Chap001-002解析.pptVIP

* * * * * * * * * * * * * * * * * * * INVESTMENTS | BODIE, KANE, MARCUS INVESTMENTS | BODIE, KANE, MARCUS Copyright ? 2011 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 1 The Investment Environment 投资环境 Investment 投资 Essential nature of investment 投资的实质 Reduced current consumption 减少现在的消费 Planned later consumption 计划未来的消费 1-* 1-* Real Assets and Financial Assets实物资产与金融资产 Real Asset 实物资产 Determined by the productive capacity 取决于该社会经济的生产能力，为经济创造净利润。 Land, Building, Machine used to produce good and provide service 如土地、建筑物、机器以及可用于生产产品和提供服务的知识。 Financial Asset 金融资产 Claim on real asset 对实物资产的索取权 1-* Table 1.1 Balance Sheet of U.S. Households, 2007 家庭资产负债表 1-* Financial Assets 金融资产 Fixed –income or debt securities 固定收益型或债务型证券 Common stock or equity 普通股或权益型证券 Derivative securities 衍生证券 1-* Fixed income security固定收益型证券 Promise a fixed stream of income 承诺支付固定的收益流 Money market refers to debt securities: short term, high marketable, low risk 货币市场上的债务型证券：期限短、流动性强且风险小 Capital market includes long-term securities :safe, low default risk 货币市场上的固定收益型证券：长期证券，这些证券有的违约风险较低相对比较安全，有的风险相对较高。 1-* Common stock and Derivative普通股证券和衍生证券 Owner ship in a corporation 普通股证券代表了证券持有者对公司的权益或所有权. Income is not stable, depends on the performance of the company 证券持有者的收益并不固定, 权益投资的绩效取决于公司运营的成败。 Derivatives 衍生证券 Income depends on the price change 其收益取决于其他资产（股票和债券）的价格。 Usually used to hedge risk 通常用来规避风险。 1-* Financial Industry and Economy金融市场与经济 The informational Role of Financial Market: capital flow to companies with good prospect 金融市场的信息作用: 促使资本流向前景良好的公司 Consumption Timing: store the wealth in financial asset 消费时机: 通过购买金融资产来储存财富，将来卖出这些金融资产以供消费。 1-* Financial Markets and Economy金融市场与经济 Allocation of Risk: Risk appetite 风险分配: 投资者可以选择满足自身特定风险偏好的证券。 Separation of Ownership and Management: stability and agency problem 所有权和经营权的分离: 获得稳定性的同时也引发了代理问题。 1-* Financial Market and Economy金融市场与经济