留学生作业：对股东权益（股票）相关知识的讲解

ABF 305 INVESTMNET MANAGEMENT
SURGERY 2 Equity(Stock)
ABF305投资管理
股东权益（股票）

What is stock
什么是股票

• The capital stock (or just stock) of a business entity represents the original capital paid into or invested in the business by its founders. It serves as a security for the creditors of a business since it cannot be withdrawn to the detriment of the creditors. Stock is different from the property and the assets of a business which may fluctuate in quantity and value.
资本存量业务实体（或股票）支付的业务或投资其创始人代表了原始资本。它作为一个企业的债权人的安全，因为它不能被撤回损害债权人的利益。股票是不同的财产和业务的资产数量和价值波动可能。

Intrinsic value
内在价值

• Intrinsic value is defined as the present value of all cash payment to the investor in the stock, including dividends as well as the proceeds from the ultimate sale of the stock.

Dividend Discount Model
股利贴现模式

 
• Intrinsic value < market price => stock is overvalued.
• Intrinsic value = market price => stock is fairly valued.
• Intrinsic value > market price => stock is undervalued.
• Convergence of price to intrinsic value
• Stock’s price will approach its intrinsic value gradually over time.

Capital Asset Pricing Model (CAPM)
资本资产评价模式

Security market line
证劵市场线

 
• Using of CAPM
– Asset evaluation
– Asset choice
– Project evaluation