Summary of Financial Management Knowledge Points (5)

Chapter V Securities Investment and Financial Management (I)

Securities investment is the essence of financial management, which has penetrated into people's lives both in theory and in practice. Great changes have taken place in 2007, and scores have blown out. The score of 1 1 in 2007 was almost four times higher than that in 2006.

Let me tell you how to learn this chapter well.

Securities investment is an investment behavior to obtain income, and the key is reflected in the word income. Enterprises invest in securities for five purposes, all of which are related to income. Let's analyze it.

(1) Temporarily deposit idle funds. To replace the larger non-profit cash balance. Isn't it just for profit instead of non-profit? Does it reflect income?

(2) cooperate to raise long-term funds. After reading the second half of the explanation in the book, enterprises can invest temporarily idle funds in securities and obtain certain income.

(3) Meet future financial needs. Earn securities income while meeting future demand.

(4) Meet the cash demand of seasonal operation. It is to store grain (securities) in good months and use it (realize it) in bad months to ensure the harvest during drought and flood.

(5) Obtaining control over affiliated enterprises. Isn't it a gain to gain control?

This test center itself is very small. I hope you can master this method of analyzing problems and get twice the result with half the effort.

The following points are aimed at different investment targets.

I. Stock investment

The purpose of stock investment need not be elaborated, and everyone on earth can know it.

Take a look at the characteristics of stock investment:

(1) Equity investment

(2) High risk

(3) High yield

(4) income instability

(5) High volatility

Tell you a joke, a candidate asked, saying that the stock yield is high. Why were most investors trapped in 2007 and didn't show high returns? This is a one-sided view of the problem, ignoring (2) the high risk. The characteristics of securities investment are equal risk and return, high risk and high return. In 2007, Buffett enjoyed high returns, and small and medium-sized retail investors took high risks and stood tall in the whole market, which just reflected his characteristics.

Some people want to ask, how can we achieve high returns and avoid high risks? Don't worry, let's talk about it!

The answer is given in the book. There are two analysis methods for stock analysis:

Basic analysis methods and technical analysis methods.

Basic analysis methods should be mastered in P 1 13. The above paragraph: Basic analysis methods are much more important than technical analysis methods and modern mathematical model analysis methods. Financial analysis is one of the basic analysis methods, and it is a common practice to use capital pricing model and other theories to analyze companies in stock investment.

This passage seems inconspicuous, but it points out the direction for the exam. Candidates can have a deeper understanding of the examples of P113-P116.

All talk and no practice is empty talk. Never get on the sedan chair and prick your ears.

Technical analysis method: Technical analysis method is actually a series of methods to analyze the price-volume relationship of the market in a period of time to predict its future trend. The final analysis object is price, volume, time and space.

① The price reflects the changing direction of the stock market;

(2) Volume reflects the market's recognition of the direction of price change;

③ Time refers to the duration of a market or trend;

④ Space refers to the possible high or low points of a certain trend.

Let's look at three hypotheses of technical analysis. Many investors are familiar with technical analysis, but they seldom know these assumptions:

(1) Market behavior includes all information. ② The price follows the trend. History will repeat itself.

Technical analysis has four contents, and it is not impossible to take an objective test. Let's have a look together when you are free.

Finally, the difference between technical analysis and basic analysis. Let me summarize it for you.

Technical analysis method: analyze the movement law of market price; Directly from the stock market; Is short-term; It rarely involves the analysis of factors other than the stock market. The analysis of stock market price fluctuation form, stock turnover, investment psychology and other factors can help investors choose appropriate investment opportunities and investment methods.

The basic analysis method: analyzing the intrinsic investment value, starting from the external factors of the stock market, not only studying the investment value of the whole stock market but also studying the investment value of a single stock, not only caring about the return of the stock, but also caring about the appreciation of the stock. Through the analysis of the macro situation, investors can understand the development and investment value of the stock market.

The above differences seem hard to understand. Let's sum it up in vernacular. Technical analysis is summarized by mathematical statistics, so it is a regular summary, which can only be short-term. Just like weather forecast, it can only predict the next few days, but it is impossible to predict the next few years. Invest according to the turnover and investors' psychological expectations. For example, what we often hear from investors is "heavy volume", "shrinking volume", "panic selling" and "retaliatory rebound" also reflect the changes in investors' mentality. Needless to say, fundamental analysis, financial management research is also the analysis of intrinsic value, so it belongs to fundamental analysis.

Second, bond investment.

Bonds are much simpler than stocks, and they are also investment products closely related to our daily life. The focus of bonds is in the third chapter, which is just a continuation. The author may also be based on the principle of considering the candidates, so this part is also relatively simple. Hmm. How interesting

As long as you understand the investment decision of bonds, you will use interpolation method to calculate whether it is worth investing. The third chapter has already mentioned it, so I won't repeat it here. The bond portfolio strategy test is also an objective question, and candidates can take a look at it themselves.

"Financial Management" Chapter V Securities Investment (Part II)

Three. capital investment

Fund investment was very hot in 2007. It is a collective investment with * * * returns and * * risks. Fund investment can't be a big problem, and students should grasp the details.

To invest in funds, we must first understand the types of funds and master objective questions.

(1) Types of investment funds:

(1) Contract funds

(2) Company funds

(3) Comparison between contractual funds and corporate funds:

① The nature of funds is different.

② The status of investors is different.

③ The operating basis of the fund is different.

(two) according to the different ways of realization, it can be divided into closed-end funds and open-end funds.

Let me give you a summary:

Closed-end fund: limit the total issuance of fund units and no longer accept new investments in a certain period of time. The circulation of fund shares is listed on the exchange and traded by bidding in the secondary market. Very easy to understand. A certain scale of issuance is traded in the secondary market like stocks, and the trading period is usually 5- 10 years.

Open-end fund: the total number of fund units is not fixed, which can be issued additionally, and investors can purchase or redeem according to the current net asset value (net asset value) after deducting the handling fee. I think many people have been exposed to open-end funds. It is his main feature to go to banks and other financial institutions to purchase and redeem at any time.

Let's compare the two in the book with different types of investment targets and see the memory before the exam. It is enough to be able to cope with objective questions. I mainly pay attention to the value and quotation of investment funds and the rate of return of funds.

(3) the value and quotation of the investment fund

"Fund" is a popular example. I want to go to the vegetable market to buy food, but I'm not good at calculating. Not familiar with the price of vegetables, let the daughter-in-law buy it. She bought a basket of vegetables. I wonder how much this basket of vegetables is worth. It depends on the prices of all kinds of vegetables. This vegetable basket is a combination and a fund. So it leads to the "fund unit net value".

Drink some water and write down the formula before you speak:

Net fund shares = total net fund assets/total fund shares

The net asset value of the fund is equivalent to the price of a basket of vegetables, such as 18 yuan;

The total share number of fund units is the sum of a quantified minimum unit. For example, 6 kg.

The net value of the fund unit is 3 yuan, as simple as that.

I also know that the unit net value of a fund is also called unit net asset value or unit net asset value. Therefore, the total net assets of the fund is equal to the total assets of the fund MINUS the total liabilities of the fund. The simplest accounting horizontal equation.

One of the fund subscription price and the fund redemption price is to pay the subscription fee, and the other is to deduct the redemption fee directly. In short, it is to pay the handling fee.

(4) Fund return rate

If you hold a fund in fear for a year, you should calculate the rate of return.

Fund return rate = (number of shares held at the end of the year * number of net fund shares at the end of the year-number of shares held at the beginning of the year * number of net fund shares at the beginning of the year)/(number of shares held at the beginning of the year * number of net fund shares at the beginning of the year)

Needless to say, it is very simple. Anyone who has bought a fund can calculate without a formula. The net value at the end of the year MINUS the net value at the beginning of the year is the income, except the net value at the beginning of the year. Note here that there is no subscription or redemption fee.

(5) Advantages and disadvantages of fund investment:

Advantages: expert financial management advantages, capital scale advantages.

Disadvantages: (1) can't get a high return on investment. Because the fund is a combination, it disperses risks and reduces returns.

(2) In the case of a sharp decline in the overall market, investors may take greater risks.

"Financial Management" Chapter V Securities Investment (Part II)

This time we will talk about derivative financial assets investment. Many candidates don't understand what "derivative" means! Derivative is derivative, which is the product of financial innovation. For example, commodity futures are derived from spot.

Master the following objective test sites:

(1) commodity futures

1. Commodity futures are subdivided into the following three categories:

(1) agricultural futures;

(2) Energy futures;

(3) metal product futures.

2. Investment decisions of commodity futures:

(1) is small and wide;

(2) transaction convenience;

(3) information disclosure;

(4) Futures trading can be operated in two directions, which is simple and flexible;

(5) The performance of the contract is guaranteed.

(2) Financial futures

Financial futures generally include interest rate futures, foreign exchange futures, stock futures and stock index futures.

The investment strategies that can be adopted in financial futures investment include hedging and arbitrage.

Hedging is the main means to avoid and transfer risks in financial futures, including buying hedging and selling hedging.

(2) Arbitrage, due to the temporary imbalance between supply and demand, or the time lag of market reaction to various securities, will lead to temporary price differences between different markets or between different securities, from which risk-free or almost risk-free profits can be obtained.

(3) Option investment

Option, also known as option, is the abbreviation of futures contract option, which is the right to buy or sell a certain amount of a certain commodity at a certain price at a certain time in the future.

Option investment methods are:

(1) call option. (equivalent to bullish)

(2) Buy put options. (equivalent to bearish)

(3) Buy both put option and option subject matter.

(4) Buy call options and sell a certain number of options at the same time.

(5) comprehensive bulls.

(6) comprehensive short position.

(4) Warrants, preemptive rights and convertible bonds.

(1) theoretical value calculation formula of warrants:

V=max[(P-E)×N，0]

Warrant, Baosteel Warrant introduced in China in 2006, was very popular at that time. Created an amazing increase of 1 week of 800%.

I don't think many people have been exposed to it. For example, you can think of it as a coupon. For example, buy 1 coat, 100 yuan. If you have a coupon that is 80 yuan, then his theoretical value is 20 yuan. The reason is as simple as that, so the middle level of complex model will not be introduced.

(2) Option

The value of preemptive right can be divided into two types: incidental preemptive right and ex-dividend preemptive right.

(1) The option with rights is issued before a certain registration date, and the shareholders who bought it before this date enjoy the option.

R=(M 1-S)/( 1+N)

(2) The shares after the ex-dividend option date of record no longer include the subscription right of the newly issued shares.

R=(M2-S)/N

It's good that you can master the calculation of these two formulas. There is no such option in China. The principle of this formula is similar to that of warrants, except that it is divided by (1+N) or n 。

(3) Convertible bonds

Convertible bonds Everyone should master the elements, value estimation and investment decision of convertible bonds, so I won't say much, it's all very simple.