风险与投资管理.ppt
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风险与投资管理.ppt
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INVESTMENTSINVESTMENTS投资INVESTMENTSTheInvestmentEnvironment投资环境Chapter1第1章1-11-1INVESTMENTSnEssentialnatureofinvestment投资的主要本质-Reducedcurrentconsumption减少当前消费-Plannedlaterconsumption计划今后的消费nRealAssets实质资产-Assetsusedtoproducegoodsandservices-用于生产产品和服务的资产nFinancialAssets金融资产-Claimsonrealassets对实质资产的权利Investments&FinancialAssets投资与金融资产1-21-2INVESTMENTSRoleofFinancialAssetsandMarketsintheEconomy金融资产与市场在经济中的作用nConsumptionTiming时间消费nAllocationofRisk风险分配nSeparationofOwnership所有权分离1-31-3INVESTMENTSFinancialSystemClientsandTheirNeeds金融系统客户与他们的需求nHouseholdSector普通方面-PrimaryNeed:
InvestFunds主要需求:
投资基金nBusinessSector商务方面-PrimaryNeed:
RaiseFunds主要需求:
提高基金nGovernmentSector政府方面-PrimaryNeed:
RaiseFunds主要需求:
提高基金1-41-4INVESTMENTSHowtheFinancialSystemMeetstheNeedsofParticipants金融系统如何满足参与者的需求nFinancialIntermediation金融中介nInvestmentBanking投资银行nFinancialInnovation&Derivatives金融创新与衍生物nRespondingtoRegulation&Taxes对税务政策的反应1-51-5INVESTMENTSTechnologyandDeliveryofService技术与提供服务nComputeradvancements计算机的先进技术nMorecompleteandtimelyinformation更完整及时的信息Globalization全球化nDomesticfirmscompeteinglobalmarkets国内企业在全球市场的竞争nPerformanceinregionsdependsonotherregions区域绩效依赖其他区域nCausesadditionalelementsofrisk产生额外的风险因素InvestmentsandInnovation投资与创新1-61-6INVESTMENTSInternationalandGlobalMarketsContinueDeveloping国际与全球市场持续发展nManagingforeignexchange管理外汇nDiversificationtoimproveperformance多元化以提高绩效nInstrumentsandvehiclescontinuetodevelop持续发展的工具与媒介nInformationandanalysisimproves信息与分析的改进KeyTrends-Globalization主要趋势全球化1-71-7INVESTMENTSSecuritization&CreditEnhancement证券化与资信的提高nOffersopportunitiesforinvestorsandoriginators为投资商和发行人提供机会nChangesinfinancialinstitutionsandregulation金融机构和规定的变化nImprovementininformationcapabilities信息能力的改进nCreditenhancementanditsrole资信提高与其作用KeyTrends-Securitization主要趋势证券化1-81-8INVESTMENTSRepackagingServicesofFinancialIntermediaries金融媒介重新包装服务nBundlingandunbundlingofcashflows现金流的聚集与分散nSlicinganddicingofcashflows现金流的各部分分离nExamples:
strips,CMOs,dualpurposefunds,principal/interestsplits如:
strips,CMOs,未到期基金,本金利息分离KeyTrends-FinancialEngineering主要趋势金融工程1-91-9INVESTMENTSnGlobalizationcontinuesandoffersmoreopportunities持续的全球化提供更多的机会nSecuritizationcontinuestodevelop债券持续发展nContinueddevelopmentofderivativesandexotics衍生物和舶来品的持续发展nStrongfundamentalfoundationiscritical最基本的基础很关键nIntegrationofinvestments&corporatefinance公司与公司财务的整合TheFuture期货1-101-10INVESTMENTSFinancialMarketsandInstruments金融市场与证券Chapter2第2章INVESTMENTSMajorClassesofFinancialAssetsorSecurities金融资产或证券的主要分类nDebt债务-Moneymarketinstruments货币市场证券-Bonds债券nCommonstock普通股nPreferredstock优先股nDerivativesecurities衍生证券INVESTMENTSMarketsandInstruments市场与证券nMoneyMarket货币市场-DebtInstruments债务证券-Derivatives衍生物nCapitalMarket资本市场-Bonds债券-Equity权益-Derivatives衍生物INVESTMENTSMoneyMarketInstruments货币市场证券nTreasurybills国库券nCertificatesofdeposit可转让存单nCommercialPaper商业本票nBankersAcceptances银行承兑汇票nEurodollars欧洲美圆nRepurchaseAgreements(RPs)andReverseRPs重买回协议和可转换买回协议nFederalFunds联邦基金INVESTMENTSMoneyMarketInstrumentYields货币市场证券增值nYieldsonMoneyMarketInstrumentsarenotalwaysdirectlycomparable货币市场证券的增值不是总能够比较的nFactorsinfluencingyields因素影响增值nParvaluevs.investmentvalue同等价值与投资价值n360vs.365daysassumedinayear(366leapyear)假设一年360天与365天的比较(366天为闰年)nBondequivalentyield债券等值增值INVESTMENTSrBD=bankdiscountrate银行贴现率银行贴现率P=marketpriceoftheT-bill国库券市场价格国库券市场价格n=numberofdaystomaturity到期天数到期天数rBD=10,000-P10,000x360n90-dayT-bill,P=$9,800rBD=10,000-9,80010,000x36090=8%Example举例举例BankDiscountRate(T-Bills)银行贴现率(国库券)INVESTMENTSBondEquivalentYield债券等值升值nCantcompareT-billdirectlytobond不能将国库券与债券直接比较-360vs365days360与365天-Returnisfiguredonparvs.pricepaid同等价值的回报与支付的价格nAdjustthebankdiscountedratetomakeitcomparable调整银行贴现率使之可比较INVESTMENTSP=priceoftheT-bill国库券价格国库券价格n=numberofdaystomaturity到期天数到期天数rBEY=10,000-PPx365nrBEY=10,000-9,8009,800x36590rBEY=.0204x4.0556=.0828=8.28%ExampleUsingSampleT-Bill以国库券为例以国库券为例BondEquivalentYield债券等值升值INVESTMENTSCapitalMarket-FixedIncomeInstruments资本市场-固定所得证券nPubliclyIssuedInstruments公共上市证券-USTreasuryBondsandNotes美国国库券-AgencyIssues(FedGov)机构发行的(联邦政府)-MunicipalBonds市政债券nPrivatelyIssuedInstruments私有发布证券-CorporateBonds公司债券-Mortgage-BackedSecurities抵押债券INVESTMENTSCapitalMarket-Equity资本市场-权益nCommonstock普通股-Residualclaim剩余所有权-Limitedliability有限的流动性nPreferredstock绩优股-Fixeddividends-limited固定股利-有限的-Priorityovercommon比普通股有优先权-Taxtreatment税务处理INVESTMENTSStockIndexes股票指数nUses用于-Trackaveragereturns跟踪平均回报-Comparingperformanceofmanagers比较管理绩效-Baseofderivatives衍生物的基础nFactorsinconstructingorusinganIndexn结构或使用指数的因素-Representative?
代表性?
-Broadornarrow?
宽或窄?
-Howisitconstructed?
结构如何?
INVESTMENTSExamplesofIndexes-Domestic指数举例-国内nDowJonesIndustrialAverage(30Stocks)道琼斯工业平均指数(30种股票)nStandard&Poors500Composite史坦普股价
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- 关 键 词:
- 风险 投资 管理
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