113分析金融市場與金融機構_第一章(編輯修改稿)
2025-03-13 14:01 本頁面
【文章內容簡介】 f= /a 市場經(jīng)濟與存在價值 ? 我們有多少職業(yè)，因為沒有價值被社會淘汰？ – 天橋把式：幾乎都沒有了； ? 人們只是出于懷舊，而提到這些職業(yè)； ? 鐵匠、木匠，， – 公交車售票員； ? 因為社會發(fā)展，我們又產(chǎn)生了多少新的職業(yè)？ – 資本市場：養(yǎng)活多少人？ – …….. Do financial markets create value? 中國的股市是個大賭場 金融交易是零和游戲 某些知名經(jīng)濟學家 股市炒作賺的錢不是在生產(chǎn)發(fā)展得來的，而是從一人口袋里轉到另一人口袋里。 . Do financial markets create value? 金融只是參與剩余價值的分配，本身并不創(chuàng)造價值 Do not. Your opinion? ?俄羅斯最大的石油公司臘克（ Lukoil）石油公司 1995年的評估價值是 ?該公司擁有的油田已被證實的儲量是 160億桶 ?它的石油每桶只值約 5美分。 ?英殼牌石油公司1995年的市值為940億美元 ?該公司擁有的油田已被證實的儲量是 170億桶 ?即它的石油每桶超過 5美元。 Example: 5美分與 5美元 WHAT IS VALUE 傳統(tǒng)定義價值（商品價值）：價值就是凝結在商品上的一般人類勞動 金融價值：未來現(xiàn)金流的貼現(xiàn)值 未來性 . Do financial markets create value? 金融只是參與剩余價值的分配，本身并不創(chuàng)造價值 Do not. Of course. 同樣的資源，配置效率不同，產(chǎn)出就不同，價值就不同。 Assume that this financial system is closed, Each unit holds certain assets accumulated over the years as a result of its saving out of current ine. The financial position of these two economic units is presented in the form of balance sheets, shown in Exhibit 11. Example A Simple Financial System Exhibit11 Balance Sheets of Units in a Simple Financial System Suppose that the business firm wishes to purchase new equipment in the form of a drill press. Internal sources of funds are not sufficient to cover the equipment’s full cost. What can be done? ? postpone the purchase of the new equipment until sufficient savings can be accumulated ? sell off some existing assets to raise the necessary funds ? Borrow all or a portion of the needed funds ? issue new stock (equity) There are four likely alternatives Exhibit12 Unit Balance Sheets following the purchase of equipment and the issuance of a financial asset Questions ? Without funds flowing from outside, do the total assets of the whole system increase, why? ? What has been changed? ? Is the new system more valuable? Why? ? 1. Channels funds from savers to investors, thereby promoting economic efficiency, then create value Conclusion Why Study Financial Markets? ? What’s financial market? ? Do
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