吉林大学：《金融学》专题教学资源（PPT课件讲稿）Investments Chapter 1~5

Investments Economics school of jilin University Dingzhaoyong

Investments Economics school of JiLin University Dingzhaoyong

主要参考书目 ●[美]兹维博笛、罗伯特G莫顿(2000),《金融 学》,中国人民大学出版社。 [美]艾伦·加特(1999),《管制、放松与重新管制》, 经济科学出版社。 美查里斯R吉斯特(1998),《金融体系中的投 资银行》,经济科学出版社。 美]小弗雷德·威斯通等(1998),《兼并、重组与 公司控制》,经济科学出版社。 [美]洛伦兹格利茨(1998),《金融工程学》,经济 科学出版社 ●李扬、王国刚主编(1998),《资本市场导论》,经 济管理出版社

主要参考书目 [美]兹维·博笛、罗伯特·C ·莫顿（2000），《金融 学》，中国人民大学出版社。 [美]艾伦·加特（1999），《管制、放松与重新管制》， 经济科学出版社。 [美]查里斯·R ·吉斯特（1998），《金融体系中的投 资银行》，经济科学出版社。 [美] J·弗雷德 ·威斯通等（1998），《兼并、重组与 公司控制》，经济科学出版社。 [美]洛伦兹·格利茨（1998），《金融工程学》，经济 科学出版社 李扬、王国刚主编（1998），《资本市场导论》，经 济管理出版社

Chapter 1Introduction 3 In this text we will to study investing in marketable securities. So we should focuses on the investment environment and investment process. o The investment environment encompasses the kinds of marketable securities that exist and where and how they are bought and sold. o The investment process is concerned with how an investor should proceed in making decisions about what marketable securities to invest in how extensive the investments should be. and when the investments should be made

Chapter 1 Introduction In this text we will to study investing in marketable securities. So we should focuses on the investment environment and investment process. ⚫ The investment environment encompasses the kinds of marketable securities that exist and where and how they are bought and sold. ⚫ The investment process is concerned with how an investor should proceed in making decisions about what marketable securities to invest in, how extensive the investments should be, and when the investments should be made

Chapter 1Introduction e Definition of investment Investment in its broadest sense, means the sacrifice of current dollars for future dollars There are tow different attributes are generall lly involved time and risk. o a distinction is often made between investment and savings. Savings is defined as foregone consumption investment is restricted to"real investment of the sort that increases national output in the future. And that it useful to make a distinction between real and financial investment

Chapter 1 Introduction Definition of investment ⚫ Investment, in its broadest sense, means the sacrifice of current dollars for future dollars. ⚫ There are tow different attributes are generally involved: time and risk. ⚫ A distinction is often made between investment and savings. Savings is defined as foregone consumption; investment is restricted to “real” investment of the sort that increases national output in the future. And that it useful to make a distinction between real and financial investment

Chapter 1 Introduction o Real investments o Real investments generally involve some kind of tangible asset, such as land, machinery, or factories e Financial investments . Financial investments involve contracts written on pieces of paper, such as common stocks and bonds o In primitive economies most investments is of the real variety; in a modern economy, such investments is the financial variety

Chapter 1 Introduction Real investments ⚫ Real investments generally involve some kind of tangible asset, such as land, machinery, or factories. Financial investments ⚫ Financial investments involve contracts written on pieces of paper, such as common stocks and bonds. In primitive economies most investments is of the real variety; in a modern economy, such investments is the financial variety

Chapter 1 Introduction o The investment environment o Securities e The term security will be used to refer to a legal representation of the right to receive prospective future benefits under stated conditions ● Treasury bills Long-term bonds o Common stocks ● Security market o Financial intermediaries

Chapter 1 Introduction The investment environment ⚫ Securities ⚫ The term security will be used to refer to a legal representation of the right to receive prospective future benefits under stated conditions. ⚫ Treasury bills ⚫ Long-term bonds ⚫ Common stocks ⚫ Security market ⚫ Financial intermediaries

Chapter i Introduction Direct method Issues securities Genera Corporation「" Provides funds Public Indirect method Issues Offers Securities Accounts Financial General Corporation,-- Intermediary Public Provides Provide Funds Funds

Chapter 1 Introduction Direct method Corporation General Public Issues securities Provides funds Indirect method Corporation Financial Intermediary General Public Issues Securities Provides Funds Offers Accounts Provide Funds

Chapter i Introduction o The investment process There is a five-step procedure decisions form for investment process: o Set investment policy o Perform security analysis o Construct a portfolio o Revise the portfolio o Evaluate the performance of the portfolio Investment policy When an investor set investment policy, he or she must determining the objectives and the amount of his or her investable wealth

Chapter 1 Introduction The investment process There is a five-step procedure decisions form for investment process: o Set investment policy o Perform security analysis o Construct a portfolio o Revise the portfolio o Evaluate the performance of the portfolio ▪ Investment policy When an investor set investment policy, he or she must determining the objectives and the amount of his or her investable wealth

Chapter 1 Introduction Investment objectives should be stated in terms of both risk and return This step concludes with the identification of the potential categories of financial assets for consideration in the ultimate portfolio Security analysis Securities analysis involves examining a number of individual securities(or groups of securities) within the broad categories of financial assets previously identified One purpose for conducting such examinations is to identify those securities that currently appear to be mispriced

Chapter 1 Introduction Investment objectives should be stated in terms of both risk and return. This step concludes with the identification of the potential categories of financial assets for consideration in the ultimate portfolio. ⚫ Security analysis Securities analysis involves examining a number of individual securities (or groups of securities) within the broad categories of financial assets previously identified. One purpose for conducting such examinations is to identify those securities that currently appear to be mispriced

Chapter 1Introduction There are tow classifications approaches to securities analysis. Technical analysis Fundamental analysis o Portfolio construction Portfolio construction is to identifying those specific assets in which to invest, as well as determining the proportions of the investor's wealth to put into each one o Portfolio revision o Portfolio performance evaluation e Asset ownership by individual investors o Institutional investor and individual investor

Chapter 1 Introduction There are tow classifications approaches to securities analysis. Technical analysis Fundamental analysis ⚫ Portfolio construction Portfolio construction is to identifying those specific assets in which to invest, as well as determining the proportions of the investor’s wealth to put into each one. ⚫ Portfolio revision ⚫ Portfolio performance evaluation Asset ownership by individual investors ⚫ Institutional investor and individual investor