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1、《投資學(xué)》課程簡介 課程編號 12FIN221 課程名稱 投資學(xué) 課程性質(zhì) 必修 學(xué) 時 48 學(xué) 分 3 學(xué)時分配 授課：44實驗： 上機：4 實踐： 實踐（周）： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% o 開課學(xué)院 國際教育學(xué)院 更新時間 適用專業(yè) 財務(wù)管理（中澳合作） 先修課程 課程內(nèi)容： 本課程所謂的投資指的是證券投資。證券投資是商品經(jīng)濟發(fā)展的必然產(chǎn)物，它的存在與 發(fā)展，已經(jīng)成為現(xiàn)代市場經(jīng)濟的一個重要標(biāo)志。在全球經(jīng)濟一體化的發(fā)展和電腦等高新技術(shù) 全面介入經(jīng)濟生活的條件下，證券投資對一國經(jīng)濟、區(qū)域經(jīng)濟，甚至全球

2、經(jīng)濟的推動作用更 是達(dá)到前所未有的程度，同時也對企業(yè)財務(wù)管理產(chǎn)生重大的影響。鑒于此，投資學(xué)課程被定 位于財務(wù)管理專業(yè)的專業(yè)選修課。課程著重講授現(xiàn)代投資學(xué)的原理和方法，內(nèi)容主要包括: 1 .證券與證券市場：掌握證券發(fā)行與承銷，上市與交易，股票價格指數(shù)等基本內(nèi)容； 2. 證券投資的基本面分析：掌握證券投資的宏觀分析、產(chǎn)業(yè)分析、上市公司分析、證券內(nèi)在 價值評估等原理和方法； 3. 證券組合投資理論與有效市場假說：掌握資本資產(chǎn)定價模型、套利模型、有效市場假說 的原理和意義； 4. 證券投資的技術(shù)分析：介紹K線、切線、形態(tài)、波浪理論的基本原理和部分技術(shù)指標(biāo)； 5. 證券市場的監(jiān)管與自律

3、：介紹我國證券發(fā)行、交易等環(huán)節(jié)的監(jiān)管制度。 Brief Introduction Code 12FIN221 Title Investments Course nature Required Semester Hours 48 Credits 3 Semester Hour Structure Lecture： 44 Experiment： Computer Lab： 4 Practice： Practice (Week)： Assessment Closed book examination, usually results accounted for 50%,

4、the final grade accounted for 50%. Offered by International Education College Date for Financial Management (Sino-Australian cooperation) Prerequisite Course Description: The so-called investments are the securities investments. The securities investments are the product of commercial e

5、conomy, whose existence and development is an important symbol of modern market economy. With the development of global economic integration and all-round impact of high technology such as computers to economy, the securities investments improve not only the economy of one country, but also regio

6、nal economy and global economy at an unprecedented pace, giving profound impact to financial management in companies. In view of such circumstance, the course of securities investments is designed as an academic selective course. The course attaches importance to teach principles and methods, inc

7、luding: 1. Securities and securities market： the issue and underwriting, listing and trading of securities, and stock price indexes etc； 2. Fundamental analysis： the principles and methods of macroeconomic analysis, industry analysis and listed company analysis for securities investments; intrin

8、sic value appraisal of securities etc； 3. Technical analysis： basic principle of candle line, trend, pattern and wave theory and some technical indexes; 4. Efficient Market Hypothesis and Modern Portfolio theory. 《投資學(xué)》課程教學(xué)大綱 課程編號 12FIN221 課程名稱 投資學(xué) 課程性質(zhì) 必修 學(xué) 時 48 課程性質(zhì) 必修 學(xué)時分配 授課：44實

9、驗： 上機：4 實踐： .實踐（周）： 考核方式 閉卷考試，平時成績占50% ,期末成績占50% O 開課學(xué)院 國際教育學(xué)院 更新時間 適用專業(yè) 財務(wù)管理（中澳合作） 先修課程 一、教學(xué)內(nèi)容 CHAPTER 1 INVESTMENTS: BACKGROUND AND ISSUES After studying this chapter, 1. Students should have an understanding of the overall investment process and understand some key elements in

10、volved in the investment process. 2. Students should understand differences in financial and real assets and be able to identify the major components of the investment process. 3. Students should be able to describe a derivative security and understand how they are used in our markets after stud

11、ying this chapter. Key points： Investments & Financial Assets； Types of Securities Difficulties： Investments and Innovation CHAPTER 2 GLOBAL FINANCIAL INSTRUMENTS Upon completion of this chapter, 1. Students should have a thorough understanding of the various financial instruments available to

12、 the potential investor. 2. The student should have an insight as to the interpretation, composition, and calculation process involved in the various market indexes presented on the evening news. 3. Finally, the student should have some understanding of the basics of options and futures contract

13、s. Key points： Primary and Secondary Markets; Market Indexes; Basics of Options and Futures Difficulties： Market Indexes CHAPTER 3 HOW SECURITIES ARE TRADED After studying this chapter, 1. The student should have considerable insight as to how securities are traded on both the primary and sec

14、ondary markets. 2. The student should understand the mechanics, risk, and calculations involved in both margin and short trading. 3. The student should begin to understand some of the implications, ambiguities, and complexities of insider trading and the regulations concerning these issues. Key

15、 points： Over The Counter Activities; Margin Trading and Short Selling Difficulties： Short Selling CHAPTER 4 MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES After studying this chapter, 1. The students should be able to identify key differences between open-end and closed-end investment companies.

16、 2. Students should be able to describe the expenses associated with investment in mutual funds and identify the major types of investment policies of mutual funds. 3. Students should be able to describe services provided by mutual funds and be able to identify sources of information on investme

17、nt companies. Key points： Investment Companies and Mutual Funds Difficulties： NAV CHAPTER 5 THE EFFICIENT MARKET HYPOTHESIS After studying this chapter, 1. the student should thoroughly understand the concept of market efficiency and how to make rational investment decisions based upon the exi

18、stence of market efficiency. 2. The student also should have a thorough understanding of the many tests of market efficiency, the forms of market efficiency, and observed market anomalies. Key points： The Forms of Market Efficiency Difficulties： The Implications of Market Efficiency for Investor

19、s CHAPTER 6 MACROECONOMIC AND INDUSTRY ANALYSIS Upon reading this chapter, 1. The student should have a thorough understanding of the macroeconomic factors that affect security prices. 2. The student should understand the roles of fiscal and monetary policy in influencing interest rates. 3. T

20、he student should also understand why some industry groups are more affected by macroeconomic factors than others. Key points： Macroeconomic and Industry Analysis; Industrial Life Cycle Difficulties： Industrial Life Cycle CHAPTER 7 EQUITY VALUATION After studying this chapter, 1. The student

21、should be able to value a firm using the appropriate dividend discount model and the dividend discount-derived price/earnings ratio. 2. The student should understand the limitations of each of these models. Key points： Dividend Discount Model; Price/Earnings Ratio Difficulties： The Dividend Disc

22、ount-Derived Price/Earnings Ratio CHAPTER 8 FINANCIAL STATEMENT ANALYSIS After studying this chapter, 1. The student should be able to analyze a firm using the basic financial statements to perform ratio analysis. 2. The student should be able to identify the source of problems over time by dec

23、omposing the ROE using the Du Pont procedure. 3. The student should also be able to identify comparability problems across firms due to the varying generally accepted accounting principles available to the firm. Key points： Decomposing the ROE Using the Du Pont Procedure; Comparability Problems

24、 Difficulties： Decomposing the ROE Using the Du Pont Procedure CHAPTER 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSIS After studying this chapter, 1. The student should understand the concepts put forth in area of behavioral finance and be able to describe some of the behavior patterns that may lea

25、d to pricing errors. 2. The student should understand and be able to use the various technical indicators presented in this chapter. 3. The student should also understand the theoretical problems of technical analysis in a world of efficient markets. Key points： Behavioral Finance; Various Tech

26、nical Indicators Difficulties： Candlestick Chart 二、教學(xué)基本要求 CHAPTER 1 INVESTMENTS: BACKGROUND AND ISSUES In this chapter the student is introduced to the general concept of investing, that is, to forego spending cash today in the hopes of increasing wealth in the future. Real assets are different

27、iated from financial assets, and the major categories of financial assets are defined. The risk/return tradeoff and the reality that most assets are efficiently (fairly) priced most of the time are introduced. The role of financial intermediaries is discussed as is the increased globalization of

28、 the financial markets. This chapter describes the financial instruments traded in the primary and secondary markets. The various market indexes that are used as indicators of nthe market11 are also described. The chapter concludes with a discussion of options and futures. CHAPTER 3 HOW SECURIT

29、IES ARE TRADED This chapter discusses how securities are traded on both the primary and secondary markets, with detailed coverage of both organized exchange and over the counter activities. Margin trading and short selling are discussed along with detailed examples of margin arrangements. The ch

30、apter discusses elements of regulation and ethics issues associated with security transactions. CHAPTER 4 MUTUAL FUNDS AND OTHER INVESTMENT COMPANIES This chapter describes the various types of investment companies and mutual funds. The chapter discusses services provided by mutual funds and des

31、cribes expenses and loads associated with investment in investment companies. Investment policies of different funds are described and sources of information on investment companies are identified. CHAPTER 5 THE EFFICIENT MARKET HYPOTHESIS This chapter examines the concept of market efficiency,

32、that is, in general, securities are fairly priced and one cannot expect to outperform the market, risk-adjusted consistently over time. The implications of market efficiency for investors and studies of the efficient capital market hypothesis are presented in detail. CHAPTER 6 MACROECONOMIC AND

33、INDUSTRY ANALYSIS This chapter discusses the broad-based aspects of fundamental analysis—macroeconomic and industry analysis. Initially, the analysis is placed in a global context, as the performance of domestic firms is being influenced by international economic performance. However, the chapte

34、r focuses on aspects of the U. S. economy that affect security returns. Factors such as leading, coincident, and lagging indicators are discussed. In addition, a thorough presentation of the determinants of interest rates is presented. The chapter concludes with a discussion of industry analysis,

35、 including information sources and the usefulness of the industrial life cycle in security analysis. CHAPTER 7 EQUITY VALUATION This chapter discusses the process of valuation of common stock. The relationships between intrinsic value and market and book values are presented. Various valuation t

36、echniques, and the strengths and weaknesses of these techniques are presented and discussed. This chapter discusses the basic financial statements, the differences between accounting and economic income, return on equity (ROE), the decomposition of the ROE into component ratios for the purpose o

37、f financial analysis, other ratios relevant for financial analysis, and financial statement comparability problems. CHAPTER 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSIS The chapter describes the developing area of behavioral finance and describes some of the types of behavior that may lead to pri

38、ce movements being predictable. Technical analysis may be useful in an environment that features some of the behavior patterns presented in behavioral finance. The origin, with the Dow Theory, of technical analysis is presented and charting is explained. Various other types of technical indicator

39、s are presented. 三、章節(jié)學(xué)時分配 章次 總課時 課堂講授 實驗 上機 實踐 備注 1 6 6 2 6 4 2 3 6 4 2 4 5 5 5 5 5 6 5 5 7 5 5 8 5 5 9 5 5 總計 48 44 4 四、教材與主要參考資料 教材 [1] Jones, C. P., Gilroy, N., Shamsuddin, A.,

40、& Naumann, K. (2007). Investments: Analysis and management (2nd Australian ed.). Australia: John Wiley & Sons. 參考資料 [1] Bodie, Zvi, Alex Kane, and Alan J. Marcus, 2011. Investments (McGraw-Hill/Irwin, New York). [2] Malkiel, Burton Gordon, 2012. A random walk down wall street : The time-tested strategy for successful investing (W.W. Norton & Co., New York). 執(zhí)筆: 審核: 批準(zhǔn):