金融學

前言

　　在《金融學》出版10年后，博迪、默頓以及克利頓三位教授通力合作，推出了《金融學》（第二版）。三位作者均在金融研究領(lǐng)域建樹頗多，默頓教授更是獲得了1997年度的諾貝爾經(jīng)濟學獎?！　”景娼滩某幸u了《金融學》的基本框架，致力于提供金融領(lǐng)域的全景式描述，同時采用統(tǒng)一整體的邏輯演進方式闡釋金融領(lǐng)域涉及的問題。這種安排既便于使用者根據(jù)自己的喜好自行選擇感興趣的內(nèi)容，又有助于迅速了解金融領(lǐng)域各個組成部分之間的邏輯聯(lián)系。作為一本入門教材.這種處理方式無疑存在匠心獨運之處。在此基礎(chǔ)上，本版教材增加了大量應(yīng)用性專欄，這些專欄選取不同素材從各個角度說明理論的應(yīng)用性，從而有利于加深對理論的理解。從總體上看。本版教材具有語言深入淺出，例證生動鮮活，理論聯(lián)系實際等主要特色，確實是一本難得的優(yōu)秀入門教材。具體而言，本版教材鮮明地提出從功能視角出發(fā)劃分金融體系的觀點，大量專欄和圖表的使用提供了豐富的背景知識并為進一步的研究預(yù)留了充足的空間?！　榱耸贡景娼滩母悠鹾衔覈慕虒W體系，更好地滿足雙語教學的實際需要，我們應(yīng)中國人民大學出版社的邀請。通過對教材內(nèi)容的改編以及增加中文注釋的方式形成了本教材的雙語教學版。雙語教學版在保持原有教材的框架體系和內(nèi)容特色的基礎(chǔ)上，從符合我國教學實際需要的角度出發(fā)對原書內(nèi)容進行了部分刪節(jié)。主要體現(xiàn)在以下三個方面：（1）刪除了一些說明性的例證。（2）刪除了一些可以在其他課程中了解到或者深入學習的部分。（3）本版教材是一本入門教材.以本版教材為母版的雙語教學版應(yīng)當也是以入門啟發(fā)為目的，因此刪除了一些難度較大的章節(jié)。　　從雙語教學的需要出發(fā)，我們對書中所涉及的重要概念和定義、相關(guān)理論和模型以及不易理解的部分進行了中文加注工作，希望能為學習本書提供一些幫助。在加注的過程中，我們試圖從便于理解、邏輯連貫的角度出發(fā)對章節(jié)內(nèi)容進行闡釋說明。但是由于水平所限，疏漏之處在所難免.敬請讀者批評指正。　　本教材雙語教學版既可以作為金融學課程的雙語教學教材使用，也可以用于金融相關(guān)專業(yè)的專業(yè)英語教學過程。作為一本優(yōu)秀的入門教材，本書同樣是金融相關(guān)專業(yè)的本科生、MBA、HPA學生必備的教材，而且也是廣大讀者了解金融知識的優(yōu)秀參考讀物。

內(nèi)容概要

本教材以功能視角劃分金融體系，采用統(tǒng)一整體的邏輯演進方式闡釋金融領(lǐng)域涉及的問題。內(nèi)容涉及金融和金融體系的基本介紹、時間與資源配置、價值評估模型、風險管理和資產(chǎn)組合理論、資產(chǎn)定價、公司金融等金融領(lǐng)域的基本問題。    本書致力于提供金融領(lǐng)域的全景化描述，將金融領(lǐng)域涉及的問題納入邏輯嚴整的統(tǒng)一分析框架中，為使用者根據(jù)自己的喜好自行選擇感興趣的內(nèi)容提供方便，并且有助于使用者迅速了解金融領(lǐng)域各個組成部分之間的邏輯聯(lián)系。大量專欄和圖表提供了豐富的背景知識，并為進一步的研究預(yù)留了充足的空間。這些專欄選取不同素材從各個角度說明理論的應(yīng)用性，從而有利于加深對理論的理解。

書籍目錄

第一部分 金融和金融體系  第1章 金融經(jīng)濟學  第2章 金融市場和金融機構(gòu)第二部分 時間與資源配置  第3章 跨期配置資源  第4章 居民戶的儲蓄和投資決策  第5章 投資項目分析第三部分 價值評估模型  第6章 市場估值原理  第7章 已知現(xiàn)金流的價值評估：債券  第8章 普通股的價值評估第四部分 風險管理與資產(chǎn)組合理論  第9章 風險管理的原理  第10章 對沖、投保和分散化  第11章 資產(chǎn)組合機會和選擇第五部分 資產(chǎn)定價  第12章 資本市場均衡  第13章 遠期市場與期貨市場  第14章 期權(quán)市場與或有索取權(quán)市場第六部分 公司金融  第15章 企業(yè)的財務(wù)結(jié)構(gòu)  第16章 實物期權(quán)深入閱讀專業(yè)術(shù)語表

章節(jié)摘錄

　　In order to produce goods and services, all firms——small and large——need capital. Thebuildings, machinery, and other intermediate inputs used in the production process arecalled physical capital The stocks, bonds, and loans used to finance the acquisition of thephysical capital are called financial capital.　　The first decision any firm must make is what businesses it wants to be in. This iscalled strategic planning. Because strategic planning involves the evaluation of costs andbenefits spread out over time, it is largely a financial decision-making process.　　Often a firm will have a core business defined by its main product line, and it maybranch out into related lines of business. For example, a firm that produces computer hard-ware may also choose to produce the software. It may also choose to service computers.　　A finns strategic goals may change over time, sometimes quite dramatically. Somecorporations enter into businesses that are seemingly unrelated to each other. They mayeven abandon their original core business altogether so that the companys name ceases tohave any connection with its current business.　　For example, ITT Corporation started out as a telephone company in 1920. Its namestood for International Telephone and Telegraph. In the 1970s ITT became a large multi-national conglomerate, operating a diverse set of businesses including insurance, muni-tions, hotels, bakeries, automobile rentals, mining, forest products, and gardening productsin addition to telecommunications. During the 1980s, ITT shed many of its businesses andfocused on operating hotels and casinos. By 1996 it had abandoned its original core busi-ness of producing telephone equipment and telecommunication services.　　Once a firms managers have decided whatbusinesses they are in, they must prepare aplan for acquiring factories, machinery, research laboratories, showrooms, warehouses,and other such long-lived assets and for training the personnel who will operate them all.This is the capital budgeting process.　　The basic unit of analysis in capital budgeting is an investment project. The process ofcapital budgeting consists of identifying ideas for new investment projects, evaluatingthem, deciding which ones to undertake, and then implementing them.　　Once a firm has decided what projects it wants to undertake, it must figure out how tofinance them. Unlike capital budgeting decisions, the unit of analysis in capital structuredecisions is not the individual investment project but the firm as a whole. The starting pointin making capital structure decisions is determining a feasible financing plan for the firm.Once a feasible financing plan has been achieved, the issue of the optimal financing mix canbe addressed.　　Firms can issue a wide range of financial instruments and claims. Some are standard-ized securities that can be traded in organized markets, such as common stock, preferredstock, bonds, and convertible securities. Others are nonmarketable claims, such as bankloans, employee stock options, leases, and pension liabilities.　　A corporations capital structure determines who gets what share of its future cashflows. For example, bonds promise fixed cash payments, whereas stocks pay the residualvalue left over after all other claimants have been paid. Capital structure also partiallydetermines who gets to control the company. In general, shareholders have control throughtheir right to elect the board of directors. But often bonds and other loans include contrac-tual provisions, called covenants, restricting the activities of management. These covenantrestrictions give the creditors some control over the companys affairs.

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