管理会计Chap01课件.ppt

Investments;The general concept of investing, i. e., foregoing spending cash today in the hopes of increasing wealth in the future. Investments are the current commitment of dollars for a period of time in order to derive future payments that will compensate the investors for The time the funds are committed The expected rate of inflation The uncertainty of the future payments Essential nature of investment Reduced current consumption Planned later consumption;Investment, Money, wealth and Capital?;;;Real Assets（实物资产）: Determine the wealth of an economy Assets used to produce goods and services, such as the land, building, knowledge, and machines. Financial Assets（金融资产）: Merely represent claims on real assets Financial assets are claims to the income generated by real assets or claims on income from the government. Such as stocks or bonds.;Financial Assets--question;Financial Assets--question;Financial Assets--question;;;;Financial Assets--question;The players in the financial market;Financial Intermediation;Investment Bankers; 时 间;Stocks in China;Stocks in China;股权分置改革;大非和小非;股权分置改革非流通股对价平均水平10送3，股改前的2115.26亿流通股约获得了634.5亿股对价，而当时5401.34亿非流通股扣除对价后获得的流通权则高达4766.84亿股。 2005年春天股改宣布开始时，沪市A股平均股价是5.34元，即使是G股全部摘帽的2006年10月1日之前，平均股价也不过6.32元；而一两年非流通股的限售期以后，即大非小非陆续解禁时，平均股价早已超过了6.32元。 股改第一股“三一重工”的“大小非”首个解禁期是2006年底，市场平均股价由5.42元上升到7.16元，2007年底则为19.14元，2008年初最高更达到22.54元。显然非流通股东获得解禁以后，股票变现的收益巨大。; 蓝筹股与红筹股; ;;;亿安科技;银广夏;The Process of Investment;Contents;Contents;References