投资学Chapter 2

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投资学Chap002

投资学Chap002CHAPTER 2: ASSET CLASSES AND FINANCIALINSTRUMENTSPROBLEM SETS1. Preferred stock is like long-term debt in that it typically promises a fixed paymenteach year. In this way, it is a perpetuity. Preferred stock is also like long-termdebt in that it does not give the holder voting rights in the firm.Preferred stock is like equity in that the firm is under no contractual obligation tomake the preferred stock dividend payments. Failure to make payments does not set off corporate bankruptcy. With respect to the priority of claims to the assets of thefirm in the event of corporate bankruptcy, preferred stock has a higher priority than common equity but a lower priority than bonds.2. Money market securities are called “cash equivalents” because of their greatliquidity. The prices of money market securities are very stable, and they can beconverted to cash (i.e., sold) on very short notice and with very low transactioncosts.3. (a) A repurchase agreement is an agreement whereby the seller of a securityagrees to “repurchase” it from the buyer on an agreed upon date at an agreedupon price. Repos are typically used by securities dealers as a means forobtaining funds to purchase securities.4. The spread will widen. Deterioration of the economy increases credit risk, that is,the likelihood of default. Investors will demand a greater premium on debtsecurities subject to default risk.5.6. Municipal Bond interest is tax-exempt. When facing higher marginal tax rates, ahigh-income investor would be more inclined to pick tax-exempt securities.7. a. You would have to pay the asked price of:86:14 = 86.43750% of par = $864.375b. The coupon rate is 3.5% implying coupon payments of $35.00 annually or,more precisely, $17.50 semiannually.c.Current yield = Annual coupon income/price= $35.00/$864.375 = 0.0405 = 4.05%dividends, the taxable income is: 0.30 ? $4 = $1.20Therefore, taxes are: 0.30 ? $1.20 = $0.36After-tax income is: $4.00 – $0.36 = $3.64Rate of return is: $3.64/$40.00 = 9.10%10. a. You could buy: $5,000/$67.32 = 74.27 sharesb. Your annual dividend income would be: 74.27 ? $1.52 = $112.89c. The price-to-earnings ratio is 11 and the price is $67.32. Therefore:$67.32/Earnings per share = 11 ? Earnings per share = $6.12d. General Dynamics closed today at $67.32, which was $0.47 higher than yesterday’s price. Yesterday’s closing price was: $66.8511. a. At t = 0, the value of the index is: (90 + 50 + 100)/3 = 80At t = 1, the value of the index is: (95 + 45 + 110)/3 = 83.333The rate of return is: (83.333/80) - 1 = 4.17%b. In the absence of a split, Stock C would sell for 110, so the value of theindex would be: 250/3 = 83.333After the split, Stock C sells for 55. Therefore, we need to find thedivisor (d) such that: 83.333 = (95 + 45 + 55)/d ? d = 2.340c. The return is zero. The index remains unchanged because the return foreach stock separately equals zero.12. a. Total market value at t = 0 is: ($9,000 + $10,000 + $20,000) = $39,000Total market value at t = 1 is: ($9,500 + $9,000 + $22,000) = $40,500Rate of return = ($40,500/$39,000) – 1 = 3.85%b.The return on each stock is as follows:r A = (95/90) – 1 = 0.0556r B = (45/50) – 1 = –0.10r C = (110/100) – 1 = 0.10The equally-weighted average is:[0.0556 + (-0.10) + 0.10]/3 = 0.0185 = 1.85%13. The after-tax yield on the corporate bonds is: 0.09 ? (1 – 0.30) = 0.0630 = 6.30% Therefore, municipals must offer at least 6.30% yields.14. Equation (2.2) shows that the equivalent taxable yield is: r = r m /(1 – t)a. 4.00%b. 4.44%15. In an equally-weighted index fund, each stock is given equal weight regardless of its market capitalization. Smaller cap stocks will have the same weight as larger cap stocks. The challenges are as follows:Given equal weights placed to smaller cap and larger cap, equal-weighted indices (EWI) will tend to be more volatile than their market-capitalization counterparts;It follows that EWIs are not good reflectors of the broad market whichthey represent; EWIs underplay the economic importance of largercompanies;Turnover rates will tend to be higher, as an EWI must be rebalancedback to its original target. By design, many of the transactions would beamong the smaller, less-liquid stocks.16. a. The higher coupon bond.b. The call with the lower exercise price.c. The put on the lower priced stock.17. a. You bought the contract when the futures price was $3.835 (see Figure2.10). The contract closes at a price of $3.875, which is $0.04 more than theoriginal futures price. The contract multiplier is 5000. Therefore, the gain willbe: $0.04 ? 5000 = $200.00b. Open interest is 177,561 contracts.18. a. Since the stock price exceeds the exercise price, you exercise the call.The payoff on the option will be: $21.75 - $21 = $0.75The cost was originally $0.64, so the profit is: $0.75 - $0.64 = $0.11b. If the call has an exercise price of $22, you would not exercise for any stockprice of $22 or less. The loss on the call would be the initial cost: $0.30c. Since the stock price is less than the exercise price, you will exercise the put.The payoff on the option will be: $22 - $21.75 = $0.25The option originally cost $1.63 so the profit is: $0.25 ? $1.63 = ?$1.3819. There is always a possibility that the option will be in-the-money at some time prior to expiration. Investors will pay something for this possibility of a positive payoff.20.Value of call at expiration Initial Cost Profitc. 0 4 -4d. 5 4 1e. 10 4 6Value of put at expiration Initial Cost Profita. 10 6 4b. 5 6 -1c. 0 6 -6d. 0 6 -6e. 0 6 -621. A put option conveys the right to sell the underlying asset at the exercise price. Ashort position in a futures contract carries an obligation to sell the underlying asset at the futures price.22. A call option conveys the right to buy the underlying asset at the exercise price.A long position in a futures contract carries an obligation to buy the underlyingasset at the futures price.CFA PROBLEMS1.(d)2. The equivalent taxable yield is: 6.75%/(1 - 0.34) = 10.23%3. (a) Writing a call entails unlimited potential losses as the stock price rises.4. a. The taxable bond. With a zero tax bracket, the after-tax yield for thetaxable bond is the same as the before-tax yield (5%), which is greater thanthe yield on the municipal bond.b. The taxable bond. The after-tax yield for the taxable bond is:0.05? (1 – 0.10) = 4.5%c. You are indifferent. The after-tax yield for the taxable bond is:0.05 ? (1 – 0.20) = 4.0%The after-tax yield is the same as that of the municipal bond.d. The municipal bond offers the higher after-tax yield for investors in taxbrackets above 20%.5.If the after-tax yields are equal, then: 0.056 = 0.08 × (1 – t)This implies that t = 0.30 =30%.。

投资学精要博迪第八版课后答案 Chapter2

CHAPTER 02 ASSET CLASSES AND FINANCIAL INSTRUMENTS mon stock is an ownership share in a publicly held corporation. Commonshareholders have voting rights and may receive dividends. Preferred stockrepresents nonvoting shares in a corporation, usually paying a fixed stream ofdividends. While corporate bonds are long-term debt by corporations, typically paying semi-annual coupons and returning the face value of the bond at maturity.2.While the DJIA has 30 large corporations in the index, it does not represent theoverall market nearly as well as the 500 stocks contained in The Wilshire index.The DJIA is simply too small.3.They are short term, very safe, and highly liquid. Also, their unit value almostnever changes.4.Treasury bills, certificates of d eposit, commercial paper, bankers’ acceptances,Eurodollars, repos, reserves, federal funds and brokers’ calls.5.American Depository Receipts, or ADRs, are certificates traded in U.S. marketsthat represent ownership in shares of a foreign company. Investors may alsopurchase shares of foreign companies on foreign exchanges. Lastly, investors may use international mutual funds to own shares indirectly.6.Because they produce coupons that are tax free.7.The fed funds rate is simply the rate of interest on very short-term loans amongfinancial institutions. The London Interbank Offer Rate (LIBOR) is the rate at which large banks in London are willing to lend money among themselves.8.General obligation bonds are backed by the local governments, while revenuebonds have proceeds attached to specific projects. A revenue bond has lessguarantees, therefore, it is riskier and will have a higher yield.9.Corporations may exclude 70% of dividends received from domestic corporationsin the computation of their taxable income.10.Limited liability means that the most shareholders can lose in event of the failureof the corporation is their original investment.11.Money market securities are referred to as “cash equivalents” because of theirgreat liquidity. The prices of money market securities are very stable, and they can be converted to cash (i.e., sold) on very short notice and with very lowtransaction costs.12.Taxable equivalent yield = .0675 / (1-.35) = .103813.a.The taxable bond. With a zero tax bracket, the after-tax yield for thetaxable bond is the same as the before-tax yield (5%), which is greaterthan the yield on the municipal bond.b.The taxable bond. The after-tax yield for the taxable bond is:0.05 x (1 – 0.10) = 4.5%c.You are indifferent. The after-tax yield for the taxable bond is:0.05 x (1 – 0.20) = 4.0%The after-tax yield is the same as that of the municipal bond.d.The municipal bond offers the higher after-tax yield for investors in taxbrackets above 20%.14.The after-tax yield on the corporate bonds is: [0.09 x (1 – 0.30)] = 0.0630 =6.30%. Therefore, the municipals must offer at least 6.30% yields.15.The equivalent taxable yield (r) is: r = rm/(1 – t)a. 4.00%b. 4.44%c. 5.00%d. 5.71%16.a.You would have to pay the asked price of:107:27 = 107.8438% of par = $1,074.438b.The coupon rate is 4.875%, implying coupon payments of $48.75 annuallyor, more precisely, $24.375 semiannually.c.Current yield = Annual coupon income/price =4.875/107.8438= 0.0452 = 4.52%17.a.The closing price today is $74.92, which is $1.82 below yesterday’s price.Therefore, yesterday’s closing price was: $74.92 + $1.82 = $76.74b.You could buy: $5,000/$74.92 = 66.74 sharesc.Your annual dividend income would be 1.90 % of $5,000, or $95.d.Earnings per share can be derived from the price-earnings (PE) ratio.Price/Earnings = 13 and Price = $74.92 so that Earnings = $74.92/13 =$5.763118.a.At t = 0, the value of the index is: (90 + 50 + 100)/3 = 80At t = 1, the value of the index is: (95 + 45 + 110)/3 = 83.3333The rate of return is: (83.3333/80) – 1 = 4.167%b.In the absence of a split, stock C would sell for 110, and the value of theindex would be: (95 + 45 + 110)/3 = 83.3333After the split, stock C sells at 55. Therefore, we need to set the divisor (d)such that:83.3333 = (95 + 45 + 55)/d…..d = 2.340c.The rate of return is zero. The index remains unchanged, as it should,since the return on each stock separately equals zero.19.a.Total market value at t = 0 is: (9,000 + 10,000 + 20,000) = 39,000Total market value at t = 1 is: (9,500 + 9,000 + 22,000) = 40,500Rate of return = (40,500/39,000) – 1 = 3.85%b.The return on each stock is as follows:R a = (95/90) – 1 = 0.0556R b = (45/50) – 1 = –0.10R c = (110/100) – 1 = 0.10The equally-weighted average is: [0.0556 + (-0.10) + 0.10]/3 =0.0185 = 1.85%20.The fund would require constant readjustment since every change in the price of astock would bring the fund asset allocation out of balance.21.It would increase by 19 points. (60 – 3) / 3 = 1922.Price3.4% x (87/360) = 0.8217% or a $ price of $10,000 x (1-.008217) = $9,917.83Equivalent Yield10,000 / 9,9917.83 = 1.0083 x 365/87 = 4.23%23.a.The higher coupon bondb.The call with the lower exercise pricec.The put on the lower priced stock24.a.The December maturity futures price is $5.116 per bushel. If the contractcloses at $5.25 per bushel in December, your profit / loss on each contract(for delivery of 5,000 bushels of corn) will be: ($5.25 - $5.116) x 5000 =$ 670 gain.b.There are 5114,099 contracts outstanding, representing 570,495,000bushels of corn.25.a.Yes. As long as the stock price at expiration exceeds the exercise price, itmakes sense to exercise the call.Gross profit is: $111 - $ 105 = $6Net profit = $6 – $ 22.40 = $16.40 lossRate of return = -16.40 / 22.40 = - .7321 or 73.21% lossb.Yes, exercise.Gross profit is: $111 - $ 100 = $11Net profit = $11 – $ 22.40 = $11.40 lossRate of return = -11.40 / 22.40 = 0.5089 or 50.89 % lossc. A put with exercise price $105 would expire worthless for any stock priceequal to or greater than $105. An investor in such a put would have a rateof return over the holding period of –100%.26.a.Long callb.Long putc.Short putd.Short call27.There is always a chance that the option will expire in the money. Investors willpay something for this chance of a positive payoff.28.Value of callInitial Cost Profitat expirationa. 0 4 -4b. 0 4 -4c. 0 4 -4d. 5 4 1e. 10 4 6Value of putInitial Cost Profitat expirationa. 10 6 4b. 5 6 -1c. 0 6 -6d. 0 6 -6e. 0 6 -629.The spread will widen. Deterioration of the economy increases credit risk, that is,the likelihood of default. Investors will demand a greater premium on debtsecurities subject to default risk.30.Eleven stocks have a 52 week high at least 150% above the 52 week low.Individual stocks are much more volatile than a group of stocks.31.The total before-tax income is $4. After the 70% exclusion, taxable income is:0.30 x $4 = $1.20Therefore:Taxes = 0.30 x $1.20 = $0.36After-tax income = $4 – $0.36 = $3.64After-tax rate of return = $3.64 / $40 = 9.10%32.A put option conveys the right to sell the underlying asset at the exercise price. Ashort position in a futures contract carries an obligation to sell the underlyingasset at the futures price.33.A call option conveys the right to buy the underlying asset at the exercise price.A long position in a futures contract carries an obligation to buy the underlyingasset at the futures price.CFA 1Answer: c。

投资学第2章参考答案

第1章参考答案1.实物投资与金融投资的关系：投资具体包括实物投资（real investment）和金融投资（financial investment）两大类。

其中，实物投资是与实际资产相关的，如厂房、机器、土地等生产要素，通过这类投资活动可以获得用于生产或创造的资源，即资本形成；而金融投资则是与种类繁多的金融工具相关，如股票、债券、基金、金融衍生品等，通过在金融市场上交易金融工具获取一定数量的收益。

在过去的经济运行中，大多数投资主要表现为第一种方式，即实物投资；而在现代经济中，大多数投资则是表现为金融投资方式，这种趋势与金融市场深化及金融投资机构发展密切相关。

当然，尽管在经济生活中可以区分这两类投资方式，但是这两种投资方式并非相互排斥而是相互补充的，实物投资可以为金融投资奠定重要的基础，投资主体在高度发达的金融市场上进行金融投资服务又可以大大促进实物投资的发展，这也就是通常所说的虚拟经济与实体经济的良性互动问题。

2.对于投资者来讲，进行金融投资主要出于以下几方面的目的：(1)获得收入。

投资者希望通过投资，在未来获得一系列的收入。

(2)资本保值，即为了保持原始价值而进行的投资。

投资者通过一些保守的投资方式,使资金在未来某一时点在购买力上不遭受损失。

保值是真实购买力的价值被保值，因此名义价值的增长率应该趋于通货膨胀率.(3)资本增值。

投资者通过投资，可以实现资金升值、价值增长的目标。

为实现这一目标，投资的货币价值增长率应该高于通货膨胀率，在扣除了税收和通胀等因素后，真实的收益率应该为正。

(4)获得对相关企业的控制权。

投资者，尤其是具有雄厚资金的投资者往往出于控制相关企业控制权的目的，而持有该企业的金融资产(如股票)。

3.投资决策的流程包括设定投资目标、投资工具分析、制定投资策略、投资实施和监控评价五个部分。

设定投资目标：投资过程的首要步骤，就是投资者的投资目标。

投资者应首先制订投资计划，投资计划中应包含投资者的风险收益的具体目标及限制条件。

《投资学》第2章金融市场与金融工具

《投资学》第2章金融市场与金融工具在当今的经济社会中，金融市场和金融工具扮演着至关重要的角色。

它们不仅是资金融通的重要渠道，也是投资者实现财富增值和风险管理的重要手段。

金融市场，简单来说，就是资金供求双方进行资金交易的场所。

它可以分为不同的类型，比如按照交易期限的长短，可分为货币市场和资本市场。

货币市场主要是进行短期资金融通的市场，交易的金融工具期限通常在一年以内，像国库券、商业票据、银行承兑汇票等。

这些工具具有流动性强、风险低的特点。

而资本市场则是长期资金交易的场所，包括股票市场、债券市场等，交易的金融工具期限较长，如股票、长期债券等，其风险相对较高，但潜在的收益也可能更大。

金融市场还可以按照交易对象的不同，分为现货市场和期货市场。

现货市场中，交易是即时进行的，买卖双方当场成交并交割。

而期货市场则是交易双方在未来某个约定的时间按照约定的价格进行交易，它的主要作用是帮助投资者进行套期保值和价格发现。

再来说说金融工具。

金融工具是在金融市场中可交易的金融资产，它是资金融通的载体。

常见的金融工具包括股票、债券、基金、期货、期权等。

股票，作为一种重要的金融工具，代表着对公司的所有权。

投资者购买股票，就成为了公司的股东，有权分享公司的利润，同时也要承担公司经营风险。

股票的价格会受到公司业绩、宏观经济环境、行业发展等多种因素的影响，具有较高的不确定性和波动性。

债券则是一种债务工具，是发行者向投资者借款的一种凭证。

债券通常有固定的利率和到期日，投资者在到期时可以收回本金和利息。

相比股票，债券的风险较低，但收益也相对较稳定。

基金是一种集合投资工具，它通过汇集众多投资者的资金，由专业的基金经理进行投资管理。

基金的种类繁多，有股票型基金、债券型基金、混合型基金等，可以满足不同投资者的风险偏好和投资目标。

期货和期权则是金融衍生品，它们的价值取决于基础资产的价格变动。

期货合约是双方约定在未来某个特定时间以特定价格买卖一定数量的某种商品或金融资产的标准化合约。

投资学全英文Chapter2 Securities Markets and Transactions

Chapter 2
Securities Markets and Transactions
Securities Markets and Transactions
Learning Goals
1. Identify the basic types of securities markets and describe their characteristics.
Copyright ©2014 Pearson Education, Inc. All rights reserved. 2-7
Figure 2.1 Cover of a Preliminary Prospectus for a Stock Issue
Copyright ©2014 Pearson Education, Inc. All rights reserved.
2-13
Broker Markets
• New York Stock Exchange (NYSE)
– – – – – Largest stock exchange—over 2,700 companies Over 350 billion shares of stock traded in 2005 Accounts for 90% of stocks traded on exchanges Specialists make transactions in key stocks Strictest listing policies
2-8
The Investment Banker’s Role
• Underwriting the Issue: purchases the security at agreedon price and bears the risk of reselling it to the public • Underwriting Syndicate: group formed by investment banker to share the financial risk of underwriting • Selling Group: other brokerage firms that help the underwriting syndicate sell issue to the public • Tombstone: public announcement of issue and role of participants in underwriting process • Investment Banker Compensation: typically in the form of a discount on the sale price of the securities

投资学第二章

2-12
债券市场 The Bond Market
• 中期国债和长期国债(Treasury Notes and Bonds)
• 通胀保值债券(Inflation-Protected Treasury Bonds)
• 联邦机构债券(Federal Agency Debt) • 国际债券(International Bonds)
• 短期国库券: 美国政府发行的短期债务(Treasury bills: Short-term debt of U.S. government)。 – 期限在1年以下 – 买方报价与卖方报价(Bid and asked price) – 银行贴现法(Bank discount method)
• 大额存单: 银行定期存单(Certificates of Deposit: Time deposit with a bank): 到期才能提取，可转让，变现能力强
回购：标的是政府债券，期限从1天到1个月，交易商先卖承诺买回，属证券抵押借款行为。逆回购则相反，交易商从投资者处先买证券并协定到期售回投资者，是证券抵押贷款行为。有政府证券抵押，期限短，安全性非常高
• 联邦基金: 银行之间超短期借款(Fed Funds: Very short-term loans between banks)。银行在联储准备金账户的资金叫联邦基金。最初是不满足法定最低准备金的银行向有盈余的银行借款渠道，现在形成了联邦基金市场，成为大型银行的筹资工具，是机构间超短借贷市场，个人不能直接参与。特点是期限极短，流动性高，风险小
• 银行承兑汇票: 银行客户向银行发出在未来某一日期支付一笔款项的指令 (Bankers’ Acceptances: An order to a bank by a bank’s customer to pay a sum of money on a future date)。类似远期支票，银行背书承兑后，银行信用代表交易者信用，因此非常安全且可在二级市场交易

博迪投资学第八版英文笔记CHAPTER2

Association • Federal Home Loan Mortgage Corporation
2 - 12
Municipal Bonds
• Issued by s t a t e and l o c a l governments • Types • General obligation bonds • Revenue bonds • I n d u s t r i a l revenue bonds • Maturities – range up t o 30 years
60
•
Percentage change in index2--25
Standard &P o o r ’ s Indexes
• Broadly based index of 500 firms • Market-value-weighted index • Index funds • Exchange Traded Funds (ETFs)
2 - 28
Foreign and International Stock Market Indexes
• Nikkei (Japan) • FTSE ( F i n a n c i a l Times of London) • Dax (Germany) • MSCI (Morgan Stanley Capital
2-8
The Bond Market
• Treasury Notes and Bonds • I n f l a t i o n - Protected Treasury Bonds • Federal Agency Debt • I n t e r n a t i o n a l Bonds • Municipal Bonds • Corporate Bonds • Mortgages and Mortgage-Backed

文库最新发布：投资学第2章

▪ 由于1993年8月14日是星期六，顺延到下一个工
作日就是8月16日（星期一）。递延期限为1个月，
协议期限为3个月。
33
FRA的定价
▪ 利率的预期理论：FRA定价最简单的方法
是把它看作弥补即期市场上不同到期日之
间的 “缺口”的工具。
➢ 回顾：利率期限结构理论包括预期理论、流动
性偏好、市场分割理论
qT
1 rm 1 (e 1)
qT
F0 ( S0 I )e rT S0e( r q )T
注意：债券的贴现率不等于无风险收益率？
24
远期合约的价值
▪ 0时刻：远期合约的价值为零。即交割价格
K=F0 =S0erT
▪ 任意的t时刻，根据定义，远期价格为
▪
Ft =Ster（T－t）
ST－K
▪ 空方的收益为
K－ ST
▪ 注意：任何衍生金融工具都是零和博弈。
6
▪ 定义3.2 ：远期价格（forward price）：任
意时刻t，使远期合约价值为零的价格为远
期价格。
➢ 根据无套利原理，远期合约签订之日，远期合
约价值为零，交割价格＝远期价格。
➢ 随着时间推移，远期理论价格有可能改变，而
金，投资于无风险债券，因此，一年延期的成
本就是放弃的利息收入，当然还有保管费、保
险等费用
➢ 收益：可以开办画展等
▪ 所以，远期价格随着机会成本的增加而上
升，且随着标的资产收益的增加而下降。
16
▪ 回顾：连续复利的概念
若名义利率为r，一年（期）平均付息m次，
则相应的有效利率rm为
r m
r
rm (1 ) 1 lim rm e 1

投资学第二章167页PPT文档

背景：金融自由化
数量金融理论的发展与成熟、计算机技术的高度发展以及现代经济发展中风险管理的迫切需求共同孕育了金融衍生市场的繁荣。
四、交易机制
市场微观结构：成交机制和价格形成机制，证券市场的组织结构
金融市场微观结构（market microstructure）的最主要功能：价格发现（price discovery）
流通市场：交易市场
（二）按交易组织形式，分为交易所市场和柜台交易市场（OTC）
交易所市场是以证券交易场所作为流通市场的核心，其必须根据国家有关的证券法律规定，有组织地、规范地进行，其交易一般采用持续双向拍卖的方式，是一种公开竞价的交易。
组织形式：会员制：不以盈利为目的中国公司制：交易所的公司化改制和上市以及购并重
股票价格通常反映了投资者对上市公司未来经营状况和经济发展状况的预期
世界股票市场分布
德国 12.6%
荷兰 5.0%
瑞士 3.2%
法国 2.7%
其他国家 3.4%
日本 21.9%
美国 51.1%
其他国家美国日本荷兰德国瑞士法国
2019 全球主要股票市场市值所占份额
美国 63% 中国 12% 香港 6% 德国 3# 日本 8% 印度 2% 巴西 3% 俄罗斯 3%
3.定价功能
资本决定价格
定价效率的高低直接影响筹资及资本配置功能的实现程度，定价效率越高，市场的筹资及资本配置效率也就越高。
4.风险管理功能
风险：经济主体所面临的未来事件发生的不确定性。
对客观的不确定的管理直接影响着资金的配置效率。
三、证券市场的分类
（一）按市场职能，分为发行市场和流通市场
公募（public placement）股票面向广大公众公开发行

投资学第2章金融工具

每半年付息一次，属于息票（Coupon）债券。
注：传统的债券附有息票，投资者需要撕下息票到债券发行机构的代理处索取相应的利息，但现在都被计算机取代。 ➢ 几个名词：Yield to maturity; annual percentage rate;
21
中期国债与长期国债
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2.2.2 通胀保值债券
借款人A、 B、C
…..
借款
房地产抵押
抵押贷款发起人（银行）
借款
投资
者A、
B、C
抵押支持证券 …..
抵押贷款的发起人，通过向借款人收取本金和利息，并转付给抵押支持证券投资者。
联邦住宅贷款银行、房地美、政府国民抵押贷款协会、房利美
通常认为政府担保，风险低
24
2.2.4 国际债券（International Bonds）
3月期大额存单与国库券的利率之差
19
2.2 债券市场
▪ 由长期的借贷金融工具组成。如中长期国债、公司债券、市政债券、抵押债券、联邦机构债券。
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2.2.1 中长期国债
▪ 中期国债（T-Notes）：一年以上10年以下 ▪ 长期国债（T-Bonds）：10年～30年。 ▪ 国债的收益（资本利得和利息）可以免税。 ▪ 美国：两者都是以1000美元的面值发行，
➢ 不具投票权 ➢ 股息率固定、股利累积 ➢ 股息分配和破产清偿先于普通股 ➢ 税收特点 ➢ 种类：可赎回、可转换、可调整利率的优先股
33
2.3.5 存托凭证
▪ American Depository Receipts, ADRs
网易ADR走势图 (2001-2009)
34
2.3.6 中国目前的股票种类

投资学第二章

（1）初始确保金
• 投资者在最初开仓交易时必须存入旳资金数量被称为初始确保金（initial margin）。初始确保金由经纪人来决定。在每天交易结束时，确保金帐户要进行调整，以反应该投资者旳盈利或损失。这就是所谓旳盯市（marking to market）操作。
• 初始确保金旳计算公式: (股份数*证券购置价格-借款数额)/股票旳总价值
当日即可再卖出，或在股票卖出旳当日再买回该股票，股票或资金旳转入或转出均在一日内完毕。
• T+1：是指在股票购置旳次日才干卖出该种股票，
或者在卖出股票旳次日资金才干返回到投资者旳资金帐户上。
• 我国目前实施股票“T＋1” 和资金“T＋0”
2.3.2 确保金交易（信用交易）
信用交易又称垫头交易或确保金交易，是指证券买者或卖者经过交付一定数额旳确保金，得到证券经纪人旳信用而进行旳证券买卖。信用交易能够分为信用买进交易和信用卖出交易。
• 例：你以每股60美元卖空200股一般股，初始确保金是60%，你旳初始投资是_________。( )
•
a. 4 800美元 b. 12 000美元
•
c. 5 600美元 d. 7 200美元
•
e. 上述各项均不精确
• 例：你以每股50美元卖空100股一般股，初始确保金是60%，假如在股价为60美元时接到确保金告知，那么维持确保金是多少?( )
•
a. 25% b. -33%
•
c. 44% d. -42%
•
e. 不能拟定
2.3.2.2 卖空交易
在卖空交易中，当投资人认定某种证券价格将下跌时，能够经过缴纳一部分确保金向证券商借入证券卖出，等价格跌到一定程度后再买回一样证券交还借出者，以牟取价差。因为这一交易方式投资人手里没有真正旳证券，交易过程是先卖出后买回，所以称为卖空。 * 卖空交易一般涉及下列几种环节：①开立信用交易账户。②客户进行融券委托，并按法定百分比向证券商缴纳确保金，证券商为客户卖出证券，并以出借给客户旳证券完毕交割。卖出证券所得存在证券商处作为客户借入证券旳押金。委托卖出旳证券价格上涨时，证券商要向卖空客户追收增长旳确保金，不然将以抵押金购回证券平仓。③当证券跌到客户预期旳价格时，客户买回证券，并偿还给证券商，若客户不能按时偿还所借证券，证券商能够强行以抵押金代其购回证券平仓。

【2024版】投资学第2章-投资要素与投资环境

第二节投资环境
投资环境的分类：
1）按投资环境要素的物质属性不同，分为硬环境和软环境。
➢ 硬环境：又称环境硬件，是指投资环境中的有形要素（包括基础设施和生活设施等要素）、区位环境（包括自然区位环境和经济区位环境），即是指那些具有物质形态的要素组合。
➢ 软环境：是指投资环境中无形要素的总和，包括社会政治、社会法律和社会经济环境，以及社会文化、人的观念、风俗、习惯和政府的行政办事效率等。即是指那些没有具体物质形态的要素组合。
主要包括：管理、技术、信息等。
第2章投资要素与投资环境
第二节投资环境
一、投资环境的基本含义与内容
1. 投资环境的基本含义。投资环境就是指投资经营者所面对的客观条件。它是指围绕着投资主体存在和变化发展的，并足以影响或制约投资活动及其结果的各种自然、技术、经济和社会条件的总称。
第2章投资要素与投资环境
第2章投资要素与投资环境
第一节投资要素
二、投资的实体性要素与非实体性要素
1. 投资的实体性要素内容：
投资的实体性要素包括用投资转换而来的、在投资经营活动全过程中占用和消耗的物质和人力，即投入投资经营活动中的投资品和劳动者。
第2章投资要素与投资环境
第一节投资要素
2. 投资的非实体性要素内容：
2. 投资环境的构成内容
第2章投资要素与投资环境
2. 评价投资环境的方法共有7种方法：（1）冷热因素分析法；（2）等级尺度评分法；（3）多因素评估法；（4）抽样评估法；（5）相似度法；（6）准数分析法；（7）国家风险评级法。
第二节投资环境Biblioteka 第2章投资要素与投资环境
这种方法是由我国学者林应桐提出的。按各种投资环境因素的相关性对其进行分类如下：投资环境激励系数K，城市规划完善因子P，税利因子S，劳动生产率因子L，地区基础因子B，汇率因子T，市场因子M，管理权因子F，并把每一类因子分成若干子因子，再对子因子进行类似于多因素评估法的加权评分，求和得到该类因子的总分。

投资学第2章实业投资

投资学第2章实业投资
（3）风险投资(Venture Capital Investment)：是指为了促进高新技术成果尽快商品化，获取高额资本收益，而将资金投向高新技术企业的投资行为。
➢ 投资方向主要集中于高新技术领域； ➢ 投资对象主要为新兴的、迅速发展的、有巨大竞
争潜力的中小企业； ➢ 投资方式主要为股权投资； ➢ 重点支持处在开发和试生产阶段的科技成果迅速
投资学第2章实业投资
2.2.1项目投资概述
1.项目投资(project investment) ：是指一种以特定项目为对象，直接与新建项目或更新改造项目有关的长期投资行为。
与其他投资方式相比，其特点： ➢ 投资金额大； ➢ 投资周期长； ➢ 流动性(变现能力)差； ➢ 投资风险大。
投资学第2章实业投资
3.从微观的角度看，有三方面的作用： ➢ 增强投资者的经济技术实力。投资者通过投资项
目，增加了资本积累，提高获得收益的能力，同时增加了抵御风险的能力。 ➢ 提高投资者不断创新的能力。投资者通过实业投资，实现科技成果的商品化和产业化，就可以不断地取得创新利润，从而使投资者具备长期的经济发展实力。 ➢ 增加投资者的市场竞争能力。通过投资项目，可以扩大投资者的生产规模，或者扩大经营范围，达到规模经济，在市场竞争中立于不败之地。
投资学第2章实业投资
2.1 实业投资的概念和特征
2.1.1 实业投资的概念 2.1.2 实业投资的特征 2.1.3 实业投资的种类 2.1.4 实业投资的作用 2.1.5 实业投资的运动过程
投资学第2章实业投资
2.1.1实业投资的概念
1.实业投资(industrial investment)：是指经济主体（包括法人和自然人）为未来获得收益而于现在投入资金或资本到生产领域的投资行为。

课程投资学课件chapter2投资与经济

息和货币通论》 ? 出发点：一个部门投资的增加会引起一系列
部门的收入的增加。
9
例题：100万美元投资，其边际消费倾向为80％，问：能引起国民收入怎样的变动？乘数如何计算？边际消费倾向（MPC）——用来测度收入增加（? Y）所引起的消费增加量（ ? C）的程度。记为? C/ ? Y。投资乘数=国民收入变动/投资的变动＝1/（1－边际消费倾向）局限性
中举例解释如下：
“当我雇佣失业的资源来建筑价值1 000美元的汽车车间时，除了我投入的最初资金以外，国民收入和产值还会有次级的扩大。其原因：建筑汽车车间的木匠和木材生产者会得到1 000美元的增加的收入。但是，事情并不终止于此。如果他们的边际消费倾向均为2/3，他们会支出666．67美元来购买新的消费品，这些物品的生产者又会有 666．67美元的增加的收入。如果他们的边际消费倾向也是 2/3，他们又会支出 444．44美元即666．67美元的 2/3。过程如此继续下去，每一次新的支出都是上一次的2/3。
11
该模型的两个假设：
? （1）资本产量比例是固定不变的，忽视了技术进步的因素。
? （2）全部储蓄都用来投资，即：储蓄 ?投资
12
6、投资对经济增长的促进作用是有条件的
? 1必须有足够的投资资金 ? 2必须有足够的投资要素 ? 3投资资金与投资要素必须大体平衡
13
经济增长决定投资增长，经济增长起决定作用；同时，也要看到投资对经济增长的反作用，甚至在一定条件下，也起到决定作用。
14
第三节投资与经济增长周期波动
1、经济周期的概述 ? 按周期对经济发展的影响程度及发生
的时间长短分类 ? 小周期 ? 大周期 ? 中长周期 ? 长周期

投资学Chapter 2

投资学Chap002

投资学精要 博迪 第八版 课后答案 Chapter2

投资学第2章参考答案

《投资学》第2章金融市场与金融工具

投资学全英文Chapter2 Securities Markets and Transactions

投资学第二章

博迪 投资学第八版 英文笔记CHAPTER2

文库最新发布：投资学第2章

投资学 第二章167页PPT文档

投资学第2章金融工具

投资学第二章

【2024版】投资学第2章-投资要素与投资环境

投资学第2章实业投资

课程投资学 课件chapter2投资与经济

投资学精要博迪第八版课后答案 Chapter2

博迪投资学第八版英文笔记CHAPTER2

投资学第二章167页PPT文档

课程投资学课件chapter2投资与经济