资本市场理论：综述.pdf

9-0 Chapter Nine Capital Market Theory: Corporate Finance 9 An Overview Ross  Westerfield  Jaffe Sixth Edition Sixth Edition McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 9-1 第9章 资本市场理论：综述 McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 9-2 内容提要 9.1 收益 9.2 持有期收益率 9.3 收益率统计量 9.4 股票的平均收益率和无风险收益率 9.5 风险统计量 9.6 结论与总结 McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 9-3 9.1 收益 • 收益额 – 收到的现金数和资产价值变 股利 化两者的和。 期末 市值 时间 0 1 •收益率 –用收到的现金数和资产价值变 初始投资 化两者的和除以原有的投资。 McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 9-4 9.1 收益与收益率 收益= 股利+ 市场价值的变化 收益值 收益率 期初市场价值 股利收入市值变化 期初市场价值 股利收益率资本利得收益率 McGraw-Hill/Irwin Copyright © 2002 by The McGraw-Hill Companies, Inc. All rights reserved. 9-5 9.1 收益与收益率: 举例 • 假定在一年以前按$25的价格买入100股