金融学

作者简介

《金融学(第2版)》以功能视角划分金融体系，采用统一整体的逻辑演进方式阐释金融领域涉及的问题。内容涉及金融和金融体系的基本介绍、时间与资源配置、价值评估模型、风险管理和资产组合理论、资产定价、公司金融等金融领域的基本问题。

《金融学(第2版)》致力于提供金融领域的全景化描述，将金融领域涉及的问题纳入逻辑严整的统一分析框架中，为使用者根据自己的喜好自行选择感兴趣的内容提供方便，并且有助于使用者迅速了解金融领域各个组成部分之间的逻辑联系。大量专栏和图表提供了丰富的背景知识，并为进一步的研究预留了充足的空间。这些专栏选取不同素材从各个角度说明理论的应用性，从而有利于加深对理论的理解。

书籍目录

第一部分 金融和金融体系  第1章 金融经济学  第2章 金融市场和金融机构第二部分 时间与资源配置  第3章 跨期配置资源  第4章 居民户的储蓄和投资决策  第5章 投资项目分析第三部分 价值评估模型  第6章 市场估值原理  第7章 已知现金流的价值评估：债券  第8章 普通股的价值评估第四部分 风险管理与资产组合理论  第9章 风险管理的原理  第10章 对冲、投保和分散化  第11章 资产组合机会和选择第五部分 资产定价  第12章 资本市场均衡  第13章 远期市场与期货市场  第14章 期权市场与或有索取权市场第六部分 公司金融  第15章 企业的财务结构  第16章 实物期权深入阅读专业术语表

前言

　　在《金融学》出版10年后，博迪、默顿以及克利顿三位教授通力合作，推出了《金融学》（第二版）。三位作者均在金融研究领域建树颇多，默顿教授更是获得了1997年度的诺贝尔经济学奖。　　本版教材承袭了《金融学》的基本框架，致力于提供金融领域的全景式描述，同时采用统一整体的逻辑演进方式阐释金融领域涉及的问题。这种安排既便于使用者根据自己的喜好自行选择感兴趣的内容，又有助于迅速了解金融领域各个组成部分之间的逻辑联系。作为一本入门教材.这种处理方式无疑存在匠心独运之处。在此基础上，本版教材增加了大量应用性专栏，这些专栏选取不同素材从各个角度说明理论的应用性，从而有利于加深对理论的理解。从总体上看。本版教材具有语言深入浅出，例证生动鲜活，理论联系实际等主要特色，确实是一本难得的优秀入门教材。具体而言，本版教材鲜明地提出从功能视角出发划分金融体系的观点，大量专栏和图表的使用提供了丰富的背景知识并为进一步的研究预留了充足的空间。　　为了使本版教材更加契合我国的教学体系，更好地满足双语教学的实际需要，我们应中国人民大学出版社的邀请。通过对教材内容的改编以及增加中文注释的方式形成了本教材的双语教学版。双语教学版在保持原有教材的框架体系和内容特色的基础上，从符合我国教学实际需要的角度出发对原书内容进行了部分删节。主要体现在以下三个方面：（1）删除了一些说明性的例证。（2）删除了一些可以在其他课程中了解到或者深入学习的部分。（3）本版教材是一本入门教材.以本版教材为母版的双语教学版应当也是以入门启发为目的，因此删除了一些难度较大的章节。　　从双语教学的需要出发，我们对书中所涉及的重要概念和定义、相关理论和模型以及不易理解的部分进行了中文加注工作，希望能为学习本书提供一些帮助。在加注的过程中，我们试图从便于理解、逻辑连贯的角度出发对章节内容进行阐释说明。但是由于水平所限，疏漏之处在所难免.敬请读者批评指正。　　本教材双语教学版既可以作为金融学课程的双语教学教材使用，也可以用于金融相关专业的专业英语教学过程。作为一本优秀的入门教材，本书同样是金融相关专业的本科生、MBA、HPA学生必备的教材，而且也是广大读者了解金融知识的优秀参考读物。

章节摘录

　　In order to produce goods and services, all firms——small and large——need capital. Thebuildings, machinery, and other intermediate inputs used in the production process arecalled physical capital The stocks, bonds, and loans used to finance the acquisition of thephysical capital are called financial capital.　　The first decision any firm must make is what businesses it wants to be in. This iscalled strategic planning. Because strategic planning involves the evaluation of costs andbenefits spread out over time, it is largely a financial decision-making process.　　Often a firm will have a core business defined by its main product line, and it maybranch out into related lines of business. For example, a firm that produces computer hard-ware may also choose to produce the software. It may also choose to service computers.　　A finns strategic goals may change over time, sometimes quite dramatically. Somecorporations enter into businesses that are seemingly unrelated to each other. They mayeven abandon their original core business altogether so that the companys name ceases tohave any connection with its current business.　　For example, ITT Corporation started out as a telephone company in 1920. Its namestood for International Telephone and Telegraph. In the 1970s ITT became a large multi-national conglomerate, operating a diverse set of businesses including insurance, muni-tions, hotels, bakeries, automobile rentals, mining, forest products, and gardening productsin addition to telecommunications. During the 1980s, ITT shed many of its businesses andfocused on operating hotels and casinos. By 1996 it had abandoned its original core busi-ness of producing telephone equipment and telecommunication services.　　Once a firms managers have decided whatbusinesses they are in, they must prepare aplan for acquiring factories, machinery, research laboratories, showrooms, warehouses,and other such long-lived assets and for training the personnel who will operate them all.This is the capital budgeting process.　　The basic unit of analysis in capital budgeting is an investment project. The process ofcapital budgeting consists of identifying ideas for new investment projects, evaluatingthem, deciding which ones to undertake, and then implementing them.　　Once a firm has decided what projects it wants to undertake, it must figure out how tofinance them. Unlike capital budgeting decisions, the unit of analysis in capital structuredecisions is not the individual investment project but the firm as a whole. The starting pointin making capital structure decisions is determining a feasible financing plan for the firm.Once a feasible financing plan has been achieved, the issue of the optimal financing mix canbe addressed.　　Firms can issue a wide range of financial instruments and claims. Some are standard-ized securities that can be traded in organized markets, such as common stock, preferredstock, bonds, and convertible securities. Others are nonmarketable claims, such as bankloans, employee stock options, leases, and pension liabilities.　　A corporations capital structure determines who gets what share of its future cashflows. For example, bonds promise fixed cash payments, whereas stocks pay the residualvalue left over after all other claimants have been paid. Capital structure also partiallydetermines who gets to control the company. In general, shareholders have control throughtheir right to elect the board of directors. But often bonds and other loans include contrac-tual provisions, called covenants, restricting the activities of management. These covenantrestrictions give the creditors some control over the companys affairs.

图书封面

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