第25章 国际投资 International Investing 25-1
25-1 第25章 国际投资 International Investing
国际投资 International Investing 251国际投资 252世界股票市场 253国际分散化 254汇率风险 255消极与积极的国际投资 256因素模型与国际投资 257世界资本市场的均衡 25-2
25-2 国际投资 International Investing 25.1 国际投资 25.2 世界股票市场 25.3 国际分散化 25.4 汇率风险 25.5 消极与积极的国际投资 25.6 因素模型与国际投资 25.7 世界资本市场的均衡
国际投资背景 Background ■全球市场 Global market 美国市场大约占全部市场的50% Us Market is approx. 50% of all markets 改善了的市场准入体系和技术 Improved access technology 新投资工具 New Instruments ■调査查的重要性 Emphasis for our investigation 风险评估 Risk Assessment 多样化 Diversification 25-3
25-3 国际投资背景 Background 全球市场 Global Market – 美国市场大约占全部市场的50% US Market is approx. 50% of all markets – 改善了的市场准入体系和技术 Improved access & technology – 新投资工具 New Instruments 调查的重要性 Emphasis for our investigation – 风险评估 Risk Assessment – 多样化 Diversification
Issues 什么是投资外国证券的风险? What are the risks involved in investment in foreign securities? ■如何测量国际投资的基准收益? How do you measure benchmark returns on foreign investments? ■对分散投资外国证券有否好处? Are there benefits to diversification in foreign securities?
25-4 问题 Issues 什么是投资外国证券的风险？ What are the risks involved in investment in foreign securities? 如何测量国际投资的基准收益？ How do you measure benchmark returns on foreign investments? 对分散投资外国证券有否好处？ Are there benefits to diversification in foreign securities?
国际投资风险:汇率 Risks in International Investing: Foreign EXchange 汇率风险 Exchange Rate Risk ■本国货币对外币相对价值的变化会涉及投资收益的变动 Variation in return related to changes in the relative value of the domestic and foreign currency ■总的收益=投资收益加上汇率变动的收益 Total Return Investment return plus return on foreign exchange 对国际投资完全套期是不可能的 Not possible to completely hedge a foreign investment 25-5
25-5 国际投资风险：汇率 Risks in International Investing: Foreign Exchange 汇率风险Exchange Rate Risk 本国货币对外币相对价值的变化会涉及投资收益的变动 Variation in return related to changes in the relative value of the domestic and foreign currency 总的收益= 投资收益加上汇率变动的收益 Total Return = Investment return plus return on foreign exchange 对国际投资完全套期是不可能的 Not possible to completely hedge a foreign investment