光华杨云红老师证 券投资课件2010春 金融市场.pptVIP

证券投资学 这门课能给我们带来什么？ 点金术？ 为什么不能给出一些指导意见，以保证我们能够战胜市场？ 任何所设计的能战胜市场的系统，一旦被一些人所获知，这种系统就失效了。 This does not mean that financial analysis is useless. Although individuals should be skeptical when others tell them how to use financial analysis to beat the market, individuals can try to understand the market with the use of financial analysis. -------------------W. Sharpe, etc. 三个故事 Robert Merton、Myron Scholes---- Long Term Capital Management Sanford J. Grossman----Quantitative Financial Strategies, Inc Barra Rosenberg---BARRA Model 本课程的目标 正确的投资决策需要对实际金融市场的深刻理解、严格的分析能力以及精确的数学推导。通过本课程学习应该掌握： （1）投资决策中的定性分析能力 （2）定量分析能力：建模能力以及模型的求解和分析、数据分析、不确定事件的概率估计 （3）对实际金融市场的深刻理解（投资决策的本质就是对投资环境的理解）：包括股票、债券和衍生证券的风险和收益特性、中国证券市场的特点等 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 time-honored rules of thumb; you must understand why companies 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 about. ---------Brealey and Myers 中国股市的特点 市场规模、结构，市场机制，监管与规则，上市公司的质量，证券公司竞争力，机构投资者特点，投资者心理 证券投资是一门科学，也是一种艺术，是一件知难行易的事，但做起来容易的事如果只碰运气，却是难以成功的，证券投资必须要有策略和方法，加上果断的决策与好运，才能成功。 本课程的主要内容 Financial theories: Portfolio theory, the CAPM and the APT, option pricing theory, interest term structure Equity analysis and pricing, and empirical evidence Fixed income instruments, managing bond portfolios Market efficiency and active investments A brief introduction to behavioral finance 什么是金融学(Finance) Finance is a subfield of economics distinguished by both its focus and its methodology. The primary focus of finance is the workings of the capital markets and the supply and the pricing of