投资公司英文提案CHT01.pptVIP

Chapter 1 The Investment Environment Investments Financial Assets Essential nature of investment Reduced current consumption Planned later consumption Real Assets Assets used to produce goods and services Financial Assets Claims on real assets Role of Financial Assets and Markets in the Economy Consumption Timing Allocation of Risk Separation of Ownership Financial System Clients and Their Needs Household Sector Primary Need: Invest Funds Business Sector Primary Need: Raise Funds Government Sector Primary Need: Raise Funds How the Financial System Meets the Needs of Participants Financial Intermediation Investment Banking Financial Innovation Derivatives Responding to Regulation Taxes Investments and Innovation Technology and Delivery of Service Computer advancements More complete and timely information Globalization Domestic firms compete in global markets Performance in regions depends on other regions Causes additional elements of risk Key Trends - Globalization International and Global Markets Continue Developing Managing foreign exchange Diversification to improve performance Instruments and vehicles continue to develop Information and analysis improves Key Trends - Securitization Securitization Credit Enhancement Offers opportunities for investors and originators Changes in financial institutions and regulation Improvement in information capabilities Credit enhancement and its role Key Trends - Financial Engineering Repackaging Services of Financial Intermediaries Bundling and unbundling of cash flows Slicing and dicing of cash flows Examples: strips, CMOs, dual purpose funds, principal/interest splits The Future Globalization continues and offers more opportunities Securitization continues to develop Continued development of derivatives and exotics Strong fundamental foundation is critical Integration of investments corporate finance ? The McGraw-Hill Companies, Inc., 1999 INVESTMENTS Fourth Edition Bodie