InternetTradingandItsImpactonSecurityMarkets电子交易方式及证券市场全球化XXXSimonMeng,Ph.D.CCER,PekingUnivXX,XXX概念:金融(Finance)投资(Investment)资产(Assets)有形资产(Tangible)vs.无形资产(Intangible)金融资产(Financial)vs.实物资产(Real)证券投资组合及其管理(PortfolioandItsManagement)资产配置(Assetallocation)金融的范畴:公司理财(CorporateFinance)投资决策(InvestmentDecisions)融资决策(FinancingDecisions)金融市场(FinancialMarkets)投资环境(InvestmentEnvironment)投资工具(InvestmentInstruments)投资管理(Investment金融市场投资:证券(Securities)风险(Risk)收益(Return)持有期限(HoldingPeriod)投资(Investing)(-10,2,8,4,...)t投资环境:计算收益率:r=(p1-p0)/p0其中:r=收益率p0=基期价格p1=即期价格投资替代品概览金融资产实物资产1.股权(Equityclaims)—直接普通股(commonstock)认股权证(warrants)期权(options)2.股权(Equityclaims)—间接投资公司股票(Investmentcompanyshares)〔(共同基金(mutualfunds)〕养老基金(Pensionfunds)终身人寿保险(Wholelifeinsurance)3.债权(Creditorclaims)存款帐户(Savingsaccount)货币市场基金(Moneymarketfunds)商业票据(Commercialpaper)国库券(Treasurybills),中期国库债券(Treasurynote)市政票据(Municipalnotes),市政公债(Municipalbonds)公司债券(Corporatebonds)〔直接可转换债券(straightandconvertibletocommonstock)〕4.优先股(Preferredstock)〔直接可转换债券(straightandconvertibletocommonstock)〕5.商品期货(Commodityfutures)1.不动产(Realestate)建筑物(Officebuildings)公寓(Apartments)购物中心(Shoppingcenters)私宅(Personalresidences)2.贵重金属(Preciousmetals)金(Gold)银(Silver)3.贵重宝石(Preciousgems)1钻石(Diamonds)红宝石(Rubies)蓝宝石(Sapphires)4.收藏品(Collectibles)艺术品(Art)古玩(Antiques)邮票(Stamps)钱币(Coins)珍贵书籍(Rarebooks)5.其它(Other)牲畜(Cattle)石油(Oil)普通金属(Commonmetals)直接投资和间接投资(Direct&IndirectInvesting)个人投资者(IndividualInvestors)机构投资者(InstitutionalInvestors)共同基金(MutualFund)基金管理...