资产评估课件讲解.ppt

* * Finance for small companies小公司融资 Venture capital（风险投资） Development capital（发展基金） Increasing the number of shareholders（增加股东数量） Acquiring a stock exchange listing（二板市场融资） 三板市场融资 前海股权交易所 资金的来源（SOURCES OF FINANCE） Foreign Banks（外资银行） Merchant Banks（商业银行） Insurance Companies （保险公司） Finance Houses（金融财团） The growth of institutional investment（制度投资机构发展）如保险公司、养老基金、投资信托等 The structure of finance （融资结构） Debt v. equity.（负债融资和权益融资） Project v. Corporate finance（项目融资和公司融资） Project finance（项目融资） Bridging finance（过渡期融资、应急融资） Forward Sale（预售） Mortgage（抵押贷款） Drop Lock Loan（利率下降至预定水平时，中期浮动利率贷款可自动转换成固定利率债券） Sale and leaseback（销售再租回） 公司融资（Corporate finance） Share capital（股本） Preference Shares（优先股） Equity Capital（权益资本） Loan capital（贷款资本） Bills of exchange（交换票据） Cha 11 Investment Portfolio Principles投资组合原理 Investment management principles Objectives and strategies Property performance and measurement Portfolio construction 11.1 Investment management principles投资管理原理 Key investment strategies of the UK property industry that it focuses on the spread between types of property and location, the overall policy being to avoid too many eggs in too few baskets or to `buy the index‘ (generate returns at the level of the main property index).关键投资策略集中于房地产类型和位置的分布，总的政策市避免鸡蛋放在一个篮子里 The basis of this analysis are the assumptions that:基本假设 (a) investors are risk averse;投资者是风险规避的 (b) risk can be measured by analysing the likely divergence between the returns from a portfolio and its expected return分析从投资组合中的收益及期望收益的可能性差异可测度风险 (c) investors will be rational投资者是理性的 11.2 Objectives and strategies目标和战略 Four criteria for selecting a property:资产选择四准则 ?(i) Do the particular characteristics of the investment satisfy the investment needs of the investor in terms of security, growth and other aspects?投资特征满足投资者在安全、增长等方面的需要了么 (ii) Is the price to be paid reasonable in all the circumstances?价格合理偿付所有情况了么 (iii) Is the property suitable in respect of the portfolio balance?关于投资组合平衡，房地产合适么 (iv) If the need to