__Mr_Myself__ __Mr_Myself__
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八大 八大板块今年或有看头   银行板块 至少涨18%   推荐级别:★★★★★   投资策略:最适宜中长线投资   风险评级:低风险   推荐理由:中国银行(601988)不仅是企业,更是国家宏观调控的重要载体和政策传导的要道。在业界普遍预计2012年宏观面将提供较宽松的背景的情况下,预计2012年银行板块涨幅区间为18%-25%。   推荐个股:首推招商银行(600036)、民生银行(600016)、南京银行(601009),建议关注北京银行(601169)、兴业银行(601166)、深发展。   食品饮料 看好酒类股   推荐级别:★★★★★   投资策略:长线投资,配合中线大波段操作   风险评级:低风险   推荐理由:食品饮料板块防御性较好,与大盘走势相比,通常出现“缓攻强守”的特性。该板块与GDP、CPI的关联度较高,对抗通胀的效果显著,不过,业界当前普遍预计2012年GDP和CPI增速可能放缓,这或将对该板块构成一定压力。建议关注该板块中白酒、葡萄酒、啤酒的不可复制特色,以及行业景气持续度。   推荐个股:贵州茅台(600519)、五粮液(000858)、张裕A(000869)、山西汾酒(600809)、古井贡酒(000596)、洋河股份(002304)、青岛啤酒(600600)、双汇发展(000895)、伊利股份(600887)。   节能环保 利好政策多   推荐级别:★★★★★   投资策略:中线投资和短线波动操作结合   风险评级:中度风险   推荐理由:该板块政策支持力度较大,是七大战略新兴产业之首,可望成为未来一段时间内国民经济的新增长点和支柱产业。2012年1月起开始执行的火电排放新标准,是中国历史上最严格的标准,这将助推该板块的潜在价值。板块中的脱硫、脱硝、污水处理、废弃电子物循环利用等子板块前景值得看好。   推荐个股:国电清新(002573)、维尔利(300190)。   文化产业 最佳时期到   推荐级别:★★★★   投资策略:中短线投资   风险评级:中度风险   推荐理由:全球文化产业发展的经验证明,宏观经济低迷或转型时,正是文化传媒产业的发展契机。当前国家出台了《文化产业振兴规划》、《中央关于深化文化体制改革若干重大问题决定》等重要政策,支持度较大。   推荐个股:主要关注板块动向。
gj5 o 良好的现金管理,有利于跨国公司优化资金流动性和收益性 n 改善流动资金和流动负债的结构,提高资金使用效率,减少外部融资,节约利息支出 n 通常是站在母公司角度对子公司进行现金周转和余额管理,通过母子公司之间以及子公司之间的跨国现金转移来实现 o 东道国的经济政治等因素会影响子公司的现金流 n 通货膨胀、存货水平、产品销售、汇率、利率、税收政策、外汇管理政策等 o 净额清算 o 加速清收 o 规避东道国管制 o 内部现金流动 净额清算(netting) o 使因货币兑换而产生的内部管理成本和交易成本降到最低 n 减少子公司之间跨国交易笔数,从而减少现金转移的一般性管理成本 n 降低外汇交易频率,从而减少汇率变动导致的交易成本 n 方便母公司严格管控子公司之间的交易信息 n 现金流预测相对容易,提高投融资决策效率 加速清收 o 加速应收账款的清收,可以提高资金利用效率,同时降低风险 o 常用方法 n 鼓励提早付款 n 大额销售签订预先授权支付书(preauthorized payment) n 根据客户分布就近设立银行收款箱(lockbox) 规避东道国管制 o 东道国可能对子公司资金汇出设置障碍甚至暂时冻结,可通过收入、费用的转移性安排规避东道国管制的负面影响 n 设立或扩大研发部门,增加开支 n 通过转移定价将收入转出 n 将会议、广告、宣传费转入 n 减少母公司资金收入,增加当地融资额 内部现金流管理 o 降低整体融资成本 n 资金充裕的子公司可以提前付款 n 允许资金不足的子公司延期付款 o 规避汇率风险 n 内部贸易或净额清算时,预期记账货币升值时,付款方可以延期支付 n 预期记账货币可能贬值时,支付方可以提前付款 o 国际融资管理 o 跨国经营企业的国际融资活动主要分为公司外部资金筹措与公司内部资金融通两大部分。 n 外部资金筹措主要是利用国际金融市场,以向银行申请借款,发行股票债券以及向国际经济组织借款融资等方式筹措经营所需的资本; n 而内部融资主要是公司内部母公司与子公司及子公司相互之间的资金融通,其主要融资形式有自有资金积累,购买子公司证券、参股投资、现金贷款、赊账交易及担保贷款等。 1、股权融资 (Equity Financing) o 国际股票市场和东道国的股票市场发行和上市交易股票,除了可以获得股本资金以外还有许多其他方面的好处: n 突破本国资金市场的限制 n 取得股本融资多样化的利益 n 降低发行成本,提高股票市价 n 扩大在国际上的知名度 o 海外发行上市分直接和间接两种,它们是国内公司在国际金融市场筹资的一条重要途径。直接上市就是指直接以国内公司名义在海外上市;间接上市,又称买壳上市,指的国国内公司通过收购海外上市公司取得控制权,从而进入海外股票市场。 2、债券融资 (Bond Financing) o 发行国际债券是信誉卓著的大公司筹措长期资金的另一种融资方式。
gj3 外汇风险(Foreign Exchange Risk) : 又称汇率风险,指在不同货币的相互兑换或折算中,因汇率在一定时间内意外变动,致使相关主体的实际收益低于预期,或是实际成本高于预期,从而蒙受经济损失的可能性。 o 承担外汇风险的外币资金被称为“敞口”或“风险头寸” n 外汇买卖中,风险头寸表现为外汇持有额中“超买”(overbought)或者“超卖”(oversold)的部分 n 企业经营中,风险头寸表现为外币资产与外币负债金额或者期限不相匹配的部分 o 风险头寸 o 风险因素 n 货币兑换或折算 o 受险时间 n 成交与资金清算之间的时间 o 风险事故 n 汇率朝不利方向意外变动 o 风险结果 n 经济利益损失 折算风险 o 指涉外企业合并财务报表时因货币折算处理而承担的汇率变动风险 o 由于汇率波动,选择不同时点的汇率评价外币债权债务,可能造成较大的会计账面损益 o 虽然折算风险只涉及账面损失,但仍然可能不利于对涉外企业的业绩评价 交易风险 o 指企业或个人在交割、清算对外债权债务时因汇率变动导致经济损失的可能性 o 以货币兑换为特征,涉及一切以外币为媒介或载体的经济交易 n 进出口贸易 n 涉外货币借贷 n 对外直接投资 n 外汇买卖 经济风险 o 由于汇率变动使企业未来现金流量折现值发生损失的可能性 o 经济风险程度的高低,指主要取决于企业销售额、产品价格等关键指标对汇率变动的敏感性 间接经济风险 o 汇率变动有时会通过一些渠道对涉外企业的现金流产生间接影响 o 国内企业并不直接面对汇率问题,尽管不承受外汇交易风险,但仍然可能暴露于经济风险之下 o 外汇风险管理原则 o 1)全面重视原则 要求对涉外经济交易中出现的外汇风险所有受险部分给予高度的重视,对风险进行准确的测量,及时把握风险额的动态变化情况,避免顾此失彼。 o 2)管理多样化原则 要求针对外汇风险的不同的形成原因、风险头寸和结构以及自身的风险管理能力,充分考虑国家的外汇管理政策、金融市场发达程度、避险工具的成熟程度等外部制约,选择不同的外汇风险管理方法,进行灵活多样的外汇风险管理。 o 3)趋利避害、收益最大化原则 要求对外汇风险管理的成本和收益进行精确的计算,以综合收益最大化为出发点,制定具体的风险管理战术,力求做到避险效果相等时成本最小,成本相等时避险效果最大。 程序 o 风险识别 o 风险衡量 o 风险管理方法选择 o 风险管理实施 o 监督与调整 手段 o 风险控制手段 n 减少外汇风险业务 n 提高外汇风险预防能力 o 风险融资手段 n 自留 n 购买保险 n 套期保险 o 内部风险抑制手段 n 分散化 n 信息投资 汇率预测 什么是汇率预测? 是指运用一定的方法,对汇率的变化趋势进行科学判断,是防范和管理各种汇率风险的重要保证。 主要包括两种方法: o 基本因素预测法 o 技术分析法 基本因素预测法(Fundamentalist) 又称经济预测法,是指通过经济变量与汇率间的关系估计汇率变动的一种预测法。适用于中长期趋势的预测。 经济变量主要包括:国际收支、货币供应量变动、通货膨胀率、利率、国民收入增长率等。 可分两种方式:主观判断法 和计量经济模型法。 o 主观判断法: 综合运用经济学理论知识,结合各种具体情况进行推理分析和经验性判断。 o 计量经济模型法: 利用计量经济学方法(主要是回归分析),通过模型的建立对汇率变化趋势做定量分析。多为大公司和银行所用。 一般包括下列几个步骤:影响变量的选择;历史资料的收集和分析;回归方程的确立;相关系数的计算;将动态资料运用到该方程式,然后进行预测。 技术分析法(Chartist) 又称市场内部供求分析法。是指利用图表和简单的统计方法对汇率的趋势进行描述和预测,多用于短期分析。 (类似股市技术分析方法) 具体方法主要包括:基本形态分析法、平均移动趋势法、K线图法、相对强弱指数法、动向指数法等数十种。 有许多方法已经编制成软件。 技术预测与基本面预测最明显的一点区别就是:基本面分析研究市场运动的原因, 而技术分析研究市场运动的效果.
c5 Chapter 5 - Externalities 1. Classical economics explicitly requires that all costs and benefits be taken into account when assessing the desirability of a given set of resources, so Gore’s statement is false. The notion that rescuing the environment should be “the central organizing principle for civilization” provides no practical basis for deciding what to do about automobile emissions (or any other environmental problem), because it provides no framework for evaluating the tradeoffs that inevitably must be made. 2.a. The number of parties per month that would be provided privately is P. b. See schedule MSBp. c. P*. Give a per-unit subsidy of $b per party. d. The total subsidy=abcd. “Society” comes out ahead by ghc, assuming the subsidy can be raised without any efficiency costs. (Cassanova’s friends gain gchd; Cassanova loses chd but gains abcd, which is a subsidy cost to government.) 3. a. It is very likely that the farmer could negotiate with the neighbors, provided property rights are clearly defined. The Coase Theorem is therefore applicable. b. It is unlikely that property rights could be enforced in terms of catching tropical fish on the Amazon River. The question states that hundreds of divers illegally catch these fish and sell them on the black market. If the property rights were given to the divers, it is not clear who is actually harmed (perhaps “society as a whole”) by the depletion of exotic fish. Given the large number of people who are harmed (in a small amount), and the large number of people who are engaging in this activity, it is not clear how bribes would flow from “society” to the “divers.” c. There are too many farmers and too many city-dwellers for a private negotiation. d. Too many people are involved for private negotiation and impossible to figure out how to transfer bribes. 4. a. The price of imported oil does not reflect the increased political risk by effectively subsidizing authoritarian regimes like those in Saudi Arabia. b. The tax would estimate the marginal damage (e.g., the increased instability in the Middle East, etc.) by importing oil from Saudi Arabia. c. The supply of TGRs is vertical at 104.5
c4 Chapter 4 – Public Goods 1. a. Wilderness area is an impure public good – at some point, consumption becomes nonrival; it is, however, nonexcludable. b. Satellite television is nonrival in consumption (although it is excludable). c. Medical school education is a private good. d. Television signals are nonrival in consumption. e. An Internet site is nonrival in consumption (although it is excludable). 2. a. False. Efficient provision of a public good occurs at the level where total willingness to pay for an additional unit equals the marginal cost of producing the additional unit. b. False. Due to the free rider problem, it is unlikely that a private business firm could profitably sell a product that is non-excludable. However, recent research reveals that the free rider problem is an empirical question and that we should not take the answer for granted. Public goods may be privately supported through volunteerism, such as when people who attend a fireworks display voluntarily contribute enough to pay for the show. c. Uncertain. This statement is true if the road is not congested, but when there is heavy traffic, adding another vehicle can interfere with the drivers already using the road. d. False. There will be more users in larger communities, but all users have access to the quantity that has been provided since the good is non-rival, so there is no reasons larger communities would necessarily have to provide a larger quantity of the non-rival good. 3. We assume that Cheetah’s utility does not enter the social welfare function; hence, her allocation of labor supply across activities does not matter. a. The public good is patrol; the private good is fruit. b. Recall that efficiency requires MRSTARZAN + MRSJANE = MRT. MRSTARZAN = MRSJANE = 2. But MRT = 3. Therefore, MRSTARZAN + MRSJANE > MRT. To achieve an efficient allocation, Cheetah should patrol more. 4. Research on alternative medicine is a public good if the research leads to treatments or cures that are non-excludable, meaning that others besides those who discovered the treatment may profit from the treatments. This would happen if discoveries cannot be patented. Whether or not it is sensible for government to pay for such research depends on the potential benefits of the research, which could be substantial if alternative medicine provides effective treatments, and whether or not the treatments can be patented.
c3 Chapter 3 – Tools of Normative Analysis 1. a. In this particular insurance market, one would not expect asymmetric information to be much of a problem – the probability of a flood is common knowledge. Moral hazard could be an issue – people are more likely to build near a beach if they have flood insurance. Still, one would expect the market for flood insurance to operate fairly efficiently. b. There is substantial asymmetric information in the markets for medical insurance for consumers and also malpractice insurance for physicians. For efficient consumption, the price must be equal to the marginal cost, and the effect of insurance may be to reduce the perceived price of medical care consumption. That would lead to consumption above the efficient level. Because of the roles of regulation, insurance, taxes, and the shifting of costs from the uninsured to the insured, there is little reason to expect the market to be efficient. c. In the stock market, there is good information and thousands of buyers and sellers. We expect, in general, efficient outcomes. d. From a national standpoint, there is a good deal of competition and information with regards to personal computers. The outcome will likely be efficient for computer hardware. However, some firms might exercise some market power, especially in the software market; in these markets “network externalities” may be present where the value of a programming language or piece of software is dependent on the number of others who also use that software. e. The private market allocation is likely inefficient without government intervention. Student loan markets may suffer from asymmetric information – the student knows better than the lender whether he will repay the loan or default on it, a form of adverse selection. Government intervention does not “solve” the adverse selection problem in this case (because participation in the student loan program is not compulsory), but it may create a market that would not exist without intervention. f. There are several reasons why automobile insurance provision is likely to be inefficient without government intervention. As with other insurance markets, the automobile insurance market suffers from asymmetric information. Drivers who know they are particularly accident prone will be particularly likely to want car insurance (or policies with greater coverage), while drivers who are less accident prone (or able to self-insure) might choose to go without insurance. By mandating that people purchase auto insurance if they choose to drive, the adverse selection problem is mitigated to some extent (but, again, more accident prone drivers could still by more generous plans). Another market
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