284 episodes

人人都是主播

checonomics 荔枝FM精选

    • Business
    • 2.0 • 2 Ratings

人人都是主播

    MPL 三说科技大牛赴美上市

    MPL 三说科技大牛赴美上市

    介绍:个人观点,不可作为市场交易的依据。微博 @az1j雪球/微信 checonomics微信公号: checonomicsdotcomQqun: 100.62.64.83

    • 11 min
    MPK 二说科技大牛赴美上市

    MPK 二说科技大牛赴美上市

    介绍:个人观点,不可作为市场交易的依据。微博 @az1j雪球/微信 checonomics微信公号: checonomicsdotcomQqun: 100.62.64.83

    • 12 min
    MJH 财务经理的主要任务之一是如何有效的为公司进行资本预算

    MJH 财务经理的主要任务之一是如何有效的为公司进行资本预算

    REAL ASSETS Assets used to produce goods and services.FINANCIAL ASSETS Claims to the income generated by real assets. Also called securities.FINANCIAL MARKETS Markets in which financial assets are traded.CAPITAL BUDGETING DECISION Decision as to which real assets the firm should acquire.FINANCING DECISION Decision as to how to raise the money to pay for investments in real assets.THE CAPITAL BUDGETING DECISIONCapital budgeting decisions are central to the company’s success or failure. For example, in the late 1980s, the Walt Disney Company committed to construction of a Disneyland Paris theme park at a total cost of well over $2 billion. The park, which opened in 1992, turned out to be a financial bust, and Euro Disney had to reorganize in May 1994. Instead of providing profits on the investment, accumulated losses on the park by that date were more than $200 million.Contrast that with Boeing’s decision to “bet the company” by developing the 757 and 767 jets. Boeing’s investment in these planes was $3 billion, more than double the total value of stockholders’ investment as shown in the company’s accounts at the time. By 1997, estimated cumulative profits from this investment were approaching $8 billion, and the planes were still selling well.Disney’s decision to invest in Euro Disney and Boeing’s decision to invest in a new generation of airliners are both examples of capital budgeting decisions. The success of such decisions is usually judged in terms of value. Good investment projects are worth more than they cost. Adopting such projects increases the value of the firm and therefore the wealth of its shareholders. For example, Boeing’s investment produced a stream of cash flows that were worth much more than its $3 billion outlay.Not all investments are in physical plant and equipment. For example, Gillette spent around $300 million to market its new Mach3 razor. This represents an investment in a nontangible asset—brand recognition and acceptance. Moreover, traditional manufacturing firms are not the only ones that make important capital budgeting decisions. For example, Intel’s research and development expenditures in 1998 were more than $2.5 billion.4 This investment in future products and product improvement will be crucial to the company’s ability to retain its existing customers and attract new ones.Today’s investments provide benefits in the future. Thus the financial manager is concerned not solely with the size of the benefits but also with how long the firm must wait for them. The sooner the profits come in, the better. In addition, these benefits are rarely certain; a new project may be a great success—but then again it could be a dismal failure. The financial manager needs a way to place a value on these uncertain future benefits.We will spend considerable time in later material on project evaluation. While no one can guarantee that you will avoid disasters like Euro Disney or that you will be blessed with successes like the 757 and 767, a disciplined, analytical approach to project proposals will weight the odds in your favor. Q群:100六2六4八3YY频道:33八2八030新浪微博: @AZ1J个人微信号: checonomics公众微信号: checonomicsdotcom英文原文请参考 www.checonomics.com荔枝FM46060 www.lizhi.fmRSS订阅: http://www.lizhi.fm/rss/46060.xml

    • 19 min
    A4J 美元泥沼 次贷危机 资产证券化 OTD 与 三重道德风险 Moral Hazard

    A4J 美元泥沼 次贷危机 资产证券化 OTD 与 三重道德风险 Moral Hazard

    简介:OTD优点总结以及FDIC,OTD,Ownership Structure的三重道德风险叠加Review:First, loan sales allow banks to free up capital that could then be deployed in more profitable activities. It also allows them to increase their fee-based loan origination activity, in which they have a comparative advantage over nonbank financial institutions. This has a positive impact on the return on assets and return on equity of banks. Second, the loan sales market provides an effective mechanism for risk diversification for banks, especially in light of the classic “credit paradox”. Third, from a macro perspective, loan sales improve the liquidity of the balance sheets of banks, thereby reducing financing frictions and lowering their cost of capital. This makes asset liability management easier, and increases the banks’ ability to successfully respond to negative economic environments. This has led to a point of view that the originate-to-distribute model of bank credit may be “socially desirable”. Summary: In Audio

    • 31 min
    A4H 美元泥沼 次贷危机 资产证券化 OTD 与 信用悖论 Paradox of Credit

    A4H 美元泥沼 次贷危机 资产证券化 OTD 与 信用悖论 Paradox of Credit

    Second, the loan sales market provides an effective mechanism for risk diversification for banks, especially in light of the classic “credit paradox”. 信用悖论(Paradox of Credit): 即由于对客户信用状况的了解主要来源于长期的业务关系, 因此银行常常倾向于将贷款投向并集中于有限的老客户。

    • 15 min
    A4E 美元泥沼 23Y Originate To Distribute 次贷危机 OTD也有优点,你信吗?

    A4E 美元泥沼 23Y Originate To Distribute 次贷危机 OTD也有优点,你信吗?

    Pros of OTDThis approach has had considerable benefits, including increased access of small and medium-sized borrowers to the broader capital markets, but pitfalls in its implementation are now evident.In principle, the originate-to-distribute model spreads risk and reduces financing costs while affording borrowers greater access to capital. BEN BERNANKEApril 10, 2008.

    • 23 min

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