经济学兹维博迪金融学件
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兹维博迪金融学第二版课件
兹维博迪金融学第二版
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1.5 企业的组织形式
• 独资企业
• 一个人或家庭所有的企业 • 企业的资产和负债是所有者个人的资产和负债 • 无限责任 • 低管理成本
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• 合伙企业
• 至少有两个人分享所有权的企业。合伙协议通常 规定如何共同作出决策和利润（损失）如何共享 （共担）。
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• 人们利用金融系统来实施其金融决策。金融系统定义为用来订立 金融合约、交换资产与风险的一组市场和其他机构。
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• 金融理论包括：
• 一组概念，帮助一个人组织关于怎样跨时配置资 源的思考。
• 一组数量模型，帮助评估备选项、决策和实施决 策。
• 这些概念和模型适用于所有层次和规模的决策
预防损失 • 不动产管理
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税务管理
• 税务政策、程序的建立和管理 • 与税收征稽机构的关系 • 税务报告的准备 • 税务计划
兹维博迪金融学第二版
Hale Waihona Puke 42投资者关系• 建立和维护与投资群体的关系 • 建立和维护与公司股东的关系 • 向分析师咨询—公共财务信息
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离
• 1.7 管理的目标 • 1.8 市场性管束：收购 • 1.9 财务专家在公司中的
角色
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导言
• 我为退休储蓄。我应该用哪一种投资形式？ 银行存单、共同基金还是直接买股票？
• 我想有一辆新车。我应该用存款购买还是租用？ • 我正在考虑创业。它能带给我足够的回报吗？ • 公司正寻求进军电信业。你应该给CFO提供怎样的建
兹维博迪金融学答案
兹维博迪金融学答案【篇一：投资学博迪第九版中文答案第一章】题集1．的确,实际资产决定经济的物质享受。
然而,当金融工程创建新产品时, 个人可以受益，可以让他们更有效地管理金融资产投资组合。
因为对于不同的风险来源，捆绑和拆分创造具有新属性和敏感性的金融产品,能让投资者更有效地对冲特定来源的风险。
2．证券化需要大量的潜在投资者。
为了吸引这些投资者,资本市场需求:1。
一个安全系统的商业法律和概率低的没收的税收法律/法规;2。
一个成熟的投资银行业;3。
成熟的经纪和金融交易系统,;4。
发达的媒介,尤其是财务报告。
这些特征在一个发达的金融市场中具有。
3．证券化导致金融脱媒;也就是说,证券化为市场参与者提供了一个手段绕过中介。
例如,抵押贷款支持证券是房地产市场获得资金不需要通过银行或储蓄机构发放贷款的投资组合。
随着资产证券化的发展,金融中介机构必须增加其他活动，例如向消费者和小型企业提供短期流动性,金融服务。
4．金融资产使大公司筹集支持实物资产投资的资本变得容易。
如果福特,例如,可以不向公众发行股票或债券,这将更难以筹集资金。
紧缩金融资产的供应将使融资更加困难,从而增加了资本成本。
更高的资本成本导致更少的投资和较低的实际增长。
5．即使公司不需要发行股票，股票市场对于财务经理依然很重要。
股票价格提供关于公司投资项目的市场价值的重要信息。
例如，如果股票价格大幅上涨，经理可能得出结论，认为公司的前景是光明的。
这对于公司继续投资扩大资产业务可能是个有用的信号。
此外，股票可以在二级市场交易是对初始投资者更具吸引力的方面，因为他们知道他们可以出售股票。
反过来这会使得市场投资者更愿意购买初始股票，从而使得公司更容易在股市筹集资金。
6． a、不会，价格的增加不会增加经济的生产能力。
b、是的，股票在这些资产的价值增加了。
c、未来业主作为一个整体更糟，因为抵押贷款债务也增加了。
此外，这个房价泡沫最终会破裂，社会作为一个整体将承受损失。
兹维博迪金融学第二版课件Chapter03
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兹维博迪金融学第二版课件Chapter05
n = 30, i = 3, FV = 0, PMT = 3,000, CPT PV, n = 45 CPT PMT gives $23,982
• The savings are then $30,000 - $23,982 = $6,018
Human Capital and Permanent Income
5.1 A Life-Cycle Model of Saving
• Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 • Your real labor income is $30,000/year until age 65 • Interest rates exceed inflation by 3%/ year
IRA Benefits
– The major benefits are more subtle. Assume:
• You can reserve $2,000 of pre-taxed income for investment, starting next year, for the next 40-years. This will grow at the rate of inflation of 3% • That the investment will return 10%/year • That you plan to remain retired for 20-years, and will require income that is indexed to inflation • The tax rate on all taxable income streams is 30%, both now and after retirement
• The savings are then $30,000 - $23,982 = $6,018
Human Capital and Permanent Income
5.1 A Life-Cycle Model of Saving
• Assume that you are currently 35 years old, expect to retire in 30 years at 65, and then live for 15 more years until 80 • Your real labor income is $30,000/year until age 65 • Interest rates exceed inflation by 3%/ year
IRA Benefits
– The major benefits are more subtle. Assume:
• You can reserve $2,000 of pre-taxed income for investment, starting next year, for the next 40-years. This will grow at the rate of inflation of 3% • That the investment will return 10%/year • That you plan to remain retired for 20-years, and will require income that is indexed to inflation • The tax rate on all taxable income streams is 30%, both now and after retirement
兹维博迪金融学第二版课件Chapter12
– the probability of the high-risk, high-return security will out-perform the low-risk, lowreturn increases with time
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 12: Portfolio Opportunities and Choice
Objective
To understand the theory of personal portfolio selection in theory and in practice
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
But:
• I promised to be perfectly frank and honest (pfah) with you about the ordering of the simulated trajectories • The next trajectory truly was the next trajectory in the sequence, honest!
10 0 5 10 15 20 Years 25 30 35 40
15
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
From Conjecture to Hypothesis
• You are probably ready to make the hypothesis that
16 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
Chapter 12: Portfolio Opportunities and Choice
Objective
To understand the theory of personal portfolio selection in theory and in practice
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
But:
• I promised to be perfectly frank and honest (pfah) with you about the ordering of the simulated trajectories • The next trajectory truly was the next trajectory in the sequence, honest!
10 0 5 10 15 20 Years 25 30 35 40
15
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
From Conjecture to Hypothesis
• You are probably ready to make the hypothesis that
兹维博迪金融学第二版课件
THANK YOU
发展
金融市场的发展趋势包括电子化 、全球化、金融创新等，这些趋 势对金融市场的运行机制和监管 提出了新的挑战和要求。
02
货币与银行
货币的定义与职能
总结词
货币的定义与职能
详细描述
货币是交换媒介和价值尺度，具有流通、支付、贮藏和世界货币等职能。
银行的定义与类型
总结词
银行的定义与类型
详细描述
银行是经营货币信用的金融机构，分为中央银行、政策性银行、商业银行、投资 银行等类型。
02
马科维茨投资组合理论
通过构建有效的投资组合，实现风险和收益的平衡。
03
资本资产定价模型（CAPM）
评估不同资产类别的风险和预期收益之间的关系。
04
金融衍生品市场
金融衍生品的定义与类型
总结词
详细描述金融衍生品的定义，以及不同 类型的金融衍生品（如期货、期权、远 期合约、互换等）的特点和用途。
VS
保险公司的业务与管理
总结词
保险公司的业务与管理
详细描述
保险公司的业务主要包括保险产品的开发、销售、理赔 和投资等。在业务管理方面，保险公司需要制定合理的 保费和赔付标准，建立完善的销售渠道和理赔流程，以 及进行有效的投资管理。此外，保险公司还需要加强风 险管理，控制保费、赔付和投资等方面的风险，以保证 公司的稳健经营。
投资定义
投资是指为了获得未来的收益而将资金或其他资源投入某一领域或项目。
实物投资
如房地产、机器设备等。
金融投资
如股票、债券、基金、期货、期权等。
人力资本投资
如教育、培训等。
股票投资
01
02
03
股票定义
兹维博迪金融学第二版课件
没有支付 • 债券持有者提出的一些条款限制了可能反向影响
债券价值的企业决策
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• 营运资本
• 所有企业（包括那些盈利很好的企业），如果不对营运 资本管理足够重视，就可能承受严重损失。现金的流入 流出在时间上并非完全匹配。为了为现金流赤字融资， 为现金流盈余找到好的投资项目，管理者必须关心向客 户收款和及时支付账单。
议？ • 一个拉美国家申请为其大项目贷款。你所在的组织应
该贷给它吗？
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1.1 定义金融学
• 金融学是对人们怎样跨时配置稀缺资源的研究。 金融决策区别于其他资源配置决策的两个特征：
• 成本和收益的跨时配置 • 未来现金流实际的时序和规模经常只能以一定概
率知道，而不能完全确知பைடு நூலகம்
• 理解金融学帮助你评估这些不确定的现金流
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• 资本预算过程
• 准备一个计划，以获取实施战略规划的厂房、机器、实验室、展厅、仓 库和人力资本。
• 基本分析单位是投资项目。资本预算过程中，投资项目被识别、排优先 序和实施。
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• 融资过程
• 一旦企业已决定准备实施的新项目，这些项目就必须用未 分配利润、普通股、优先股、债券、可转换证券、银行贷 款、雇员股票期权、租赁合约、退休金债务等等来融资。
• 资本结构是企业市场价值归入每一类已发行证券的数量。 它决定企业未来现金流的归属和风险水平【如股票融资对 企业没有撤资风险，债务融资有】
• 资本结构的分析单位是作为整体的企业，而不是一个投资 项目。
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• 资本结构也决定了不同的可能性下由谁控制企 业。
债券价值的企业决策
兹维博迪金融学第二版
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• 营运资本
• 所有企业（包括那些盈利很好的企业），如果不对营运 资本管理足够重视，就可能承受严重损失。现金的流入 流出在时间上并非完全匹配。为了为现金流赤字融资， 为现金流盈余找到好的投资项目，管理者必须关心向客 户收款和及时支付账单。
议？ • 一个拉美国家申请为其大项目贷款。你所在的组织应
该贷给它吗？
兹维博迪金融学第二版
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1.1 定义金融学
• 金融学是对人们怎样跨时配置稀缺资源的研究。 金融决策区别于其他资源配置决策的两个特征：
• 成本和收益的跨时配置 • 未来现金流实际的时序和规模经常只能以一定概
率知道，而不能完全确知பைடு நூலகம்
• 理解金融学帮助你评估这些不确定的现金流
兹维博迪金融学第二版
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• 资本预算过程
• 准备一个计划，以获取实施战略规划的厂房、机器、实验室、展厅、仓 库和人力资本。
• 基本分析单位是投资项目。资本预算过程中，投资项目被识别、排优先 序和实施。
兹维博迪金融学第二版
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• 融资过程
• 一旦企业已决定准备实施的新项目，这些项目就必须用未 分配利润、普通股、优先股、债券、可转换证券、银行贷 款、雇员股票期权、租赁合约、退休金债务等等来融资。
• 资本结构是企业市场价值归入每一类已发行证券的数量。 它决定企业未来现金流的归属和风险水平【如股票融资对 企业没有撤资风险，债务融资有】
• 资本结构的分析单位是作为整体的企业，而不是一个投资 项目。
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• 资本结构也决定了不同的可能性下由谁控制企 业。
金融学-兹维博迪--第一章PPT课件
Chapter 1 Contents
• 1.1 Defining Finance
• 1.2 Why Study Finance
• 1.3 Financial Decisions of Households
• 1.4 Financial Decisions of Firms
• 1.5 Forms of Business Organization
• 1.6 Separation of Ownership and Management
• 1.7 The Goal of Management
• 1.8 Market Discipline: Takeovers
• 1.9 The Role of the Financial Specialist in a Corporation
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
• I’m thinking about starting a new business – will it reward me adequately?
• The company is looking to expand into telecommunications. – how should you advise the CFO?
• Understanding finance helps you evaluate these uncertain cash flows
• 1.1 Defining Finance
• 1.2 Why Study Finance
• 1.3 Financial Decisions of Households
• 1.4 Financial Decisions of Firms
• 1.5 Forms of Business Organization
• 1.6 Separation of Ownership and Management
• 1.7 The Goal of Management
• 1.8 Market Discipline: Takeovers
• 1.9 The Role of the Financial Specialist in a Corporation
– the set of quantitative models used to help evaluate alternatives, make decisions, and implement them
• These concepts and models apply at all levels and scales of decision making
• I’m thinking about starting a new business – will it reward me adequately?
• The company is looking to expand into telecommunications. – how should you advise the CFO?
• Understanding finance helps you evaluate these uncertain cash flows
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4 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Balance Sheet
• Summarizes a firms assets, liabilities, and owner’s
equity at a moment in time
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
3.2 Review of Financial Statements
– Balance Sheets – Income Statements – Cash-Flow Statements
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Income Statement
• Summarizes the profitability of a
company during a time period
External Financing
• 3.5 Return on Shareholders v. Return on Book Equity
• 3.10 Working Capital Mgmt.
• 3.11 Liquidity & Cash Mgmt.
2
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Liabilities
– Current Liabilities – Long-term debt
• Equity 6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
GPC Balance Sheet on December 31
• 3.3 Market values v. Book Values
• 3.8 Constructing a Financial Planning Model
• 3.4 Accounting v. Economic • 3.9 Growth & the Need for
Measures of Income
The Balance Sheet
• Major Divisions:
– Assets
• Current assets (less than a year) • Long-term assets (longer than a year
– Depreciation
– Liabilities and Stockholder’s Equity
• Major Divisions:
– Revenue & cost of goods sold
» Gross margin
– General administrative and selling expenses (GS&A)
» Operating income
– Debt service
» Taxable income
Chapter 3 Contents
• 3.1 Functions of Financial Statements
• 3.6 Analysis Using Financial Ratios
• 3.2 Review of Financial Statement
• 3.7 The Financial Planning Process
3.1 Functions of Financial Statemen
– Provide information to the owners & creditors of a firm about the current status and past performance
– Corporate Taxes
» Net income
8
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Exchange-listed companies must comply with Securities and Exchange Commission (SEC) rules
5 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Amounts measured at historical values and historical exchange rates
• Prepared according to GAAP, Generally Accepted Accounting Principles
– GAAP modified occasionally by the Financial Accounting Standards Board
Chapter 3: Managing Financial Health and Performance
Objectives
•Purpose of Financial Planning •Working Capital Management
1 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
– Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm
– Provide a convenient templates for financial planning
The Balance Sheet
• Summarizes a firms assets, liabilities, and owner’s
equity at a moment in time
3 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
3.2 Review of Financial Statements
– Balance Sheets – Income Statements – Cash-Flow Statements
7 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
The Income Statement
• Summarizes the profitability of a
company during a time period
External Financing
• 3.5 Return on Shareholders v. Return on Book Equity
• 3.10 Working Capital Mgmt.
• 3.11 Liquidity & Cash Mgmt.
2
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Liabilities
– Current Liabilities – Long-term debt
• Equity 6 Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
GPC Balance Sheet on December 31
• 3.3 Market values v. Book Values
• 3.8 Constructing a Financial Planning Model
• 3.4 Accounting v. Economic • 3.9 Growth & the Need for
Measures of Income
The Balance Sheet
• Major Divisions:
– Assets
• Current assets (less than a year) • Long-term assets (longer than a year
– Depreciation
– Liabilities and Stockholder’s Equity
• Major Divisions:
– Revenue & cost of goods sold
» Gross margin
– General administrative and selling expenses (GS&A)
» Operating income
– Debt service
» Taxable income
Chapter 3 Contents
• 3.1 Functions of Financial Statements
• 3.6 Analysis Using Financial Ratios
• 3.2 Review of Financial Statement
• 3.7 The Financial Planning Process
3.1 Functions of Financial Statemen
– Provide information to the owners & creditors of a firm about the current status and past performance
– Corporate Taxes
» Net income
8
Copyright © 2009 Pearson Education, Inc. Publishing as Prentice Hall
• Exchange-listed companies must comply with Securities and Exchange Commission (SEC) rules
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• Amounts measured at historical values and historical exchange rates
• Prepared according to GAAP, Generally Accepted Accounting Principles
– GAAP modified occasionally by the Financial Accounting Standards Board
Chapter 3: Managing Financial Health and Performance
Objectives
•Purpose of Financial Planning •Working Capital Management
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– Provide a convenient way for owners & creditors to set performance targets & to impose restrictions of the managers of the firm
– Provide a convenient templates for financial planning