# 財務管理

### Chapter 2

* Financial Institution -> Corporation (間接金融)
* Financial Markets -> Corporation (直接金融)
* Money -> 1. Primary Market 2. Secondary Market 3. OTC Market
* **Primary(初級) Market:** 第一次上市物品 (第一次IPO)
* **Secondary(次級) Market:** 二手市場
* **OTC Market:** Over the Counter Market
* Foreign exchange
* Securities: 證券
* IPO (initial public offering)
* Seasoned Offering (增資發行股)

* Treasury Bill 國庫債
* Treasury Fund 國庫券

* Markets
* Foreign exchange
* Commedities
* Markets for options(選擇權) and other derivatives(期貨)
* 保障未來成本or營收
* Commodity and derivative markets are not sources of financing but markets where the financial manager can adjust the firm’s exposure to business risks.

* Porfolio 投資組合 => 不要把雞蛋放在同一個籃子裡
* Mutual funds raise money by selling shares to investors. The investors’ money is pooled and invested in a portfolio of securities.

* Hedge Fund
* First, because hedge funds usually follow complex, high-risk investment strategies, access is usually restricted to knowledgeable investors such as pension funds, endowment funds, and wealthy individuals

* Pension Fund

* Functions of Financial Markets and Intermediaries
1. Transporting Cash across Time
* Lenders transport money forward in time; borrowers transport it back. Both are happier than if they were forced to spend income as it arrives.

2. Risk Transfer and Diversification (多角化經營)
* 不要把雞蛋放在同一個籃子裡

3. Liquidity
* the ability to turn an investment back into cash when needed.
4. The Payment Mechanism

5. Information Provided by Financial Markets

* Index funds(指數型基金) vs ETF
* 被動式 vs 主動式管理
* 收費低 vs 收費高

* Junk bond
* Level B and Below

### Chapter 5 The Time Value of Money
* FV (Future Value)
* PV (Present Value)
* A dollar today is worth more than a dollar tomorrow.
* Simple Interest (單利)
* Compound Interest (複利)

### Chapter 6 Valuing Bonds
* interest rate risk
* The risk in bond prices due to fluctuations in interest rates.

* Zero-coupon bonds (零息債券)
* repay principal at maturity but do not have coupon payments along the way. (Zero-coupon Treasuries are called “strips” because coupons are stripped away from the bonds and sold separately.)

* Floating-rate bonds （浮動利率債券）
* have coupon payments that are not fixed but fluctuate with short-term interest rates.

* Convertible bonds
* can be exchanged for a specified number of shares of the issuing corporation’s common stock.

### Chapter 7
* Liquidation value 清算價值清算價值
* Random Walks and Efficient Markets
* If a stock is fairly priced, it will reflect all existing information and respond only to new information. But new information is necessarily unanticipated. Therefore, the resulting change in the stock price must be a surprise and cannot be predicted from earlier changes in the stock price. So in a market where stocks are fairly valued, their prices will wander randomly. Stocks will be equally likely to offer a high or low return on any particular day, regardless of what occurred on previous days. In other words, prices will follow a random walk.

### Chapter 13
* weighted-average cost of capital, or WACC => 加權平均資金成本