CFA三級中股票投資作用有哪些？如何分析？

發布時間：2022-02-13 09:29編輯：融躍教育CFA

CFA三級知識考察考生的綜合和應用能力，在備考中也是要學習知識的，那在CFA知識中的股票投資相關知識你是不是掌握了？知道CFA知識點中的作用有哪些？跟著小編看看！

股票投資主要有4方面的作用：capital appreciation、dividend income、diversification、 potential to hedge inflation。

01、Capital Appreciation資本增值

Capital appreciation results from investing in companies that are experiencing growth in cash flows, revenues, and/or earnings.

資本增值來自于企業盈利能力和現金流的成長。

（1）Equity returns on average have been higher than bonds and bills.

長期來看，股票的收益高于債券；

（2）In general, equities tend to outperform other major asset classes during periods of strong economic growth, and underperform during periods of weak economic growth.

一般而言，經濟狀況好時，股票優于債券；經濟狀況差時，債券優于股票。

02、Dividend Income獲得分紅

When companies generate excess cash flows, they can decide to either reinvest those cash flows in value added projects or distribute them to investors in the form of dividends. Wellestablished companies often pay dividends to investors.

企業可以選擇將盈利再投資，也可以以紅利的方式發放給股東。成熟的企業一般選擇分紅。

03、Diversification分散化

Equity securities offer diversification benefits due to less than perfect (i.e., less than +1.0) correlation with other asset classes.

股票可以起到分散化的作用，降低整個投資組合的相關性。

（1）When assets are less than perfectly correlated, portfolio standard deviation will be lower than the weighted sum of the individual asset standard deviations.

只要各類資產之間的相關性不是1，那么組合的風險就低于各資產波動性的加權和；

（2）During a financial crisis, correlations tend to increase, limiting the diversification benefit.

經濟危機發生時，各資產的相關性會增大，即使組合投資比較分散，效果也會減弱。

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04、Inflation Hedge對沖通脹

Individual equities or equity sectors may provide a hedge against inflation.

某些板塊的股票 是可以對沖通脹的。

（1）A company that can charge its customers more when input costs increase (due to inflation), can provide an inflation hedge by increasing to cash flow and earnings as prices increase.

提價能力較強的公司可以轉嫁成本給顧客；

（2）Commodity-producing companies (e.g., oil producer) may also benefit directly from commodity price increases.

生產原材料的公司在通脹時盈利能力提高；

（3）Some studies show that equities and inflation become negatively correlated during periods of hyperinflation.

惡性通脹時，股票收益與通脹水平負相關；

CFA知識學習是長期的事情，但是堅持CFA考試是每一位學員應該做到的。通過CFA考試掌握更多的金融知識，讓自己變成富有的人。更多CFA備考知識、資料領取及學習答疑的事情，學員可以在線咨詢老師或者添加老師微信rongyuejiaoyu。