and understand why shareholders' wealth maximization is preferred over other goals. Understand the potential problems arising when management of the corporation and ownership are separated (i.e., agency problems). Demonstrate an understanding of corporate governance.Discuss the issues underlying social responsibility of the firm. Understand the basic responsibilities of financial managers and the differences between a "treasurer" and a "controller."Questions：1. If all companies had an objective of maximizing shareholder wealth, would people over-all tend to be better or worse off?2. Contrast the objective of maximizing earnings with that of maximizing wealth.3. What is financial management all about?4. Explain why judging the efficiency of any financial decision requires the existence of a goal?5. What are the three major function of the financial manager? How are they related?6. Should the managers of a company own sizable amounts of common stock in the company? Why are the pros and cons?7. As an investor, do you think that some managers are paid too much? Do their rewards come at your expense?8. How does the notion of risk and reward govern the behavior of financial managers?9. What is corporate governance? What role does a corporation’s board of directors play in corporate governance?10. Compare and contrast the role that a firm’s treasurer and controller have in the operation of the firm.Chapter 2 The Business, Tax, and Financial EnvironmentsThe Business EnvironmentThe Tax EnvironmentThe Financial EnvironmentKey Learning Points：The Tax EnvironmentThe Financial EnvironmentObjectives：After Studying Chapter 2, you should be able to: Describe the four basic forms of business organization in the United States – and the advantages and disadvantages of each. Understand how to calculate a corporation's taxable income and how to determine the corporate tax rate - both average and marginal. Understand various methods of depreciation. Understand why acquiring assets through the use of debt financing offers a tax advantage over both common and preferred stock financing. Describe the purpose and make up of financial markets. Demonstrate an understanding of how letter ratings of the major rating agencies help you to judge a security’s default risk. Understand what is meant by the term “term structure of interest rates”and relate it to a “yield curve.”Questions：1. What is the principal advantage of the corporate form of business organization? Discuss the importance of this advantage to the owner of a small family restaurant. Discuss the importance of this advantage to a wealthy entrepreneur who owns several businesses.2. What are some of the disadvantages of (a) a sole proprietorship? (b) a partnership? (c) a limited liability company (LLC)?3. Are individual tax rates progressive or regressive in the sense of increasing or decreasing with income levels?4. The method of depreciation does not alter the total amount deducted from income during the life of an asset. What does it alter and why is that important?5. What is the purpose of financial markets? How can this purpose be accomplished efficiently?6. What is meant by making the financial markets more efficient? More complete?7. What are the major sources of external financing for business firms?8. In addition to financial intermediaries, what other institutions andarrangements facilitate the flow of funds to and from business firms?Part 2 ValuationChapter 3 The Time Value of MoneyThe Interest RateSimple InterestCompound InterestAmortizing a LoanCompounding More Than Once per YearKey Learning Points：Simple InterestCompound InterestObjectives：After Studying Chapter 3, you should be able to: Understand what is meant by "the time value of money." Understand the relationship between present and future value. Describe how the interest rate can be used to adjust the value of cash flows – both forward and backward – to a single point in time. Calculate both the future and present value of: (a) an amount invested today; (b) a stream of equal cash flows (an annuity); and (c) a stream of mixed cash flows.Distinguish between an “ordinary annuity” and an “annuity due.” Use interest factor tables and understand how they provide a shortcut to calculating present and future values. Use interest factor tables to find an unknown interest rate or growth rate when the number of time periods and future and present values are known. Build an “amortization schedule” for an installment-style loan.Questions：1. What is simple interest?2. What is compound interest? Why is it important?3. What kinds of personal financial decisions have you made that involve compound interest?4. What is an annuity? Is an annuity worth more or less than a lump sum payment received now that would be equal to the sum of all the future annuity payment?5. What type of compounding would you prefer in your savings account? Why?6. Contrast the calculation of future (terminal) value with the calculation of present value. What is the difference?7. What is the advantage of using present value tables rather than formulas? Chapter 4 The Valuation of Long-Term SecuritiesDistinctions Among Valuation ConceptsBond ValuationPreferred Stock ValuationCommon Stock ValuationRates of Return (or Yields)Key Learning Points：Bond ValuationPreferred Stock ValuationCommon Stock ValuationObjectives：After Studying Chapter 4, you should be able to: Distinguish among the various terms used to express value. Value bonds, preferred stocks, and common stocks. Calculate the rates of return (or yields) of different types of long-term securities. List and explain a number of observations regarding the behavior of bond prices.Questions：1. What connection, if any, does a firm’s market value have with its liquidationand/or going-concern value?2. Could a security’s intrinsic value to an investor ever differ from the security’s market value? If so, under what circumstances?3. In what sense is the treatment of bonds and preferred stock the same when it comes to valuation?4. A20-year bond has a coupon rate of 8%, and another bond of the same maturity has a coupon rate of 15%. If the bonds are alike in all other respects, which will have the greater relative market price decline if interests increase sharply? Why?5. Why are dividends the basis for the valuation of common stock?6. Why is the growth rate in earnings and dividends of a company likely to taper off in the future? Could the growth rate increase as well? If it did, what would be the effect on stock price?7. Using the constant perpetual growth dividend valuation model, could you havea situation in which a company grows at 30% per year (after subtracting out inflation) forever? Explain.Chapter 5 Risk and ReturnDefining Risk and ReturnUsing Probability Distributions to Measure RiskAttitudes Toward RiskRisk and Return in a Portfolio ContextDiversificationThe Capital Asset Pricing Model (CAPM)Efficient Financial MarketsKey Learning Points：Using Probability Distributions to Measure RiskAttitudes Toward RiskDiversificationThe Capital Asset Pricing Model (CAPM)Objectives：After Studying Chapter 5, you should be able to: Understand the relationship (or “trade-off”) between risk and return. Define risk and return and show how to measure them by calculating expected return, standard deviation, and coefficient of variation. Discuss the different types of investor attitudes toward risk. Explain risk and return in a portfolio context, and distinguish between individual security and portfolio risk. Distinguish between avoidable (unsystematic) risk and unavoidable (systematic) risk and explain how proper diversification can eliminate one of these risks. Define and explain the capital-asset pricing model (CAPM), beta, and the characteristic line. Calculate a required rate of return using the capital-asset pricing model (CAPM). Demonstrate how the Security Market Line (SML) can be used to describe this relationship between expected rate of return and systematic risk. Explain what is meant by an “efficient financial market” and describe the three levels (or forms) of market efficiency.Questions：1. If investors were not risk averse on average, but rather were either risk indifferent (neutral) or even liked risk, would the risk- return concepts presented in this chapter be valid?2. Define the characteristic line and its beta.3. Why is beta a measure of systematic risk? What is its meaning?4. What is the required rate of return of a stock? How can it be measured?5. Is the security market line constant over time? Why or why not?6. Suppose that you are highly risk averse but that you still invest in common stocks. Will the beta of the stocks in which you invest be more or less than 1.0? Why?7. If a security is undervalued in terms of the capital-asset pricing model, whatwill happen if investors come to recognize this undervaluation?Part 3 Tools of Financial Analysis and PlanningChapter 6 Financial Statement AnalysisFinancial StatementsA Possible Framework for AnalysisBalance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosTrend AnalysisCommon-Size and Index AnalysisKey Learning Points：Balance Sheet RatiosIncome Statement and Income/Balance Sheet RatiosObjectives：After Studying Chapter 6, you should be able to: Understand the purpose of basic financial statements and their contents. Understand what is meant by “convergence” in acco unting standards. Explain why financial statement analysis is important to the firm and to outside suppliers of capital. Define, calculate, and categorize (according to liquidity, financial leverage, coverage, activity, and profitability) the major financial ratios and understand what they can tell us about the firm. Define, calculate, and discuss a firm’s operating cycle and cash cycle. Use ratios to analyze a firm's health and then recommend reasonable alternative courses of action to improve the health of the firm.Analyze a firm’s return on investment (i.e., “earning power”) and return on equity using a DuPont approach. Understand the limitations of financial ratio analysis. Use trend analysis, common-size analysis, and index analysis to gainadditional insights into a firm's performance.Questions：1. What is the purpose of a balance sheet? An income statement?2. Why is the analysis of trends in financial ratios important?3. Auxier Manufacturing Company has a current ratio of 4 to 1 but is unable to pay its bills. Why?4. Can a firm generate a 25% return on assets and still be technically insolvent (unable to pay its bills)? Explain.5. The traditional definitions of collection period and inventory turnover are criticized because in both cases balance sheet figures that are a result of approximately the last month of sales are related to annual sales (in the former case) or annual cost of goods sold (in the latter case). Why do these definitions present problems? Suggest a solution.6. Explain why a long-term creditor should be interested in liquidity ratios?7. Which financial ratios would you be most likely to consult if you were the following?a. A banker considering the financial of seasonal inventoryb. A wealthy equity investorc. The manager of a pension fund considering the purchase of a firm’sbondsd. The president of a consumer products firm8. In trying to judge whether a company has too much debt, what financial ratios would you use and for that purpose?9. Why might it be possible for a company to make large operating profits, yet still be unable to meet debt payments when due? What financial ratios might be employed to detect such a condition?10. Does increasing a firm’s inventory turnover ratio increase its profitability? Why should this ratio be computed using cost of goods sold (rather than sales, asis done by some compilers of financial statistics)?Chapter 7 Fund Analysis, Cash-Flow Analysis, and Financial Planning Flow of Funds (Sources and Uses) StatementAccounting Statement of Cash FlowsCash-Flow ForecastingRange of Cash-Flow EstimatesForecasting Financial StatementsKey Learning Points：Forecasting Financial StatementsObjectives：After Studying Chapter 7, you should be able to: Explain the difference between the flow of funds (sources and uses of funds) statement and the statement of cash flows –and understand the benefits of using each. Define "funds" and identify sources and uses of funds. Create a sources and uses of funds statement, make adjustments, and analyze the final results. Describe the purpose and content of the statement of cash flows as well as implications that can be drawn from it. Prepare a cash budget from forecasts of sales, receipts, and disbursements – and know why such a budget should be flexible. Develop forecasted balance sheets and income statements. Understand the importance of using probabilistic information in forecasting financial statements and evaluating a firm's condition.Questions：1. Contrast flow of funds (sources and uses) statements with cash budgets as planning tools.2. What is the purpose of a statement of cash flow?3. Discuss the benefits that can be derived by the firm from cash budgeting.4. Explain why selling inventory to credit customers is considered a source offunds when in fact no “funds” were generated?5. Is depreciation a source of funds? Under what conditions might the “source”dry up?6. Why do bankers closely analyze cash flow statements and/or sources and usesof funds statements in considering credit applications?7. What are the major points of difference between a cash budget and the sourcesand uses of funds statement?8. On what items should the financial manager concentrate in order to improvethe accuracy of the cash budget? Explain your reasoning.9. Why is the sales forecast so important in preparing the cash budget?10. What are the two principal ways by which one can prepare forecast financialstatements?Part 4 Working Capital ManagementChapter 8 Overview of Working Capital ManagementWorking Capital ConceptsWorking Capital IssuesFinancing Current Assets: Short-Term and Long-Term MixCombining Liability Structure and Current Asset DecisionsKey Learning Points：Working Capital ConceptsCombining Liability Structure and Current Asset DecisionsObjectives：After Studying Chapter 8, you should be able to: Explain how the definition of "working capital" differs between financial analysts and accountants. Understand the two fundamental decision issues in working capital management –and the trade-offs involved in making these decisions. Discusshow to determine the optimal level of current assets. Describe the relationship between profitability, liquidity, and risk in the management of working capital. Explain how to classify working capital according to its “components” and according to “time” (i.e., either p ermanent or temporary). Describe the hedging (maturity matching) approach to financing and the advantages/disadvantages of short- versus long-term financing. Explain how the financial manager combines the current asset decision with the liability structure decision.Questions：1. What does working capital management encompass? What functional decisions are involved, and what underlying principle or trade-off influences the decision process?2. Utilities hold 10% of total assets in current assets; retail trade industries hold 60% of total assets in current assets. Explain how industry characteristics account for this difference.3. Distinguish between “temporary” and “permanent” working capital.4. If the firm adopts a hedging (maturity matching) approach to financing, how would it finance its current assets?5. Some firms finance their permanent working capital with short-term liabilities (commercial paper and short-term notes). Explain the impact of this decision on the profitability and risk of these firms.6. Suppose that a firm finances its seasonal (temporary) current assets with long-term funds. What is the impact of this decision on the profitability and risk of this firm?7. At times, long-term interest rates are lower than short-term rates, yet the discussion in the chapter suggests that long-term financing is more expensive. If long-term rates are lower, should the firm finance itself entirely with long-term debt?8. How does shortening the maturity composition of outstanding debt increase the firm’s risk? Why does increasing the liquidity of the firm’s assets reduce the risk?9. What are the costs of maintaining too large a level of working capital? Too small a level of working capital?10. How is a margin of safety provided for in working capital management? Chapter 9 Cash and Marketable Securities ManagementMotives for Holding CashSpeeding Up Cash ReceiptsS-l-o-w-i-n-g D-o-w-n Cash PayoutsElectronic CommerceOutsourcingCash Balances to MaintainInvestment in Marketable SecuritiesKey Learning Points：Cash Balances to MaintainInvestment in Marketable SecuritiesObjectives：After Studying Chapter 9, you should be able to: List and explain the motives for holding cash. Understand the purpose of efficient cash management. Describe methods for speeding up the collection of accounts receivable and methods for controlling cash disbursements. Differentiate between remote and controlled disbursement, and discuss any ethical concerns raised by either of these two methods. Discuss how electronic data interchange (EDI) and outsourcing each relates to a company’s cash collections and disbursements. Identify the key variables that should be considered before purchasing any marketable securities. Define the most common money-market instruments that a marketable securities portfolio manager would consider for investment.Describe the three segments of the marketable securities portfolio and note which securities are most appropriate for each segment and why. Questions：1. Define the function of cash management?2. Explain the concept of concentration banking.3. Explain how the lockbox system can improve the efficiency of cash management.4. Money market instruments are used as investment vehicles for otherwise idle cash. Discuss the most important criterion for asset selection in investing temporarily idle cash.5. Discuss the impact of lockbox banking on corporate cash balance.6. What are compensating ban balance, and why are they not the same for all depositors?7. What is net float? How might a company “play the float” in its disbursements?8. Under what conditions would it be possible for a company to hold no cash or marketable securities? Are these conditions realistic?9. What are the three motives for holding cash?10. What is outsourcing? Why might a company outsource some or all of its cash management processes? What is business processing outsourcing (BPO)? Chapter 10 Accounts Receivable and Inventory ManagementCredit and Collection PoliciesAnalyzing the Credit ApplicantInventory Management and ControlKey Learning Points：Analyzing the Credit ApplicantInventory Management and ControlObjectives：After Studying Chapter 10, you should be able to: List the key factors that can be varied in a firm's credit policy and understand the trade-off between profitability and costs involved. Understand how the level of investment in accounts receivable is affected by the firm's credit policies. Critically evaluate proposed changes in credit policy, including changes in credit standards, credit period, and cash discount. Describe possible sources of information on credit applicants and how you might use the information to analyze a credit applicant. Identify the various types of inventories and discuss the advantages and disadvantages of increasing/decreasing inventories. Describe, explain, and illustrate the key concepts and calculations necessary for effective inventory management and control, including classification, economic order quantity (EOQ), order point, safety stock, and just-in-time (JIT).Questions：1. Is it always good policy to reduce the firm’s bad debts by “getting rid of the deadbeats”?2. Is an increase in the collection period necessarily bad? Explain.3. What are the principal factors that can be varied in setting credit policy?4. If credit standards for the quality of accounts accepted are changed, what things are affected?5. Why is the saturation point reached in spending money on collections?6. What is the purpose of establishing a line of credit for an account? What are the benefits of this arrangement?7. The analysis of inventory policy is analogous to the analysis of credit policy. Propose a measure to analyze inventory policy that is analogous to the aging of accounts receivable.8. What are the principal implications to the financial manager of ordering costs, storage costs, and cost of capital as they relate to inventory?9. Explain how efficient inventory management affects the liquidity and profitability of the firm.10. How can the firm reduce its investment in inventories? What costs might the firm incur from a policy of very low inventory investment?11. Do inventories represent an investment in the same sense as fixed assets?12. Should the required rate of return for investment in inventories of raw materials be the same as that for finished goods?Chapter 11 Short-Term FinancingSpontaneous FinancingNegotiated FinancingFactoring Accounts ReceivableComposition of Short-Term FinancingKey Learning Points：Factoring Accounts ReceivableComposition of Short-Term FinancingObjectives：After Studying Chapter 11, you should be able to: Understand the sources and types of spontaneous financing. Calculate the annual cost of trade credit when trade discounts are forgone. Explain what is meant by "stretching payables" and understand its potential drawbacks. Describe various types of negotiated (or external) short-term borrowing. Identify the factors that affect the cost of short-term borrowing. Calculate the effective annual interest rate on short-term borrowing with or without a compensating balance requirement and/or a commitment fee. Understand what is meant by factoring accounts receivable.Questions：1. Explain why trade credit from suppliers is a “Spontaneous source of funds”.2. Trade credit from suppliers is very costly source of funds when discounts arelost. Explain why many firms rely on this source of funds to finance their temporary working capital.3. Suppose that a firm elected to tighten its trade credit policy from “2/10, net 90”to “2/3f0”. What effect could the firm expect this change to have on its liquidity?4. Why are accrued expenses a more spontaneous source of financing than tradecredit from suppliers?5. Why is the rate on commercial paper usually less than the prime rate chargedby bankers and more than the Treasury bill rate?6. Why would a firm borrow bank funds at higher rates instead of issuingcommercial papers?7. Who is able to issue commercial paper and for what purpose?8. How do bankers’acceptances differ from commercial paper as a means offinancing?9. Compare and contrast a line of credit and a revolving credit agreement.10. Would you rather have your loan on a “collect basis” or a “discount basis” ifyou were a borrower, all other things being the same? If you were a lender?11. What determines whether a lending arrangement is unsecured or secured?12. As a lender, how would you determine the percentage you are willing toadvance against a particular type of collateral?13. As a financial consultant to a company, how would you go aboutrecommending whether to use an assignment of accounts receivable or a factoring arrangement?14. In choosing the composition of short-term financing, what factors should beconsidered?Part 5 Investment in Capital Assets。

金融理论

金融理论该条目对应的页面分类是金融理论。

金融理论（Finance Theory）[编辑]金融理论概述金融理论在经济学中的历史相当之短。

经济学家们很早就意识到信贷市场的基本经济职能，但他们并不热衷于分析更多内容。

因此，早期对金融市场的观点大多直观，主要是由实践者形成的。

最早对金融市场的理论框架，尤其是路易舍利耶的成果（1900），基本上被理论家和实践者共同忽略了。

[编辑]金融理论的内容投资组合理论（Portfolio Theory）这并不意味着早期经济学家忽视了金融市场。

欧文·费雪（ 1906年， 1907年， 1930年）已经概述了信贷市场对于经济活动的基本职能，特别是随着时间的推移作为一种资源配置的方式，也已认识到这一过程中风险的重要性。

在发展其货币理论同时，凯恩斯（1930年， 1936年）、约翰·希克斯（ 1934年， 1935年， 1939年），尼古拉斯·卡尔多（ 1939年）和雅各布·马尔萨克（ 1938年）已经形成了投资组合选择理论，其中不确定性发挥着重要作用。

然而，在这个早期阶段，对许多经济学家而言，正确的来讲，金融市场仍然被视为单纯的“赌场”，而不是“市场”。

在他们看来，资产价格主要取决于资本收益的预期与反预期，因此他们是所谓的“自身规定自身”。

约翰·梅纳德·凯恩斯的“选美大赛”的比喻是这种的态度代表。

因此，大量笔墨浪费在投机活动这个题目上了（如购买/临时销售货物或资产以供日后转售）。

举例来说，约翰·梅纳德·凯恩斯（ 1923年， 1930年）和约翰·希克斯（ 1939 ）在其对期货市场的先行理论中认为，商品的期货合约交割价格将普遍低于预期的现货价格，即凯恩斯所谓的“正常贴水”。

凯恩斯和希克斯解释为，这主要是因为套期保值者将价格风险转移到换取风险溢价的投机者身上。

尼古拉斯·卡尔多（ 1939年）又分析了稳定价格基础上投机是否能够成功的问题，并借此广泛扩大了凯恩斯的流动性偏好理论。

The theory and practice of corporate finance全文翻译

公司金融的理论与实践：来自实地的证据关于资本成本、资本预算和资本结构问题，我们调查了392位首席财务官。

大的公司主要依靠现值技术和资本资产定价模型，而小公司相对地比较喜欢使用回收期标准。

当发行债务时，公司比较注重维护财务弹性和比较好的信用等级；当发行股票时，比较注重每股收益稀释和近期股票价格升值情况。

我们发现了对于支持优序融资假说和交易资本结构假说的支持，但是却很少找到经理关心资产替换、不对称信息、交易成本、自由现金流或者个人税务方面的证据。

关键词：资本结构资本成本股权成本资本预算折现率项目估值调查1. 简介在这篇文章中，我们对一项描述公司金融的现行实践的综合调查作了一个分析。

在这个领域中，最著名的实地研究也许就是约翰.林特纳的开创新的股利分配策略分析理论。

那个研究的结论至今仍被引用，并深刻地影响着股利分配策略的研究方式。

在很多方面，我们的目标和林特纳的有点相似。

我们的调查描述了公司金融的现行实践。

我们希望研究者们能利用我们的结果来发展新的理论—并且潜在地修改或者放弃已经存在的观点。

我们也希望从业者们能够从我们的结果中得到启发，通过观察其他的公司是怎样运行的以及确认其他学术文献没有完成的地方。

我们的调查跟以前的一些调查在很多方面都有不同。

首先，我们的调查的范围很广。

我们检测了资本配置，资本成本和资本结构。

这让我们可以把跨领域的结果联系在一起。

例如，有些公司在考虑资本结构问题时会优先考虑财务弹性，我们就调查了这些公司在考虑资本预算决定时是否也会注重实物期权。

我们在每个领域都进行了深入的探索，总共询问了100多个问题。

其次，我们抽样调查了接近4440个公司的大范围截面数据。

总计有392为首席财务官回应了我们的调查，回复率为9%。

我们所知道的第二大范围的调查是摩尔和理查特做的，调查了298个大公司。

我们研究了可能的未回复偏差，得出结论是我们的样本可以作为全部人口的代表。

第三，我们依据公司特征对回复结果进行了分析。

Finance Theory

Finance TheoryFinance theory has a surprisingly short history ineconomics. Economists have long been aware of the basic economic function of credit markets but they were not keen on analyzing it much further than that. As such, early ideas about financial markets were largely intuitive, mostly formulated by practitioners. Pioneering theoretical work on financial markets, notably that of Louis Bachelier (1900), tended to be basically ignored by theoreticians and practitioners alike.Portfolio TheoryThis does not mean that the early economists ignored financial markets. Irving Fisher (1906, 1907, 1930) had already outlined the basic functions of credit markets for economic activity, specifically as a way of allocating resources over time -- and had recognized the importance of risk in the process. In developing their theories of money, John Maynard Keynes(1930, 1936), John Hicks(1934, 1935, 1939), Nicholas Kaldor(1939) and Jacob Marschak(1938) had already conceived of portfolio selection theory in which uncertainty played an important role.However, for many economists during this early period, financial markets were still regarded as mere "casinos" rather than "markets" properly speaking. In their view, asset prices were determined largely by expectations and counter-expectations of capital gains and thus they were "held up by their own bootstraps" as it were. John Maynard Keynes's "beauty contest" analogy is representative of this attitude.As such, a good amount of ink was spent on the topic of speculative activity (i.e. the purchase/temporary sale of goods or assets for later resale). For instance, in their pioneering work on futures markets, John Maynard Keynes(1923, 1930) and John Hicks(1939) argued that the price of a futures contract for delivery of a commodity will be generally below the expected spot price of that commodity (what Keynes called "normal backwardation"). This, Keynes and Hicks argued, was largely because hedgers shifted their price risk onto speculators in return for a risk premium. Nicholas Kaldor (1939) went on to analyze the question of whether speculation was successful in stabilizing prices and, in so doing, expanded Keynes's theory of liquidity preference considerably.(In later years, Holbrook Working (1953, 1962) would dispute this, arguing that there was, in fact, no difference between the motivations of hedgers and speculators. This led to an early empirical race --Hendrik Houthakker(1957, 1961, 1968, 1969) finding evidence in favor of normal backwardation and Lester Telser (1958, 1981) finding evidence against it.)John Burr Williams (1938) was among the first to challenge the "casino" view economists held of financial markets and questions of asset pricing. He argued that asset prices of financial assets reflected the "intrinsic value" of an asset, which can be measured by the discounted stream of future expected dividends from the asset. This "fundamentalist" notion fit well with Irving Fisher's(1907, 1930) theory, and the "value-investing" approach of practitioners such as Benjamin Graham.Harry Markowitz(1952, 1959) realized that as the "fundamentalist" notion relied on expectations of the future, then the element of risk must come into play and thus profitable use could be made of the newly developed expected utility theory of John von Neumann and Oskar Morgenstern (1944). Markowitz formulated the theory of optimal portfolio selection in the context of trade-offs between risk and return, focusing on the idea of portfolio diversification as a method of reducing risk -- and thus began what has become known as "Modern Portfolio Theory" or simply MPT.As noted, the idea of an optimal portfolio allocation had already been considered by Keynes, Hicks and Kaldor in their theories of money, and thus it was a logical step for James Tobin (1958) to add money to Markowitz's story and thus obtain the famous "two-fund separation theorem". Effectively, Tobin argued that agents would diversify their savings between a risk-free asset (money) and a single portfolio of risky assets (which would be the same for everyone). Different attitudes towards risk, Tobin contended, would merely result in different combinations of money and that unique portfolio of risky assets.The Markowitz-Tobin theory was not very practical. Specifically, to estimate the benefits of diversification would require that practitioners calculate the covariance of returns between every pair of assets. In their Capital Asset Pricing Model (CAPM), William Sharpe(1961, 1964) and John Lintner (1965) solved this practical difficulty by demonstrating that one could achieve the same result merely by calculating the covariance of every asset with respect to a general market index. With the necessary calculating power reduced to computing these far fewer terms ("betas"), optimal portfolio selection became computationally feasible. It was not long before practitioners embraced the CAPM.The CAPM would be eventually challenged empirically in a series of papers by Richard Roll(1977, 1978). One of the alternatives offered up was the"intertemporal CAPM" (ICAPM) of Robert Merton(1973). Merton's approach and the assumption of rational expectations led the way to the Cox, Ingersoll and Ross(1985) partial differential equation for asset prices and, perhaps only a step away, Robert E. Lucas's (1978) theory of asset pricing.A more interesting alternative was the "Arbitrage Pricing Theory" (APT) of Stephen A. Ross(1976). Stephen Ross's APT approach moved away from the risk vs. return logic of the CAPM, and exploited the notion of "pricing by arbitrage" to its fullest possible extent. As Ross himself has noted, arbitrage-theoretic reasoning is not unique to his particular theory but is in fact the underlying logic and methodology of virtually all of finance theory. The following famous financial theorems illustrate Ross's point.The famous theory of option pricing by Fisher Black and Myron Scholes(1973) and Robert Merton (1973) relies heavily on the use of arbitrage reasoning. Intuitively, if the returns from an option can be replicated by a portfolio of other assets, then the value of the option must be equal to the value of that portfolio, or else there will be arbitrage opportunities. Arbitrage logic was also used by M. Harrison and David M. Kreps (1979) and Darrell J. Duffie and Chi-Fu Huang (1985) to value multi-period (i.e. "long-lived") securities. All this spills over into the Neo-Walrasian theories of general equilibrium with asset markets (complete and incomplete) developed by Roy Radner (1967, 1968, 1972), Oliver D. Hart (1975) and many others since.The famous Modigliani-Miller theorem (or "MM") on the irrelevance of corporate financial structure for the value of the firm also employs arbitrage logic. This famous theorem Franco Modigliani and Merton H. Miller (1958, 1963) can actually be thought of as an extension ofthe "Separation Theorem" originally developed by Irving Fisher (1930). Effectively, Fisher had argued that with full and efficient capital markets, the production decision of an entrepreneur-owned firm ought to be independent of the intertemporal consumption decision of the entrepreneur himself. This translates itself into saying that the profit-maximizing production plan of the firm will not be affected by the borrowing/lending decisions of its owners, i.e. the production plan is independent of the financing decision.Modigliani-Miller extended this proposition via arbitrage logic. Viewing firms as assets, if the underlying production plans ofdifferently-financed firms are the same, then the market value of the firms will be the same for, if not, there is an arbitrage opportunity there for the taking. Consequently, arbitrage enforces that the value of thefirms to be identical, whatever the composition of the firm's financial structure.Efficient Markets HypothesisThe second important strand of work on finance was the empirical analysis of asset prices. A particularly disturbing finding was that it seemed that prices tended to follow a random walk. More specifically, as documented already by Louis Bachelier (1900) (for commodity prices) and later confirmed in further studies by Holbrook Working (1934) (for a variety of price series), Alfred Cowles(1933, 1937) (for American stock prices) and Maurice G. Kendall (1953) (for British stock and commodity prices), it seemed as there was no correlation between successive price changes on asset markets.The Working-Cowles-Kendall empirical findings were greeted with horror and disbelief by economists. If prices are determined by the "forces of supply and demand", then price changes should move in particular direction towards market clearing and not randomly. Not everyone was displeased with these results, however. Many viewed them as proof that the "fundamentalist" theory was incorrect, i.e. that financial markets really were wild casinos and that finance was thus not a legitimate object of economic concern. Yet others crowed that it proved the failureof traditional "statistical" methods to illuminate much of anything. High-powered time series methods were used by Clive Granger and Oskar Morgenstern (1963) and Eugene F. Fama (1965, 1970), but they came up with the same randomness result.The great breakthrough was due to Paul A. Samuelson (1965) and Benoit Mandelbrot(1966). Far from proving that financial markets did not work according to the laws of economics, Samuelson interpreted the Working-Cowles-Kendall findings as saying that they worked all too well! The basic notion was simple: if price changes were not random (and thus forecastable), then any profit-hungry arbitrageur can easily make appropriate purchases and sales of assets to exploit this. Samuelson and Mandelbrot thus posited the celebrated "Efficient Market Hypothesis" (EMH): namely, if markets are working properly, then all public (and, in some versions, private) information regarding an asset will be channelled immediately into its price. (note that the term "efficient", as it is used here, merely means that agents are making full use of the information available to them; it says nothing about other types of "economic efficiency", e.g. efficiency in the allocation of resources in production, etc.). If price changes seem random and thus unforecastable it is because investors are doing their jobs: all arbitrageopportunities have already been exploited to the extent to which they can be.The "Efficient Markets Hypothesis" was made famous by Eugene Fama(1970) and later connected to the rational expectations hypothesis of New Classical macroeconomics. It did not please manypractioners. "Technical" traders or "chartists" who believed they could forecast asset prices by examining the patterns of price movements were confounded: the EMH told them that they could not "beat the market" because any available information would already be incorporated in the price. It also had the potential to annoy some fundamentalist practioners: the idea of efficient markets rests on "information" and "beliefs", and thus does not, at least in principle, rule out the possibility of speculative bubbles based on rumor, wrong information and the "madness of crowds".More disturbingly, the EMH has not pleased economists. EMH is probably one of the more resiliant empirical propositions around (albeit, see Robert Shiller's (1981) critique), yet it does not seem to have a clearly sound theoretical standing. It all seems to collapse on one particular objection: namely, that if all information is already contained in prices and investors are fully rational, then not only can one not profit from using one's information, indeed, there might not be any trade atall! These peculiar, contradictory implications of rational expectations were demonstrated by Sanford J. Grossman and Joseph E. Stiglitz (1980) and Paul Milgrom and Nancy Stokey(1982). Intuitively, the objection can be put this way (and here we are oversimplifying a bit). The efficient markets hypothesis effectively implies that there is "no free lunch", i.e. there are no $100 bills lying on the pavement because, if there were, someone would have picked them up already. Consequently, there is no point in looking down at the pavement (especially if there is a cost to looking down). But if everyone reasons this way, no one looks down at the pavement, then any $100 bills that might be lying there will not be picked up by anyone. But then there are$100 bills lying on the pavement and one should look down. But then if everyone realizes that, they will look down and pick up the $100 bills, and thus we return to the first stage and argue that there are not any $100 bills (and therefore no point in looking down, etc.) This circularity of reasoning is what makes the theoretical foundations of the efficient markets hypothesis somewhat shaky.Pioneers of Finance Theory∙Irving Fisher, 1867-1947.∙John Maynard Keynes, 1883-1946.∙Sir John R. Hicks, 1904-1989.∙Nicholas Kaldor, 1908-1986.∙Jacob Marschak, 1898-1977.∙John Burr Williams, 1902-1989.o Theory of Investment Value, 1938.o International trade under flexible exchange rates, 1954.o Founder and developer of "fundamentalist" theory of asset valuation.∙Benjamin Graham, 1894-1976.∙Samuel Eliot Gouldo Stock Growth and Discount Tables, 1931.o Often credited as the founder of the "intrinsic value" or "fundamentalist" theory of stock markets.Modern Portfolio Theory (MPT)∙Harry M. Markowitz, 1923-∙James Tobin, 1918-∙William J. Baumol, 1922-∙William F.Sharpe, 1934-∙John Lintner, 1916-∙Richard RollArbitrage and Equilibrium Theory∙Roy Radner, 1927-∙Stephen A. Ross, 1944-∙Fisher Black, 1938-∙Myron S. Scholes, 1941-∙Robert C. Merton, 1944-∙Oliver D. Hart, 1948-∙David M. Kreps, 1950-∙Darrell J. Duffie∙John Cox∙Mark Rubinstein∙Chi-Fu Huang∙Jonathan E. Ingersoll, Jr.Finance and the Firm∙Merton H. Miller, 1927-∙Franco Modigliani, 1918-∙Michael C. Jensen, 1939-∙Jacques H. Dr鑪e, 1929-∙Sanford J. Grossman∙Joseph E. Stiglitz, 1943-∙Paul R. Milgrom, 1948-∙Douglas Gale, 1950-Empiricists and the Efficient Markets Hypothesis∙Louis Bachelier, 1870-1946.∙Holbrook Working, 1895- 1985.∙Alfred Cowles, 3rd., 1891-1984 - (1), imageo"Can Stock Market Forecasters Forecast?", 1933,Econometrica.o"Some Posteriori Probabilities in Stock market Action" withH. Jones, 1937, Econometrica.o Common Stock Indexes, 1871-1937, 1938.o"Stock Market Forecasting", 1944, Econometricao"A Revision of Previous Conclusions Regarding Stock Price Behavior", 1960, Econometricao A prominent Colorado businessman and investment counselor, Alfred Cowles became convinced of the importance of thequantitative aspects of economics after the numerousforecasting failures of the 1929 crash. His own studies ofstock market data, (esp. 1933), provide an earlydemonstration of the "random walk" in stock price movementsand the beginning of the "Efficient Market Hypothesis". In1930, Cowles founded and funded both the Econometric Societyand its journal, Econometrica and, in 1932, set up the CowlesCommission for Economic Research. One of the first CowlesCommission projects was Cowles's own on the development andanalysis of monthly and annual stock market indices (1938).∙Oskar Morgenstern, 1902-1976.∙Paul A. Samuelson, 1915-∙Benoit B. Mandelbrot, 1924-∙Hendrick S. Houthakker, 1924-∙Eugene F. Fama, 1939-∙Robert E. Lucas , Jr., 1937-∙Burton G. Malkiel∙Robert ShillerResources on Finance Theory∙HET Pages: General Equilibrium under Uncertainty。

第十部分国际金融理论简介教学课件

3、布雷顿森林体系时期 4、20世纪70年代至今
一、购买力平价说
购买力平价说（Theory of Purchasing Power Parity, PPP）是现代汇率理论中最具有影响力的理论之一。
认为，货币的价值在于其具有的购买力。两种货币间的汇率决定于两国货币各自所具有的购买力，汇率的变动也取决于两国货币购买力的变动。
➢ 它只分析了进口的收入弹性，简单阐述了收入变动与国民收入变动之间的关系，没有深入考虑进出口对整个宏观经济的影响，仍然是一种局部分析。
➢ 没有考虑到国际上日益重要的资本流动，而将国际收支简单的等同于贸易收支。
在实际应用中，由于弹性的估计非常复杂，难以测算，可能存在技术上的困难。
二、战后国际收支理论的发展
贬值对国际收支的影响：
B(1c) Y D
说明贬值将对三方面产生影响：实际收入水平 △Y，国内吸收水平△D，边际吸收倾向c。
政策主张：增加产量Y的支出转移政策和减小支出A的支出减少政策。前者可以通过贬值、贸易控制，将需求从国外商品转向国内商品；后者可采用货币限制、预算限制甚至直接控制来改善国际收支，而且往往减少就业和收入。
理论的核心：金本位下的国际收支可以自动达到均衡。
基本思想：在国际金本位制度下，国际收支逆差将引起黄金外流，储备减少，从而减少货币供给；货币供给的减少将降低物价水平，使本国的商品更有竞争力，从而促进出口，减少进口，改善国际收支。而当一国存在国际收支顺差时，将出现相反的过程。
理论评价
价格－现金流动机制是第一个系统分析国际收支运动规律的国际收支理论，为国际收支研究确定了基本内容和结构框架，成为后来国际收支调节理论的渊源。
政策含义：一国可以通过需求管理政策来调整国际收支。出口除了对收入增加具有乘数作用外，还可以改善国际收支。乘数论的这种政策主张被称为“新重商主义”。

金融英语Lecture 1 Money资料

金融英语L e c t u r e1M o n e yMoneyIf you can actually count your money, then you are not really a rich man.——American oil billionaire J. Paul GettyWhat is money?Economists define money as anything that is generally accepted in payment for goods or services or in the repayment of debts.Types of moneyA. Commodity moneyB. Convertible paper moneyC. Fiat money(or fiat currency):Usually paper money, is a type of currency whose only value is that a government made a fiat that the money is a legal method of exchange. Unlike commodity money or representative money it is not based in another commodity such as gold or silver and is not covered by a special reserve.D. Private debt moneyE. Electronic moneyPrivate debt moneyA loan that the borrower promises to repay in currency on demand. E.g. IOU the checkable deposit at commercial banks and other financial institutions.Commercial notes（商业票据）:Short-term, unsecured, discounted, and negotiable notes sold by one company to another in order to satisfy immediate cash needs.Include: promissory note (期票，拮据) draft (汇票) check and so on. Electronic money: Electronic Check, Internet Payment System, Credit Card ServiceWhat does money do?A. Medium of ExchangeIn almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes economic efficiency by eliminating much of the time spent in exchanging goods and services.Terms: Transaction cost, Time value of moneyB. Unit of AccountThe second role of money is to provide a unit of account; that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of miles.Note: Fiat money has not only no particular value in use; it doesn't even really have a value in exchange except that which is decreed that it would have.Terms: Good money, Bad moneyC. Store of ValueMoney also functions as a store of value: it is a repository of purchasing power over time. It is an asset. It 's something that we can use to store value away to be retrieved at a later point in time. So we can not consume today, we can hold money instead - and transfer that consumption power to some point in the future.Term: Hard currencyMeasuring Monetary Aggregates1. Measure as “money” only those assets that are most liquid, hence that function best as a medium of exchange.2. Include all financial assets in the measure of money, but weight them in proportion to their liquidity.1. M1 = Most Narrow Measure (Most Liquid)M1 = currency + traveler’s checks + demand deposits + other checkable deposits2. M2 = M1 + Less Liquid AssetsM2 = M1 + small denomination time deposits + savings deposits + money market deposit accounts + money market mutual fund shares3. M3 = M2 + Less Liquid AssetsMoney supplyThe revenue raised through the printing of money. When thegovernment prints money to finance expenditure, it increases the money supply. The increase in the money supply, in turn, causes inflation. Printing money to raise revenue is like imposing an inflation tax.To expand the money supply:The Federal Reserve buys Treasury Bonds and pays for them with new money.To reduce the money supply:The Federal Reserve sells Treasury Bonds and receives the existing dollars and then destroys them.InflationInflation is an increase in the average level of prices, and a price is the rate at which money is exchanged for a good or service.Here is a great illustration of the power of inflation:In 1970, the New York Times cost 15 cents, the median price of a single-family home was $23,400, and the average wage in manufacturing was $3.36 per hour. In 2008, the Times cost $1.50, the price of a home was $183,300, and the average wage was $19.85 per hour.Hyperinflation is defined as inflation that exceeds 50 percent per month, which is just over 1 percent a day.Questions1. Money is not unique as a store of value; any asset, be it money, stocks, bonds, land, houses, art, or jewelry, can be used to store wealth.Many such assets have advantages over money as a store of value: They often pay the owner a higher interest rate than money, experience price appreciation, and deliver services such as providing a roof over one's head. If these assets are a more desirable store of value than money, why do people hold money at all?The answer to this question relates to the important economic concept of liquidity.2. Rank the following assets from most liquid to least liquid:a.Checking account depositsb. Housesc. Currencyd. Washing machinese. Savings depositsf. Common stock3. Why have some economists described money during a hyperinflation as a “hot potato” that is quickly passed from one person to another?4. Was money a better store of value in the United States in the 1950s than it was in the 1970s? Why or why not? In which period would you have been more willing to hold money?5. In Brazil, a country that was undergoing a rapid inflation before 1994, many transactions were conducted in dollars rather than in Reals, the domestic currency. Why?Quiz1. Fiat money is:A. credit card chargesB. CoinsC. not convertible into precious metals.D. checksAnswer: C2. Which of these is not a function of money in an economy?A. Store of valueB. Medium of exchangeC. Source of incomeD. Unit of accountAnswer:C3. Which of the following is not part of M1?A. checking accountsB. traveler's checksC. savings accountsD. currencyAnswer:C4. If Mary deposits $100 of her currency in her checking account, then:A. M1 will increase by $100.B. M2 will fall by $100.C. M1 and M2 will not change.D. M2 will increase by $100. Answer:C5. If Mary moves $100 from her savings account to her checking account, then:A. M1 will not change.B. M2 will not change.C. M1 will fall by $100.D. M2 will fall by $100. Answer:B6. Which of the following is not part of M2?A. Small time depositsB. CurrencyC. Institutional money market mutual fundsD. Saving accounts Answer:C7. Inefficiencies that are created when using checks as money include:A. Checks can transfer funds slowly.B. There are too many bad checks written.C. Checkbooks can be stolen.D. Checks can be written for any amount.Answer:A8. The liquidity of an asset is:A. the ability of an asset to earn interest income.B. the amount of an asset sold at discount or premium.C. the relative ease with which an asset can be converted into a medium of exchange.D. the relative ease with which an asset can be converted into a common stock.Answer:C9. For a commodity to function effectively as money, it mustA. Be widely accepted.B. Be backed by gold or silver.C. Be indestructible.D. Be printed by the government. Answer:A10. Money supply data is generated by:A. The Department of CommerceB. The Federal Deposit Insurance Corporation (FDIC)C. The Federal Reserve System (the Fed)D. The Treasury DepartmentAnswer:C11. Which of the following correctly shows the evolution of the payments system?A. Commodity money, fiat money, checks, electronic money.B. Commodity money, fiat money, electronic money, checks.C. Commodity money, checks, fiat money, electronic money.D. Fiat money, commodity money, checks, electronic money. Answer:A12.Which of the following is true regarding money's store of value function?A. money does not allow a person to hold purchasing power from the time income is earned until it is spent.B. money is the only store of value available.C. money is the most liquid store of value available.D. money is superior to all other stores of value during periods of inflation.Answer:C13. Which of the following is not a disadvantage of electronicmoney?A. People are concerned about the privacy and security of e-money transactions.B. E-money transactions cost more than paper check transactions.C. The cost of setting up a system for processing e-money payments is high.D. E-money does not allow people to take advantage of float. Answer:B14. Wealth isA. Generally accepted for the repayment of debtsB. A flow of earnings per unit of timeC. A stock conceptD. The total collection of pieces of property that serve to store value Answer:D15. The Fed's measurements of monetary aggregatesA. Are more reliable in the short run than the long run.B. Are revised once a year.C. Does not depend on the definition of money.D. Are more reliable in the long run than the short run.Answer:D。

西方金融理论PPT

70年代后期发展出新资本结构理论
2014-10-16
资本结构理论发展的时间简史
当代西方金融理论
莫迪利安尼对经济学理论作出了两个重要贡献: 一是在50年代与美国经济学家布伦伯格和艾伯特· 安共同提出了消费函数理论中的生命周期假说。二是与美国经济学家默顿· 米勒共同提出了公司资本成本定理，即“莫迪利阿尼——米勒定理”。莫迪利阿尼作为一个后凯恩斯主义者，在消费理论和投资理论两个方面发展了凯恩斯的学说。他关于利率对国民收入影响的论述对IS—LM模型的发展有重大
0.01 VL
2014-10-16
当代西方金融理论
• 两个投资方案的回报额相等，由于两个公司的经营风险相同，因此，投资额也相等，即没有财务杠杆公司的市场价值等于有财务杠杆公司的市场价值。
0.01 VL 0.01 VU VL VU
2014-10-16
当代西方金融理论
• 考虑另外一类投资者，他们愿意冒更大的风险，决定购买有财务杠杆公司L的 1%的股票。
第八章 MM定理
———第三部分
金融结构与发展理论
2014-10-16
当代西方金融理论
• 什么叫资本结构（融资结构或者筹资结构）？
• 资本结构的定义有广义和狭义之分，广义的资本结构是指企业全部资金的来源及各种融资方式的组合情况，具体来说包括企业的自有资金、长期负债、短期负债、普通股、优先股、可转债等各种资金来源。狭义的资本结构是指企业权益融资和负债融资的构成及其比例关系。这也是资本结构理论研究的重点。本章所指资本结构是指狭义的资本结构。
2014-10-16
当代西方金融理论
税差理论存在的问题
其成立的前提是资本利得所得税率低于股利所得税率，投资者可以通过延迟实现资本利得而延迟缴纳资本利得所得税。然而，实际生活并不一定完全如此。比如西方国家的退休和养老基金，就既不用对股利也不用对资本利得纳税。另外，如果是股利支付率越低越好，支付率为零时股票价值最大，那实际中公司为什么还要支付股利、甚至某些公司总是维持较高的股利支付率呢?税差理论对此也无法解释。另外，由于股利的税收是在收到股利时支付，而资本利得的税收可以递延到股票

金融经济学(13级)第一讲

（二）金融产品或证券是怎样产生的

这两种决策产生以下结果：经济中需要一个将当期储蓄通过经济行为主体的投资决策来和未来的商品消费相联系的，在时期0可以进行交易的，对未来时期1的消费商品具有索取权的索偿权市场，这就是证券市场，索偿权证就是证券。证券市场是经济行为主体对未来商品的消费需求派生出来的结果，是衍生的。
经典金融经济学的局限性

研究内容主要围绕 “价格发现机制”；绝大部分的内容建立在理性预期与有效市场上；没有体现金融资产特点；许多问题和现象无法从中找到理论解释。
（二）20世纪50年代后金融理论的发展变化

在20世纪50年代以后，金融理论一方面沿传统经济学方法有更宽更深的发展，同时现代微观金融理论也在以新的研究方法和理论体系从依附于传统经济学的状态中独立出来。
（三）金融产品（证券）的特殊性
对未来价值的索偿权：即购买并持有一项金融商品，取得了对该项商品未来收入现金流的所有权。风险性和不确定性由信息决定价格

（四）金融产品的现金流特性

流动性—— 是指金融商品的变现能力和可交易程度收益性——是指预期收益，是未来各种可能情况下实际发生的收益的统计平均收益风险性——实际发生的收益对预期收益（即平均值）的偏离程度，用收益的方差或标准差度量，且二者都是统计平均值
20世纪50—60年代：金融经济学的奠基时代
1. Markowitz（1952）的证券组合理论首次将个体投资决策中面临的收益与风险决策简化为均值和方差这两个具体的数学概念，并给除了风险——收益平面上的投资组合前沿。 2.Arrow and Debreu(1954)一般经济均衡存在定理的证明对一般经济均衡问题给出了富有经济含义的数学模型。 3. Tobin(1958)的两基金分离定理（每一种有效证券组合都是一种无风险资产与另一特殊的风险资产的组合）为CAPM模型的建立奠定了基础。

金融学重要理论

( c )2 (xa a )2 (xb b )2 2(xa xb a b )
石河子大学商学院谢婷婷
金融学重要理论
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证券组合理论——有效边界
发现：购买业务相关系数相反的股票构成一个组合的话，该组合的标准差会降低。
推论：我们始终能够掌握资产市场上的每一组股票的风险和回报，并了解其中两两之间的相关系数，那么，总能够在股票市场上不断地构造出新的组合。这些组合只有一个目的：在给定的风险水平上，取得最大的收益水平；或者在给定的收益水平上，承担最小的风险水平。
金融市场
石河子大学商学院谢婷婷
金融学重要理论
3
有效金融市场假设
什么是有效金融市场呢？一个简单的定义就是：在一个有效金融市场上，以当时的市场价格简单
地买入或者卖出一项金融资产，并不能够使投资人实现任何套利的利润（该定义引自Richard A. Brealey和Stewart C. Myers合著的《公司理
石河子大学商学院谢婷婷
金融学重要理论
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有效金融市场假设的推广
市场无记忆。总是相信当前市场价格。市场只对新信息作出反应。最终造成一个对于分析师来说是随机过程的一个移
动。(Man can’t beat it.)
石河子大学商学院谢婷婷
金融学重要理论
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第二节证券组合理论
-Portfolio Management
7
有效金融市场的三种类型
强式市场：包含全部企业内半强式市场：部信息及其对包含全部公开全部信息的最信息佳的分析和解读
弱式市场：
包含全部历史信息
石河子大学商学院谢婷婷
金融学重要理论
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有效金融市场的三种类型