2017注册国际投资分析师（CIIA）考试大纲
关于发布《注册国际投资分析师（CIIA）考试大纲（2017）》的通知
中证协发[2017]64号
各位考生:
根据注册国际投资分析师协会(ACIIA)有关安排,为持续做好CIIA考试工作,我会组织编制了《注册国际投资分析师(CIIA)考试大纲(2017)》,现予以发布实施。
特此通知。
附件:《注册国际投资分析师(CIIA)考试大纲(2017)》
中国证券业协会
2017年4月5日
CIIA EXAMINATION SYLLABUS（2017）
CIIA考试大纲（2017）
（译文仅供参考）
1. Financial Accounting and Financial Statement Analysis
财务会计和财务报表分析
2. Corporate Finance
公司财务
3. Equity Valuation and Analysis
股票估值与分析
4. Economics
经济学
5. Fixed Income Valuation and Analysis
固定收益证券估值与分析
6. Derivative Valuation and Analysis
衍生产品估值与分析
7. Portfolio Management
投资组合管理
Table of Contents
目录
• Financial Accounting and Financial Statement Analysis .................. 3
财务会计和财务报表分析
• Corporate Finance ............................................................................. 14
公司财务
• Equity Valuation and Analysis .......................................................... 21
股票估值与分析
• Economics .........................................................................................25
经济学
• Fixed Income Valuation and Analysis ...............................................32
固定收益证券估值与分析
• Derivative Valuation and Analysis .....................................................40
衍生产品估值与分析
• Portfolio Management ........................................................................47
投资组合管理
Financial Accounting and Financial Statement Analysis
财务会计和财务报表分析
Broad Learning Objectives
总体学习目标
The basic principles and standards that underpin the preparation of financial statements should be understood, together with the various features of the income statements and balance sheets. The usage and analysis of financial statement related information receives a particular emphasis and candidates should develop strong skills in these dimensions. A wide range of analytic tools and applications should be understood, including income versus cash flow, various ratio analyses (such as EPS, profitability, leverage), time series analyses, common size statements and DuPont analysis and their application in practical settings well known and understood. Candidates should have a good understanding of the important topics of foreign currency translation and the consolidation of financial statements. The important valuation related topic of financial projections is also covered.
理解财务报表编制的基本原则和标准，以及损益表和资产负债表的各项特征。要特别关注财务报表相关信息的应用和分析，考生应加强在这些方面的能力。深入理解各种分析工具和应用方法，包括收入和现金流、各种比率分析（比如每股收益、盈利能力、财务杠杆）、时间序列分析、共同比报表和杜邦分析，以及他们在众所周知的实践中的应用。考生应该深入理解外币折算、合并财务报表中的重要问题，包括财务预测中的重要估值相关问题。
1 Principles and Standards
1 原则和标准
1.1 The financial reporting environment
1.1.1 The financial statements
1.1.2 Financial reporting issues
1.1 财务报告环境
1.1.1 财务报表
1.1.2 财务报表问题
1.2 Framework for the preparation and presentation of financial statements
1.2.1 Objective of financial statements
1.2.2 Accounting conventions
1.2.3 Fundamental definitions
1.2.4 Criteria for accounting recognition
1.2 财务报表的编制和列报框架
1.2.1 财务报表的目标
1.2.2 会计原则
1.2.3 基本概念
1.2.4 会计确认的标准
1.3 Statement of cash flows
1.3.1 Rationale for the statement of cash flows
1.3.2 Relation between income flows and cash flows
1.3 现金流量表
1.3.1 现金流量表的基本原理
1.3.2 现金流和收入流的关系
2 Income Statement and Foreign Currency Transactions
2 收益表和外币业务
2.1 Income recognition
2.1.1 Criteria for revenue recognition
2.1.2 Long-term construction contracts
2.1.3 Criteria for expense recognition
2.1.4 Accounting for stock options and similar benefits
2.1 收入确认
2.1.1 收入确认的标准
2.1.2 长期建造合同
2.1.3 费用确认的标准
2.1.4 股票期权及类似福利的会计处理
2.2 Foreign currency transactions
2.2.1 Foreign currency transactions
2.2.2 The translation of financial statements into a foreign currency
2.2.3 Hyperinflationary economies
2.2 外币业务
2.2.1 外币业务
2.2.2 外币报表折算
2.2.3 恶性通货膨胀经济
3 Balance Sheet
3 资产负债表
3.1 Assets
3.1.1 Property, plant and equipment
3.1.2 Investment property
3.1.3 Intangible assets
3.1.4 Inventories
3.1.5 Accounts receivable
3.1.6 Cash and cash equivalents
3.1.7 Impairment of assets
3.1.8 Financial assets
3.1 资产
3.1.1 不动产、厂房和设备
3.1.2 投资性房地产
3.1.3 无形资产
3.1.4 存货
3.1.5 应收账款
3.1.6 现金及现金等价物
3.1.7 资产减值
3.1.8 金融资产
3.2 Liabilities
3.2.1 Bonds
3.2.2 Hybrid securities
3.2.3 Off balance sheet financing agreements
3.2.4 Leases
3.2.5 Borrowing costs
3.2.6 Retirement benefits
3.2.7 Income taxes
3.2 负债
3.2.1 债券
3.2.2 混合证券
3.2.3 表外融资协议
3.2.4 租赁
3.2.5 借款费用
3.2.6 退休福利
3.2.7 所得税
3.3 Shareholders’ Equity
3.3.1 Issuance of capital stock
3.3.2 Acquisition and sale of treasury shares
3.3.3 Accounting for dividends
3.3.4 Other changes in retained earnings
3.3 所有者权益
3.3.1 股本的发行
3.3.2 股票回购和库藏股的再发行
3.3.3 股利的会计处理
3.3.4 留存收益的其他变动
3.4 Provisions
3.4.1 Conditions for the recognition of provisions
3.4.2 Contingent liabilities
3.4 准备金
3.4.1 准备金确认的条件
3.4.2 或有负债
4 Data Analysis
4 数据分析
4.1 Income vs. Cash Flow
4.1.1 Relationship between income and cash flow from operations
4.1.2 Income and cash flow at various stages of the life cycle
4.1 利润与现金流量
4.1.1 经营活动现金流量与净利润的关系
4.1.2 生命周期不同阶段的净利润与现金流量
4.2 Quality of earnings, earnings management
4.2.1 Data issues when analysing financial statements
4.2.2 Significance and implications of alternative accounting policies on the financial statements
4.2 盈余的质量和盈余管理
4.2.1 财务报表分析中的数据问题
4.2.2 财务报表中可供选择的会计政策的重要性和含义
4.3 Earnings per share
4.3.1 Basic earnings per share
4.3.2 Diluted earnings per share
4.3.3 Using EPS to value firms
4.3.4 Criticism of EPS
4.3 每股收益
4.3.1 基本每股收益
4.3.2 稀释每股收益
4.3.3 运用每股收益衡量公司价值
4.3.4 对每股收益的评价
4.4 Segment reporting
4.4.1 Segment identification
4.4.2 Disclosure requirements
4.4.3 Using segment information for the analysis
4.4 分部报告
4.4.1 分部确认
4.4.2 披露要求
4.4.3 运用分部信息进行分析
4.5 Interim reporting
4.5 中期报告
4.6 Non-GAAP financial measures
4.6.1 Adjusted net income / operating income
4.6.2 EBITDA
4.6.3 Free cash flow
4.6.4 Net debt
4.6.5 Organic sales
4.6.6 New orders, backlog, book-to-bill
4.6 非公认会计准则财务指标
4.6.1 调整净收入/营运收入
4.6.2 息税折旧摊销前利润
4.6.3 自由现金流
4.6.4 净负债
4.6.5 内生性销售
4.6.7 新订单、未完成订单、订单出货比
5 Consolidated Financial Statements
5 合并财务报表
5.1 Mergers and acquisitions
5.1.1 Acquisitions
5.1.2 Mergers
5.1 兼并和收购
5.1.1 收购
5.1.1 兼并
5.2 Consolidated financial statements
5.2.1 The scope of consolidation
5.2.2 The consolidation methods
5.2.3 The nature of the difference arising from consolidation
5.2.4 Uses of each method
5.2.5 The consolidation procedure
5.2.6 Analysis of the difference arising from initial consolidation
5.2.7 Valuing minority interests
5.2.8 The treatment of Goodwill
5.2 合并财务报表
5.2.1 合并财务报表的范围
5.2.2 合并方法
5.2.3 合并过程中所产生的差额的实质
5.2.4 各种合并方法的使用
5.2.5 合并程序
5.2.6 初始合并差额分析
5.2.7 少数股东权益的估值
5.2.8 商誉的处理
6 Major Financial Flows and Accounting Adjustments
6 主要资金流动及会计调整
6.1 Shareholder vision: net income and earnings per share
6.1.1 Basic earnings per share
6.1.2 Diluted earnings per share
6.1 股东视角：净收益和每股收益
6.1.1 基本每股收益
6.1.2 稀释每股收益
6.2 Management vision: investments and free cash flow
6.2.1 Modigliani Miller
6.2.2 Basic example
6.2.3 Global analytical table
6.2.4 Non-cash charges
6.2 管理者视角：投资和自由现金流
6.2.1 莫迪利安尼-米勒模型（MM模型）
6.2.2 基本案例
6.2.3 全球分析表
6.2.4 非现金支出
6.3 Reconciliation of the two approaches
6.3.1 General principles
6.3.2 Operating cash flow and net income (shareholder approach)
6.3.3 Operating cash flow (shareholder approach) and FCFF (MM approach)
6.3.4 EBITDA and FCFF (MM approach)
6.3 两种方法的一致性
6.3.1 一般原则
6.3.2 经营性现金流和净收入（股东法）
6.3.3 经营性现金流（股东法）和公司自由现金流（MM法）
6.3.4 息税折旧摊销前利润和公司自由现金流（MM法）
6.4 Published figures and accounting adjustments
6.4.1 Entries that give a false image of the company
6.4.2 Accounting definitions not recognised by international standards
6.4.3 Rewriting of entries in the case of different accounting standards
6.4.4 Capitalisation of research and development costs
6.4 已公布数据和会计调整
6.4.1 带来虚假公司形象的分录
6.4.2 非国际标准确认的会计定义
6.4.3 不同会计准则下分录的重新编制
6.4.4 研发费用的资本化
6.5 Presentation of historic figures
6.5.1 Time series analysis
6.5.2 Common size analysis
6.5 历史数据报告
6.5.1 时间序列分析
6.5.2 共同比分析
7 Analysis of Management Performance
7 管理绩效分析
7.1 Why use financial ratios?
7.1 为什么要用财务比率？
7.2 Operating risk measurement
7.2.1 Measurement of management efficiency over the operating cycle (gross margin, operating margin, net margin, asset turnover, inventory outstanding period, collection period, payables outstanding period)
7.2.2 Capital profitability ratios (ROA, ROCE, CFROI, ROE)
7.2 经营风险度量
7.2.1 营业周期管理效率的度量（毛利率、营业利润率、净利润率、资产周转率、存货周转天数、应收账款周转天数、应付账款周转天数）
7.2.2 资本盈利比率（资产收益率、已用资本回报率、现金投资回报率、权益收益率）
7.3 Measurement of financial risk
7.3.1 Liquidity ratios (current ratio, quick ratio, cash ratio)
7.3.2 Solvency ratios (average interest rate, net debt, capital structure ratio, total debt to equity ratio, long-term debt to equity ratio, interest coverage ratio, operating cash flow to cash interest cost, operating cash flow to liabilities)
7.3.3 Credit risk (rating agencies, credit default swaps)
7.3 财务风险度量
7.3.1 流动性比率 （流动比率、速动比率、现金比率）
7.3.2 偿付能力比率（平均利息率、负债净额、资本结构比率、总负债权益比、长期债务权益比率、利息保障倍数、经营性现金流与现金利息成本的比率、经营性现金流与流动负债的比率）
7.3.3 信用风险（信用评级机构，信用违约互换）
7.4 Key sectorial ratios and metrics
7.4.1 Industrial
7.4.2 Oil and gas
7.4.3 Consumer
7.4.4 Healthcare
7.4.5 Technology
7.4.6 Banks
7.4.7 Utilities
7.4 关键部门的比率和指标
7.4.1 工业
7.4.2 石油和天然气
7.4.3 消费类
7.4.4 医疗
7.4.5 科技
7.4.6 银行
7.4.7 公共事业
7.5 Sensitivity analyses
7.5.1 Operating income sensitivity
7.5.2 Financial leverage sensitivity
7.5.3 Net income sensitivity
7.5 敏感性分析
7.5.1 营业收入的敏感性
7.5.2 财务杠杆的敏感性
7.5.3 净收入的敏感性
7.6 Quality of earnings as a measure of accounting risk
7.6.1 Financial warnings signs
7.6.2 Non-financial signs (change of accountants, sudden departure of CFO, delay in statements)
7.6.3 Revenue-related warning signs
7.6.4 Beneish M Score
7.6 作为度量会计风险的盈余质量
7.6.1 财务预警信号
7.6.2 非财务信号（会计师的变更、CFO的突然离职、报表的延期）
7.6.3 与收入相关的预警信号
7.6.4 Beneish M评分
7.7 Analysis of the business environment
7.7.1 A vision of the company beyond figures
7.7.2 Qualitative analysis of the industry
7.7.3 Qualitative analysis of the company
7.7 商业环境分析
7.7.1 数据图表之外的公司愿景
7.7.2 行业定性分析
7.7.3 企业定性分析
8 Financial Projections
8 财务预测
8.1 Different projection formats
8.1.1 Comprehensive format
8.1.2 Common size percentage
8.1.3 Growth rates method
8.1.4 Projections based on value drivers
8.1 不同的预测方法
8.1.1 综合法
8.1.2 共同比法
8.1.3 增长率法
8.1.4 基于价值驱动因素的预测
8.2 Estimated value drivers of the company
8.1.1 Sales forecast
8.1.2 Investment projections (net working capital and capital expenditure)
8.1.3 Other internal value drivers
8.1.4 External value drivers
8.2 公司的估计价值驱动
8.2.1 销售预测
8.2.2 投资预测（净营运资本和资本支出）
8.2.3 其他内部价值驱动
8.2.4 外部价值驱动
8.3 Recurring/non-recurring entries
8.3.1 Recurring accounting entries
8.3.2 Non-recurring accounting entries
8.3 经常性/非经常性项目
8.3.1 经常性会计分录
8.3.2 非经常性会计分录
8.4 Additional information (quarterly, divisions)
8.4.1 Projections based on interim reporting
8.4.2 Projections based on segment reporting
8.4 附加信息（季度，分部）
8.4.1 基于中期报告的预测
8.4.2 基于分部报告的预测
Corporate Finance
公司财务
Broad Learning Objectives
总体学习目标
Candidates should understand the fundamental component parts of corporate finance, such as objectives, valuation, discounted cash flow and capital budgeting within a corporate setting, together with decision making, both from a short term and long term perspective. The important financial decisions together with the underlying theories associated with capital structure, dividend policy and mergers and acquisitions should be understood in some detail within this topic area together with their applications to practical settings. Given the global nature of the CIIA designation, an in depth knowledge of international corporate finance should be developed and applied. The topic area concludes with a review of the organisation of value creation within a corporate setting.
考生应了解公司财务的基本组成部分，比如公司财务的目标、公司估值、贴现现金流、资本预算以及长、短期投融资决策等。本章需要掌握与资本结构、股息政策、合并和收购相关的基本理论以及重要的财务决策，并理解其在实际环境中的应用。基于CIIA的全球性，应试者应增进对国际企业融资理论的深入了解并学以致用。本章最后回顾了企业环境下的价值创造组织。
1 Corporate Finance and Value Creation
1 公司财务与价值创造
2 Investment Mechanisms
2 投资机制
2.1 Basics of cash flow analysis
2.1 现金流分析基本原理
2.2 The net initial investment (NINV)
2.2.1 Replacement projects
2.2.2 Expansion project
2.2 净初始投资(NINV)
2.2.1 替代性项目
2.2.2 扩张性项目
2.3 Operating cash flows
2.3.1 Depreciation
2.3.2 Net operating cash flows
2.3 经营现金流
2.3.1 折旧
2.3.2 净营运现金流
2.4 Terminal cash flows
2.4 期末现金流
2.5 Future value of cash flows
2.5.1 Perpetuity
2.5.2 Annuity
2.5.3 Constant growth model
2.5.4 A stream of irregular cash flow
2.5 现金流的终值
2.5.1 永续年金
2.5.2 年金
2.5.3 稳定增长模型
2.5.4 不规则现金流
3 Investment Discount Rate
3 投资贴现率
3.1 Weighted average cost of capital (WACC)
3.1.1 Cost of debt
3.1.2 The cost of equity capital
3.1.3 Weighted average cost of capital (WACC)
3.1.4 International capital budgeting
3.1 加权平均资本成本（WACC）
3.1.1 债券资本成本
3.1.2 股权资本成本
3.1.3 加权平均资本成本（WACC）
3.1.4 国际资本预算
3.2 Optimisation of weighted average cost of capital
3.2.1 Leverage and the value of the firm
3.2 加权平均资本成本的优化
3.2.1 杠杆作用与公司价值
3.3 Dividend policy
3.3.1 Types of dividends
3.3.2 Repurchase of stock
3.3.3 Irrelevance theorem
3.3.4 The clientele effect
3.3.5 Signalling model
3.3.6 Dividend policy in local markets
3.3 股息政策
3.3.1 股息类型
3.3.2 股票回购
3.3.3 不相关定理
3.3.4 委托效应
3.3.5 信号传输模型
3.3.6 当地市场股息政策
4 Investment Decision Criteria
4 投资决策准则
4.1 Major methods
4.1.1 Net present value (NPV)
4.1.2 Internal rate of return (IRR)
4.1.3 Payback rules
4.1 主要方法
4.1.1 净现值（NPV）
4.1.2 内部收益率（IRR）
4.1.3 回收期规则
4.2 Capital budgeting
4.2.1 Method for ranking investment proposals
4.2.2 Capital resource rationing
4.2.3 Common pitfalls
4.2 资本预算
4.2.1 投资提案排序法
4.2.2 资金资源配给
4.2.3 常见的错误
4.3 The link between the value of an investment and enterprise value
4.3 投资价值与企业价值之间的联系
5 Mergers and Acquisitions
5 兼并和收购
5.1 Valuation issues
5.1.1 Valuation of the target
5.1.2 Motives for mergers
5.1 估值问题
5.1.1 目标企业估值
5.1.2 合并动机
5.2 Forms of acquisition
5.2.1 Takeovers
5.2.2 Approved acquisitions
5.2.3 Creeping take-overs
5.2.4 Eliminating minority interests
5.2.5 Going private and capital restructuring operations
5.2.6 Leverage buyout (LBO)
5.2.7 Management buyout (MBO)
5.2.8 Management buy in (MBI)
5.2 收购方式
5.2.1 接管
5.2.2 经批准的收购
5.2.3 逐步接管
5.2.4 消除少数股东的权益
5.2.5 私有化和资本重组
5.2.6 杠杆收购（LBO）
5.2.7 管理层收购（MBO）
5.2.8 管理层换购（MBI）
5.3 Strategies for the acquirer
5.3.1 Aggressive or agreed
5.3 收购策略
5.3.1 恶意收购或者协议收购
5.4 Defensive strategies
5.4.1 Pre-emptive versus reactive
5.4.2 Pre-emptive (long-term) strategies
5.4.3 Pre-emptive (short-term) strategies
5.4 防御策略
5.4.1 预防性策略与反应性策略
5.4.2 预防性（长期）策略
5.4.3 预防性（短期）策略
5.5 Liquidation and reorganisation
5.5.1 Bankruptcy liquidation
5.5.2 Bankruptcy reorganization
5.5 清算与重组
5.5.1 破产清算
5.5.2 破产重组
6 Project Financing
6 项目融资
6.1 Long-term financing
6.1.1 Project evaluation from the investors’ perspective
6.1.2 Project evaluation from the lenders’ perspective
6.1 长期融资
6.1.1 从投资者角度看项目评价
6.1.2 从贷款方角度看项目评价
6.2 Leasing
6.2.1 Leasing contracts
6.2 租赁
6.2.1 租赁合同
6.3 Short-term finance decisions
6.3.1 Short-term financing
6.3.2 Cash management
6.3.3 Short-term lending and borrowing
6.3 短期融资决策
6.3.1 短期融资
6.3.2 现金管理
6.3.3 短期借贷
7 The Organisation of Value Creation
7 价值创造组织
7.1 The history of corporate governance
7.1 公司治理的历史
7.2 The four key players in corporate governance
7.2 公司治理中的四个关键角色
7.3 The current main topics of discussion
7.3.1 Management remuneration
7.3 当前主要议题讨论
7.3.1 管理层报酬
Equity Valuation and Analysis
股票估值与分析
Broad Learning Objectives
总体学习目标
The features of equity shares and markets should be well understood. The valuation techniques that are employed in equity markets receive a strong emphasis with coverage of dividend discount models, the free cash flow model, ratio based valuation models and other model types, such as economic value added; a strong and in depth knowledge of these techniques should be developed. The topic syllabus concludes with a consideration of equity market equilibrium and its practical applications.
熟知股票和股票市场的特征。特别强调在股票市场中应用的估值技术，包括股息折现模型、自由现金流模型、基于比率的估值模型和其他相关模型，如经济增加值等。考生应加深对这些估值技术的理解。本章大纲还涉及到股票市场均衡及其实际应用的内容。
1 Equity Market and Structure
1 股票市场及其构成
1.1 Equity markets
1.1.1 Stock indices
1.1.2 Uses of stock indices
1.1.3 Number of stocks in an index
1.1.4 Index calculation method
1.1 股票市场
1.1.1 股票指数
1.1.2 股票指数的使用
1.1.3 股票指数的样本股数量
1.1.4 股票指数的计算方法
1.2 Listing on a stock exchange
1.2 在证券交易所上市
1.3 Rights of shareholders
1.3 股东权利
1.4 Reporting requirements
1.4 报告要求
2 Valuation Methods
2 估值方法
2.1 History
2.1 历史
2.2 Main valuation methods
2.2.1 Substantive or asset values
2.2.2 Relative evaluations: comparing ratios (earnings per share, price/book ratio, price/cash flow ratio, price/sales ratio, enterprise value ratios)
2.2.3 Specific case of start-up and cyclical companies
2.2.4 Returns or cash flow discounting
2.2 主要的估值方法
2.2.1 实体资产价值
2.2.2 相对价值度量：比较比率（市盈率、市净率、价格/现金流比率、价格/销售收入比率、公司价值比率）
2.2.3 新兴企业和周期性企业的具体案例
2.2.4 回报或现金流贴现
2.3 DCF in practical detail
2.3.1 Long-term growth
2.3.2 Cost of capital
2.3.3 Structure of liabilities
2.3 贴现现金流的实务应用
2.3.1 长期增长
2.3.2 资本成本
2.3.3 负债结构
3 Equity Market Equilibrium
3 股票市场均衡
3.1 Fair value
3.1 公允价值
3.2 Long-term equilibrium
3.2 长期均衡
3.3 Short-term equilibrium
3.3.1 Justification for the short term
3.3.2 The rise of short-termism
3.3 短期均衡
3.3.1 短期的理由
3.3.2 短期主义的兴起
4 Practical Application: Equity Market Equilibrium
4 实际应用：股票市场均衡
4.1 Short-term processing of information
4.1 信息的短期处理
4.2 Short-term valuation methods
4.2 短期估值方法
4.3 Calculating market equilibrium in the short term
4.3 短期市场均衡的计算
Economics
经济学
Broad Learning Objectives
总体学习目标
The major concepts and variables that underpin macroeconomic analyses should be known and understood. The IS-LM model features in the syllabus and should be well understood due to its linking of the real and financial markets. Important macroeconomic phenomena such as economic output, inflation, growth, labour markets, monetary policy and business cycles should be all assessable in some detail, together with their various interrelationships. Knowledge of international macroeconomic material should be developed via the coverage of foreign exchange rates, interest rates and prices etc. and applications of this material to practical settings achievable. To facilitate a broad economic perspective and understanding, a number of the important macroeconomic issues are assessed within a simple economic modelling framework.
要知道和理解构成宏观经济基础的主要概念和变量。因IS-LM模型连接金融市场和实体经济，所以对在大纲中占有重要位置的IS-LM模型应深刻理解。能够较详细地分析重要的宏观经济现象如经济产出、通货膨胀、经济增长、劳动力市场、货币政策和商业周期，以及他们之间多样的相互关系。通过汇率、利率和价格，以及宏观经济资料在现实环境中的应用，加强对宏观经济的了解。同时为便于形成广泛的经济视角及深刻的理解层次，一些重要的宏观经济问题应在简单的经济模型框架内进行评估。
1 Concepts, Major Macroeconomic Variables and the IS-LM Model
1 宏观经济学主要概念和变量以及IS-LM模型
1.1 Major macroeconomic concepts and variables
1.1.1 National income accounting: GDP and GNP
1.1.2 Inflation
1.1.3 Interest rates
1.1 宏观经济学主要概念和变量
1.1.1 国民收入核算：GDP和GNP
1.1.2 通货膨胀
1.1.3 利率
1.2 The basic model of the real market in a closed economy
1.2.1 The determination of demand
1.2.2 Equilibrium in the real market: the IS relation
1.2 封闭经济中实体市场的基本模型
1.2.1 需求决定
1.2.2 实体市场均衡：IS关系
1.3 The basic model of the financial market in a closed economy
1.3.1 The demand for money
1.3.2 Equilibrium in the money market: the LM relation
1.3 封闭经济中金融市场的基本模型
1.3.1 货币需求
1.3.2 货币市场均衡：LM关系
1.4 The IS-LM model
1.4.1 Equilibrium in the real and financial markets
1.4.2 The effects of fiscal policy in a closed economy
1.4.3 The effects of monetary policy in a closed economy
1.4.4 Expected inflation and the IS-LM model
1.4 IS-LM模型
1.4.1 实体市场与金融市场均衡
1.4.2 封闭经济中财政政策的效果
1.4.3 封闭经济中货币政策的效果
1.4.4 预期通货膨胀率和IS-LM模型
2 Economic Output and the Labour Market
2 经济产出和劳动力市场
2.1 Production
2.1 产出
2.2 The labour market
2.2 劳动力市场
2.3 General equilibrium in the real, financial and labour markets
2.3.1 Aggregate supply
2.3.2 Aggregate demand
2.3.3 Equilibrium output in the short and the medium run
2.3.4 The dynamic effects of fiscal policy
2.3.5 The dynamic effects of monetary policy
2.3 实体市场、金融市场和劳动力市场的一般均衡
2.3.1 总供给
2.3.2 总需求
2.3.3 短期产出和中期产出均衡
2.3.4 财政政策的动态效应
2.3.5 货币政策的动态效应
2.4 Monitoring the economy in the real world
2.4.1 Potential output, definition and estimation
2.4 监控现实世界中的经济运行
2.4.1 潜在产出、定义和估计
3 The Link between Inflation and Unemployment, Economic Growth and Business Cycles
3 通货膨胀率和失业率、经济增长和经济周期的关系
3.1 Inflation versus unemployment: the great trade-off?
3.1.1 Unemployment and inflation: the Phillips curve
3.1.2 The modern version of the Phillips curve
3.1 通货膨胀率与失业率：伟大的权衡？
3.1.1 失业率和通货膨胀率：菲利普斯曲线
3.1.2 菲利普斯曲线的新发展
3.2 Economic growth
3.2.1 Growth accounting
3.2.2 Capital accumulation and economic growth
3.2.3 Technological progress and economic growth
3.2 经济增长
3.2.1 增长的核算
3.2.2 资本积累和经济增长
3.2.3 技术进步和经济增长
3.3 Business cycles
3.3.1 The basics
3.3.2 The classical approach: theory of exogenous business cycles
3.3.3 The Keynesian approach: theory of endogenous business cycles
3.3.4 Fiscal policy, monetary policy and the business cycle
3.3 经济周期
3.3.1 基础知识
3.3.2 古典模式：外生性经济周期理论
3.3.3 凯恩斯模式：内生性经济周期理论
3.3.4 财政政策、货币政策与经济周期
3.4 Monitoring the economy in the real world
3.4.1 Business cycle: activity
3.4.2 Business cycle: inflation
3.4 监控现实世界中的经济运行
3.4.1 经济周期：经济活动
3.4.2 经济周期：通货膨胀
4 Balance of Payments, Exchange Rates, Prices and Interest Rates
4 国际收支、汇率、价格和利率
4.1 The balance of payments
4.1.1 The accounting system
4.1.2 Domestic savings and the current account balance
4.1 国际收支
4.1.1 核算系统
4.1.2 国内储蓄和经常项目收支
4.2 The exchange rate
4.2.1 Nominal and real exchange rate
4.2.2 Exchange rate regimes
4.2 汇率
4.2.1 名义汇率和实际汇率
4.2.2 汇率制度
4.3 Exchange rate, prices and interest rates
4.3.1 Purchasing power parity
4.3.2 Covered interest rate parity
4.3.3 Uncovered interest rate parity
4.3 汇率、价格和利率
4.3.1 购买力平价
4.3.2 有套期保值的利率平价理论
4.3.3 无套期保值的利率平价理论
5 Economic Issues Explained with a Simple Model
5 使用简单模型解释经济问题
5.1 The basic model of the real and financial markets in an open economy
5.1.1 The determination of demand in the real market
5.1.2 Equilibrium in the real market: the IS relation in the open economy
5.1.3 Equilibrium in the financial market: the LM relation in the open economy
5.1.4 Equilibrium in an open economy: the Mundell-Fleming model
5.1.5 The effects of policy in an open economy
5.1.6 Aggregate supply and demand in the open economy
5.1 开放经济条件下实体市场和金融市场基本模型
5.1.1 实体市场需求决定
5.1.2 实体市场均衡：开放经济中IS曲线
5.1.3 金融市场均衡：开放经济中LM曲线
5.1.4 开放经济条件下一般均衡：蒙代尔-弗莱明模型
5.1.5 开放经济条件下政策效应
5.1.6 开放经济条件下总供给和总需求
5.2 Theories of exchange rate determination
5.2.1 Balance of payments approach
5.2.2 The asset approach
5.2.3 Exchange rate determination: empirical evidence
5.2 汇率决定理论
5.2.1 国际收支法
5.2.2 资产法
5.2.3 汇率决定：实证检验
5.3 Statistical behaviour of the exchange rate
5.3 汇率的统计特性
6 Monetary Policy
6 货币政策
6.1 Basic concepts of monetary theory
6.1.1 The definition of money
6.1.2 Money supply and the money multiplier
6.1 货币理论基本概念
6.1.1 货币定义
6.1.2 货币供给与货币乘数
6.2 Monetary policy
6.2.1 The implementation process of monetary policy
6.2.2 The instruments of monetary policy
6.2 货币政策
6.2.1 货币政策实施过程
6.2.2 货币政策工具
6.3 The transmission mechanism of monetary policy on the real economy
6.3.1 Interest rate channel
6.3.2 Credit channel
6.3.3 Exchange rate channel
6.3 货币政策对实体经济的传导机制
6.3.1 利率渠道
6.3.2 信贷渠道
6.3.3 汇率渠道
6.4 Central bank operations in major countries
6.4 一些主要国家的中央银行操作
Fixed Income Valuation and Analysis
固定收益证券估值与分析
Broad Learning Objectives
总体学习目标
The characteristics and features of fixed income securities, both plain vanilla and more complex, together with the associated interest rate and risk related measures that are used in fixed income markets should be known and how they are applied in practical settings understood. The important topics of credit risk and asset backed securities are covered in some detail within the module with the objective of providing a strong understanding of these phenomena. The various strategies that are available to the fixed income portfolio manager should also be understood and their application in practical settings known.
要了解简单和复杂的固定收益证券各自的特点、固定收益证券市场中相关利率和风险的衡量，以及它们在实际环境中的应用。本模块中详细介绍了信用风险和资产支持证券的重要问题，目的是加深对这些现象的理解。要理解固定收益投资组合经理可用的各种策略，并且熟知它们在实际环境中的应用。
1 General Principles
1 基本属性
1.1 The debt instrument concept
1.1.1 Economic role of bond issues
1.1.2 Bond issuers
1.1.3 Bond characteristics
1.1.4 Preferred stocks
1.1 债务工具概念
1.1.1 发行债券的经济作用
1.1.2 债券发行者
1.1.3 债券属性
1.1.4 优先股
1.2 Time value of money
1.2.1 Simple versus compound interest
1.2.2 Present and future value
1.2.3 Annuities
1.2.4 Continuous discounting and compounding
1.2.5 Bond valuation
1.2.6 Price/yield relationship
1.2 货币时间价值
1.2.1 单利和复利
1.2.2 现值与终值
1.2.3 年金
1.2.4 连续贴现与连续复利
1.2.5 债券估值
1.2.6 价格与收益率的关系
1.3 Bond yield measures
1.3.1 Current yield
1.3.2 Yield to maturity
1.3.3 Yield to call
1.3.4 Other yields
1.3.5 Other basic concepts
1.3.6 Yield curves
1.3.7 Yield spread analysis
1.3 债券收益率指标
1.3.1 当期收益率
1.3.2 到期收益率
1.3.3 持有至赎回日收益率
1.3.4 其他收益率
1.3.5 其他基本概念
1.3.6 收益曲线
1.3.7 利差分析
2 Interest Rates-Term Structures and Applications
2 利率期限结构及应用
2.1 Term structure of interest rates
2.1.1 Yield curves and shapes
2.1.2 Theories of term structures
2.1 利率期限结构
2.1.1 收益曲线及其形态
2.1.2 利率期限结构理论
2.2 Risk measurement
2.2.1 Risk measurement tools
2.2.2 Duration and modified duration
2.2.3 Convexity
2.2.4 Duration and convexity between coupon payment dates
2.2.5 Impact of coupon payments and time lapse on duration
2.2.6 Key rate duration
2.2.7 Portfolio duration, convexity and key rate duration
2.2 风险度量
2.2.1 风险度量工具
2.2.2 久期与修正久期
2.2.3 凸性
2.2.4 在两个付息日之间的久期和凸性
2.2.5 付息和时间流逝对久期的影响
2.2.6 关键利率久期
2.2.7 组合的久期、凸性和关键利率久期
2.3 Usage
2.3.1 Bond yield curves
2.3.2 Bond curves in market usage
2.3.3 Curve shapes and forward rates
2.3.4 Curves, economic activity and monetary policy
2.3.5 Portfolio valuation and mark-to-market with unobserved prices
2.3.6 Financial engineering
2.3.7 Risk management
2.3 应用
2.3.1 债券收益率曲线
2.3.2 债券曲线在市场中的应用
2.3.3 曲线形状和远期利率
2.3.4 收益率曲线、经济活动和货币政策
2.3.5 组合估值和以不可观察价格盯市
2.3.6 金融工程
2.3.7 风险管理
3 Hybrid Forms
3 混合证券
3.1 Bonds with warrants
3.1.1 Investment characteristics
3.1.2 Valuation of warrants
3.1.3 Empirical studies and market
3.1.4 Exotic types of warrants
3.1 附认股权证的债券
3.1.1 投资属性
3.1.2 认股权证的价值
3.1.3 实证研究和市场
3.1.4 奇异权证
3.2 Convertible bonds
3.2.1 Investment characteristics
3.2.2 Convertible bond features
3.2.3 Valuation of convertible bonds
3.2.4 Investment strategies
3.2.5 Risk management of convertible bonds
3.2.6 Empirical studies
3.2.7 Contingent convertibles
3.2 可转换债券
3.2.1 投资属性
3.2.2 可转换债券的特征
3.2.3 可转换债券的价值
3.2.4 投资策略
3.2.5 可转换债券的风险管理
3.2.6 实证研究
3.2.7 或有可转换债券
3.3 Callable bonds
3.3.1 Investment characteristics
3.3.2 Valuation and duration
3.3 可赎回债券
3.3.1 投资属性
3.3.2 估值与久期
3.4 Floating rate notes
3.4.1 Investment characteristics and types
3.4.2 Yield measures for floating rate notes
3.4.3 Risk measures – interest rate versus credit duration
3.4.4 Complex FRN’s
3.4 浮动利率票据
3.4.1 投资属性及其分类
3.4.2 浮动利率票据的收益度量
3.4.3 风险度量-利率与信用期限
3.4.4 复杂的浮动利率票据
3.5 Inflation-linked bonds
3.5.1 Real and break-even rates
3.5.2 Investment characteristics
3.5.3 Market situation
3.5 通胀挂钩债券
3.5.1 实际利率和盈亏平衡利率
3.5.2 投资属性
3.5.3 市场环境
4 Credit Risk and Mortgage Securitisation
4 信用风险和按揭贷款证券化
4.1 Credit risk
4.1.1 Relevance of the corporate bond market
4.1.2 Fundamental credit analysis
4.1.3 Credit rating and rating agencies
4.1.4 Curves and credit
4.1 信用风险
4.1.1 公司债券市场的相关性
4.1.2 基本信用分析
4.1.3 信用评级和评级机构
4.1.4 收益曲线与信用
4.2 Mortgage-backed securities
4.2.1 Mortgage-backed bond market
4.2.2 Types of mortgages
4.2.3 Mortgage securitisation
4.2 按揭支持证券
4.2.1 按揭支持债券市场
4.2.2 按揭贷款分类
4.2.3 按揭贷款证券化
5 Asset-Backed Securities
5 资产抵押债券
5.1 Structures
5.1 结构
5.2 Types of underlying assets
5.2.1 Instalment contracts
5.2.2 Revolving lines of credit
5.2 基础资产的类型
5.2.1 分期付款合同
5.2.2 循环信用额度
5.3 Credit enhancement
5.3.1 Excess spread
5.3.2 Subordination
5.3.3 Guaranty
5.3.4 Reserve fund
5.3.5 Recourse
5.3.6 Over-collateralisation
5.3 信用增级
5.3.1 超额利差
5.3.2 次级
5.3.3 担保
5.3.4 准备金
5.3.5 追索权
5.3.6 超额抵押
5.4 Major risks of ABS
5.4.1 Interest rate risks
5.4.2 Prepayment risks
5.4.3 Credit risk
5.4.4 Liquidity risk
5.4.5 Counterparty risks
5.4 资产抵押债券的主要风险
5.4.1 利率风险
5.4.2 提前还款风险
5.4.3 信用风险
5.4.4 流动性风险
5.4.5 交易对手风险
5.5 Valuation methodologies
5.5 估值方法
6 Fixed Income Portfolio Management Strategies
6 固定收益证券组合管理策略
6.1 Passive management
6.1.1 Buy and hold
6.1.2 Indexation
6.1.3 Interest rate immunisation
6.1.4 Asset-liability management
6.1 消极管理
6.1.1 买入并持有策略
6.1.2 指数化
6.1.3 利率免疫策略
6.1.4 资产负债管理
6.2 Active management
6.2.1 Forecasting and portfolio construction
6.2.2 Active management in practice
6.2 积极管理
6.2.1 预测收益率和投资组合构造
6.2.2 积极管理策略实践
6.3 Portfolio construction based on a factor model
6.3.1 Model specification
6.3.2 Interest rate anticipation strategies
6.3 基于因素模型构造的投资组合
6.3.1 模型定义
6.3.2 基于利率预测的投资策略
6.4 Computing the hedge ratio: the modified duration method
6.4.1 Hedging strategies using longer bond futures
6.4 计算套期比率：修正久期法
6.4.1 采用较长期债券期货的套期保值策略
Derivative Valuation and Analysis
衍生产品估值与分析
Broad Learning Objectives
总体学习目标
The basic characteristics and types of futures and options (including exotic options) should be understood, together with various important features associated with these instruments, such as valuation and pricing, risk management and other investment strategies. The option sensitivities (the “Greeks”) such as delta, gamma etc., together with volatility related issues should also be fully understood and capable of being applied to various investment problems. Swaps and credit derivatives should be similarly understood, with the material on credit derivatives reflecting their growing importance and impacts in recent times.
应理解期货和期权（包括奇异期权）的基本特征和类型，同时也应掌握这些金融工具的各种重要特征，例如：估值和定价、风险控制和其他投资策略。应充分理解期权价格敏感度（希腊字母）例如：德尔塔、伽马等，和相关的波动性问题，并且能够将它们应用于各种投资问题中。应同等理解互换和信用衍生品，以及反映信用衍生品近年来不断增长的重要性和影响的有关资料。
1 Futures
1 期货
1.1 Characteristics of forward and futures contracts
1.1 远期与期货合约的特征
1.2 Mechanics of trading in futures markets
1.2.1 Long and short positions
1.2.2 Profit and loss at expiration
1.2.3 Closing of positions
1.2.4 Delivery procedures
1.2.5 The marking to market of futures contracts
1.2.6 The leverage effect
1.2.7 Futures quotes
1.2.8 World major futures markets
1.2 期货市场的交易机制
1.2.1 多头头寸与空头头寸
1.2.2 到期时的收益与损失
1.2.3 平仓
1.2.4 交割程序
1.2.5 期货合约的盯市
1.2.6 杠杆作用
1.2.7 期货报价
1.2.8 世界主要期货市场
1.3 Various futures contracts
1.3.1 Single stock futures
1.3.2 Stock index futures
1.3.3 Bond futures
1.3.4 Short term interest rate futures (STIR)
1.3.5 Foreign exchange futures
1.3.6 Commodity futures
1.3 各种期货合约
1.3.1 单支股票期货
1.3.2 股指期货
1.3.3 债券期货
1.3.4 短期利率期货
1.3.5 外汇期货
1.3.6 商品期货
1.4 Futures valuation and analysis
1.4.1 Factors determining a contract price
1.4.2 Theoretical price of futures
1.4.3 Pricing of stock index futures
1.4.4 Pricing of interest rate futures
1.4.5 Pricing of foreign exchange futures
1.4.6 Pricing of commodity futures
1.4.7 Basis and factors causing change
1.4.8 Arbitrage problems
1.4 期货估值与分析
1.4.1 决定期货合约价格的因素
1.4.2 期货的理论价格
1.4.3 股票指数期货的定价
1.4.4 利率期货的定价
1.4.5 外汇期货的定价
1.4.6 商品期货的定价
1.4.7 基差与导致基差变动的因素
1.4.8 套利问题
1.5 Hedging strategies using futures
1.5.1 The hedge ratio
1.5.2 The perfect hedge
1.5.3 Basis risk and correlation risk
1.5.4 The minimum variance hedge ratio
1.5.5 Hedging with several futures contracts
1.5 运用期货的套期保值策略
1.5.1 套期保值比率
1.5.2 完全套期保值
1.5.3 基差风险和相关性风险
1.5.4 最小方差套期保值比率
1.5.5 多个期货合约的套期保值
2 Options
2 期权
2.1 Characteristics of option contracts
2.1.1 Equity options
2.1.2 Equity index options
2.1.3 Options on futures
2.1.4 Foreign exchange options
2.1.5 Caps, floors, collars
2.1 期权合约的特征
2.1.1 股票期权
2.1.2 股指期权
2.1.3 期货期权
2.1.4 外汇期权
2.1.5 利率上限、利率下限、利率双限
2.2 Option valuation
2.2.1 Determinants of option price
2.2.2 Value of a stock and of a bond “at expiration”
2.2.3 Value of a call option at expiration
2.2.4 Value of a put option at expiration
2.2.5 General arbitrage relationships and option prices
2.2.6 The put-call parity theorem
2.2 期权估值
2.2.1 期权价格的决定因素
2.2.2 “到期时”股票价值和债券价值
2.2.3 到期时买入期权的价值
2.2.4 到期时卖出期权的价值
2.2.5 一般的套利关系和期权价格
2.2.6 卖出-买入期权平价理论
2.3 Option pricing models
2.3.1 Black & Scholes option pricing formula
2.3.2 European options on stocks paying known dividends
2.3.3 European options on stocks paying unknown dividends
2.3.4 American options on stocks paying known dividends
2.3.5 Options on stock indices
2.3.6 Options on futures
2.3.7 Options on currencies
2.3.8 Warrants
2.3 期权定价模型
2.3.1 B&S期权定价公式
2.3.2 支付已知红利的标的股票的欧式期权
2.3.3 支付未知红利的标的股票的欧式期权
2.3.4 支付已知红利的标的股票的美式期权
2.3.5 股票指数期权
2.3.6 期货期权
2.3.7 外汇期权
2.3.8 认股权证
2.4 Binomial option pricing model
2.4.1 European call with a single period remaining until expiration
2.4.2 European call more than one period to remain until expiration
2.4.3 European put
2.4.4 American puts and calls
2.4.5 Limiting results of the binomial model
2.4 二叉树期权定价模型
2.4.1 距离到期日只有一期的欧式买入期权
2.4.2 距离到期日多于一期的欧式买入期权
2.4.3 欧式卖出期权
2.4.4 美式卖出期权和买入期权
2.4.5 二叉树模型的极限情况
2.5 Sensitivity analysis of options premiums
2.5.1 Delta
2.5.2 Gamma
2.5.3 Lambda/Omega
2.5.4 The time to maturity and theta
2.5.5 The interest rate and rho
2.5.6 The volatility of the stock returns and vega
2.5 期权价格的敏感性分析
2.5.1 德尔塔
2.5.2 伽马
2.5.3 拉姆达/欧米伽
2.5.4 距到期的时间和西塔
2.5.5 利率和柔
2.5.6 股票收益率的波动率和维伽
2.6 Volatility and related topics
2.6.1 Estimating volatility from historical data
2.6.2 Implied volatility and volatility smile
2.6 波动率及相关问题
2.6.1 从历史数据中估计波动率
2.6.2 隐含波动率和波动率微笑
2.7 Exotic options
2.7.1 Path independent
2.7.2 Path dependent
2.7.3 Pricing exotic options with numerical methods
2.7 奇异期权
2.7.1 路径独立期权
2.7.2 路径依赖期权
2.7.3 运用数值方法对奇异期权定价
2.8 Options strategies
2.8.1 Spreads
2.8.2 Strangles
2.8.3 Straddles
2.8 期权策略
2.8.1 差价期权
2.8.2 宽跨式期权
2.8.3 跨式期权
3 Swaps and Credit derivatives
3 互换与信用衍生品
3.1 Swaps
3.1.1 Definition and characteristics
3.1.2 Strategies using swaps
3.1.3 Pricing and valuing swaps
3.1.4 Other types of swaps
3.1 互换
3.1.1 互换的定义和特征
3.1.2 互换运用策略
3.1.3 互换的定价与价值
3.1.4 其他类型的互换
3.2 Credit derivatives: market, instruments and general characteristics
3.2.1 Market of credit derivatives
3.2.2 Credit default swaps (CDS)
3.2.3 Credit linked notes (CLN)
3.2.4 Other credit default swap products
3.2.5 The role of credit derivatives
3.2.6 Market participants
3.2.7 Institutional framework
3.2.8 Spread volatility of credit default swaps
3.2.9 Credit derivatives: valuation of credit default swaps
3.2 信用衍生品：市场、工具和一般特征
3.2.1 信用衍生品市场
3.2.2 信用违约互换（CDS）
3.2.3 信用联结票据
3.2.4 其他信用违约互换产品
3.2.5 信用衍生品的作用
3.2.6 市场参与者
3.2.7 制度框架
3.2.8 信用违约互换的利差波动
3.2.9 信用衍生品：信用违约互换的估值
Portfolio Management
投资组合管理
Broad Learning Objectives
总体学习目标
An understanding of the important building blocks associated with portfolio management, such as the risk/return relationship, diversification, pricing models, market efficiency and risk measures should be obtained. The various features of investment strategies (including international assets) and hedging strategies (including dynamic and insurance strategies) and Asset-Liability Management should be understood together with their applications. An understanding of the importance and features of performance measurement and evaluation, together with the choice of investment manager, should be developed, together with a knowledge of the features and benefits associated with the alternative investment asset class.
理解投资组合管理涵盖的重要知识点，如风险/收益关系、多样化投资、定价模型、市场有效性和风险度量。同时理解不同投资策略（包括国际投资组合）、套期保值策略（包括动态策略和保险策略）和资产/负债管理的不同特征及应用。应该理解绩效度量和评估的重要性及特征，掌握恰当挑选投资经理的能力，并了解与另类资产相关的特征和收益。
1 Modern Portfolio Theory
1 现代投资组合理论
1.1 The risk / return framework
1.1.1 Return and measures of return
1.1.2 Risk
1.1 风险/收益框架
1.1.1 收益和收益的度量
1.1.2 风险
1.2 Portfolio theory
1.2.1 Diversification and portfolio risk
1.2.2 Markowitz model and efficient frontier
1.2 投资组合理论
1.2.1 多样化和投资组合风险
1.2.2 马柯威茨（MARKOWITZ）模型和有效边界
1.3 Capital Asset Pricing Model (CAPM)
1.3.1 Major assumptions
1.3.2 Capital market line (CML)
1.3.3 Security market line (SML)
1.3.4 The zero-beta CAPM
1.3 资本资产定价模型（CAPM）
1.3.1 主要假设
1.3.2 资本市场线(CML)
1.3.3 证券市场线(SML)
1.3.4 零贝塔资本资产定价模型
1.4 Index and market models
1.4.1 The single-index model and its hypothesis
1.4.2 Decomposing variance into systematic and diversifiable risk
1.4.3 The link with the CAPM
1.4.4 Applications of the market model
1.4.5 Multi-index models
1.4 指数模型和市场模型
1.4.1 单指数模型及其假设
1.4.2 将方差分解为系统性风险和可分散风险
1.4.3 与CAPM的关系
1.4.4 市场模型的应用
1.4.5 多指数模型
1.5 Efficient Markets
1.5.1 Information efficient markets
1.5.2 Efficient market hypothesis
1.5.3 Are markets efficient？
1.5.4 Market efficiency and investment policy
1.5.5 Lessons from market efficiency
1.5 有效市场
1.5.1 信息有效市场
1.5.2 有效市场假说
1.5.3 市场是有效的吗？
1.5.4 市场效率与投资政策
1.5.5 市场效率性的启示
1.6 Arbitrage Pricing Theory (APT)
1.6.1 Assumptions underlying the APT
1.6.2 The APT and its derivation
1.6.3 The link between the APT and the CAPM
1.6.4 Empirical tests of the APT
1.6.5 Pre-specifying factors
1.6.6 Applications of the APT
1.6 套利定价模型
1.6.1 APT的假设
1.6.2 APT及其推导
1.6.3 APT与CAPM之间的联系
1.6.4 APT的实证检验
1.6.5 预先指定因素
1.6.6 APT的一些应用
2 Investment Strategies
2 投资策略
2.1 Investment policy
2.1.1 Individual investors
2.1.2 Institutional investors
2.1 投资政策
2.1.1 个人投资者
2.1.2 机构投资者
2.2 Asset allocation
2.2.1 Asset allocation overview
2.2.2 Types of asset allocations
2.2 资产配置
2.2.1 资产配置概述
2.2.2 资产配置的类型
3 Hedging Strategies
3 套期保值策略
3.1 Combining options and traditional assets
3.1.1 Covered call strategy
3.1.2 Enhanced indexing
3.1.3 130/30 funds
3.1.4 Using interest rates OTC products
3.1 期权结合传统资产
3.1.1 抛补看涨期权策略
3.1.2 加强指数法
3.1.3 130/30基金
3.1.4 利用利率的场外产品
3.2 Portfolio insurance
3.2.1 Stop-loss approach
3.2.2 Static portfolio insurance
3.2.3 Dynamic portfolio insurance
3.2.4 Constant proportion portfolio insurance
3.2 投资组合保险
3.2.1 止损方法
3.2.2 静态投资组合保险
3.2.3 动态投资组合保险
3.2.4 固定比例投资组合保险
3.3 Hedging with stock index futures
3.3.1 Long hedge
3.3.2 Short hedge
3.3.3 A complete hedging analysis
3.3.4 Adjusting the beta of a stock portfolio
3.3 股指套期保值
3.3.1 多头套期保值策略
3.3.2 空头套期保值策略
3.3.3 套期保值的完整分析
3.3.4 调整股票组合的贝塔值
3.4 Hedging with foreign exchange futures
3.4.1 Hedging against a rise of the foreign currency
3.4.2 Hedging against a drop of the foreign currency
3.4.3 Hedging with cross-currency rates
3.4 利用外汇期货合约进行套期保值
3.4.1 对外币升值的套期保值
3.4.2 对外币贬值的套期保值
3.4.3 使用交叉汇率进行套期保值
3.5 Hedging with interest rate futures
3.5.1 Hedging using short term interest rate futures
3.5.2 Hedging using long term interest rate futures
3.5.3 Hedging against decreasing rates (long hedge)
3.5.4 Hedging against increasing rates (short hedge)
3.5.5 Moving to a preferred duration
3.5 利用利率期货合约进行套期保值
3.5.1 利用短期利率期货进行套期保值
3.5.2 利用长期利率期货进行套期保值
3.5.3 对冲下降利率（多头套期保值）
3.5.4 对冲上升利率（空头套期保值）
3.5.5 移向最佳久期
3.6 Use of swaps in portfolio management
3.6 互换在投资组合管理中的应用
3.7 Asset allocation with futures
3.7 利用期货进行资产配置
4 Asset / Liability Management
4 资产/负债--分析及管理
4.1 Introduction to ALM
4.1.1 Background of ALM
4.1.2 ALM with pension funds
4.1.3 Types of ALM models
4.1 导言
4.1.1 资产/负债管理（ALM）的背景
4.1.2 养老基金的ALM
4.1.3 ALM模型的类型
4.2 Modelling liabilities
4.2.1 Types of liabilities
4.2.2 Valuation of pension liabilities
4.2.3 Annuity factors and discount rates
4.2 负债建模
4.2.1 债务类型
4.2.2 养老基金负债的估值
4.2.3 年金因子和贴现率
4.3 Modelling assets
4.3.1 Types of asset classes
4.3.2 Risk and return characteristics
4.3 资产建模
4.3.1 资产类别
4.3.2 风险和收益的特征
4.4 Surplus and funding ratios
4.4 盈余和融资比率
4.5 Integrated optimisation
4.5.1 Target functions and tradeoffs
4.5.2 Surplus risk management
4.5.3 Pension fund management
4.5 综合优化
4.5.1 目标函数及权衡
4.5.2 盈余风险管理
4.5.3 养老金管理
4.6 Implementation of strategies
4.6.1 Stochastic simulations
4.6.2 Active versus passive ALM strategies
4.6.3 Dynamic adjustment of assets and liabilities
4.6 战略的实施
4.6.1 随机模拟
4.6.2 积极的与消极的ALM策略
4.6.3 资产和负债的动态调整
5 International Investments and Value at Risk
5 国际投资和在险价值
5.1 International investments
5.1.1 International diversification
5.1.2 Hedging foreign exchange risk
5.1.3 International equities
5.1.4 International fixed income
5.1.5 Managing a portfolio of international assets
5.1 国际投资
5.1.1 国际风险分散
5.1.2 外汇风险套期保值
5.1.3 国际股票
5.1.4 国际固定收益
5.1.5 管理国际投资组合
5.2 Value at Risk (VaR)
5.2.1 Definition
5.2.2 Interpretation of value at risk
5.2.3 Calculation of value at risk
5.2.4 Dangers and pitfalls
5.2 在险价值
5.2.1 定义
5.2.2 在险价值的解释
5.2.2 在险价值的计算
5.2.4 危险与缺陷
6 Performance Measurement and Evaluation
6 绩效度量与评价
6.1 Performance measurement
6.1.1 Return measurement
6.1.2 Benchmarks
6.1.3 Risk measurement
6.1 风险--收益度量
6.1.1 确定和度量收益
6.1.2 收益度量标准
6.1.3 确定和度量风险
6.2 Performance attribution
6.2.1 Return attribution
6.2.2 Risk attribution
6.2 绩效归因分析
6.2.1 收益归因分析
6.2.2 风险归因分析
6.3 Performance presentation
6.3.1 Types of performance presentation
6.3.2 Best practice for performance presentation
6.3 绩效报告
6.3.1 绩效报告形式
6.3.2 最优绩效报告实践
6.4 Investment controlling
6.4.1 Definition and outline of investment controlling
6.4.2 Generic performance evaluation process
6.4.3 Pitfalls in performance evaluation
6.4 投资控制
6.4.1 投资控制的定义和纲要
6.4.2 通用的绩效评估过程
6.4.3 绩效评估的缺陷
7 Choice of the Investment Manager
7 挑选投资经理
7.1 Choice of the investment manager
7.1.1 Assessing and choosing managers
7.1.2 Style analysis
7.1.3 Means of style analysis
7.1.4 Style analysis: application to different asset classes
7.1.5 Risks, controls and prudential issues: organisational issues
7.1.6 Risks, controls and prudential issues: fee structures
7.1 挑选投资经理
7.1.1 评估和挑选投资经理
7.1.2 风格分析
7.1.3 风格分析的方法
7.1.4 风格分析：不同资产类型的运用
7.1.5 风险、控制与谨慎问题：组织结构问题
7.1.6 风险、控制与谨慎问题：费用结构
8 Equity Management
8 股票管理
8.1 Principles of equity management
8.1.1 Risk in operational terms
8.1.2 Risk control
8.1.3 Active and passive management
8.1 股票管理原则
8.1.1 操作性风险
8.1.2 风险控制
8.1.3 积极和消极管理
8.2 Managing an equity portfolio
8.2.1 Active management
8.2.2 Passive management
8.2 股票组合管理
8.2.1 积极型管理
8.2.2 消极型管理
9 Alternative Investments
9 另类投资
9.1 Managing a property portfolio
9.1.1 Real estate indices
9.1.2 Return and risk of real estate
9.1.3 Correlation between the returns on various asset classes
9.1.4 Determining the share of real estate in optimal portfolios
9.1 房地产组合管理
9.1.1 房地产指数
9.1.2 房地产的收益与风险
9.1.3 各类资产收益之间的相关性
9.1.4 在最优组合中确定房地产投资的份额
9.2 Alternative assets / private capital
9.2.1 Unlisted non-property securities and private capital
9.2.2 Hedge funds
9.2 另类资产/私人资本
9.2.1 未上市的非房地产证券及私人资本
9.2.2 对冲基金
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