Chapter 1  第一章

The Investment Environment
投资环境

Real Assets Versus Financial Assets
实物资产与金融资产

• Real Assets  实物资产
• Determine the productive capacity and net income of the economy
  确定经济的生产能力和净收入
• Examples: Land, buildings, machines, knowledge used to produce goods and services
  示例：土地、建筑物、机器、用于生产商品和服务的知识
• Financial Assets  金融资产
• Claims on real assets
  对实物资产的索赔

Financial Assets  金融资产

• Three types:  三种类型：

1. Fixed income or debt
   固定收入或债务
2. Common stock or equity
   普通股或股权
3. Derivative securities  衍生证券