英文金融授課

英文金融授課演講人：日期：IntroductiontoFinanceFinancialMarketsandInstrumentsCorporateFinancePortfolioManagementandInvestmentAnalysisRiskManagementandDerivativesInternationalFinance目錄01IntroductiontoFinanceFinanceisthestudyofhowindividuals,businesses,andgovernmentsraise,allocate,andusemonetaryresourcesovertimeItinvolvesthemanagementofriskandthemaximizationofreturnsoninvestmentsFinanceencompassesvariousactivitiessuchasbanking,investment,andinsuranceDefinitionandOverviewofFinanceFinanceplaysacriticalroleinbusinessbyadvancingthenecessaryfundsforoperations,expansion,andresearchanddevelopmentIthelpsbusinessestomanagerisk,planforfuturegrowth,andmakeinformeddecisionsaboutinvestingandinvestingFinancealsoenablesbusinessestotrackandmonitortheirfinancialperformanceandmakeadjustmentsasneededTheRoleofFinanceinBusinessTimeValueofMoneyTheconceptthatmoneyisavailableatthepresentationtimeismorethanthesameamountinthefutureduetoitspotentialearningcapacityCapitalStructureThemixofdebtandequityusedtofinanceacompany'soperationsandgrowthFinancialStatementsReportsthatprovideinformationaboutacompany'sfinancialposition,performance,andcashflowsRiskandReturnTheprinciplethathigherreturnstypicallycomewithhigherlevelsofriskBasicFinancialConceptsandPrinciples02FinancialMarketsandInstrumentsMoneyMarketAmarketforshorttermdebtinstrumentswithmaturitytypicallyuptooneyearDerivativesMarketAmarketwherethevalueoftheunderlyingasset,suchascommodities,currencies,interestrates,orstocks,isderivedfromthepriceoftheunderlyingassetForeignExchangeMarketAglobaldecentralizedmarketwherecurrenciesaretradedagainsteachotherCapitalMarketAmarketforlongtermdebtandequitysecurities,wherebusinessesandgovernmentscanraiselongtermfundsTypesofFinancialMarketsStocksRepresentownershipinacompanyandtitletheholdertoashareofthecompany'sprofitsDebtsecuritiesissuedbygovernmentsorcorporationstoraisefunds,withapromisetorepaytheprincipalandinterestataspecifieddateInvestmentvehiclesthatpoolmoneyfrommanyinvestorstopurchaseaportfolioofstocks,bonds,orothersecuritiesFinancialcontractswhosevalueisderivedfromtheperformanceofanunderlyingassetorgroupofassetsBondsMutualFundsDerivativesFinancialInstrumentsandTheirUsesIssuersEntitiesthatsellsecuritiestoraisefundsforvariouspurposessuchasexpansion,debtrepayment,ortofinanceongingoperationsInvestorsIndividualsorinstitutionsthatpurchasesecuritieswiththeexpectationofearningareturnontheirinvestmentIntermediariesEntitiesthatfacilitatethetradingofsecuritiesbetweenbuyersandsellers,suchasbrokers,dealers,andexchangesRegulatorsGovernmentagenciesorselfregulatoryorganizationsthatoverseethefinancialmarketstoensurefairness,transparency,andcompliancewithlawsandregulations01020304MarketParticipantsandTheirRolls03CorporateFinanceCapitalBudgetingTechniquesFirmsutilizevariouscapitalbudgetingtechniquessuchasnetpresentvalue(NPV),internalrateofreturn(IRR),andpaybackperiodtoevaluatepotentialinvestmentsRiskandReturnConsiderationsWhenmakinginvestmentdecisions,firstmustconsidertheriskandreturnassociatedwitheachproject,weighingthepotentialbenefitsagainstthecostsanduncertaintiesRealOptionsAnalysisThisapproachrecognizesthatmanagerscanmakeflexibledecisionsinresponsetochangingmarketconditions,treatinginvestmentopportunitiesasoptionsthatcanbeexercisedatalaterdateCapitalBudgetingandInvestmentDecisionsDebtFinancingCorporationscanraisefundsbyissuingbondsortakingoutloansfrombanksandotherfinancialinstitutionsDebtfinancingstylishlyinvolvesfixedpaymentsoverasetperiodEquityFinancingFirmscanalsoraisecapitalbyissuingsharesofstocktoinvestorsEquityfinancingprovidesapermanentsourceoffundsbutdilutesownershipandmayresultinlowerearningspershareHybridSecuritiesSomefirmissueshybridsecurities,suchasconvertiblebondsorpreferredstock,whichcombinefeaturesofbothdebtandequityfinancingSourcesofFinancingforCorporations010203DividedPolicyDecisionsCorporationsmustdecidewhichtopaydividendstoshareholders,andifso,howmuchandhowfrequentlyDividedpolicycanaffectafirm'scostofcapital,shareholdervalue,andliquidityImpactonShareholderValueDividedpaymentscanaffectshareholdervaluebyprovidingareturnoninvestmentandsigningthefirm'sfinancialhealthandfutureprospectsDividedReinvestmentPlans(DRIPs)SomefirmofferDRIPs,whichallowshareholderstoautomaticallyreinvestdividedpaymentsinadditionalsharesofstock,oftenatadiscounttothemarketpriceDividedPolicyandShareholderValue04PortfolioManagementandInvestmentAnalysisPortfolioTheoryBasics01Explainthefundamentalprinciplesofportfoliotheory,includingtheconceptofdiversificationanditsbenefitsinreducingoverallriskAssetAllocation02DiscusstheprocessofallocatingcapitalacrossdifferentassetclassestoachievethedesiredriskreturnprofileModernPortfolioTheory(MPT)03IntroducestudentstotheMPTframework,whichusesstatisticalanalysistooptimizeportfoliobasedonriskandreturnPortfolioTheoryandDiversityCapitalAssetPricingModel(CAPM)ExplaintheCAPManditsuseinestimatingtheexpectedreturnofasecurityorportfoliobasedonitssystemicriskArbitragePricingTheory(APT)IntroducetheAPT,whichsuggestionsthattheexpectedreturnofafinancialassetcanbedeterminedbyvariousmacroeconomicfactorsDiscountedCashFlow(DCF)ValuationCoverstheDCFvaluationtechnique,whichestimatestheintrinsicvalueofanassetbydiscountingitsfuturecashflowstothepresentvalueAssetPricingModelsandValuationTechniquesAssetPricingModelsandValuationTechniquesRelativeValuationModelsDiscussionsrelatedvaluationmodelssuchasthepriceearningratio,pricetobookvalue,andpricetosalesratio,whichareusedtocomparethevaluationofsimilarassetsActiveandPassiveInvestmentStrategiesComparesactiveandpassiveinvestmentstrategies,highlightingtheirrespectiveadvantagesanddisadvantagesAssetAllocationStrategiesPresentsdifferentassetallocationstrategies,includingstrategiesandtacticalassetallocation,andexplainshowtheycanbeusedtomanageriskandenhancereturnsPortfolioRebalancingDiscusstheimportanceofportfoliorebalancingandhowitcanbeusedtomaintainthedesiredriskreturnprofileovertimeInvestmentStrategiesandPerformanceEvaluationInvestmentStrategiesandPerformanceEvaluationPerformanceEvaluationMetricsIntroducesvariousperformanceevaluationmetricssuchasSharperatio,Sortinoratio,andalphaandbeta,whichareusedtoassesstheperformanceofinvestmentportfolios05RiskManagementandDerivativesArisesfrommovementsinmarketprices,suchasinterestrates,equityprices,andcurrencyexchangeratesManagementtechniquesincludehedging,diversification,andassetliabilitymatchingTheriskthatacounterpartytoafinancialtransactionwilldefaultonitsobjectivesCreditriskcanbemanagedthroughcreditratings,consolidation,andcreditdefaultswapsRelatedtofailuresininternalprocesses,people,andsystems,orfromexternaleventsManagementstrategiesincluderiskassessment,insurance,andbusinesscontinuityplanningMarketRiskCreditRiskOperationalRiskTypesofFinancialRiskandTheirManagementForwardsandFuturesAllowpartstolockinapriceforanassettobedeliveredatafuturedate,providingprotectionagainstpricemovementsOptionsGivetheholdertheright,butnottheopposition,tobuyorsellanassetataspecifiedpriceonorbeforeacertificatedateTheycanbeusedtohedgeportfoliosortospecifyonpricemovementsSwapsInvolvetheexchangeofcashflowsorliabilitiesfromtwodifferentfinancialinstrumentsTheyareoftenusedtomanageinterestrateriskorcurrentriskDerivativesandTheirUsesinRiskManagementInsightandSupervisionRegulatorybodiessuchastheSecuritiesandExchangeCommission(SEC)andtheCommodityFuturesTradingCommission(CFTC)intheUSoverthederivativemarkets,ensuringtransparencyandfairplayMarginRequirementsToreducetheriskofdefault,regulatorybodiessetmarginrequirementsthattradersmustmeetwhenenteringintoderivativecontractsRegulatoryFrameworkforDerivativeMarketsReportingandRecordkeepingRegulatoryframeworksrequireconfirmationtomaintainaccuraterecordsoftheirderivativetransactionsandtoreportcertificateinformationtoregulatorsTradeExecutionandClearingRegulationsensurethatderivativetradesareexecutedinafairandorderlymanner,andthatclearinghousesareabletomanagetheriskassociatedwiththesetradesRegulatoryFrameworkforDerivativeMarkets06InternationalFinanceFunctionsofForeignExchangeMarketsForeignexchangemarkets