XXXX秋季在职研究生财务3.pptxVIP

财务管理;Outline;1. Risk and return ;Examples; Underwriter 承销商 IPO 首次公开发行 SEO 新股增发 Market maker 做市商 Bid price 卖价;; Median 中位数(样本观测值中小于其的数占50%) VaR 风险价值 (给定置信区间的一个持有期内的最坏的预期损失); Normal random variable正态分布随机变量 Symmetric distribution 对称分布 confidence interval 置信区间; Covary 共同变化 Covariance 协方差 Correlation 相关系数 Stdev. 标准差 ; Predict return 预测收益 Time series 时间序列 Volatility 波动性;Stocks are quite risky.;Stocks tend to move together over time: when one stock goes up, other stocks are likely to go up as well. The correlation is far from perfect.;Stock returns are nearly unpredictable. For example, knowing how a stock does this month tells you very little about what will happen next month. The greater the risk, the higher the return. ;Market volatility changes over time(市场价格波动率随时间变化) Prices are sometimes quite volatile. The standard deviation of monthly returns(月收益率 )varies from roughly 2% to 20%. ;代表性的;Size 公司规模 Sorted 分选，分类 decile 十分位数;代表性特征 ; ;投资多元化 (分散化) 只要股票之间不是完全正相关，分散就投资可以降低风险。 投资组合的方差主要取决于各股之间的协方差，而非个股 方差。系统性风险不可分散。;Number of Securities;资本资产定价模型;Beta ;无风险收益率=国库券收益率 ;(mutual funds 共同基金); CAPM应用;3.;(growing start-up 成长性企业);如果是开辟新的生产线或多元化的企业，则用企业?来衡量项目的资本成本是不当的。;市场收益率用市场指数如标普500来衡量;该企业的产品或服务要在不同的市场出售吗？;期限匹配 ，求长期项目资本成本用长期国债利率，短期项目用短期国债。;(税后加权资本成本);(使行业?的使用复杂化);多因素模型;4.;4.1 Overview;融资;Differences Between Debt and Equity;债权和股权的区别;术语 可转换、可赎回债券和优先股 优先股 零息债券、纯贴现债权、附息债券 垃圾债(信用评级公司发行的债券);The debt ratings depend on (1) the likelihood that the firm will default and (2) the protection afforded by the loan contract in the event of default. 债券评级取决于??(1)企业违约的可能性；(2)贷款合同所规定的企业 违约时对债务的补救措施。;Credit Analysis 5C’s of Credit;Credit Analysis---5C’s of Credit;Credit Analysis---5C’s of Credit;Issue Equity;4.2 Financing Patterns;Financing Patterns;4.3 Stock Market Reaction;Price Impact;(信用贷款，无担保的);(财务杠杆增大即债务融资增加);发行新股，股价下跌;稀释效应？;5. Capital structure MM theorem(MM理论) Trade-off Theory(权衡理论) Pecking Order Theory(优序融资理论) ;Modigliani-Miller Theorem;MM