Chapter 15第十五章.pptVIP

Prentice Hall Inc. Chapter 15第十五章 Mutual Funds: An Easy Way to Diversify共同基金：分散投資的一種簡易方法 What is a Mutual Fund?什麼是共同基金 Investment company that pools money from investors to buy stocks, bonds, and other investments. Investors own a share of the fund proportionate to the amount of the investment共同基金是投資公司集合了投資人的資金去購買股票、債券和做其他投資，投資人擁有它所投資基金的一個比例權證 Why Invest in Mutual Funds?為何要投資在共同基金 Benefit the small investor – diversification and reduced risk對小額投資人有利─分散並降低風險 Level the playing field between corporations and the individual investor使得大額投資者和小額投資者之間的投資領域変相等 Advantages of Mutual Fund Investing投資共同基金的優點 Diversification – owning numerous securities reduces risk分散投資─擁有多種證券以降低風險 Professional management專業的管理 Minimal transaction costs較少的交易費 Liquidity流動性 Flexibility靈活性 Service服務 Avoidance of bad brokers避免差勁的經紀人 Disadvantages of Mutual Fund Investing投資共同基金的缺點 Lower-than-market performance:績效低於一般市場 1985 – 2000, 84.5% of average annual returns trailed the SP 500 Index在1985 – 2000年間，有平均84.5%的表現皆低於標準普爾500指數 Costs成本 Risks – Unsystematic risk風險─非系統性風險 Risk – Systematic risk風險─系統性風險 Capital gains taxes資本利得的稅賦 To Operate, Mutual Funds共同基金的操作 Pool money from investors with similar goals從有相似投資目標的投資人處募得資金 Invest in numerous securities投資於廣泛的證券領域 Hire a management company to run the fund僱用專業投資公司管理基金 To Operate, Mutual Funds (cont’d)共同基金的操作 Hire an investment advisor to manage the fund’s portfolio僱用投資顧問管理基金的投資組合 Hire:僱用 a custodian to safeguard fund holdings.保管人為保護基金資產的第三者 a transfer agent to act as record keeper.移轉代理人是一個紀錄的確保者 an underwriter to sell new shares.承銷商負責出售共同金的發行的受益憑證 Ways of Making Money With Mutual Funds共同基金賺錢的方式 Increases in market value (appreciation)市場價值增加(漲價) Dividends股息 Capital gains distribution資本利得分配 Types of Investment Companies投資公司的型態 Open-end investment companies or mutual funds開放型投資公司或共同基金 Closed-end investment companies or mutual funds封閉型投資公司或共同基金 Unit investment trusts單位投資信託 Real estate investment trusts (REITs)房地產投資信託 Open-End Investment Companies or Mutual Fu