复旦大学课程教学大纲 课程代码 ECON130031.01 编写时间2019/3/31 课程名称 投资学原理 英文名称 Investments 学分数 周学时 3(18周) *任课教师 /课程负责人 张宗新、常中阳 开课院系 经济学院 接待时间 周二13:00-15: 30 联系方式 zhangzongxin@fudan.edu.cn 预修课程金融市场学、货币银行学、公司财务学 课程性质: 综合教育课程 文理基础课程 专业必修课程 专业选修课程 课程介绍: 本课程的目的是为学习者提供资产定价与资产配置的“全景式视野”,即如何把经济 主体(个人、机构)的有限财富或者资源分配到诸如股票、债券、金融衍生品等各种(金 融)资产上,以获得合理的现金流量和风险-收益特征 课程内容主要分为四个部分。第一部分,投资学基础(第1-2章),需9学时。作 为投资学基础部分,本部分重点介绍投资学研究对象、投资内涵、投资流程、投资市场与 投资工具。第二部分,资本市场均衡理论(第3-6章),需18学时。本部分包括均值-方 差理论、资本资产定价模型(CAPM)、指数模型和套利定价理论(APT)、有效市场假 说(EMH)和行为金融理论。第三部分,证券分析与估值(第7-9章),需18学时。这 部分重点对固定收益证券、权益证券和衍生证券三大类金融投资工具进行估值与投资分 析。第四部分,基金投资与绩效评价(第10章),需9学时。在对投资工具进行估值之 后,接下来程序就是根据不同投资者的风险偏好进行配置资产,将投资资金运用于管理, 对资产组合进行管理和投资业绩进行评价。 教材和教学参考资料(不少于5种) 作者 教材或参考资料名称 出版社 出版年月
复旦大学课程教学大纲 课程代码 ECON130031.01 编写时间 2019/3/31 课程名称 投资学原理 英文名称 Investments 学分数 3 周学时 3（18 周） *任课教师 /课程负责人 张宗新、常中阳 开课院系 经济学院 接待时间 周二 13：00-15： 30 联系方式 zhangzongxin@fudan.edu.cn 预修课程 金融市场学、货币银行学、公司财务学 课程性质： 综合教育课程 □ 文理基础课程 □ 专业必修课程 √ 专业选修课程 □ 课程介绍： 本课程的目的是为学习者提供资产定价与资产配置的“全景式视野”，即如何把经济 主体（个人、机构）的有限财富或者资源分配到诸如股票、债券、金融衍生品等各种（金 融）资产上，以获得合理的现金流量和风险-收益特征。 课程内容主要分为四个部分。第一部分，投资学基础（第 1-2 章），需 9 学时。作 为投资学基础部分，本部分重点介绍投资学研究对象、投资内涵、投资流程、投资市场与 投资工具。第二部分，资本市场均衡理论（第 3-6 章），需 18 学时。本部分包括均值-方 差理论、资本资产定价模型（CAPM）、指数模型和套利定价理论（APT）、有效市场假 说（EMH）和行为金融理论。第三部分，证券分析与估值（第 7-9 章），需 18 学时。这 部分重点对固定收益证券、权益证券和衍生证券三大类金融投资工具进行估值与投资分 析。 第四部分，基金投资与绩效评价（第 10 章），需 9 学时。在对投资工具进行估值之 后，接下来程序就是根据不同投资者的风险偏好进行配置资产，将投资资金运用于管理， 对资产组合进行管理和投资业绩进行评价。 教材和教学参考资料（不少于 5 种） 作者 教材或参考资料名称 出版社 出版年月
张宗新 投资学(第3版) 复旦大学出版社 2013 刘红忠 投资学(第3版) 高等教育出版社 2015 ZⅤ i Bodie.Alex ane and alan j nvestments. 6th edition McGraw-Hill/rwin 2005 Marcus Investments Willi F Sharp, Gordon J Investments, 6th edition Prentice hall 2001 Alexander, Jeffery John hull Options, Futures and other Pearson Education 20l1 Derivatives. 8th edition 教学进度及预期效果 课程安排 课程内容 预期效果 第1周投资理论发展、投资内涵、投资掌握投资学科理论体系发展,熟悉投资内涵、 流程 投资流程和步骤 第2周金融市场和投资环境 熟悉金融市场体系、证券市场功能、市场交易 机制、投资市场分类和特征 第3周投资工具 掌握权益类、固定收益类、共同基金和金融衍 生类投资工具的性质和特征 第4周资产组合理论I 金融市场风险、投资者风险偏好和效应函数 第5周资产组合理论Ⅱ 掌握均值-方差理论、有效前沿和最优资产 合边界 第6周 资本资产定价模型I 掌握资本资产定价模型(CAPM)理论、证券市 场线(SML)和资本市场线(CML) 第7周资本资产定价模型Ⅱ 掌握证券市场风险结构,熟悉资本资产定价模 型实证检验 第8周指数模型和套利定价理论 掌握指数模型和套利定价理论(APT),以及 CAPM和APT的区别和联系 第9周 有效市场理论 掌握有效市场假说(E)理论及其检验,行 为金融对EMH的挑战 第10周股票市场投资分析I 掌握“自上而下”的权益证券分析方法,对熟 悉权益证券估值体系 第11周股票市场投资分析Ⅱ 掌握公司财务报表分析,熟悉股票投资的配置 策略 第12周债券市场投资分析I 了解货币时间价值和利率,掌握债券价值分析 方法 第13周债券市场投资分析Ⅱ 掌握债券到期收益率及其收益率曲线、债券定 价和风险管理
张宗新 投资学（第 3 版） 复旦大学出版社 2013 刘红忠 投资学（第 3 版） 高等教育出版社 2015 Zvi Bodie, Alex Kane and Alan J. Marcus. Investments, Investments, 6th edition McGraw-Hill/Irwin 2005 William F.Sharp,Gordon J. Alexander, Jeffery V. Bailey Investments，6th edition Prentice Hall 2001 John Hull Options, Futures and Other Derivatives,8th edition Pearson Education 2011 教学进度及预期效果 课程安排 课程内容 预期效果 第 1 周 投资理论发展、投资内涵、投资 流程 掌握投资学科理论体系发展，熟悉投资内涵、 投资流程和步骤 第 2 周 金融市场和投资环境 熟悉金融市场体系、证券市场功能、市场交易 机制、投资市场分类和特征 第 3 周 投资工具 掌握权益类、固定收益类、共同基金和金融衍 生类投资工具的性质和特征 第 4 周 资产组合理论Ⅰ 金融市场风险、投资者风险偏好和效应函数 第 5 周 资产组合理论Ⅱ 掌握均值-方差理论、有效前沿和最优资产组 合边界 第 6 周 资本资产定价模型Ⅰ 掌握资本资产定价模型（CAPM）理论、证券市 场线（SML）和资本市场线（CML） 第 7 周 资本资产定价模型Ⅱ 掌握证券市场风险结构，熟悉资本资产定价模 型实证检验 第 8 周 指数模型和套利定价理论 掌握指数模型和套利定价理论（APT），以及 CAPM 和 APT 的区别和联系 第 9 周 有效市场理论 掌握有效市场假说（EMH）理论及其检验，行 为金融对 EMH 的挑战 第 10 周 股票市场投资分析Ⅰ 掌握“自上而下”的权益证券分析方法，对熟 悉权益证券估值体系 第 11 周 股票市场投资分析Ⅱ 掌握公司财务报表分析，熟悉股票投资的配置 策略 第 12 周 债券市场投资分析Ⅰ 了解货币时间价值和利率，掌握债券价值分析 方法 第 13 周 债券市场投资分析Ⅱ 掌握债券到期收益率及其收益率曲线、债券定 价和风险管理
第14周金融衍生市场投资分析掌握远期合约和期货合约的定价及其应用 第15周金融衍生市场投资分析Ⅱ 掌握二叉树和 Black- Scholes期权合约定价方 法及其应用 第16周基金投资管理 掌握基金投资策略和投资管理方法 第17周投资绩效评价 掌握投资绩效评价体系和方法、了解基金业绩 持续性 第18周习题和答疑 掌握课程练习题和考试要求 考核方式 本课程考核方式包括平时作业及期末考试,平时作业成绩占30%,期末考试成绩占70% 期末考试方式为闭卷考试。 **课程网络资源: 本课程的教学大纲、课件及作业要求等均可在学校的E- learning平台、复旦教学网络平 台(投资学教学网站,即http://fdjpkc.fudaneducn/d201356/)获取。 **教师教学、科研情况简介: 张宗新,经济学博士,金融学教授、博士生导师,主要从事证券市场研究。在本科生、 硕士生开设《投资学原理》、《证券投资分析》、《投资学专题》、《证券投资理论与实 证》等课程。 *如该门课为多位教师共同开设,请在对课程负责人加以注明 **为可选项目,请老师根据实际情况填写
第 14 周 金融衍生市场投资分析Ⅰ 掌握远期合约和期货合约的定价及其应用 第 15 周 金融衍生市场投资分析Ⅱ 掌握二叉树和 Black-Scholes 期权合约定价方 法及其应用 第 16 周 基金投资管理 掌握基金投资策略和投资管理方法 第 17 周 投资绩效评价 掌握投资绩效评价体系和方法、了解基金业绩 持续性 第 18 周 习题和答疑 掌握课程练习题和考试要求 考核方式： 本课程考核方式包括平时作业及期末考试，平时作业成绩占30%，期末考试成绩占70%。 期末考试方式为闭卷考试。 **课程网络资源： 本课程的教学大纲、课件及作业要求等均可在学校的 E-learning 平台、复旦教学网络平 台（投资学教学网站，即 http://fdjpkc.fudan.edu.cn/d201356/）获取。 **教师教学、科研情况简介： 张宗新，经济学博士，金融学教授、博士生导师，主要从事证券市场研究。在本科生、 硕士生开设《投资学原理》、《证券投资分析》、《投资学专题》、《证券投资理论与实 证》等课程。 *如该门课为多位教师共同开设，请在对课程负责人加以注明。 **为可选项目，请老师根据实际情况填写
Course outline Course code ECON13003101 Written date 2019/3/31 Course title 投资学原理 ( Chinese) ourse title Investments (English) Credit Teaching hour 3(18 weeks) Instructor Zhang Zongxin /Chang Zongyang Department School of Economics Thursday Office hour 08:00-10:35 Information zhangzongxin@fudan.edu.cn Pre-courses Financial Markets, Corporate Finance, The Economics of Money and Nature of the course: Compul Electi Course description: The purpose of this course is to provide learners with the"panoramic view" of asset pricing and asset allocation, i.e. how economic actors(individuals, organizations)allocate their limited wealth or resources to diversified financial assets such as stocks bonds derivatives in order to obtain a reasonable cash flow and risk- return characteristics The course is divided into four parts. Part one, the fundamentals of investment( Chapter 1-2), need three weeks. As the basic part of the investment, this section focus on the research object, meaning process, markets and instruments of the investment. Part two, the capital market equilibrium theory (Chapter 3-6), need six weeks. This section includes the mean- variance theory, capital asset pricing model( CAPM), exponential model and the arbitrage pricing theory(APT), the efficient market hypothesis (EMH) and behavioral finance theory. Part three, the analysis and valuation of securities( Chapter 7-9) need six weeks. This section mainly introduces the valuation and analysis of three categories of financial nstrument, fixed-income securities, equity securities and derivative securities. Part four, the fund nvestment management and the performance evaluation( Chapter 10), need three weeks. After the valuation of investment instruments, the next procedures are assets allocation acc appetite of different investors, investment funds management, portfolio management and investment performance evaluation
Course outline Course code ECON130031.01 Written date 2019/3/31 Course title (Chinese) 投资学原理 Course title (English) Investments Credit 3 Teaching hour 3（18 weeks） Instructor Zhang Zongxin /Chang Zongyang Department School of Economics Office hour Thursday 08:00-10:35 Contact Information zhangzongxin@fudan.edu.cn Pre-courses Financial Markets, Corporate Finance，The Economics of Money and Banking, Nature of the course: Comprehensive □ Basic □ Compulsory √ Elective □ Course description: The purpose of this course is to provide learners with the "panoramic view" of asset pricing and asset allocation, i.e. how economic actors (individuals, organizations) allocate their limited wealth or resources to diversified financial assets such as stocks, bonds, derivatives, in order to obtain a reasonable cash flow and risk - return characteristics. The course is divided into four parts. Part one, the fundamentals of investment (Chapter1-2), need three weeks. As the basic part of the investment, this section focus on the research object, meaning, process, markets and instruments of the investment. Part two, the capital market equilibrium theory (Chapter 3-6), need six weeks. This section includes the mean - variance theory, capital asset pricing model (CAPM), exponential model and the arbitrage pricing theory (APT), the efficient market hypothesis (EMH) and behavioral finance theory. Part three, the analysis and valuation of securities (Chapter 7-9), need six weeks. This section mainly introduces the valuation and analysis of three categories of financial instrument, fixed-income securities, equity securities and derivative securities. Part four, the fund investment management and the performance evaluation (Chapter 10), need three weeks. After the valuation of investment instruments, the next procedures are assets allocation according to the risk appetite of different investors, investment funds management, portfolio management and investment performance evaluation
Textbooks and references Author Title Publisher Year Zhang Zongxin Investments(Third Edition) Fudan University 2013 Press Higher Education Liu Hongzhong Investments(Third Edition) 2015 Zvi Bodie. Alex Kane and Alan J Investments 6th edition McGraw-Hill/Irwin2005 Marcus Investments William FSharp, Gordon J Investments, 6th edition Prentice hall 2001 Alexander, Jeffery V Baile John hull Options, Futures and Other Pearson Education 2011 Derivatives Sth edition eaching arrangement and outcomes Arrangement Contents Outcome Investment theory development, master the theoretical system development of Week One investment content, Investment investment discipline, be familiar with the Process connotation, processes and procedures Be familiar with financial market system, the Financial markets& Investment Week Two stock market functions. the market trading Environment mechanism. classification and characteristics of the investment market master the nature and characteristics of the Week Three Investment instruments equity, fixed-income, mutual funds and financial derivatives financial market risks, investor risk appetite Week Four Portfolio Theory I and effector functions Portfolio Theory Il master Mean variance theory, the efficient Week Five master Capital Asset Pricing Model(CAPM) Week sⅸx Capital Asset Pricing Model theory, Security Market Line(SML) and Capital market line(CML) Week sevel Capital Asset Pricing Model II familiar with the capital asset pricing model empirical test
Textbooks and references Author Title Publisher Year Zhang Zongxin Investments (Third Edition) Fudan University Press 2013 Liu Hongzhong Investments (Third Edition) Higher Education Press 2015 Zvi Bodie, Alex Kane and Alan J. Marcus. Investments, Investments, 6th edition McGraw-Hill/Irwin 2005 William F.Sharp,Gordon J. Alexander, Jeffery V. Bailey Investments，6th edition Prentice Hall 2001 John Hull Options, Futures and Other Derivatives,8th edition Pearson Education 2011 Teaching arrangement and outcomes Arrangement Contents Outcome Week One Investment theory development, investment content, Investment Process master the theoretical system development of investment discipline, be familiar with the connotation, processes and procedures Week Two Financial markets& Investment Environment Be familiar with financial market system, the stock market functions, the market trading mechanism, classification and characteristics of the investment market Week Three Investment instruments master the nature and characteristics of the equity, fixed-income, mutual funds and financial derivatives Week Four Portfolio TheoryⅠ financial market risks, investor risk appetite and effector functions Week Five Portfolio TheoryⅡ master Mean - variance theory, the efficient frontier and optimal portfolio borders Week Six Capital Asset Pricing Model Ⅰ master Capital Asset Pricing Model (CAPM) theory, Security Market Line (SML) and Capital market line (CML) Week Seven Capital Asset Pricing ModelⅡ Master the stock market risk structure, familiar with the capital asset pricing model empirical test
master Exponential model and APT, as well Exponential model and arbitrage as the difference and link between CaPm and pricing theory APT master the theory and testing of EMH, the Efficient market theory challenges of behavioral finance for emh Week ten Stock Market Investment Analysis securities, be familiar with valuation system of equity securities Stock Market Investment Analysis Master corporate financial statement analysis, Week eleven be familiar with allocation strategy of stock nvestment understand the time value of money and the Bond market Investment Analysis Week Twelve interest rate, master bond value analysis method Week Thirteen/Bond Market Investment Analysis Master bond yield to maturity and yield curves, bond pricing and risk management Week Fourteen Financial Derivatives Investment Master the pricing and application of Analysis I forward contracts and futures contracts eek Fifteen Financial Derivatives Investment Master binary tree and Black-Scholes option Analysis I pricing model and its application Master fund investment strategy and Week Sixteen Fund Investment Management management methods Week Master investment performance evaluation Investment Performance Evaluation system and methods, understand the fund Seventeen performance persistence Master the course exercises and examination Week Eighteen Exercises and Q&A Grading: The course assessment methods including coursework and final exam Homework scores account for 30%. final examination 70% Final exam is a closed book exam mode
Week Eight Exponential model and arbitrage pricing theory master Exponential model and APT, as well as the difference and link between CAPM and APT Week Nine Efficient market theory master the theory and testing of EMH, the challenges of behavioral finance for EMH Week Ten Stock Market Investment Analysis Ⅰ master the "top-bottom" analysis of equity securities, be familiar with valuation system of equity securities Week Eleven Stock Market Investment Analysis Ⅱ Master corporate financial statement analysis, be familiar with allocation strategy of stock investment Week Twelve Bond Market Investment Analysis Ⅰ understand the time value of money and the interest rate, master bond value analysis method Week Thirteen Bond Market Investment Analysis Ⅱ Master bond yield to maturity and yield curves, bond pricing and risk management Week Fourteen Financial Derivatives Investment Analysis Ⅰ Master the pricing and application of forward contracts and futures contracts Week Fifteen Financial Derivatives Investment Analysis Ⅱ Master binary tree and Black-Scholes option pricing model and its application Week Sixteen Fund Investment Management Master fund investment strategy and management methods Week Seventeen Investment Performance Evaluation Master investment performance evaluation system and methods, understand the fund performance persistence Week Eighteen Exercises and Q&A Master the course exercises and examination requirements Grading: The course assessment methods including coursework and final exam Homework scores account for 30%, final examination 70%. Final exam is a closed book exam mode
Online sources. The course syllabus, courseware, and homework requirements can be found in the school's E-learning platform, Fudan University teaching network platform (Investment teaching website, that http://fdjpkc.fudaneducn/d201356/) Teaching, research briefing Zhang Zongxin, Economics Ph. D, Financial Professor, doctoral tutor, mainly engaged in the securities market research. Open courses, like " Investment Principles","Securities Investment Analysis","Investment: Special Subject", Securities Investment: Theory and Empirical"for the undergraduate and graduate *If the course is provided by several instructors, please indicate the one responsible for it. **Elective item, please fill in whenever necessary
Online sources: The course syllabus, courseware, and homework requirements can be found in the school's E-learning platform, Fudan University teaching network platform (Investment teaching website, that http://fdjpkc.fudan.edu.cn/d201356/) . Teaching, research briefing: Zhang Zongxin, Economics Ph.D., Financial Professor, doctoral tutor, mainly engaged in the securities market research. Open courses, like "Investment Principles", "Securities Investment Analysis", "Investment: Special Subject", "Securities Investment: Theory and Empirical" for the undergraduate and graduate. *If the course is provided by several instructors, please indicate the one responsible for it. **Elective item, please fill in whenever necessary