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# Investment income and risk of financial securities

2019-01-21 来源: 51due教员组 类别: Paper范文

**下面为大家整理一篇优秀的****paper****代写****范文****- Investment
income and risk of financial securities****，供大家参考学习，这篇论文讨论了金融证券的投资收益与风险。证券市场是金融市场里的核心部分之一，对于广大投资者来说，正确认识和防范市场风险，加强风险管理有很强的现实意义，从事证券投资不仅要考虑投资的收益率，同时也要注重投资的风险。只有正确分析和把握证券投资风险，证券投资者才能够实现在收益率固定的条件下，使风险最小化，或在风险一定的情况下实现收益率最大化。**

Financial market is a high-risk market, and there are many methods to measure the risk of financial market. Among them, var method, which emerged in the 1990s, is one of the most popular methods in the financial world. Securities market is one of the core parts of the financial market. For the majority of investors, it is of great practical significance to correctly understand and prevent market risks and strengthen risk management. Securities investment should not only consider the return rate of investment, but also pay attention to the risk of investment. The core and key of securities investment is to effectively carry out the diversification of investment, through the diversification of investment, to spread the risk and improve the return. Only by correctly analyzing and grasping the risk of securities investment, can securities investors realize the minimization of risk under the condition of fixed rate of return, or the maximization of rate of return under the condition of certain risk. Portfolio of securities refers to that investors make appropriate investment choices according to certain principles on the premise of comprehensive analysis of the risk degree and total return of securities, and the return of securities investment is generally expressed by the rate of return. Securities investors invest in order to obtain higher investment returns. On the one hand, it hopes to maximize the benefits under the same risk conditions. On the other hand, the expectation of the same return, the risk is minimal. Generally speaking, the greater the expected yield of securities, the greater the risk of its investment. Income and risk are the core elements of security investment, and finding their changing rules and accurately measuring them quantitatively are the important preconditions for investment analysis and selection. In addition, return and risk are not isolated, there is close connection between them. We know that investors delay consumption and obtain the required rate of return, but there are uncertainties of time, inflation and future payment. Therefore, when they choose investment opportunities, they need to estimate and evaluate the substitution between expected returns and risks of various investment opportunities. It is very important to accurately measure the return and risk of investment opportunity for investment analysis and evaluation.

The historical average return rate of a portfolio is measured by the weighted average return rate of a single asset in the portfolio, or by the total change in the initial value of the portfolio. The weight used to calculate the mean is related to the initial market value of each asset, so the average yield calculated is called the value-weighted average yield.

The sample data were selected from the closing prices and share Numbers of 240 trading days between 2009-4-24 and 2010-4-23 of CGA, jinbei automobile, wantong expressway, vanke, wisco, western mining, China unicom, aluminum corporation of China, sinopec and China overseas development. EXCEL software was used to process and calculate the sample data.

Sample data were selected between 2009-4-24 to 2009-4-24 to send shares, jinbei automobile, anhui highway, vanke shares, wisco, western mining, China unicom, China aluminum corporation, China petrochemical, China shipping development of these ten stocks 240 trading days of the opening and closing, use their yield calculation formula: the day respectively, calculate the daily yield, and the E (R), Var (R), one of the said securities I the yield of the first day of t; Represents the closing price of the security on day t; Represents the closing price of securities I t-1, and assumes that the opening price is equal to the closing price of the previous day; Represents the dividend of security I in the trading day, if no dividend, then. EXCEL software was used to process and calculate the sample data.

Sample selection. The following data select the weekly opening price and weekly closing price of five stocks, including China grand auto, jinbei automobile, aluminum corporation of China, wantong stock and vanke stock, every five days from 2009-4-23. A total of 48 weeks' data are used as the sample data.

From 2009-4-23, the weekly opening price and weekly closing price of five stocks of China grand finance, jinbei automobile, aluminum corporation of China, wantong stock and vanke stock are derived from the online trading system of guangfa securities. The use of Excel tabulation, statistics, function calculation and other functions, first of all, the above five stocks weekly opening price, closing price input into the Excel table, the use of weekly closing weekly yield.

Calculate the expected return rate of the ith stock: using the function average, E (ri) (I = 1,2,3,4,5); Or calculated by the formula, where T=48 represents the selected 48 weeks and represents the JTH week yield of the ith stock.

Calculate the variance of the ith stock: use the function Var, denoted as, or calculated by the formula, where T=48 represents the selected 48th week, and represents the JTH week return rate of the ith stock.

Calculate the standard deviation of the ith stock: use the function stdev, denoted as; Or calculated by the formula, where T=48 represents the selected 48 weeks and represents the JTH week yield of the ith stock.

Securities investors should consider the yield and risk factors when choosing securities assets. Therefore, when making portfolio choice, investors should fully consider the return rate and risk of securities assets. Investors should weigh the return rate and risk, so that the combination of the two to achieve an optimal configuration, that is, when the return rate of investors' securities assets is certain, to minimize the investment risk; When the risk of security assets is certain, the return rate should be maximized. In this paper, Markowitz's mean-variance theory of portfolio is selected to illustrate how investors choose portfolio of securities. How to comprehensively consider the return rate and risk of securities portfolio.

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