经济学金融学之区别.

halkingUID: 2291422

金融到底包括那些方向，经济学和金融学到底什么关系！经济学研究生的就业一定比金融差吗？
看了钱颖一的这几篇文章，大家自然就有答案了！
记得我问过一个人我说你申请什么方向phd，她说经济吧，要么金融、会计也行！呵呵！
---
12/27/07补充:
从比较广泛的意义上来说,金融学属于经济学研究领域，金融学是专对金融货币流通市场上的经济活动的研究（如期货 股票 债券 保险 银行 风险投资等等）。大学里所见的一般性经济学专业主要偏向学术研究，其研究的面很广，课题很大，所以一般不针对具体实用的经济学科领域。 但是从经济学基本理论研究衍生出了很多新的经济学分支,比如信息经济学,环境经济学(non-market methods分析方法就是一个很重要的扩展)等等.

从另外一个角度而言: 金融学发端于经济学，但如今已经从经济学中相对独立出来，有了比较系统的研究方法．同时,现代金融学依然停留在现代经济学的新古典分析框架内. 其特点是从微观主体的理性行为入手（行为金融学考也虑了非理性行为,比如锚定效应）, 构建考虑时间和不确定因素的市场均衡体系, 考察金融系统在资源跨期配置中的机制和作用. 金融学开创了经济学中比较独特的研究方法，比如说金融资产定价中常用的无套利分析, 实际上比经济学中的供求分析更specific，在市场中更容易实现．此外很重要的一点,就是新古典经济学发展的预期的概念在金融学中得到了很好的应用.金融学考虑了市场中的随机因素, 因此市场主体的预期在其中起了重要作用,并且依赖数理和计量工具进行相对精确的分析.

从program的角度来说:
1, 国外大学开设的和金融有关的master项目五花八门,但是都是偏向应用的,课程也不尽一致.这些program大多都在商学院,偏向实证分析.经济系很少见到开设类似项目,虽然也有.有一些master program是培养可以进行技术分析的专业人员的,所以对数学应用能力要求较高,比如数据处理,统计计量分析,比较高级的软件等等. 具体内容,大家还要看具体学校开设的具体项目的介绍和她们的课程结构.
2, phd program. 国外一些大学的商学院会培养金融学博士.但是绝大多数经济系都可以培养金融学博士,虽然其名称可能是经济学博士.金融经济学,金融计量学,这些项目课程都是高度数理化的,还有宏观金融,比如说国际金融之类的,这方面的研究很多时候也被归入宏观经济学研究.

最后,还有一点就是,公司金融,这个领域有点交叉的意思,可能也可以称为公司财务.涉及金融学和管理学的许多东西.

我这里说的不能很清楚,因为个人了解也有限.大家可以参考钱颖一教授的三篇文章.此外每个学校的program都有偏重,大家申请前看清楚,虽然都叫finance,但是内容可以千差万别.
----
12楼还有一篇写的很好的文章:  Differences Among Accounting, Finance, and Economics
有兴趣的同志可以看看.
http://cbdd.wsu.edu/kewlcontent/cdoutput/TR505r/page47.htm

[ 本帖最后由 halking 于 2007-12-27 13:47 编辑 ]

christie.yayaUID: 2187498

thank you! good guide~

luckychinaUID: 2131861

GE.UID: 2422585

thanks a lot

SwathyUID: 2326808

钱教授现在回清华当经管院院长了吧

SwathyUID: 2326808

原帖由 halking 于 2007-11-5 19:04 发表
金融到底包括那些方向，经济学和金融学到底什么关系！经济学研究生的就业一定比金融差吗？
看了钱颖一的这几篇文章，大家自然就有答案了！

纠正一下，经济博士就业不仅比金融差，而且是差好多

2006年全美经济学博士第一份教职平均起薪是$75,000，金融学博士的平均起薪是$120,000。

halkingUID: 2291422

平均的确是这样，但是不代表每个经济学博士都比金融学博士差，特别是比较牛的学校毕业的经济学博士。
其实很多经济学博士研究的内容完全是金融的东西。

UNDERTAKERUID: 2357387

谢谢楼主

zc1983UID: 2223252

从前零零碎碎看过，今天又看一下，受益匪浅。
多谢了，呵呵

yier.chanUID: 2240501

http://elsa.berkeley.edu/~yqian/research.chinese.html

到这块儿下载快多了 ~  ~

halkingUID: 2291422

和我一个朋友一样的名字，呵呵！
我也是从那里下载的啦。

halkingUID: 2291422

Session 1: Differences Among Accounting, Finance, and Economics[1 HR]

Learning Outcome
The Learners will be able to understand the differences among three interrelated disciplines: Accounting, Economics and Finance.

Important Learning Terms

Accounting
Finance
Economics
General Accounting Acceptable Principles
Financial Accounting
Managerial Accounting
Introduction
There is always confusion as to what finance, accounting and economics means. Many times people think accounting is finance and some think finance and economics are the same. In reality the three fields are different and they mean different things and those who study the three fields are expected to occupy different positions. What is the difference between finance, accounting and economics?

A: What Is Accounting?
The accounting field has existed longer than the finance field. Accounting relates to preparation of accounting records, preparation, analysing and interpretation of financial statements.
Generally Accepted Accounting Principles (GAAP) guide the accounting field and its profession. Characteristics of GAAP are:

Relevance: Financial Information capable of making a difference in a decision Relevant information helps users form more accurate predictions about the future, or allows them to better understand how past economic events have affected the business.

Timeliness: Information that is available to decision makers while it is fresh and capable of influencing their decisions.

Reliability: Financial information that is reasonably free of errors and bias and faithfully represents what it purports to represent. Reliable financial information is factual, truthful and unbiased.

Comparability: Financial information must be measured and reported in a similar manner across companies. Comparability allows analysts to identify real economic similarities and differences among diverse companies, because those differences and similarities are not obscured by accounting methods or disclosure practices.

Consistency: The same accounting methods are used to describe similar events from period to period. Consistency allows analysts to identify trends and turning points in the economic condition and performance of a company over time, because the trends are not obscured by changes in accounting methods of disclosure practices.

It should be known that each country has its own accounting body, which regulates preparation and publishing of financial statements. In addition to the country rules and regulations there are also international standards, e.g. the International Accounting Standards (IAS), which also need to be followed. The disclosure requirements also need to be in line with the different regulatory bodies:

Accounting bodies: e.g. Financial Accounting Standards Board (FASB) in USA, National Board of Accountants and Auditors (NBAA) in Tanzania.
Tax Authorities: e.g. Internal Revenue Service (IRS) in USA, Tanzania Revenue Services (TRA) in Tanzania, Uganda Revenue Authority (URA) in Uganda, The Kenya Revenue Authority (KRA) in Kenya, etc.
Capital Market Securities Bodies: Securities and Exchange Commission (SEC) in USA, Capital Markets and Securities Authority (CMSA) in Tanzania etc.
Specific or Industrial Bodies: There are also a number of specific industries, sector bodies that govern specific industries or sectors. For example, within the telecommunication industry there are regulatory bodies in each country that govern the operations of companies in the Telecommunication sector. These are the Federal Communication Commission (FCC), International Telecommunication Union (ITU), Tanzania Communication Commission (TCC) and TRASA.
Companies operating in different companies are therefore required to follow all the regulatory requirements within the country and or international.

A key product of an accounting system is a set of financial statements. The ultimate product from the accounting function is the provision of financial data through income statements, balance sheet and the statement of cash flow. A good financial manager must how to interpret and use the financial statements in allocating firm抯 financial resources to generate the best return possible in the long run. Finance links the economic theory with the numbers of accounting and all managers in whatever firm setting must know what it means to assess the financial performance of a firm.

Specific areas studied in accounting include financial accounting, cost accounting, auditing and taxation.

Financial Accounting and Management Accounting
Users of accounting information may be categorized as external users or internal users. This distinction allows classifying accounting into two fields梖inancial accounting and management accounting.
Financial accounting focuses on information for people outside the firm. Creditors and outside investors, for example, are not part of the day-to-day management of the company. Government agencies and the general public are external users of a firm's accounting information
Management accounting focuses on information for internal decision makers, such as top executives, department heads, college deans, and hospital administrators, telecommunication managers, ICT operators.

B: What Is Economics?
Economics is a study of choices made by people who are faced with scarcity. Economics has two divisions, microeconomics and macroeconomics. Microeconomics is study focusing at the firm level, while macroeconomics focuses more at the policy and regulatory levels. While Accounting uses principles and conventions to justify many of its actions, Economics uses assumptions to simplify a situation; the ceteris paribusi.e. Other things remain constant assumption. Many economics decisions as based on certain assumptions. When the assumptions don抰 hold then the specific decision may also be affected.

Economics provides a structure from decision making in such areas as risk analysis, pricing theory through supply and demand relationships, comparative return analysis, and other important issues. While the micro economic part will assist in explaining the economic theory behind what happens at the firm level, the macroeconomics part provides explanations relating to the industry and the economy at large. Economics provides a broad picture of the economic environment in which corporations must continuously make decisions.

While a financial manager needs to understand the institutional structure of a central bank (Federal reserve) system, the commercial banking and other financial institutions systems, and their relationship between the various sectors of the economy, the Economist may not need to know a lot of the operations of these institutions, but rather the impact of macro economic variables such as gross domestic product, industrial production, disposable income, unemployment, inflation, interest rates, and taxes how they affect the decisions of the financial manager.

Key Principles of Economics

The Principle of Opportunity Cost

The opportunity cost of something is what you sacrifice to get it.
What you sacrifice is the next best choice.
Using the Principle: The Opportunity Cost of a College Degree
The opportunity cost of a college degree is the direct costs, including tuition and books, plus the opportunity cost of time (the salary you could have earned).
The opportunity cost for a telephone company to invest in the rural areas is the return the company can earn in investing in the urban areas.
The Concepts of the opportunity cost as related to ICT Projects is discussed in session 3.2.4
The Marginal Principle

Marginal benefit is the extra benefit resulting from a small increase in the activity.
Marginal cost is the extra cost resulting from a small increase in the activity.
Choose a level of activity such that marginal benefit of the last unit equals the marginal cost of the last unit.
The Principle of Diminishing Returns
Definition:
Suppose that output is produced with two or more inputs, and we increase one input while holding the others constant. Eventually output will begin to increase at a decreasing rate.

Numerical example: Diminishing Returns for Cultivating acres of land for two days
Number of workers 1 2 3 4
Number of Acres 4 6 8 10

Diminishing returns is a short-run concept. (The short run is defined as a period of time in which at least one factor of production is fixed.)
What about the Long Run?
In the long run, all factors of production can be varied, and thus, the principle of diminishing returns is not relevant. (The long run can be defined as a period of time sufficient to vary all factors of production.)
The Spillover Principle

For some goods, the costs of producing or consuming the good are not confined to the producer and/or consumer of the good (Negative externality).
For some goods, the benefits of producing or consuming the good are not confined to the producer and/or consumer of the good (Positive externality).
Examples of Spillover Costs
1. Air pollution
2. Water pollution
Examples of Spillover Benefits
1. A flood-control dam benefits everyone in the area regardless of who pays for it.
2. If you contribute to public television, everyone who watches public television benefits.
3. If scientists discover a new way to treat a common disease, everyone suffering from the disease will benefit.
4. If the incumbent telecommunication company invests in the infrastructures, all providers and newcomers benefit.

The Reality Principle
What matters to people is the real value or purchasing power of money or income, not its face value.
The nominal value of money is its face value. The real value is measured in terms of the quantity of goods that the money can buy.
On the contrary, accounting works on real issues. In accounting everything must have happened or it will happen.

C: What Is Finance?
The study of finance consists of three interrelated areas (i) money and capital markets which deals with many of the topics covered in macro economics (ii) investments, which focuses on the decisions of individual and financial and other institutions as they choose securities for their investments portfolios, and (iii) managerial finance (business finance) which involves the actual management of the firm. In general the three areas are interrelated.

Money and Capital Markets
These include all institutions or organisations that are involved in financial intermediation between savers (those who have surplus money) and borrowers (those who have deficit of funds). These include banks and non-bank financial institutions, insurance companies, stock markets, brokerage and dealers firms, savings and loans and institutions, and credit unions etc. Working in these institutions requires knowing both the micro and macro operations including changes interest rates, fiscal policies, monetary policies, and business operations. The institutions by themselves are also firms and they behave like any other firm, for profit maximization. The regulatory body governing these is the Securities market authority and the Federal reserves or central banks.

Investment
This involves determining where to make investments from individuals or companies, And determining the optimal mix of securities and other investments. Knowledge of investment analysis is very important in order to decide whether a project is financially, economically and socially viable.

Managerial Finance
Managerial finance is important to all types of businesses, whether they are public or private, deal with financial services or are manufacturers. Issues related to managerial finance range from decisions regarding expanding a business to choosing what types of securities to issue or finance and what type of investments to undertake.

Managerial finance also involves analysing the performance of the firm in order to forecast its future performance. It involves making decisions regarding working capital issues such as level of inventory, cash holding, credit levels, etc. It requires the need to know how to raise funds from the money and capital markets. It involves decisions regarding whether to merge or acquire a firm, how much of the generated funds should be distributed or reinvested. Managerial finance touches upon money and capital markets, and investments..

The field of finance integrates concepts from economics and a number of other related areas. In this session we will only concentrate on how the field of finance is applied to the ICT industry and the major finance issues of concern to the regulators, operators and the general public.

The central goal of finance is the relationship of risk and return. It reminds an investor that there are no free lunches. For whatever decisions made there is trade of one has to make in term of the risks and the returns. For example, an accountant may wish to change the accounting method for reporting inventories. Such a change has its risk and returns to the firm抯 financial performance. To the overall economy the change in accounting policy may send a message (signals) to the market about the efficiency and effectiveness of the firm抯 operations, hence affecting the performance of the share price in the capital market.

Some of the functions of a finance manager are to preserve capital, maintenance of liquidity, working capital management, capital budgeting, portfolio selection and allocation of resources among various assets, reorganization of financially troubled corporations and the bankruptcy processes.

A financial manager has to link the interactions of financing and investment decisions open to the organization. Figure 1 below shows the functions of financial manager.


Figure 1: Functions of the Financial Manager

As you read through this session, consider how these concepts are related to the industry and markets and the service pricing courses.

halkingUID: 2291422

楼上帖子的框图.
文章链接如下:
http://cbdd.wsu.edu/kewlcontent/cdoutput/TR505r/page47.htm

[ 本帖最后由 halking 于 2007-12-27 13:41 编辑 ]

sissiyaoxiUID: 2235352

谢谢