浙大 金融学第五章的.pptVIP

2、股票的内在价值 净现值： NPV = V0 - P0 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. （1）本期股利收益率 3、股票的收益率 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. （2）市盈率 =（股价×总股数）/ 税后利润 = 股价/每股税后利润 ···· = P/E = D/E ÷ D/P 估算发行价格！ Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 四、投资风险的定量分析 1、方差法 随机变量； 预期收益 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 在不确定情况下所有可能收益的加权平均数！ 例： ···· 可能收益为4000，1000，0，概率分别为50%，20%和30%，则预期收益？ Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 方差：可能收益与预期收益之差的平方的加权平均值 =[X1－E(X)]2P1 + [X2－E(x)]2P2 + ···· + [Xn－ E(X)]2Pn Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 例：甲、乙投资方案 甲 5% 10% 20% 0.3 0.4 0.3 乙 0% 10% 15% 25% 0.3 0.2 0.3 0.2 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 2、β系数法 协方差法！ 假如有i，m 两种证券，收益率分别为ri，rm，预期····为E(i)及E(m)，则二者协方差记作： COV(i，m) = E{[ri－E(i)][rm－E(m)]}=ρimδiδm Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 不同的β系数： 每种证券对市场的灵敏度不同。 可用β系数来衡量系统性风险。 Evaluation only. Created with Aspose.Slides for .NET 3.5 Client Profile 5.2.0.0. Copyright 2004-2011 Aspose Pty Ltd. 五、证券组合的收益与风险 　 1、收 益 各种证券预期收益的加权平均数： Evaluation only. Create