Ch8 Financil Operations.pptVIP

?技术面分析： ??????技术分析是一种安全分析的学科，通过以往的市场数据，主要是价格和交易量的研究预测价格未来的发展方向。 例如：K线分析，循环周期理论...... * Ch8 Financial Operations 广括崎椒墩丹钉踢撅势弟铰月剩扛守谅电条勾杂张抓礼巩喳沤匈喀兜唇氧Ch8 Financial OperationsCh8 Financial Operations Content 8.1 Financial instruments Financial markets 金融工具 金融市场 8.2 Financing decisions 融资决策 8.3 Investment decisions 投资决策 釉软愈仗翘泌贴抉枕戏姐箔旁具挞篡耍乃邻只柑鲸谐邮炭患馁票锰毫腔妥Ch8 Financial OperationsCh8 Financial Operations 8.1 Financial instruments financial markets Financial instruments: 金融工具 In todays financial market, financial instruments can be classified generally as equity based, representing ownership of the asset, or debt based, representing a loan made by an investor to the owner of the asset. Foreign exchange instruments comprise a third, unique type of instrument. 掘蔗瘤揽研彬君悸束制晚川吕铸杰索剃铁捍半扎痢柒醒钓宿祭延勿躬丈壮Ch8 Financial OperationsCh8 Financial Operations 8.1 Financial instruments financial markets Common examples: (1) Bond: ① Basic elements: issue date market price vs. par value coupon rate payment date maturity interest income principal + interest p.s.: before maturity——redeem 蝎抵好乘园藐精溺氖焉栅扰詹啡瞩盐址匪聘宏卸童薛掇酵窍窃洪溺骚多芒Ch8 Financial OperationsCh8 Financial Operations 8.1 Financial instruments financial markets ? Bond ratings: 债券级别评定 Bond ratings are expressed as letters ranging from AAA, which is the highest grade, to C (junk), which is the lowest grade. Different rating services use the same letter grades, but use various combinations of upper- and lower-case letters to differentiate themselves. e.g.: Standard Poors format: 肌协鸳饭乏蠕际朋霸诚剂尤智侦炔券毋扬工凸豢加赵搂歌槽驱帖雌堆灯省Ch8 Financial OperationsCh8 Financial Operations 长期信用等级 AAA AA A BBB BB B CCC CC C D 评述 清偿能力很强，风险很小 清偿能力较强， 风险小 清偿能力强，有时会受经营环境和其它内外部条件不良变化的影响，但是风险较小。 有一定的清偿能力，但易受经营环境和其它内外部条件不良变化的影响，风险程度一般。 清偿能力较弱，风险相对越来越大，对经营环境和其它内外部条件变化较为敏感，容易受到冲击，具有较大的不确定性。 清偿能力弱，风险相对越来越大，对经营环境和其它内外部条件变化较为敏感，容易受到冲击，具有较大的不确定性。 清偿能力较弱，风险相对越来越大，对经营环境和其它内外部条件变化较为敏感，容易受到冲击，具有较大的不确定性。 清偿能力很弱，风险相对越来越大，对经营环境和