北京大學光華管理學院證券投資學課件第1章(參考版)
2025-01-13 11:43本頁面
【正文】 ? 投資一般具有兩個特性： 時間和風險 實資產(chǎn)和金融資產(chǎn) ? 實資產(chǎn)一般包括有形資產(chǎn)，例如土地、機器、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 – 實資產(chǎn)代表一個經(jīng)濟的生產(chǎn)能力，決定一個社會的財富 – 金融資產(chǎn)不代表一個社會的財富，但對生產(chǎn)能力具有間接的作用 ? 所有權(quán)和經(jīng)營權(quán)的分離 ? 使得資金流向具有好的投資機會的企業(yè) ? 代表持有者的財富 ? 兩者之間是一種互補關(guān)系，而不是替代關(guān)系 – 例子：房地產(chǎn) ? 金融資產(chǎn)的價值來源并依賴于實資產(chǎn)的價值 ? 金融資產(chǎn)是投資者擁有實資產(chǎn)的方式 ? 證券投資就是運用投資購買有價證券及其派生工具以期獲得收益的一種行為。證券投資學 北京大學光華管理學院金融系 楊云紅 副教授 ? 這門課能給我們帶來什么？ ? 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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