清華大學經(jīng)管學院--金融工程1(參考版)
2025-02-07 12:38本頁面
【正文】 INTRODUCTION TO FINANCIAL ENGINEERING 169。 Fred Song September 2023 1 Introductory ? What is Finance? ? What is Financial Engineering? ? What’ s the role of Financial Engineering in New Economy? – New economy – Financial engineering and emerce 2 What is Finance? ? Money Banking — Moary Economics ? International Finance — International Economics 3 Corporate Finance Capital Market (Investments) Financial Economics Multinational Corporate Finance International Financial Market Financial Engineering 4 What is Financial Engineering? ? Generalizing: Financial Engineering involves the design, the development, and the implementation of innovative financial instruments and processes, and the formulation of creative solutions to problems in finance. ? Specializing: Financial Engineering is risk management via creative structural tools. 5 FINANCE . ENGINEERING . 6 CHAPTER ONE: MM Theory and No Arbitrage 1. MM Theory ? Two measurements of value Accounting: book value — historic cost Finance: market value — present value 7 Assets = Liabilities + Equity ? Accounting Equality: duel entity system Book value measurement Fund use Fund source ? Finance Equality: Fund use = Fund source Market value measurement 8 Corporate Finance Assets Liabilities and Equity Asset 1 Asset 2 Liabilities Asset 3 . . Equity . Asset n Total Assets Total Liabilities and Equity ?_1???niiA ssetA ssetsTotalAccounting: Yes! Finance: No! Capital Market Real Economy NPV Firm Value + NPV 9 Liabilities Value Equity Value Liabilities Value Assets Value Capital Structure Financial leverage: or Has a change of financial
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