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3-4
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(firm commitment)
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 2 months

5-9 months Market the

shares
5-6 months Obtain
regulatory
2-3 weeks approvals (CSRC)
Undertake
accounting, legal • 3 years’ track
and other due record: cum. Net
Decide to go CF>50m RMB or
public, selection diligence
cum.
of various Revenue>300m
professionals RMB
• Value of stock
>=30m before
offering
• …
3-11
The original city map from 1660, showing the wall on View of Wall Street from corner of Broad Street, 1867.
the right side Source: The National Archives under ID 513348
Source: New York Public Library, Digital Gallery. Digital ID:
54682
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•

–
–
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3-21
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单选题 1分

A 止损指令

B 市场委托指令

C 限价卖出指令

D 不知道

提交
24
单选题 1分

Bid Ask

Marriott 19.95 20.05

A 能，在$19.95或更低

B 能，在$20.05

C 不能，因为卖方报价高于$20

D 不知道

提交
25
单选题 1分

55.63

Bid Ask
Marriott 55.25 55.50

A 能，在$55.63或更高

B 不能，因为买方报价低于$55.63

C 不能，因为卖方报价低于$55.63

D 不知道

提交
26
单选题 1分

55.37

Bid Ask
Marriott 55.25 55.50

A 能，在$55.5

B 能，因为买方报价低于$55.37

C 不能，因为卖方报价高于$55.37

D 不知道

提交
27
单选题 1分

55 100
$60
$50

A $50

B $55

C $54.87

D 无法判断

提交
28
什么是以保证金购买？
•
•
•

•
•
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•  

3-32
 $100

$120

Equity in account
%Margin =
Value of stock

3-33
接近MMR

 Case 1 Case 2 Case 3
Buy at $100 Sell at $130 in 1 year Sell at $100 in 1 year Sell at $70 in 1 year

$130, 30% $130, 51%

$10,000 cash
$10,000 $100, 0% +10,000 $100, -9%
borrowed
$70, -30% $70, -69%

3-38
单选题 1分

Q6.你以每股$40的价格购买了300股Internet Dreams公司股票。
其中向经纪人借入$4000，假设一年贷款利率为8%，计算
（a）初始保证金账户
（b）若一年后股价变为$30,你的保证金比例是多少？
（c）(b)中的投资收益率是多少？

A (a) 33.3%, (b) 55.6%, (c) 58.5%

B (a) 66.7%, (b) 55.6%, (c) -37.5%
C (a) 33.7%, (b) 55.6%, (c) -61.0%
D (a) 66.7%, (b) 52%, (c) -41.5%
E (a) 66.7%, (b) 55.6%, (c) -41.5 %
提交
39
Initial Position
Stock 300x$40 =$12000 Borrowed $4000
Equity $8000

Position at $30
Stock 300x$30 =$9000 Borrowed $4000*(1+8%)
Equity $4680
单选题 1分

Q7.一投资者以$5,000的自有资金和等额的借贷资金
来投资。经纪人收取年化7%的利息。股票以$25每股
的价格购入，一年后以$28每股的价格卖出，投资者
的收益率是____.

A 24%
B 18.5%
C 17%
D 8.5%
E 以上皆非
提交
41
Initial Position
Stock 400x$25 =$10000 Borrowed $5000
Equity $5000

Position at $28
Stock 400x$28 =$11200 Borrowed $5000
Equity $6200
3-43
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 3-46

• 融资, 借固定金额的
资金
• 融券, 借固定数目的
股票

𝐸𝑞𝑢𝑖𝑡𝑦
%𝑀𝑎𝑟𝑔𝑖𝑛 =
𝑉𝑎𝑙𝑢𝑒 𝑜𝑓 𝑠ℎ𝑎𝑟𝑒𝑠 𝑜𝑤𝑒𝑑
 3-47

3.3 DOT BOMB $70

$80,000

= –
= $80,000 - $50,000 = $30,000
= x
 %MR=Equity/Market value of shares borrowed
($150,000* - 1000P) / (1000P) = 30%
P = $115.38

•
•
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