北京大學(xué)光華管理學(xué)院證券投資學(xué)課件第1章(參考版)
2025-01-13 11:43本頁(yè)面
【正文】 ? 投資一般具有兩個(gè)特性： 時(shí)間和風(fēng)險(xiǎn) 實(shí)資產(chǎn)和金融資產(chǎn) ? 實(shí)資產(chǎn)一般包括有形資產(chǎn)，例如土地、機(jī)器、廠房等 ? 金融資產(chǎn)包括寫在紙上的各種合約，例如股票、債券等 ? 各自的特點(diǎn) – 實(shí)資產(chǎn)代表一個(gè)經(jīng)濟(jì)的生產(chǎn)能力，決定一個(gè)社會(huì)的財(cái)富 – 金融資產(chǎn)不代表一個(gè)社會(huì)的財(cái)富，但對(duì)生產(chǎn)能力具有間接的作用 ? 所有權(quán)和經(jīng)營(yíng)權(quán)的分離 ? 使得資金流向具有好的投資機(jī)會(huì)的企業(yè) ? 代表持有者的財(cái)富 ? 兩者之間是一種互補(bǔ)關(guān)系，而不是替代關(guān)系 – 例子：房地產(chǎn) ? 金融資產(chǎn)的價(jià)值來(lái)源并依賴于實(shí)資產(chǎn)的價(jià)值 ? 金融資產(chǎn)是投資者擁有實(shí)資產(chǎn)的方式 ? 證券投資就是運(yùn)用投資購(gòu)買有價(jià)證券及其派生工具以期獲得收益的一種行為。證券投資學(xué) 北京大學(xué)光華管理學(xué)院金融系 楊云紅 副教授 ? 這門課能給我們帶來(lái)什么？ ? 這門課所屬的位置 ? 這門課的主要內(nèi)容 Why do we study the theory？ ? Managers learn from experience how to cope with routine problems. But the best manager are also able to respond to change. To do this you need more than timehonored rules of thumb。 you must understand why panies and financial markets behave the way they do. In other words, you need a theory of finance.……Good theory helps you grasp what is going on in the world around you. It helps you to ask the right questions when times change and new problems must be analyzed. It also tells you what things you do not need to worry and Myers Why does not there exists any advice on ―guaranteed‖ ways to beat the market？ ? Any system designed to beat the market, once known to more than a few people, carries the seeds of its own destruction. ? There are two reasons for not including advice on ―guaranteed‖
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