The capital market (Capital Market)
* finances, business can raise funds from investors. To apply in the business apart from Borrowing money from the commercial banks
.How to raise funds, including issuing a coupon to the various types of investment and offering that instrument to shareholders and investors, both in the market first and secondary market.
- offering the public must follow the law
.Primary market and secondary market
.The first market (Primary Market) is the first venture capital can raise capital. Of all the shareholders of the company as the existing shareholders or shareholders after doing Public Offering before the stock is listed trading in.The secondary market (Secondary Market) is a secondary source. The utility can raise capital from investors. After operation, the instrument's own registered trading. So investors can be changed. When there is a need to spend money
.The type of secondary market important
- equity market (Stock Market or Equity Market) is a stock market. Equity trading center, such as shares of preferred stock rights investment unit.
.- the bond market (Bond Market or Debt Market) serves as the central bond trading, such as bonds, government / state enterprises. Bonds and capital market instruments of various types of
characteristics of capital market
.- market efficiency (Efficient Market) is a stock market price fair. Because the investment information clearly. And spread to the investors quickly and thoroughly to the overpriced or underpriced
.Education market is efficient (Inefficient Market) is the market information, investment, stock price spread throughout. Not therefore be both Overpriced or underpriced
investments and the relationship of return (Return) and risk (Risk)
.- investment, high risk, high return rate is to long term
- investment with low risk inevitably. The low rate of return in the long run
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- return on investment Total Return = Interest Received Dividend Received Capital Gain
.Education Net Return or Nominal Return = Total Return - all fees
- Real Return = Net Return - Inflation Rate
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- investment risk Risk = Actual Return different from Expected Return
various types of risk, investors need to analyze
Macro Factor. Pervasive Risk 1. Purchasing Power Risk
2.Political (Country) Risk
3. Currency (Exchange) Risk
Systematic Risk 1. Interest Rate Risk
2. Market (Price) Risk
. Micro Factors Unsystematic Risk 1. Credit (Company) Risk
2. Sector (Industry) Risk
Pervasive Risk: risk spread throughout none out ได้
.Purchasing Power Risk is vulnerable to a decline in purchasing power. If inflation increased, mainly to long-term investment. With the constant rate of return (fixed rate of return), such as investment in long-term government bond 30 years
.Political (Country) Risk is risk arising from the political situation of the country, such as the battle for the power to change the government. Which may bring changes in economic policy, capital market, finance of the country.Whether it is positive or negative
.
Pervasive Risk: risk spread throughout none out have
.Currency (Exchange) Risk is risk arising from the change of the currency exchange rate. Often occurs with the case of multinational investment and some of other currencies into or out of the investment in the country.Foreign investment was always halt
.Before the crisis, the capital market (2539) US $1 = 27%
currently (August 2548) US $1 = 41)
Systematic Risk: risk, investors can not reduce. The diversification
.Interest Rate Risk is risk arising from the change of interest rate. Because it affects the rate of return (Yield) of debt traded in the secondary market. In the case of a higher interest rate.And profits fall short, affect the profit
.Market (Price) Risk is risk arising from the change of circumstances, investment and other factors unchanged basis, most obviously in the case of the stock market. For example, influenced (Sentiment).
Unsystematic Risk: risk, investors can be reduced by diversification
.Credit (Company) Risk is the risk associated with the company. The impact to the management competition in market, the profitability and solvency. Including damage by the disaster.Sector (Industry) Risk is risk arising from the specific features of business or industry that often happens to businesses with products or services, only not types. Such as airlines, mining, petrochemical
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