致理科技大學
106
學年度第
1
學期課程教學計畫表
授課科目名稱
證券投資實務
授課教師
李魁榮
課程時程
單學期-上學期
學分數
2.00
上課時數
2
開課系科
財務金融系
課程性質
選修
開課學制
日四技
開課班級
金三B
開課教室
和平大樓 D36 一般教室
(座位表查詢)
輔導時間
(每週4小時)
週別
主題與內容
週別
主題與內容
1
0912 全球資本市場現況與景氣循環
10
1114 損益表分析:普通股評價的盈餘因素
2
0919 證券分析概論與方法
11
1121 損益表分析:普通股評價的盈餘因素
3
0926 證券分析概實務(券商研究部總經、產業、個股評論)
12
1128 資產負債表分析:資產價值的含義
4
1003 固定價值類投資
13
1205 證券分析:價格與價值差別
5
1010 國訂休假
14
1212 證券分析:價格與價值差別
6
1017 ===SPEECH-I===(實務講座-I)
15
1219 ===SPEECH-II===(實務講座-II)
7
1024 普通股投資理論:股利因素
16
0102 全球投資趨勢與策略
8
1031 普通股投資理論:股利因素
17
0102 全球投資趨勢與策略
9
期中考週
18
期末考週
教材/課本
教材講義:「證券分析」,第六版, 參考書籍:「Security Analysis」,Sixth Edition,Benjamin Graham、David L.Dodd 著
敬請老師提醒同學遵守智慧財產權觀念,不得不法影印教科書!
授課方式
課堂教學+實習(校內、校外)
是否為全外語教學
否
輔導證照
否
輔導競賽
否
業師協同教學
無
是否為創新創業課程
否
是否為SDGs永續課程
否
成績比率
平時:
%
期中:
%
期末:
%
備註一
如因疫情臨時停課,線上同步教學網址:
備註二
聯絡方式
研究室位置:
研究(辦公)室電話:(02)2257-6167 轉
E-Mail:
課程名稱:
證券投資實務
授課教師:
李魁榮
課程簡介(以100至200字為原則):
投資價值、投機價值及內含價值 「內合價值」的定義是「以事實證明的價值」。必須理解的是,此價值絕不侷限於「投資價值」(即總價值中的投資成分),但若投機價值是經過理性分析得出,總價值亦可能包括大量的投機價值。因此,只要市場價格明確反映非理性投機那麼便可以說市場價格超出內含價值。 投資可說是以過往作為依據,而投機主要看重未來,這種說法接近事實的真相,但並不完整不論投資還是投機都必須經歷未來的考驗,未來的變化無常,並接受未來的定論。之前論述分析及未來的觀點,都同樣適用於投資的概念。對於投資而言,我們需要防範「未來」,而非從中謀利。未來的情況若變好,當然更好;但就投資本身而論,不能依靠對未來情況好轉的期望。而所謂投機,其根據及理由往往是對將來發展的期望,這些未來的發展動向可能與過去的表現不同。 凡是未來的發展和方向不能依據過去行為加以推測者,就是所謂的「隨機漫步」(Random Walk)。 投資充滿樂趣 投資是購買資產,以獲得合理的可預期收入或長期增值的一種方法。 投資與投機的區別,常在於獲得投資報酬的期間長短和報酬的可預測程度。 成功的投資人通常知識廣博,善用與生俱來的好奇心和求知欲來創造財富。 學習前人成功的投資經驗與分法論,就如彼得.林區著名學論 Learn And Earn 《彼得林區學以致富》講述商業活動及股票市場運作的基本原則,鼓勵人們及早奠定紮實的理財基礎。 最後,用股神巴菲特的名言警記。 我在歷史中學到的唯一東西就是:大眾從未從歷史中汲取教訓。 What we learn from history is that people don't learn from history.
Course Title:
Stock Investment Practices
Instructor:
Brief Introduction of Course Contents:
Investment value, speculative value and embedded value "Intrinsic value" is defined as "proved value". It must be understood that this value is by no means limited to "investment value" (ie, the total value of the investment component), but if the speculative value is a rational analysis, the total value may also include a large number of speculative value. Therefore, as long as the market price clearly reflects the irrational speculation then it can be said that the market price beyond the embedded value. Investment can be said to be based on the past, and speculation mainly value the future, this statement close to the truth of the truth, but not complete regardless of investment or speculation must go through the future test, the future of the vagaries, and accept the future conclusion. The previous analysis and future perspectives are equally applicable to the concept of investment. For investment, we need to guard against "future" rather than profit. If the future situation is better, of course, better; but in terms of investment itself, can not rely on the future improvement of expectations. The so-called speculation, its basis and the reasons are often the expectations of future development, these future trends may be different from the past performance. Any future development and direction can not be based on past behavior to speculate, is the so-called "random walk" (Random Walk). Investment is full of fun An investment is a method of buying an asset to obtain a reasonable expected income or long-term value added. The difference between investment and speculation is often the length of the period in which the investment is paid and the predictability of the reward. Successful investors are often knowledgeable and use the innate curiosity and curiosity to create wealth.
課程專業英文關鍵字:
Investment Words Abbreviations frequently used in reports 3/6/12 MMA 3/6/12 month moving average IMF International Monetary Fund AI Alternative investments LatAm Latin America APAC Asia Pacific Libor London interbank offered rate bbl barrel m b/d Million barrels per day A measure of the money supply that includes all physical money, such as coins and currency, as well as demand deposits, checking accounts and negotiable order of withdrawal accounts. BI Bank Indonesia M1 A measure of money supply that includes cash and checking deposits (M1) as well as savings deposits, money market mutual funds and other time deposits. BoC Bank of Canada M2 A measure of money supply that includes M2 as well as large time deposits, institutional money market funds, short-term repurchase agreements and other larger liquid assets. BoE Bank of England M3 BoJ Bank of Japan M&A Mergers and acquisitions bp Basis points MAS Monetary Authority of Singapore BRIC Brazil, Russia, China, India MLP Master Limited Partnership CAGR Compound annual growth rate MoM Month-on-month CBOE Chicago Board Options Exchange MPC Monetary Policy Committee CFO Cash from operations OAS Option-adjusted spread CFROI Cash flow return on investment OECD Organisation for Economic Co-operation and Development DCF Discounted cash flow OIS Overnight indexed swap DM Developed Market OPEC Organization of Petroleum Exporting Countries DMs Developed Markets P/B Price-to-book value Investment Daily, APAC edition, 07/09/2017 9 Earnings before interest, taxes, depreciation and amortiza- P/E Price-earnings ratio tion EBITDA ECB European Central Bank PBoC People's Bank of China EEMEA Eastern Europe, Middle East and Africa PEG P/E ratio divided by growth in EPS EM Emerging Market PMI Purchasing Managers' Index EMEA Europe, Middle East and Africa PPP Purchasing power parity EMs Emerging Markets QE Quantitative easing EMU European Monetary Union QoQ Quarter-on-quarter EPS Earnings per share r.h.s. right-hand side (for charts) ETF Exchange traded funds RBA Reserve Bank of Australia EV Enterprise value RBI Reserve Bank of India FCF Free cash flow RBNZ Reserve Bank of New Zealand Fed US Federal Reserve REIT Real estate investment trust FFO Funds from operations ROE Return on equity FOMC Federal Open Market Committee ROIC Return on invested capital FX Foreign exchange RRR Reserve requirement ratio G10 Group of Ten SAA Strategic asset allocation G3 Group of Three SDR Special drawing rights GDP Gross domestic product SNB Swiss National Bank GPIF Government Pension Investment Fund TAA Tactical asset allocation HC Hard currency TWI Trade-Weighted Index HY High yield VIX Volatility Index IBD Interest-bearing debt WTI West Texas Intermediate IC Credit Suisse Investment Committee YoY Year-on-year IG Investment grade YTD Year-to-date An indicator of the average increase in prices for all domestic personal consumption. Personal Consumption Expenditure (PCE deflator)
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