投資學(xué)

前言

　　本書作為投資學(xué)的入門教材，減少了投資學(xué)中煩瑣的數(shù)理知識與公式推導(dǎo)，但并沒有忽視現(xiàn)代投資理論與實踐的紛繁性與多樣性。在保持結(jié)構(gòu)完整、內(nèi)容淺顯易懂的前提下，詳細介紹了各種資本市場投資工具以及這些工具在實際中的應(yīng)用，突出了國際化的內(nèi)容；深入淺出地講解了有關(guān)投資的基礎(chǔ)理論，讓學(xué)生對于投資學(xué)這門理論性很強的課程有一些感性認識?！　”緯鴱膶嵱眯猿霭l(fā)。著重介紹了從投資者角度如何構(gòu)建自己的投資組合及對市場環(huán)境作出判斷，并讓學(xué)生了解現(xiàn)代金融在美國的發(fā)展現(xiàn)狀。雖然有些政策法規(guī)在我國并不適用，有些金融產(chǎn)品在我國也尚未推出，但這些內(nèi)容對于開闊學(xué)生視野是具有一定幫助的?！　”緯瓤梢宰鳛楦叩葘W(xué)校管理學(xué)院、商學(xué)院以及財經(jīng)學(xué)院的高年級本科生講授《投資學(xué)》課程的教科書或教學(xué)參考書，也可以作為證券分析人員、監(jiān)管部門與其他證券從業(yè)人員學(xué)習(xí)、參考的書籍，還可以供有一定基礎(chǔ)與興趣的讀者用來自修?！　∮捎谧g者的專業(yè)和英語水平有限。疏漏之處在所難免，希望各位讀者不吝指正。

內(nèi)容概要

《投資學(xué)》是一本簡明的投資學(xué)基礎(chǔ)教程，它以通俗簡潔的語言系統(tǒng)闡述了投資學(xué)的基本知識與理論。全書共十五章，分為三個部分：第一部分介紹的是基本的投資原理，以及個人作出投資決策時所面對的市場環(huán)境。第二部分列舉了各種資本市場中的投資工具，包括股票、公司債券、政府債券，并給出了這些固定收益證券的估值方法；特別介紹了作為資本市場上的重要機構(gòu)投資者的基金公司及其績效考評方法；另外，還引入了投資分析的兩種基本方法，即基本面分析和技術(shù)分析。第三部分簡要介紹了期權(quán)和期貨這兩種主要金融衍生產(chǎn)品的特性及其在市場上的運作過程。本書的實用性很強，始終將讀者作為個人投資者和投資管理人，從如何進行投資決策的角度出發(fā)深入淺出地講述投資學(xué)的基本原理。

作者簡介

赫伯特·B·梅奧，目前是新澤西大學(xué)（The College of New Jersey）的金融學(xué)教授，此前在特倫頓州立大學(xué)（Trenton State College）教書。梅奧教授從北卡羅來納大學(xué)（University of North Carolian）以最高榮譽獲得經(jīng)濟學(xué)學(xué)士學(xué)位，在Rutgers State uniVersity獲得博士學(xué)位，并

書籍目錄

第一部分　投資學(xué)基礎(chǔ)　第1章　證券市場　第2章　有效市場條件下的資產(chǎn)組合規(guī)劃　第3章　風(fēng)險和收益的測量　第4章　投資收益第二部分　基本投資工具　第5章　股票　第6章　基本面分析基礎(chǔ)　第7章　普通股的估值及選擇　第8章　技術(shù)分析　第9章　公司債券市場　第10章　政府債券　第11章　固定收益證券的估值　第12章　投資公司　第13章　專門投資公司及績效考評第三部分　金融衍生產(chǎn)品　第14章　期權(quán)簡介　第15章　商品和金融期貨回顧：貨幣的時間價值附錄A：年金函數(shù)表附錄B：習(xí)題答案術(shù)語表

章節(jié)摘錄

　　If a firm needs funds from an external source, it can approach an investmentbanker to discuss an underwriting. The term underwriting refers to the process ofselling new securities. In an underwritIng the firm that is selling the securities, andnot the firm that is issuing the shares, bears the risk associated with the sale. Theinvestment banker buys the securities with the intention of reselling them. If it fails tosell the securities, the investment banker must still pay the agreed-upon sum tothe firm at the time of the offering （i.e., the sale） of the securities. Failure to sell thesecurities imposes losses on the underwriter, who must remit funds for securitiesthat have not been sold.　　The firm in need of financing and the investment banker discuss the amount offunds needed, the type of security to be issued, the price and any special featuresof the security, and the cost to the firm of issuing the securities. All these factorsare negotiated by the firm seeking capital and the investment banker. If mutuallyacceptable terms are reached, the investment banker will be the intermediarythrough which the securities are sold by the firm to the general public.　　Because an underwriting starts with a particular brokerage firm that manages theunderwriting, that firm is called the originating house. The originating house neednot be a single firm if the negotiation involves several investment bankers. In thiscase, several firms can jointly underwrite and sell the securities to the general public.　　The originating house does not usually sell all the securities by itself butinstead forms a syndicate to market them. The syndicate is a group of brokeragehouses that join together to underwrite a specific sale of securities. The membersof the syndicate may bring in additional brokerage firms to help distribute thesecurities. The firm that manages the sale is frequently referred to as the lead under-writer. It is the lead underwriter that allocates the specific number of securitieseach member of the syndicate is responsible for selling. In the Yahoo！ illustration,17 additional firms joined the three lead underwriters to sell the securities.　　The use of a syndicate has several advantages. First, the syndicate may haveaccess to more potential buyers for the securities. Second, by using a syndicate thenumber of securities that each brokerage firm must sell is reduced. The increase inthe number of potential customers and the decrease in the amount that each bro-ker must sell increases the probability that the entire issue of securities will besold. Thus, syndication makes possible both the sale of a large offering of securi-ties and a reduction in the risk borne by each member.　　……

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