投资 INVESTMENTS
1-1 投 资 学 INVESTMENTS
第1章 投资环境 THE INVESTMENT ENVIRONMENT 1-2
1-2 第1章 投资环境 THE INVESTMENT ENVIRONMENT
投资环境 THE INVESTMENT ENVIRONMENT 1.1实物资产与金融资产 1.2金融市场和经济体系 1.3金融系统的客户 1.4投资环境对客户需求的反映 1.5市场和市场结构 1.6发展趋向 13
1-3 投资环境 THE INVESTMENT ENVIRONMENT 1.1 实物资产与金融资产 1.2 金融市场和经济体系 1.3 金融系统的客户 1.4 投资环境对客户需求的反映 1.5 市场和市场结构 1.6 发展趋向
投资与金融资产 Investments financial assets ■投资的基本特征 Essential nature of investment 在当前付出资金或其他资源 Reduced current consumption 以期在将来得到更多好处 Planned later consumption
1-4 投资的基本特征 Essential nature of investment – 在当前付出资金或其他资源 Reduced current consumption – 以期在将来得到更多好处 Planned later consumption 投资与金融资产 Investments & Financial Assets
实物资产与金融资产 Real assets Financial assets ■实物资产 Real Assets 用来生产商品和服务的资 Assets used to produce goods and services 15
1-5 实物资产与金融资产 Real Assets & Financial Assets 实物资产 Real Assets –用来生产商品和服务的资产 Assets used to produce goods and services
实际资产与金融资产 Real assets Financial assets ■金融资产 Financial assets 拥有实物资产的凭证 Claims on real assets 1-6
1-6 实际资产与金融资产 Real Assets & Financial Assets 金融资产 Financial Assets – 拥有实物资产的凭证 Claims on real assets
美国家庭的资产负债表 Balance sheet -U.S. Households table 1.1 Balance sheet of U.S. households Liabilities and Assets s Billion 9 Total Net Worth s Billion 96 Total Real assets Real estate s16,547 30.5% Mortgages s6,961 12.9% Consumer durables 3,153 5.8 Consumer credit 2.040 3.8 Other 127 0.2 Bank and other loans 397 0.7 Total real assets s19827 36.6 Other 0.7 Total labilities s9,757 8.0% Financial assets Deposits s5,253 9 Life Insurance reserves 1.005 Pension reserves 9.304 72 Corporate equity 105 Equity in noncorp, business 5.414 10.0 Mutual fund shares 3.292 6.1 Personal trusts 932 Debt securities 2510 4.6 Other 922 Total financjal assets ,341 63,4 Ner worth 44411 82.0 Total s54,68 100.0 s54.168 100.0% Note: Cohimn sums may differ from totals because of rounding error Source: Flow of Funds Accounts of the Uned States, Board of Governors of the Federal Reserve System, March 2004
1-7 美国家庭的资产负债表 Balance Sheet – U.S. Households
国内净财富 Domestic Net worth table1已 Assets s Billion Domestic net worth Nonresidential real estate $12,264 Residential real estate l9.111 Equipment and software 5.138 nventories 1,324 Consumer durables 3.153 Total $28,725 Note: Column sum may differ from total because of rounding error. Sources: Flow of Funds Accounts of the United States, Board of Governors of the Federal Reserve System, March 2004; Nattonal Economic Accounts, Bureau of Economic Analysis, May 2004 1-8
1-8 国内净财富 Domestic Net Worth
金融资产和证券的主要类别 Major classes of financial Assets or securities ■债权Debt 货币市场工具 Money market instruments 债券 Bonds ■普通股 Common stock 优先股 Preferred stock ■衍生证券 Derivative securities 1-9
1-9 金融资产和证券的主要类别 Major Classes of Financial Assets or Securities 债权 Debt –货币市场工具 Money market instruments –债券 Bonds 普通股 Common stock 优先股 Preferred stock 衍生证券 Derivative securities
Financial Markets and the Economy 金融市场与经济体系 消费时机的选择 Consumption Timing 个人现实消费与现实收入分离,将高收入期的购买力转移 到低收入期。 风险的分配 Allocation of risk 风险来源于实物资产,风险在全社会的分散和优 化配置 所有权和经营管理权的分离 Separation of Ownership and Management 代理问题 Agency Issues 1-10
1-10 Financial Markets and the Economy 金融市场与经济体系 消费时机的选择 Consumption Timing 个人现实消费与现实收入分离，将高收入期的购买力转移 到低收入期。 风险的分配 Allocation of Risk 风险来源于实物资产，风险在全社会的分散和优 化配置 所有权和经营管理权的分离 Separation of Ownership and Management -- 代理问题 Agency Issues