第1节-金融市场跟投资环境.pptVIP

Table 1.3 Balance Sheet of Commercial Banks, 2007商业银行资产负债表 Table 1.4 Balance Sheet of Nonfinancial U.S. Business, 2007非金融类公司的资产负债表 Key Trends – Globalization 重要趋势-全球化 American Depository Receipts (ADRs) 美国存托凭证 Foreign securities offered in dollars 用美元出售的外国证券 Mutual funds that invest internationally 国际性投资的共同基金 Instruments and vehicles continue to develop (WEBs) 世界权益基准股 Exchange Traded Funds (ETFs) 交易所买卖基金 Figure 1.1 Global Debt Issue 以欧元标价的债券发行 Key Trends – Securitization 重要的趋势-证券化 Securitization Credit Enhancement 证券化以及信用的增强 Offers opportunities for investors and originators 为投资者和发起人提供机会 Changes in financial institutions and regulation 金融机构和管理变化 Improvement in information capabilities 信息能力的改善 Credit enhancement and its role 信用的增强和它所起的作用 Figure 1.2 Asset-backed Securities 资产支撑的证券 Key Trends - Financial Engineering 重要的趋势-金融工程 Repackaging Services of Financial Intermediaries 金融中介的重新包装服务 Bundling and unbundling of cash flows 现金流量的组合和拆分 Slicing and dicing of cash flows 现金流量的切片和切割 Examples: strips (Separate Trading of Registered Interest and Principal Securities ), CMOs (Collateralized Mortgage Obligation ), dual purpose funds, principal/interest splits Figure 1.3 Building a Complex Security组合成为一种混合证券 Figure 1.4 Unbundling – Mortgage Security拆分-抵押债券 Recent Trends—Computer Networks最近趋势-计算机网络 Online information dissemination 在线信息传播 Information is made cheaply and widely available to the public 使得公众能够广泛且便宜地获取信息 Automated trade crossing 自动交易 Direct trading among investors 投资者之间直接交易 * * * * * * * * * * * * * * * * * 1- * 第1章 金融市场与投资环境 投资：投资者运用自己持有的资本，用来购买实物资产或金融资产，或者取得这些资产的权利，目的是在一定时期内预期获得资产增值和一定收入。 Investments Financial Assets 投资和金融资产 Essential nature of inve