Finance Theory
the cost of capital,corporation finance and the theory of investment
资本成本公司财务和投资理论莫迪格利尼和米勒（Franco Modigliant and Mertor H. Miller）对于一个企业来说什么是资本成本？资金的获取收益是不确定的，资本可以由多种渠道获取，可以发行债券、要求代表固定资金、发行普通股；仅仅在不确定性风险下给予持有者同比例增长的权利。
这个问题至少困扰了三种类型的经济学家：（1）财务运营专家关注公司的财务技能以此来确认企业能够生存和发展；（2）管理经济学家关注的是资本的预算；（3）经济理论学家关注的是在微观和宏观领域{level}解释投资行为。
在正式的分析中，经济理论学家至少倾向于规避资本成本问题的实质，通过诸如有息证券等实物资本的收入可以看作是已知的收益、确定性的收入。
鉴于这些假设，理论学家可以得出企业的所有者的资本成本仅仅是债券的利息率；还得出这样简单的命题：理性的企业，倾向于把投资投向实物资本的边际收益等同于市场利率的地方。
这个命题可以显示出：遵从了在不确定性条件下以下两条等同的理性决策制定者的准则：（1）利润最大化；（2）市场价值最大化。
通过第一条标准，一项实物资产如果能够增加企业所有者的净收益的话是值得投资的；但是净利润只有在期望的利润或者收益超过利息率的时候才能增加；通过第二条标准资产只有在增加了所有者的普通股收益时才是可取的，如果它增加的企业市场价值多于付出的成本。
但是资产的增加是通过假设资本化它产生的市场利息率，资本化的价值超过他的成本仅当资产的收益超过利息率的时候。
我们注意到：在任何一种陈述中，资本成本等同于有息债券的利息率，不管资本是从发行债券还是发行普通股的行为中获得。
实际上，在一个确定性的收益的世界中，在专业术语中债务和普通股收益之间的差别大大减小了。
一定要承认的是有些学者在分析模型时允许不确定性的存在。
这种试图典型的是他在不确定性的分析概念中添加了确定性的结果，在预期收益中扣除了“风险折扣”。
投资决策被认为是基于“风险调整”或是和市场利息率“确定性等价”的比较。
MIT15_401F08_summary
Course Summary
© 2007–2008 by Andrew W. Lo
Slide 12
Key Points: Portfolio Theory
15.401
'LYHUVLILFDWLRQUHGXFHVULVN The standard deviation of a portfolio is always less than the average standard deviation of the individual
Financial Intermediaries
Capital Markets
Course Summary
Nonfinancial Corporations
The Financial System
© 2007–2008 by Andrew W. Lo
Slide 3
Six Fundamental Principles of Finance
Course Summary
© 2007–2008 by Andrew W. Lo
15.401 Slide 5
Course Overview
15.401
Four Sections D. Corporate Finance
Capital budgeting and project finance
15.401
15.401 Finance Theory
MIT Sloan MBA Program
Andrew W. Lo Harris & Harris Group Professor, MIT Sloan School
英语介绍金融学
ProfessionalprofileFinance is the circulation of value. Finance is the floorboard of monetary and credit activities and the associated economic activities, refers to all the broader financial and credit currency issue, storage, exchange, settlement, factoring the economic activities, including the sale of gold and silver, narrow financial refers to the currency of credit intermediationIs a kind of financial transactions, financial transactions itself does not create value, then why in the financial transaction is profitable? According to Mr Chen Zhiwu, the financial transaction is a kind of future revenue realization way, also is tomorrow's money today to spend. Simply say financial transactions often reflects a region, regional, and even national economic prosperity of the important indicators.ProfessionalintroductionCategory: economics school year: 4 years degree: Bachelor of economics opened number: 166Finance is a very popular subject, the finance professional study of modern financial institutions, financial markets and the motion law of financial and economic. The research contents include: Theory and practice of non bank financial institutions of banking and securities, insurance, theory and practice of monetary market, capital market and international financial market, the theory and practice about the financial macroeconomic regulation and control and the financial and economic and financial management, especially on the theory and practice of financial risk management. The main research direction of money and banking, financial and economic (including international finance, financial theory), investment, insurance, corporate finance (Finance). Finance to cancel the previous exam form. The university is the independent proposition, independent scoring way the organization of the examination. Training objectivesFinance professional training to master the basic knowledge of Marx's basic principles of economics and FinanceFinancial professionalsThe basic knowledge and theory, financial operation and financial market and basic skills; familiar with the operation mechanism of international financial regulation, convention and WTO; familiar with China's foreign financial management policies and regulations, understand the development of contemporary financial market; use modern means of science and technology, modern financial business operation and solid language ability application financial professionals.Training requirementsThe basic theory study, mainly study the monetary and banking students of this major international financial, securities, investment, insurance and basic knowledge, basic training by the relevant business, basic ability of practical working in the financial field.Employment directionLook from whole, finance in the past few years in enter oneself for an examination is hot, the occupation generally optimistic about the prospects, but according to the actual employment situation, more serious polarization, according to the observation statistics are education center of economics exam findings, master of finance of the well-known colleges and universities, if the teacher influence, during the period of school practice, and research knowledge more profound, just out of school to get more than 100000 annual salary, not in the minority.The editor of the employment situationIn recent years, China's financial market is moving towards internationalization, on a very strong professional talent demand urgently. Master of Finance employment demand mainly concentrated in the high-end market, such as analysis, research universities and large companies market fund manager, investment manager, securities companies, insurance companies, Trust Investment Company.The direction ofWhether graduate or graduate, employment direction, finance professional graduates on the whole economic analysis and forecasting, foreign trade, marketing, management, if we can get some qualifications, employment opportunities will be broader, more employment level, and better treatment, such as the Chartered Financial Analyst (CFA), chartered wealth manager (CWM), fund managers, actuaries, securities brokers, stock analysts, etc..1. The economy analysis and Management ConsultantsEconomic forecasting analysts industry distribution is very wide, but usually only in the various sectors of the Multi-National Corporation, economic decision making departments, large and medium-sized enterprises and government public research institutes will be set. Is mainly responsible for the collection and analysis of market data.The growing importance of the job. Management Consultants is mainly to some consulting company, such as IT advisory, strategic consulting, marketing consulting, auditing, listed counselling.2. The foreign trade personnelThe "world factory" products, sold to foreign customers; for domestic customers looking for foreign sources; organization of international trade of goods and logistics. A considerable part of foreign trade in the experience of mature workers, set up their own foreign trade company.3. Management positionGraduate and undergraduate students are not the same, most are involved in some social practice during my master's degree, with some work experience, formal entry into society, also make a number of management positions, such as production, management, administration, personnel management, financial management.4. The fund managerAmong them, with more funds and fund management companies, society will need many of the fund managers, fund manager is a line of high level talents, its functions can be divided into: responsible for raising a fund; responsible for the operation of the fund and management; responsible for the listing and fund after the listing. This person is very scarce, optimistic about the prospects of occupation. Fund industry occupation managers and fund managers demand maximum. To become a qualified fund manager is not easy, generally has a master's degree, a risk management professional background, but also has the ability to analyze and judge the multidisciplinary, strong industries, have a keen market sense of smell, rich experience is a must.5. The securities brokerSecurities brokers quality requirements mainly concentrated in two aspects: one is a solid knowledge of finance fund; two is the long after observation of the market based on the investment experience; because of the securities investment is high risk, high return investment, as securities broker must be based on the study of regime change in trend of market prices, to grasp the law analysis of the influence of various factors, the price of the securities and, gradually accumulated and considerable experience in investment and skilled operation have the ability.Chinese number of investors line up. Provides a huge market this huge investment groups has been the rise of the securities broker. Securities brokers in China Securities salesman, commission agent, broker, intermediary broker of exchange points.6. The stock analystsStock analysts mainly for stock investors stock market investment advisory services, and organize relevant seminars, report, analysis, part of the stock analysts analysts published articles in newspapers, as well as providing stock market through radio, television and other public media investment services. In the analysis of stock in China, must have a bachelor's degree orabove, more than two years experience in the securities business, needs assessment "securities investment theory", "securities investment analysis of" the two courses. Through the examination qualified personnel to the local securities regulatory authorities or directly apply to the China Securities Regulatory Commission, after approval, to obtain the qualification certificate. Qualified personnel to apply to the securities administration departments of the securities investment consulting agencies, to obtain the practice qualification, and finally by the Chinese Association of Securities Issuing the practicing certificate.FutureThe structural contradiction of China financial talent is outstanding, the following categories of people: one is the lack of senior management personnel is able to act as a leader; two is the compound talents proficient in a foreign language, law and computer; three is legal, consulting, intermediary and the accounting and other aspects of senior professionals, international financial management and the experience of the financial personnel and financial service talents.In addition, the financial industry for many intermediate business, also need to senior professionals to enter, such as personal financial product design, customer funds for investment income.Salary levelFinance research graduate students in the salary income gap is relatively large, with the reputation and influence of the school, teacher, and shape, its ability to experience closely related. Among them, financing and capital operation, consulting services, some of the broader development prospects, but also a lot of income. A monthly salary of at least 6000 yuan, 30000 yuan more than the.If can enter the transnational investment bank or Accenture, McKinsey and other transnational consulting company, salary is mostly about 200000, there are other benefits.。
(整理)大学各专业名称英文翻译—— 文科方面 ARTS.
大学各专业名称英文翻译——文科方面ARTS澳门历史研究Study of the History of Macao办公管理Office Management办公设备运用Using Desktop Publishing in Business比较管理学Comparative Management比较诗学Comparative Poetics比较文化学Comparative Cult urology比较文学研究Study of Comparative Literature必修课4－10学分Restricted (4-10 Credits needed)病理生理学Pathological Physiology财务报告介绍An Introduction to Financial Accounting Statements 财务报告运用Using Financial Accounting Statements财务管理学Financial Management财务会计学Financial Accounting财务理论与方法Finance Theory & Methods财政与金融Finance财政与金融学研究Study of Finance财政预算Preparing Financial Forecasts产业经济学Industrial Economics传统文化与现代化Tradition Culture and Modernization当代国际关系研究Contemporary International Relations Studies当代世界发展研究Contemporary World Development Studies当代中国外交与侨务专题研究Monographic Studies of Diplomacy and Overseas C hinese Affairs of Contemporary China德语(第二外语) German (2nd foreign language)第一外语(英语) English (1st foreign language)电力系统Power Electronic Systems电子数据Digital Electronics电子通信Electronic Communications电子原理Electrical Principles断代文化史研究Study of Dynastic History of Culture多媒体：多媒体应用开发Multimedia: Developing Multimedia Application多用户操作系统Multi-User Operating Systems耳鼻喉科学Otolaryngology发展经济学Economics of Development放射生态学Radioecology分布式应用程序的设计与开发：概况Distributed application Design and Developme nt: An Introduction分子细胞与组织生物学Molecular, Cellular and Tissue Biology分子遗传学Molecular Genetics妇产科学Gynecology & Obstetrics高级生物化学Advanced Biochemistry高级水生生物学Advanced Hydrobiology工程实践与应用沟通（提升行业沟通技能）Communication (Developing a Communication Strategy for Vocational Purposes)沟通：实用技能Communication: Practical Skills管理经济学Management Economics管理决策Management Decision-Making管理理论研究|| Management Theory Studies管理理论与实践|| Management Theory & Practice管理学研究|| Management Research光化学|| Photochemistry国际关系案例分析|| Case Studies of International Affairs国际关系学导论|| Introduction of International Relations国际金融市场研究|| International Financial Market Study国际金融研究|| Study of International Finance国际经济关系研究|| International Economic Relations国际经济环境|| The International Economic Environment国际经济政治制度比较研究|| Comparative Researches on International Economic & Political Structure国际音标的应用|| Application of International Phonetic Alphabet国际战略与大国关系|| International Strategy国际政治经济学|| International Political Economy国际组织与国际制度|| International organization and International System海外汉学|| Sinology Abroad海外华侨华人概论|| Researches on Overseas Chinese海外华人文学研究|| Study of Overseas Chinese Literature汉语词汇学|| Chinese Lexicology汉语方言调查|| Survey of Chinese Dialects汉语方言概要|| Outline of Chinese Dialects汉语方言学专书选读|| Selected Reading of Chinese Dialectology汉语方言研究|| Studies of Chinese Dialects汉语史名著选读|| Selected Reading of Chinese History汉语音韵学|| Chinese Phonology汉语语法史|| History of Chinese Grammar汉语语法学名著选读|| Selected Reading of Chinese Grammar宏观经济环境|| The Macro Economic Environment宏观经济学|| Macro-economics互联网：WEB服务器的管理|| Internet: Web Server Management互联网：电子商务入门|| Internet : Introducing E Commerce互联网：网络客户服务|| Internet : Internet Client Service互联网：网络配制与管理|| Internet: Configuration and Administration of Internet Services华侨华人史|| History of Overseas Chinese华侨华人与国际关系|| Ethnic Chinese and International Relations环境生物学|| Environmental Biology回族史|| History of Chinese Muslims会计基本理论与方法|| Basic Theories & Approaches of计算数学1 || Mathematics of Computing 1计算数学2 || Mathematics of Computing 2解剖生理学|| Anatomical Physiology金融工程学|| Financial Engineering金融机构风险管理|| Risk Management by Financial Institution金融热点及前沿问题专题研究|| Research on Financial l Central & Up-to-date Issues经济数量分析方法|| Methods of Economic & Mathematic Analysis经济数量分析方法|| Methods of Economic Quantitative Analysis跨文化管理学|| Cross-Cultural Management临床血液病学|| Clinical Hematology马克思主义与当代科技革命|| Marxism & Contemporary Science & Technology R evolution马克思主义与当代社会思潮|| Marxism & Contemporary Social Trends o f Thoug ht美术理论|| Theory of Fine Art美术史|| History of Fine Art蒙古史|| History of the Mongols免疫生物学|| Immunobiology免疫学|| Immunology免疫学|| Immunology民族政策与民族理论研究|| Study of Policies and Theories on Nation laities明清档案|| Archives in Ming and Qing Dynasties模拟电路|| Analogue Electronics南海诸岛史研究|| Study of the History of Islands in the South Chi na Sea企业财务与资本营运|| Company Finance & Capital Operation企业管理理论与实务|| Theory & Practice of Business Management企业应用软件的开发：概况|| Enterprise Application Development: An Introduction 全球化研究|| Globalization Studies人工器官|| Artificial organs人力资源管理研究方法|| Study Methods of Human Resource Management人体解剖学|| Human Anatomy人文地理文化学|| Cult urology of Humane Geography日常交流（法语/德语/意大利语/西班牙语1、2、3级）|| Basic communication in Fr ench/German/Italian/Spanish(Levels 1,2&3)日语(第二外语) || Japanese (2nd foreign language)软件开发：抽象数据结构|| Software Development: Abstract Data Structure软件开发：第四代开发环境|| Software Development: Fourth Generation Environm ent软件开发：高级编程|| Software Development: Advanced Programming软件开发：过程式程序设计|| Software Development: Procedural Programming软件开发：汇编语言和编程|| Software Development: Assembly Language and Int erface Programming软件开发：结构设计方法|| Software Development: Structure Design Methods软件开发：开发计划|| Software Development: Program Planning软件开发：快速应用开发和原型技术|| Software Development: Rapid Applications Development and Prototyping软件开发：面向对象编程|| Software Development: Object oriented Programming 软件开发：面象对象设计|| Software Development: Object oriented Design软件开发：事件驱动程序设计|| Software Development:: Event Driven Programmin g 软件开发：网站开发|| Software Development: Developing the WWW软件开发：应用软件开发|| Software商业法规|| Law for Business商业模式|| Structure of Business商业情报管理|| Business Information Management商业统计1 || Business Statistics 1商业统计2 || Business Statistics 2商业信息技术运用（电子数据表和Word处理应用软件）|| Using Information Technol ogy in Business（Spreadsheets &Word Processing Applications）商业信息技术运用（数据库和Word处理应用软件）|| Using Information Technology in Business (Database & Word Processing Applications)社会语言学|| Sociolinguistics审计学|| Auditing生物材料|| Biomaterials生物材料测试技术|| Modern Testing Methods of Biomaterials生物分子的探测和操纵|| Signals Bimolecular Detection and Manipulation生物力学|| Biomechanics生物流变学|| Biorheology生物信息学|| Bioinformatics物医学工程前沿|| Advances in Biomedical Engineering生物医学信号处理与建模|| Biomedical Signal Processing and Modeling生物制片及电镜技术|| Biological Section and Electronic Microscope Technique 生物制片及电镜技术|| Biological Section and Electronic Microscope Technique生殖工程|| Reproductive Engineering世界经济与政治研究|| World Economy & Politics Studies水生动物生理生态学|| Physiological Ecology of Aquatic Animal水生生物学研究进展|| Study Progress on Aquatic Biology水域生态学|| Aquatic Ecology思想道德修养|| Understand of Ideology and Morality宋代政治制度研究|| Study of the Political System of Song Dynasty宋明理学史研究|| Study of the History of Neo-Confucianism in Son g and Ming Dynasties提高个人成效|| Developing Personal Effectiveness通信工程|| Communication and Industry网络会计研究|| Network Accounting Studies微观经济环境|| The Micro Economic Environment微观经济学与宏观经济学|| Micro-economics & Macro-economics微型计算机系统|| Microcomputer Systems文化语言学|| Cultural Linguistics文献学|| Bibliography文学与文化|| Literature and Culture文艺美学|| Aesthetics of Literature and Art文艺学专题研究|| Special Study of Literature Theory西方史学理论|| Historical Theories in the West西方文论|| Western Literary Theories系统开发：关系数据库|| Systems Development: Rational Database Systems系统开发概论|| Systems Development Introduction系统生态学|| System Ecology细胞超微结构|| Cell Ultra structure细胞超微生物学|| Cell Ultra microbiology细胞生长因子|| Cell Growth Factor现代公司会计研究|| Study of Modern Company Accounting现代汉语诗学|| Modern Chinese Poetics现代汉语语法研究|| Studies of Modern Chinese Grammar现代经济与金融理论研究|| Study of Modern Economy & Finance Theory现代商业复合信息|| Presenting complex Business Information现代商业信息|| Presenting Business Information现代审计理论与方法研究|| Study of Modern Audit Theories & Approaches香港历史研究|| Study of the History of Hong Kong项目管理|| Project Management项目设计|| Project Studies新制度经济学|| New Institutional Economics新制度经济学|| New Institutional Economics信息工程：应用软件|| Information Technology: Applications Software 1信息技术和信息系统|| Information Technology Information Systems and Service s信息技术应用软件|| Information Technology Applications Software选修课总学分|| Total optional credits required血液分子细胞生物学|| Hematological Cell and Molecular Biology训诂学史|| History of Chinese Traditional Semantics亚太经济政治与国际关系|| Economy, Politics and International Relations in Asia n-Pacific Region眼科学|| Ophthalmology医学分子生物学|| Medical Molecular Biology医学基因工程|| Gene Engineering in Medicine医学统计学|| Medical Statistics医学图像处理|| Image Processing医学物理学|| Medical Physics医学信息学|| Medi-formatics医学遗传学|| Medical Genetics医学影像技术|| Medical Imaging Technique医学影像诊疗与介入放射学|| Medical Imaging Diagnosis & Treatment and Interve ning Radiology译介学|| Medio-Translatology音韵学史|| History of Chinese Phonology应用统计|| Applied Statistics应用统计|| Applied Statistics用户支持|| Providing Support to Users语义学|| Semantics藻类生理生态学|| Ecological Physiology in Algae增强团队合作意识|| Developing the Individual Within a Team政治学研究|| Politics Studies中国古代历史文献的考释与利用之一：宋史史料学之二：元史史料学之三：港澳史料学之四：边疆民族史料学|| Utilization and Interpretation of Ancient Chinese Hist orical Literature 中国古代史的断代研究之一：宋史研究之二：元史研究之三：明清史研究|| Dynastic History of China中国古代史的专题研究之一：宋元明清经济史之二：二十世纪宋史研究评价之三：中国文化史之四：中西文化交流史之五：港澳史研究之六：中国边疆民族史之七：西域史研究|| Studies of History of China中国古代文化史|| History of Chinese Ancient Culture中国古代文论|| Ancient Chinese Literary Theories中国古典美学研究|| Study of Chinese Classical Aesthetics中国教育史|| History of Education in China中国经济问题研究|| Economic Problems Research in China中国区域文化研究之一：岭南文化史之二：潮汕文化史|| Re search on Chinese Re gional Culture中国少数民族文化专题研究|| Study of Special Subjects on Cultures of Chinese Minority Nationality中国思想史|| History of Chinese Ideologies中国与大国关系史之一：中美关系史之二：中俄关系史之三：中英关系史之四：中日关系史|| History of Relations Between China and Major Powers中国与世界地区关系史之一：与中亚地区关系史之二：与东南亚地区关系史之三：与东北亚地区关系史之四：与南亚地区关系史|| History of Relations Between China an d Other Regions o f the World中国语言文学与文化|| Chinese Languages, Literatures and Cultures中外关系史名著导读|| Reading Guide of Famous Works on the History of Sino-Foreign Relations中外关系史史料学|| Science of Historical Data on the History of S info-Foreign Relations中外关系史研究|| Researches on the History of Sino-Foreign Relations中外史学理论与方法研究|| Researches on Theory and Method About Si no-Forei gn History Science中外文化交流史|| History of Sino-Foreign Cultural Exchanges中外文论|| Chinese and Western Literature Theories中西交通史|| History of Communication Between China and the West资本市场研究|| Study of Capital Market资本营运、财务与管理会计理论和方法研究|| Study of Theories & Appr oaches of Capital Operation, Financial Management Accounting资本运营与财务管理研究|| Capital Operation and Financial Management Researc h组织工程进展|| Advances in Tissue Engineering组织行为理论|| organizational Behavior Theory《中华人民共和国学位条例》“Regulations Concerning Academic Degrees in the People's Republic of Chin a”结业证书Certificate of Completion毕业证书Certificate of Graduation肄业证书Certificate of Completion/Incompletion/Attendance/Study教育学院College/Institute of Education中学Middle[Secondary] School师范学校Normal School[upper secondary level]师范专科学校Normal Specialized Postsecondary College师范大学Normal[Teachers] University公正书Notaries Certificate专科学校Postsecondary Specialized College广播电视大学Radio and Television University中等专科学校Secondary Specialized School自学考试Self-Study Examination技工学校Skilled Workers[Training] School 业余大学Spare-Time University职工大学Staff and Workers University大学University(regular, degree-granting) 职业大学Vocational University。
信息检索word
四川师范大学信息检索课实验题目1、举例说明搜索引擎中filetype、site、双引号这三个高级检索语法的功能。
要求：1）请问上述语法的作用是什么？什么情况下用到这些语法？2）自己设计一个或多个检索案例，体现这些语法的功能，说清楚检索意图和检索表达式，并对检索效果进行评价。
答：1）filetype:搜索指定类型的文件。
在想要找寻某一类特定格式的文档时要使用到。
site：找到与指定网站有联系的URL。
在想要特定网站时要使用到。
双引号：使搜索引擎对关键词不进行拆分处理。
在关键词被搜索引擎进行拆分处理时要使用到。
2）案例：检索意图：想要找到会计专业英文单词的word文件，进行单词的识记。
检索表达式：“会计英语单词 filetype：doc”检索效果评价：使用该检索语法后提高了文件查找的效率，并找到了一系列的文件。
2、查询本专业经典书籍。
要求：1）查询确定本专业必读的书籍{要包括外文书籍}。
（自己查询后，最后能向专业课老师请教，听听他们的意见）2）选择其中3本，国内哪些图书馆有这3本书？(任选国内211高校{没听说过211？百度一下！}图书馆3个）3)通过四川师范大学图书馆网站上的书生之家数据库和超星数据库查询这些书的全文。
如果有，告诉我这些书第X页最后一行的内容（X为你学号最后两位数）。
4)通过搜索引擎找一下这些书的免费电子书？能找到英文版的吗？列出这些书的最直接下载地址。
答：答：1）必读书籍Corporate Finance Theory作者：(美)麦金森Financial Theory and Corporate Policy (3rd Edition)作者：(美) Copeland, T.E., Weston, J.F.高级财务管理作者：张鸣主编，陈文浩，张纯副主编转型经济中的会计与财务问题——基于中国上市公司的案例作者：陈信元等编著基于价值管理的管理会计：案例研究作者：潘飞等编著中外会计与财务案例研究作者：孙铮，戴欣苗，李莉，包洪信著财务分析案例：公司战略、业绩预测与商业估值——财务分析理论与实务丛书作者：胡奕明主编2）选择：Corporate Finance Theory、Financial Theory and Corporate Policy、中外会计与财务案例研究。
01金融学导论
金融学东北财经大学金融学院连英祺lianyingqi@TOPIC 01金融学导论金融学·2009TOPIC 01 金融学导论一、什么是“金融”？二、Finance 的主要学科分支——金融危机——浦发银行、海通证券、平安保险——股票、债券、权证、CDS （Credit一、什么是“金融”？——购车、购房、周游世界的旅游计划？——迪斯尼公司应不应该在上海新建乐园？——平安董事长马明哲6600万的年薪是否合一、什么是“金融”？1、美国金融学家格莱恩·马恩（Glenn G. Munn ）等主编的《银行业与金融百科全书》：（一）“金融（Finance ）”的定义一、什么是“金融”？（2）从最广泛应用的意义上讲，是指关于货币、信用、银行业务及其运作与发展的（一）“金融（Finance ）”的定义一、什么是“金融”？（3）从最初的意义来看，是指政府通过税收或发行债券来筹集资金并对其（一）“金融（Finance ）”的定义一、什么是“金融”？2、皮特·纽曼（Peter Newman ）等主编的《新帕尔格雷夫货币与金融辞典》认为：“金融通过它所专门研究的问题及其方法（一）“金融（Finance ）”的定义一、什么是“金融”？3、博迪& 莫顿所著的《金融学》中指出：“金融学（Finance ）是研究人们在不确定的环境中如何进行资源的时间配置的学科。
”（一）“金融（Finance ）”的定义一、什么是“金融”？F 横向划分1、微观金融学（Finance ）（二）“Finance ”与“金融”一、什么是“金融”？F 纵向划分——Haugen （1999）1、“旧时代金融”（Old Finance ）（二）“Finance ”与“金融”一、什么是“金融”？F Finance 与其它学科的交叉1、行为金融学（Behavioral Finance ）（二）“Finance ”与“金融”一、什么是“金融”？F 本学期课程内容定位以微观金融层面的现代金融学核心（二）“Finance ”与“金融”一、什么是“金融”？（一）公司金融学（Corporate Finance ）是研究公司当前或未来经营活动所需的财务资源的取得与使用的一种管理二、Finance 的主要学科分支（二）投资学（Investment ）二、Finance 的主要学科分支研究如何把个人、机构的有限资源分配到诸如股票、国债、不动产等（三）金融市场学（Money and Capital Markets ）二、Finance 的主要学科分支它研究所有在借款者与贷款者之（一）课程定位三、本学期的计划与要求较全面的理解和较深刻的认识金融学的基本知识、基本概念、基本理论，建立金融（二）核心理论三、本学期的计划与要求F现代金融学的七个核心理论★有效市场假说(Efficient Market Hypothesis)★现值分析理论(Present Value Analysis)★价值的相加性和价值守恒定律（三）教学资料三、本学期的计划与要求ü主教材：《金融学》，苏平贵主编，清华大学出版社。
英国留学金融工程专业
英国留学金融工程专业英国留学金融专业详解分类及介绍国外关于金融专业的设置，是两方面都有。
一、以微观为主，也就是研究与公司个体有关的投资、融资等行为。
另一方面就是和国内类似的宏观金融的研究。
专业细分英国大学的金融专业按细分不同通常设置在商学院、经济学院或数学学院。
在参考专业排名时需要考虑会计与金融、经济、商学三个方向。
金融专业细分可分为：金融学、公司金融、金融与投资、国际金融、银行与金融、金融与管理、会计与金融、风险管理、房地产金融与投资、金融与经济、金融工程。
金融学：对金融各个细分领域的综合介绍。
下面以曼彻斯特大学为例来看下金融学专业的课程设置：第一学期必修课：Introductory Research Methods for Accounting and Finance; 会计与金融学方法导论Essentials of Finance;金融学精要Derivative Securities衍生证券选修一门：Portfolio Investment证券投资International Macroeconomics and Global Capital Markets国际宏观经济学与全球资本市场Foundations of Finance Theory金融学基础第二学期Financial Econometrics金融计量经济学Advanced Empirical Finance高级实证金融学Corporate Finance; 公司金融选修一门International Finance国际金融Financial Statement Analysis财务报表分析Real Options in Corporate Finance公司金融中的实物期权Mergers and Acquisitions: Economic and Financial Aspects关于企业并购的经济金融思考Dissertation毕业论文公司金融：解决以公司财务、公司融资、公司治理为核心的公司治理结构方面的问题，综合运用各种形式的金融工具与方法，进行风险管理和财富创造。
行为金融学理论（Behavioralfinancetheory）
行为金融学理论（Behavioral finance theory）The modern financial theory classic that people's decisions are based on rational expectations (Rational Expectation), risk avoidance (Risk Aversion), the utility maximization and constantly update their knowledge and decision making assumptions, but a lot of psychological research shows that people's actual investment decision is not so. Secondly, the modern financial theory and the efficient market hypothesis is established on the basis of effective competition in the market, and a large number of studies show that non rational investors often can obtain higher returns than investors. Behavioral finance is based on this kind of market vision, and develops a new financial study using the psychological study of people's actual decision-making process.Behavioral finance studies the mispricing of investment in the investment market due to its own investment behavior, and the resulting behavioral anomaly is the place where Alfa (beyond the market rate of return) is generated. Experts on behavioral finance more, managers have more chances to find Alfa, but also the financial behavior so the seed and buried self destruction, Alfa in the market is less, the market will become more effective, and behavioral anomalies in the market less, then study the financial financial will have no need to there. Second, the more managers who want to beat the market, the harder they work, the more effective the market will become and the less likely it will be to beat the market.The emergence of 4.3.1. behavioral financeAs early as 1950s, people began to study behavioral economics,but earlier studies were rather scattered. It was not until 1970s that Kahneman (Daniel Kahneman) and Tversky (Amos Tversky) conducted extensive and systematic research on this field. Behavioral economics emphasizes that people's behavior is not only driven by interest, but also influenced by many psychological factors. The prospect theory combines psychological research and economic research effectively, reveals the decision-making mechanism under uncertainty, and opens up a completely new research field.4.3.2. is a leading representative of behavioral financeKahneman, the founder of Behavioral Finance (Daniel Kahneman) in 1934 was born in Israel in 1954, graduated from the Hebrew University, and in 1961 obtained a doctorate in psychology at the University of California, after the turn at the Hebrew University faculty. Another creator Tversky (Amos Tversky) was born on 1937 in Israel, has been at the University of Michigan studied philosophy and psychology at the Hebrew University, after graduation, here met his best partner Kahneman, which opened their lifelong friendship and excellence in academic research, and in 1979 jointly issued the basic theory of "behavioral finance prospect theory" (Prospect Theory). Later, he went to the University of California at Berkeley in the United States, and he went to Standford in the United states.Kahneman because of the prospect theory of behavioral finance contribution in 2002 received the Nobel Prize in economics, but it is a pity but Tversky in 6 years ago (1996 years) died, only 59 years old, can not wait for the arrival of honor.4.3.3. behavioral finance, major perspectivesBehavioral finance mainly puts forward two theories:A. BSV (Barberis, Shlefer, and, Vishny, 1998),B. DHS (Daniel, Hirsheifer, and, Subramanyam, 1998).First, the BSV theory holds that returns are stochastic, but the general investor erroneously believes that there are two paradigms for income change:Paradigm A: investors think that earnings change is mean reversion, and stock volatility is only a temporary phenomenon, and does not need to adjust its behavior according to changes in income. This behavior will cause investors to respond to the expected lack of earnings, and when the actual earnings do not match the expectations, they will be adjusted, so that changes in the stock price reaction to changes in earnings lags behind.Paradigm B: investors think that changes in earnings tend to be trend, and share prices have the same direction and continuous effects on earnings. Such investors tend to tend to expand the trend by mistake and overreact to changes in earnings.Second, DHS theory divides investors into two categories: one is the information one, the other is the non information. Without information, its investment behavior will not be affected by the judgment bias, and the information can be easily affected by the judgment bias.The DHS model divides the judgment bias of the information into two categories: one is overconfidence, and the other is biased self attribution (self-contribution). Overconfidence leads investors to exaggerate the accuracy of their stock valuation; biased self attribution leads investors to underestimate the impact of public information on stock value. That is to say, when the investor pursues this model, it will lead to the deviation between the personal information and the public information,This divergence leads to short-term continuity and long-term support for share prices.4.3.4. main behavioral finance modelUnder the framework of the two kinds of BSV and DHS, put forward the prospect theory of Behavioral Finance (Prospect Theory), behavioral portfolio theory (Behavioral Portfolio Theory) and the behavior asset pricing model (Behavioral BAPM Asset Pricing Model) on behavioral finance model.A. prospect theoryTheory (Prospect) combines psychological research and economic research effectively, reveals the decision-making mechanism under uncertainty, and opens up a whole new research field. In this sense, Kahneman's award may change the direction of future economics.In general, the prospect theory has the following three basicprinciple: (a) the majority of people in the face of the time are risk averse; (b) the majority of people in the face of loss when the risk preference; (c) are more sensitive to losses than get.Law of prospect theory: people are often cautious and unwilling to take risks when they are faced with them, while everyone is an adventurer in the face of losses. In the face of the time to avoid risks, and in the face of preference for the risk of loss, and the loss and the gain is relative to the reference point for the change, people use things in the evaluation point of view, can change people's attitude toward risk.The law of prospect theory two: People's sensitivity to loss and gain is different, and the pain of loss is far greater than that of happiness. In the 1992 study, Tversky and Kahneman found that people usually needed two times the loss of earnings to make up for the pain caused by the loss.B. behavioral portfolio theoryThe combination theory of BPT (Behavioral Portfolio Theory) behavior of assets, in 1985 by Shefrin and Statman put forward the theory that Pyramid investors have layered structure of the portfolio, each layer corresponds to the specific investment objectives and risk investors. Some of the money is invested at the bottom of the safest, and some funds are invested in more risky higher ups, with correlations between layers.Relatively speaking, the traditional portfolio theory to portfolio as a whole, and it is assumed that only the covariancebetween different securities account in building the portfolio, and are risk averse investors, and this behavior in real life is not entirely consistent.C. behavioral asset pricing modelBehavioral Model BAPM (Behavioral Asset Pricing asset pricing) investors are divided into information traders and noise traders. Information traders are rational investors who support the CAPM model of modern financial theory, avoid cognitive errors, and have variance preferences. Noise traders are apt to make conscious errors and have no strict variance preferences.When the information traders occupy the main body of the market, the market is efficient; when the noise traders occupy the market main body, the market is inefficient. In BAPM, the returns on securities are determined by the "Behavioral Beta", where the market portfolio is more representative. For example, noise traders tend to overestimate the price of growth stocks, and the proportion of growth stocks in the corresponding market is higher, because the behavioral portfolio is proportional to the market mix and the proportion of mature stocks should be raised.Statman further pointed out that the decision to supply and demand is people's utilitarian considerations (product costs, alternatives, prices, etc.) and value expression considerations (personal tastes, special preferences, etc.). CAPM includes only utilitarian considerations, while BAPM includes both. Due to the characteristics of BAPM value, andthe utilitarian characteristics, therefore, it is effective to accept a market from can't beat the market, on the other hand, from the meaning of rationalism of refuse market efficiency, the future development of finance has a profound revelation.In short, the behavioral finance through questioning on modern financial core hypothesis "theory of rational people", put forward the prospect theory, utility function of investors is concave function, and face the loss of utility function is a convex function. In financial transactions, investors psychological factors will make the actual decision-making process of optimal decision process is described from the classical finance theory, and system of rational deviation, and not because of the statistical average and eliminate.The investment strategies based on behavioral finance include average capital strategy, time diversification strategy, contrarian investment strategy and inertial investment strategy.4.3.5. behavioral finance explains the main behavioral anomalies in the marketA. overreactionPeople are too sensitive to asset prices, information conferences make people overreact, resulting in excessive or falling securities prices.B. disposition effectDue to the cognitive bias of investors,For the performance of the investment profit and loss of certainty ". The" loss aversion of the heart ", reflected in the behavior for selling profitable stocks to sell, easy to be a losing stock phenomenon, resulting in the relatively long time firmly.C. noise tradingShort - term investors and noise traders in the market have their own information. In his collection of information, by which investors more specific information, the more likely he is to profit, and such information may be associated with the basic value of information, also may be unrelated with the basic value of noise, which is called the information aggregation positive spillover effect. This effect may make the traders who obtain new information can not get the corresponding return, which is not conducive to the collection of information and the allocation of resources.D. herd effectInvestors are affected and imitated by other investors under the influence of uncertain information. That is, "all investors run in the same direction, and no one struggles with the overwhelming majority of people."."There are two main herding effects in the stock market:The first is the information based herd effectComplete information is a premise hypothesis of neo classical finance theory, but in fact, even in the modern society where information is highly disseminated, information is inadequate. In the case of insufficient information, investors do not make decisions entirely on the basis of their own information decisions, but on the basis of other people's investment behavior. The herding performance is "follow suit" or "the village" phenomenon.The second is the reputation based and reward based herd effectThis effect is most common in the fund manager, because employers do not understand the fund managers, fund managers do not understand their own investment capacity, in order to avoid investment mistakes and reputation risks and their remuneration, fund managers have motivation to mimic other fund managers' investment behavior. If many fund managers take the same action, the herd effect will emerge.。
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Finance Theory II (Corporate Finance) Katharina LewellenFebruary 5, 2003Today/ 天津塔吊租赁河北塔吊租赁西安塔吊租赁塔吊租赁/⏹Preliminaries⏹Introduction to the course➢Corporate finance➢Types of questions➢Course outline➢Course requirements⏹Case of Unidentified IndustriesPreliminaries⏹Texts− Brealey& Myers, Principles of Corporate Finance, 7th edition− Higgins, Analysis for Financial Management,7th edition− Case and Readings Packet⏹Professor− Katharina LewellenIntroductionCorporate finance⏹Investment policyHow the firm spends its money (real and financial assets)⏹Financing and payout policyHow the firm obtains funds (debt, equity) and disposes of excess cashBalance sheet view of the firmIntroduction, cont.But we also need to understand…⏹Capital markets➢Types of securities (stocks, bonds, options…)➢Trade-off between risk and return➢Pricing⏹Taxes and government regulationFinancial marketsIntroduction, cont.Finance is really about value⏹Firms⏹Projects and real investments⏹SecuritiesCommon characteristic⏹Invest cash today in exchange for cash (hopefully) in thefutureCentral question⏹How do we create value through investment and financingdecisions?Types of questionsInvestment and financing decisions⏹At the end of 1999, GM had $11.4 billion in cash.➢Should it invest in new projects or return the cash toshareholders?➢If it decides to return the cash, should it declare a dividendor repurchase stock?➢If it decides to invest, what is the most valuable investment?What are the risks?General Dynamic ⏹Major contractor in the defense industry ⏹Doing well during 1980s (cold war)➢Growth in sales➢Reasonable profitability➢R&D and capital investment⏹Beginning of 1990s➢The end of cold war➢Likely decline in defense spending➢Strategy???General DynamicsValue of $100 invested in Jan. ‘80$General Dynamics •Investment, 1980 –1990R&D + Capital expenditures: $3.7 billionIf invested at 10%: $5.5 billionEnding market value: $1.0 billionValue destroyed: $4.5 billion Sales grew from $4.7 billion to $10.2 billionEarnings in 1990 = -578 millionNew strategy in 1991William A. Anders (new CEO):⏹Cuts capital expenditure and R&D➢Cap. Exp. drops from $321 million in 1990 to $81 million in 1991⏹Sells off divisions and subsidiaries⏹Cuts workforce⏹Distributes cash to shareholders➢From 1991 through 1993, GD returns $3.4 billion to shareholders and debtholdersGeneral Dynamics: 1987 –1997Value of $100 invested Jan. ‘91Types of questionsInvestment and financing decisions⏹Your firm needs to raise capital to finance growth.➢Should you issue debt or equity or obtain a bank loan?➢How will the stock market react to your decision?➢If you choose debt, should the bonds be convertible?callable? Long or short maturity?➢If you choose equity, what are the trade-offs betweencommon and preferred stock?Types of questions, cont.Investment and financing decisions⏹IBM recently announced that it would repurchase $2.5 billion instock. Its price jumped 7% after the announcement. Why? How would the market have reacted if IBM increased dividendsinstead? Suppose Intel made the same announcement. Would we expect the same price response?⏹Motorola wants to build a new chip factory in Ireland. How willfluctuations in the foreign exchange rate affect the value of the project? What are the risks? What actions can Motorola take to hedge the risks? More importantly, should it hedge the risks?What are the costs and benefits?Our ApproachWhat we will do⏹Acquire a set of general tools that are crucial to sound businessdecision➢Financial managers➢General managers⏹Apply and confront them to a number of real business cases➢Usefulness➢LimitationsWhat we won’t do⏹Pretend to be experts in any industry, financial or other⏹Discuss many institutional aspects in detail⏹Discuss in detail stuff you could learn just as well reading a book or an article (see “readings”)Outline: Theory + Applications ⏹Part I: Financing− Capital structure− Payout policy⏹Part II: Valuation− Project valuation (FCF, PV, Real Options)− Company valuation (M&A, Start-ups)⏹Part III: Selected topics in corporate finance− Corporate governance− Hedging/Risk managementThe tools of finance (15.401)⏹Time Value of Money⏹Portfolio Theory⏹Asset Pricing Theory⏹Efficient Markets Hypothesis⏹Option Pricing Theory⏹The Concept of No-Arbitrage⏹Agency Theory (Micro-economics, Incentives and Contracts)Course Requirements⏹Class Participation (10%)⏹Case Memoranda (30%)➢Teams up to four people➢Hand in all write-ups except two write-ups of your choice ➢A professional memo to the decision maker⏹Midterm (30%)⏹Final (30%)The Case of the UnidentifiedIndustriesIndustry GroupsService providers ⏹Advertising agency ⏹Airline⏹Commercial bank ⏹HMO Zero inventories ⏹A, B, F, HGroup 1:⏹Advertising Agency⏹Airline⏹Commercial Bank⏹HMOIdentified Industries in Group 1A Commercial BankB Advertising AgencyF AirlineH Health Maintenance Organization (H.M.O.)Group 2⏹Computersoftware dev.⏹Dept. store⏹Electric & gasutility⏹Meat packer⏹Pharmaceuticalmanufacturer ⏹Retail drug⏹Retail groceryGroup 2: Inventory turnover⏹Computersoftware dev.⏹Dept. store⏹Electric& gasutility⏹Meat packer⏹Pharmaceuticalmanufacturer ⏹Retail drug⏹Retail grocery Industry InventoryTurnover I47.6C16.7G8.6J7.5D 5.6E 5.2Group 2: Receivables collection period⏹Computer software dev.⏹Dept. store⏹Pharmaceutical manufacturer ⏹Retail drug⏹Retail grocery Industry CollectionPeriodK74J37D31E8G6Group 2: Inventory & PPE⏹Computer software dev.⏹Dept. store⏹Pharmaceutical manufacturer Industry INV(%)PPE(%) D2455K1248J217The Identified IndustriesA Commercial Bank CiticorpB Advertising Agency InterpublicC Electric & Gas Utility Consolidated EdisonD Department Store Chain Dayton-HudsonE Retail Drug Chain WalgreenF Airline AMR Corp.G Retail Grocery Chain American StoresH H.M.O.U.S. HealthcareI Meat Packers IBP, Inc.J Software Developer MicrosoftK Pharmaceutical Manuf.Novo NordiskAny Comments?Leverage。