资源描述：
《证券投资学(南农大潘军昌)》由会员上传分享，免费在线阅读，更多相关内容在教育资源-天天文库。
1、证券投资学这门课能给我们带来什么？这门课所属的位置这门课的主要内容Whydowestudythetheory？Managerslearnfromexperiencehowtocopewithroutineproblems.Butthebestmanagerarealsoabletorespondtochange.Todothisyouneedmorethantime-honoredrulesofthumb;youmustunderstandwhycompaniesandfinancialmarketsbehavethewaytheydo.Inotherwords,youneedatheor
2、yoffinance.……Goodtheoryhelpsyougraspwhatisgoingonintheworldaroundyou.Ithelpsyoutoasktherightquestionswhentimeschangeandnewproblemsmustbeanalyzed.Italsotellsyouwhatthingsyoudonotneedtoworryabout.---------BrealeyandMyersWhydoesnotthereexistsanyadviceon“guaranteed”waystobeatthemarket？Anysystemdesigne
3、dtobeatthemarket,onceknowntomorethanafewpeople,carriestheseedsofitsowndestruction.Therearetworeasonsfornotincludingadviceon“guaranteed”waystobeatthemarketinthisbook.First,todosowouldmakeasuccessfulsystempublicandhenceunsuccessful.Second,theauthorsknowofsuchsystem.Thisdoesnotmeanthatfinancialanalys
4、isisuseless.Althoughindividualsshouldbeskepticalwhenotherstellthemhowtousefinancialanalysistobeatthemarket,individualscantrytounderstandthemarketwiththeuseoffinancialanalysis.-------------------W.Sharpe,etc.什么是金融学(Finance)Financeisasubfieldofeconomicsdistinguishedbybothitsfocusanditsmethodology.Th
5、eprimaryfocusoffinanceistheworkingsofthecapitalmarketsandthesupplyandthepricingofcapitalassets.Themethodologyoffinanceistheuseofclosesubstitutestopricefinancialcontractsandinstruments.Thismethodologyisappliedtovalueinstrumentswhosecharacteristicsextendacrosstimeandwhosepayoffsdependupontheresoluti
6、onofuncertainty.金融学的研究领域金融市场宏观层面：金融框架微观层面：定价、风险管理公司财务历史H.M.Markowitz均值-方差模型(Mean-variancemodel)HarryM.Markowitz,PortfolioSelection,JournalofFinance,7(1):77-91,1952.W.F.Sharpe,J.Lintner,J.Mossin资本资产定价模型CapitalAssetPricingModel(CAPM)W.F.Sharpe,CapitalAssetPrices:ATheoryodMarketEquilibriumUnderCondit
7、ionsofRisk,JournalofFinance,20(3):425-442,1964.S.A.Ross套利定价理论ArbitragePricingTheory(APT)S.A.Ross,TheArbitrageTheoryofCapitalAssetPricing,,JournalofEconomicTheory,13(3):341-360,1976.F.ModiglianiM.H.MillerModiglian
