信息详情

英文名:Equity Investment


学分/学时:2/32


一、课程的性质和任务

Equity Investment is the core course for the finance program. This course refers to the money that is raised by a company in the form of stock (shares). These are long term-investments and the investor usually recovers his/her money fully only when the shares are sold. Equity Investment involves investing in various equity instruments. This course focuses on the important characteristics of markets that trade equities, fixed-income instruments, derivatives and alternative investments.


二、课程的基本要求

1. Explain the main functions of the financial system;

2. Describe the major types of securities, currencies, contracts, commodities, and real assets that trade in organized markets, including their distinguishing characteristics and major subtypes;

3. Calculate and interpret the value, price return, and total return of an index;

4. Describe types of equity indexes;

5. Describe market efficiency and related concepts, including their importance to investment practitioners;

6. Contrast weak-form, semi-strong-form, and strong-form market efficiency;

7. Explain the role of equity securities in the financing of a company’s assets;

8. Compare a company’s cost of equity, its (accounting) return on equity, and investors’ required rates of return;

9. Explain uses of industry analysis and the relation of industry analysis to company analysis;

10. Describe macroeconomic, technological, demographic, governmental, and social influences on industry growth, profitability, and risk;

11. Describe regular cash dividends, extra dividends, stock dividends, stock splits, reverse stock splits, and share repurchases;

12. Calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model, as appropriate.


三、课程内容

(一)Market Organization and Structure

1.教学内容:Introduce financial markets and their operating characteristics.

2.教学要求:Understand the concept of purchasing stock on margin and be able to calculate the return on an investment using margin. Know that market regulation should increase informational, allocational, and operational market efficiency.

3.重点、难点:Differentiate between markets and limit orders as well as between quote-driven, order-driven, and brokered markets.

4.教学建议:Use real examples to illustrate theoretical concepts of overall financial markets.

(二)Security Market Indices

1.教学内容:Describe types of equity indexes and compare types of security market indexes.

2.教学要求:Students should understand the construction, calculation, and weaknesses of price-weighted, market capitalization-weighted and equal-weighted indexes. Be familiar with the various security indexes and their potential weaknesses.

3.重点、难点:Compare the different weighting methods used in index construction.

4.教学建议:Use a real stock index to explain how to construct a stock index and evaluate the performance of the selected index.

(三)Market Efficiency

1.教学内容:Describe market efficiency and related concepts, including their importance to investment practitioners.

2.教学要求:Students should understand the three forms of market efficiency and know the evidence from tests of each form of market efficiency. Be familiar with market anomalies listed and the perspective provided by behavioral finance.

3.重点、难点:Distinguish between market value and intrinsic value.

4.教学建议:Use figures to illustrate the trading implication when fundamental value are different from market value.

(四)Overview of Equity Securities

1.教学内容:An overview of equity securities and their different features and establishes the background required to analyze and value equity securities in a global context.

2.教学要求:Students should know the characteristics of common and preferred equity types, as well as the methods of investing in foreign stock. Understand the difference between the book value of equity and market value of equity and what this difference represents.

3.重点、难点:Compare the risk and return characteristics of different types of equity securities.

4.教学建议:Show stock market evolvement.

(五)Introduction to Industry and Company Analysis

1.教学内容:Industry analysis and company analysis includes understanding a company’s business and business environment, Identifying active equity investment opportunities and Portfolio performance attribution.

2.教学要求:Students should understand the effects of business cycles and the stage of an industry’s life cycle. Know the effects on price competition and profitability of the items considered in industry analysis and of the various firm characteristics discussed.

3.重点、难点:Explain the effects of barriers to entry, industry concentration, industry capacity, and market share stability on pricing power and price competition.

4.教学建议:Example illustration.

(六)Equity Valuation: Concepts and Basic Tools

1.教学内容:Introduce major categories of equity valuation models calculate and interpret the intrinsic value of an equity security based on the Gordon (constant) growth dividend discount model or a two-stage dividend discount model.

2.教学要求:Students should knowwhen the various models are appropriate, how to apply them, and their advantages and disadvantages.

3.重点、难点:Two-stage dividend discount model.

4.教学建议:Example illustration.


四、本课程与其它课程关系

本课程的前继课程有:《CFA中级金融学》,《CFA商业数理统计分析基础》等。

后续课程有:《CFA公司金融》等。


五、学时分配

教   学    内   容

总学时

实验  实训  上机

习题课

讨论课

课程设计

(大作业)

1

Market Organization and Structure

6

3




2

Security Market Indices

4

2




3

Market Efficiency

4

2




4

Overview of Equity Securities

6

3




5

Introduction to Industry and Company Analysis

4

2




6

Equity Valuation: Concepts and Basic Tools

8

4




小            计

32

16




六、教材及参考书

教 材:

CFA Program Curriculum Level I Volume 4;

SchweserNotes Level 1 CFA Book 4:Equity Investment

Tags: 股权投资学