金融市场与投资环境分析（英文版）

金融市场与投资环境分析（英文版）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 investment投资的重要特征Reduced current consumption 减少现期消费Planned later consumption 筹划未来消费Real Assets 实物资产Assets used to produce goods and services 创造产品和服务的资产实资产一般包括有形资产，例如土地、机器、厂房、自然资源、人力资源等Financial Assets 金融资产Claims on real assets 对实物资产收益的索取权金融资产包括写在纸上的各种合约，例如股票、债券等各自的特点实物资产代表一个经济体的生产能力，决定一个社会的财富金融资产不代表一个社会的财富，对生产能力具有间接的作用所有权和经营权的分离使得资金流向具有好的投资机会的企业风险分担金融资产的特点：moneynessdivisibilityreversibilityterm of maturityliquidity convertibilitytax status两者之间是一种互补关系，而不是替代关系例子：房地产金融资产的价值来源并依赖于实资产的价值金融资产是投资者拥有实物资产的方式Table 1.1 Balance Sheet U.S.Households 美国家庭资产负债表Table 1.2 Domestic Net Worth 国民财富净值Major Classes of Financial Assets 金融资产分类Fixed income or debt 固定收益或负债 Money market instruments 货币市场工具Bank certificates of deposit 银行大额存单Capital market instruments 资本市场工具Bonds 债券Common stock 普通股Preferred stock 优先股Derivative securities 衍生证券(如期权和期货合约)证券投资就是运用投资购买有价证券及其派生工具以期获得收益的一种行为。证券投资具有两个特性时间：时间 VS 价值风险：风险 VS 价值投资环境证券：在指定的条件下，获得将来预期利润的权利的一种法律证明证券种类货币市场短期、流动性好、风险小的债券资本市场长期固定收益证券股票期权、期货及其它衍生证券回报率与风险之间的关系一般来说，具有高平均回报率的证券也具有高的风险The historical variability is not necessarily an indication of prospective risk.我国的投资工具类别银行存款 债券投资 股票投资基金期货 股指期货 外汇房地产黄金证券市场一级市场二级市场金融中介与投资银行银行、投资公司、保险公司、信托公司投行特点：中介集少成多分散风险专业化、规模经济（数量、声誉、搜集信息等）Financial Markets and the Economy金融市场和经济Information Role：工商银行VS浦发银行Consumption Timing 消费时机Allocation of Risk 风险分配Separation of Ownership and Management 所有权和经营权的分离Agency Issues 代理问题李开复Crisis in Corporate Governance 公司治理的危机Accounting Scandals 会计丑闻Examples Enron and WorldCom银广夏陷阱VS蓝田神话Analyst Scandals 分析师丑闻Example Citigroups Salomon Smith BarneySarbanes-Oxley Act 萨班斯-奥克斯法案Tighten the rules of corporate governance 强化公司治理法规The Investment Process 投资过程对投资的证券种类、数量、投资的时间作出决定Asset allocation 资产配置Choice among broad asset classesSecurity selection 证券选择Choice of which securities to hold within asset classRisk-return trade-off 风险和收益的权衡Market efficiency 市场效率Active vs.passive management 积极/消极管理Active vs.Passive Management Active Management 积极管理Finding undervalued securities 寻找被低估的证券Timing the market 瞄准市场时机 Passive Management 消极管理No attempt to find undervalued securitiesNo attempt to timeHolding an efficient portfolio 持有有效投资组合GM Historical Stock Prices 通用汽车历史股票价格Players in the Financial Markets 金融市场的参与者Business Firms net borrowers 公司-纯借款型公司Households net savers 家庭-纯储蓄者Governments can be both borrowers and saversFinancial Intermediaries 金融中介Investment Companies 投资公司Banks 银行Insurance companies 保险公司Credit unions 信贷协会Investment Bankers 投资银行Perform specialized services for businesses 为企业提供专业服务Markets in the primary market 一级市场销售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