投資學(xué)課程介紹與教學(xué)大綱

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，甚至全球經(jīng)濟的推動作用更是達到前所未有的程度，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：介紹我國證券發(fā)行、交易等環(huán)節(jié)的監(jiān)管制度。Brief IntroductionCode12FIN221TitleInvestmentsCourse natureRequiredSemester Hours48 Credits 3Semester HourStructureLecture： 44 Experiment：Computer Lab： 4 Practice：Practice (Week)：AssessmentClosed book examination, usually results accounted for 50%, the final gradeaccounted for 50%.Offered byInternational Education CollegeDateforFinancial Management (Sino-Australian cooperation)PrerequisiteCourse Description:The so-called investments are the securities investments. The securities investments are theproduct of commercial economy, whose existence and development is an important symbol ofmodern market economy. With the development of global economic integration and all-roundimpact of high technology such as computers to economy, the securities investments improve notonly the economy of one country, but also regional economy and global economy at anunprecedented pace, giving profound impact to financial management in companies. In view ofsuch circumstance, the course of securities investments is designed as an academic selectivecourse. The course attaches importance to teach principles and methods, including:1. Securities and securities market： the issue and underwriting, listing and trading ofsecurities, and stock price indexes etc；2. Fundamental analysis： the principles and methods of macroeconomic analysis, industryanalysis and listed company analysis for securities investments; intrinsic value appraisal ofsecurities etc；3. Technical analysis： basic principle of candle line, trend, pattern and wave theory and sometechnical 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 ISSUESAfter studying this chapter,1. Students should have an understanding of the overall investment process and understandsome key elements involved in the investment process.2. Students should understand differences in financial and real assets and be able toidentify the major components of the investment process.3. Students should be able to describe a derivative security and understand how they areused in our markets after studying this chapter.Key points： Investments & Financial Assets； Types of SecuritiesDifficulties： Investments and InnovationCHAPTER 2 GLOBAL FINANCIAL INSTRUMENTSUpon completion of this chapter,1. Students should have a thorough understanding of the various financial instrumentsavailable to the potential investor.2. The student should have an insight as to the interpretation, composition, and calculationprocess 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 futurescontracts.Key points： Primary and Secondary Markets; Market Indexes; Basics of Options and FuturesDifficulties： Market IndexesCHAPTER 3 HOW SECURITIES ARE TRADEDAfter studying this chapter,1. The student should have considerable insight as to how securities are traded on both theprimary and secondary markets.2. The student should understand the mechanics, risk, and calculations involved in bothmargin and short trading.3. The student should begin to understand some of the implications, ambiguities, andcomplexities of insider trading and the regulations concerning these issues.Key points： Over The Counter Activities; Margin Trading and Short SellingDifficulties： Short SellingCHAPTER 4 MUTUAL FUNDS AND OTHER INVESTMENTCOMPANIESAfter studying this chapter,1. The students should be able to identify key differences between open-end andclosed-end investment companies.2. Students should be able to describe the expenses associated with investment in mutualfunds 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 toidentify sources of information on investment companies.Key points： Investment Companies and Mutual FundsDifficulties： NAVCHAPTER 5 THE EFFICIENT MARKET HYPOTHESISAfter studying this chapter,1. the student should thoroughly understand the concept of market efficiency and how tomake rational investment decisions based upon the existence of market efficiency.2. The student also should have a thorough understanding of the many tests of marketefficiency, the forms of market efficiency, and observed market anomalies.Key points： The Forms of Market EfficiencyDifficulties： The Implications of Market Efficiency for InvestorsCHAPTER 6 MACROECONOMIC AND INDUSTRY ANALYSISUpon reading this chapter,1. The student should have a thorough understanding of the macroeconomic factors thataffect security prices.2. The student should understand the roles of fiscal and monetary policy in influencinginterest rates.3. The student should also understand why some industry groups are more affected bymacroeconomic factors than others.Key points： Macroeconomic and Industry Analysis; Industrial Life CycleDifficulties： Industrial Life CycleCHAPTER 7 EQUITY VALUATIONAfter studying this chapter,1. The student should be able to value a firm using the appropriate dividend discountmodel 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 RatioDifficulties： The Dividend Discount-Derived Price/Earnings RatioCHAPTER 8 FINANCIAL STATEMENT ANALYSISAfter studying this chapter,1. The student should be able to analyze a firm using the basic financial statements toperform ratio analysis.2. The student should be able to identify the source of problems over time by decomposingthe ROE using the Du Pont procedure.3. The student should also be able to identify comparability problems across firms due tothe varying generally accepted accounting principles available to the firm.Key points： Decomposing the ROE Using the Du Pont Procedure; Comparability ProblemsDifficulties： Decomposing the ROE Using the Du Pont ProcedureCHAPTER 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSISAfter studying this chapter,1. The student should understand the concepts put forth in area of behavioral finance andbe able to describe some of the behavior patterns that may lead to pricing errors.2. The student should understand and be able to use the various technical indicatorspresented in this chapter.3. The student should also understand the theoretical problems of technical analysis in aworld of efficient markets.Key points： Behavioral Finance; Various Technical IndicatorsDifficulties： Candlestick Chart二、教學(xué)基本要求CHAPTER 1 INVESTMENTS: BACKGROUND AND ISSUESIn this chapter the student is introduced to the general concept of investing, that is, to foregospending cash today in the hopes of increasing wealth in the future. Real assets are differentiatedfrom financial assets, and the major categories of financial assets are defined. The risk/returntradeoff and the reality that most assets are efficiently (fairly) priced most of the time areintroduced. The role of financial intermediaries is discussed as is the increased globalization ofthe 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. Thechapter concludes with a discussion of options and futures.CHAPTER 3 HOW SECURITIES ARE TRADEDThis chapter discusses how securities are traded on both the primary and secondary markets, withdetailed coverage of both organized exchange and over the counter activities. Margin tradingand short selling are discussed along with detailed examples of margin arrangements. Thechapter discusses elements of regulation and ethics issues associated with security transactions.CHAPTER 4 MUTUAL FUNDS AND OTHER INVESTMENTCOMPANIESThis chapter describes the various types of investment companies and mutual funds. The chapterdiscusses services provided by mutual funds and describes expenses and loads associated withinvestment in investment companies. Investment policies of different funds are described andsources of information on investment companies are identified.CHAPTER 5 THE EFFICIENT MARKET HYPOTHESISThis chapter examines the concept of market efficiency, that is, in general, securities are fairlypriced and one cannot expect to outperform the market, risk-adjusted consistently over time. Theimplications of market efficiency for investors and studies of the efficient capital markethypothesis are presented in detail.CHAPTER 6 MACROECONOMIC AND INDUSTRY ANALYSISThis chapter discusses the broad-based aspects of fundamental analysismacroeconomic andindustry analysis. Initially, the analysis is placed in a global context, as the performance ofdomestic firms is being influenced by international economic performance. However, thechapter focuses on aspects of the U. S. economy that affect security returns. Factors such asleading, coincident, and lagging indicators are discussed. In addition, a thorough presentation ofthe determinants of interest rates is presented. The chapter concludes with a discussion ofindustry analysis, including information sources and the usefulness of the industrial life cycle insecurity analysis.CHAPTER 7 EQUITY VALUATIONThis chapter discusses the process of valuation of common stock. The relationships betweenintrinsic value and market and book values are presented. Various valuation techniques, and thestrengths and weaknesses of these techniques are presented and discussed.This chapter discusses the basic financial statements, the differences between accounting andeconomic income, return on equity (ROE), the decomposition of the ROE into component ratiosfor the purpose of financial analysis, other ratios relevant for financial analysis, and financialstatement comparability problems.CHAPTER 9 BEHAVIORAL FINANCE AND TECHNICAL ANALYSISThe chapter describes the developing area of behavioral finance and describes some of the typesof behavior that may lead to price movements being predictable. Technical analysis may beuseful in an environment that features some of the behavior patterns presented in behavioralfinance. The origin, with the Dow Theory, of technical analysis is presented and charting isexplained. Various other types of technical indicators 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16626423642455555655755855955總計48444四、教材與主要參考資料教材1 Jones, C. P., Gilroy, N., Shamsuddin, A., & Naumann, K. (2007). Investments: Analysis andmanagement (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, NewYork).2 Malkiel, Burton Gordon, 2012. A random walk down wall street : The time-tested strategy forsuccessful investing (W.W. Norton & Co., New York).執(zhí)筆:審核:批準(zhǔn):