货币金融学Chapter 7.ppt

Preview  Because so many people invest in the stock market and the price of stocks affects the ability of people to retire comfortably, the market for stocks is undoubtedly the financial market that receives the most attention and scrutiny. In this chapter, we look at how this important market works. Preview  We begin by discussing the fundamental theories that underlie the valuation of stocks. These theories are critical to understanding the forces that cause the value of stocks to rise and fall . Once we have learned the methods for stock valuation, we need to explore how expectations about the market affect its behavior. We do so by examining the theory of rational expectations. When this theory is applied to financial markets, the outcome is the efficient market hypothesis. Common stock : common stock is the principal way that corporations raises equity capital. 股票分类 （１）记名股和不记名股：后者可以自由转让，前者须经一定的手续 （2）面额股和无面额股 （３）普通股和优先股：优先股按事先确定的股息率优先取得股息，与公司的盈利状况无关 (4) 表决权股股票和无表决权股股票 表决股是指持有人对公司的经营管理享有表决权的股票。　表决权股股票具体又可分为 Ａ．普通表决权股股票：每股股票只享有一票否决权 B. 多数表决权股股票:每张股票享有若干表决权的股票，也称多权股票．其目的是保证某些股东对公司的控制权． Ｃ．限制表决权股股票在股东所持股票达到一定数量后，其享有的表决票数将受到限制． Ｄ．有表决权优先股股票，这是优先股股票中的特例 无表决权股股票 这类股票的持有者无权参与公司的经营管理，　但仍可参加股东大会．在实践中，公司普遍发行表决权股股票，特殊情况下发行无表决权股股票．这类股票多限于优先股股票，其实质是以收益分配和剩余资产清偿的优先权作为无表决权的补偿． （５）流通股票和非流通股票 流通股是指可以上市交易的股票，具有极大的流通性，易于被人接受． 我国股份制企业，在股票上市的规定中，其流通股股份仅占总股本的２５％ 非流通股股票是指不能上市转让交易的股票，仅仅是一种股权的证明．如法人股和国有股就属于这一类．但在合适的时机下，非流通股可以转化为流通股． 股票价格指数 一、股价指数 编制 指数的编制方法 （一）股票价格平均数的计算 1．简单算术股价平均数 如样本股的基期价格为15元， 40元，30元， 计算期的价格为30元，55元，25元 如基期股价指数为100， 求报告期指数 ２．加权股价平均数 同上例： 假定样本股的基期交易量分贝为１００股，１２０股，１４５股，报告期的交易量分别为１２０股，１４０股，１７０股，求报告期指数。　 上海证券交易所股价指数计算方法 Computing the price of Common stock This ownership interest gives stockholders a bundle of rights. The most important are the right to vote and to be the residual claimant of all funds flowing into the firm (known as cash flows), meaning that the stockholder receives whatever remains after all other claims against