博迪的金融学简板chpt17
兹维博迪金融学第二版课件
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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
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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）。
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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。
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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
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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
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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
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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
兹维博迪金融学第二版课件
系统性风险
探索系统性风险的概念，包 括金融危机、政治不稳定和 经济周期波动等因素。
非系统性风险
分析非系统性风险对个别公 司或行业的影响，包括管理 风险、行业竞争和市场需求 波动等。
股票与债券
股票
深入了解股票市场的运作原理， 包括股票的购买、卖出和股息分 红等关键概念。
债券
多元化投资组合
研究债券市场的特点和运作方式， 包括债券利息、到期日和信用评 级等重要信息。
市场环境
1
宏观经济因素
了解宏观经济因素对金融市场的影响，包括经济增长、通货膨胀率和利率等。
2
政治与法律环境
探讨政治和法律环境对金融市场的重要性，包括政策变化、法规制度和国际贸易协议等。
3
社会氛围
分析社会氛围对金融市场的影响，包括人们对投资的态度、价值观和消费习惯等。
市场风险
市场波动
了解市场波动对投资者的风 险和机会，学会管理风险并 制定有效的投资策略。
探索如何建立一个多元化的投资 组合，有效分散风险并实现长期 收益。
经济增长与衰退
1
经济增长
了解经济增长的关键因素，包括生产率提高、投资增加和创新技术的引入等。
2
经济衰退
分析经济衰退的原因和影响，学会应对经济衰退的策略和措施。
3
经济周期
探讨经济周期的特征和不同阶段的投资机会，以及如何利用周期性变化来做出明智的投资决 策。
兹维博迪金融学第二版课 件
欢迎来到兹维博迪金融学第二版课件，本课程将带您深入了解金融市场、市 场环境、市场风险等关键概念。让我们一起开始这个充满挑战与机遇的学习 旅程吧！
课程介绍
在本节中，我们将探讨课程的内容、学习目标以及学习方法。通过本课程， 您将获得对金融学的深入理解，为未来的职业发展奠定坚实的基础。
博迪《金融学》复习重要知识点及公式
厦门大学风景图-------
厦门大学金融系 sushuocan 2010.1.4
白城海滩 芙蓉湖
最热门投资：网上银行炒黄金炒白银
上海黄金交易所经国务院批准，中国人民银行组建，进行黄金、白银等贵金属交易。
上海黄金交易所的黄金和白银交易具有以下特点：
贵金属交易协议，在协议中选择或填入本公司的机构号，即成为本公司的客户，享受
本公司的服务有：申请降低手续费，投资顾问一对一及时解答客户疑问，每日交易指
导，免费行情软件。
8. 注意事项：成为我公司的客户不会为客户增加任何额外的成本，我公司的收入来自客户
交易手续费的其中一部分，由合作银行返佣给我司。我司可向交易所申请给客户优惠
恒丰银行，中信银行，浦发银行。
9. 天津贵金属交易所归属于天津市政府，同样交易黄金和白银。所不同的是：天津交易所
的交易时间为每日 22 小时，黄金和白银的保证金比例皆为 8%，白银一手是 15 千克。
天津煜展黄金投资有限公司在天津贵金属交易所为 112 号会员，我公司代理天津煜展
黄金投资公司在天津贵金属交易所的开户和投资咨询业务。天津煜展黄金投资有限公
7．金融中介
金融中介即主要业务是向客户提供金融产品和服务的企业，主要类型是银行、投资公司 和保险公司。
银行 其他存款储蓄 机构 保险公司 养老金额退休基金 共同基金 投资银行 风险投资企业 资产管理企业 信息服务企业
第三章 管理财务健康状况和业绩
1、财务报表的功能 2、财务报表回顾
资产负债表 资产=负债+所有者权益 资产与负债之间的差额是该企业的净值，也被称为所有者权益。 一家企业的流动资产与流动负债之间的差额被称为净营运资本。 损益表 净收入=收入-支出 权责发生制 销售收入 — 主营业务成本 = 毛利润 — 日常费用、销售费用和管理费用 = 息税前利润 （营运利润）（EBIT）— 利息费用=税前利润（应税收入）— 收入所得税 = 净收入（分配： 红利、留存收益变化） 现金流量表 总现金流量=来自于经营活动的现金流量+来自于投资活动的现金流量+来自于融资活动的 现金流量。
金融学课件-博迪版
– 如公司不动产价值可能会发生很大变化，但是不会 反映在公司会计报表中
•权责发生制。
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GPC Income Statement for Year Ending 2xx1
Sales revenues Cost of goods sold *Gross margin Gen sell, & admin exp *Operating income Interest expense *Taxable income Income tax *Net income Allocation to divs *Chg retained earn 200.0 (110.0) 90.0 (30.0) 60.0 (21.0) 39.0 (15.6) 23.4 (10.0) 13.4
37
•教材Ｐ６２
现金流量表
• 提供一定时期内（一年）现金流流入和流 出企业的信息
– 关注企业的现流状态
• 一个赢利性的企业可能会出现现金短缺
– 与资产负债表、利润表不同，现金流量表独立 于会计方法
•收付实现制。
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GPC Cash Flow Statement, for the Year ending Dec 31, 2xx0
9%£ /£
16241 ¥ 15450 ¥
149 ¥ /£
£ 109
18
汇率举例
时间
日本
15000 ¥ (borrowed) 3% ¥ /¥(direct) 3% ¥ /£ /£ /¥
英国
150 ¥ /£
£ 100 Invested
9%£ /£
15450 ¥ 15450 ¥ Repaid
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
博迪投资学英文课件 (17)
16-4
Figure 16.1 Change in Bond Price as a Function of Change in Yield to Maturity
INVESTMENTS | BODIE, KANE, MARCUS
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(y ) 2 ]
INVESTMENTS | BODIE, KANE, MARCUS
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Figure 16.4 Convexity of Two Bonds
INVESTMENTS | BODIE, KANE, MARCUS
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Why do Investors Like Convexity?
• percentage decline of 0.0359%.
Zero
• The zero-coupon bond initially sells for $1,000/1.05 3.7704 = $831.9704.
• At the higher yield, it sells for $1,000/1.053.7704 = $831.6717. This price also falls by 0.0359%.
INVESTMENTS | BODIE, KANE, MARCUS
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Figure 16.2 Bond Duration versus Bond Maturity
INVESTMENTS | BODIE, KANE, MARCUS
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Table 16.3 Bond Durations (Yield to Maturity = 8% APR; Semiannual Coupons)
兹维博迪金融学第二版课件
债券价值的企业决策
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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？
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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
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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。
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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。
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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。
金融学-兹维博迪--第一章PPT课件
• 1.1 Defining Finance
• 1.2 Why Study Finance
• 1.3 Financial Decisions of Households
• 1.4 Financial Decisions of Firms
• 1.5 Forms of Business Organization
• 1.6 Separation of Ownership and Management
• 1.7 The Goal of Management
• 1.8 Market Discipline: Takeovers
• 1.9 The Role of the Financial Specialist in a Corporation
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
• I’m thinking about starting a new business – will it reward me adequately?
• The company is looking to expand into telecommunications. – how should you advise the CFO?
• Understanding finance helps you evaluate these uncertain cash flows
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
博迪《金融学》复习笔记及课后习题详解(金融学)【圣才出品】
第1章金融学1.1 复习笔记【知识框架】【考点难点归纳】金融金融学对金融学进行界定金融体系金融理论消费和储蓄决策居民户的金融决策投资决策融资决策风险管理决策战略计划资本预算企业的金融决策资本结构决策营运资本管理独资企业企业组织的形式合伙企业公司所有权与管理分离管理的目标市场性管束：收购财务专家在公司中的角色金融学考点一：对金融学进行界定1．金融金融是货币流通、信用活动及与之相关的经济行为的总称。
简言之，就是货币资金的融通。
一般是指以银行、证券市场等为中心的货币流通和信用调节活动，包括货币的发行和流通、存款的吸收和提取、贷款的发放和收回、国内外汇兑往来、有价证券的发行和流通、保险、信托、抵押、典当以及各种金融衍生工具交易等。
按金融中介机构是否充当资金转移的媒介，金融可以分为直接金融（direct finance）和间接金融（indirect finance）。
2．金融学金融学是一项针对人们怎样跨期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项特征是：①金融决策的成本和收益是跨期分摊的；②无论是决策者还是其他人，通常都无法预先确知金融决策的成本和收益。
金融学是主要研究货币领域的理论及货币资源的配置与选择、货币与经济的关系及货币对经济的影响、现代银行体系的理论和经营活动的经济学科，是当代经济学的一个相对独立而又极为重要的分支。
金融学所涵盖的内容极为丰富，诸如货币原理、货币信用与利息原理、金融市场与银行体系、储蓄与投资、保险、信托、证券交易、货币理论、货币政策、汇率及国际金融等。
3．金融体系金融体系是金融市场与金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
博迪《金融学》第2版课后习题及详解
博迪《金融学》第2版课后习题及详解博迪的《金融学》第2版是一本广泛使用的金融学教材，其中的课后习题对于学生理解和掌握金融学概念和理论具有重要意义。
本文将选取一些具有代表性的课后习题，并提供详细的解答和分析。
答：金融学是一项针对人们怎样跨期配置稀缺资源的研究。
它涉及货币、投资、证券、银行、保险、基金等领域，主要研究如何在不确定的环境下对资源进行跨时期分配，以实现最大化的收益或满足特定的目标。
金融体系（financial system）答：金融体系是金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
它是由连接资金盈余者和资金短缺者的一系列金融中介机构和金融市场共同构成的一个有机体，包括股票、债券和其他金融工具的市场、金融中介（如银行和保险公司）、金融服务公司（如金融咨询公司）以及监控管理所有这些单位的管理机构等。
研究金融体系如何发展演变是金融学科的重要方面。
假设某个投资者在2022年购买了一张面值为1000元，年利率为5%的债券，并在2023年以1100元的价格卖出。
请问该投资者的年化收益率是多少？(1100 - 1000) / 1000 × 100% = 10%其中，分子部分为投资者获得的收益，分母部分为投资者的初始投资金额。
答：现代金融学的三个主要理论包括资本资产定价模型（CAPM）、有效市场假说（EMH）和现代投资组合理论（MPT）。
资本资产定价模型（CAPM）是一种用来决定资产合理预期收益的模型，它认为资产的预期收益与该资产的系统性风险有关。
在投资决策中，投资者可以通过比较不同资产的预期收益与其系统性风险来确定最优投资组合。
有效市场假说（EMH）认为市场是有效的，即市场上的价格反映了所有可用信息。
根据这个理论，投资者无法通过分析信息来获取超额收益。
然而，在实践中，许多研究表明市场并非完全有效，投资者可以通过分析和利用信息来获得超额收益。
现代投资组合理论（MPT）是由Harry Markowitz于20世纪50年代提出的，它认为投资者应该通过多元化投资来降低风险。
金融学兹维博迪第二版 第一章答案
CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buy is a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finan ce helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless subletting is a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.The head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. And because there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to become financially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a. Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode WalkingPros ConsTakes a long timeDestination may be too far Takes you directly where you wantto goNo out of pocket costsConvenientBicycle Bus Takes you directly to where youwant to goRequires physical strength andenduranceNo out of pocket marginal costsConvenientDestination may be too farInexpensive May not take you directly whereyou want to goReaches more distant destinationsInconvenient schedules to goMany stops, not efficientSubway InexpensiveFast May not take you directly where you want to goLocal destinations only on limited networkTrain Reaches distant destinations Moderately expensiveMay not take you directly whereyou want to goAirplane Reaches distant destinationsFast Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?Finance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxes and/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advic e and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase. Forms of Business Organization8. You are thinking of starting your own business, but have no money.a. Think of a business that you could start without having to borrow any money.Any business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid ona commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives? Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:Church group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s interests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question: Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not a value maximizer. Perhaps he enjoys maki ng fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less contin ues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workloa d of the controller’s office.ObjectivesDefine finance.Explain why finance is worth studying.Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions they make. The other main players, financial intermediaries and government, are introduced in chapter 2.ContentsDefining Finance1.11.2 1.3 1.4 1.5 1.6 1.7 1.8 1.9 Why Study Finance?Financial Decisions of HouseholdsFinancial Decisions of FirmsForms of Business OrganizationSeparation of Ownership and ManagementThe Goal of ManagementMarket Discipline: TakeoversThe Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:To manage your personal resources.To deal with the world of business.To pursue interesting and rewarding career opportunities.To make informed public choices as a citizen.To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:Saving decisions: How much of their current income should they save for the future?Investment decisions: How should they invest the money they have saved?Financing decisions: When and how should they use other people’s money to satisfy their wants and needs?Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise:Professional managers may be found who have a superior ability to run the business.To achieve the efficient scale of a business the resources of many households may have to be pooled.In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation of ownership and management.To achieve savings in the costs of gathering information.The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。
博迪《金融学》教材精讲-金融学(圣才出品)
第一部分教材精讲[视频讲解]第1章金融学1.1 对金融学进行界定金融学是一项针对人们怎样跨期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项特征是：（1）金融决策的成本和收益是跨期分摊的；（2）无论是决策者还是其他人，通常都无法预先确知金融决策的成本和收益。
人们在实施金融决策的过程中运用金融体系，金融体系被定义为金融市场以及其他金融机构的集合，这些集合被用于金融合同的订立以及资产和风险的交换。
金融体系包括股票市场、债券市场和其他金融工具市场，金融中介（如银行和保险公司），以及对所有这些机构进行监管的监管主体。
金融理论由一组概念以及一系列数量化模型构成，这组概念集合帮助你理清怎样跨期配置资源，而数量化模型则帮助你评估选择、做出决策并且实施决策。
这些基本概念和模型应用于所有的决策层次。
1.2 为什么学习金融学？五项学习金融学的理由：·管理你的私人资源；·应对商业世界；·追求有趣且值得从事的工作机会；·作为公民，做出知情条件下的公共选择；·扩展思维。
第一，了解一些金融知识可以帮助你管理自己的资源。
你能在对金融一无所知的条件下生活吗？在某些场合下，你将寻求专家的帮助。
这里存在众多提供金融建议的金融专业人士和金融服务企业——银行家、股票经纪人、保险经纪人以及销售共同基金和其他金融产品与服务的企业。
但是你怎样评价被给予的建议呢？第二，对金融的基本了解在商业世界里是必不可少的。
你同样必须对金融专业人士所采用的概念、技术和术语有充分的了解。
第三，你可能对金融职业生涯感兴趣。
金融领域中存在各种各样值得从事的潜在工作机会，以及作为金融专业人士可能遵从的众多人生路径。
其他很多人在非金融性公司或政府部门担任财务管理人员，某些人甚至致力于学术生涯。
第四，作为公民，为了做出知情条件下的公共选择，应当拥有对金融体系怎样运作的基本理解。
金融体系是任何市场经济的重要基础设施部分。
博迪莫顿版金融学(第二版)课后习题答案,DOC
金融学（第二版）答案博迪默顿第一章课后习题答案一.我的生活目标：●完成学业●退休3，当我结5，?2，现在消费更多为以后比如买房，买车或储蓄留置很少的钱还是现在消费很少，甚至少于我的许多朋友二.答案样例：净值＝资产－负债$__________(很可能会被低估)资产包括:经常帐户余额储蓄存款帐户余额家具设备，首饰类（如表）车（如果有的话）负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
单身汉是很灵活自由的，可以选择住在几乎任何地方。
他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。
既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。
有许多孩子的一家之长必须在这些家庭成员中分配资源[或者说是收入].他们必须随时准备着处理各种风险,比如说潜在财政危机的突然发生[诸如家庭成员经历的严重健康问题,或者因为火灾和其他疏忽导致的保险问题].因为在一般一个家庭里人会比较多,有些人生病或受伤的风险就会更大.并且因为家庭中有许多依赖性的个体,所以薪水收入者得认真地考虑生活和残疾保险.还有,家庭并不像个体那样富有机动性,这是因为有了适龄儿童的缘b.1银行借贷2汽车经销商借贷或租赁3个人储蓄C（略）d你应该从可选择的融资方式中选择成本最小的一种。
当你分析的时候，你应该考虑以下方面：1你是否有足够的现金储蓄去购买？为了买车，你必须放弃的利息？你付现金和贷款所付是否不同？2对于不同的贷款方式，首付金额是多少？月付多少？付多久？相关利息是多少？整个贷款是按月还清，还是期末一次还清？税收和保险费是否包括在月付款中？3对于不同的租赁方式，首付金额是多少？月付多少？付多久？在租赁期末你是否拥有车？如果不拥有，买车要花多少？在租赁期末你是否必须得买车？你是否拥有优先购买权？如果你不买车你是否得付钱？相关利息是多少？税收和保险费是否包括在月付款中？是否有里程限制？七．a为学生们提供个人服务可能是个低成本的选择。
金融投资学博迪PPT教案
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Figure 2.1 Rates on Money Market Securities
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Table 2.1 Major Components of the Money Market
➢ Preferred stock
Fixed dividends - limited Priority over common Tax treatment
➢ Depository re第2c1页e/共i3p0页ts
Figure 2.9 Stock Market Listings
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➢ Market has experienced very high rates of growth
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Figure 2.8 Mortgage-backed Securities Outstanding
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Equity Markets
➢ Common stock
Residual claim Limited liability
➢ Terms
➢ Terms
Exercise Price
Delivery Date
Expiration Date Assets
Assets
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感谢您的观看。
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➢ Treasury bills ➢ Certificates of deposits ➢ Commercial Paper ➢ Bankers Acceptances
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博迪《金融学》(第2版)笔记和课后习题详解(修订版)
精彩摘录
这是《博迪《金融学》（第2版）笔记和课后习题详解（修订版）》的读书笔记模板，可以替换为自己的精彩 内容摘录。
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博迪《金融学》（第2版）笔记和课 后习题详解（修订版）
读书笔记模板
01 思维导图
03 目录分析 05 读书笔记
目录
02 内容摘要 04 作者介绍 06 精彩摘录
思维导图
本书关键字分析思维导图
笔记
习题
教材
书
笔记 相关
市场
习题 笔记
资产
组合
第章
金融
内容摘要
本书是博迪的《金融学》（第2版）（中国人民大学出版社）的学习辅导书。本书遵循该教材的章目编排，共 分17章，每章由两部分组成：第一部分为复习笔记，主要根据《金融学》（第2版）并参考其他相关教材整理了 本章的重难点内容；第二部分是课（章）后习题详解，结合本教材和最新参考资料对该教材的课后习题进行了详 细的分析和解答。本书具有以下几个方面的特点：（1）浓缩内容精华，整理名校笔记。本书每章的复习笔记对本 章的重难点进行了整理，并参考了国内名校名师讲授博迪的《金融学》的课堂笔记，因此，本书的内容几乎浓缩 了经典教材的知识精华。（2）解析课后习题，提供详尽答案。国内外教材一般没有提供课（章）后习题答案或者 答案很简单，本书参考国外教材的英文答案和相关资料对每章的习题进行了详细的分析。（3）补充相关要点，强 化专业知识。一般来说，国外英文教材的中译本不太符合中国学生的思维习惯，有些语言的表述不清或条理性不 强而给学习带来了不便，因此，对每章复习笔记的一些重要知识点和一些习题的解答，我们在不违背原书原意的 基础上结合其他相关经典教材进行了必要的整理和分析。
目录分析
第2章金融市场和 金融机构
博迪莫顿版金融学课后习题答案
金融学（第二版）答案博迪默顿第一章课后习题答案一 . 我的生活目标：•完成学业•找到一份自己喜欢且收入不菲的工作•结婚和生养子女•拥有我自己的房子•供养我的家庭生活•供养孩子上学•退休在我实现目标的过程中，金融所扮演的角色：答案样例： 1，金融现在可以为我提供大学本科及研究生教育的学费并帮我完成学业，帮我决定投资于上学是否是一个好的投资决定 2 ，高等教育可以帮助提高我赚钱的能力以及获得一个我喜欢的工作的能力 3 ，当我结婚并且有了孩子以后，我就有了额外的金融责任（以具体情况而定），我必须学会如何在家庭中的个人之间分配资源，学会如何留置一定的资金以用之于紧急事件，教育，假期旅游等；金融也帮助我理解如何应对危机，比如残疾，生活，健康 4 ，金融也帮我决定我想买的房子是否值钱，也帮我如何用最少的金融资源购买那所房子 5 ，金融帮我决定我应该储蓄多少钱以备我子女的学业和我以后的退休我主要的权衡决策：答案样例： 1，现在花钱接受高等教育（并完成学业）可是假设以后由于我的高等教育文凭挣更多的钱 2 ，现在消费更多为以后比如买房，买车或储蓄留置很少的钱还是现在消费很少，甚至少于我的许多朋友答案样例：净值＝资产－负债 $ _____ （很可能会被低估）资产包括 : 经常帐户余额储蓄存款帐户余额家具设备，首饰类（如表）车（如果有的话）负债包括：学生贷款信用卡结余的差额各种租用金的协定（不包括转租）应付车款在计算净值时学生会特别地排除了他们一生潜在的赚钱能力的价值三．一个单身汉之需要养活他自己，所以他可以独立自主的作出金融决策。
如果他不想购买健康保险（而愿意承担由这个决定而带来的金融风险）那么除了这个单身汉自身，没谁会受这个决定的影响。
另外，他不需要在家庭成员之间分配收入这件事上做任何决定。
单身汉是很灵活自由的，可以选择住在几乎任何地方。
他主要是在今天的消费（开支）和为明天储蓄之间做出权衡决策。
既然他只需要养活他自己，那么他储蓄的重要性就比对一家之主的重要性小。