投资学：分析与管理

本书中作者别具一格的“训练者方法”能抓住和保持读者的注意力。琼斯教授以一处学生能够理解和欣赏的方式编排相关材料。书中告诉你如何获取的评估高效信息、分析投资机会以及在投资时作出明智的决策。以跨国公司为主的国际企业的全球经营战略，必然要求财务管理与之相适应。比如，要求在全球范围内以最低的成本筹集资金，把资金投放于最有利的国家和地区，在全球范围内进行盈余分配，管好用好外汇资金等。这些都极大地促进了财务管理国际化的进程。

现代财务管理首创于西方，经过一百多上的不断发展和完善，形成了市场经济条件下财务管理的理论体系的方法体系。特别是20世纪50年代以后，随着跨国公司的迅猛发展和国际金融市场的不断完善，财务管理已经逐步形成一门国际化的学科。

PART ONE BACKGROUND
PART THREE iMPORTANT INVESTMENT CONCEPTS
PART FOUR FIXED-INCOME SECURITIES:AMALYSIS，VALUATION，AND MANAGEMENT
PART FIVE COMMON STOCKS：ANALYSIS，VALUATION，AND MANAGEMENT
PART SIX SECURITY ANALYSIS
PART SEVEN DERIVATIVE SECURITIES
PART EIGHT INVESTMENT MANAGEMENT

书摘
Citicorp, a large bank, has a large Visa operation. It regularly takes the cash flows from the monthly payments that customers make on their Visa accounts, securitizes them, and sells the resulting bonds to investors.
Marketable securities have been backed by car loans, credit-card receivables, railcar leases, small-business loans, photocopier leases, aircraft leases, and so forth. The assets that can be securitized seem to be limited only by the imagination of the packagers, as evidenced bythe fact that by 1996 new asset types included royalty streams from films, student loans, mutual fund fees, tax liens, monthly electric utility bills, and delinquent child support payments.
Why do investors like these asset-backed securities? The attractions are relatively high yields and relatively short maturities (often, five years) combined with investment grade credit ratings, typically the highest two ratings available? Investors are often protected by a bond insurer. Institutional investors such as pension funds and life insurance companies have become increasingly attracted to ABS because of the higher yields, and foreign investors are now buying these securities more often.
As for risks, securitization works best when packaged loans are homogeneous, so that income streams and risks are more predictable. This is clearly the case for home mort gages, for example, which must adhere to strict guidelines. This is not the case for some of the newer loans being considered for packaging, such as loans for boats and motor cycles; the smaller amount of information results in a larger risk from unanticipated factors.
Rates ors Fixed-Income Securities Interest rates on fixed-income ecurities fluctuate widely over the years as inflationary expectations change as well as demand and supply conditions for long-term funds. As we would expect on the basis of the return-risk trade-off explained in Chapter 1, corporate bond rates exceed Treasury rates becaus
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