书名：金融学基础
定价：98.0
ISBN：9787513678551
作者：顾学华
版次：1
出版时间：2024-08

内容提要：
本课程具有鲜明的国际化特色，同时兼具中国金融发展的国情特色，具有较高的学习价值。本课程主要涵盖以下的内容：（1）时间价值原理；（2）风险与收益的平衡原则；（3）多元化原则；（4）信息透明和信息披露的重要性原则；（5）市场供求关系原则；（6）金融与货币市场；（7）企业融资手段；（8）固定收益证券估值；（9）股票估值；等等。



作者简介：
顾学华，男，1978年出生，先后毕业于英国诺森比亚大学、法国皮埃尔蒙代斯大学、法国格勒诺布尔大学，先后获得国际金融与会计文学学士学位、财务管理硕士学位、理学硕士学位、管理科学博士学位，现为北京*外国语学院商学院副教授，长期从事国际教育教学、科学研究以及来华留学生教育教学工作，先后获得上海财经大学*教师奖、法国外交部埃菲尔奖学金（Eiffel Scholarship）、法国伊泽尔省罗阿大区管理科学研究奖学金，曾担任2010年上海世博会英语培训咨询*；讲授的本科、硕士研究生课程有公司金融、国际营销、统计学、管理会计、管理学研究方法、SAS金融编程导论等。

媒体评论：

·适合国内金融专业及工商管理类本科生、研究生以及外语类专业学生跨专业复合学习 ；

·可供来华本科、研究生留学生选学之用。

目录：

 

1 An Overview of Finance 12

1.0 Introduction 12

1.1 Capital Market 16

1.1.1 The Definition of Capital Market  16

1.1.2 The Role of Capital Market 16

1.1.3 Primary Market vs Secondary Market 17

1.2 Participants in a Capital Market   18

1.2.1 Financial Intermediaries   18

1.2.2 Financial Institutions 20

1.2.3 Broker-Dealer 21

1.3 Business Organisations and Physical Assets Market   22

1.4 Chinese Capital Market: An Introduction 24

1.4.1 Shanghai Stock Exchange (SSE)  25

1.4.2 The STAR Market 26

1.4.3 The Shen Zhen Stock Exchange (SZSE) 27

1.4.4 Beijing Stock Exchange (BJSE) 29

1.5 Share Classes and Securities in China   29

1.6 Capital Market Analyst Approach 35

Conclusion 36

Exercises 38

Chapter 2 Money and Money Market  45

2.0 Introduction 45

2.0.1 Checks/Cheques   46

2.0.2 Legal Tender 47

2.0.3 Barter 49

2.1 Historical Development of Money   49

2.1.1 Origins of Money  49

2.1.2 Token Money 51

2.1.3 Money Development in China   52

2.2 The Essential Qualities of Money   53

2.3 The Functions of Money 54

2.4 Defining Money in a Broader Sense 55

2.4.1 Money Convertibility 55

2.4.2 Money Defined in Theory 56

2.4.3 Money Defined in Macroeconomics 57

2.4.4 Money Defined by Money Supply 58

2.5 Money Market 59

2.5.1 The Bill Market 60

2.5.2 Inter-bank (Lending) Market 61

2.5.3 Certificates of Deposit Market 62

Conclusion 63

Exercise 63

Chapter 3 Basic Concepts and Theories in Finance  69

3.0 Introduction 69

3.1 Theory of Managerial Self-Interest 71

3.2 The Concept of Agency 74

3.3 The Concept of ‘Time Value of Money’ 78

3.3.1 Single Interest Rate   79

3.3.2 Compound Interest Rate 81

3.4 The Concept of Maximising Shareholders’ Wealth   83

3.5 Risk Diversification and Risk Aversion 84

3.5.1 Systemic Risk or Market Risk   85

3.5.2 Risk-Aversion Theory 88

3.6 Information Asymmetry and Financial Signalling   89

3.6.1 Information Asymmetry   89

3.6.2 The Financial Signalling Theory 90

3.7 The Capital Market Efficiency Theory   91

Conclusion 92

Exercises 92

Chapter 4 Business Source of Finance  97

4.0 Introduction 97

4.1 Business Structure 98

4.1.1 Sole Proprietor   99

4.1.2 Partnership 100

4.1.3 Unincorporated vs. Incorporated Business 101

4.2 Equity Finance   102

4.2.1 Ordinary Share   102

4.2.2 Preference Shares 104

4.3 Debt Finance   105

4.3.1 Types of Corporate Debt   105

4.3.2 Interest Coupon Rate 107

4.4 Convertible Securities and Warrants   108

4.5 International Sources of Finance 109

4.6 Alternative Sources of Finance 110

Conclusion 110

Exercises 112

Chapter 5 Time Value of Money  117

5.0 Introduction 117

5.1 Future Value 118

5.2.1 The concept of future value

5.2.2 Future Value Table 119

5.2.3 The Use of Future Value 120

5.3 Present Value 123

5.4 Annuities   125

5.5 Perpetuity  129

5.6 Real and Nominal Rates of Interest 132

Conclusion 134

Exercises 135

Chapter 6 Fixed-Interest Securities and Valuations  145

6.0 Introduction 145

6.1 What is Value? 146

6.1.1 Book Value  147

6.1.2 Market Value 149

6.1.3 Forced-Sale Value 150

6.2 Government Bond Valuation  151

6.2.1 Risks Associated with Government Bonds  152

6.2.3 Calculating Market Value After an Unexpected Change in Interest Rates 154

6.3 Bond Yields  156

6.3.1 Interest (Current) Yield 156

6.3.2. Yield to Maturity (YTM) 156

6.3.3 The Valuation of Undated Government Bonds 158

6.4 Corporate Bond  160

6.4.1 Risks Associated with Debentures and Loan Stock  161

6.4.2 Further Explanation of Default Risk Premium 166

6.4.3 China Government Bond Index 168

6.5 An Introduction to Yield Curves  169

6.5.1 Introduction to Yield Curves  169

6.5.2 Positive Yield Curve 171

6.5.3 Inverted Yield Curve 172

6.5.4 Flat Yield Curve 172

Conclusion   173

Exercises 174

Chapter 7 Ordinary Share Valuation  179

7.0 Introduction 179

7.1 Information and Equity Value 181

7.2 Valuing Ordinary Shares 182

7.2.1 Absolute valuation  183

7.2.2 Relative valuation 183

7.2.3 Factors that affect the value of ordinary shares 184

7.3 Equity Valuation Models  185

7.3.1 Asset-based valuation  186

7.3.2 Income-based valuation model 188

7.3.4 Discounted cash flow-based valuation (DCFV) 195

7.4 Conclusion   199

Exercises 200

Chapter 8 Stock Market Investment Indicators   201

8.0 Introduction 201

8.1 Measuring Risks and Returns  202

8.1.1 Expected Return   203

8.1.2 Variance and standard deviation  204

8.1.3 Introduction to some technical indicators 208

8.2 Financial Ratio Analysis   214

8.2.1 Price/Earnings (P/E) Ratio   215

8.2.2 Earning Yield 216

8.2.3 Earning Yield Vs. P/E ratio 217

8.2.4 Dividend yield 218

8.2.4 Dividend Coverage Ratio (DCR) 219

8.2.5 Solvency ratio (Gearing) 220

8.2.6 Profitability ratios 221

8.2.7 Working capital management ratios 222

8.2.8 Liquidity ratio 223

8.3 Comprehensive Examples  223

8.3.1 Stock Market Performance Analysis  223

8.3.2 Financial Ratios Analysis and a Comparison of Two Companies in the Same Industry   224

8.3.4 FRA in action 228

Conclusion    233

Exercises 235

Chapter 9 Strategic Financial Management   240

9.0 Introduction 240

9.1 Business Finance 241

9.2 Finance in Non-profit Organisations (NPOs) 243

9.3 The Concept of Value, Revisited 245

9.4 Strategic Financial Management 247

9.5 Investment Decisions 249

9.6 Financing Decisions 250

Keys to Exercises

References  254