chapter6.ppt

《chapter6.ppt》由会员上传分享，免费在线阅读，更多相关内容在行业资料-天天文库。

1、2Lecture6DirectInvestmentandproperty(Ch5,8&9)BAO2441-L63LearningObjectivesAppreciatethestructure,instruments,taxationandaccessarrangementsofthecashandfixed-interestmarketsUnderstandthestructure,instruments,taxationandaccessarrangementsofthepropertymarketsAppreciatethestructu

2、re,instruments,taxationandaccessarrangementsoftheequitymarketsBAO2441-L64LearningObjectivescontinuedAppreciatetheexistenceofothermarketsandinvestmentniches投资利基AppreciatehowthevariousmarketshavepreformedrecentlyUnderstandbasicinvestmentstrategiesIntroductionDirectinvestmentoc

3、curswheninvestorsmaketheirowndecisionswherefundsareultimatelyplacedIndirectinvestmentinvolvesinvestorsplacingtheirfundswithfundmanagersItisimportanttoappreciatethenatureandstructureoftherelevantinvestmentmarketsBAO2441-L651.直接投资和间接投资（1）直接投资发生，当投资者自己决定他们的资金最终被放置在哪里Directinves

4、tmentoccurswheninvestorsmaketheirowndecisionswherefundsareultimatelyplaced（2）间接投资指投资者将其资金放在基金经理处Indirectinvestmentinvolvesinvestorsplacingtheirfundswithfundmanagers（3）ItisimportanttoappreciatethenatureandstructureoftherelevantinvestmentmarketsCashandFixed-InterestSecuritiesD

5、eregulationoftheAustralianfinancialsystemintheearly1980sproducedahighlycompetitivefinanceindustryProcessofderegulationwastoremovemanyofthelegalcontrolsandregulationsthatrestrictedcompetitionandstifled遏制technologicaldevelopment现金和固定利息证劵CashandFixed-InterestSecurities（1）于1980年

6、代早期的澳大利亚金融体制放松管制造就了一个具有高度竞争力的金融行业DeregulationoftheAustralianfinancialsystemintheearly1980sproducedahighlycompetitivefinanceindustry（2）放松管制的过程即移除许多限制竞争和组织技术发展的法律控制和管制。Processofderegulationwastoremovemanyofthelegalcontrolsandregulationsthatrestrictedcompetitionandstifledtechno

7、logicaldevelopmentCashandFixed-InterestSecuritiesDeregulationincluded:-floatingofAustraliandollar-introductionofforeignbanksDeregulationdoesnotmeanthereisnoregulationatallofthefinancialsystem放松管制包括：-澳元的汇率浮动外国银行的引入放松管制不意味着对所有的金融体系没有管制CashandFixed-InterestSecuritiescontinuedRe

8、gulationisstillappliedvia:ReserveBankofAustralia(RBA)AustralianSecuritiesan