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投资分析与组合管理书后习题答案 .pdf
CHAPTER 1
THE INVESTMENT SETTING
Answers to Questions
1. When an individual’s current money income exceeds his current consumption desires, he saves the
excess. Rather than keep these savings in his possession, the individual may consider it worthwhile
to forego immediate possession of the money for a larger future amount of consumption. This
trade-off of present consumption for a higher level of future consumption is the essence of
investment.
An investment is the current commitment of funds for a period of time in order to derive a future
flow of funds that will compensate the investor for the time value of money, the expected rate of
inflation over the life of the investment, and provide a premium for the uncertainty associated with
this future flow of funds.
2. Students in general tend to be borrowers because they are typically not employed so have no
income, but obviously consume and have expenses. The usual intent is to invest the money
borrowed in order to increase their future income stream from employment - i.e., students expect
to receive a better job and higher income due to their investment in education.
3. In the 20-30 year segment an individual would tend to be a net borrower since he is in a relatively
low-income bracket and has several expenditures - automobile, durable goods, etc. In the 30-40
segment again the individual would likely dissave, or borrow, since his expenditures would
increase with the advent of family life, and conceivably, the purchase of a house. In the 40-50
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