[经济学]兹维博迪金融学第二版课件Chapter
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兹维博迪金融学第二版课件
兹维博迪金融学第二版
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1.5 企业的组织形式
• 独资企业
• 一个人或家庭所有的企业 • 企业的资产和负债是所有者个人的资产和负债 • 无限责任 • 低管理成本
兹维博迪金融学第二版
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• 合伙企业
• 至少有两个人分享所有权的企业。合伙协议通常 规定如何共同作出决策和利润（损失）如何共享 （共担）。
兹维博迪金融学第二版
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• 人们利用金融系统来实施其金融决策。金融系统定义为用来订立 金融合约、交换资产与风险的一组市场和其他机构。
兹维博迪金融学第二版
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• 金融理论包括：
• 一组概念，帮助一个人组织关于怎样跨时配置资 源的思考。
• 一组数量模型，帮助评估备选项、决策和实施决 策。
• 这些概念和模型适用于所有层次和规模的决策
预防损失 • 不动产管理
兹维博迪金融学第二版
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税务管理
• 税务政策、程序的建立和管理 • 与税收征稽机构的关系 • 税务报告的准备 • 税务计划
兹维博迪金融学第二版
Hale Waihona Puke 42投资者关系• 建立和维护与投资群体的关系 • 建立和维护与公司股东的关系 • 向分析师咨询—公共财务信息
兹维博迪金融学第二版
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离
• 1.7 管理的目标 • 1.8 市场性管束：收购 • 1.9 财务专家在公司中的
角色
兹维博迪金融学第二版
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导言
• 我为退休储蓄。我应该用哪一种投资形式？ 银行存单、共同基金还是直接买股票？
• 我想有一辆新车。我应该用存款购买还是租用？ • 我正在考虑创业。它能带给我足够的回报吗？ • 公司正寻求进军电信业。你应该给CFO提供怎样的建
《金融学教学课件》bodie2e_chapter11共65页文档
• Face Vas ‘forward price’
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Definitions of Terms
11.10 The Diversification Principle 11.11 Insuring a Diversified Portfolio
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
11.1 Using Forward and Futures Contracts to Hedge Risks
• Futures contracts for commodities and financial products includes such clauses, by standardization, to protect against unknown credit risks, and we leave the details of this to the course “financial derivatives”
Definitions of Terms
• Forward Price
– Price (agreed to today) of an item to be purchased, and paid for, at a given future date
• Spot Price
– Price (agreed to today) of an item to be purchased (and paid for) immediately
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Definitions of Terms
11.10 The Diversification Principle 11.11 Insuring a Diversified Portfolio
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
11.1 Using Forward and Futures Contracts to Hedge Risks
• Futures contracts for commodities and financial products includes such clauses, by standardization, to protect against unknown credit risks, and we leave the details of this to the course “financial derivatives”
Definitions of Terms
• Forward Price
– Price (agreed to today) of an item to be purchased, and paid for, at a given future date
• Spot Price
– Price (agreed to today) of an item to be purchased (and paid for) immediately
兹维博迪金融学第二版课件Chapter03
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6 0 .0 9 0 .0 1 5 0 .0
兹维博迪金融学第二版课件Chapter02
通过中介和市场的资金流
Markets
Surplus Units
Deficit Units
Intermediaries
17 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
通过市场和中介的资金流
• 如通用汽车承兑公司（General Motors Acceptance Corporation）这样的中介发行商业 票据，为需要汽车贷款或租赁的家庭融资
23 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
在时间和空间上转移资源
• 金融系统提供方式以在时间上、地区之间 、行业之间转移经济资源
24 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
在时间和空间上转移资源（说明）
在时间上（跨期）转移资源的例子： –学生贷款：学生将未来能拥有的资源转移到现在；贷款 者将现在拥有的资源转移到未来。 –借款买房：买房者将未来能拥有的资源转移到现在。 –为退休储蓄：储蓄者将现在拥有的资源转移到未来。 –投资生产设备：投资者将现在拥有的资源转移到未来。
• 例：地方融资平台
14 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
通过中介的资金流
Markets
Surplus Units
Deficit Units
Intermediaries
15 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
滋维博迪投资学Chap02.ppt
INVESTMENTS | BODIE, KANE, MARCUS
23-3
Foreign Exchange Futures
• Foreign exchange risk: You may get more or less home currency than you expected from a foreign currency denominated transaction.
• Results: – Cheaper and more flexible – Synthetic position; instead of holding or shorting all of the actual stocks in the index, you are long or short the index futures
23-13
Table 23.2 Correlations among Major U.S. Stock Market Indexes
INVESTMENTS | BODIE, KANE, MARCUS
23-14
Creating Synthetic Positions with Futures
• Index futures let investors participate in broad market movements without actually buying or selling large amounts of stock.
INVESTMENTS | BODIE, KANE, MARCUS
23-15
Creating Synthetic Positions with Futures
• Speculators on broad market moves are major players in the index futures market. – Strategy: Buy and hold T-bills and vary the position in market-index futures contracts. – If bullish, then long futures – If bearish, then short futures
23-3
Foreign Exchange Futures
• Foreign exchange risk: You may get more or less home currency than you expected from a foreign currency denominated transaction.
• Results: – Cheaper and more flexible – Synthetic position; instead of holding or shorting all of the actual stocks in the index, you are long or short the index futures
23-13
Table 23.2 Correlations among Major U.S. Stock Market Indexes
INVESTMENTS | BODIE, KANE, MARCUS
23-14
Creating Synthetic Positions with Futures
• Index futures let investors participate in broad market movements without actually buying or selling large amounts of stock.
INVESTMENTS | BODIE, KANE, MARCUS
23-15
Creating Synthetic Positions with Futures
• Speculators on broad market moves are major players in the index futures market. – Strategy: Buy and hold T-bills and vary the position in market-index futures contracts. – If bullish, then long futures – If bearish, then short futures
兹维博迪金融学第二版课件Chapter05
n = 30, i = 3, FV = 0, PMT = 3,000, CPT PV, n = 45 CPT PMT gives $23,982
• The savings are then $30,000 - $23,982 = $6,018
Human Capital and Permanent Income
5.1 A Life-Cycle Model of Saving
• Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 • Your real labor income is $30,000/year until age 65 • Interest rates exceed inflation by 3%/ year
IRA Benefits
– The major benefits are more subtle. Assume:
• You can reserve $2,000 of pre-taxed income for investment, starting next year, for the next 40-years. This will grow at the rate of inflation of 3% • That the investment will return 10%/year • That you plan to remain retired for 20-years, and will require income that is indexed to inflation • The tax rate on all taxable income streams is 30%, both now and after retirement
• The savings are then $30,000 - $23,982 = $6,018
Human Capital and Permanent Income
5.1 A Life-Cycle Model of Saving
• Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 • Your real labor income is $30,000/year until age 65 • Interest rates exceed inflation by 3%/ year
IRA Benefits
– The major benefits are more subtle. Assume:
• You can reserve $2,000 of pre-taxed income for investment, starting next year, for the next 40-years. This will grow at the rate of inflation of 3% • That the investment will return 10%/year • That you plan to remain retired for 20-years, and will require income that is indexed to inflation • The tax rate on all taxable income streams is 30%, both now and after retirement
兹维博迪金融学第二版课件Chapter04
例：一次性投资的未来值
• 你的银行以3%的利 率、5年期限提供可 转让存单产品
• 你希望投资1500元、 5年，到期后该投资 价值多少？
FV PV * (1 i) $1500* (1 0.03) 5 $1738 .91111
n
n i PV FV Result
10
5 3% 1,500 ? 1738.911111
m
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复利的频率
• 则等价于年化百分率18%的有效年利率是 e 0.18 - 1 = 19.72%
• 更高的精确度表明，从日复利到连续复利 可使有效年利率提高0.53个基点
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例：一次性投资的利率
• 如果你投资15000元 ，期限10年，最终获 FV n i 1 得30000元，则年回 PV 报率是多少？ 30000
10
24 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
复利的频率
• 一家银行决定对于中等风险的汽车贷款收 取12%的有效利率
• 则它应当开出的年化百分率是多少？
25 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
兹维博迪金融学第二版课件Chapter14
14.3 The Role of Speculators
– Hedger
• anyone using a futures market to reduce risk
– Speculator
• anyone who takes a position in the market (increasing his risk) in order to profit from his forecasts of future spot prices
14.2 The Economic Function of Futures Markets
• The futures markets facilitate the reallocation of exposure to commodity price risk among market participants • But:
• Futures are:
– standard contracts – immune from the credit worthiness of buyer and seller because
• exchange stands between traders • contracts marked to market daily • margin requirements
• provide liquidity when it is needed, which is when producers, distributors, and consumers can’t or won’t hedge
• more efficient by contributing towards recovering the fixed costs of providing a futures exchange
兹维博迪金融学第二版课件Chapter12
– the probability of the high-risk, high-return security will out-perform the low-risk, lowreturn increases with time
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 12: Portfolio Opportunities and Choice
Objective
To understand the theory of personal portfolio selection in theory and in practice
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
But:
• I promised to be perfectly frank and honest (pfah) with you about the ordering of the simulated trajectories • The next trajectory truly was the next trajectory in the sequence, honest!
10 0 5 10 15 20 Years 25 30 35 40
15
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
From Conjecture to Hypothesis
• You are probably ready to make the hypothesis that
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 12: Portfolio Opportunities and Choice
Objective
To understand the theory of personal portfolio selection in theory and in practice
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
But:
• I promised to be perfectly frank and honest (pfah) with you about the ordering of the simulated trajectories • The next trajectory truly was the next trajectory in the sequence, honest!
10 0 5 10 15 20 Years 25 30 35 40
15
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
From Conjecture to Hypothesis
• You are probably ready to make the hypothesis that
兹维博迪金融学第二版课件
THANK YOU
发展
金融市场的发展趋势包括电子化 、全球化、金融创新等，这些趋 势对金融市场的运行机制和监管 提出了新的挑战和要求。
02
货币与银行
货币的定义与职能
总结词
货币的定义与职能
详细描述
货币是交换媒介和价值尺度，具有流通、支付、贮藏和世界货币等职能。
银行的定义与类型
总结词
银行的定义与类型
详细描述
银行是经营货币信用的金融机构，分为中央银行、政策性银行、商业银行、投资 银行等类型。
02
马科维茨投资组合理论
通过构建有效的投资组合，实现风险和收益的平衡。
03
资本资产定价模型（CAPM）
评估不同资产类别的风险和预期收益之间的关系。
04
金融衍生品市场
金融衍生品的定义与类型
总结词
详细描述金融衍生品的定义，以及不同 类型的金融衍生品（如期货、期权、远 期合约、互换等）的特点和用途。
VS
保险公司的业务与管理
总结词
保险公司的业务与管理
详细描述
保险公司的业务主要包括保险产品的开发、销售、理赔 和投资等。在业务管理方面，保险公司需要制定合理的 保费和赔付标准，建立完善的销售渠道和理赔流程，以 及进行有效的投资管理。此外，保险公司还需要加强风 险管理，控制保费、赔付和投资等方面的风险，以保证 公司的稳健经营。
投资定义
投资是指为了获得未来的收益而将资金或其他资源投入某一领域或项目。
实物投资
如房地产、机器设备等。
金融投资
如股票、债券、基金、期货、期权等。
人力资本投资
如教育、培训等。
股票投资
01
02
03
股票定义
兹维博迪金融学第二版课件
没有支付 • 债券持有者提出的一些条款限制了可能反向影响
债券价值的企业决策
兹维博迪金融学第二版
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• 营运资本
• 所有企业（包括那些盈利很好的企业），如果不对营运 资本管理足够重视，就可能承受严重损失。现金的流入 流出在时间上并非完全匹配。为了为现金流赤字融资， 为现金流盈余找到好的投资项目，管理者必须关心向客 户收款和及时支付账单。
议？ • 一个拉美国家申请为其大项目贷款。你所在的组织应
该贷给它吗？
兹维博迪金融学第二版
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1.1 定义金融学
• 金融学是对人们怎样跨时配置稀缺资源的研究。 金融决策区别于其他资源配置决策的两个特征：
• 成本和收益的跨时配置 • 未来现金流实际的时序和规模经常只能以一定概
率知道，而不能完全确知பைடு நூலகம்
• 理解金融学帮助你评估这些不确定的现金流
兹维博迪金融学第二版
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• 资本预算过程
• 准备一个计划，以获取实施战略规划的厂房、机器、实验室、展厅、仓 库和人力资本。
• 基本分析单位是投资项目。资本预算过程中，投资项目被识别、排优先 序和实施。
兹维博迪金融学第二版
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• 融资过程
• 一旦企业已决定准备实施的新项目，这些项目就必须用未 分配利润、普通股、优先股、债券、可转换证券、银行贷 款、雇员股票期权、租赁合约、退休金债务等等来融资。
• 资本结构是企业市场价值归入每一类已发行证券的数量。 它决定企业未来现金流的归属和风险水平【如股票融资对 企业没有撤资风险，债务融资有】
• 资本结构的分析单位是作为整体的企业，而不是一个投资 项目。
兹维博迪金融学第二版
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• 资本结构也决定了不同的可能性下由谁控制企 业。
债券价值的企业决策
兹维博迪金融学第二版
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• 营运资本
• 所有企业（包括那些盈利很好的企业），如果不对营运 资本管理足够重视，就可能承受严重损失。现金的流入 流出在时间上并非完全匹配。为了为现金流赤字融资， 为现金流盈余找到好的投资项目，管理者必须关心向客 户收款和及时支付账单。
议？ • 一个拉美国家申请为其大项目贷款。你所在的组织应
该贷给它吗？
兹维博迪金融学第二版
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1.1 定义金融学
• 金融学是对人们怎样跨时配置稀缺资源的研究。 金融决策区别于其他资源配置决策的两个特征：
• 成本和收益的跨时配置 • 未来现金流实际的时序和规模经常只能以一定概
率知道，而不能完全确知பைடு நூலகம்
• 理解金融学帮助你评估这些不确定的现金流
兹维博迪金融学第二版
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• 资本预算过程
• 准备一个计划，以获取实施战略规划的厂房、机器、实验室、展厅、仓 库和人力资本。
• 基本分析单位是投资项目。资本预算过程中，投资项目被识别、排优先 序和实施。
兹维博迪金融学第二版
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• 融资过程
• 一旦企业已决定准备实施的新项目，这些项目就必须用未 分配利润、普通股、优先股、债券、可转换证券、银行贷 款、雇员股票期权、租赁合约、退休金债务等等来融资。
• 资本结构是企业市场价值归入每一类已发行证券的数量。 它决定企业未来现金流的归属和风险水平【如股票融资对 企业没有撤资风险，债务融资有】
• 资本结构的分析单位是作为整体的企业，而不是一个投资 项目。
兹维博迪金融学第二版
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• 资本结构也决定了不同的可能性下由谁控制企 业。
兹维博迪金融学第二版课件Chapter
期货
标准化合约，高杠 杆交易，风险较大 。
股票
代表公司所有权， 收益不确定，风险 较大。
基金
集合投资工具同货币之间的兑 换，受汇率波动影 响。
金融衍生品的种类与功能
01
期权
购买或出售某资产的权利，风险有 限，收益无限。
互换
交换不同种类的现金流，如利率互 换和货币互换。
05
资本资产定价模型与 有效市场假说
资本资产定价模型的概念与应用
资本资产定价模型（ CAPM）
该模型用于评估风险和预期回报之间的关系 ，通过将投资组合的风险分为系统风险和非 系统风险，为投资者提供了一种评估风险溢 价的工具。
应用
CAPM在投资组合管理、资本预算和公司财 务等领域有着广泛的应用，帮助投资者理解 风险和回报的关系，并制定有效的投资策略
行为金融学
该学科研究投资者行为和市场异 常现象，通过分析投资者心理和 行为偏差，解释市场异常现象的 原因。
应用
行为金融学为投资者提供了新的 视角和工具，帮助投资者理解市 场行为，制定更加理性的投资策 略。
06
公司金融
公司融资的种类与方式
内部融资
公司使用内部产生的现金流来为其投资提供 资金，如折旧和留存收益。
利率的风险与回报关系
利率风险
由于市场利率的变动，投资者的收益 也会受到影响。如果市场利率上升， 债券价格将下降，反之亦然。因此， 投资者需要承担市场利率变动的风险 。
回报与风险关系
投资回报与风险之间存在正相关关系 。高回报往往伴随着高风险，而低风 险则可能带来较低的回报。投资者需 要根据自身的风险承受能力和投资目 标选择合适的投资产品。
04
投资组合理论
投资组合的构建与优化
兹维博迪金融学第二版课件Chapter03市场价值和账面价值解析
• Not all assets and liabilities are included, and others are understate and/or overstated
– Intangible assets such as patents may have some value included, but brand loyalty, technological know-how, or a highly trained loyal workforce will not be valued.
– Goodwill may be included, but soon loses its connection to market value because of accounting depreciation and market fluctuations
– Some contingent liabilities such as law-suits are not routinely disclosed, or only disclosed in the notes
• Accountant's Measure of Net Income Revenue Less Expenses Less Taxes
– The above two measures would be equal if accountants marked all relevant assets and liabilities to market (they don’t!)
• nting versus Economic Measures of Income: Example
• GPC’s accounting net income was plus $23,400,000 in 2001
– Intangible assets such as patents may have some value included, but brand loyalty, technological know-how, or a highly trained loyal workforce will not be valued.
– Goodwill may be included, but soon loses its connection to market value because of accounting depreciation and market fluctuations
– Some contingent liabilities such as law-suits are not routinely disclosed, or only disclosed in the notes
• Accountant's Measure of Net Income Revenue Less Expenses Less Taxes
– The above two measures would be equal if accountants marked all relevant assets and liabilities to market (they don’t!)
• nting versus Economic Measures of Income: Example
• GPC’s accounting net income was plus $23,400,000 in 2001
兹维博迪金融学第二版课件Chapter16
16.3 Debt Financing
• Corporate Debt is a contractual obligation of the part of the organization to make future payments in return for resources provided to it. It includes: • loans and debt securities, such as bonds and mortgages
16.2 Equity Financing
• There are three kinds of equity claims on a company:
– Common stock/shares
– Corporate Stock options/Warrants
– Preferred stock
Common stock/shares
• The residual claims to the corporation’s assets
• May be divided into
• Voting stock • Non-voting stock • Restricted or Founders stock
Corporate Stock options/ Warrants
16.1 Internal Verses External Financing
• Internal financing
– sources of funds that arise from the operation of the firm, and includes retained earnings, increases in accrued wages and accounts payable – External funding – sources of funds from outside lenders and investors, and includes the proceeds of bond and equity issues
《金融学教学课件》bodie2e_chapter0965页PPT
• The following newspaper stock listing is usually printed as a horizontal string of information
• The listing is for IBM, which is traded on the New York Stock Exchange
2 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Reading Stock Listings
Yr Hi Yr Lo Stock Sym 123 1/8 93 1/8 IBM IBM
Div
Yld % PE
4.84 4.2
Chapter 9 Contents
9.1 Reading stock listings 9.2 The discounted dividend model 9.3 Earning and investment opportunity 9.4 A reconsideration of the price/earnings
previous trading day
6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Observation
• It is usual to trade shares in round lots of
100 shares
• Equivalently, we start with the discounted cash flow model, and obtain the holding period return
• The listing is for IBM, which is traded on the New York Stock Exchange
2 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Reading Stock Listings
Yr Hi Yr Lo Stock Sym 123 1/8 93 1/8 IBM IBM
Div
Yld % PE
4.84 4.2
Chapter 9 Contents
9.1 Reading stock listings 9.2 The discounted dividend model 9.3 Earning and investment opportunity 9.4 A reconsideration of the price/earnings
previous trading day
6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Observation
• It is usual to trade shares in round lots of
100 shares
• Equivalently, we start with the discounted cash flow model, and obtain the holding period return
金融学第1、2章金融学 (第二版 兹维.博迪 罗伯特C默顿等著)
如：假如要投资一匹赛马要花费10万美元，但你仅有1万美 元进行投资，如果存在一种从肉体上将这匹赛马分成10份的 方法，那么你可以买一份。通过一项投资组合并向投资者分 配股份的方式，该赛马在比赛中获取的收入将在所以股东中 分配。
2.3.5 功能5 ：提供信息
金融体系可以提供有助于在不同经济部门中协调分 散性决策的价格信息。 如：你和你姐姐继承了一个家族的企业，并且它将 在你们之间平均分配。你们并不希望出售它，因为 你们中的一位希望继续经营该企业。另一位应当获 得多少？显然，了解类似资产的市场价格横了另一 位获得多少是非常有用的。
企业（厂商的简称）：基本功能为生 产产品和服务的实体。
企业金融（或公司金融）：研究企业金融 决策的金融学分支。
资本：物质资本和金融资本。 1、物质资本：厂房、机器设备以及再生产 过程中使用的其他中间投入品。 2、金融资本：股票、债券以及用来为获取 物质资本提供融资的贷款。
企业必然做出的四类基本金融决策：
相关例子
假定你是一个公司的管理者，现在你面临两 项可相互代替的投资方式，一项是投资于 一个旅游城市的大型游乐场建设，成本回 收时间较慢，但该项投资比较安全。另一 项是投资于一个处于偏远郊区的别墅群建 设，如果能在短时间内售出，回报率非常 高，如果不能在短时间售出，则会影响公 司的资金周转，该项投资风险大。
2.2资金流动
通过金融体系从拥有资金盈余的主体流向存在 赤字的主体。 金融市场
盈余单位 金融中介 赤字单位
2.3从功能出发的视觉 2.3.1 功能1：跨期转移资源 金融体系提供了跨期转移资源，跨国界转移 资源以及跨行业转移经济资源的方式。 金融体系也在将资源从一地转移至另一地的 过程中发挥着重要作用。
2.3.5 功能5 ：提供信息
金融体系可以提供有助于在不同经济部门中协调分 散性决策的价格信息。 如：你和你姐姐继承了一个家族的企业，并且它将 在你们之间平均分配。你们并不希望出售它，因为 你们中的一位希望继续经营该企业。另一位应当获 得多少？显然，了解类似资产的市场价格横了另一 位获得多少是非常有用的。
企业（厂商的简称）：基本功能为生 产产品和服务的实体。
企业金融（或公司金融）：研究企业金融 决策的金融学分支。
资本：物质资本和金融资本。 1、物质资本：厂房、机器设备以及再生产 过程中使用的其他中间投入品。 2、金融资本：股票、债券以及用来为获取 物质资本提供融资的贷款。
企业必然做出的四类基本金融决策：
相关例子
假定你是一个公司的管理者，现在你面临两 项可相互代替的投资方式，一项是投资于 一个旅游城市的大型游乐场建设，成本回 收时间较慢，但该项投资比较安全。另一 项是投资于一个处于偏远郊区的别墅群建 设，如果能在短时间内售出，回报率非常 高，如果不能在短时间售出，则会影响公 司的资金周转，该项投资风险大。
2.2资金流动
通过金融体系从拥有资金盈余的主体流向存在 赤字的主体。 金融市场
盈余单位 金融中介 赤字单位
2.3从功能出发的视觉 2.3.1 功能1：跨期转移资源 金融体系提供了跨期转移资源，跨国界转移 资源以及跨行业转移经济资源的方式。 金融体系也在将资源从一地转移至另一地的 过程中发挥着重要作用。
[经济学]兹维博迪金融学第二版课件Chapter
![[经济学]兹维博迪金融学第二版课件Chapter](https://img.taocdn.com/s3/m/9eb34513844769eae009ed85.png)
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
3.2 Review of Financial Statements
– Balance Sheets – Income Statements – Cash-Flow Statements
• 3.11 Liquidity & Cash Mgmt.
2
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Financial Statements:
3.1 Functions of Financial Statements
• Major Divisions:
– Revenue & cost of goods sold
» Gross margin
– General administrative and selling expenses (GS&A)
» Operating income
– Debt service
» Taxable income
Chapter 3: Managing Financial Health and Performance
Objectives
•Purpose of Financial Planning •Working Capital Management
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Amounts measured at historical values and historical exchange rates • Prepared according to GAAP, Generally Accepted Accounting Principles
兹维博迪金融学第二版课件Chapter09
– PE = 16: Price-to-earnings; (Latest price ÷ last 4 actual dividends) – Vol 100s = 14591*100; Volume of exchange traded shares
Reading Stock Listings
Dnominal @ 1 R
(1 g )
Putting This Together
D1 p0 (1 g ) R D1 1 k (1 g ) 1 g 1 D1 D1 1 k 1 g k g
Solving for K
– Hi = 115: Highest share price of the day – Lo = 113: Lowest share price of the day – Close = 114 3/4: Days closing share price – Chg = 1 3/8: Change in closing price from previous trading day
Expected Rate of Return
• The price and dividend next year are expected prices, so
– The expected rate of return in any period equals the market capitalization rate, k
– Just like the folk in chapter 5, businesses grow, mature, and decay
More General Models
• Chapter 5 contains an alternative derivation of growing perpetuity formula
Reading Stock Listings
Dnominal @ 1 R
(1 g )
Putting This Together
D1 p0 (1 g ) R D1 1 k (1 g ) 1 g 1 D1 D1 1 k 1 g k g
Solving for K
– Hi = 115: Highest share price of the day – Lo = 113: Lowest share price of the day – Close = 114 3/4: Days closing share price – Chg = 1 3/8: Change in closing price from previous trading day
Expected Rate of Return
• The price and dividend next year are expected prices, so
– The expected rate of return in any period equals the market capitalization rate, k
– Just like the folk in chapter 5, businesses grow, mature, and decay
More General Models
• Chapter 5 contains an alternative derivation of growing perpetuity formula
兹维博迪金融学第二版课件Chapter11
11.6 Basic Features of Insurance Contracts
11.7 Financial Guarantees 11.8 Caps & Floors on Interest Rates 11.9 Options as Insurance 11.10 The Diversification Principle 11.11 Insuring a Diversified Portfolio
• Face Value
– ‘Quantity of deliverable’ times ‘forward price’
Definitions of Terms
• Long Position
– The agreement to buy the item (from the person taking the short position)
The Farmer and the Baker: Alternative Strategy
• Mohammed bakes a premium bread • He too could devise a strategy to reduce risk using the forward contract, but also receive premium quality wheat
– Jamela’s crop is 110,000 bushels, and it also exceeds the contracted quality
– She delivers the contracted 100,000b for the agreed $2.00/bushel, and receives $200,000
兹维博迪金融学第二版课件Chapter17
“Unfinished Business”
– The publisher also has another book, “Risky Business,” and Derwyn believes that it’s identical to “Unfinished Business” in all economic respects other than the payoff, which is (-$8 million, 8 million) – Running the numbers shows:
Volatility and Project Evaluation
– There is a common notion that risk in investment decisions is something that needs to be penalized: Risky cash flows are often discounted at a higher rate – But … we have just seen an investment decision containing an option-like feature, and we know that options always become more valuable with higher volatility
Derwyn Productions: Time B, Book’s Debut (Event)
– Critics and the public provide information valuable in determining the ultimate success of the movie – Management has no influence over this node
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• Exchange-listed companies must comply with Securities and Exchange Commission (SEC) rules
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Balance Sheet
• Summarizes a firms assets, liabilities, and owner’s
equity at a moment in time
The Balance Sheet
• Major Divisions:
– Assets
• Current assets (less than a year) • Long-term assets (longer than a year
– Depreciation
– Liabilities and Stockholder’s Equity
3.1 பைடு நூலகம்unctions of Financial Statements
• Financial Statements:
– Provide information to the owners & creditors of a firm about the current status and past performance
– Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm
– Provide a convenient templates for financial planning
• 3.3 Market values v. Book Values
• 3.8 Constructing a Financial Planning Model
• 3.4 Accounting v. Economic • 3.9 Growth & the Need for
Measures of Income
• Major Divisions:
– Revenue & cost of goods sold
» Gross margin
– General administrative and selling expenses (GS&A)
» Operating income
– Debt service
» Taxable income
• Amounts measured at historical values and historical exchange rates
• Prepared according to GAAP, Generally Accepted Accounting Principles
– GAAP modified occasionally by the Financial Accounting Standards Board
Chapter 3 Contents
• 3.1 Functions of Financial Statements
• 3.6 Analysis Using Financial Ratios
• 3.2 Review of Financial Statement
• 3.7 The Financial Planning Process
• Liabilities
– Current Liabilities – Long-term debt
• Equity 6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
GPC Balance Sheet on December 31
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
3.2 Review of Financial Statements
– Balance Sheets – Income Statements – Cash-Flow Statements
External Financing
• 3.5 Return on Shareholders v. Return on Book Equity
• 3.10 Working Capital Mgmt.
• 3.11 Liquidity & Cash Mgmt.
2
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 3: Managing Financial Health and Performance
Objectives
•Purpose of Financial Planning •Working Capital Management
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Income Statement
• Summarizes the profitability of a
company during a time period
– Corporate Taxes
» Net income
8
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Balance Sheet
• Summarizes a firms assets, liabilities, and owner’s
equity at a moment in time
The Balance Sheet
• Major Divisions:
– Assets
• Current assets (less than a year) • Long-term assets (longer than a year
– Depreciation
– Liabilities and Stockholder’s Equity
3.1 பைடு நூலகம்unctions of Financial Statements
• Financial Statements:
– Provide information to the owners & creditors of a firm about the current status and past performance
– Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm
– Provide a convenient templates for financial planning
• 3.3 Market values v. Book Values
• 3.8 Constructing a Financial Planning Model
• 3.4 Accounting v. Economic • 3.9 Growth & the Need for
Measures of Income
• Major Divisions:
– Revenue & cost of goods sold
» Gross margin
– General administrative and selling expenses (GS&A)
» Operating income
– Debt service
» Taxable income
• Amounts measured at historical values and historical exchange rates
• Prepared according to GAAP, Generally Accepted Accounting Principles
– GAAP modified occasionally by the Financial Accounting Standards Board
Chapter 3 Contents
• 3.1 Functions of Financial Statements
• 3.6 Analysis Using Financial Ratios
• 3.2 Review of Financial Statement
• 3.7 The Financial Planning Process
• Liabilities
– Current Liabilities – Long-term debt
• Equity 6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
GPC Balance Sheet on December 31
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
3.2 Review of Financial Statements
– Balance Sheets – Income Statements – Cash-Flow Statements
External Financing
• 3.5 Return on Shareholders v. Return on Book Equity
• 3.10 Working Capital Mgmt.
• 3.11 Liquidity & Cash Mgmt.
2
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 3: Managing Financial Health and Performance
Objectives
•Purpose of Financial Planning •Working Capital Management
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Income Statement
• Summarizes the profitability of a
company during a time period
– Corporate Taxes
» Net income
8
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall