投资学PPT课件.ppt

The Investment Environment
Chapter 1
Chapter Overview
examine the differences between financial assets and real assets.
proceed to the three broad sectors of financial environment:
Households , businesses, government
discuss recent trends in financial markets.
conclude with a discussion of the relationship between households and the business sector.
Learning Objectives
After studying this chapter:
understand differences in financial and real assets
identify the major participants in the financial markets.
describe the role of financial assets and markets in the economy
understand how the financial system meets the needs of economic participants.
describe ongoing innovation in the financial markets.
Essential nature of investment
Reduced current consumption:
people aged between 25 and 50 are earning more than they currently wish to spend, and when they are old or retired they spend more than they can earn. So people need to shift their purchasing power from high-earnings periods to low-earning periods of life. people need to invest, people need to reduce current consumption in order to plan later consumption.
Planned later consumption
The concept of giving up current consumption to invest fund in assets that allow greater consumption in the future is the key notion to start discussion of the chapter material.
Investments & Financial Assets
Investments & Financial Assets
Real Assets
Assets used to produce goods and services:
Assets used to produce goods and services. The material wealth of a society is determined ultimately by the productive capacity of its economy----the goods and service that ca be provided to its members. This productive capacity is a function of the real assets of the economy: the land ,buildings ,knowledge, and machines and workers. Together, physical and “human” assets generate the entire spectrum of output produced and consumed by the society.
Investments & Financial Assets
Financial Assets
Claims on real assets:
Financi