cfa一级基础班权益投资分析讲义

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1、2013年CFA一级培训项目EquityInvestments李斯克CFA三级通过金程教育资深培训师地点：■上海□北京□深圳CFA一级课程框架StudySession1Ethics&ProfessionalStandards15StudySession2-3QuantitativeMethods12StudySession4-6EconomicAnalysis10StudySession7-10FinancialStatementAnalysis20StudySession11CorporateFinance8StudySession12Portfoli

2、oManagement5StudySession13-14EquityInvestments10StudySession15-16FixedIncomeAnalysis12StudySession17DerivativeInvestments5StudySession18AlternativeInvestments3Total:1002-175100%ContributionBreedsProfessionalismFrameworkofEquityStudySession13—MarketOrganization,IndicesandEfficien

3、cy•R47MarketOrganizationandStructure•R48SecurityMarketIndices•R49MarketEfficiencyStudySession14—EquityAnalysisandValuation•R50OverviewofEquitySecurities•R51IntroductiontoIndustryandcompanyAnalysis•R52EquityValuation:ConceptandBasicTool3-175100%ContributionBreedsProfessionalismCh

4、aracteristicsofaFinancialMarketMainFunctionsoftheFinancialMarket(Totallythreefunctions)•Fulfilldifferententities’requirementsSaveandborrowmoney,raiseequitycapital,managerisks,tradeassetscurrentlyorinthefuture,andtradebasedontheirestimatesofassetvalues.•DetermineinterestratesDe

5、terminethereturns(i.e.,interestrates)thatequatethetotalsupplyofsavingswiththetotaldemandforborrowing.•AllocatecapitaltoitsmostefficientusesThefinancialsystemallowsthetransferofassetsandrisksfromoneentitytoanotheraswellasacrosstime.4-175100%ContributionBreedsProfessionalismCharac

6、teristicsofaFinancialMarketFirstfunction:fulfilldifferententities’requirements•Savings:stocks,bonds,certificatesofdeposit,realassets,andotherassetsaretoolsforsaving.Individualssavetogaininterest.Firmssaveaportionoftheirprofitsforfutureexpenditures.•Borrowing:BorrowingBorrowmon

7、eyfromlenderswhorequirecollateral,takeanequityposition,orinvestigatethecreditriskoftheborrowertoprotectthemselvesincaseofborrowerdefaults.Individualsmayborrowinordertobuyahouseorforotherpurposes.Firmsmayborrowtomeettheirfinancecapitalexpendituresandforotheractivities.Governmen

8、tsmayissuedebttomeettheirexpenditures.•I