InternetTradingandItsImpactonSecurityMarkets电子交易方式及证券市场全球化XXXSimonMeng,Ph.D.CCER,PekingUnivXX,XXX概念:金融(Finance)投资(Investment)资产(Assets)有形资产(Tangible)vs.无形资产(Intangible)金融资产(Financial)vs.实物资产(Real)证券投资组合及其管理(PortfolioandItsManagement)资产配置(Assetallocation)金融的范畴:公司理财(CorporateFinance)投资决策(InvestmentDecisions)融资决策(FinancingDecisions)金融市场(FinancialMarkets)投资环境(InvestmentEnvironment)投资工具(InvestmentInstruments)投资管理(InvestmentManagement)金融市场投资:证券(Securities)风险(Risk)收益(Return)持有期限(HoldingPeriod)投资(Investing)(-10,2,8,4,...)t投资环境:计算收益率:r=(p1-p0)/p0其中:r=收益率p0=基期价格p1=即期价格投资替代品概览金融资产实物资产1.股权(Equityclaims)—直接普通股(commonstock)认股权证(warrants)期权(options)2.股权(Equityclaims)—间接投资公司股票(Investmentcompanyshares)〔(共同基金(mutualfunds)〕养老基金(Pensionfunds)终身人寿保险(Wholelifeinsur