投资学第一章-证 券如何交易.pptVIP

* * * * * * * * * * * * * * * * 3.6 保证金交易 只将自己收益的一部分用于投资Using only a portion of the proceeds for an investment 余下的购股资金或所购股票从经纪人处借得Borrow remaining component （保证金业务对于股票和期货来说不同） 六.用保证金信贷购买（股票保证金交易） 初始保证金：最高为50%；投资者最多可以借入股票价值50%的资金 Maximum margin is currently 50%; you can borrow up to 50% of the stock value 维持保证金：在追加资金到账户之前保证金账户中必须维持的最低余额 Maintenance margin: minimum amount equity in trading can be before additional funds must be put into the account 补交保证金通知：经纪人要求投资者追加资金的通知 Margin call: notification from broker you must put up additional funds Margin Trading - Initial Conditions Example 3.1保证金交易—初始情形（例3.1） X Corp $100 60% 初始保证金Initial Margin 40% 维持保证金Maintenance Margin 100 购买的股份Shares Purchased 初始头寸Initial Position Stock $10,000 经纪人贷款（ Borrowed ） $4,000 股权（ Equity ） $6,000 保证金交易—维持保证金（例3.1）Margin Trading - Maintenance Margin Ex. 3.1 买空者必须留意他的补交保证金通知。如果股票价格下跌，账户里的保证金比率就会下降；如果保证金比率下降到维持水平，买空者就会收到补交保证金通知。 股票价格下降为70美元每股Stock price falls to $70 per share 新的头寸New Position 股票现值 $7,000 经纪人贷款Borrowed $4,000 股权Equity $3,000 保证金比率= $3,000/$7,000 = 43% Margin Trading - Margin Call Example 3.2保证金交易—保证金催缴通知（例3.2） 在投资者收到保证金催缴通知前还有多大的跌幅空间？设维持保证金比率为30%，则 (100P - $4,000)* / 100P = 30% P = $57.14 100P - Amt Borrowed = Equity 即当股票跌至$57.14时投资者会收到补交保证金通知。 Table 3.6用保证金购买股票的说明Illustration of Buying Stock on Margin 七.卖空Short Sales 目的Purpose:从股票或证券价格的下降中获利 to profit from a decline in the price of a stock or security 机制Mechanics：从经纪人处借入股票 Borrow stock through a dealer 卖掉股票并将收益和保证金存入经纪人账户 Sell it and deposit proceeds and margin in an account 填补空头头寸：卖空的投资者购入等量的同只股票偿还借入的股票 Closing out the position: buy the stock and return to the party from which is was borrowed Traditional short sales vs. Naked