Finance Basics Tutorial | Introduction to Financial Markets | Great Learning - 財商學院

00:00

in today's fast-changing world financial management is one of the most crucial component for individuals and

在當今這個快速變遷的世界中，財務管理是個人與企業最關鍵的要素之一

00:07

enterprises it's no longer about putting your money aside but it's more about managing and expanding it a good

它不再只是把錢存起來，而是更著重於管理與增值。要高效且成功地運作基金並達成商業目標

00:14

understanding of financial accounting and management is required to run a fund efficiently and successfully and to

就需要對財務會計與管理有良好的理解。金融市場涵蓋了所有證券交易的場所，例如股票

00:20

achieve business goals financial market encompasses any marketplace where securities are traded such as the stock

市場、債券市場、外匯市場以及股息市場等。因此，當金融市場崩潰時

00:28

market bond market forex market and the dividends market among others as a result when financial market collapse

可能會發生經濟動盪，包括經濟衰退和失業。鑑於其重要性，具備對金融市場的基本了解至關重要

00:36

economic disruption can occur including recession and unemployment because of their importance having a basic

這也是為什麼為了幫助您並啟發您對此的認知，我們

00:43

understanding of financial market is crucial and that is why to help you out and enlighten you about the same we have

特別設計了這門課程，讓您可以學習財務的基礎知識。那麼還等什麼呢？讓我們立刻開始吧

00:50

come up with this course where you can learn the basic of finance so why wait let's get started right away

[音樂] 如果您還沒有訂閱我們的頻道，我想請您按下

00:58

[Music] if you haven't subscribed to our channel yet i want to request you to hit the

訂閱按鈕並開啟通知小鈴鐺，這樣您就不會錯過任何來自 Great Learning 的新更新或影片發布

01:06

subscribe button and turn on the notification bell so that you don't miss out on any new update or video releases

如果您喜歡這部影片，請給我們一些愛並按個讚。知識因分享而增長

01:12

from great learning if you enjoyed this video show us some love and like this video knowledge increases by sharing so

所以請務必將這部影片分享給您的朋友和同事。若有任何疑問或建議，請務必在影片下方留言

01:18

make sure you share this video with your friends and colleagues make sure to comment on the video for any query or

我會很快回覆您的留言。現在，讓我帶您快速瀏覽今天

01:25

suggestions and i will respond to your comments now very quickly let me walk you through the agenda for today's

課程的議程。在今天的課程中，我們將討論財務管理簡介、商業財務基礎

01:31

course in today's course we are going to discuss introduction to finance management business finance foundation

貨幣的時間價值、金融市場、股票市場、資產管理、營運資金管理以及資本預算

01:37

time value of money financial market stock market asset management working capital management and capital budgeting

技術。嗨，財務管理是經濟領域中最受追捧的課程之一

01:46

techniques hi financial management is one of the most sought after course in the area of

事實上，對於那些渴望在銀行和金融領域發展事業的人來說，財務管理是必修的領域

01:52

economics in fact for those who are aspiring for the

嗯， Money 是我們在討論財務或財務管理時

01:57

career in the area of banking and finance financial management is a must learn

很快就會聯想到的東西。當然，我們這樣說並沒有錯。

02:01

area well money is something that we quickly

區域、金錢，是我們很快就會

02:06

recall for the discussions on finance or financial management of course we are not wrong

聯想到的，關於財務或財務管理的討論，當然我們這樣說沒有錯

02:13

in fact the entire domain of financial management revolving around on money i am very sure

事實上，我非常確定，圍繞金錢的整個財務管理領域

02:21

at individual level we all know what is finance how finance works in real time

在個人層面上，我們都知道什麼是財務，以及財務在現實中如何運作

02:28

but with the help of this course let's try to put our understanding of financial management into a perspective

但藉由這門課程，讓我們試著將對財務管理的理解放入一個框架中

02:34

so that your journey of understanding financial management in the advanced levels would be smoother

以便您在進階層級理解財務管理的旅程能更加順利

02:41

so why delay let's begin our journey welcome to the course on introduction to financial management my name is pawan

那麼還等什麼，讓我們開始旅程吧。歡迎來到財務管理導論課程，我的名字是帕萬 (Pawan)

02:48

kumar chandra so in this course we will be discussing the concept of

庫馬爾·錢德拉 (Kumar Chandra)。在這門課程中，我們將討論

02:54

finance the definition of financial management in business

財務的概念、企業中財務管理的定義

02:59

the goals of financial management we also discussed the scope of financial management

財務管理的目標，我們也將討論財務管理的範疇

03:05

the functions of finance manager the agency relationship is one of the most important topic to be discussed in

財務經理的職能，代理關係是財務管理領域中

03:13

the area of financial management we discuss about it the agent and principal relationship

最重要的議題之一。我們將討論它，也就是代理人與委託人的關係

03:18

and we also talk about the financial system we talk about the entire ecosystem of

我們也將談論金融體系，討論整個金融體系的生態系統

03:23

financial system and how each component in the financial system are interconnected

以及金融體系中的每個組成部分是如何相互連結的

03:29

and we also talk about the safety of investments in business well we have lot to understand let's

我們也會談及企業投資的安全性。我們有許多內容要理解，讓我們

03:36

begin our journey with the first topic the concept of finance

從第一個主題「財務的概念」開始我們的旅程

03:44

the concept of finance is basically originated from economics so what is economics

財務的概念基本上起源於經濟學。那麼什麼是經濟學？

03:52

how an individual or a business or a government making use of these limited resources to fulfill the unlimited

個人、企業或政府如何利用這些有限的資源來滿足無限的

03:59

dreams or unlimited desires is all about economics so that's the underlying principle of economics so the concept of

夢想或無限的慾望，這就是經濟學的全部，這就是經濟學的基本原則。因此，財務的概念

04:06

finance is derived from these notions so basically when we talk about finance we talk about

正是源於這些概念。所以基本上，當我們談論財務時，我們談論的是

04:14

cash we talk about banks investments loans

現金、銀行、投資、貸款

04:19

funds and we talk about forecasting so forecasting the need for money we talk about borrowings

資金，以及我們談論預測。因此，預測對金錢的需求，我們談論借貸

04:25

where to borrow how much to borrow we talk about investments and we also talk about budgeting so what is budgeting so

向哪裡借錢借多少我們談論投資我們也談論預算那麼什麼是預算所以

04:32

budgeting is all about choosing an investment or alternative there are so many investment

預算就是選擇一個投資或替代方案有太多投資

04:37

alternatives which one is the best project which is the best project to invest in so choosing the best

替代方案哪一個是最好的項目哪一個是最好的投資項目所以選擇最好的

04:42

alternative so this discusses about budgeting as well basically finance is an art or

替代方案這也討論了預算基本上金融是金錢的藝術或

04:49

science of money we said money is the epicenter of this entire discussion of financial

科學我們說金錢是整個財務

04:55

management of course well when we say finance is all about money

管理討論的中心當然當我們說金融是關於金錢

05:02

we need to understand finances also it's an art of managing money it's a science

我們需要理解金融也是一種管理金錢的藝術它是管理金錢的

05:08

of managing money so why we call finance is the science we call the finance as science because

科學為什麼我們說金融是科學我們說金融是科學是因為

05:18

finance dependent on certain principles for deriving the results for example

金融依賴於某些原則來得出結果例如

05:25

when we talk about the time value of money we dependent on a compounding or discounting principle

當我們談論貨幣的時間價值時我們依賴複利或貼現原則

05:32

right we talk about conversion of present value of money into future value or we talk about conversion of future

對吧我們談論將貨幣的現值轉換為未來價值或我們談論將未來

05:38

value of money to present value so there are certain principles on which the finance is actually dependent so that's

價值轉換為現值所以金融實際上依賴於某些原則這就是

05:45

the reason we call finance is the science because there are certain procedures to be followed to calculate

我們稱金融為科學的原因因為有某些程序需要遵循來計算

05:52

the values so that's why we call finance is the science

數值所以這就是為什麼我們稱金融為科學

05:57

at the same time we claim that the finance is also an art why finance is an art

同時我們聲稱金融也是一種藝術為什麼金融是藝術

06:03

because when we are doing the calculations when we are analyzing the money

因為當我們進行計算當我們分析金錢

06:10

we need to you know we need to understand it it is purely based on the skills and

我們需要你知道我們需要理解它它完全基於個人的技能和

06:16

abilities of an individual how to analyze the financial transactions and how to interpret them how to report them

能力如何分析金融交易以及如何解釋它們如何報告它們

06:22

so it is an art so it is it is completely dependent on the individual who is actually

所以這是一種藝術所以它完全依賴於實際

06:28

conducting this analysis of the financial results or the concepts that are related to finance so that's the

進行財務結果分析或與金融相關概念的人這就是

06:34

reason we call finance is also an art let's jump into the next level of discussion

所以我們才說財務也是一門藝術。讓我們進入下一個層次的討論

06:40

what are the broad areas of finance basically the finance can be discussed

財務的廣泛領域有哪些？基本上，財務可以被討論

06:46

under three important categories personal finance business finance

分為三個重要類別：個人理財、企業理財

06:54

and then public finance so these are the categories in which we

以及公共理財。這些就是我們

06:59

discuss the area of finance what is personal finance

討論財務領域的分類。什麼是個人理財？

07:05

is it is it something related to an individual yes personal finance is

它是與個人相關的東西嗎？是的，個人理財是

07:12

about how an individual earn some money how an individual is earning money how income

關於個人如何賺錢，個人如何賺取金錢，收入是如何

07:19

is coming to him or her what are the sources from which an individual is earning their money for

流向他或她的？個人是從哪些來源賺取金錢的？例如

07:26

example when we talk about personal income there are five different heads right so five

當我們談到個人所得時，有五個不同的項目，對吧？所以五個

07:31

important heads income from salary income from house property income from

重要的項目：薪資所得、房屋財產所得、來自

07:39

business or profession or income from capital gain income from other sources so these are the sources from which an

商業或專業的所得，或資本利得所得、其他來源所得。這些就是個人

07:46

individual is earning money now these are the sources of income

賺取金錢的來源。現在這些是收入的來源

07:54

finance talks about how an individual is actually earning from these sources how money is flowing to his bank accounts

財務談論的是個人實際上如何從這些來源賺取收入，金錢如何流入他的銀行帳戶

08:03

the next thing is spending how an individual is spending let's say he has earned 1 lakh and how is spending

接下來是支出，個人如何支出？假設他賺了10萬盧比，他是如何花費的？

08:11

one lakh right so spending on for what reasons is spending is it spending for medical

10萬盧比，對吧？那麼，支出是為了什麼原因？是為了醫療支出嗎？

08:16

expenses or is it spending for investments or is spending for daily cash requirements or is spending for any

醫療支出？是為了投資？是為了日常現金需求？還是為了購買任何長期資產？

08:23

to buy any long-term assets so that is the spending pattern that we analyze in finance in personal finance

購買任何長期資產？這就是我們在個人財務中分析的支出模式。

08:32

well we understood there is an income there is spending

好，我們了解了有收入也有支出。

08:36

now let's assume the income is more than a spendings

現在假設收入大於支出。

08:43

let's say is earning one lakh and is spending say eighty thousand so twenty thousand

假設賺了10萬盧比，花了8萬盧比，那麼剩下的2萬盧比就是所謂的儲蓄，也就是盈餘。

08:48

is something that is called saving this is the surplus now

這被稱為儲蓄，也就是盈餘

08:55

with the surplus what is it doing or what is he or she is doing is he

有了盈餘，他或她正在做什麼，或者說他或她正在做什麼

08:59

or is she saving this money and keeping it in the bank deposits or how she is making use

他或她是否將這筆錢儲蓄起來並存入銀行存款，或者她是如何運用

09:05

of that money is she investing this money or is she buying some long-term assets is all is discussed under

這筆錢的，她是在投資這筆錢，還是在購買某些長期資產，這些都包含在

09:11

personal finance now let's say the income is lesser than

個人理財的討論範疇內。現在假設收入少於

09:17

the spendings right so let's say the income is 80 000 spendings are 1 lakh

支出，對吧？假設收入是 80,000，支出是 100,000

09:27

absolutely there is a deficit right there is a deficit of 20 000 so how an individual is matching this

絕對會出現赤字，對吧？會有 20,000 的赤字，那麼個人是如何彌補這

09:33

deficit from where is bringing that money right you may have to go for borrowings right you may have to borrow

個赤字的呢？從哪裡取得這筆錢呢？你可能得去借貸，對吧？你可能得從

09:39

money from the other sources to fill this to bridge

其他來源借錢來填補這個

09:43

this gap of income earning is 80 000 spending is 1 lakh so 20 000 is the deficit so that

收入 80,000、支出 100,000 的差距，所以 20,000 就是赤字，這

09:51

is the discussion of personal finance so how an individual is managing these deficits is the discussion of personal

就是個人理財的討論內容，那麼個人如何管理這些赤字，就是個人

09:58

finance well when there is an income when an individual is earning cash

理財的討論重點。當個人有收入，當個人賺取現金時

10:04

he need to pay the tax every individual is supposed to pay the tax

他需要繳稅，每個人都應該繳稅

10:12

so how much of taxes is paying on what areas is actually paying taxes is he paying income tax or is he paying

那麼他繳了多少稅，在哪些領域實際繳稅，他是繳所得稅，還是繳

10:19

business taxes or is he paying sales tax or is he paying any other taxes or gift tax or whatever so that is the part of

營業稅，還是繳銷售稅，還是繳任何其他稅款或贈與稅等等，這些都是

10:28

discussion in person finance again there is something called a retirement

個人理財討論的一部分。再來，有所謂的退休

10:34

again for every individual that there will be a retirement right so how a individual is planning for the

每個人都會面臨退休，對吧？那麼個人是如何為

10:40

retirement is he spending everything he's earning or is he saving some money for his retirement

退休做準備的，他是把賺來的錢全部花光，還是為他的退休儲蓄一些錢

10:48

so that is the discussion of personal finance so retirement planning is investing in long-term investment

這就是個人理財的討論內容，所以退休規劃就是投資於長期投資

10:54

options where he is investing in bonds or debentures or is investing in long-term

選擇，例如投資於債券或公司債，或是投資於長期

10:59

assets to on the long-term returns so that is the discussion of personal finance that is part of person finance

資產對於長期報酬的影響，這就是個人理財的討論，也是個人理財的一部分

11:06

well so these are the things that we discuss when it comes to

嗯，這些是我們在討論個人理財時會談到的內容，現在談談企業理財

11:12

personal finance now business finance

企業理財

11:17

as the term business finance reflecting business how a business is dealing with finance how the business is

就企業理財這個詞的字面意思而言，它反映了企業如何處理理財，企業如何

11:26

handling the finance financial aspects well every business will have cash flows

處理財務方面的問題。嗯，每家企業都會有現金流

11:35

cash inflows and cash outflows so what is cash inflow the sources of

現金流入和現金流出。那麼什麼是現金流入？就是資金的來源

11:41

money so what are the sources from which a business is earning money or what are the sources from which the

企業從哪些來源賺取金錢，或者企業從哪些來源

11:48

business is borrowing let's say when the business is good the business may be making profits and

籌措資金？比方說，當企業營運良好時，可能會產生利潤

11:54

these are the cash inflows these are the positive cash inflows right so when the business is expanding

這些就是現金流入，這些是正向的現金流入，對吧？所以當企業擴張時

12:00

how a business is catering the needs the financial needs of the business

企業如何滿足其財務需求

12:07

right so from what are the sources the business is borrowing so that is the discussion of a business

對吧？所以企業是從哪些來源籌措資金？這就是企業理財的討論

12:14

finance so what are the sources of finance so what are the applications of finance

那麼，理財的來源有哪些？理財的應用又有哪些？

12:19

so how the business is borrowing money how business is getting cash flows and how business is making use of those cash

企業如何借錢？企業如何取得現金流？以及企業如何運用這些現金

12:26

flows finance decisions financial decisions right so how to

流？理財決策，財務決策，對吧？那麼如何

12:31

bring money what are the financing decisions let us say the business has some money the excess money how business

取得資金？什麼是籌資決策？假設企業有一些錢，多餘的錢，企業如何

12:36

is investing that money in the market for what rate the business is investing money in the market

在市場上投資這筆錢？企業以什麼利率在市場上投資？

12:42

so that is very important area of discussions in business finance the dividend decisions

這是企業理財中非常重要的討論領域，股利決策

12:49

these are some of the very critical decisions for a business so how to pay dividend how much to pay

這些是企業非常關鍵的決策，包括如何支付股利、支付多少

12:57

at what intervals the dividend needs to be paid of course there will be regulations in each country at what

以及支付股利的間隔時間。當然，每個國家都會有法規規定

13:02

intervals they need to pay the dividend but it is up to the decisions of a company to pay or not to

支付股利的間隔時間，但是否支付股利取決於公司的決策

13:09

pay the dividends taxes every company is paying the taxes right

支付股息稅每家公司都在繳稅對吧

13:17

so there is no exception for any business at least in india businesses are paying taxes there is a separate

所以沒有任何企業可以例外至少在印度企業都在繳稅有一個獨立的

13:23

corporate tax which they are supposed to pay and it will be revised every year so that is the discussion of business

企業所得稅他們必須繳納而且每年都會修訂這就是商業

13:30

finance so operating and marketing decisions of a company so what are the operating

金融的討論所以一家公司的營運和行銷決策那麼什麼是營運

13:36

decisions what are the operations operational aspects of the business and we talk about the marketing aspects how

決策企業的營運層面是什麼我們談論行銷層面行銷活動

13:42

money is required for marketing activities and also the accounting aspects are very much part of the

需要多少資金會計層面也是

13:48

business finance csr corporate social responsibility

商業金融的重要部分 CSR 企業社會責任

13:56

so business it is not just about earning profit they also have certain social

所以商業不僅僅是為了賺取利潤它們也有某些社會

14:01

responsibilities social obligations for example taking care of children's education in the poor societies

責任社會義務例如在貧困社會照顧兒童的

14:07

or to take care of the parks or the roads or the bridges construction or maintenance of those or to take care of

教育或者照顧公園或道路或橋樑的建造或維護或者照顧

14:14

our managed houses or to take care of any social activities which are at the larger cause for the society

我們管理的房屋或者照顧任何對社會有更大貢獻的社會活動

14:21

so that is also part of the discussions in business finance

這也是商業金融討論的一部分

14:25

well the third important area in finance is the discussions on

嗯金融的第三個重要領域是關於

14:32

public finance so what is public finance how

公共財政的討論什麼是公共財政一個

14:37

a particular country is managing the money how a business how the country is managing its financials

特定國家如何管理資金一個企業國家如何管理其財務

14:46

right how a country is handling the demand side of the

對吧一個國家如何處理經濟的

14:50

economics or the supply side of the economics how the prices are managed because we all know

需求面或是經濟的供給面價格如何管理因為我們都知道

14:57

price is the intersection of demand and supply so how a country is managing these aspects how a country is managing

價格是需求和供給的交集所以一個國家如何管理這些層面一個國家如何管理

15:05

inflation so what is the inflation level in the country and what is the healthy inflation rate that is required

通貨膨脹所以國家的通貨膨脹水平是多少以及一個國家持續增長

15:11

for a country to grow consistently so that is also part of the discussions in public finance

所需的健康通膨率是多少這也是公共財政討論的一部分

15:19

so with inflation there is also discussions on gdp across domestic product the

因此，除了通貨膨脹，還有關於GDP（國內生產總值）的討論。

15:25

budgeting the forex foreign trades and results these are also part of the discussions in public finance

預算、外匯、對外貿易及結果，這些也是公共財政討論的一部分。

15:33

now financial management in business so we've understood how financial

現在談談企業的財務管理，我們已經了解了財務

15:40

management of finance works in individuals life or in aspect of country but

管理如何在個人生活或國家層面運作，但

15:45

we'll dive deep into understand what is financial management in business basically financial management

我們將深入探討什麼是企業財務管理。基本上，財務管理

15:53

in business is it's an application of management principles in financial activities

在企業中，是將管理原則應用於財務活動。

15:59

it is an art or science of managing money to meet the predefined objectives

它是一種管理金錢以達成預先定義目標的藝術或科學。

16:06

so basically it is a process or process of planning organizing controlling monitoring financial

所以基本上，它是一個規劃、組織、控制、監督財務資源的過程，以期實現組織的目標和宗旨。

16:15

resources with a view to achieve organizational goals and objectives

資源，以期實現組織的目標和宗旨

16:22

so every organization will have certain set of objectives and to achieve those objectives there is a need for financial

所以每個組織都會有一組特定的目標，而為了實現這些目標，就需要財務

16:29

resources so how a business is handling these financial resources to meet those objectives is the discussion of

資源，那麼企業如何處理這些財務資源以達成這些目標，便是探討

16:37

financial management in business in business financial management is the process of handling a company's finances

企業中的財務管理；在企業中，財務管理是處理公司財務的過程

16:45

in a way that generates value for the overall business remember

以一種為整體企業創造價值的方式。記住

16:51

financial management is a organic function in every business there will be a dedicated department to

財務管理是每家企業的一項有機功能，通常會設有專門部門來

16:59

take care of the financial aspects of a business so they take care of all transactions they analyze all the

負責企業的財務方面事宜，他們處理所有交易，並分析所有

17:05

transactions they do projections for the business they analyze the requirement for financial resources

交易，為企業進行預測，並分析對財務資源的需求

17:13

right and the person who is responsible to take care of the financial activities is generally called as a financial

沒錯，而負責照料財務活動的人，通常被稱為財務

17:18

manager of course there are different dimensions to see the financial manager there are various titles in which we can

經理；當然，看待財務經理有不同面向，我們可以用各種頭銜來

17:25

call the financial manager of course but the roles and responsibilities of finance department is all about taking

稱呼財務經理，當然，但財務部門的角色與職責全在於處理

17:32

care of cash inflows and cash outflows at strategic level financial management is all about

現金流入與流出；在戰略層面上，財務管理全在於

17:41

planning cash inflows and cash outflows how come company or a business is planning the cash inflows and cash

規劃現金流入與現金流出，為什麼公司或企業要規劃現金流入和

17:49

outflows is the discussion at strategic levels at tactical levels

現金流出？這是戰略層級還是戰術層級的討論？

17:56

financial manager or the people who are responsible to take care of financial aspects at the ground level or the entry

財務經理或在基層負責處理財務事務的人員，

18:03

level is to record the transactions business transactions analyze and produce the report for in front of the

負責記錄交易、商業交易，進行分析並向管理層提交報告，

18:11

management to take strategic decisions that are related to the business so that is at two different levels we

以便做出與業務相關的戰略決策，這是我們在組織中可以看到的兩個不同層級。

18:18

can see in an organization now it's very important to understand what

現在非常重要的是要了解

18:23

are the goals of financial management there are three important goals for financial management profit maximization

財務管理的目標是什麼。財務管理有三個重要目標：利潤最大化、

18:32

wealth maximization and improving market share of course there are a series of goals for financial

財富最大化以及提高市場占有率。當然，財務管理還有一系列的目標，

18:39

management but ultimately all those things will boil down to these three important

但最終所有這些都可以歸結為這三個重要

18:45

goals profit maximization wealth maximization and

目標：利潤最大化、財富最大化以及

18:49

improving the market share of the business so what is profit maximization

提高業務的市場占有率。那麼，什麼是利潤最大化？

18:55

profit maximization you all know a business is an economic entity

利潤最大化。大家都知道，企業是一個經濟實體，

19:02

which is running to make profits there is no business on the planet earth which is running for charity right

其運營是為了賺取利潤。地球上沒有任何企業是為了慈善而運營的，對吧？

19:10

if it is purely running for charity then it is not called as business it is a charitable organization

如果純粹是為了慈善而運營，那就不叫企業，而是慈善組織。

19:17

when it is a business they need to earn profit why they need to earn profit there is

既然是企業，就需要賺取利潤。為什麼他們需要賺取利潤？有

19:22

various reasons why they need profit so what is the profit in business

各種原因說明他們為什麼需要利潤。那麼，商業中的利潤是什麼？

19:28

it is simple revenues what is the revenue what is the excess of revenue that business is

很簡單，就是收入。什麼是收入？就是企業所賺取的收入

19:34

earning over the cost let us consider a business is generating

超過成本的部分。讓我們假設一家企業在 2022 年今年

19:40

10 lakhs of revenues for this year 2022 the cost of

產生了 100 萬盧比的收入。生產該產品或服務的

19:48

producing that product or service is let's say six lakhs

成本，假設是 60 萬盧比。

19:54

the remaining four lakhs is the profit for a company now

剩下的四十萬是公司的利潤

20:01

this four lakhs what is the kind of profit it is is a different discussion altogether right it may be

這四十萬是哪一種利潤則是完全不同的討論，對吧，它可能是

20:09

profit before tax right pbt right this is profit before tax

稅前利潤，對吧，PBT，對吧，這是稅前利潤

20:16

profit after tax earning before interest and tax earning before tax depreciation and

稅後利潤、息稅前利潤、稅前利潤、折舊及

20:23

amortizations so what is profit before tax this is the tax

攤銷前利潤，那麼稅前利潤是什麼，這是稅

20:29

this is the profit before deducting the taxes because every business is supposed to is liable to pay the taxes to the

這是扣除稅款前的利潤，因為每家企業都應該

20:36

government so before deducting taxes what is that company has is profit before tax

向政府繳稅，所以在扣除稅款之前，公司擁有的是稅前利潤

20:45

what is profit after tax it is of course it's a self-explanatory profit after paying the taxes to the

稅後利潤是什麼，這當然是不言自明的，即向政府

20:51

government earning before interest and tax remember every business

繳稅後的利潤，息稅前利潤，記住每家企業

20:58

will have financial obligations let us say when the business has borrowed some money on interest basis they are

都會有財務義務，比方說，當企業以計息方式借入一些資金時，他們

21:04

supposed to pay the interest so what is the revenue what is the earnings before paying interest and taxes that is

需要支付利息，那麼在支付利息和稅款之前的收入是什麼，那就是

21:11

ebit earning before interest and taxes eb

EBIT，息稅前利潤，EB

21:18

tda earning before tax depreciation and amortizations remember if it is

ITDA，稅前折舊及攤銷前利潤，記住如果是

21:26

a tangible asset a business apply depreciation if it is

有形資產，企業會應用折舊，如果是

21:32

intangible asset like copyright patent they'll apply amortization so depreciation and amortizations are most

無形資產，如版權、專利，他們會應用攤銷，所以折舊和攤銷在

21:41

common in any business right so what is the earnings before tax before depreciation or before

任何企業都很常見，對吧，那麼稅前、折舊前或攤銷前的

21:48

amortization so that is earning before tax depreciation and amortization so it's need to be very clear what is the

利潤是什麼，那就是稅前折舊及攤銷前利潤，所以我們需要非常清楚現在

21:55

profit that we are talking about now how a business can increase the profit

討論的是哪一種利潤，企業如何增加利潤

22:03

a very important term profit by increasing the units sold by increasing the number of units sold

一個非常重要的詞，利潤，透過增加銷量、透過增加售出的單位數量來增加

22:11

increasing the price per so price per unit price per product price per service

提高單價，也就是每單位價格、每項產品價格、每項服務價格

22:17

cost minimization reducing the cost or maybe locating new investment opportunities or maybe acquiring new

成本最小化、降低成本，或是尋找新的投資機會，或是收購新的

22:26

business ventures in the same line of business or maybe from the different line of businesses

同業或不同行業的商業 ventures

22:31

or it may be an expansion business expansion of our existing business so there are various other ways to on

或者可能是我們現有業務的擴張，因此還有許多其他方式可以

22:38

profit well the theory of profit maximization is

獲利。利潤最大化的理論

22:45

appreciated by many scholars at the same time there are criticisms too

受到許多學者的讚賞，但同時也存在批評。

22:50

so what are those appreciations what are those a favor towards profit maximization discussions

那麼，這些讚賞是什麼？對利潤最大化有哪些支持的討論？

22:57

there are certain arguments that says yes profit is important for a business at the same time there are criticisms

有一些論點認為，是的，利潤對企業很重要，但同時也有批評，

23:04

which we will see little later right so now what are the arguments that are in favor of profit

我們稍後會看到。那麼，現在支持利潤最大化理論的論點是什麼？

23:11

maximization theory the very reason why business exist is for profit

企業存在的根本原因就是為了利潤。

23:18

the basic purpose of business is to earn profit in fact profit is considered as the

企業的基本目的就是賺取利潤。事實上，利潤被視為

23:24

meter for determining the success right so with profit the business is

衡量成功的標準。因此，有利潤，企業就被

23:31

considered successful and on track and if the profits are not there business is considered

認為是成功的且走在正軌上；如果沒有利潤，企業就被認為是

23:38

is is a curse is a sin for the society right many time profit is essential for the survival of a business only when the

社會的詛咒、社會的罪惡。很多時候，利潤對企業的生存至關重要，只有當

23:46

business is able to make profits they can survive the competition they can survive in the dynamic business world

企業能夠獲利時，它們才能在競爭中生存，才能在充滿活力的商業世界中生存。

23:54

only profit making business can think of tomorrow

只有盈利的企業才能思考明天。

23:58

only profit-making company can create future right

只有盈利的公司才能創造未來。

24:02

that is the reason profit maximization is very important and also we need to understand

這就是為什麼利潤最大化非常重要，同時我們也需要理解，

24:08

profit is accepted by the society as long as the profit is earned in a legitimate way for example the profits

只要利潤是以合法方式賺取的，社會就會接受。例如，只要利潤

24:16

are with legal routes it is accepted the society is okay as long it is win-win

來自合法途徑，社會就會接受，只要這是雙贏的，

24:23

for the society win-win for the business for the employees for the stakeholders to the customers right for everyone so

對社會、對企業、對員工、對利益相關者、對客戶、對所有人都是雙贏的。

24:30

there is no problem earning the profit it is required it is very important and

爭取利潤沒有問題，這是必要的，非常重要，而且

24:37

society considers it is not a sin as long as it is legitimate there is also an argument that a

只要合法，社會並不認為這是罪過。也有人主張

24:43

business which is loss making is a burden to the society right a business which is under huge losses they may not

虧損的企業是社會的負擔，對吧？處於嚴重虧損的企業可能無法

24:50

be able to pay the salaries they may not be able to pay their

支付薪資，可能無法支付

24:55

stakeholders they may not be able to pay their suppliers they may not be able to pay dividends they may not be able to

利益相關者，可能無法支付供應商，可能無法支付股利，可能無法

25:00

pay taxes or interest on the borrowings though ultimately they'll become a sin or they may become

支付稅款或借款利息，雖然最終它們會變成一種罪過，或者可能成為

25:07

burden to the society these are the favor in favor of profit max these are

社會的負擔。這些是支持利潤極大化的理由，這些是

25:14

the arguments in favor of profit maximization now

支持利潤極大化的論點。現在

25:19

there are certain arguments where profit maximization is criticized the very important

有一些反對利潤極大化的論點，其中一個非常重要的

25:27

argument against profit maximization is the profit is not clear so what profit are we talking about are

反對利潤極大化的論點是利潤的定義不明確。我們談的是哪種利潤？是

25:34

we talking about net profit or we're talking about

談淨利，還是談

25:38

a gross profit right we're talking about profit before tax or we're talking about

毛利？對吧？是談稅前利潤，還是談

25:45

profit after tax or it is earning before interest and tax or it is profit before interest tax depreciation and

稅後利潤？或者是息前稅前利潤，或者是息稅折舊攤銷前利潤？

25:53

amortization so what profit are we talking about it's not very clear so when we say the ultimate

所以我們談的是哪種利潤？這不是很清楚。因此當我們說財務管理的最終

26:00

goal of financial management is to make maximize the profit which profit the business wants to maximize

目標是使利潤極大化時，企業想要極大化的是哪種利潤？

26:07

so that is not clear so that is a criticism against profit maximization theory

這就不清楚了。這是對利潤極大化理論的一種批評。

26:11

duration what is the duration for which profit maximization

期間。利潤極大化

26:16

goal is set is it long term or it is short term save one year less than one year

目標設定的期間是多久？是長期還是短期？是一年？不到一年？

26:24

many times businesses are compromising on their long-term profits when they are focusing too much on the short-term

很多時候，當企業過於專注於短期

26:30

profits so that is is the same that's a very you know

利潤時，它們會在長期利潤上做出妥協。所以這是一樣的，這是一個非常，你知道的

26:37

unwanted sign of profit maximization goal scale factor

利潤最大化目標的不受歡迎指標：規模因子

26:45

synchronization between size of the business and volume of profit many times you would

企業規模與利潤規模的同步性。您可能常聽說

26:49

have heard that the cost of setting this business is say 10 000

創業成本是一萬盧比，

26:54

and the profits we can expect from this business is one lakh don't you think it is

而預期利潤可達十萬盧比。您不覺得這

27:01

something unusual your investment is just 10 000 and you are going to earn one lakh

很不尋常嗎？您的投資僅一萬盧比，卻預計賺取十萬盧比，

27:07

and there is the smell of illegitimate activities in the business you just invested 10 000 and you are

這當中隱約透露出非法活動的氣息。您只投資一萬盧比，

27:14

saying you are going to earn one lakh how is that really possible because when a business is investing 10 000 or 10 000

卻說能賺十萬盧比。這怎麼可能？因為當一家企業投資一萬或一萬盧比，

27:22

a business may expect 30 to 30 or 40 or 50 returns considering the risk return factors right how are you able to make

考慮風險回報因素，可能預期 30%、40% 或 50% 的回報，對吧？您如何能獲得

27:31

those many times of your initial investment so that is something is a very

初始投資的數倍回報？這在考慮利潤最大化時，

27:37

big question mark when it comes to profit maximization consideration of time factor

是個巨大的問號。時間因素的考量

27:45

are we considering time factor when we talk about profit maximization the question is unanswered

我們在談論利潤最大化時，是否考慮了時間因素？這個問題沒有答案。

27:51

the profit maximization focusing only on maximizing profit what is the time duration we are

利潤最大化僅關注利潤最大化。我們考慮的

27:57

considering to earn that profit is it one year five years 10 years 20 years what is that

賺取該利潤的時間跨度是多久？是一年、五年、十年還是二十年？這點

28:01

is unanswered that is

沒有答案。這就是

28:04

a criticism on profit maximization theory undue aggression towards profit

對利潤最大化理論的批評。對利潤最大化

28:10

maximization may lead to a social evils when a business is too focused on making profits when they are very aggressive

過度激進可能導致社會弊病。當企業過於專注於獲利，當他們對賺錢

28:17

about making profits there will be scope for corruption quality drop

過於激進時，就會滋生貪腐、品質下降、

28:22

miss selling false promises undue influences

誤導銷售、虚假承諾、不當施壓的空間，

28:27

right so it may lead to all those things it ignores risk associated with profits

對吧？這可能導致所有這些問題。它忽略了與利潤相關的風險。

28:37

what is the risk associated with profit remember risk and reward are two faces of a

與利潤相關的風險是什麼？記住，風險與回報是同一枚硬幣的兩面。

28:43

single coin so how what is the risk we are going to take to earn the profit

單一幣種，那麼我們為了賺取利潤將要承擔什麼風險

28:48

is not discussed under profit maximization theories wealth maximization goal so

並未在利潤最大化理論財富最大化目標下討論，因此

28:54

very important very popular goal of financial management wealth maximization

非常重要且非常流行的財務管理目標是財富最大化

29:01

and this is one of the most you know the recent approach towards financial management

並且這是最近朝向財務管理的方法中最

29:07

and it is popular too when it compared to profit maximization wealth maximization

受歡迎的一種，當它與利潤最大化相比時，財富最大化

29:16

goal looks very attractive so before we understand what is that that is catching the attention of the

目標看起來非常有吸引力，那麼在我們了解是什麼吸引了

29:22

corporate world let us understand what is wealth maximization what is wealth wealth maximization is basically is an

企業界的目光之前，讓我們了解什麼是財富最大化，什麼是財富，財富最大化基本上是

29:30

increasing the value of business to increasing the value of shares held by the

增加企業的價值，以增加股東所持有的

29:36

stakeholders when we say stakeholders who are the stakeholders to the business

股份價值，當我們說股東，誰是企業的股東

29:43

there are two important categories in which we can segregate we can classify the

有兩個重要的類別可以區分，我們可以將

29:48

stakeholders external stakeholders internal stakeholders

股東分類為外部股東和內部股東

29:54

who are the stakeholders who are external to the business creditors

誰是企業的外部股東，包括債權人

30:00

governments suppliers tax authorities

政府、供應商、稅務機關

30:05

customers media and society so these are the people these are the entities which are outside the business they're

顧客、媒體和社會，所以這些人，這些是企業外部的實體，他們

30:13

they're outside to the business they're not insiders to the business now who are the insiders to the business

他們在企業外部，他們不是企業的內部人員，現在誰是企業的內部人員

30:20

insiders to the business may be shareholders managers

企業的內部人員可能包括股東、經理人

30:25

board of directors and employees so these are the people who are internal to the organization so

董事會和員工，所以這些是組織內部的人員，因此

30:32

value of these stakeholders is to be increased how through wealth

這些股東的價值要如何增加，透過財富

30:39

maximization we are talking about wealth so how what is wealth

最大化，我們正在談論財富，那麼，財富是什麼

30:45

basically wealth maximization means increasing the price of the share or ensuring the dividends are paid to the

基本上財富最大化意味著提高股票價格或確保股息支付給

30:54

shareholders let us say i have invested rupees 100 in a particular share

股東們，假設我在某支股票上投資了100盧比。

31:01

after one year companies declaring a dividend of rupees 10 that 10 is the value that's a value

一年後，公司宣布股息為10盧比，這10就是價值，那是一種價值。

31:08

maximization now let's say the price of the share is 100 by the end of this year the price of the

最大化。現在假設今年底該股票的價格是100，而該股票的價格是，

31:14

share is let's say 120.

假設120。

31:18

so this 20 is the wealth that is a wealth that is created by the business so wealth is

所以這20就是財富，那是由企業創造的財富，所以財富是。

31:23

maximized the share price is increased we calculate the wealth of a business

最大化的，股價是上漲的，我們透過各種技術來計算企業的財富。

31:30

through various techniques so one of the ways to calculate wealth

計算企業財富的方法之一是透過NPV，淨現值。那麼什麼是淨現值？淨現值。

31:34

of a business is through npv net present value so what is net present value net present

值是效益的現值減去所有成本的現值。

31:43

value is the present value of benefits minus present value of all the costs

對，那就是財富的計算。那麼支持。

31:51

right so that is a calculation of wealth now what are the arguments in favor of

財富最大化目標的論點是什麼？它照顧到。

31:58

wealth maximization goal so it takes care of larger interest of the

利益相關者的更大利益。我們談的不是利潤，我們談的是財富，增加利益相關者的價值。

32:04

stakeholders we are not talking about profit we are talking about wealth increasing the value of stakeholders

所以它照顧到利益相關者的更大利益。財富是基於現金流，而不是基於。

32:11

so it takes care of larger interest of the stakeholders wealth is based on cash flows not on

利潤。在利潤最大化中，我們主要談論利潤，我們談論。

32:20

profits in profit maximization we talk mostly about the profit we talk about

稅前利潤、稅後利潤、EBIT（息稅前利潤）、稅後利潤，對，所以這些是。

32:26

profit before tax profit after tax ebit earning before interest and tax profit after tax right so we these are the

我們討論利潤的面向，但在財富方面，我們不談論。

32:33

aspects we in terms we discuss the profits but in wealth we're not talking about

利潤，我們談論的是現金流，企業能夠產生多少現金流。

32:39

the profits we're talking about the cash flows how much cash flows the business is able to generate

長期視角，而非利潤最大化目標。當我們談論利潤最大化時，我們談論。

32:46

long-term perspectives rather than the profit maximization goals when we talk about profit maximization we talk about

如何增加利潤；當我們談論財富最大化時，我們談論如何為。

32:52

how to increase the profits when we talk about wealth maximization we talk about how to increase the value for

當我們談論財富最大化時，我們談論的是如何為利害關係人創造長期價值，而非僅僅追求短期利潤。

32:58

stakeholders in the long run remember profit is looked for the short run

利益相關者應著眼於長期，並謹記利潤往往是追求短期的。

33:05

wealth is looked at the long run a consideration of time value of money wealth maximization goal

財富應從長期角度考量，這涉及貨幣的時間價值，以及財富最大化目標

33:13

do consider time value of money the rupee on today is worth more than

必須考慮貨幣的時間價值，今天的盧比價值

33:19

the rupee that would be on tomorrow right so it gives weightage to that principle

比明天的盧比更高，對吧？因此它賦予該原則權重

33:25

wealth maximization goal considers risk and uncertainty factors and help board members to create

財富最大化目標考量風險與不確定性因素，並協助董事會成員建立

33:33

consistent dividend policies well so these are the favored arguments of wealth maximization goal now there

穩定的股利政策。這些都是支持財富最大化目標的論點。現在

33:42

are certain criticisms on wealth maximization also so what are the criticisms on wealth

對財富最大化也有若干批評，那麼對財富

33:47

maximization goals it is prescriptive idea

最大化目標的批評是什麼？它是一種規範性概念

33:52

not a descriptive idea so creation of wealth for the stakeholders is just prescriptive just

而非描述性概念，因此為利益相關者創造財富僅是規範性的，只是

33:59

prescribing that wealth of the stakeholders need to be increased

規定利益相關者的財富需要增加

34:05

how to increase this wealth of the stakeholders is not discussed under wealth maximization theories

如何增加利益相關者的財富，在財富最大化理論中並未討論

34:14

wealth is not socially desirable this is one of the most debated criticism on

財富並非社會所期望的，這是對財富最大化

34:21

wealth maximization so why it is not desired why it is not appreciated in the society

最具爭議的批評之一。那麼為何不受期望？為何在社會中不受認可？

34:30

there are various reasons the wealth should not be concentrated on few hands

有各種原因，財富不應集中在少數人手中

34:38

when a business is concentrating on wealth maximization the wealth will be concentrated for example when we say the

當企業專注於財富最大化時，財富將會集中。例如當我們說

34:45

end the business is dominated by major players

企業由主要參與者主導

34:49

in the corporate world let's say we talk about alibaba we talk about elon musk

在企業界，例如我們談到阿里巴巴、談到伊隆·馬斯克

34:56

we talk about bill gates we talk about ambani right we talk about mark zuckerberg right we talk about many

談到比爾·蓋茲、談到安巴尼，對吧？我們談到馬克·祖克柏，對吧？我們談到許多

35:02

others who are actually are the legends in the business and who are creating wealth

其他真正是商業傳奇、正在創造財富的人

35:08

so what is happening the wealth of the world is concentrated on a few hands

那麼發生了什麼事？世界的財富集中在少數人手中

35:14

it is concentrated when the wealth is concentrated on a few hands

它被集中了，當財富集中在少數人手中時

35:21

what will happen they'll destroy the competition they may destroy the competition they

他們會怎麼做呢？他們會摧毀競爭對手，他們可能會摧毀競爭對手，他們

35:27

may ensure there is a dominance of their business in the entire industry and

可能會確保其業務在整個產業中占據主導地位，而

35:32

ultimately that will cause serious problems for the end users the customers so that is one of the arguments put

這最終將給最終使用者——也就是顧客——帶來嚴重問題。因此，這是反對將

35:40

forth why wealth maximization should not be a consideration for financial management

財富最大化列為財務管理考量的論點之一。

35:47

of course there are debates on that of course there are arguments against which which is not

當然，這方面存在爭論，當然也有反對的論點，這並非

35:52

true but this is something that is discussed in the domain maximization of shareholders

無的放矢，但這是在「股東價值最大化」領域中被討論的議題。

36:00

value is a very generic term or it's a weight down when we say maximizing the

「股東價值最大化」是一個非常籠統的術語，或者說是一個概括的說法；當我們說到「最大化

36:08

stakeholders value when we mention stakeholders it also includes the debentures holders the

利益相關者價值」時，當我們提到利益相關者，這也包括了公司債持有人、

36:13

bondholders the creditors everyone who are just

債券持有人、債權人，以及所有僅僅

36:19

invested their money for fixed interest right so what is that they're going to own

為了固定利息而投資金錢的人。那麼，當企業能夠創造財富、當企業能夠為

36:24

when the business is able to create wealth when the business is able to add value

企業增添價值時，這些人將會擁有什麼呢？

36:29

to the business what will what will be the benefit for debenture holders or just receiving a

對於公司債持有人或僅僅是每年領取固定利息的人來說，利益是什麼？

36:35

fixed interest every year and how the value of these stakeholders

而這些利益相關者的價值是如何

36:41

increased is the question mark so wealth maximization is not really focusing on

增加的呢？這是一個問號。因此，財富最大化並非真正聚焦於

36:48

on the debenture holders on the creditors who are receiving fixed interest from the business no matter how

公司債持有人或那些從企業獲得固定利息的債權人，無論企業

36:54

much ever the profit the business is making they're

採取多麼激進的手段來追求利潤，他們

36:59

kept in a separate note they are not considered for the profit they are just

都被列在獨立的帳目中，他們不參與利潤分配，他們只被視為

37:03

considered for interest payments the decisions of manager to maximize wealth mainly to employees exploitation

利息支付的對象。經理人為了最大化財富所做的決策，主要會導致對員工的剝削。

37:11

when the business is too aggressive on wealth maximization the employees may be exploited

當企業在追求財富最大化方面過於激進時，員工可能會受到剝削，

37:17

the customers too may be exploited because the business is concentrating on wealth maximization

顧客也可能受到剝削，因為企業專注於財富最大化。

37:27

so that is something that is criticized in financial management improving market share is the third

這就是財務管理中受到批評的一點，提升市佔率是財務管理的第三個重要目標，什麼是提升市佔率？

37:34

important goal of a financial management what is improving market share

提升市佔率是一個非常籠統的術語，每個行業都有參與者，每個參與者在該行業中都有自己的市佔率，

37:43

improving market share is a very generic term like every industry will have players within and every player will

以快速消費品（FMCG）產業為例，

37:52

have their own share of business in the industry let's say

雀巢、ITC、Britannia 是快速消費品領域的市場領導者，聯合利華有限公司在該領域居於領先地位，

37:57

we talk about fmcg hvl

他們擁有主要的市佔率，接著是雀巢、ITC，然後是 Britannia，他們持續競爭市佔率，因此提升市佔率是財務管理的一個非常重要的目標。

38:02

nestle itc britannia are leading the market of fmcg sector right here in this term unilever limited is

同樣重要的是，財務經理所做的財務決策應該與提升市佔率保持一致，所做的決策、財務決策應該有助於提升市佔率。

38:11

leading they have a major market share and then comes nestle and then comes itc and then comes britannia and again they

電信行業，Jio、Airtel、Vodafone、BSNL，Jio 領先市場，他們在整個電信行業擁有主要的市佔率。

38:18

keep competing for the market share so improving market share is a very important

鋼鐵行業，JSW、Tata，他們領導該行業，擁有市佔率。

38:25

goal of financial management that is also important the financial decisions taken by the financial managers

汽車產業，Maruti Suzuki、Hyundai、Tata、Mahindra、Honda，他們都是市場領導者，擁有主要市佔率，尤其是 Maruti Suzuki 在印度汽車產業擁有主要市佔率。

38:31

should be in line with improving market share the decisions taken the financial decisions taken should improve the

因此，企業所做的決策應該提升該企業的市佔率。

38:37

market share the telecom sector jio

投資者可以透過各種管道了解公司的市佔率，那麼如何了解一家企業的市佔率呢？

38:42

atl vodafone bsnl right so jio is leading the market they have a major share in the entire industry of telecom

有各種方法可以了解市佔率，例如，常見途徑之一是分析企業的年報，因此了解資產負債表的規模。

38:51

steel industry right steel industry jsw tata

鋼鐵產業，沒錯，鋼鐵產業 JSW 塔塔

38:58

they're leading the industry they have the market share automobiles

他們在該產業領先，擁有市場份額；汽車業

39:03

maruti suzuki hyundai tata eminem

鈴木（Maruti Suzuki）、現代（Hyundai）、塔塔（Tata）、Eminem

39:09

honda right so they're all the market leaders their major share especially martha suzuki has the major share in

本田（Honda），沒錯，它們都是市場領導者，占有主要的市場份額，特別是鈴木（Maruti Suzuki）在

39:15

automobile industry in india right so the decisions taken by a business should improve the market share of a business

印度汽車產業，沒錯，因此企業所做的決策應該要能提升其市場份額

39:24

investors can understand the market share of company through various sources right so how to understand the market

投資者可以透過各種管道了解公司的市場份額，沒錯，那麼該如何了解市場

39:31

share of a business there are various ways to understand the market share for example

份額，了解市場份額有各種方法，例如

39:36

one of the common routes is to analyze the annual reports of a business so understanding the size of the balance

常見的途徑之一是分析企業的年報，因此了解資產負債表的規模

39:43

sheet is the way to understand the market share there are other ways like they can go to

試算表是了解市場占有率的一種方式，還有其他方式，像是他們可以參考

39:50

published material on companies they can check television they can check newspapers

關於公司的公開資料，他們可以查看電視，也可以查看報紙

39:56

right there are various sources from which they can understand the market share through

沒錯，有各種不同的來源，他們可以透過這些來源了解市場占有率

40:01

advertisements also right and also increase or decrease in the market share indicates the current

廣告也是其中之一，沒錯，而市場占有率的增加或減少也顯示了目前的

40:07

position of the business so if the market share of the company let's say

企業狀況，所以如果一家公司的市場占有率，例如

40:13

automobile industry maruti suzuki's got major share in the industry whether it is increasing or

汽車產業馬魯蒂鈴木在該產業佔有主要的市佔率，那麼它是增加還是

40:20

decreasing is also one of the major parameter to understand whether the company is doing good or not

減少，也是了解該公司營運好壞的主要參數之一

40:25

so that is the reason why we need to understand the market share of the business

這就是為什麼我們需要了解企業的市場占有率

40:29

economies of scale by focusing on economies of scale companies improve the market share so what is

經濟規模，透過專注於經濟規模，公司可以提升市場占有率，那麼什麼是

40:37

economics of scale by increasing the number of units sold they can reduce the cost incurred in

經濟規模呢？透過增加銷售的單位數量，他們可以降低在

40:44

manufacturing those goods services or producing those goods and services so by producing large number of quantity

製造這些商品或服務時所產生的成本，所以透過生產大量的

40:52

selling large number of quantity they can increase the revenue for the business so that is economics of

商品、銷售大量的商品，他們可以為企業增加營收，這就是經濟規模

40:59

scale growth in market share also grows the revenue when the market share of a

市場占有率的成長也會帶動營收的成長，當一家企業的

41:06

business is growing that that indicates that the business revenues are also growing and the growing market share

市場占有率正在成長，這也表示該企業的營收也在成長，而持續成長的市場占有率

41:13

will efficiently manage the competition so if the market share of a company is

將能有效管理競爭，所以如果一家公司的市場占有率是

41:18

increasing the competition is very well managed the very the competition is to an extent it is reduced

增加的，表示競爭被管理得非常好，競爭的程度在某種程度上是降低了

41:25

so that is the importance of improving market share so what we wanted to understand is improving market share is

這就是提升市場占有率的重要性，所以我們想了解的是，提升市場占有率是

41:32

a very important goal of financial management the financial manager should take decisions the finance

財務管理中一個非常重要的目標，財務經理應該做出決策，也就是財務

41:39

decisions in line with this particular aspect improving the market share for a business

決策，要符合這個特定的面向，也就是為企業提升市場占有率

41:48

now how do companies increase market share there are various ways in which

那麼公司要如何提升市場占有率呢？有各種不同的方式可以做到

41:54

companies can improve the market share for the business reducing cost

企業可以透過降低成本來提升業務的市佔率

41:59

increasing the volume of sales promotion improving the efficiency introducing new products to the market

增加銷售推廣的數量、提升效率、向市場推出新產品

42:08

customization or standardization customer loyalty improving the customer loyalty

客製化或標準化、提升客戶忠誠度

42:14

introducing new technologies talent retention and acquisition of existing firms there are various routes

引進新技術、留住人才以及延攬現有公司的人才，有各種途徑

42:21

through which market share can be improved well

可以用來提升市佔率

42:26

market share improvement is also not free from the criticisms there are a couple of criticisms on

提升市佔率也並非毫無批評，對於

42:32

improving market share why financial management should focus on improving market share

提升市佔率有幾點批評，為什麼財務管理應該專注於提升市佔率

42:37

acquisition may lead to monopoly right when there is a focus on improving market share

收購可能導致壟斷，當專注於提升市佔率時

42:42

there will be scope for monopoly or deopoli so what is monopoly only one company is

就會有壟斷或雙頭壟斷的空間，什麼是壟斷？只有一家公司

42:49

ruling the entire market or the entire industry what is deopoli only two companies are

統治整個市場或整個產業，什麼是雙頭壟斷？只有兩家公司

42:55

ruling the entire industry right now if you look at indian telecom sector there is a situation of deopoli right

統治整個產業，現在如果你看印度電信業，目前是雙頭壟斷的局面

43:03

you can see jio to an extent you can say it's a monopoly

你可以看到 Jio，某種程度上你可以說它是壟斷

43:07

but it is not established because jio is got major stake major share in the entire telecom

但這並未確立，因為 Jio 在整個電信產業中持有主要的股份、主要的份額

43:14

industry there is also some other players like airtel they also successful in retaining their market

還有其他業者，像是 Airtel，他們也成功地在一定程度上

43:19

share to an extent right so you can see the situation of deopoli jio and airtel ruling the market so that is not good

保住了他們的市佔率，所以你可以看到雙頭壟斷的情況，Jio 和 Airtel 統治市場，這並不好

43:27

because when there is monopoly or a deal police situation the customers will be impacted how

因為當出現壟斷或雙頭壟斷的情況時，客戶會受到影響，如何？

43:36

there will be less alternatives because customers cannot go for alternatives they have just jio or they

替代方案會變少，因為客戶無法選擇替代方案，他們只有 Jio 或

43:43

have a 10 right they cannot go beyond those two players because they have the major share and they are the top players

只有 Airtel，他們無法超越這兩大業者，因為它們擁有主要份額且是該產業的頂尖業者

43:49

in this industry and when they have dominance in the industry they can increase the prices

當它們在產業中佔據主導地位時，就可以提高價格

43:55

because there is a dependency people have dependency on these companies they can increase the prices

因為存在依賴性，人們依賴這些公司，它們就可以提高價格

44:01

the customers can do little about that or they cannot do anything about that they just need to pay and use the

顧客對此幾乎無能為力，或者說他們根本無法改變什麼，他們只能付費使用

44:07

services because there is no alternative in the market right

服務，因為市場上沒有替代方案，對吧？

44:11

unethical practices will increase when there is monopoly or deopoli the unethical practices will increase like

當出現壟斷或獨占時，不道德的行為會增加，不道德的行為會增加，例如

44:18

sales like quality drop fake promises

銷售、品質下降、虚假承諾

44:23

service failures or those things that will increase when there is monopoly or deal body so market share improvement

服務失敗或這些情況，當出現壟斷或獨占時，這些情況都會增加，因此市場份額的提升

44:29

though it is very important for a business at the same time when the market share is improving the companies

雖然對企業來說非常重要，但與此同時，當市場份額提升時，公司

44:34

need to also understand that they need to ensure the services are not compromised

也需要明白，他們必須確保服務質量不受影響

44:41

or the the offerings are not compromised so that is very important and that is

或產品/服務內容不打折扣，這點非常重要，而且這是

44:47

one of the criticisms of market share improvement what is the scope

對市場份額提升的批評之一。財務管理的範疇是什麼？

44:53

of financial management what is a broader perspectives on financial management

財務管理的更廣泛視角是什麼？

45:01

there are three important areas under which we can discuss the entire financial management

有三個重要領域，我們可以在這之下討論整個財務管理

45:06

it is about financing investing and dividend decisions every business will encounter

它是關於融資、投資和股利決策。每個企業都會遇到

45:15

these decisions they are supposed to take these decisions at large financing decisions

這些決策，他們應該從宏觀上做出這些決策，首先是融資決策

45:22

so what is financing decision when a business is growing when the business is too small there will not be

那麼，什麼是融資決策？當企業在成長時，當企業規模太小時，將不會

45:29

any need for financial resources the financial

有任何對財務資源的需求，其財務

45:35

requirements they can manage with their own money when the business is growing

需求可以用自己的錢來管理。當企業規模

45:40

at scale they need money right so how a business can

擴大時，他們就需要資金，對吧？那麼，企業如何

45:47

access that capital access that money there are various source through which they can borrow money right there are

取得這些資本、取得這些資金？有各種來源可以讓他們借錢，對吧？有

45:54

shares by issuing shares they can obtain funds by through issuing debentures bonds they can go to venture

股票，透過發行股票他們可以獲得資金；透過發行債券，他們可以去找創投

46:02

capitalists they can go to angel investors they can go to primary markets they can go to secondary markets right

公司，他們可以去找天使投資人，他們可以去初級市場，他們可以去次級市場，對吧？

46:07

there are various ways they can pledge their assets and they can take loans right

他們可以用多種方式抵押資產並取得貸款，對吧

46:13

how any of these options are going to help the company is a very important

這些選項如何能幫助公司，是財務經理必須做出的一項非常重要的

46:19

financial decision to be taken by a finance manager so what source to go what source not to

財務決策，因此該選擇什麼來源、不該選擇什麼來源

46:25

go if the company is choosing to go for equity

如果公司選擇採用股權融資

46:29

the finance manager should understand there will be a dilution of ownership

財務經理應明白所有權將會被稀釋

46:34

right so owners though those who are going to invest in the company will be the owners of this business let's say

對吧，因此所有者，也就是那些打算投資公司的人，將成為這家企業的股東，假設

46:40

the total number of shares issued by the company is 100 if i take

公司發行的股份總數為100股，如果我持有

46:46

25 shares of this particular company i am the owner of the company for the proportion of stocks held by me that's

這家特定公司的25股，我就是這家公司的股東，依據我持有的股票比例，也就是

46:53

25 to 25 numbers so i'm 25 percent of ownership belongs to me so ownership is diluted

25比25，所以我擁有25%的所有權，因此所有權被稀釋了

47:01

what if the business is going for debt or bond they need to pay

如果企業選擇債務或債券融資會怎樣，他們需要支付

47:09

fixed interest on those loans because all

這些貸款的固定利息，因為所有

47:14

debts are eligible for interest the bondholders the debenture holders

債務都需支付利息，債券持有人、公司債持有人

47:20

will get interest on frequent intervals maybe regular intervals maybe quarterly half yearly or one yearly right so the

會在定期的時間點獲得利息，可能是定期的，也許是每季、每半年或每年，對吧，所以

47:29

company is supposed to pay interest on those funds no matter whether the business is doing good

公司必須為這些資金支付利息，無論企業經營狀況好壞

47:35

they're supposed to pay the interest so there's a drawback

他們都必須支付利息，所以這是一個缺點

47:40

again this is very important to go for debt or equity or any other

再次強調，選擇債務、股權或任何其他

47:46

sources like retained earnings what if the business has certain reserves and they wanted to use those results to

來源（如保留盈餘）是非常重要的，如果企業有某些準備金，並想利用這些成果來

47:52

expand the business what are the advantages and disadvantages all these things need to be analyzed so that is

擴展業務，優點和缺點是什麼，所有這些都需要分析，因此這就是

47:58

the area in which financial management comes into the discussions investing decisions

財務管理進入討論的領域：投資決策

48:06

investing is nothing but it is just what are the options the business has to invest

投資無非就是企業有哪些投資選項

48:11

in the industry let's say it is a a telecom business so what are the opportunities to invest what are the

在這個行業中，假設它是一家電信公司，那麼有哪些投資機會？有哪些

48:18

alternative investment alternatives available and how to analyze those investment alternatives what are the

替代的投資選項可供選擇？以及如何分析這些投資選項？有哪些

48:23

techniques that are supposed to be used it may be net present value or it may be payback period it may be internal rate

應該使用的技術？可能是淨現值，也可能是回收期，可能是內部

48:31

of return it may be break even analysis so what is the technique a business should deploy to understand the

報酬率，也可能是損益兩平分析。那麼，企業應該採用什麼技術來了解

48:37

investment alternatives so what is the business which is the business is going to give a quick cash

投資選項？哪一項業務能讓我們

48:43

which is the business is going to give us long term returns which is the business is going to give higher returns

快速獲得現金？哪一項業務能給我們長期回報？哪一項業務能以

48:48

with lesser risk all these decisions are part of investing

較低的風險提供較高的回報？所有這些決策都是

48:53

sections investing decisions now dividend decisions

投資決策的一部分。現在是股利決策

48:59

unlisted companies pay dividend at what intervals they need to pay the dividend how much dividend they are

未上市公司多久支付一次股利？他們需要在什麼時候支付股利？他們應該支付多少股利？

49:06

supposed to pay under what circumstances a company should pay the dividend when the business is making profits they

在什麼情況下公司應該支付股利？當企業獲利時，他們

49:13

generally pay the dividend when there is no profit they're not going for dividend instead they'll just maintain status quo

通常會支付股利。當沒有利潤時，他們不會發放股利，而是維持現狀

49:21

and when there is a profit they'll go for dividend distribution all these things are part of a financial

當有利潤時，他們才會進行股利分配。所有這些都是

49:28

management at large well what are the functions of financial

廣義財務管理的一部分。那麼，財務經理的

49:34

manager so what are the functions performed by a financial manager so what all roles he will play

職能是什麼？財務經理執行哪些職能？他在

49:41

in his designation in finance department estimation of capital requirement for

財務部門的職位上扮演什麼角色？估算企業的

49:48

the business is one of the very important very critical function of a financial manager why

資本需求是財務經理非常重要且關鍵的職能之一。為什麼

49:54

because understanding the capital requirement understanding the scale of business what

？因為要了解資本需求，了解業務的規模，

49:59

is the scale of business need to be understood then only they can make estimations of capital requirement how

業務的規模是什麼，需要先了解這些，才能對資本需求進行估算。只有

50:04

much money is required only when they understand how much money is required for the business they can

了解了企業需要多少資金，他們才能

50:12

understand where to procure the funds let's say the money is required to take care of short-term requirements of the

知道去哪裡籌集資金。假設這筆錢是用來滿足短期需求的

50:21

business they can understand what is the right source to go for funds

企業可以了解哪個才是取得資金的正確來源

50:28

once they understand what is the estimation of capital requirement and how to procure funds they need to take

一旦他們了解資本需求的估算以及如何籌措資金，他們就需要做出

50:33

decisions on capital structure so i need 10 lakhs for my business

關於資本結構的決策，例如我的企業需要 100 萬盧比

50:39

debt how much i should borrow from equity how much i should borrow from government sources

借款，我應該從股權籌措多少，從政府來源籌措多少

50:46

how much i should take from public right so it's all very important they need to understand how much each

從公眾那裡籌措多少，這一切都非常重要，他們需要了解每個來源的成本，假設我需要 100 萬盧比，我想借款

50:54

source let us say i need 10 lakhs i want to borrow

80 萬盧比來自股權，20 萬盧比來自借款，或者 50 萬盧比來自借款，50 萬盧比來自股權，或者 50 萬盧比來自

50:59

8 lakhs from equity 2 lakhs from debt or 5 lakhs from debt 5 lakhs from equity or 5 lakhs from

借款，20 萬盧比來自股權，30 萬盧比來自保留盈餘，請記住，即使企業

51:08

debt 2 lakhs from equity 3 lakhs from retained earnings right remember even when the business is

使用自己的資本即保留盈餘，當去年他們獲利並保留了

51:15

using its own capital that is retained earnings when the last year they have made profit and they have returned the

這筆錢，這也是有成本的，他們不能假設這是免費的，對於

51:19

money and that is also has cost they cannot assume that it is free there is a cost implication for the

準備金是有成本影響的，也就是業主帳戶中的銀行餘額，這也是財務經理需要

51:27

reserve that is the bank balance in proprietors account right so that is another decision to be

做出的另一個決策，即該企業的資本結構應該是什麼

51:34

taken by finance manager what is the capital structure to be for this business

資源配置，了解每個部門需要多少

51:38

a resource allocation understanding for each section how much of financial

財務資源以及何時需要，這是財務經理需要了解的

51:43

resources are required and when is something that financial manager need to understand

處置盈餘，處置盈餘是什麼，它可能是利潤

51:51

disposal of surplus disposing the surplus what is surplus it may be profit

利潤，如何分配利潤，誰將獲得這筆利潤的主要份額，要給多少

51:57

profit how to distribute profit who will be given the first major share of this profit how much to give

這些都是財務經理需要做出的決策，現金管理

52:05

these are the decisions to be taken by the finance manager management of cash

非常重要，因為企業也需要維持一定的現金來應付

52:10

is very important because business also need to maintain certain cash to take care of

日常活動，對吧，那麼用於應付交易需求的

52:15

daily activities right so what is a petty cash that is required to take care of trading

日常營運活動，對吧，那麼因應交易需求所需的小額現金是多少

52:20

requirements what is the working capital requirement all these decisions to be taken by

營運資金需求是什麼，這一切的決策應該由誰來決定

52:25

the finance the function the financial manager principal

財務財務經理的職能主要

52:31

agent relationship in business agency theory so this is one of the most debated topic in the area of financial

代理關係在商業中代理理論這是財務領域中

52:38

management and it is most important areas of discussion often

最具爭議的話題之一

52:44

this is causing a serious problem in the corporate world who is the principal and who is the

這在企業界造成嚴重的問題誰是委託人誰是

52:51

agent in business basically principle and agent relationship in business it's a

商業中的代理人基本上商業中的委託人與代理人關係是

52:56

fiduciary consensual relationship between two people in the business these two people will have

兩人之間的信託及合意關係這兩人將擁有

53:05

their own set of duties and responsibilities when these two parties

各自的職責與義務當這兩方

53:13

are not able to take care of their duties and responsibilities the conflict of interest arises and that's when the

無法履行其職責與義務時利益衝突就會產生此時

53:19

agency problem arises in general in a generic example

代理問題便會出現一般來說在一個通用的例子中

53:27

let us talk about mechanic so mechanic right

讓我們談談技師所以技師對吧

53:33

how agency problem arises with mechanic let's say

代理問題如何隨技師而產生假設

53:38

consider you have a car and there is a problem there is a left pulling issue in your

考慮你有一輛車且車子有問題你的車子有向左偏拉的問題

53:43

car and you will take your car to the garage and you will show it to the mechanic

你會把車開到修車廠給技師檢查

53:50

mechanic know that just by doing wheel balancing this problem can be sorted and it will just cost the owner say

技師知道只要做個輪胎平衡這個問題就能解決而且只需要花車主不到

53:59

less than 5000 to do that wheel alignment now

5000元就能完成輪胎定位現在

54:06

when the car is given to the mechanic a mechanic is a agent the owner is the principal

當車子交給技師時技師是代理人車主是委託人

54:15

when principal has assigned certain duties to the agent it is a duty of the agent to take care

當委託人指派特定職責給代理人時代理人有義務

54:22

of the best interest of the owner that is supposed to happen

照顧車主的最佳利益這應該要發生

54:28

when that is not happening that is when the agency relationship the urgency problem will arise

當這沒有發生時也就是代理關係代理問題會出現

54:34

the car is given to a mechanic and mechanic know that it is costing less than 5000 despite that the mechanic will

車子交給技師技師知道修理費不到5000元儘管如此技師將

54:42

suggest the owner to go for a very major repair work or to

建議車主進行非常重大的維修工作，或

54:48

replace some spare parts in the car which will cost owner say 20 000.

更換車上的一些零件，這將花費車主大概兩萬。

54:55

mechanic knows that it is just costing 5000 to the owner if that is going for wheel balancing but still is

機械師知道，如果只是去做輪胎平衡，車主的成本只是五千，但仍然

55:02

suggesting some replacing some spare parts which is of no use

建議更換一些根本不需要更換的零件。

55:07

so the agency problem arises same with the doctor same with the lawyer

所以代理問題就出現了，律師和醫生的情況也是一樣。

55:15

there is just cough and cold that you can get it tested and you can take medicine that just over the counter

你可能只是咳嗽和感冒，可以去檢驗，然後買一些

55:21

medicine but still you have gone to the doctor to check but doctor knows that it is a very

成藥來吃，但你還是去看醫生，而醫生知道這只是非常

55:27

common flu which can be you know that can be cured with two to three days of medication which will cost

普通的流感，兩三天的藥物治療就能痊癒，花費

55:35

less than thousand rupees to the patient but doctor

不到一千盧比，但是醫生

55:40

if the doctor is not doing that if the doctor is suggesting to go for some scanning some major medical tests which

如果醫生不這麼做，如果醫生建議去做一些掃描或重大的醫療檢驗，而

55:46

are of no use even medi the doctor is aware of that that is when the agency relationship agency

這些根本沒用，甚至醫生自己也知道沒用，這就是代理關係、代理

55:53

problem arises in this situation now when it comes to a business

問題出現的時候。現在談到商業

56:01

how agency problem arises in business there are two

代理問題是如何在商業中出現的？有兩個

56:08

parties involved one is agent and one is principal who is the agent and who is the principal in a company

參與方，一個是代理人（Agent），一個是委託人（Principal）。在一家公司裡，誰是代理人？誰是委託人？

56:15

principal is the shareholder right the shareholders who

委託人就是股東，對吧？那些

56:22

are actually invested in the business they are the owners of the business who is the agent

真正投資於這家企業的股東，他們就是企業的所有者。那代理人是誰？

56:28

agent is the board of directors or directors or the chairman who is actually entitled to take care of the

代理人就是董事會或董事，或者是實際上有權負責

56:36

operations of the business the entire business because the shareholders may not be able to participate in the

企業營運的董事長，因為股東可能無法參與

56:41

day-to-day activities of the business and that is the reason they are hiring board of directors

企業的日常營運，這就是為什麼他們要聘請董事會

56:47

or top officials of the company including ceo now

或公司的高層官員，包括執行長（CEO）。

56:52

it is the duty of ceo or board of directors to take care of the best interest of shareholders the decisions

照股東最佳利益行事是執行長或董事會的職責

56:58

that ceo or the board of directors take should be in the best interest of the

執行長或董事會所做的決策應該符合

57:04

principal who is the principal the shareholders when the decisions of board of directors

委託人（即股東）的最佳利益當董事會的決策

57:10

is not in line with the requirements of the business when that is not in the

不符合企業要求時當這不符合

57:16

larger interest of the business when that is not in the larger interest of the principal

企業的更大利益時當這不符合委託人的更大利益時

57:21

that's when agency problem arises there are so many examples in this context you can take

代理問題就會產生在此脈絡下有許多例子你可以參考

57:29

satyam case where rambling raju was the

Satyam 案例其中的 Ramalinga Raju 是

57:34

key person in mahindra and mahindra who actually manipulated the accounts

Mahindra & Mahindra 的關鍵人物他實際上操縱了帳目

57:41

which is not in the best interest of the shareholders the shareholders have not told him that

這不符合股東的最佳利益股東並沒有指示他

57:45

to alter the annual reports to impress the society to impress the governments or impress to impress the investors it

竄改年報來取悅社會、取悅政府或取悅投資人這

57:54

was not in the best interest of stakeholders right

不符合利益關係人的最佳利益對吧

57:59

same holds true with malia when he was

Malia 的情況也是如此當他

58:05

in the position to take key decisions to the business when the shareholders choose him as the

處於為企業做關鍵決策的位置當股東選擇他擔任

58:11

ceo or or a board member of a particular group he is not supposed to take the decisions

執行長或某個集團的董事會成員時他不應該做出

58:16

that will harm the interest of the shareholders right there are so many cases where

損害股東利益的決策對吧有太多案例中

58:23

agency problem arises and it's very damaging to the business when this kind of situations arises

代理問題都會產生這種情況發生時對企業非常有害

58:30

there will be survival question business may survive or it may just vanish

企業的存續將面臨問題企業可能會存活也可能就此消失

58:36

because when there is a compromise to the best interest of the shareholders that is agent and principal relationship

因為當股東的最佳利益受到妥協時這就是代理人與委託人的關係

58:46

in agent and principal relationship agent is hired by principal and principal pay rewards to agent for the

在代理人與委託人的關係中代理人由委託人聘用委託人支付報酬給代理人以換取

58:54

work for the duties performed by the agent but when the agent is not impressed

代理人執行工作的職責但當代理人不令人滿意時

59:01

about the rewards that you would expect from principal you may find other routes to increase his financial rewards and

關於您期望從委託人獲得的報酬，您可能會找到其他途徑來增加其財務報酬，

59:08

that's when you'll get into the agency problem now

這時您就會遇到代理問題。

59:13

this is the time to understand the financial system so

現在是時候了解金融體系了，

59:18

why we need to discuss about financial system when we talk about financial management of a business

為什麼當我們談論企業的財務管理時，需要討論金融體系？

59:25

we need to understand business is part of the system

我們需要理解企業是體系的一部分，

59:31

and finance is very much connected with the financial system

而財務與金融體系緊密相連。

59:36

a business is a part of the entire ecosystem of a country right so we need to understand the financial system how

企業是一個國家整個生態系統的一部分，對吧？所以我們需要了解金融體系，

59:43

financial system of a country is functioning and how a business is connected to the financial system

一個國家的金融體系如何運作，以及企業如何與金融體系相連。

59:50

a financial system of a country can be broadly discussed under three areas

一個國家的金融體系可以廣泛地從三個領域來討論：

59:57

financial instruments financial markets and financial

金融工具、金融市場和金融中介機構。

1:00:02

intermediaries it may be any country it may be for india it may

無論是哪個國家，無論是印度還是任何國家，

1:00:08

be for any country but these are the areas when we can discuss the financial system let's understand what are

但這些是我們可以討論金融體系的領域。讓我們來了解什麼是金融工具，

1:00:14

financial instruments what are the financial instruments we talk about and how these financial

我們所談論的金融工具是什麼，以及這些金融工具如何與企業相關。

1:00:18

instruments are relevant to the business financial instruments are the assets

金融工具是企業或任何實體的資產，

1:00:26

for a business or for any

這些金融工具將具有經濟價值，

1:00:30

entity these financial instruments will have economic value that's very

這非常重要。它們將具有經濟價值，並且這些金融工具在市場上交易，

1:00:36

important they'll have economic value and these financial instruments are traded in the market it may be in the

可能是在交易所，也可能是在場外市場；可能在未上市或證券交易所交易，

1:00:43

exchange or it may be in the over the counter market it may be traded on unlisted or stock exchanges or it may be

也可能在場外環境中交易。金融工具將具有法律效力，

1:00:50

traded in over the counter environment a financial instruments will have legal

在場外環境交易的金融工具將具有法律效力

1:00:57

validity legal tender that's the reason these are considered as instruments especially financial

合法性，法定貨幣的地位，這就是為什麼它們被視為工具，特別是金融

1:01:03

instruments these instruments can be real or virtual it may be intangible asset or it may be

金融工具這些工具可以是真實的或虛擬的它可能是無形資產或是

1:01:10

a tangible asset tangible instrument

有形資產有形工具

1:01:16

it may be a long term instrument or it may be short-term instrument it may be a

它可能是長期工具也可能是短期工具它可能是

1:01:21

long-term instrument like share or it may be a short term instrument like table a treasury bills you should buy

像股票這樣的長期工具也可能是像國庫券這樣的短期工具你現在應該購買

1:01:28

reserve bank of india right now

印度儲備銀行的國庫券

1:01:32

what are the financial instruments we talk about financial instruments may be

什麼是金融工具我們談論的金融工具可能是

1:01:38

equity shares or debentures

普通股或債券

1:01:43

bonds preference shares certificate of deposit

債券優先股存款證明

1:01:50

mutual fund table or receivables

共同基金國庫券或應收帳款

1:01:55

any of such instruments but what we need to understand these instruments can be classified into

任何此類工具但我們需要了解的是這些工具可以分為

1:02:01

two categories where short term and long term anything that is invested any instrument that is traded for less than

兩類即短期和長期任何投資期限少於

1:02:09

one year is a short term which beyond that is a long term in a generic understanding right so debenture is

一年的工具都是短期超過一年的則是長期一般來說是這樣沒錯所以債券是

1:02:17

traded for long term it's used for 5 years 10 years longer term

長期交易的它的期限是5年 10年更長期的

1:02:23

bond right dementia is long term

債券沒錯債券是長期的

1:02:31

bond is long term because it is traded for more than one year preference shares long term certificate of deposit again

債券是長期的因為它的交易期限超過一年優先股是長期的存款證明也是

1:02:38

it depends but considered as long term mutual fund long term table

這取決於情況但被視為長期共同基金是長期的國庫券是

1:02:45

short-term receivables short term equity shares long term

短期的應收帳款是短期的普通股是長期的

1:02:51

right so equity shares are traded equity shares are issued to the shareholders and it will be maintained for longer

沒錯普通股是交易的普通股是發行給股東的並且會持有較長的

1:02:58

duration now the financial instruments can be

期限現在金融工具可以

1:03:05

viewed under two broad umbrella terms money market and capital market money market is as i mentioned money

在兩個廣泛的術語下被看待貨幣市場和資本市場貨幣市場正如我所提到的貨幣

1:03:16

market is for short term less than one year so it may be table

市場是短期的，少於一年，所以它可能是

1:03:21

right it may be certificate of deposit right it may be promissory notes commercial papers bank acceptance or

對的，它可能是定期存單，對，它可能是本票、商業票據、銀行承兌匯票或

1:03:30

repurchase agreements capital market long term debt

回購協議。資本市場是長期債務

1:03:35

equity or derivatives debt instruments are entitled to receive

權益或衍生性金融商品。債務工具享有

1:03:41

fixed interest equity holders are entitled to receive dividend

固定利息的權利，權益持有者享有領取股息的權利

1:03:48

derivatives again it's profits right so higher profits

衍生性金融商品，再次強調，它是利潤，對，所以是更高的利潤

1:03:53

dividends when we say derivative the derivative may be

股息。當我們說衍生性金融商品時，它可能是

1:03:58

forward contract futures options or swaps these are the common derivatives that are traded in the

遠期合約、期貨、選擇權或掉期。這些是在

1:04:05

market so these are capital market instruments so money market instruments capital

市場中交易的常見衍生性金融商品。這些是資本市場工具，所以貨幣市場工具、資本

1:04:10

market instruments now financial markets

市場工具。現在，金融市場

1:04:17

we understood the financial instruments that are traded in the market now what is

我們了解了在市場中交易的金融工具，現在什麼是

1:04:22

financial markets financial markets are the marketplaces where

金融市場？金融市場是

1:04:28

the people or the individuals buy or sell the financial instruments so whatever the instruments we have

人們或個人買賣金融工具的場所。所以我們到目前為止

1:04:35

discussed so far those instruments are bought and sold in the market and this is the platform mark financial markets

討論過的任何工具，這些工具都在市場上買賣，而這就是平台。金融市場

1:04:42

are the platform where we can buy or sell the instruments

是我們可以買賣這些工具的平台。

1:04:48

what are the financial market that we can see generally it may be a debt market where only debt

我們一般可以看到的金融市場有哪些？它可能是債務市場，那裡只交易

1:04:55

instruments are traded equity market where all equity chairs are traded

債務工具；權益市場，那裡交易所有權益憑證。

1:05:00

primary market that's also called as ipo right high people

初級市場，也被稱為 IPO（首次公開募股），對，高 people

1:05:06

secondary market exchange credit right so exchanges exchange traded otc over the counter

次級市場、交易所信用，對，所以是交易所、交易所交易、OTC（店頭市場）

1:05:15

market cash market daily transactions right so daily the

現貨市場、每日交易，對，每天的

1:05:19

banks are borrowing between the banks banks within the group will

銀行之間互相借貸，集團內的銀行會

1:05:25

borrow from each other for short-term requirements so commodities market where competitors are traded

彼此借貸以滿足短期需求，因此商品市場是競爭者交易的地方

1:05:31

money market where all short-term financial instruments are traded less than one year table certificate of

貨幣市場是所有短期金融工具（期限少於一年）交易的地方，例如定期存單

1:05:37

deposit all these instruments are traded in money market you cannot

所有這些工具都在貨幣市場交易，你不能

1:05:41

see these markets in isolation in generally because

一般來說不能孤立地看待這些市場，因為

1:05:46

many times these markets are overlapping for example equity market secondary market

很多時候這些市場是重疊的，例如股票市場、次級市場

1:05:53

primary market right and money market these instruments are traded in a particular stock exchange right so this

初級市場，還有貨幣市場，這些工具在特定的證券交易所交易，對吧？所以這

1:05:59

secondary instruments are traded in stock exchange money market instruments are not traded in the in the stock

這些次級工具在證券交易所交易，貨幣市場工具則不在證券

1:06:04

market they're not rated right they're available

市場交易，它們不在那裡交易，它們是

1:06:08

with the parties so money market instruments for example table certificate of deposit and all

在交易對手之間流通，所以貨幣市場工具，例如定期存單以及

1:06:14

those things financial intermediaries so who are financial intermediaries

所有這些東西，金融中介機構。那麼誰是金融中介機構？

1:06:22

financial intermediaries are the parties who enable trading activities so

金融中介機構是促成交易活動的參與者，

1:06:30

they are the people who actually bring buyers and sellers together

他們是實際將買方和賣方聚集在一起的人，

1:06:36

they facilitate the trading activities for example the brokers on stock exchange right so these brokers

他們促進交易活動，例如證券交易所的經紀人，對吧？這些經紀人

1:06:45

enable investors to trade or invest on particular shares to buy or to sell

讓投資者能夠交易或投資於特定的股票，進行買賣，

1:06:52

and they are the intermediaries so who are the intermediaries generally that you can see in the market it may be

他們就是中介。那麼一般來說，你在市場上看到的中介機構是誰？可能是

1:07:00

banks why bank is considered as intermediary because they borrow from those who are

銀行。為什麼銀行被視為中介機構？因為他們向那些

1:07:07

having excess money they'll lend it to the people who are actually in need of money

有剩餘資金的人借貸，然後將錢借給真正需要資金的人，

1:07:12

so they come these two people together and they'll connect them insurance companies

所以他們把這兩個人聚在一起並連接他們。還有保險公司、

1:07:19

pension funds mutual funds investment banks

退休基金、共同基金、投資銀行。

1:07:23

stock markets and agents and brokers remember all these parties are regulated banks are regulated by reserve bank of

股票市場、代理人與經紀商請記住，所有這些參與者都受到監管。銀行由印度儲備銀行監管，

1:07:33

india insurance companies are regulated by insurance authorities irda

保險公司由保險監理機構 IRDA 監管，

1:07:38

pension fund is also regulated by pension authorities and mutual fund again it comes under cb

退休基金也由退休基金監理機構監管，而共同基金同樣屬於 CB 的監管範圍。

1:07:46

investment banks regulated by cb stock markets regulated by sebi agents and brokers

投資銀行由 CB 監管，股票市場由 SEBI 監管，代理人與經紀商

1:07:52

definitely they are regulated but from sebby what is a b securities exchange board of india

當然也受到監管，但由 SEBI 監管。SEBI 是什麼？印度證券交易委員會，

1:07:58

it's a watchdog of capital market security for investments in business now it's very important to understand

它是資本市場的守門人，保障商業投資的安全。現在非常重要的是要了解

1:08:08

the security how secure the investors are in business there are various investors in the

投資的安全性，也就是投資者在商業中有多安全。商業中有各種投資者，

1:08:14

business there may be equity shareholders bond holders there may be creditors

可能有股東、債券持有人，也可能有債權人，

1:08:20

there are various categories of investors to the business now the question comes are all these people

商業的投資者有各種類型。現在問題來了，這些人

1:08:26

equally safe it's very important to understand not all these people are safe and there are

都一樣安全嗎？非常重要的是要了解，並非所有人都同樣安全，而且

1:08:32

priorities for each of these categories of investors who are saved first when there is something wrong with the

當商業出現問題時，每一類投資者都有優先順序，誰會先獲救。

1:08:37

business when the business is approaching bankruptcy creditors bondholders preference

當企業面臨破產時，債權人、債券持有人、優先股股東

1:08:43

shareholders and equity shareholders are common people common investors for a business at the same time there are

和普通股股東是商業中的普通人、普通投資者。同時，還有

1:08:49

various other categories even as investors who actually invest in a business

其他各種類型的投資者，他們實際上也投資於商業。

1:08:55

now let us understand who is safe in the business and to what extent they are safe what is the ranking

現在讓我們了解在商業中誰是安全的，以及他們有多安全，他們投資安全性的排名

1:09:01

of their investment safety well this we will understand with a simple example

是什麼。嗯，我們將用一個簡單的例子來理解這一點，

1:09:07

it will be a very funny and interesting example to

這將是一個非常有趣且引人入勝的例子，

1:09:11

understand who is safe in the business i hope this will help you understand who is safe who is more safe in the business

用以了解在商業中誰是安全的。我希望這能幫助您了解誰是安全的，誰在商業中更安全。

1:09:19

let us take this flight example the flight is flying high in the sky and

讓我們以這個航班為例。這架航班正高飛在天空中，

1:09:26

it is a very reputed a flight where hundreds of passengers are traveling in

這是一家聲譽卓著的航空公司，載著數百名乘客飛行。

1:09:33

this under different categories of seating arrangements consider there is something

在不同的座位安排類別下，假設引擎出現問題，飛機面臨風險，也就是說飛機即將墜毀，而飛行員得知出現問題，他們會宣布飛機出現故障，

1:09:41

wrong in the in the engine and the flight is at risk right the flight is

預期乘客需使用機艙門提供的降落傘跳出飛機，

1:09:48

about to crash and pilots get to know that there is a problem and uh

請記住，機上只有四類乘客：

1:09:53

they'll announce that there is a problem in the in the flight and

頭等艙、商務艙、

1:09:58

the passengers are expected to jump out of this flight with parachutes that are provided at the exit door

經濟艙以及經濟加艙（Coach Plus），而這裡是逃生門，

1:10:06

and remember there are only four categories of people who are traveling in this flight

沒錯，逃生門就在這裡。

1:10:14

first class business class

當飛機出現故障時，

1:10:20

then economic class and coach plus okay and this is the exit door

誰會先獲救？這是個問題。經濟加艙的乘客可以優先逃生嗎？

1:10:30

okay and exit door is there this is exit door

答案是否定的，因為他們的座位離逃生門很遠，

1:10:36

now when there is some problem with the flight

而坐在逃生門附近的乘客理應優先快速逃生，因為他們能迅速離開飛機，

1:10:42

who will be saved first that's a question is coach plus people allowed to

並讓出空間給商務艙、經濟艙以及經濟加艙的乘客，

1:10:48

exit the flight first the answer is no because their seating arrangement is far behind to the exit

否則乘客之間會發生不必要的推擠，稍後可能引發其他問題，

1:10:55

door and those who are sitting close to the exit door are supposed to be allowed to exit fast because they can quickly

為了避免這種情況，

1:11:02

exit the flight and they can allow space for business class people and then economic class people and coach plus

頭等艙乘客會先拿降落傘逃生，

1:11:07

otherwise there will be unwanted juggling between these passengers and there will be some other

接著是下一類乘客：商務艙、經濟艙以及經濟加艙。

1:11:13

problem later right to avoid that situation

現在假設飛機出現故障，

1:11:19

first class people are allowed to exit the flight first with the parachute and then

頭等艙乘客會最先跳出飛機，因為他們坐得離逃生門最近。

1:11:24

the next class of people business class people and economic class people and coach plus

下一個艙等的乘客，商務艙乘客和經濟艙乘客，還有 Coach Plus（經濟艙加強版）

1:11:29

right now let's say there is some problem with the

現在，假設飛機出現了一些問題

1:11:33

flight the first class of people will jump out of this flight first because they are sitting very close to

頭等艙的乘客會最先跳出飛機，因為他們坐得離

1:11:40

the exit door this is the situation with a very

出口門這是一個非常

1:11:47

uh common situation where the flight is going to crash or flight is going to have crash landing

常見的情況飛機即將墜毀或是飛機即將進行迫降

1:11:55

right now let us try to understand the same example in business perspective consider this flight is a business

現在讓我們試著從商業角度來理解同樣的例子試想這架飛機就是一門生意

1:12:04

flying high in the sky doing great and it is doing fantastic right and the business is generating lot

在高空飛行表現出色業務非常興旺對吧這門生意創造了大量

1:12:10

of profit and something goes wrong something goes wrong and the business started declining

利潤但出了差錯出了差錯生意開始走下坡

1:12:17

and there are various categories of investors to this particular business who are those

這門生意有不同類別的投資者這些投資者是誰？

1:12:23

investors loan holders bondholders preference holders

債權人、债券持有人、優先股持有人

1:12:30

and equity holders now

以及普通股持有人現在

1:12:35

let us consider the businesses at the bankruptcy now that that business is going to crash

讓我們假設這門生意處於破產狀態這門生意即將崩潰

1:12:41

who will be saved first remember loan holders are the people who will be

誰會最先獲救？記住債權人是

1:12:48

saved first okay debenture holders when we say loan holders debenture holders are saved first they are allowed to exit

最先獲救的人好的債券持有人當我們說債權人債券持有人最先獲救他們被允許

1:12:57

the business with their stick then the bondholders and then preference shareholders and then equity

帶著他們的份額（出資）退出這門生意接著是债券持有人然後是優先股股東再來是普通股

1:13:04

shareholders this is the order in which they are

股東這就是他們

1:13:08

saved let us assume the loan holders bondholders and preference holders will

獲救的順序讓我們假設債權人、债券持有人和優先股持有人將

1:13:14

get their stake get their money back from the business and they'll exit the business

拿回他們在這門生意中的份額拿回他們的錢然後退出這門生意

1:13:19

if there is something left over will be given to equity shareholders else equity shareholders will incur loss

如果還有剩餘的資產就會分給普通股股東否則普通股股東將承受損失

1:13:28

okay and that is the reason we say equity is risky loans are less risky loan holders will receive fixed rate of

好的這就是為什麼我們說普通股風險較高貸款風險較低債權人會收到固定的

1:13:36

interest no matter how the business is doing equity shareholders receive dividend the profit

利息不論這門生意做得如何普通股股東收到股息也就是利潤

1:13:42

based on the performance of the company so when there is something wrong in the

基於公司的表現所以當生意出了

1:13:48

business loan holders save first then bond holders and then preference holders and then

差錯債權人最先獲救然後是债券持有人接著是優先股持有人再來是

1:13:53

equity shareholders so here is the quick recap of what we have learned so far in this video

股東在這裡為大家快速回顧一下我們在本影片中目前學到的內容

1:14:02

finance is all about money it talks about cash bank investments savings

金融與金錢息息相關它探討的是現金、銀行、投資、儲蓄

1:14:08

forecasting borrowing investing and budgeting and there are various other aspects as well

預測、借貸、投資與預算編制還有其他許多層面

1:14:15

so what are the broad areas of finance personal finance business finance

那麼金融的主要領域有哪些呢個人金融、企業金融

1:14:23

public finance financial management is an art on science of managing money to meet

公共金融財務管理是一門管理金錢以達成

1:14:29

predefined objectives we have understood why it is science and why it is an art we have understood what are the goals of

預定目標的藝術與科學我們已經理解為何它是科學以及為何它是藝術我們也了解了財務管理的目標是

1:14:37

financial management profit maximization wealth maximization and

什麼利潤最大化、財富最大化以及

1:14:43

improving market share these are the three important goals of financial management

提高市佔率這些是財務管理的三大重要目標

1:14:49

there are so many other goals but ultimately all other goals will boil down to

雖然還有許多其他目標但最終所有其他目標都會歸結到

1:14:54

these three important goals of financial management then we have understood who are the

這三個重要的財務管理目標接著我們了解了誰是

1:15:00

stakeholders to the business we have understood the stakeholders to the business may be internal stakeholders to

企業的利害關係人我們了解到企業的利害關係人可能是企業的內部利害關係人

1:15:05

the business or it may be external stakeholders who are those internal stakeholders may be board of directors

或是外部利害關係人哪些是內部利害關係人呢可能是董事會

1:15:11

employees right shareholders right they're the internal

員工沒錯股東沒錯他們是企業的

1:15:15

stakeholders that are business or the external stakeholders creditors bondholders suppliers customers media

內部利害關係人或是外部利害關係人債權人、債券持有人、供應商、顧客、媒體

1:15:21

right of society so these are all external stakeholders to the business financial management we have understood

沒錯還有社會大眾這些都是企業的外部利害關係人我們已經了解了

1:15:30

the scope of financial management we've discussed investing activities financing activities and dividend activities of

財務管理的範疇我們討論了財務管理的投資活動、融資活動與股利活動

1:15:36

financial management so finance extends to these areas

所以金融延伸至這些領域

1:15:43

and we have understood the principle and agents agent relationship agency theory so what is principal and agent

我們也理解了委託人與代理人之間的關係也就是代理理論那麼什麼是委託人與代理人

1:15:50

relationship it is an arrangement where one entity lawfully selects another person or an

之間的關係呢這是一種安排由一方合法地選擇另一個人或

1:15:55

entity to act on behalf of the principal so agent and principal financial instruments

實體來代表委託人行事所以代理人與委託人金融工具

1:16:04

financial markets and financial intermediaries are the constituents of financial system

金融市場和金融中介機構是金融體系的組成部分

1:16:10

and lastly we have discussed how safe the investments in business who faces higher risk and who has less

最後我們討論了在風險較高的企業和風險較低的企業中，投資的安全性如何

1:16:17

risk in the business so that's all in this video i hope you all enjoyed these videos thanks for

這就是本影片的全部內容，希望你們都喜歡這些影片，感謝觀看，祝一切順利。歡迎觀看關於

1:16:22

watching all the best welcome to the video on time value of

貨幣時間價值的影片

1:16:27

money my name is bhavan kumar chandrapa in this video we are going to understand the concept of time value of money we'll

我是 Bhavan Kumar Chandrapa，在本影片中，我們將了解貨幣時間價值的概念，我們將

1:16:36

understand the relationship between time and money and how inflation

了解時間與金錢之間的關係，以及通貨膨脹如何介入時間與金錢之間

1:16:41

come in between time and money and it will impact the value of your money and we will understand the compounding

並影響您金錢的價值，我們將了解複利

1:16:49

principle conversion of present value of money into future value of money

原理，即將貨幣的現值轉換為未來值

1:16:55

and we discuss about the discounting principle that's conversion of future value of money into present value of

以及我們討論貼現原理，即將貨幣的未來值轉換為現值

1:17:01

money and we will talk about rule 72

我們將討論 72 法則

1:17:05

it's how many years your money is going to take

它是您的資金需要多少年

1:17:09

to double itself so we'll talk about that and we'll talk about the perpetuity and growing

才能翻倍，我們將討論這個，以及永續年金和成長型

1:17:15

perpetuity let's start our discussion with the fundamental question

永續年金。讓我們從一個基本問題開始我們的討論

1:17:20

what is time value of money you must have heard this question so

什麼是貨幣的時間價值？您一定經常聽到這個問題

1:17:26

often but understanding this concept requires

但要理解這個概念需要

1:17:29

certain essentials like we need to understand the basics of

一些基礎知識，例如我們需要了解貨幣的

1:17:34

money so let us try to understand this concept with a simple real life example think about it

基本原理，所以讓我們用一個簡單的現實生活例子來理解這個概念。試想一下

1:17:42

let's say you're a manager you are working in an organization your manager is so impressed about your performance

假設您是一名經理，您在一家組織工作，您的經理對您的表現非常滿意

1:17:49

and you wanted to give you a bonus of rupees 10 000 but the manager

想給您 10,000 盧比的獎金，但經理

1:17:56

gives you two options you either receive 10 000 rupees today or receive

給您兩個選擇，您可以今天領取 10,000 盧比，或者領取

1:18:02

10 000 a year later so as a reasonable individual which option would you choose and why this is

一年後的一萬元，那麼作為一個理性的人，你會選擇哪個選項？為什麼？這是一個非常關鍵的決定，

1:18:11

a very critical decision to be taken because there are two options given to you

因為你面前有兩個選項，

1:18:17

and you have an opportunity to choose any one of this now if you are in this position which

你有機會從中選擇一個。現在，如果你處於這個位置，你會選擇哪個選項？為什麼？如果你是一個理性的投資者，你肯定會選擇選項一，

1:18:24

option would you choose and why if you are a reasonable investor you would definitely go for option one

而不是選項二。有三個重要的理由說明你應該選擇

1:18:32

rather going to option two there are three important reasons why you should be choosing

選項一而不是選項二。選項一比選項二更為實際。選項一是什麼？當下領取一萬盧比的金額，

1:18:38

option one instead of option two option one is more practical compared to option two what is option one collect amount of

或是選項二，一年後領取一萬盧比的金額。你會選擇

1:18:47

rupees ten thousand today or option two collect the amount of rupees ten thousand a year later you would choose

選項一。根本原因是違約風險。為什麼我們在這個

1:18:55

option 1 the fundamental reason is default risk why we talk about default risk in this

選項一的根本原因是違約風險，為什麼我們要在這個情境下討論違約風險？

1:19:02

context for example when your manager says that i will give you 10 000 rupees bonus because you performed extremely

他會給你一萬盧比的獎金，你的主管承諾了這件事。現在假設你的主管很滿意，但一個月後，

1:19:09

well your manager promised it and now let's say your manager is happy and after one month let's say you commit a

假設你在公司犯了

1:19:15

serious mistake in your organization and that is very damaging to your organization will your manager be able

嚴重的錯誤，而且對公司造成了很大的損害，你的主管還能

1:19:23

to give you the bonus of rupees 10 000 the answer is no because he's disappointed about your

給你一萬盧比的獎金嗎？答案是不能，因為他對你的

1:19:29

performance so there is a chances of default risk from your manager if you choose option 2 collect the amount of

表現感到失望。所以如果你選擇選項二，一年後才領取一萬盧比的金額，

1:19:37

rupees 10 000 a year later so that is not an attractive option for you you should be going for option 1 because

這對你來說就不是一個有吸引力的選項。你應該選擇選項一，因為

1:19:45

as we mentioned earlier the bird in the hand is better than two in the bush so that is the reason you would choose

如我們之前提到的，一鳥在手勝過二鳥在林。這就是你會選擇

1:19:53

option one reason two why you should be going for option one there is an inflation risk

選項一的原因。第二個你應該選擇選項一的理由是通貨膨脹風險，

1:20:00

that we are actually facing we all face this inflation risk so what is inflation risk

這是我們實際面臨的風險，我們所有人都面臨這個通貨膨脹風險。那麼什麼是通貨膨脹風險？

1:20:06

the value of money when we talk about the appreciating assets and the depreciating assets

當我們談論增值資產和貶值資產時，貨幣的價值

1:20:11

you should be putting money into the asset that depreciates over a period of time

你應該把錢投入隨時間推移會貶值的資產，

1:20:16

so the money is a depreciating asset so the value of money depreciates over a period of time and why that happens

所以錢是一種貶值資產，貨幣的價值會隨著時間推移而下降。為什麼會這樣呢？

1:20:24

because of inflation effect okay so inflation

因為通貨膨脹的影響，好的，那麼通貨膨脹

1:20:29

will take away the value of your money for example let's say the indian inflation

會侵蝕您金錢的價值。舉例來說，假設目前印度的通貨膨脹

1:20:34

rate right now is five percent it's an average of five percent

率是百分之五，平均是百分之五。

1:20:39

now when we say five percent the value of your money depreciates over a period of time by

當我們說百分之五時，意味著您的錢在一段時間內會貶值

1:20:45

five percent let's say one year let's say you have this 10 000 rupees and you will keep it in the safety

百分之五。假設是一年，假設您有一萬盧比，並將它存放在家裡的

1:20:51

locker of your home what will happen the value of your money depreciates even

保險箱中，會發生什麼事？您的錢的價值會貶值，即使

1:20:57

if you kept it safe in your locker the value of money depreciates because the inflation will

您將它安全地存放在保險箱裡，錢的價值還是會貶值，因為通貨膨脹會

1:21:04

damage the value of your money so to protect the value of your money what you need to do

損害您金錢的價值。因此，為了保護您金錢的價值，您需要做的是

1:21:11

you have to take money right now and you have to invest in the market at least for

您必須現在就拿著這筆錢，並投資到市場上，至少要達到

1:21:17

five percent so that you can

百分之五的回報，這樣您才能

1:21:20

save the value of money by five percent for example so in this case so let's say you have

保住百分之五的貨幣價值。舉例來說，在這種情況下，假設您

1:21:27

chosen option one and you have taken ten thousand rupees from your manager right now

選擇了方案一，您現在從您的經理那裡拿到了一萬盧比，

1:21:33

and you will invest this money in the market for five percent

然後您將這筆錢投資到市場上，目標是賺取百分之五。

1:21:38

what will happen the first thing you are going to save the value of your money let us assume

會發生什麼事？首先，您將保住您金錢的價值。讓我們假設

1:21:43

you are not investing this money you are not choosing this option one and you are going for option two

您沒有投資這筆錢，您沒有選擇方案一，而是選擇了方案二，

1:21:49

what will happen 10 000 rupees that you are expecting to receive by

會發生什麼事？您預期在今年底會收到的一萬盧比，

1:21:54

end of this year will lose five percent of its value because five percent is the inflation so five percent of ten

將會損失百分之五的價值，因為百分之五是通貨膨脹率。所以一萬的百分之五

1:22:01

thousand is five hundred so the ten thousand rupees minus five hundred nine thousand five hundred so what money

是五百。因此，一萬盧比減去五百，剩下九千五百。那麼您

1:22:09

you're going to receive at the end of this year is 9500 it's not 10 000 though you feel it

今年底將會收到的錢是 9500 盧比，雖然您覺得它

1:22:15

is 10 000 rupees right in your pocket it is not the actual value it is not the intrinsic value of your asset intrinsic

是一萬盧比，就在您的口袋裡，但它不是實際的價值，它不是您資產的內在價值。

1:22:24

value of your money so that is the reason you should be going for option one you have to take this 10 000 now and

貨幣價值，這就是為什麼你應該選擇方案一的原因。你必須現在就拿走這 10,000 元，並且

1:22:32

you have to invest in the market at least for five percent so that your money that is 10 000 rupees will be 10

你必須至少以 5% 的收益率投資市場，這樣你的錢，也就是 10,000 元，在今年年底至少會變成 10

1:22:38

000 at least at the end of this year the third reason why you should be going for option one

000 元。這是為什麼你應該選擇方案一的第三個原因

1:22:45

there is a reinvestment opportunity okay so let's say the 10 000 rupees today you will invest in the market and the

這裡面有再投資的機會。假設你今天將這 10,000 元投資到市場，而你

1:22:52

percentage of interest you are actually planning is 10 so 10 is the interest you are actually

實際計劃的利率百分比是 10%，所以 10% 是你實際上

1:22:58

going to earn and in the 10 5 of the value will be taken by inflation

將會賺取的利息，而其中 5% 的價值將會被通貨膨脹吃掉

1:23:05

remaining five percent will be your return so here by investing for ten percent

剩下的 5% 將是你的報酬。因此，藉由以 10% 的收益率進行投資

1:23:12

you're not just protecting the value of your money you are basically

你不僅僅是在保護你貨幣的價值，你基本上

1:23:18

earning excess return from your money okay so that is the whole idea why you

是從你的錢中賺取超額報酬。這就是為什麼你

1:23:24

should be choosing option one and not the option two

應該選擇方案一而不是方案二的整體概念

1:23:29

now what we need to understand from this the rupee earned today

現在我們需要從中理解的是，今天賺到的盧比

1:23:35

will have more value than the rupee that would be on tomorrow

將比明天才有的盧比更有價值

1:23:40

the rupees saved today will have more value than the rupee that would be saved tomorrow

今天存下的盧比將比明天才存的盧比更有價值

1:23:47

the rupee invested today is more valuable than the rupee

今天投資的盧比比

1:23:53

that would be invested tomorrow now

明天才投資的盧比更有價值。現在

1:23:56

the concept of time value of money can be discussed under two broad categories discounting and compounding

貨幣的時間價值概念可以分為兩大類來討論：折現與複利

1:24:06

we generally talk about time value of money under these two broad categories

我們通常在這兩大類別下討論貨幣的時間價值

1:24:12

so what is discounting basically discounting is also called as

那麼什麼是折現？基本上，折現也被稱為

1:24:18

a future value of money let's say your father has promised you to give 10 lakhs after 10 years

貨幣的未來價值。假設你父親承諾在 10 年後給你 100 萬盧比

1:24:28

now you want to understand what is the worth of this 10 lakhs

現在你想了解這 100 萬盧比的價值是多少

1:24:32

right now my father promised 10 lakhs absolutely fine i know that 10 lakhs i'm going to

現在我父親承諾給我10拉克，這完全沒問題，我知道我將會收到10拉克，但10拉克在現在的價值是多少？

1:24:38

receive but what is the worth of the 10 likes right now so discounting principle will help you calculate that and

折現原則將幫助你計算這個，並了解你金錢的內在當前價值，例如，你將在10年後收到的10拉克的當前價值。

1:24:45

understand the intrinsic current worth of your money the current worth of the 10 lakhs you're going to receive after

例如，假設你想要每年投資1000盧比，持續10年，你將在10年內投資1000盧比，總共是10000盧比，所以10年後，

1:24:53

10 years for example let's say you want to

你認為你的錢的總價值是10000，但10年後你的10000的實際價值是多少？

1:24:57

invest 1000 rupees every year and for 10 years you're going to invest 1 000 into 10 years it is 10 000 so after 10 years

每年投資一千盧比，持續十年，總共投入一萬元，十年後，

1:25:07

the total value of your money is 10 000 is what you're thinking but what is the actual value of your 10 000 after 10

複利原則將幫助你了解10年後你的錢的價值，所以我們將做的是，我們將折現，我們將應用貨幣的時間價值原則來了解你金錢的當前價值。

1:25:15

years so to find out answer for that question you need to use

這可以使用以下公式計算：貨幣的現值等於貨幣的未來價值除以1加r的n次方。

1:25:20

the compounding principle the compounding principle will help you understand your value of your money

在這個公式中，FV就是未來價值，r是折現率，n是年數，所以你也可以稱之為期間。

1:25:26

after 10 years so what we will do we will discount we'll apply time value of money principle to

十年後，我們會進行折現，也就是將貨幣的時間價值原則應用在上面。

1:25:33

understand the current worth of your money so this can be calculated using the

讓我們舉一個假設的例子，假設你的報告經理對你的表現印象深刻，整個團隊在上一季度的表現。

1:25:40

equation present value of money is equal to future value of money divided by 1 plus

為了鼓勵團隊，管理層決定提供一個就業持續獎勵，假設管理層提供了這個獎勵，有三個選項。

1:25:47

r power n in this equation fb is nothing but it is future value r is discount rate

管理層給出的方案一：在三年結束時收到10萬，這是管理層給你的選項，方案二：...

1:25:55

n is number of years so you can also call it as

n 是年份，所以你也可以稱之為

1:26:00

period so let's take an example we'll apply this formula we'll understand how

期數，那麼讓我們舉個例子，我們將應用這個公式，我們將了解

1:26:06

discounting it actually works in real time let's take an hypothetical example

折現在實際情況中是如何運作的，讓我們舉一個假設性的例子

1:26:11

let us assume that your reporting manager is impressed with your performance

讓我們假設你的匯報主管對你的表現印象深刻

1:26:16

the performance of the entire team during the last quarter in order to encourage the team the

為了鼓勵團隊，管理層決定提供一份留任獎勵方案，我們姑且稱之為我們公司的管理層

1:26:23

management has decided to offer an employment continuance incentive let us say the management of us

提供的獎勵方案包含三個選項，管理層給出了替代方案一：領取

1:26:30

incentive with three options the management is giving alternative one receive

選項，所以這是管理層給您的選項，替代方案是

1:26:36

one lakh at the end of three years so this is the option given to you by your management alternative to

在第三年結束時領取 10 萬盧比，因此這是管理層給您的選項，替代方案是

1:26:44

receive 32 000 at the end of each year for the next three years

在接下來的三年裡，每年年底收到 32,000

1:26:50

alternative 3 receive rupees 36 000 at the end of first year

方案三：第一年年底收到 36,000 盧比

1:26:56

32 000 at the end of second year and 28 000

第二年年底收到 32,000

1:27:01

at the end of third year you carefully observe this in alternative one you are going to receive a lump sum of one lakh

第三年年底收到 28,000。你仔細觀察，在方案一中，你將在三年後一次性收到 100,000

1:27:09

at the end of three years this one time payment one time amount is going to give you but in the alternative two is going

這是一次性支付的金額。但在方案二中，將在接下來的三年提供 32,000 的等額現金流

1:27:15

to give you a uniform cash flows of 32 000 for the next three years but in alternative 3

但在方案三中，第一年年底收到 36,000

1:27:22

36 000 at the end of first year that is one amount 32 000 at the end of second year and 28 000 at the end of third year

這是一個金額，第二年年底收到 32,000，第三年年底收到 28,000

1:27:30

so the cash flows are not uniform right and consider the management gives the team a

所以現金流並不 uniform（等額），對吧？考慮到管理層給了團隊

1:27:37

day time to decide the alternative that they want to opt for so

時間來決定他們想選擇的方案

1:27:42

if you are part of this team then which option would you choose and why so this is a

如果你是這個團隊的一員，你會選擇哪個選項以及為什麼？這是一個

1:27:50

very practical situation that most of us will encounter let's try to understand how we can sort this problem

我們大多數人都會遇到的非常實際的情況。讓我們試著了解如何解決這個問題

1:27:58

let's understand what will happen in case of alternative one so

讓我們了解在方案一的情況下會發生什麼

1:28:04

receive one lakh at the end of three years now when we say one lakh remember this is a

在三年後收到 100,000。當我們說 100,000 時，請記住這是一次性支付

1:28:11

one-time payment and you can consider this is a annuity right so one time payment you're

你可以將其視為一筆年金（annuity）。這是一次性支付，你將在未來收到

1:28:16

going to receive now the present value of single cash flow this is a present value of one time cash flow right one

這是單一現金流的現值，也就是一次性現金流的現值

1:28:23

lakh is the one time cash flow at the end of three years so to do this we can use present value principle present

100,000 是三年後的一次性現金流。為此，我們可以使用現值原理

1:28:29

value equation present value is equal to future value divided by 1 plus r power n so just apply this values future value

現值方程式：現值等於未來值除以 1 加上 r 的 n 次方。所以直接代入這些值：未來值

1:28:38

is one lakh why it is future value we don't have this money right now so we are going to receive this amount

是 100,000。為什麼是未來值？因為我們現在手頭沒有這筆錢，所以我們將在未來收到這筆款項

1:28:46

r is discount rate that is six point five percent n is three years

r 是折現率，即 6.5%，n 是 3 年

1:28:51

so one lakh divided by one plus 0.065 power 3.

所以，100,000 除以 (1 + 0.065) 的 3 次方。

1:29:02

so 0.065 is nothing but 6.5 divided by 100 now power 3 so 3 is nothing but it is

所以 0.065 就是 6.5 除以 100，然後取 3 次方，3 次方代表的就是

1:29:07

term at the end of three years so what you're going to get is

三年期的終值，所以你將會得到的是

1:29:12

eighty-two thousand seven eighty four point nine one that means

八萬兩千七百八十四點九一，這意味著

1:29:18

the value of this one lakh is eighty two thousand seven eighty four point nine one right now means today so if you are

這十萬盧比的價值是八萬兩千七百八十四點九一，也就是現在的價值。所以如果你被

1:29:26

promised to give one lakh don't believe that you are going to receive one lakh you are going to receive just 82 000

承諾給予十萬盧比，別相信你會收到十萬盧比，你今天只會收到八萬兩千

1:29:33

784.91 today that is the actual value of your money so you should remember when manager said one lakh your manager is

七百八十四點九一，這才是你金錢的實際價值。所以你應該記住，當經理說十萬盧比時，你的經理

1:29:40

going to give you 82 784.91 and according to financial term he is mentioning one lakh it is not true he is

只會給你八萬兩千七百八十四點九一，而根據金融術語，他提到的十萬盧比並非事實，他

1:29:48

going to give you this amount and what you are going to receive is 1 lakh but the worth of this money is 82

只會給你這筆金額，而你將會收到十萬盧比，但這筆錢的價值只有八萬兩千

1:29:55

784.91 so now we have understood how to calculate the present value of

七百八十四點九一。所以現在我們已經了解如何使用公式計算金錢的

1:30:01

money using the formula now let us understand how to use table values to calculate the present value of

現值。現在讓我們了解如何使用表格數值來計算金錢的

1:30:09

money because most of the time applying formula may be quite challenging sometime it takes time right

現值，因為大多數時候，套用公式可能相當具有挑戰性，有時需要花費時間，對吧

1:30:14

two calculations now you may be thinking how to apply how to use this principle with the help of table so i'll show you

進行計算。現在你可能在想如何應用、如何利用這個原理配合表格使用，所以我會展示給你看

1:30:21

how to use table this is this is called present value interest factor table

如何使用表格。這被稱為現值利息因子表（Present Value Interest Factor Table）。

1:30:27

it is showing dollar we can use it for rupee and the values are the same so in this case let's say it is six point five

它顯示的是美元，但我們可以用於盧比，數值是一樣的。所以在這個例子中，假設是百分之六點五

1:30:34

percent and this is for three years so how to see the table value for this particular values now most of the tables

且這是三年期的。那麼如何查看這個特定數值的表格值呢？大多數表格

1:30:43

come with one percent difference okay it's one two three four five 6 7 8 9 10 like this so you will mostly get like

是以百分之一的差距呈現的，好的，是一、二、三、四、五、六、七、八、九、十這樣，所以你通常會看到像

1:30:50

this so what you need to do sometime you will not be able to use this table you may have to calculate the numbers and

這樣的表格。所以你需要做的是，有時你將無法使用這個表格，你可能必須自己計算數字，而

1:30:56

some tables will give you 1.5 percent 2 percent two point five percent three

有些表格會提供 1.5%、2%、2.5%、3%

1:31:02

percent three point five percent all these values so we have another table this table will give you the values for

3.5% 等數值。所以我們有另一個表格，這個表格會提供

1:31:10

three years and six point five percent discount rate okay so three years and six point five percent so we can

三年期和百分之六點五折現率的數值，好的，三年期和百分之六點五，所以我們可以

1:31:19

calculate for this uh values so this is the table and you can find out how we can find out

計算這個 uh 值，所以這是表格，你可以找出我們如何找出

1:31:25

six point five percent and this is for three years so the value is 0.827849

百分之六點五，這是三年期的，所以值是 0.827849

1:31:34

so this is the value so what you need to do you have to use this number and you have to multiply

所以這是值，你需要做的是使用這個數字，並且必須將

1:31:41

this number with so 1 lakh you can use 1 lakh and

這個數字乘以，所以 10 萬你可以用 10 萬和

1:31:46

the table value so you will get 82 784.91

表格值，所以你會得到 82,784.91

1:31:53

now we need to understand another thing in this context for example when we say this 0.827849

現在在這個情境下，我們需要理解另一件事，例如當我們說這個 0.827849

1:32:01

so how this value is calculated so you must be wondering how this number is calculated

這個值是如何計算的，所以你一定想知道這個數字是怎麼算出來的

1:32:07

so to understand this what you need to do you need to apply the formula very complex the numbers are calculated with

要理解這個，你需要做的是應用這個公式，非常複雜，這些數字是用

1:32:13

the simple example simple formula so present value table will help you to calculate present value in few

簡單的例子、簡單的公式計算的，所以現值表可以幫助你在幾秒鐘內計算現值

1:32:21

seconds so now let's understand alternative 2.

現在讓我們來了解方案二。

1:32:25

so what is the alternative 2 is given to you receive 32 000

所以方案二是給你每年末收到 32,000

1:32:31

at the end of each year for the next three years so

在接下來的三年，所以

1:32:35

we discussed we understood these are multiple even cash flows so thirty to two thousand

我們討論過，我們理解了這是多期等額現金流，三萬二千

1:32:41

thirty two thousand thirty two thousand so three years we are going to receive thirty two thousand

三萬二千，三萬二千，所以三年我們將收到三萬二千

1:32:46

now so what we need to do we need to apply this present value formula and these are

現在，我們需要做的是應用這個現值公式，這些是

1:32:51

number of years year one two three and the second column is a future value what is future value 32

年數，第一年、第二年、第三年，第二欄是未來值，什麼是未來值？32

1:33:00

000 is the future value for first year right 32 000 is the second year of future value and 32 000 for the third

000 是第一年的未來值，對吧？32,000 是第二年的未來值，32,000 是第三年

1:33:06

year so if you look at the total of this 32 000 for the three years it is 96 000 but

的未來值，所以如果你看這三年 32,000 的總和，是 96,000，但是

1:33:12

can we consider this 96 000 as your value of your money the question is that but the answer is no

我們可以把這 96,000 視為你錢的價值嗎？問題就在這裡，但答案是不行

1:33:20

because ninety six thousand is the amount you're going to receive at the end of three

因為九萬六千是你在三年後將會收到的金額

1:33:24

years put together all three years cash flows but you have to apply discounting principle discounting principle will use

將三年的現金流加總，但必須應用折現原則，折現原則會考慮通貨膨脹，然後得出結果。因此，你需要做的是，以 6.5% 的折現率計算 32,000。

1:33:32

inflation you'll consider inflation and then you are going to get the result so what you need to do 32 000 for 6.5

如果你套用這個現值公式，你將得到這個數字：30,046.95；第二年：28,213；第三年：26,491.17。

1:33:41

percent discount rate so if you apply this present value formula you will get

如果你將這些加總，將會是 84,750。這是你金錢的價值。

1:33:47

this number 30 thousand forty six point nine five twenty eight thousand two one three for

如果你選擇方案二，將會得到 84,751.12。記住，你 10 萬盧比的價值在今天是 84,787.51。

1:33:53

the second year twenty six thousand four nine one point one seven for the third year if you

這是直接套用現值公式的方法。我們也可以借助現值表來完成。

1:34:00

total this it is going to be eighty four thousand seven fifty point the value of your money

現值表會幫助你，因為這是等額現金流，你可以取折現率並計算表中的數值。第一年 6.5%，第二年 6.5%，第三年 6.5%。

1:34:07

if you receive in alternative 2 is going to be 84

所以 6.5% 第一年，好的，是 0.9389；第二年 0.8810；第三年 0.827。

1:34:13

751.12 remember the value of your 1 lakh is eighty four thousand seven eight seven fifty one point

你需要將這些數值填入這個區域，然後乘以 B 欄，也就是現金流。所以 32,000 乘以表中的數值，你會得到這些數字。

1:34:21

one two today okay so this is a direct method of applying present value formula we can

這將是 84,751.12。所以這是方案二。

1:34:27

also do this with the help of present value table so present value table will help you since this is a uniform cash

現在讓我們了解方案三。方案三是第一年年底收到 36,000，第二年年底收到 32,000，第三年年底收到 28,000。

1:34:34

flow you can take the discount rate and you can calculate the table values so first year 6.5 percent

記住，這不是等額現金流，所以我們三年收到的現金流並不相同，它是不同的。

1:34:42

second year 6.5 percent third year six point five percent so six point five percent first year

如何計算這個折現值呢？

1:34:50

okay so zero point nine three eight nine six seven zero point eight eight one zero

好的，所以分別是 0.938967、0.8810

1:34:55

point eight two seven so you have to plug in these values in this area and then multiply that with

0.827，所以您必須將這些值代入此區域，然後乘以

1:35:02

column b that is cash flow so 32 000 table value you will get this numbers

B 欄，也就是現金流，所以 32,000 的表格值，您將得到這些數字

1:35:09

and this is going to be 84 751.12 so this is alternative 2.

這將是 84,751.12，所以這是替代方案二。

1:35:16

now let's understand alternative 3 so what is alternative 3 receive

現在讓我們了解替代方案三，那麼替代方案三是什麼？領取

1:35:23

36 000 at the end of first year 32 000 at the end of second year and 28 000 at the end of third year

第一年結束時領取 36,000，第二年結束時領取 32,000，第三年結束時領取 28,000

1:35:31

remember this is not uniform cash flow so we are not getting us same cash flow for all

請記住，這不是均勻的現金流，所以我們在所有

1:35:37

three years it is different now how to calculate this discounted value

三年中得到的現金流不同，現在要如何計算這個折現值？

1:35:43

so consider three years year one two three then cash flows thirty six thousand thirty

試想三年，第一年、第二年、第三年，現金流分別為三萬六千、三萬二千、二萬八千，然後使用折現率百分之六點五

1:35:50

two thousand twenty eight thousand and then use the discounted rate six 6.5 percent

應用於所有三年，你可以將三萬二千乘以折現率，二萬八千也乘以折現率，這樣你將會

1:35:56

for all three years and you can multiply 32 000 with discounting rate 28 000 with the rate so you will

得到這些數值：第一年三萬二千八百六十三點八五，第二年二萬八千二百一十三點一零

1:36:04

get these values so first year 32 863.85 second year twenty eight thousand two one three point one zero

而第三年你會得到二萬三千一百七十九點七七，請記住

1:36:12

and third year you will get twenty three thousand one seventy nine point seven seven so remember

這些是折現後的現金流，表示你已經將通膨納入考量

1:36:18

these are the discounted cash flows so you have taken inflation into consideration

那麼這三筆現金流的現值是多少呢？八萬四千二百五十六點七二，所以現在我們面前有這三個選項

1:36:24

so what is the worth of these three cash flows now 84 256.72 so now we have all three options

決策時刻到了，你認為哪個選項最具吸引力？

1:36:34

right in front of you this is the decision time for you which option do you think is attractive

當然是給予你最大折現值的那個選項，對吧？所以那就是

1:36:43

obviously the one the option which gives you the maximum discounted value right so that is

選項二，八萬四千七百五十一點一二是三個選項中最大的

1:36:50

option eighty four thousand seven fifty one point one two is the maximum out of

所以一個理性的人會在所有選項中選擇方案二，這就是

1:36:56

three options so a reasonable individual would choose alternative two against all these three options so that is how

折現原則如何幫助你理解金錢的價值

1:37:06

discounting principle will help you understand the value of your money

現在在應用折現原則之後，既然已經理解了折現

1:37:11

right now after applying discounting principle now having understood discounting

原則，現在是時候理解什麼是複利了，那麼該如何計算複利？什麼是

1:37:17

principle this is the time to understand what is compounding so how to do compounding what is

複利？基本上複利沒什麼，它只是試圖

1:37:24

compounding basically compounding is nothing but it is just trying to

創造，只是試圖理解金錢的未來價值

1:37:29

create just trying to understand the future value of money

你想了解你的錢在特定未來日期的價值，你現在有一筆錢，但你

1:37:34

you want to understand the value of your money on a specified future date you have some amount right now and you don't

不知道在特定的未來日期，例如五年、十年、十五年或二十年後

1:37:40

know what is the value of that money on a specified future date let's say 5 years 10 years 15 years or 20 years down

這筆錢的價值是多少，複利原則將幫助你了解在

1:37:47

the line the compounding principle will help you understand the value of your money on a

特定未來日期你的錢的價值，基本上複利是

1:37:54

specified future date basically compounding is

指定未來日期，基本上複利是

1:37:59

conversion of present value of money to future value of money compounding refers to an increasing

將貨幣的現值轉換為未來值，複利指的是資產價值的增加

1:38:05

value of an asset due to the interest earned on both principle and accumulated interest

由於本金和累積利息所產生的利息

1:38:12

so compounding will help you understand your future value of money so here is an equation to understand the compounding

因此複利將幫助您了解貨幣的未來價值，這裡有一個方程式來理解複利

1:38:18

principle a future value of money is equal to present value of money

原理，貨幣的未來值等於貨幣的現值

1:38:24

into 1 plus r to the power of n so in this future value

乘以 1 加 r 的 n 次方，所以在這個未來值公式中

1:38:32

fv is future value pv is present value r is discount rate and n is number of years

FV 是未來值，PV 是現值，r 是折現率，n 是年數

1:38:40

you can also use future value table and you can consume the table values to

您也可以使用未來值表，並利用表中的數值

1:38:45

calculate the compounding values so here future value of n is equal to

來計算複利值，這裡的 n 期未來值等於

1:38:52

present value into future value interest factor annuity so r is discount rate n is number of year

現值乘以年金未來值利息因子，所以 r 是折現率，n 是年數

1:39:01

so let's take an example to understand compounding principle better so what is the future value of 1000 deposited for

讓我們舉個例子來更好地理解複利原理，如果將 1000 元存入

1:39:08

three years with the financial institution offering eight percent return per year

提供每年 8% 報酬率的金融機構三年，未來值是多少？

1:39:14

so in this example the present value is thousand the discount rate is

在這個例子中，現值是 1000，折現率是

1:39:21

eight percent that's zero point zero eight percent eight percent divided by 100 and n is equal to 3 years so number

8%，也就是 0.08，8% 除以 100，n 等於 3 年，所以年數

1:39:29

of years 3.

是 3。

1:39:30

so just plug in the values to the formula so future value of n

只要將數值代入公式，n 期的未來值

1:39:35

is present value 1000 into 1 plus 0.08 to the power of 3

就是現值 1000 乘以 (1 加 0.08) 的 3 次方

1:39:42

so the value will be 1260.

所以數值將是 1260。

1:39:46

there is an alternative method to calculate compounded value you can use future value interest factor annuity

另有一種計算複利值的方法，您可以使用年金未來值利息因子

1:39:55

so you can take table value so future value interest vector annuity so in this case

所以您可以取表中的數值，也就是年金未來值利息因子，所以在這種情況下

1:40:01

it is eight percent discount rate number of years three

折現率是 8%，年數是 3

1:40:06

so you have to see future value table for three years for eight percent so you

所以你必須查閱三年期、利率百分之八的未來價值表

1:40:11

have to take that value and you have to multiply with one thousand so the value of compounded amount is going to be

你必須取那個值並乘以一千，因此複利金額的價值將是

1:40:20

one thousand hundred so that is the value you are going to

一千一百（註：原文口語表述，應指1100），這就是你將

1:40:25

earn now how to see this value

獲得的價值，現在要如何在表中看到這個價值

1:40:29

in the table right you can refer the same table a future value interest factor right so you have to see eight

呢？你可以參考同一張表的未來價值利息係數，所以你必須查看百分之八

1:40:35

percent and three years so you must be saying one point two five nine

和三年期，你應該會看到 1.259

1:40:41

seven so when you round this nine it will become one point two six okay so

七，當你將這個九四捨五入時，它會變成 1.26，好的，所以

1:40:47

one point two six into 1000 so 1260.

1.26 乘以 1000，就是 1260。

1:40:54

so this is how you can calculate the compound value of your money let's take another example

這就是你計算資金複利價值的方法，讓我們再舉一個例子

1:41:01

to understand compounding better let us consider that you are a popular financial consultant in bengaluru

來更好地理解複利，假設你是班加羅爾一位受歡迎的財務顧問

1:41:08

a customer come to you for a financial advice you are thinking about recommending your

一位客戶來向你尋求財務建議，你正在考慮向你的

1:41:14

client to invest in gold that costs 85 000 rupees and you're certain that

客戶推薦投資一項價值 85,000 盧比的黃金，你確信

1:41:21

next year the gold value will be worth

明年黃金的價值將達到

1:41:25

91 000 and assures you 6 000 gain so 85 000 rupees is your investment and you're going to get 91 000 rupees the

91,000，並向你保證有 6,000 的收益，所以 85,000 盧比是你的投資金額，而你將獲得 91,000 盧比，

1:41:33

difference is six thousand let's say there is one bank in the same locality and the bank is giving you a ten percent

差額是六千，假設在同一地區有一家銀行，銀行提供百分之十的

1:41:38

return should the client undertake investment in gold or you should go for the bank

報酬率，客戶應該選擇投資黃金，還是應該選擇銀行

1:41:44

deposit where you'll get 10 return so let's calculate that which option is better for your investor

定存，在那裡你可以獲得 10% 的回報？讓我們計算哪個選項對你的投資者來說更好

1:41:51

so in this case the present value of your money is that 85 000 is going to invest bank is giving 10 return number

所以在這種情況下，你資金的現值是那筆將要投資的 85,000，銀行提供 10% 的報酬率，年

1:41:59

of years is one year so at the end of one year i want to understand what is the worth of

數是一年，所以在一年結束時，我想了解這項特定投資的

1:42:05

this particular investment so we'll approach future value formula future value is

價值是多少，所以我們將使用未來價值公式，未來價值是

1:42:11

equal to present value into 1 plus r power n so 85 000 1 plus r

等於現值乘以 1 加 r 的 n 次方，所以 85,000 乘以 1 加 r

1:42:18

0.1 r is discounted 10 divided by 100 so 0.1 so

0.1 r 是折扣率，10 除以 100 所以是 0.1，所以

1:42:25

power 1.

的 1 次方。

1:42:26

so it is going to be 93 500

所以結果將是 93,500

1:42:31

okay so if your investor deposit money in the bank he is going to earn so 93 500 from the bank but if we invest in

好的，所以如果您的投資人將錢存入銀行，他將從銀行獲得 93,500，但如果我們投資

1:42:40

the gold what is the amount is going to get 91 000 so 93 000 simple mathematics 93 500 is

黃金，能獲得的金額是 91,000，所以 93,000，簡單的數學計算，93,500 比

1:42:47

bigger than 91 000 you should be suggesting your client that go for bank deposit and don't go

91,000 多，您應該建議您的客戶選擇銀行定存，而不要

1:42:53

for investing in gold now

現在投資黃金

1:42:58

let us understand rule 72 you must have heard rule 72 everywhere

讓我們了解 72 法則，您一定到處都聽過 72 法則

1:43:04

like if you keep money in the bank and you will get the double of your amount from the bank so that is a magic formula

比如如果您把錢放在銀行，您將從銀行獲得您金額的兩倍，這就是一個神奇的公式

1:43:10

that we often speak is rule 72 so rule 72 help you understand how far you have to wait to

我們常說的就是 72 法則，所以 72 法則幫助您了解您必須等待多久才能

1:43:20

see your money doubling in the bank it is not doubling overnight it will take a certain period to double so that is

看到您在銀行的錢翻倍，它不是一夜之間翻倍，需要一段時間才能翻倍，所以這就是

1:43:27

rule 72 so rule 72 help you understand how much time

72 法則，所以 72 法則幫助您了解您的錢

1:43:33

your money will take to become double in your account this rule number 72 can be applied to

在帳戶中變成兩倍需要多少時間，這個第 72 號法則可以應用於

1:43:39

anything that grows exponentially if you're talking about money you can apply to your money because it grows

任何呈指數增長的事物，如果您談論的是錢，您可以將其應用於您的錢，因為它會

1:43:48

over a period of time so we can apply to that you can apply to gdp gross domestic product of a country

隨著時間的推移而增長，所以我們可以將其應用於此，您可以將其應用於國內生產總值（GDP）

1:43:55

can be calculated using 72 and inflation so you can also consider this formula to calculate what

可以使用 72 和通貨膨脹來計算，因此您也可以考慮使用這個公式來計算

1:44:03

is the growth of inflation in the specified future date so rule 72 helps you basically

在特定未來日期的通貨膨脹增長是多少，所以 72 法則基本上幫助您

1:44:11

rule 72 why it is rule 72 rule 72 is basically is this is the time it will take for your money to double or

72 法則，為什麼是 72 法則？72 法則基本上是，這是您的錢翻倍或

1:44:18

anything to double which is growing exponentially so 72 is calculated using the

任何呈指數增長的事物翻倍所需的時間，所以 72 是使用以下方式計算的

1:44:23

exponential value the standard exponential value 2.7182 so that is the base for the calculation

指數值標準指數值 2.7182 這是計算的基礎

1:44:30

of 72 and you need not look at log normal distribution table to calculate this it is already calculated this is a

用於72法則你不需要查對數常態分佈表來計算這已經計算過了這是一個

1:44:37

constant value so 2.7182 there are variations you can see to rule

常數值所以是2.7182 你會看到有些變化

1:44:44

number 72 there is 69 which is used for the calculation of interest rates 69 70 72

關於72法則也有69 用於利率計算 69 70 72

1:44:52

some cases you can also see 69.3 also used for understanding how much

在某些情況下你也會看到69.3 也用於理解你的錢

1:44:59

time your money will take to become double but 72 is the most popular

需要多少時間變成兩倍但72是最受歡迎

1:45:05

very useful rule that will help you understand the value of your money on a specified fluid

非常有用的法則它能幫助你理解在特定利率下

1:45:13

when the money is going to double at what rate so we use 72 so you also i suggest you to go for 72.

你的錢何時會翻倍所以我們使用72 我也建議你使用72

1:45:21

so for example suppose you want to invest 1 lakh today at the compounded

舉例來說假設你今天想投資10萬盧比複利

1:45:27

annual interest rate 8 percent how long will it take for you your money to become double

年利率8% 你的錢需要多久才能變成兩倍

1:45:34

simple direct formula years to double is equal to 72 divided by interest rate

簡單直接的公式翻倍年數等於72除以利率

1:45:42

so 72 is the same value you're taking and interest rate let's say the prevailing

所以你取相同的值72 而利率假設目前的

1:45:47

interest rate is 8 so divide 72 divided by 8 you're going

利率是8% 那麼72除以8 你將會

1:45:53

to get years to double so your money will take nine years to become double in your bank

得到翻倍年數所以你的錢需要9年才能在你的銀行

1:45:59

account when you put fd fix deposit in your bank they take seven years eight years nine

帳戶中翻倍當你在銀行存入定存（FD）時他們需要7年 8年 9年

1:46:07

years to double your money on what basis they have done it

來讓你的錢翻倍他們是根據什麼基礎做到的

1:46:11

they have done it based on rule 72 so nine years will be the required time you have to

他們是根據72法則做到的所以9年將是所需的時間你必須

1:46:18

wait for nine years to see your money doubling you need to approach rule number 72

等待9年才能看到你的錢翻倍你需要仔細研究第72號法則

1:46:25

very carefully you have to understand the hidden meaning of what is

你必須理解「翻倍年數」的

1:46:30

years to double for example when we say nine years your money takes to become double that means

隱藏含義例如當我們說你的錢需要9年變成兩倍這意味著

1:46:37

in nine years your money is losing 50 percent of its value virtually

在九年內，您的錢將損失其價值的 50%

1:46:44

what you're going to get at the end of nine years this is after offsetting the inflation effect

在抵銷通貨膨脹效應後，您在九年結束時將會得到的東西

1:46:49

so that is the value you are going to get that one lakh will become two lakhs in nine years in nine years the actual

所以這就是您將獲得的價值，那十萬盧比將在九年內變成二十萬盧比，但在九年後，二十萬盧比的

1:46:57

value of two lakhs will be one lakh that is a hidden principle behind doubling curve so the compounding

實際價值將等於十萬盧比，這就是倍增曲線背後的隱藏原則，也就是複利

1:47:04

principle now we will talk about perpetuity you must

原則。現在我們將討論永續年金 (perpetuity)，您一定

1:47:09

have heard perpetuity the quite common term when it comes to

聽過永續年金，這是退休規劃時相當常見的

1:47:14

retirement planning so we talk about perpetuity to understand how we are going to receive

術語。我們討論永續年金是為了了解我們將如何在指定的未來日期後

1:47:20

cash flows after a specified future date for example let's say i am going to retire

收到現金流。例如，假設我將在

1:47:26

at so and so here let's say 2050 so up to 2050 i am going to

某一年退休，假設是 2050 年。那麼直到 2050 年，我將

1:47:33

save certain amount i'm going to deposit my money in the bank account or in an investment vehicle

儲蓄一定金額，我會把錢存入銀行帳戶或某種投資工具中，

1:47:39

and after a specified duration how i'm going to

並在一段特定期限後，我將如何

1:47:44

receive my cash flows after a specified period of time i'm going to stop investing in that particular vehicle and

在一段特定時間後收到我的現金流。我將停止投資於該特定工具，並

1:47:51

i'm expecting cash flows from that investment right so i want to understand perpetuity how far i'm going to get

期待從該投資中獲得現金流，對吧？所以我想了解永續年金，我能從中獲得

1:47:58

money and at what rate i'm going to earn returns after a specified period of time right so that's a the whole idea

多久的錢，以及在一段特定時間後我將以什麼利率賺取回報，對吧？這就是

1:48:06

behind perpetuity so perpetuity is basically refers to the constant stream of cash flows with no end so that ends

永續年金背後的整個概念。所以永續年金基本上是指沒有盡頭的持續現金流，它只會在

1:48:15

only when the person finish his journey right so like after retirement let's say 60 years after a

該人結束其人生旅程時才結束，對吧？就像退休後，假設一個人在 60 歲退休，

1:48:21

person retires and then till the end of his life he'll keep receiving the cash loss but there is no definite period

然後直到他生命結束，他將持續收到現金流，但沒有明確的

1:48:28

when he is going to stop receiving the cash flows so it is perpetual indefinite the holder of this

期限他會停止接收現金流，所以它是永續且無限期的。該

1:48:36

financial instrument entitled to receive the interest payments forever and that is indefinite there is no specified

金融工具的持有者有權永遠領取利息支付，這是無限期的，沒有指定的

1:48:45

future rate when the cash price are going to stop have you heard of a retired person who is going to stop

未來日期現金支付會停止。您聽過哪個退休人士將會停止

1:48:50

receiving his cash flows it is no right so that is indefinite

收到他的現金流是不正確的，所以是無限期的

1:48:56

these indefinite series of cash flows can have a finite present value

這些無限系列的現金流可以有一個有限的現值

1:49:02

though we say we are going to receive infinite cash flows we have

儘管我們說我們將收到無限的現金流，我們有

1:49:08

time value for those cash flows so we have to time those cash flows it is not that every year if i am going to receive

這些現金流的時間價值，所以我們必須計算這些現金流的時間價值，這不是說每年如果我將收到

1:49:13

10 000 rupees it doesn't mean that i'm going to have 10 000 rupees every year it is going to be 10 000 forever right

10,000 盧比，並不意味著我每年將有 10,000 盧比，而是將永遠是 10,000，對吧

1:49:20

so the value of the 10 000 changes that depreciates over a period of time so the perpetuity principle helps you

所以 10,000 的價值會隨著時間而貶值，因此永續年金原則可以幫助你

1:49:26

understand the value of those cash flows that you are going to receive after specified period of time

理解你在特定期限後將收到的那些現金流的價值

1:49:33

so here the formula to calculate the perpetuity perpetual value of your money so present value of perpetuity is equal

所以這裡是計算你的貨幣永續價值的公式，永續年金的現值等於

1:49:41

to amount divided by r amount is the cash flow you're going to receive after a specified period of time

金額除以 r，金額是你在特定期限後將收到的現金流

1:49:50

and r is the interest rate you're going to receive after a specified period of time at what

而 r 是你在特定期限後將收到的利率，以什麼

1:49:57

rate you're going to receive the cash flows so that is perpetuity

速率你將收到現金流，那就是永續年金

1:50:02

let's understand the concept of perpetuity with a simple example calculate

讓我們用一個簡單的例子來理解永續年金的概念，計算

1:50:08

the present value on 31st december 2021 of perpetuity paying 10 000 at the end of each month

2021年12月31日，一筆每月月底支付10,000的永續年金的現值

1:50:17

starting from 1st december 2021.

從2021年12月1日開始。

1:50:21

the monthly discount rate is seven percent so what is seven percent it is the discount rate at which

每月貼現率是百分之七，所以百分之七是什麼，它是我們收到現金流的貼現率

1:50:27

we are receiving the cash flow so in this problem the periodic payment is nothing but it

所以在這個問題中，定期付款就是

1:50:33

is amount is ten thousand discount rate is 0.07 that is 7 present value

金額是十千，貼現率是0.07，也就是7%，現值

1:50:42

of your cash flow is 10 000 divided by 0.07 that is amount divided by discount rate

是你的現金流 10,000 除以 0.07，也就是金額除以貼現率

1:50:51

so 10 000 divided by 0.07 it is going to be 1 lakh 42

所以 10,000 除以 0.07，將會是 142,857。

1:50:57

857.

857。

1:50:59

so that means the perpetual cash flows you are going to receive after a specified period of time the discounted

這意味著在特定期限後您將收到的永續現金流，其折現值為 14 萬 2,857。

1:51:06

value of those cash flows is 1 lakh 42 857.

儘管您在無限期內每月收到 10,000 盧比，我們可以計算這些無限期現金流的現值，其金額為 14 萬 2,857。

1:51:13

though you receive 10 000 rupees every month for indefinite period of time we can

現在加入永續年金，在此案例中我們看到永續現金流是固定的，即 10,000。

1:51:18

calculate the present value of those cash flows for indefinite period of time the amount is 1 lakh 42

在現實世界中，很難想像未來的現金流會相同，折現率會相同，現金流會相同，

1:51:26

857.

因為這些現金流和折現率受到多種微觀經濟因素的影響。

1:51:28

now adding to perpetuity let us say in this case

因此，當這些因素受到外部環境影響時，我們預期的永續現金流肯定會改變，我們預期的現金流也會改變，我們所談論的折現率也將改變。

1:51:32

we have seen the perpetual cash flows are constant that was 10 000.

因此，我們需要了解成長型永續年金，現金流將如何永久成長。想像現金流在無限期內保持不變，

1:51:39

in a real-world scenario it is hard to imagine that the cash flows for the

是理解原理所必需的經濟假設，但在現實世界中，折現率和現金流將受到各種宏觀經濟因素的影響，

1:51:41

future are going to be same the discount rate is going to be the same the cash flows are going to be

這些因素在計算成長型永續年金時需要被折現。

1:51:47

the same because these cash flows and discount rates are

因此，讓我們考慮一個例子：承諾明年收到一萬盧比，並永遠以 2% 成長的價值是多少？預期現金流將以...

1:51:52

influenced by several micro economic factors

受到多種微觀經濟因素的影響

1:51:57

so when these factors are influenced by external environment definitely the perpetual cash flows we

所以當這些因素受到外部環境影響時，我們所預期的永續現金流肯定也會改變，我們預期的現金流會改變，我們所談論的折現率也會

1:52:05

are expecting will also change the cash flows we are expecting will also change the discount rate we are

我們預期的現金流會改變，我們所談論的折現率也會改變

1:52:11

talking about is also going to change so we need to understand

我們所談論的也會改變，因此我們需要理解

1:52:16

growing perpetuity how the cash flows will grow perpetually imagining cash flows will remain

永續成長，現金流將如何永續成長，想像現金流將保持

1:52:25

stagnant for indefinite period of time is an economic assumption which is necessary for the understanding of the

停滯在一段無限期的時間內，這是一個經濟假設，對於理解以下原則是必要的：

1:52:32

principles but in the real world the discount rates the cash flows will be influenced by various

原則，但在現實世界中，折現率和現金流將受到各種

1:52:40

macroeconomic factors that needs to be discounted when we calculate the growing perpetuity

總體經濟因素的影響，這些因素在計算永續成長時需要被折現

1:52:46

so let's consider an example what is the value of promise to receive ten thousand

所以讓我們考慮一個例子，承諾在明年收到一萬

1:52:53

next year growing by two percent forever the cash flows are expected to grow by

元並以百分之二的速度永遠成長的價值是多少？現金流預計將以

1:52:59

two percent ten thousand two percent next year again plus two percent so it will grow gradually

2% 10,000 2% 明年再加 2%，所以它會逐漸增長

1:53:06

so we need to understand what is the perpetuity that going to grow right and that is

因此我們需要了解什麼是將會增長的永續年金，對吧？而這是在

1:53:12

under the assumption that the interest rate is going to be eight percent per year so when you need to assume that the

利率為每年 8% 的假設下，所以當你需要假設

1:53:20

perpetuity is going to grow for a period of time you have to apply

永續年金將在一段時間內增長時，你必須應用

1:53:24

the growing perpetuity formula amount divided by

增長型永續年金公式：金額除以

1:53:29

discount rate minus growth that is

貼現率減去增長率，也就是

1:53:33

10 000 divided by 0.08 minus

10,000 除以 0.08 減去

1:53:39

zero two the result is one lakh sixty six thousand six hundred and sixty seven

0.02，結果是 166,667

1:53:46

what it refers the value of your growing perpetuity will be one lakh sixty six thousand

這指的是你的增長型永續年金的價值將是 166,667

1:53:53

hundred 667 after your tenure that when you are going to start receiving the cash flows

在你的任期之後，也就是當你開始收到現金流時

1:54:00

so that is growing perpetuity here is a quick recap of what we have

這就是增長型永續年金。這裡快速回顧一下我們到目前為止

1:54:05

learned so far the value of money depreciates over a period of time due to inflation effect

學到的內容：貨幣的價值會因通貨膨脹效應而在一段時間內貶值

1:54:13

compounding refers to conversion of present value of money to future value of money

複利是指將貨幣的現值轉換為未來價值的過程

1:54:18

discounting refers to conversion of future value of money to present value of money

貼現是指將貨幣的未來價值轉換為現值的過程

1:54:25

the rupee earned today will have more value than the money that would be on tomorrow

今天賺的一盧比會比明天才有的錢更有價值

1:54:32

the rupees saved today will have more value than the money that would be saved tomorrow

今天節省的一盧比會比明天才要節省的錢更有價值

1:54:38

the rupee investor today will have more value than the money that would be invested tomorrow why because

今天投資的一盧比會比明天才要投資的錢更有價值，為什麼呢？

1:54:46

of inflation effect we also talked about perpetuity right we perpetuity refers to

因為通貨膨脹效應。我們也談到了永續年金，對吧？永續年金指的是

1:54:54

a constant stream of cash flows with no end and we have applied time value principle to perpetual cash

一個沒有終點的穩定現金流，我們將時間價值原則應用於永續現金

1:55:03

flows and we have understood the growing perpetuity growing perpetuity refers to a cash flow

流，並且我們了解了增長型永續年金。增長型永續年金指的是一個現金流

1:55:10

that is not only expected to be received for indefinite period of time but also grow with the same rate of growth

這不僅預期會在無限期的時間內持續獲得，而且還會以相同的增長率永遠增長

1:55:17

forever thank you so before moving on let's talk about our

永遠感謝，那麼在繼續之前，我們先來談談我們的

1:55:22

learning objectives so we'll start off by knowing what exactly are financial markets what is the need of financial

學習目標，首先我們將了解金融市場究竟是什麼，金融市場的需求是什麼

1:55:27

markets and also why are financial markets important then we'll know about the types various types of financial

以及為什麼金融市場很重要，接著我們將了解各種類型的金融市場

1:55:34

markets we'll start off by knowing what is a stock market what is a bond market what are foreign currency exchange what

我們將從了解什麼是股票市場、什麼是債券市場、什麼是外匯交易、

1:55:42

is a commodity market what is a cryptocurrency market that is in hype these days and also we'll be talking

什麼是商品市場、什麼是這幾天很火熱的加密貨幣市場，以及我們將討論

1:55:48

about the most riskiest part of the market called the derivative market so we'll start off by knowing what exactly

市場中風險最高的部分，稱為衍生品市場，所以我們將從了解金融市場究竟是什麼開始

1:55:54

are financial markets so we can consider financial markets as a marketplace or a bazaar right you we go to various

我們可以將金融市場視為一個市集或市集，對吧，我們去各種

1:56:01

supermarkets a supermarket has various components like we have groceries we have vegetables we have fruits we have

超市，超市有各種組成部分，比如我們有雜貨、有蔬菜、有水果、有

1:56:07

various cleaning items and all of this is in particular one place right but similar to this we have financial

各種清潔用品，所有這些都在一個特定的地方，對吧，但與此類似，我們有金融

1:56:14

markets so all the equities bonds securities currencies are traded at one particular place called the financial

市場，所以所有的股票、債券、證券、貨幣都在一個特定的地方進行交易，稱為金融

1:56:21

markets so basically how you buy a particular product in a grocery store or something like that

市場，所以基本上，就像你在雜貨店或類似的地方購買特定產品一樣，

1:56:27

in a financial market you exchange money money is exchanging hands and it is circulated from one individual

在金融市場中，你交換金錢，金錢在人與人之間交換，並在一個個體

1:56:34

to the other or one individual to an organization now selling or buying financial assets

與另一個個體之間，或一個個體與一個組織之間流通，現在出售或購買金融資產

1:56:40

takes place between two major parties one is called the buyer the second is called the seller

發生在兩個主要方之間，一個稱為買方，第二個稱為賣方

1:56:45

so we start off by knowing what are the different types of financial markets so we can assume a financial market as a

所以我們首先了解不同類型的金融市場是什麼，我們可以將金融市場假設為

1:56:51

house and there are various key elements to the to that house the first one is

一棟房子，這棟房子有幾個關鍵元素，第一個是

1:56:57

called the stock market the second is called a cryptocurrency market the third is called a forex

稱為股票市場，第二個是稱為加密貨幣市場，第三個是稱為外匯

1:57:04

market which we often refer to as foreign exchange then it is derivative market

市場，我們通常稱之為外匯，接著是衍生品市場

1:57:11

and also commodity market various livestock various agricultural products are traded on commodity markets so we'll

和商品市場，各種牲畜、各種農產品都在商品市場上交易，所以我們將

1:57:19

next know about what exactly is the stock market so stock market is a place where shares of publicly traded

接下來我們來了解究竟什麼是股票市場。股票市場是公開交易公司股票被買賣的地方。

1:57:25

companies are bought and sold so the buying and selling leads to a fluctuation in prices it can be on the

這些買賣行為會導致價格波動，價格可能上漲，也可能下跌。

1:57:32

positive side it can be on the negative side now the companies are registered at this

這些公司會在一個特定的地方註冊，我們稱之為「交易所」。

1:57:36

particular place called exchanges we know about that going forward where people buy and sell so in india we

未來我們會知道，人們就是在這裡進行買賣。在印度，我們有兩個主要的交易所，

1:57:43

have two major exchanges called the national stock exchange or nse or the bombay stock exchange or bse so there's

分別是國家證券交易所（NSE）或孟買證券交易所（BSE）。

1:57:51

a very good history of how the stock market came into picture so it was around the year 1600s so the world was

股票市場的歷史非常悠久，大約可以追溯到 1600 年代。

1:57:57

not explored much at that time the maps were not drawn at that time so in order to explore the world the ships were sent

當時世界尚未被充分探索，地圖也還沒繪製完成。

1:58:04

out from the harbours to various parts of the world so in order to maintain these ships it was a very heavy cost

為了探索世界，船隻從港口被派往世界各地。

1:58:10

that used to be uh that used to come up so the companies individually cannot have

維護這些船隻的成本非常高昂。

1:58:15

all the money put in for the ships to go across the world so in that case they thought that we'd take the money from uh

單憑一家公司無法負擔讓船隻環遊世界所需的全部資金。

1:58:22

various common people so that they can explore the world and also incur and take care of the expenses that have been

因此，他們決定向一般大眾募集資金，以便探索世界並支付相關開銷。

1:58:29

incurred so what was that that for a common man how would a common man gain profit out of it so in that case

那麼，對於一般人來說，如何從中獲利呢？

1:58:37

they thought that when these ships go and find new places all the treasury all the gold that they find

他們的想法是，當這些船隻找到新地方或發現黃金等寶藏時，

1:58:43

they will distribute that among the people who gave them the money in the first place so this is how stock market

就會將這些利益分配給當初提供資金的人。股票市場就是這樣誕生的。

1:58:49

came into picture now the investors purchase these shares and allow the company to raise money to grow its

現在，投資者購買這些股票，讓公司能夠籌集資金以發展業務。

1:58:55

business now every company in order to grow needs a capital expenditure we call it capex so we every uh so these capex

每家公司為了成長都需要資本支出，我們稱之為 Capex。

1:59:03

is required to you know enhance the company to take it forward for the for them to move forward so the stock market

這些資本支出是為了推動公司向前發展所必需的。

1:59:10

does come with a lot of risk but with the right investment strategies it can be done safely with minimum risk so what

股票市場確實伴隨著許多風險，但透過正確的投資策略，可以在風險最小的情況下安全地進行。

1:59:17

used to happen currently in the digital world is that everything is on just a click of a button so we can buy sell all

在當今的數位世界，一切都只需按一下按鈕即可完成。我們只需按一下按鈕就可以買賣所有股票。

1:59:24

the shares with a click of a button but in the 1900s it used to be physically so if you are you are living in the places

但在 1900 年代，這一切都是實體進行的。如果你住在...

1:59:31

where beyond bombay stock exchange was there or national stock exchange were there only then you can physically go

在孟買證券交易所或國家證券交易所之外，過去你必須親自前往

1:59:36

out and hand out the slips right of buy and purchase of the shares but now in this era we can do it just with a

並遞交買賣股票的委託單，但在這個時代，我們只需輕輕

1:59:42

click of a button so we'll understand what exactly is a share now we can consider a share as a small part of

按下一個按鈕就能完成。現在我們來了解什麼是股票。我們可以將股票視為

1:59:48

ownership in a financial asset or a business entity so for example you are a company and you plan to raise 50 lakhs

金融資產或商業實體的一小部分所有權。舉例來說，如果你是一家公司，計劃籌集 500 萬盧比

1:59:56

right so you divide those 50 lakhs into small chunks of shares with a small value and distributed among the people

於是你將這 500 萬盧比分割成許多小額股票，並分發給眾人。

2:00:04

let's take an example as we can see that a company called x y and z right let's take an example a company x y and z so

讓我們舉個例子，如我們所見，有一家名為 X Y Z 的公司，假設有一家 X Y Z 公司，

2:00:12

now it needs to raise a sum of around 50 lakhs so in order to do that what it would it can do is

現在它需要籌集約 500 萬盧比。為了做到這一點，它可以

2:00:19

distribute those 50 lakhs into 5 lakh shares with 10 rupees per share this is not a fixed value it depends on

將這 500 萬盧比分成 50 萬股，每股 10 盧比。這不是固定價值，取決於

2:00:25

the company what they want to do they can also make it as let's say so the company don't always need to have

公司想怎麼做。他們也可以設定為，假設公司不一定要

2:00:31

10 rupee as uh 10 rupee per share they can also distribute it as let's say 50 lakh into one rupee per share

每股 10 盧比。他們也可以將其分發為，假設將 500 萬盧比分成每股 1 盧比，

2:00:40

one rupee per share we can also do that now what happens is that the company divides his total capital into small

每股 1 盧比，我們也可以這樣做。現在發生的是，公司將其總資本分割成稱為股票的小

2:00:47

chunks called the shares which is used to raise money again but majority of these shares are kept with

單位，用於再次籌集資金。但這些股票的大部分由

2:00:54

the promoters of the company or the uh the top brass of the of the business the reason is that the main decision-making

公司的發起人或高階管理層持有。原因是主要的決策

2:01:02

body is the board right so they need to have majority of the shares so that they can have control over the particular

機構是董事會，對吧？因此他們需要持有大多數股票，以便能夠控制該

2:01:08

entity so this is why minority of the shares are let out in in stock exchanges for common man or the

特定實體。這就是為什麼少數股票會在證券交易所釋出，供普通人或

2:01:15

retail investors to purchase next come is what exactly is a stock exchange now you may have heard a lot of lot of times

散戶投資者購買。接下來是，究竟什麼是證券交易所？你可能聽過

2:01:21

these word stock exchange come into picture right so what exactly is a stock exchange we can consider it as a

很多次「證券交易所」這個詞出現。那麼究竟什麼是證券交易所？我們可以將其視為

2:01:27

building or maybe a mall in which different types of companies are registered there are kept there for the

一棟建築或也許是一個商場，不同類型的公司在那裡註冊，並在那裡展示供

2:01:34

common man or the retail investors to purchase so in india stock exchange are a very big part of it there are two

普通人或散戶投資者購買。在印度，證券交易所是其中非常重要的一部分，有兩家

2:01:39

stockings exchanges called the national stock exchange or the bombay stock exchange so in national stock exchange

證券交易所，稱為國家證券交易所或孟買證券交易所。在國家證券交易所

2:01:45

around 1700 companies are registered and in bombay stock exchange almost 5400 companies are registered now in order to

目前約有 1700 家公司在孟買證券交易所註冊，而孟買證券交易所則有近 5400 家公司註冊。為了

2:01:54

know the growth of uh the india basically to know the growth of how these companies are doing we have

了解印度的成長，基本上是為了了解這些公司的表現如何，我們有

2:01:59

different indexes which is for national stock exchange it is uh it is called nifty which comprises of 50 of the top

不同的指數。在國家證券交易所，它被稱為 Nifty，由 50 家頂尖

2:02:07

companies and their growth can be measured looking at how they are performing on day-to-day basis while all

公司組成，我們可以透過觀察它們每日的表現來衡量其成長。而

2:02:13

the on the other hand bombay stock exchange has its index called as sensex which comprise of top 30 companies and

另一方面，孟買證券交易所則有其指數，稱為 Sensex，由前 30 大公司組成，

2:02:20

you can also know what type of growth is happening by looking at their graphs so next we'll talk about how does the stock

你也可以透過觀察它們的走勢圖來了解成長狀況。接下來我們將討論股票市場如何運作，

2:02:27

market work what is the theory behind it how does the prices fluctuate how as you retail investors can invest your money

其背後的理論是什麼，價格如何波動，以及身為散戶投資人的你該如何投資資金。

2:02:35

so in general the main governing body of stock market is called as sebi which is

一般來說，股票市場的主要監管機構稱為 SEBI，

2:02:41

called security and exchange board of india so that regulates the entire markets how do the markets perform what

全名為印度證券交易委員會，負責監管整個市場的運作。市場如何表現，

2:02:47

is the thought process behind you know each company registering itself and if they are not any you know male practices

每家公司註冊背後的考量是什麼，以及是否有任何不當的行為發生。所以，如果你想投資一家名為 XYZ 的公司，

2:02:55

that are happening so if you want to invest in a company xyz right you cannot just go right there and ask that okay

你不能直接走過去說：「好吧，給我 XYZ 數量的股票」。你需要透過一個稱為股票

2:03:03

give me xyz number of shares you need to go go through a entity called as stock

經紀商的實體來進行。

2:03:08

brokers so these are the people who have registered accounts in the in the exchanges though these are the people

他們是在交易所擁有註冊帳戶的人，也就是說，他們是

2:03:14

who know how the markets work the other people who have the right to invest in a particular company buy your money so

懂得市場如何運作的人，也是有權代表你投資特定公司的人。

2:03:22

they have the right to do so so we as retail investors right we have we have to make apart from our saving banks

他們有權這樣做。所以我們作為散戶投資人，除了我們的儲蓄

2:03:30

account we have a savings bank account right that we all use right apart from it we need to open one more account

銀行帳戶（我們都使用的帳戶）之外，我們還需要再開設一個

2:03:36

which is called as a demet account so demet account is is the particular place in which you can trade into securities

帳戶，稱為「集保帳戶」（Demat Account）。集保帳戶是你用來交易證券的特定地方，

2:03:43

we call it securities or equity markets so you need to open a payment account now debent account

我們稱之為證券或股票市場。因此，你需要開設一個集保帳戶。這個集保帳戶

2:03:50

will have a particular account attached to it called as a trading account so all of your buying and selling will

會有一個特定的附屬帳戶，稱為「交易帳戶」（Trading Account）。你所有的買賣

2:03:57

happen in your trading account and through this trading account whatever the loss that you incur whatever the

都會在你的交易帳戶中進行，透過這個交易帳戶，無論你產生什麼損失，無論是

2:04:03

profit you gain will be transferred to your debt account now this trading account is linked to your

獲利將會轉入您的債務帳戶，這個交易帳戶與您的經紀商帳戶相連

2:04:09

broker's account so when you when you ever trade in any particular company or any particular

因此當您交易任何特定公司或特定股票時

2:04:15

stock these brokers will pass on your order to that particular company in the exchange and they will give you a

這些經紀商會將您的委託單傳遞給交易所中的該公司，並提供

2:04:21

confirmation that yes your your particular order is complete and then you will receive it in t plus two days

確認，是的，您的特定委託單已完成，然後您將在 T+2 天後收到

2:04:28

so india follows a t plus two day settlement period so if you buy today after two days you will receive that

所以印度採用 T+2 天的交割週期，如果您今天買入，兩天後您將收到

2:04:34

particular stock in your deemed account so uh the brokers are just the medium so your stocks are stored in a entity

該特定股票到您的帳戶，所以經紀商只是媒介，您的股票儲存在一個名為

2:04:42

called cbsn which is central depository securities limited our nsdl so these are the two things they are government owned

CDSL（中央存管證券有限公司）或 NSDL 的實體中，這兩者都是政府擁有的

2:04:51

and they're the companies in which your stocks are stored next we talk about what exactly is a bond market now bond

公司，您的股票就儲存在這些公司中。接下來我們談談債券市場究竟是什麼，債券

2:04:58

market is also known as a fixed income market now this type of markets are not very volatile these are safe entities

市場也稱為固定收益市場，這類市場波動性不大，是安全的實體

2:05:06

right this is also called as a safe investors heaven so bond markets you usually don't have a lot of fluctuations

對吧，這也被稱為安全投資者的避風港，所以債券市場通常不會有太多價格

2:05:13

in prices and also they are considered as a loan to a government company organizations by

波動，而且它們被視為是人們對政府公司組織的

2:05:21

the people so we lend out our money to these organizations or government so that they can give us an interest on the

貸款，所以我們將錢借給這些組織或政府，以便他們能支付我們利息

2:05:28

payment right so so governments and business entities they issue bonds to raise capital now what is this

對吧，所以政府和商業實體發行債券來籌集資金，那麼這個

2:05:35

capital needed for for example if a company wants to establish another businesses in another country so for

資金需要做什麼呢？例如，如果一家公司想在另一個國家建立另一項業務，那麼

2:05:42

that massive amount of capital is required now most of the companies don't have that kind of money and if they go

就需要大量資金，大多數公司沒有那麼多錢，如果他們去

2:05:48

to the banks and ask them the money they would probably reject their own loan requirement stating that it is too high

銀行要求貸款，銀行可能會拒絕他們的貸款要求，理由是金額太高

2:05:54

for them to give it so in that case what these companies do they roll out bonds which guarantees the particular investor

無法提供，那麼在這種情況下，這些公司會怎麼做呢？他們推出債券，向特定投資者

2:06:02

or the people that when you are giving like let's say 10 000 rupees you will get additional 10

或人們保證，當您提供例如 10,000 盧比時，您將在接下來的四

2:06:08

interest in next four years or five years so this is how the bond entity works now investors who buy these bonds

年或五年內獲得額外的 10% 利息，債券實體就是這樣運作的，購買這些債券的投資者

2:06:14

get regular fixed payments for a specified duration right it is similar to what we called as a fixed deposit

會在特定期間內獲得定期的固定付款，對吧，這類似於我們所說的定期存款

2:06:21

that you and i everyone would know that how it works it's similar to that now bond market is less volatile as has been

你和我以及所有人都會知道它的運作方式，這與現在的情況相似。債券市場的波動性較低，正如

2:06:28

already mentioned in the stock market there are still certain concerns about the bond market that i will be talking

先前在股票市場中提到的，但對於債券市場仍存在某些擔憂，我將會

2:06:34

about so there are essentially three types of uh bonds that exist number one is called the government bond second is

討論。因此，基本上存在三種類型的債券：第一種稱為政府債券，第二種

2:06:41

called the corporate bond and the third are the best known ones called the municipal bonds so what exactly happens

稱為公司債，第三種是最廣為人知的市政債券。那麼究竟發生了什麼事？

2:06:47

repeat so what exactly happened in the government bond so the federal government issued the government wants

再說一次。政府債券究竟發生了什麼事？聯邦政府發行債券，政府希望

2:06:53

to raise the money for various developments that might be happening like

為可能發生的各種發展籌集資金，例如

2:06:58

let's say big infrastructure you need to make express highways you need to make large complexes you need to make uh you

舉例來說，大型基礎建設。你需要建造高速公路、大型綜合體、

2:07:05

know bridges you need you need to lay down the railway line so all these things require massive amount of capital

橋樑，還需要鋪設鐵路線。所有這些都需要龐大的資金

2:07:11

so these government issue bonds there can be one more reason that i would not be taking up into deep

因此，政府發行債券。可能還有另一個原因，我不會深入

2:07:18

consideration that is to reduce the liquidity in the market now just in case of what how covered happened a lot of

探討，那就是減少市場流動性。以最近發生的情況為例，政府印了大量

2:07:24

money was printed by the government and set out in the in the

錢並投放到

2:07:28

in the system in the cash system of india so what this leads to rise in inflation prices inflation is at its

印度的現金體系中。這導致通膨飆升，物價上漲，通膨處於

2:07:35

all-time high so to reduce this kind of inflations also government use you know to roll out bonds so that they can

歷史新高。為了抑制這種通膨，政府也利用發行債券來

2:07:43

reduce the liquidity in the market now second is that these bonds attract a lot of investors right government bond

減少市場流動性。第二點是，這些債券吸引了大量投資者，對吧？政府債券

2:07:50

because it is a central government that gives out these bonds so the risk of default risk of them not paying you back

因為是中央政府發行的，所以違約風險、不還錢的風險

2:07:56

is very less and the other reason for issuing government body bonds is to minimize liquidity as i already

非常低。發行政府債券的另一個原因，如我先前

2:08:02

mentioned and also these bonds act as a sovereign one we also called in sovereign bond depending on which

所說，是為了最小化流動性。此外，這些債券也充當主權債券，我們也稱之為主權債券，取決於你在哪個

2:08:07

country or which you are in india you will in india you would call it as a government bond in america you would

國家。在印度，你稱之為政府債券；在美國，你

2:08:12

call it as a sovereign bond so it depends on a lot of uh areas as well from where you belong but also these

稱之為主權債券。這也取決於你所屬的許多地區。但同樣地，這些

2:08:20

bonds are the most safest type of investment considered they don't generally have a lot of you know

債券被認為是最安全的投資類型，它們通常沒有太多你所謂的

2:08:26

interest rates they would probably give you a maximum of around six percent of interest on your investments but since

利率方面，他們可能最多只會給你大約百分之六的投資報酬率，但因為

2:08:32

it is safe so you are guaranteed that six percent will you will receive it at the end

它很安全，所以你保證能在最後拿到那百分之六的報酬

2:08:36

next comes next comes is corporate bonds now corporate bonds are issued by big uh big business entities or small

接下來是公司債，公司債是由大型的 uh 大企業實體或小型

2:08:44

business and entities to expand their operational activities throughout the world now

企業實體發行，目的是要在全球擴展其營運活動，現在

2:08:50

they are there's a term which is used is called as

有一個術語叫做

2:08:55

capex which is called capital expenditure so they need to make a proper plan where they are investing the

capex，也就是資本支出，所以他們需要制定一個妥善的計畫，說明他們要如何運用

2:09:01

money that they are getting after issuing those bonds so corporate bonds are usually very long-term instruments

發行這些債券後所獲得的資金，所以公司債通常是非常長期的工具

2:09:08

and so their their maturity comes from one year to let's say five years so there are two types of corporate bonds

因此它們的到期日從一年到，比方說，五年不等，所以公司債有兩種類型

2:09:15

one that are issued by very big organizations like let's say reliance or tata that are more trusted ones right

一種是由非常大的組織發行的，像是依賴或塔塔這種比較值得信賴的，對吧

2:09:22

you you will be more than happy to give your money in exchange of an extra interest but also then there

你會很樂意把錢交給他們，以換取額外的利息，但另外也

2:09:28

are some companies that are not very known they are small capital companies and they also roll out their bonds so

有一些不太知名的公司，它們是小型資本公司，它們也同樣會發行債券，所以

2:09:35

what would happen is that they would have a higher risk of defaulting so the first type is called as investment grade

情況會是，它們會有較高的違約風險，所以第一種類型被稱為

2:09:41

bond so investment grade bonds are very high quality bonds and are more oftenly for fundamentally strong companies as i

投資等級債券，投資等級債券是非常高品質的債券，通常是給基本面強勁的公司，就像我

2:09:49

mentioned like reliance or data and they also have a lower uh risk of defaults but also lower interest rate so

提到的，像是依賴或塔塔，它們的違約風險也比較低，但利率也比較低，所以

2:09:57

their interest rate would be very less let's say four to six percent at max so this would be

它們的利率會非常低，比方說最多百分之四到六，所以這會是

2:10:02

interested of a corporate bond of a big company second we call it a high yield or junk ponds now these are issued by

大型公司公司債的利息，第二種我們稱之為高收益債或垃圾債，這些是由

2:10:09

relatively less known companies and their risk of default is very high they could probably you know run away with

相對不太知名的公司發行的，它們的違約風險非常高，它們很可能，你知道的，拿了

2:10:16

your money if they want and this is a very high type high risk type of investment but also since it is

你的錢就跑，如果它們想的話，這是一種非常 high risk 類型的投資，但同樣因為它是

2:10:23

a very high risk so you also get high rewards out of it so their interest rate would be somewhat between seven to ten

一種非常高的風險，所以你也能從中獲得高報酬，所以它們的利率大約在百分之七到十

2:10:29

percent at max so these types of uh investments are called as a junk bonds or high yield points

之間，最多，所以這類型的 uh 投資被稱為垃圾債券或高收益債

2:10:37

next is called municipal bonds now municipal bonds are generally considered as a tax saving option or a tax saving

下一個要介紹的是市政債券，市政債券通常被視為一種節稅選擇或節稅

2:10:44

bonds because you are not liable to pay any taxes on these types

債券，因為您無需為這類

2:10:49

of bonds but they are less common because they are not easily rolled out because it's more of a municipal thing

債券繳納任何稅款，但它們較不常見，因為它們不容易推出，因為這更多是市政事務

2:10:55

more of a locality thing so if uh a small government owned entities want to open a park let's say you know build a

更多是地方性的事務，所以如果，例如，一個小型政府擁有的實體想要開闢公園，比方說，你知道的，建造

2:11:02

park build a statue build a flagpole or something and they need investments for that then they issue these kinds of

一座公園、一座雕像、一根旗桿或類似的東西，而他們需要為此籌資，那麼他們就會發行這類

2:11:08

bonds which have a very less you know they have a very less interest rate they are not very attractive so but they are

債券，這些債券的利率非常低，你知道的，它們的利率非常低，不是很吸引人，但它們也

2:11:16

also called a stable investment to put your money in the investments would repeat the interest rate would probably

被稱為穩定的投資標的，可以將您的資金投入其中，重複一遍，利率可能

2:11:23

be around two percent but still it is considered a very common type or or more stable type of investment so next we

在百分之二左右，但它仍然被視為一種非常普遍或更穩定的投資類型，所以接下來我們

2:11:30

will talk about what exactly are forex markets so forex market stands basically trading of currencies right you always

將討論外匯市場究竟是什麼，外匯市場基本上就是貨幣交易，對吧？您總是

2:11:37

see in news that uh there are always news about one dollar is equal to how much rupees the dollar

在新聞中看到，例如，總是有一美元等於多少盧比的新聞，美元

2:11:43

has taken a dive the dollar has increased against uh in inr indian rupees so all these things

大跌，美元對印度盧比（INR）升值，所以所有這些事情

2:11:50

how do they come to know how what is the fluctuations that are happening so that all is done through forex market forex

們是如何得知的，發生了什麼樣的波動，這些都是通過外匯市場完成的，外匯

2:11:56

market involves you know buying of one currency and selling of another currency and it involves buying

市場涉及，你知道的，買入一種貨幣並賣出另一種貨幣，它涉及

2:12:03

and selling of currencies so the profits are booked by you know buying and selling and predicting the direction in

貨幣的買賣，因此利潤是通過你知道的買賣以及預測這些貨幣在

2:12:09

which these currencies are likely to take in future so it is not necessary that today you buy the currency and you

未來可能走的方向來實現的，所以並不是說今天您買了貨幣就必須

2:12:15

can predict it right now you can also take a bet on next two to three months we call it futures so you can also take

現在就預測它，您也可以對接下來兩到三個月進行押注，我們稱之為期貨，所以您也可以對

2:12:22

a bet on the future price and and trade it today itself so the forex trading gives a very high rate of interest but

未來的價格進行押注，並在今天就進行交易，因此外匯交易提供非常高的利率，但

2:12:30

it also comes at a very higher risk you can lose all of all of your money at one once as well and you can also gain a lot

它也伴隨著非常高的風險，您可能一次就損失所有資金，但也可能一次賺很多

2:12:37

of money at once the forex market has two major components called the inter bank market and the overall

錢，外匯市場有兩個主要組成部分，稱為銀行間市場和整體的

2:12:44

over-the-counter market now in inter bank market what exactly happens is that large bank trade currencies for their

場外交易市場（OTC），現在在銀行間市場，究竟發生了什麼，大型銀行為其客戶交易貨幣

2:12:50

balance sheet adjustment now these banks are basically investment banks or of big banks like

資產負債表調整這些銀行基本上是投資銀行，或是像高盛、摩根大通、摩根士丹利這樣的大銀行，所以所有這些銀行都利用你知道的來交易貨幣，以

2:12:56

goldman sachs or jp morgan morgan stanley so all these banks they use you know to trade currencies for the

調整他們的資產負債表，對吧？他們需要讓資產負債表變得更好，讓投資人以

2:13:03

adjustments in their balance sheet right they need to make their balance sheets uh good so that the investors look at in

非常正面的方式看待，而不會注意到其中的負面因素。第二部分是場外交易市場，這是

2:13:09

a very positive way and they don't look at the negatives of it and the second part is over the counter market which is

針對你我這樣的散戶投資人，你可以透過經紀商和線上平台在線上交易這些貨幣，有些

2:13:16

for you and me like retail investors you can uh trade in those currencies through brokers and online platforms online some

銀行有自己的線上平台，或者一般的經紀公司也可以

2:13:24

of the banks have their online platform or general any companies that are in the brokerage form they can also

進行這些操作。所以外匯市場主要分為三個主要部分：一個是現貨外匯

2:13:30

do these things so the forex markets are predominantly divided into three major parts one is called the spot forex

市場，第二個是遠期外匯市場，第三個是期貨外匯市場。我們將

2:13:37

market the second is called a forward foreign forex market and the third is called a future forex market so we'll

深入探討每一個部分。首先是現貨外匯市場。現貨外匯市場是

2:13:44

take a deep look into each one of it so the first one is called a spot forex market now the spot forex market is an

買方和賣方在當前匯率下立即進行貨幣交換，所以無論當天發生什麼事

2:13:51

immediate exchange of currencies between the buyers and the sellers at a current exchange rate so whatever is happening

都會在早上開始，下午結束，所以

2:13:58

throughout the day that will you know start in the morning and in the afternoon so

它不會延續到兩三天之後，而是當天、當下的情況。而且大部分的

2:14:03

it does not have a leap over into two three or four days it's the current day the current scenario and most of the

交易，其交割都在當天完成，不會延續到下週或更久。

2:14:10

trades right their deliverables are in that particular day itself it is not prolonged to you know next week or long

現貨市場的大部分交易是由銀行交易員、投機者和經紀商進行的，所以現貨市場

2:14:16

most of the trades and sport markets are by bank dealers speculators and brokers so all the major trades in the sport

的所有主要交易都是由大型投資銀行、主要的交易員和經紀商完成的，而大部分的

2:14:23

spot markets are done by major investment banks major you know major dealers major brokers and most of the

個人和散戶投資人則避開現貨市場。所以大型投資銀行，正如我之前

2:14:31

individual and retail investors stay away from the spot type of markets so big investment banks as i already

提到的，構成了現貨外匯交易的大部分。接下來是遠期外匯市場。在遠期外匯

2:14:37

mentioned make up the large part of spot forex trades next comes this forward forex market so in forward forex

市場，實際發生的情況是，雙方同意在未來以固定價格交易貨幣，所以這不是

2:14:45

market what exactly happens is that two parties agree to trade the currency for a fixed price in in future so it is not

今天，也不是明天，而是提前一兩個月。他們可以實際投機

2:14:54

uh not today not tomorrow so it is basically one or two months in advance so they can actually speculate whether

貨幣是會上漲還是下跌，所以他們在未來的某個數字下注，對吧？所以

2:15:00

the currency will go down whether the currency will go up so they take a bit at a number that is in future right so

貨幣會貶值還是升值，所以他們對未來的某個數字下注，對吧？所以

2:15:08

now this involves a lot of risk as i already mentioned if you don't meet up to the exact you know price that you are

正如我之前提到的，這涉及很多風險，如果你沒有達到你預期的精確價格，你投入的資金最終可能會損失一大筆錢，那是指數級的

2:15:14

uh you are putting your money in you may end up losing a large chunk of money that is exponential

損失，對吧。接下來，雙方可以是政府、個人或公司，它是開放給

2:15:20

loss right so the next is the two parties uh can be uh either governments individuals or companies it is open to

所有人的，而且它們通常交易量不大，因此流動性不佳，所以

2:15:28

all and they are generally not heavily traded uh hence they are not liquid so the

這類遠期市場的交易量較少，因為它處於非常

2:15:33

volumes of trades in these this type of forward markets is less because it is on a very

高風險的水平。接下來是外匯期貨市場，它們與遠期市場相似，

2:15:40

high risk level next comes this future forex market so they are similar to the forward market

但在外匯期貨市場中，大部分是在集中式交易

2:15:46

but in uh in the in future forex market it is mostly traded in centralized trading

市場進行的，例如你知道的，在 NFC 或 BSC，或者你實際上可以在這些經紀商

2:15:52

markets like you know uh in nfc bsc or you can you can actually make your account

開立帳戶，然後自己進行交易，它們具有高度流動性，因為既然是在集中式交易

2:15:58

on these brokers and you can trade it yourself they are highly liquid because since it is on the centralized trading

市場進行，就不涉及雙方之間的協議，因此交易量更大，所以高度流動。

2:16:03

markets it does not involve an agreement between the two parties therefore so it has more volumes and hence highly liquid

至於商品市場，我們腦中浮現的第一個問題是，這些商品到底是什麼？商品主要是

2:16:10

so commodity markets the first question that comes to our brain is what exactly are these communities now commodities is

可以開採的自然資源，或者像是農產品

2:16:17

mainly natural resources that can be mined or they can be like commodities like agricultural products

或牲畜這樣的商品。所以實際發生的情況是，我們對各種能源、香料或原油產業

2:16:24

or livestocks so what exactly happens is that we bet on various energy spices or crude industry

進行押注。根據

2:16:32

so according to how much volumes that have been extracted for example how much gold is extracted or what are the oil

已開採的數量，例如開採了多少黃金，或者目前在世界上流通的油價

2:16:39

prices that are you know currently circulating within the world we take a bit on these prices and we invest in

是多少，我們對這些價格進行押注並投資

2:16:45

this so if we think that the prices will go high in the coming future we buy that particular commodity so that it will

於此。所以如果我們認為價格在不久的將來會上漲，我們就買進該特定商品，這樣我們就能

2:16:51

have a greater gains for us so basically the community markets are divided into two major categories called the soft

獲得更大的收益。所以基本上，商品市場分為兩大類，稱為軟

2:16:58

commodities and the heart commodities so hard communities are natural resources that are mined right it requires

商品和硬商品。硬商品是開採出來的自然資源，對吧，它需要

2:17:04

physical digging of a particular land to extract it so these are like uh rear earth metals like you know gold

實際挖掘特定的土地來提取，所以這些像是稀土金屬，例如黃金、

2:17:12

silver or it is aluminium nickel or oil that is extracted by you know it's a complex process to you know dig out

白銀，或是鋁、鎳，或是透過複雜的過程挖掘出來的石油。

2:17:20

these things so that is called as hard commodities then comes the soft commodities now soft

這些東西被稱為硬商品，接著是軟商品。軟商品包括農產品、牲畜，例如農產品

2:17:25

commodities include agricultural products livestock like agricultural products

像稻米、小麥、咖啡、棉花，凡是你想得到的，大部分直接在土地上種植的東西

2:17:31

like paddy wheat coffee cotton you name it most of the things that are directly grown on land

大概都屬於商品市場，還有像豬肉這樣的牲畜。

2:17:38

there probably comes under under a commodity market and also livestock like pork

所以所有這些商品也像外匯貨幣一樣進行交易，因此它們有現貨、期貨和遠期合約。

2:17:43

so all these communities are also traded like forex currencies so they have spot futures and forward similarly

同樣地，商品也有外匯和遠期合約。這些商品市場並不是新事物，大約在 1600 年代

2:17:51

commodities also have what forex and forwards so these commodity markets are not a new thing so around in 1600s as

就已經存在。當時大部分的交易是透過水路系統進行，這些商品是用來交換

2:17:59

well they were about you they used to happen most of the trades through water system so these commodities were traded

香料或其他東西的，而且當時也有遠期市場。

2:18:06

in exchange of you know spices or any other things were exchanged for that matter and they were also forward market

所以如果你當時無法支付某個特定商品的特定價格，你

2:18:12

then so if you have failed to pay a particular price for that particular commodity you

可能就得用未來種植的東西來支付。這並不是一個新概念，商品

2:18:18

will be probably giving out the things that you grow in the coming future so this is not a new concept the commodity

市場早在大約 200 年前就開始了，所以它當時就已存在。接下來我們將討論

2:18:25

market started way back around 200 years ago so this existed back then also so next we will talk about what exactly

到底什麼是加密貨幣。這是我們都知道、最被炒作的市場類型，所有千禧世代和

2:18:32

are cryptocurrencies so this is the most hyped up type of markets that we all know all the millennials and everyone

20 多歲的年輕人都知道這些市場，因為它在過去十年獲得了極大的關注。

2:18:40

who are in their 20s know about these markets because of the hype it has gained over the past decade now

加密貨幣是一種數位貨幣，本質上是去中心化的，所以沒有任何內部

2:18:46

cryptocurrencies are sort of digital currency which is decentralized in nature so you don't have any intimate

中介管理機構來監管它。加密貨幣沒有監管，這就是為什麼它

2:18:53

intermediary governing institute to look after it there are no regulations in cryptocurrencies which is why it is

被認為是一種多元化的加密貨幣市場。現在，每一筆曾經存在的交易都記錄在一個

2:18:59

considered diversified type of cryptocurrency markets now every transaction that ever exists is on an

公開帳本上，對吧？這是任何人都可以存取的。所以，如果在一個中心化的組織中，

2:19:06

open ledger right which is accessible to anyone so what would happen is that in a centralized organization if it is

由它來管理某個特定事物，那麼大部分的事情你我可能都不會知道，這就是為什麼

2:19:13

governing a particular thing so most of the things you and i would not be aware about so that is the case why

加密貨幣會誕生的原因。那麼在 2007 或 2008 年的市場崩盤發生了什麼事呢？當時所有銀行

2:19:20

cryptocurrencies were born so what happened in the 2007 or 2008 uh market crash so at that time all the banks they

加密貨幣因此誕生。那麼在 2007 或 2008 年的市場崩盤中究竟發生了什麼事？當時所有的銀行都...

2:19:30

gave out bad loans we called it the housing bubble right most of the banks gave out you know bad loans to people

造成了不良貸款，我們稱之為房地產泡沫，對吧？大部分的銀行都放出了你知道的不良貸款給人們

2:19:36

and they could not repay the loans hence most of the investors were the money just in their banks lost a lot of money

他們無法償還貸款，因此大多數投資者的錢就這樣放在銀行裡，損失了很多錢。

2:19:42

right so in that case there was a pseudonymous person called satoshi nakamoto who discovered bitcoin right he

是的，在那種情況下，有一位化名為中本聰（Satoshi Nakamoto）的人發現了比特幣。

2:19:50

wrote in an academic paper that the currencies should be decentralized in nature and everyone should know what

他在一篇學術論文中寫道，貨幣本質上應該去中心化，而且每個人都應該知道

2:19:56

exactly is happening so ever every transaction that is made in a corrupt you know cryptocurrency world is on a

究竟發生了什麼事，所以在加密貨幣世界中進行的每一筆交易，都在

2:20:04

public ledger which is accessible to everyone now these cryptocurrencies they work with a particular technology called

一個公開的分類帳上，每個人都可以存取。現在這些加密貨幣使用一種特定的技術運作，稱為

2:20:10

the blockchain technology now so every transaction that is taking place is is almost impossible to change and hard to

區塊鏈技術。現在，每一筆正在進行的交易幾乎不可能更改，也很難

2:20:18

fake so which is why it becomes more trusted with people like you and me that everything is is decentralized in nature

偽造，這就是為什麼像你我這樣的人對它更加信任，因為一切都是去中心化的，

2:20:25

everything is open it is transparent and so not within one particular organization now crypto

一切都是公開、透明的，而不是由某個特定組織控制。現在加密

2:20:31

currencies they guarantee the value of transparency hence it is more trusted by you and i

貨幣保證了透明度，因此更受你我的信任。

2:20:38

next is derivative market next we will talk about derivative market now the derivative markets are a very high

接下來是衍生性商品市場，我們接下來將討論衍生性商品市場。衍生性商品市場是非常

2:20:45

volatile markets in which you have instruments called the forwards futures and options now these are based on an

波動劇烈的市場，其中有稱為遠期（forwards）、期貨（futures）和選擇權（options）的工具。這些是基於

2:20:51

underlying asset of value for example if you have a major stock let's say the line stock

一種標的資產的價值，例如，如果你有一檔主要的股票，假設是萊茵股票

2:20:56

or a data stock so it would have a very large value that most of us wouldn't be able to afford

或某個數據股票，它的價值非常大，大多數人都無法負擔。

2:21:03

right so they have a certain section called an underlying asset so it's like a small kid to that parent company which

對，所以它們有一個特定的部分稱為標的資產，這就像是母公司的一個小孩，

2:21:10

you can invest in quite cheap money right but that would not be of a particular day or a particular uh you

你可以用很少的錢投資，但這不是針對特定某一天或特定時間，而是在未來，

2:21:17

know particular time it would be in a future in a forward instrument in in about two or three months ahead of time

使用遠期工具，大約提前兩到三個月。

2:21:25

now these instruments you can invest your money in but they are very volatile like they can give you exponential

現在這些工具你可以投資你的錢，但它們波動非常劇烈，可能會給你帶來指數級的

2:21:32

losses as well as exponential gains so i would not deep dive into what exactly our derivative market because it is out

損失以及指數級的收益，所以我不会深入探討衍生性商品市場究竟是什麼，因為這超出

2:21:39

of the scope of this particular course but i will tell you that they are highly leveraged elements and they have a very

了本課程的範圍，但我會告訴你，它們是高度槓桿化的元素，具有非常

2:21:45

high risk potential they are again of three major types called the forward contact the future contracts and the

高的風險潛力，它們同樣主要有三種類型，分別為遠期合約、期貨合約和

2:21:50

options contract okay so let's look at what we have learned so far so we have learned what exactly are financial

選擇權合約好的，那麼讓我們來看看到目前為止我們學到了什麼，我們學習了金融市場究竟是什麼，金融市場為什麼重要，接著我們學習了股票市場究竟是什麼，股票市場如何運作，然後我們討論了不同類型的債券以及債券市場，像是政府債券、公司債券、市政債券，並且也探討了衍生性金融商品市場究竟是什麼，接著我們也學習了貨幣交易的方式，貨幣交易的不同方法，最後我們也討論了商品市場以及加密貨幣市場，後者目前處於上升趨勢且熱度極高，最後我們討論了什麼是商品市場以及什麼是加密貨幣市場，為什麼加密貨幣市場如此熱絡，加密貨幣的好處是什麼，以及為什麼加密貨幣對年輕世代有如此巨大的影響力。

2:21:56

markets why are financial markets important then we learned about what exactly is stock market how does the

這些都是我們在這門課程中學到的東西，希望您收穫滿滿，若想觀看更多此類影片，請持續關注 Great Learning。在繼續之前，讓我們談談一些學習目標：什麼是股票市場，股票市場中使用了哪些不同的術語和專有名詞。

2:22:02

stock market work then we discussed about the different types of bonds and the bond market like the government

接著第二個要點是了解股票究竟是什麼，股票在股票市場中是如何發行的，涉及的流程是什麼，然後我們將談談印度的兩大主要證券交易所，也就是公司進行買賣的地方，即國家證券交易所（NSE）和孟買證券交易所（BSE）。

2:22:08

bonds corporate bonds municipal ones and also looked at what exactly are derivative markets then so we also

接下來我們將了解股票市場的基礎知識，這是什麼意思呢？這意味著那些我們在打開電視、商業頻道或商業報紙時常聽到的股票市場常用術語，接著我們將了解這些公司在證券交易所上市的流程，這被稱為首次公開募股（IPO），我們將對此進行更深入的了解。

2:22:14

learned the way in which the currency is traded uh what are the different methods in which the currency is traded and at

接下來我們將了解您是哪種類型的投資者，您是交易員還是投資者，兩者之間有什麼區別，或者您屬於哪種其他類型的交易員，我們將在本課程中詳細討論所有這些內容。

2:22:21

the end we also discuss about the commodity markets and also the cryptocurrency markets which are in

以及加密貨幣市場，這些市場目前處於

2:22:27

higher uptrend and are the more hyped about in the end we discussed about the what are commodity markets and also what

更高的上升趨勢且更受熱議，最後我們討論了什麼是商品市場以及什麼

2:22:35

are cryptocurrency markets why are cryptocurrencies so hyped up market what is the benefit of cryptocurrencies and

是加密貨幣市場，為什麼加密貨幣市場如此熱議，加密貨幣的好處是什麼，以及

2:22:40

also why does cryptocurrency have such high influence on the young generation these

為什麼加密貨幣對年輕一代有如此大的影響力，這些

2:22:46

days so all these things we learned in this course i hope you had a very knowledgeable session for more such

這些日子，我們在這門課程中學到的所有東西，我希望您度過了一個收穫滿滿的時段。想觀看更多此類

2:22:52

videos stay tuned to great learning before moving on let's talk about some of our learning objectives what is stock

影片，請持續關注 Great Learning。在繼續之前，我們先來談談一些學習目標，什麼是股票

2:22:59

market what are the different terms and terminologies that are used in stock market now the second point that comes

市場？股票市場中使用了哪些不同的術語和專有名詞？現在第二個要點是

2:23:06

into picture is knowing what exactly is share how are shares rolled out in the stock market what is the process

了解什麼是股票，股票如何在股票市場上推出，背後的流程是什麼

2:23:12

involved in it then we'll talk about the two major stock exchanges in india where companies are bought and sold that is

接著我們將談論印度的兩大證券交易所，也就是公司進行買賣的地方，即

2:23:19

the national stock exchange and the bombay stock exchange moving forward we will know the basics of share market

國家證券交易所和孟買證券交易所。接下來，我們將了解股票市場的基礎知識

2:23:25

what does that mean that means the common jargons that are used in stock market that we commonly hear when we

這是什麼意思？這意味著那些我們常聽到的股票市場常用術語，當我們

2:23:31

turn on the television or a business channel or a business newspaper for that matter then we'll know about the process

打開電視、商業頻道或商業報紙時會聽到的術語。接著我們將了解公司

2:23:37

in which these companies are listed on stock exchange which is called as the initial public offering we'll know that

在證券交易所上市的流程，這被稱為首次公開募股（IPO）。我們將更深入地

2:23:44

in a greater depth moving forward we know what type of investor are you are you a trader or your investor what is

了解這一點。接下來，我們將了解您是哪種類型的投資者，您是交易員還是投資者？有什麼

2:23:50

the difference between the two and what or what other type of trader are you so we'll talk all about that in this

兩者之間的區別，以及您是哪種類型的交易員？我們將在這個

2:23:56

particular session then we'll know about how are companies fundamentally analyzed what is the thought process behind that

在這個特定環節，我們將了解如何從基本面分析公司，以及背後的思考過程。

2:24:02

what are the key components that you need to know to analyze a particular company then we'll talk about certain

分析特定公司需要掌握哪些關鍵要素，接著我們會討論在談到股票市場時。

2:24:09

questions that keep coming up when we talk about shared market so all that thing is included in this particular

經常出現的某些問題，所有這些內容都包含在這個特定的。

2:24:16

course so so make sure that you have your notebook and pen in hand because this session is going to be a knowledge

課程中，所以請務必準備好你的筆記本和筆，因為這個環節將是充滿知識量的。

2:24:22

packed session so without any further due let's get started now before starting to know what exactly is stock

時刻，那麼閒話少說，我們現在就開始吧。在開始了解股票市場究竟是什麼之前。

2:24:29

market i would like to ask you one simple question i would like to ask you one question do you know which was the

我想問你一個簡單的問題，我想問你一個問題，你知道第一家。

2:24:36

first ever company that got listed in the stock exchange it has a very significant history

在證券交易所上市的公司是哪家嗎？這背後有一段非常重要的歷史。

2:24:42

attached to it but stay tuned till the end of this module because i'm going to give you the answer at the end so let's

敬請持續關注直到本模組結束，因為我會在最後給出答案。那麼讓我們。

2:24:48

get started by knowing what exactly is stock market now when we talk about stock market it is generally the place

從了解股票市場究竟是什麼開始吧。當我們談到股票市場時，它通常是。

2:24:55

where publicly traded companies are bought and sold and when i mention the word publicly traded it does not mean

上市公司被買賣的地方，當我提到「上市」這個詞時，並不代表。

2:25:02

that the government is controlling these companies it's not a public sector company

政府在控制這些公司，它不是一家公營事業公司。

2:25:07

it generally means that a private company is now open to the investments by the general public which is why it is

它通常意味著一家私營公司現在向公眾投資開放，這就是為什麼它被。

2:25:15

called as publicly traded companies in which the investors like you and me which we often call as retail investors

稱為上市公司，像你我這樣的投資者（我們常稱之為散戶投資者）。

2:25:22

can put our money in in order to expect a good returns out of it now we can address stock market as a mall right as

可以投入我們的資金，以期從中獲得良好的回報。現在，我們可以把股票市場比作購物中心，對吧？作為。

2:25:32

a market place just like how mall has different shops of different brands similar to that a financial marketplace

一個市場，就像購物中心有不同品牌的商店一樣，類似地，一個金融市場。

2:25:41

or the stock market has different brands as companies in which retail investors like you and me can go

或股票市場有不同的品牌（即公司），像你我這樣的散戶投資者可以去。

2:25:49

and pick and choose which company you want to put your money in right in order to gain hefty returns at the end these

挑選你想投入資金的公司，對吧？以便最終獲得豐厚的回報。這些。

2:25:56

companies can be bought and sold into two such exchanges in india there are many more but two prominent ones are the

公司可以在兩個這樣的交易所買賣，在印度還有更多，但兩個主要的是。

2:26:03

national stock exchange and the bombay stock exchange now the investors purchase these shares which allows the

國家證券交易所和孟買證券交易所。現在，投資者購買這些股票，使得。

2:26:10

company to grow its business i'll just give you a hypothetical example let's say that you are starting your own

公司能夠發展其業務。我給你一個假設的例子，假設你正在創辦自己的。

2:26:16

company right so you would have very little capital attached to you but you would have the majority part of the

公司，沒錯，所以你可能只擁有很少的資本，但你卻擁有公司的大部分股份，

2:26:22

company let's say you are owning 100 of the company but you don't have that much funds right so you would be open to

假設你擁有公司 100% 的股份，但你沒有那麼多資金，對吧？所以你會開放

2:26:28

investments from other people so these other people would demand a percentage of your company let's say five percent

接受其他人的投資。這些其他人會要求你公司一定比例的股份，假設是百分之五

2:26:35

or six percent right which is called as initial series funding so it is series a series b series c series d and many more

或百分之六，對吧？這被稱為種子輪融資，接著還有 A 輪、B 輪、C 輪、D 輪以及更多

2:26:44

series of funding in exchange for the little ownership that you would grant them of your company now what would

輪次的融資，以換取你授予他們的一小部分公司所有權。現在，接下來會

2:26:51

happen is that there would be a certain stage in your company when you want to grow your business at an exponential

發生的是，在你公司的某個階段，當你希望以指數級

2:26:58

level but you don't have that much funding attached to it then what would be the way out in that case you would

成長你的業務時，但你卻沒有那麼多資金支持，那麼在這種情況下，出路會是什麼？你會

2:27:05

list your particular company in a stock exchange in order to get more money or more funds

將你的特定公司上市，以便從散戶投資者那裡獲得更多資金，

2:27:12

from the retail investors in return of a part ownership of your company right in this way a company gets his

作為回報，他們將擁有你公司的一部分所有權，對吧？透過這種方式，公司獲得了

2:27:20

funds to invest its money in this way the company generates more funds from the general

資金來進行投資，公司透過這種方式從大眾

2:27:28

public in order to meet their capex requirements now what is capex it means capital expenditure that is a plan that

那裡籌集更多資金，以滿足其資本支出（Capex）的需求。那麼什麼是 Capex？它指的是資本支出，那是公司為其未來擴張

2:27:36

the companies stock out for their future expansion right or if they want to get into another country they want to you

所規劃的計畫，對吧？或者如果他們想進入另一個國家，他們想要

2:27:44

know start a new venture out of it or a new entity out of it this is how they do it now we have often heard our parents

在那裡開創一項新事業或建立一個新實體，他們就是這樣做的。現在我們經常聽到我們的父母

2:27:51

or our colleagues tell us that you know what stock market is a very dangerous thing it is a thing that you should not

或同事告訴我們，你知道嗎，股市是非常危險的東西，它是你不應該

2:27:57

put your money in it is a very risky affair we can all agree to that we have heard it from someone or the other in

投入金錢的地方，這是一件非常冒險的事情。我們都可以同意這一點，我們在

2:28:04

our lives right so if it was such a dangerous thing it was a thing that nobody should touch why hasn't the

生命中都曾聽某人說過，對吧？所以，如果它真的是如此危險，是不該碰的東西，為什麼

2:28:10

central government or the reserve bank of india already banned such thing it has some interesting thing attached

中央政府或印度儲備銀行還沒有禁止這件事呢？這背後有一些有趣的東西，

2:28:17

to it right it has something that will improve our life eventually that is why they have still continued stock markets

對吧？它有一些最終會改善我們生活的事物，這就是為什麼他們仍然延續股市

2:28:24

in india right to move the global economy forward now this very question that what is the need to invest keeps

在印度的發展，對吧？以推動全球經濟前進。現在，這個「為什麼需要投資」的問題整天

2:28:31

buzzing us all day so i will give you a very simple example for it but before that i often get reminded about the one

在我們腦中縈繞，所以我會給你一個非常簡單的例子，但在那之前，我經常想起那一件

2:28:38

particular quote from the legendary investor warren buffett if you can't figure out to make money

傳奇投資者華倫·巴菲特的名言：如果你無法找到在睡覺時賺錢的方法

2:28:43

while you sleep you would have to work each day of your life now with that thought in mind i would like to say that

你就得工作一輩子。帶著這個想法，我想說的是

2:28:51

by investing you can you know deal with unavoidable situations like rising living cost now if you are just a

透過投資，你可以應對像生活成本上升這樣不可避免的情況。如果你只是

2:29:00

fresher out of college if you are just looking for a job you would know that shifting to another city or shifting to

剛大學畢業的社會新鮮人，如果你正在找工作，你會知道搬到另一個城市或搬到

2:29:06

a place outside home is a very very expensive thing now in order to deal with that now this would be a major

離家很遠的地方是非常非常昂貴的事情。為了應對這點，這將是目前一個主要的

2:29:14

problem right now in order to you know use that you would have your savings you would save let's say 20 000 a month or

問題。為了運用你的積蓄，你每個月會存，比如說 20,000 元，或者

2:29:21

let's say 10 000 a month now what do you think that 10 000 will remain of the same value as it is today

比如說 10,000 元。你認為這 10,000 元在五年後

2:29:30

in the next five years no right the reason is one particular thing called inflation now inflation is

還會保持和今天一樣的價值嗎？

2:29:37

something that we can't control this is something that the global economy controls or the policies of the

不會，對吧？原因是一個特定的東西叫做通貨膨脹。通貨膨脹是

2:29:42

government control now what would happen if you would have noticed that prices of everything post-covered have

我們無法控制的。這是全球經濟控制的，或是政府政策控制的。現在，如果你有注意到疫情後

2:29:48

dramatically risen and the reason for that is the low interest rate which leads to higher inflation rates which is

所有東西的價格都急劇上漲，這會發生什麼事？原因是低利率導致通貨膨脹率上升，這就是

2:29:55

why it becomes increasingly important for us to know that the money that we are earning right now the money that we

為什麼讓我們知道我們現在賺的錢，我們現在

2:30:02

are saving right now in our bank accounts is not sufficient to sustain a life going forward we would need to put

存在銀行帳戶裡的錢，不足以維持未來的生活，變得越來越重要。我們需要把

2:30:09

our money into certain investment instruments which we will be talking about in greater depth going forward now

我們的錢投入某些投資工具，我們接下來會更深入地討論。現在

2:30:15

by investing you can hope to have a larger sum of money at the conclusion of at your retirement age or something to

透過投資，你可以期望在退休年齡時擁有一筆更大的資金，或者用來

2:30:23

fund your after work life right so that is also one of the most important reasons to invest now people want to be

資助你退休後的生活，對吧？這也是投資最重要的原因之一。現在人們希望

2:30:29

financially protected right you don't want to have emergency situations in which you are out of money which is also

得到財務保障，對吧？你不希望遇到急需用錢卻身無分文的緊急情況，這也是

2:30:36

the reason why you want to put your money in certain instruments like equity stocks or mutual funds or you know debt

為什麼你想把錢投入某些工具，比如股票、共同基金，或者我們接下來會討論的

2:30:42

funds we will talk about that going forward now apart from it we also have certain goals and ambitions in life we

債券基金。除此之外，我們在生活中也有某些目標和抱負。我們

2:30:48

also want a fancy car we want a fancy house to live in right to fund all of these things it is possible in a minimum

也想要一輛豪華轎車，我們想要一棟豪華的房子居住，對吧？為了資助所有這些東西，最少需要...

2:30:56

income if you know how to put your money at the right place at the right time right so all these are

收入，如果你知道如何在正確的時間將資金投入正確的地點，對吧？所以這些都是

2:31:03

major reasons for you to invest in the stock market no doubt that it is very very risky it

你投資股市的主要理由。毫無疑問，這非常非常有風險，

2:31:11

is a place in which you need to have a lot of knowledge to get into but still you can make a lot of money out of it as

這是一個你需要具備大量知識才能進入的領域，但即便如此，你仍然可以從中賺取大量金錢。

2:31:19

well all right now let's talk about the different types of financial elements or

好的，現在我們來談談世界上存在的不同類型的金融要素，或者

2:31:24

we can say financial markets that are present in the world right so we'll start with knowing what is stock market

我們可以說是金融市場。對吧？那麼我們先從了解什麼是股市開始。

2:31:30

so the first type of market is called the stock market now since this particular course is based on stock

所以第一種市場稱為股市。既然這門特定的課程是基於股市，

2:31:36

market i'll tell you about it in a greater depth going forward but you know about the other markets is also an

我接下來會更深入地講解它，但了解其他市場也是

2:31:42

important thing so i'll give you a brief idea of what type of other markets are present right the second type is the

一件重要的事，所以我會簡要介紹一下存在哪些其他市場。對吧？第二種是

2:31:47

bond market now bond market includes retail investors like you and me giving our money to the government or certain

債券市場。現在，債券市場包括像你我這樣的散戶投資者，將我們的錢借給政府或某些

2:31:55

corporations in return they give you a particular certificate stating that you have

公司。作為回報，他們會給你一張特定的憑證，證明你已經

2:32:01

invested x y z amount in particular government or the corporations in return of a particular interest amount now that

投資了特定金額在特定的政府或公司，以換取特定的利息金額。現在，那個

2:32:10

interest amount can be varying it can be from as low as 3 percent to as high as 10

利息金額可能會變動，可能低至 3%，高至 10%，

2:32:15

but that depends on the time and also on the interest rates so bond market why would people invest

但這取決於時間以及利率。那麼，為什麼人們會把錢

2:32:22

their money in bond market because it is relatively less riskier than the stock market so people tend to minimize their

投資在債券市場呢？因為它的風險相對比股市低，所以人們傾向於在購買這些債券時

2:32:30

risk when they buy these bonds right the next type of market is called the commodity market now commodity market

將風險最小化，對吧？下一種市場稱為商品市場。現在，商品市場

2:32:38

involves the buying and selling of you know agricultural goods or certain things that can be mined like

涉及買賣你知道的農產品或某些可以開採的東西，例如

2:32:44

gold and silver right so this is called as a commodity market now the commodity market is divided into two components

黃金和白銀，對吧？這就稱為商品市場。現在，商品市場分為兩個部分，

2:32:51

the one is called hard commodities and the second is called soft commodities now hard commodities involves things

一個稱為硬商品，第二個稱為軟商品。現在，硬商品涉及那些

2:32:57

that can be extracted and mined like gold silver rubber etc right soft commodities on the other hand includes

可以被提取和開採的東西，例如黃金、白銀、橡膠等，對吧？另一方面，軟商品包括

2:33:05

agricultural goods and livestock right like barley rice and all that stuff right so the trading of all these things

農產品和牲畜，對吧？像是大麥、米和所有那些東西，對吧？所以所有這些東西的交易

2:33:12

are comes under commodity markets then comes derivative market now derived a market is one of the most riskiest type

商品市場之後是衍生性商品市場。衍生性商品市場是現存風險最高的市場類型之一。

2:33:19

of market that ever exists so in this particular market what happens is that you are buying an underlining asset of a

在這個特定市場中，你是在買賣某家公司的標的資產，

2:33:27

particular company right which is called futures and options right so in futures what what exactly happens in derivative

也就是所謂的期貨與選擇權。在衍生性商品市場中期貨的運作方式是，

2:33:34

market is you basically buying an underlying asset a small part of the original share but in future so

你基本上是在買進標的資產，也就是原始股票的一小部分，但是是在未來的時間點。

2:33:41

let's say you are buying for a particular price two months in advance so that is called as derivative market

舉例來說，你預先以特定價格買進兩個月後的資產，這就稱為衍生性商品市場。

2:33:47

i'll not get get into too much depth about what derivative market is because it is a subject on its own

我不會深入探討衍生性商品市場的細節，因為這本身就是一門學問。

2:33:54

to give you a brief idea this type of market is very very risky in which you can lose all the money at once if you

簡單來說，這類市場風險非常高，你可能一次就損失所有資金。

2:34:00

have heard stories when people say people losing all their money this is the reason why they lose a lot of money

如果你聽過有人說賠光所有錢的故事，原因就在於此，他們損失大筆資金的

2:34:06

which is derivative market at the end we talk about what are cryptocurrency markets now cryptocurrency markets we

場所就是衍生性商品市場。最後我們來談談加密貨幣市場。眾所皆知，加密貨幣市場

2:34:11

all know are in a lot of hype these days right so this was involved buying and selling of cryptocurrencies like bitcoin

這陣子非常火熱。這個市場涉及比特幣等加密貨幣的買賣，

2:34:20

or you have other type like dodgy coins and all so all the meme coins that are coming into picture all the coins that

或是其他類型如迷因幣（meme coins）。所有新出現的迷因幣，以及像比特幣

2:34:27

already exist like the bitcoin so all these coins are daily sold and bought so this comes under cryptocurrency market

這類已經存在的幣，每天都在進行買賣。這就屬於加密貨幣市場。

2:34:34

now cryptocurrency market is technically an

在技術層面上，加密貨幣市場在印度

2:34:38

investing instrument in india because it is not a legal tender to buy and sell a good or a service uh for in exchange of

是一種投資工具，因為它並非法定貨幣，不能用來買賣商品或服務以交換加密貨幣，

2:34:46

cryptocurrencies but people buy it thinking about it is an investment asset right all right now let's talk about

但人們買進它是基於將其視為投資資產的想法。好的，現在我們來更深入探討

2:34:53

greater depth what exactly is this course about that is stock market at the start of this course i asked you one

這門課程的具體內容，也就是股票市場。在課程一開始，我問了大家一個問題：

2:35:00

question right what was the first company that ever got listed on a stock exchange so the answer is dutch east

第一家在證券交易所上市的公司是什麼？答案是荷蘭東印度公司，

2:35:06

india company the same company that later came to india so around 1600 this company got first listed in amsterdam

也就是後來到印度發展的同一家公司。大約在 1600 年，這家公司首次在阿姆斯特丹

2:35:12

stock exchange which is by the way the oldest stock exchange in the world now let's move on to knowing what is a

證券交易所上市，順帶一提，那是世界上最古老的證券交易所。現在讓我們繼續了解什麼是

2:35:20

stock now stocks or shares are a small part of ownership in a financial asset or a business entity now what

股票。股票（Stocks）或股份（Shares）是對金融資產或商業實體的一小部分所有權。現在，什麼是

2:35:27

does it resemble so as the name suggests share represents something that is being shared by everyone which is the part

如名稱所示，股份代表著每個人共享的東西，在此情況下就是所有權的一部分

2:35:34

ownership in this particular case so people who buy these shares are called shareholders and the company divides its

所以購買這些股票的人被稱為股東，而公司將其

2:35:41

total capital into small chunks small parts right of equal value which is called a stock so the main reason right

總資本劃分為小單位、小部分，對吧，價值相等的單位，這被稱為股票，所以主要原因在於

2:35:49

you would want to know why does the company issue stocks what is the reason behind it now let's just take a simple

你會想知道為什麼公司要發行股票，背後的原因是什麼，現在讓我們舉個簡單的

2:35:55

example all right let's say a company is in a shoe business and it has funds of 10 000 rupees

例子，好吧，假設一家公司從事鞋業，它有 10,000 盧比的資金

2:36:02

of 10 000 rupees to make let's say hundred

以 10,000 盧比來生產，假設是 100

2:36:08

or let's say one thousand shoes now for this fund this fund is limited now

或者假設是 1,000 雙鞋，現在這筆資金，這筆資金是有限的

2:36:14

this fund is only for a month right and it can make only one thousand shoes out of it now let's just assume that a

這筆資金只有一個月的時間，對吧，它只能用來生產 1,000 雙鞋，現在讓我們假設

2:36:21

company got a very big order from someone right and the total requirement now the total requirement for completing

一家公司從某人那裡接到了一個非常大的訂單，對吧，而完成

2:36:30

that order is 50 lakhs let's just assume it okay now it does not have funds right it does not have funds that it would

該訂單的總需求是 50 拉克（Lakhs），讓我們就這樣假設，現在它沒有資金，對吧，它沒有資金來

2:36:37

need to make that amount of to complete that particular order so in that particular case what would happen is

生產那麼多產品以完成那個特定的訂單，所以在那種特定情況下，會發生的是

2:36:43

that the company would give part ownership to general public or retail investors like

公司會將部分所有權交給大眾或散戶投資者，像是

2:36:50

you and me so it would divide those 50 lakhs it would divide the 50 lakhs

你和我，所以它會將那 50 拉克，它會將那 50 拉克

2:36:59

into small chunks let's say it divides it into 10 rupee chunks which comes out to be around

劃分為小單位，假設它將其劃分為 10 盧比的單位，這大約是

2:37:06

5 lakh shares right so this 5 lakh shares into 10 rupees per share it will roll out now this amount is not fixed

50 萬股，對吧，所以這 50 萬股，每股 10 盧比，它將會推出，現在這個金額不是固定的

2:37:14

like 10 rupee it can roll out 50 lakh shares with one rupee face value face value is this particular

像 10 盧比，它可以推出 50 萬股，每股面額 1 盧比，面額是這個特定的

2:37:19

amount that is set now it can be 10 it can be 100 it can be one it depends on a variety of reasons the valuation and

設定的金額，它可以是 10，可以是 100，可以是 1，這取決於多種原因，估值和

2:37:27

everything so we won't get into that but in a general sense this is how a share is created a stock is created now then

一切，所以我們不深入探討，但一般來說，股份就是這樣創造的，股票就是這樣創造的，現在接著

2:37:34

it is listed in the stock market and you have xyz amount of shares that you can buy now how does the price of it

它會在股票市場上市，而你有 XYZ 數量的股票可以購買，現在它的價格如何

2:37:41

increase or decrease that is completely dependent on on the demand and supply of that particular share right so if the

上漲或下跌，這完全取決於該特定股票的需求和供給，對吧，所以如果

2:37:48

demand is high if the supply is high depending on that the price of that particular stock increases or decreases

如果供給量高，需求也會高，這取決於該特定股票的價格上漲或下跌

2:37:55

if the stock price of that particular company increases then it utilizes those extra amount and gives

如果該特定公司的股價上漲，那麼它就會利用那些額外的金額並

2:38:01

you back as dividends right so this as dividends now let's talk about the benefits of investing in stocks why

以股息的形式回報給你，對吧？所以這就是股息。現在讓我們來談談投資股票的好處，為什麼

2:38:09

would you as a retail investor put your money your hard-earned money into share market right so you would want to know

你作為一個散戶投資者，要把你的錢、你辛苦賺來的錢投入股票市場呢？你會想知道

2:38:16

what are the key benefits that it provides number one is capital gains so what does it mean it means that if

它提供了哪些關鍵好處。第一點是資本利得。這是什麼意思呢？它的意思是，如果

2:38:22

you've invested in particular stock let's say you have taken 20 stocks for 100 rupees each right

你投資了某特定股票，假設你以每股100盧比的價格買了20股，

2:38:29

that would be you spent around 2 000 rupees now the value of this 100 rupees in let's say two years

也就是你花了大約2000盧比。現在，假設在兩年後，這100盧比的價值

2:38:36

went to 1 000 rupees hypothetical example so what would that mean so that would mean your 20 shares

漲到了1000盧比（這是一個假設的例子）。那這意味著什麼呢？這意味著你的20股股票

2:38:45

would now be worth 1000 rupees each right that would be 20 000 rupees

現在每股價值1000盧比，對吧？那就是20,000盧比

2:38:52

in your pocket now if you know what would be your profit in that your profit would be

進了你的口袋。現在，如果你想知道你的利潤是多少，你的利潤會是

2:38:59

eighteen thousand rupees now with that amount of profit you would definitely would be willing to put your

18,000盧比。有了這筆利潤，你肯定會願意投入你的

2:39:06

money you have two thousand and you're getting back 20 000 that is a great deal isn't it so the first benefit is capital

錢。你投入了2000，卻拿回了20,000，這是一筆很划算的交易，不是嗎？所以第一個好處是資本

2:39:14

gains number two is dividends if the company is performing at an exponential rate if it is performing very well it is

利得。第二點是股息。如果一家公司以指數級的速度發展，如果它表現得非常好，創造了

2:39:21

generating extraordinary returns what would happen is that the company would want the investors like you and me to

非凡的回報，那麼公司會希望像你我這樣的投資者

2:39:28

stay in that company for a very long period so in order to do that it would divide those profits into

長期留在這家公司。為了做到這一點，它會將那些利潤分成

2:39:35

small chunks and distribute it among the shareholders that is called as dividend right third is the ownership now when

小塊，並分配給股東，這就叫做股息，對吧？第三點是所有權。當

2:39:43

you're buying a certain stock of a company you would also have the feeling of ownership to that company so you own

你買進一家公司的特定股票時，你也會對那家公司產生一種所有權的感覺。所以你擁有

2:39:51

a part of that company right you can go around and say i have 20 stocks of tata steel i am a part owner of that company

那家公司的一部分，對吧？你可以到處跟別人說，我擁有塔塔鋼鐵（Tata Steel）的20張股票，我是那家公司的部分所有者。

2:39:57

so that is called ownership next come is the voting rights now when you are buying shares right you would also be

這就叫做所有權。接下來是投票權。當你買股票時，你也會

2:40:03

given the voting rights to choose the management or the board of directors of that company that is called voting

獲得投票權，去選擇那家公司的管理層或董事會，這就叫做投票權。

2:40:09

rights so that also comes up when you invest in stocks then comes ipo profits now what is ipo would be discussed

權利，這在投資股票時也會出現，接下來是IPO利潤。IPO是什麼稍後會討論，

2:40:16

little later but i will tell you what is ipo profit now what exactly happens in an ipo is that

但我現在先告訴你什麼是IPO利潤。IPO具體發生的情況是，

2:40:22

you are buying a lot of shares a lot means

你買進大量的股票，大量指的是，

2:40:27

a lot may consist of 20 shares or 50 shares that depends on company to company but you would buy a complete lot

一個單位可能包含20股或50股，這因公司而異，但你會買進一個完整的單位，

2:40:34

of shares for a particular predefined value let's say

也就是特定預定價值的股票。假設，

2:40:39

you are buying 50 stocks for 100 rupees each so you are putting 5000 rupees as your capital now after this is before

你以每股100盧比的價格買進50股，所以你投入了5000盧比作為本金。現在，在這之前，

2:40:49

the company is listed when the company is listed let's see the the price that is defined by them is

公司還沒上市。當公司上市時，我們來看看他們定義的價格是，

2:40:55

let's say 500 rupees right now you would instantly gain 50 into 5000 rupees

假設是500盧比。那麼你將立即獲得 50乘以5000盧比，

2:41:03

that would be 25 000 right

也就是25000盧比，對吧？

2:41:10

you would have almost five times the amount that you invested in an ipo that is called as ipo profits

你幾乎獲得了你IPO投資金額的五倍，這就叫做IPO利潤。

2:41:17

so these were the benefits of investing in stocks all right so the next module that we will be

以上就是投資股票的好處。好的，接下來我們要討論的模組是，

2:41:24

talking about is what is a stock exchange but before understanding stock exchange i would want to explain you

什麼是證券交易所。但在了解證券交易所之前，我想先為你解釋，

2:41:31

what are the two types of markets that the investing worlds deal in that is the primary markets and the secondary

投資世界涉及的兩種市場類型，那就是初級市場和次級市場。

2:41:37

markets now if you talk about the primary markets when the company raises fresh securities or part ownership now

現在，如果你談到初級市場，指的是公司籌集新的證券或部分所有權的時候。現在，

2:41:44

what does this mean you would have noticed that flipkart recently got sold to walmart majority of its stake got

這是什麼意思呢？你可能注意到Flipkart最近被賣給了沃爾瑪，其大部分股權，

2:41:50

sold to walmart now this did not happen through stock market this happened outside the stock market in which a very

都賣給了沃爾瑪。這不是透過股票市場發生的，而是在股票市場之外進行的。在這種情況下，一家非常，

2:41:57

big firm or a firm with a lot of money puts or buys a part ownership in that company now this happens outside the

大的公司，或是一家擁有大量資金的公司，在那家公司買入部分所有權。現在，這是在股票市場之外，

2:42:05

stock exchange hence it is called as primary markets right so securities are created in the primary market firms sell

也就是證券交易所之外發生的，因此被稱為初級市場，對吧？所以證券是在初級市場創造的，公司在此市場，

2:42:13

new stocks and bond to the public for the first time in this market right so this is all about primary market the

首次向公眾出售新股和債券。所以，以上就是關於初級市場的一切。我們要討論的，

2:42:19

second type of market that we are talking about is called the secondary market now secondary market is also

第二種市場類型叫做次級市場。現在，次級市場也是

2:42:26

termed as the stock market when it comes to purchasing different stock or equities now i would like to tell you

當提到購買不同股票或權益時，這被稱為股票市場。現在我想告訴你

2:42:33

that this stock market is for retail investors like you and me if you want to

這個股票市場是為了像你我這樣的散戶投資者而設的。如果你想

2:42:38

buy a small chunk of that company which is usually less than 0.0001 percent of that company we go

購買一家公司的一小部分，通常少於該公司的 0.0001%，我們會

2:42:45

through this route which is called as secondary markets coming on to what is a stock exchange

透過這個途徑進行，這被稱為次級市場。接下來談談什麼是證券交易所

2:42:52

now stock exchange is a marketplace or a bazaar we can say for the stock brokers and the traders to buy and purchase all

現在證券交易所是一個市集或市場，我們可以說是股票經紀人和交易員用來買賣所有

2:43:00

the assets that is stocks bonds currencies and other financial instruments like derivatives etc now

資產的地方，例如股票、債券、貨幣以及像衍生品等其他金融工具。現在

2:43:08

this happens through stock exchanges now in a layman's term i would like to tell that stock exchange is basically like a

這些是透過證券交易所進行的。現在用外行人的話來說，我想告訴你證券交易所基本上就像

2:43:15

mall that we all visit just like in a mall you have different brands in different shops in the same

我們都會去的購物中心。就像在購物中心裡，你在不同的商店有不同的品牌一樣，

2:43:21

way stock market is a financial market or a financial mall in which you have different companies that are listed in

股票市場是一個金融市場或金融購物中心，裡面有不同的公司在

2:43:28

exchanges for an india's perspective we have two major stock exchanges in india which is

交易所上市。以印度的角度來看，印度有兩大主要證券交易所，

2:43:34

called the national stock exchange and the bombay stock exchange so most of the companies are listed in these two stock

分別是國家證券交易所和孟買證券交易所。所以大多數公司只在這兩家證券交易所

2:43:41

exchanges only now let's look at how does the stock market actually work so stock market consists of three key

上市。現在讓我們看看股票市場實際是如何運作的。股票市場由三個關鍵

2:43:48

players number one is the stock exchange second is the stock broker and the third is us that is retail investors now let's

參與者組成：第一個是證券交易所，第二個是股票經紀人，第三個是我們，也就是散戶投資者。現在讓我們

2:43:55

look at the work of all these three entities now when we come to stock exchange the major work is to get the

看看這三個實體各自的工作。當我們談到證券交易所時，主要工作是讓

2:44:02

company listed in that particular platform and to maintain a depository for the same right so

公司在該特定平台上市，並為其維護一個存管機構，對吧？所以

2:44:09

there are two major depositories in which your stock gets stored number one is called c

有兩個主要的存管機構用來儲存你的股票：第一個叫做

2:44:16

d dsl which is called as central depository service limited and the second one is

CDSL（中央存管服務有限公司），第二個是

2:44:22

nsdl national security is depository limited so these both entities store your

NSDL（國家證券存管有限公司）。所以這兩個實體儲存你的

2:44:31

store your stock or shares

股票或股份。

2:44:38

now what is the work of a stock broker so stock brokers are listed on

那麼股票經紀人的工作是什麼呢？股票經紀人是這樣上市的：

2:44:44

repeat now stock brokers are the members of stock exchange that conducts the trading

現在重複一遍，股票經紀人是證券交易所的會員，代表散戶投資者進行交易

2:44:50

on the behalf of a retail investor to put their money in the stock exchanges

讓他們的資金進入證券交易所

2:44:56

now basically they are called as dalals in which because they move money from one party to the other party that's

現在基本上他們被稱為 dalals（經紀人），因為他們將資金從一方轉移到另一方

2:45:02

their work now when we talk about why we need stock brokers it's because

這就是他們的工作。現在我們談談為什麼需要股票經紀人，是因為

2:45:07

they make the work more fluid since india follows a t plus two settlement period which means that if you are

他們讓工作更加流暢，因為印度遵循 T+2 的結算週期，這意味著如果你今天

2:45:14

buying a particular stock today you will receive that particular stock at the end of two days so this type of thing can be

買入某支股票，你將在兩天後收到該股票，所以這種情況對

2:45:21

very you know stressful for a retail investors that does not have much knowledge about the financial market so

金融市場知識不多的散戶投資者來說可能非常有壓力

2:45:28

in that scenario it becomes essentially important to have stock brokers that would help in the transactions that

在這種情況下，擁有股票經紀人來協助你從個人端到公司端的交易就變得至關重要。現在市場上有許多股票經紀人，在疫情後

2:45:33

you're making from your side to the company side now stock brokers are many that are there in the market it is ever

不斷增長，經紀業務的參與者數量激增，你會看到 ICICI

2:45:39

growing post pandemic it has sky boomed the number of players that are in the brokers business you would have icic

證券、SBI 證券、HDFC 證券，你有 Zero da，你有 Grow，你有

2:45:47

securities sbi securities hdfc securities you have zero da you have grow you have

證券、SBI 證券、HDFC 證券，你有 Zero da，你有 Grow，你有

2:45:53

tons and tons of different brokers that are currently available in the market now when we talk about retail

市面上有成千上萬種不同的經紀商，當我們談到零售投資時，這些都是目前市場上可以選擇的。

2:45:59

investors so we as retail inventor investors what do we do we open an account with a stock broker so

投資者，我們作為散戶投資者會做什麼？我們會在股票經紀人那裡開一個帳戶

2:46:07

we open an account with the stock broker we give them our money and then

我們在股票經紀人那裡開一個帳戶，我們把錢交給他們，然後

2:46:12

we decide which stock we have to buy either by phone on or today everything is on internet so every transaction can

我們決定要買哪支股票，以前是通過電話，但今天一切都上網了，所以每筆交易都可以

2:46:18

be made online now when this happens you have to have a bank account right bank account is a

在線完成。當這樣做時，你必須有一個銀行帳戶，對吧？銀行帳戶是

2:46:24

must so you need to have a savings bank account in which you have all the money stored now this bank account

必須的，所以你需要有一個儲蓄銀行帳戶，裡面存有你所有的錢。現在這個銀行帳戶

2:46:31

is one account that everyone holds right on the top of it for trading in companies you would also need a demit

是每個人都擁有的基本帳戶，對吧。在此之上，為了交易公司股票，你還需要一個 Demat

2:46:38

account okay now dmit account holds the number of shares that you are

帳戶。好的，Demat 帳戶保存著你目前

2:46:47

currently having so it is stored in c dsl or nsdl that we already discussed but what happens that on your side where

擁有的股票數量，所以它存儲在 CDSL 或 NSDL 中，我們之前已經討論過，但在你這邊會發生什麼呢

2:46:55

your stock is there that would be your demet account right and then you have a trading account in which

你的股票會在那裡，那會是你的 Demat 帳戶，對吧？然後你還有一個交易帳戶，

2:47:04

in which all your securities can be sold or bought at any point of time during the market hours all right so this is

在這個帳戶裡，所有的證券都可以在市場交易時段內的任何時間點買進或賣出，對吧？所以這是

2:47:11

what happens now in india the market timings are from 9 15 a.m to 3 30

現在在印度發生的情況，市場交易時間是從上午 9 點 15 分到下午 3 點 30 分，

2:47:18

p.m from monday to friday and there can be a lot of holidays in between that is

從週一到週五，中間可能會有很多假期，那是

2:47:23

another story but mostly it operates from monday to friday for equities

另一回事，但大部分情況下，股票交易是從週一到週五，

2:47:30

in from 9 15 a.m to 3 30 p.m we have already discussed what is the need to invest from a retail investors

從上午 9 點 15 分到下午 3 點 30 分。我們已經討論過從散戶投資者的

2:47:37

point of view but now let's look at the benefits that the companies get when they list their particular companies on

角度來看投資的必要性，但現在讓我們看看當公司將其特定公司在

2:47:44

the stock market now the first point that i would like to tell you is that this helps in raising funds as i already

股票市場上市時，公司能獲得哪些好處。首先我想告訴大家的是，這有助於籌集資金，正如我已經

2:47:51

mentioned there's something called as capital expenditure that the companies look forward to and the companies make a

提到的，公司期待的所謂資本支出，公司會制定

2:47:57

plan they chalk out a plan where which what amount of funds are needed for what amount of projects right so all these

計劃，他們規劃出一個計畫，說明多少資金需要用於多少項目，對吧？所有這些

2:48:05

things are taken care of in their capital expenditure now this also acts as an exit route to the existing

事情都在他們的資本支出中得到處理。現在，這也為現有的

2:48:11

investors or the promoters if there are any so what happens is when the companies list the particular stock in

投資者或發起人（如果有的話）提供了一條退出途徑。所以情況是，當公司在

2:48:18

the stock market then what happens is that there might be some investors or promoters that want to leave the company

股票市場上市特定股票時，可能會有一些投資者或發起人想要離開公司，

2:48:24

so they would exchange or they would get out of that particular company by you know leveraging their particular

所以他們會通過利用他們在股票市場、在二级市場上擁有的

2:48:32

portion or the part ownership that they have to the stock market to the secondary markets the second point now

特定部分或部分所有權來交換或退出那家特定公司。第二點是

2:48:38

is that for raising further capital for the future development of the company as i already mentioned before capital

為了為未來的公司發展籌集更多資金，正如我之前提到的資本

2:48:43

expenditure if they are opening a new branch in a particular city or they are expanding globally to a new continent or

支出，如果他們在特定城市開設新分支機構，或者他們正在全球擴張到新大陸或

2:48:50

to newer country this is what listing on the stock market is what helps them achieve that goal

新國家，這就是上市股票市場如何幫助他們實現該目標的

2:48:57

then it leads to the liquidity of the security so it tells you how much liquid how much you know now it tells us that

方式。然後它導致了證券的流動性，所以它告訴你流動性有多高，它告訴我們

2:49:03

if the company is going to be bankrupt soon or not if they have enough cash if they have enough liquid money attached

公司是否即將破產，他們是否有足夠的現金，他們是否有足夠的流動資金。

2:49:09

to it then the company is in good hands right it also depends on the nature of the management that is handling that

於是，公司便處於良好的管理之下，對吧？這也取決於管理該公司的管理層性質。

2:49:15

particular company then it reflects a true and fair price of the stock now as a company you always want to know the

如此一來，它便反映了股票真實且公平的價格。作為一家公司，你總是希望讓消費者清楚看到，

2:49:22

clear or to a true picture to its consumers that how does the company look like how are they a growing company are

或真實了解公司的面貌：這家公司如何？它們是否是一家成長型公司？

2:49:29

they they are valued companies so all these things tell us the what is the fair and a clear picture of that

它們是否為被低估的公司？所有這些因素都告訴我們，該公司

2:49:35

particular company so this is why it is the fourth point reflector two and fair price of the stock so the next module

的公平且清晰的概況是什麼。這就是為什麼它是第四點：反映股票的真實與公平價格。那麼，下一個模組

2:49:43

that we will be talking about is called the basics of a stock market now there are certain commonly used jargons that

我們將要探討的是「股票市場基礎」。現在有一些我們日常生活中常聽到的術語，

2:49:49

we hear on a day-to-day basis right so let's discuss some of them so the first one is called the bull market now bull

對吧？讓我們來討論其中一些。第一個叫做「牛市」（Bull Market）。牛市

2:49:56

market is a market when the stock the prices of the stock are in an upward trend what does upward trend mean it

指的是股票價格處於上升趨勢的市場。什麼是上升趨勢？

2:50:03

means that on a month to month basis or a week to week basis or a day-to-day basis the price of that particular stock

它意味著在月、週或日的基礎上，該特定股票的價格

2:50:10

is increasing than the previous day or the previous month or the previous week in whichever time frame you are looking

相比前一天、前一週或前一個月（取決於你觀察股票的時間框架）持續上漲。

2:50:17

at the stock at so this is considered as a bull market now the beer market is considered when all the trend lines are

這就被視為牛市。相反地，「熊市」（Bear Market）則是指所有趨勢線

2:50:24

falling downwards the stock is not performing well its value is decreasing month on month year on year week on week

都在向下走，股票表現不佳，其價值逐月、逐年、逐週

2:50:31

and eight day on day so this is termed as a beer market right so now the fluctuation in price is right it depends

甚至逐日下跌，這就被稱為熊市，對吧。那麼，價格的波動主要取決於

2:50:39

mostly on the supply and the demand the bulls side and the beer side the people who are selling the stock and the people

供給與需求，也就是多頭（Bulls）與空頭（Bears）——那些賣出股票的人和

2:50:46

who are buying the stock now we always hear in news that the bulls have taken over the market it means that there is a

買進股票的人。我們常在新聞中聽到「多頭已掌控市場」，這意味著市場有強勁的

2:50:52

strong momentum going towards an upward trend which is why it is called that the bulls have taken over the market now

動能朝著上升趨勢發展，因此被稱為多頭掌控市場。當

2:50:59

when the stock market is in the downtrend then we generally refer to as the beer market the beers have taken

股市處於下降趨勢時，我們通常稱之為熊市，也就是空頭已掌控

2:51:05

over the market so these are the two commonly used terms then is called the face value of a stock as we already

市場。這些是兩個常用的術語。接著是「股票面值」（Face Value），正如我們之前

2:51:12

discussed before what it is i'll reiterate it so for example if a company needs a 50 lakh

討論過的，我再重述一次。舉例來說，如果一家公司需要 500 萬

2:51:18

rupee repeat 50 lakh rupee is their capex or their

盧比（重複：500 萬盧比）作為資本支出（Capex）或他們的...

2:51:25

capital expenditure requirements then what would they do they would generally roll out 5 lakh shares

資本支出需求，那麼他們會怎麼做？他們通常會發行 50 萬股

2:51:34

of 10 rupees each so this 10 rupee is 10 rupee per share so this 10 rupees called the face value

每股身 10 盧比，所以這 10 盧比就是每股 10 盧比，這 10 盧比被稱為該股票的

2:51:43

of that stock now next comes 52 week high or low now 52 week high and low generally means that

面值。接下來是 52 週高點或低點，52 週高點和低點通常是指

2:51:50

the highest value of that stock that has been achieved in the fif in 52 weeks or basically in an year similar to that the

該股票在 52 週內，或者基本上在一年內達到的最高價值，同樣地，該股票

2:51:58

lowest price that the stock has achieved in 52 weeks or one year is called 52 week high or low next comes the upper

在 52 週或一年內達到的最低價格，被稱為 52 週高點或低點。接下來是漲停板

2:52:08

circuit and the lower circuit now as i already mentioned before so there is a governing organization called sebi

和跌停板。正如我之前提到的，有一個管理機構叫做 SEBI

2:52:14

which is called securities and exchange board of india now this particular organization is run by the government

全名為印度證券交易委員會。這個特定的組織是由政府運營的，

2:52:21

it's a regulatory body which takes care of all the trading that happens in the markets now

它是一個監管機構，負責管理市場中發生的所有交易。現在

2:52:29

money is a very sensitive issue now it can lead to a lot of malpractices or fraudulent behaviors that we would see

金錢是一個非常敏感的議題，它可能導致許多我們在市場中看到的

2:52:36

in the market so in order to curtail that in order to maintain the decorum of the markets

不當行為或欺詐行為。為了遏制這種情況，為了維護市場的秩序，

2:52:42

so sebi regulates most of these things now one of these things is called the upper

SEBI 會規範大部分這些事項。其中之一就是所謂的漲停板

2:52:48

circuit and the lower circuit now what usually happens is that the government does not want the

和跌停板。通常的情況是，政府不希望

2:52:53

investors to lose lot of money just imagine a situation in which a company is trailing all good then suddenly a

投資者損失很多錢。想像一下這種情況：一家公司原本一切運作良好，突然間

2:53:00

news come that the entire management has resigned from the company what would be what would happen to that particular

傳來消息，整個管理層都從公司辭職了，那這家公司的股票會發生什麼事？

2:53:06

stock everyone would keep selling that stock the reason for that is they did not believe in the company anymore they

每個人都會持續賣出那支股票，原因是他們不再相信這家公司了，

2:53:12

would not believe that if the company would exist in the in the longer run and their money would not be given back to

他們不相信公司能長期生存下去，他們的錢也拿不回來了。

2:53:18

them so in certain cases the prices of that particular stock would fall rapidly it would crash right so in

所以在某些情況下，那支特定股票的價格會迅速下跌，甚至崩盤。為了

2:53:26

order to protect that there's a limit to which it can go up or down which is called the upper limit and the lower

保護投資者，股價的漲跌是有限制的，這被稱為上限和下限。

2:53:32

limit so on from a fresh day a fresh limit is set it usually is in percentage like 10 to 20 percent of the stocks

從新的一天開始，會設定一個新的限制，通常是股票價值的百分比，例如 10% 到 20%

2:53:39

value or something like that is the is the upper limit and the lower limit so when that particular stock hits that

左右，作為上限和下限。所以當那支特定股票觸及這個限制時

2:53:48

particular limit right then the trading stops in that in that particular stock either ways upwards or upper circuit or

特定的漲跌幅限制 right then 該股票的交易就會停止不論是上漲的漲停板或是

2:53:55

lower circuit does not matter but the trading stops if it touches that limit so in order to protect the retail

下跌的跌停板都沒關係但只要觸及該限制交易就會停止為了保護散戶

2:54:02

investors in order to protect the money of the retail investors this is what the sebi regulates on a day-to-day basis

投資人為了保護散戶投資人的資金這就是證期會（SEBI）每日所規範的

2:54:10

so the next module that we will be talking or discussing about is called the ipo markets now we have had a brief

那麼接下來我們要討論的模組叫做IPO市場我們在之前的模組中

2:54:16

discussion about it in the previous modules but in this particular module i'll give you an overall outlook of what

已經簡單討論過但在這個特定的模組中我會給你一個關於IPO的整體概觀

2:54:22

ibus and also know about a case study of zomato so let's get started so ipo basically stands for the initial public

並且也會進行Zomato的案例分析讓我們開始吧 IPO基本上代表首次公開發行（Initial Public Offering）

2:54:30

offering now what happens in this particular scenario is that privately held companies offer its shares to the

在這種情況下私人持有的公司首次向

2:54:36

public for the first time now this means that these privately held companies are now publicly traded companies in the

公眾發行其股票這意味著這些私人持有的公司現在成為了在

2:54:43

secondary market remember we already learned about the primary markets in the previous module

二级市場交易的上市公司記得我們在之前的模組中已經學過初級市場

2:54:48

the same thing is when the company gets into ipo it basically offers themselves it basically tells that i am open to

當公司進行IPO時情況是一樣的它基本上是在推銷自己基本上是在宣告我向

2:54:55

public investment and public investors are basically you and me which is called as a retail investors now the shares can

公眾投資開放而公眾投資人基本上就是你和我也就是所謂的散戶投資人現在這些股票可以

2:55:02

be traded in the secondary markets by the retail investors as well as two other types by retail investors and also

在二級市場由散戶投資人交易也可以由另外兩種類型的投資人交易包括散戶投資人以及

2:55:10

and also foreign institutional investors and domestic institution investors now what are these investors they are called

外國機構投資人和國內機構投資人這些投資人被稱為

2:55:17

as fiis or diis which means that they are institutional banks basically which is called eye banks or maybe fintech

FII（外國機構投資人）或DII（國內機構投資人）他們基本上是機構銀行也就是所謂的投資銀行或者是金融科技

2:55:24

companies that want to put their money as investments in these companies so for them also secondary market plays an

公司想要將其資金作為投資投入這些公司所以對他們來說二級市場也扮演著

2:55:31

important and integral part of their earnings now for for a company to get listed in an ipo there is a proper

他們收益中重要且不可或缺的角色現在對一家公司而言要在IPO中上市

2:55:37

staging there is proper steps that need to be followed so the first step in doing so is called due diligence which

有一套適當的階段需要遵循適當的步驟第一步稱為盡職調查（Due Diligence）

2:55:44

is done by majority of the accounting firms that are there so what exactly happens in due diligence is that they

這是由大多數存在的會計師事務所來執行的盡職調查的具體內容是

2:55:51

check if the financials are correct if the company is on track or what they propose to be and also if there are any

檢查財務狀況是否正確公司是否如他們所宣稱的那樣在正軌上以及公司是否有任何

2:55:58

malpractices or misdoings that are done by the company so all that things are taken by these accounting firms and then

不當行為或違規操作這些事項都由這些會計師事務所處理然後

2:56:04

they are reported to sebby say we use the security and exchange board of india so now they have the first step that the

據報導，他們向印度證券交易委員會（SEBI）提交文件，因此現在第一步是

2:56:10

company has to do is they have to prepare a document called drhp document now what does this mean

公司必須準備一份名為 DRHP 的文件，這是什麼意思呢？

2:56:17

this means that it is a draft red herring prospectus which basically tells about how the company is performing what

這代表「招股說明書草案」，主要說明公司的營運狀況、

2:56:24

has the potential loss that the investors can have if they invest in the company they perform a swot analysis

投資者若投資該公司可能面臨的潛在損失，他們會進行 SWOT 分析

2:56:30

which is called strength weakness opportunities and threats so they list out all these things in their document

即優勢（Strengths）、劣勢（Weaknesses）、機會（Opportunities）和威脅（Threats），並將所有這些內容列在

2:56:37

called the draft red hearing prospectors in order to know about this you can visit the sebi website and find it i'll

這份名為招股說明書草案的文件中。若想了解更多，可瀏覽 SEBI 網站，我將

2:56:43

just show you how it is so if you go to semi website you would see something

直接展示如何操作。若進入 SEBI 網站，您會看到

2:56:50

okay so if you go to the home tab filings public issues then you will come to this particular section called

好的，若點擊首頁標籤中的「 filings public issues」，您會進入這個特定區塊，稱為

2:56:59

draft hearing documents filed with roc or you can have draft over documents filed with sebi if you click on that

「向公司註冊處提交的招股說明書草案文件」，或您也可以選擇「向 SEBI 提交的招股說明書草案文件」，若點擊該選項

2:57:06

then you can get the number of companies that have applied for their ipos so if i see in general case i i'm taking an

您就能看到已申請 IPO 的公司數量。以一般情況為例，我以

2:57:14

example of zimato so i'll see when was matto had its d i okay here it is on april

Zomato 為例，我查看 Zomato 何時提交 DRHP...找到了，是在四月

2:57:22

28th they file this prxp here so if i click on it then a window will open and i can actually

28 日提交這份 DRHP。若我點擊它，就會跳出一個視窗，我可以實際

2:57:30

see what this document is now this document is a very big document it is not a

查看這份文件內容。這份文件非常龐大，並非

2:57:35

10 page or 20 page document it's around 500 pages document which gets the details of everything that the

10 頁或 20 頁的文件，而是約 500 頁的文件，詳細記載了

2:57:42

company does or has done in the past or about to do in the future so it just tells us about what other management

公司過去所做的一切、現在的狀況以及未來的規劃。它告訴我們管理層

2:57:49

think about the company and also about what are their future plans or what are the potential risks involved in the

對公司的看法，以及他們未來的計畫或目前營運業務中

2:57:55

business that they are currently dealing it so along with that it has

可能面臨的潛在風險。此外，文件中也包含

2:58:01

a brief description of if there are any legal matters that the company is engaged in are there any cases that are

公司是否涉及任何法律事務的簡要說明，是否有消費者對公司提起訴訟，同時文件也說明了管理層是誰、

2:58:07

filed by the consumers against the company also the document tells us about what is the management what are the

公司的發起人是誰、投資者有哪些，以及在公司中持有大量股份的大型投資者是誰。

2:58:13

promoters of the company who are the investors who are the big investors that are there presenting them in the company

特定環節中討論所有這些內容。接著我們將了解如何對公司進行基本面分析，背後的思考過程是什麼？

2:58:20

before getting listed to the stock market and also if the company is pledging its

在公司上市之前，以及如果公司在股票市場上市之前質押其

2:58:25

shares before uh listing on the stock market which means that they want to exit the company before it is listed or

股份，這意味著他們想在公司上市前退出，或是

2:58:32

they want to reduce the percentage amount in the company so all these things are mentioned in this document in

他們想減少在公司的持股比例，所有這些細節都在這份文件中

2:58:37

details all right so this is the document that is called d

詳細說明。好的，這份文件稱為 d

2:58:47

r h p so i can see that the name of the company is written here you have written draft red heading prospectors the date

r h p（招股說明書草稿），我可以看到這裡寫著公司的名稱，你寫的是 draft red heading prospectors（招股說明書草稿），日期

2:58:55

is mentioned and everything is there so if you go through this you okay so as i mentioned before they have to do due

也有標註，所有內容都在這裡。如果你仔細閱讀，好的，正如我之前提到的，他們必須進行

2:59:02

diligence and everything so the one that helps in we call it the merchant banks which helps the company

盡職調查等程序，而協助我們的，我們稱之為商人銀行（merchant banks），它協助公司

2:59:08

list it in the ipo so this these are the merchant banks morgan stanley and all these things so you have

進行 IPO 上市。這些就是商人銀行，如摩根士丹利（Morgan Stanley）等，所有內容都在這份文件中

2:59:17

mentions of everything in this document now if you see the table of contents which has

有提及。現在如果你看到目錄，裡面基本上包含

2:59:21

basically everything general the risk factors the introduction the offer what they are planning to raise for in case

總覽、風險因素、簡介、發行條款，他們計劃透過 IPO 籌集多少資金。以 Zomato 為例，

2:59:28

of zimato they are planning to raise around 9000 crores from this ipo which means that there is a fresh issue of

他們計劃透過這次 IPO 籌集約 900 億盧比（9000 crores），這意味著有價值 900 億盧比的

2:59:35

securities worth 9 000 crores and then there will be some promoters or some existing investors that want to exit the

新股發行，然後會有一些發起人或現有投資者希望退出

2:59:42

company or lower its share in the company which is around 375 crores in case of the matter so the total amount

公司或降低其持股比例，在這個案例中約為 37.5 億盧比（375 crores）。因此，他們透過 IPO 籌集的總金額

2:59:50

that they are raising through ipo is 9 375 crores around that so this is what they are offering and apart from that

約為 937.5 億盧比（9375 crores），這是他們提供的發行規模。除此之外，

2:59:59

they are also as i mentioned in the previous module that there is something called as face value of the stock so

正如我在上一個模組中提到的，股票還有票面價值（face value），

3:00:05

they have cons kept their face value as rupees one so that is how they are showing their shares to the sec in the

他們將票面價值設定為 1 盧比，這就是他們在次級市場向證券交易委員會（SEC）呈現其股份的方式。

3:00:12

secondary markets all right what else is there our business so if i click on that it will

好的，還有什麼？「我們的業務」（Our Business）。如果我點擊這個，它會

3:00:18

land me into this page called our business so it will tell you basically what

進入這個名為「我們的業務」的頁面，它會告訴你基本上

3:00:23

the company is about what they are doing what they are they have so we already know let's say they have zomato pro

這家公司是做什麼的、他們在做什麼、他們擁有什麼。我們已經知道，例如他們有 Zomato Pro、

3:00:29

dining out food delivery is their business and everything so they have mentioned it what they are doing how

外出用餐、食品外送是他們的業務，他們都提到了，他們在做什麼以及如何做。

3:00:37

many how many restaurants are they covering throughout india they have mentioned it we have around 1 lakh 37

他們在全印度覆蓋了多少家餐廳，他們有提到，我們每月大約有 137,000 家活躍的外賣餐廳，這是提到的內容，你會得到

3:00:43

000 something active delivery restaurants every month so this is mentioned you get

000 家每月活躍的外賣餐廳，這是提到的內容，你會得到

3:00:49

you get a whole view of what this is you get to know how the company functions from the basic level to the more complex

你對此有一個全面的了解，你可以從基本層面到更複雜的層面了解公司如何運作

3:00:55

levels in this particular document so it will also tell you about the growth prospectus

在這份特定的文件中，因此它也會告訴你關於增長前景

3:01:03

what will happen what has happened its basic financials basic you know balance sheets and all those things will also be

將會發生什麼、已經發生了什麼，它的基本財務狀況、基本的你知道的資產負債表等等也都會

3:01:10

covered in this document all right so basically the company wants to send

包含在這份文件中，好的，所以基本上公司希望以

3:01:16

itself in a much more positive way so they will be displaying a lot of information

更正面的方式展示自己，因此他們會展示大量資訊

3:01:22

that might feel like there's too much to the company but they will be rolling out something that would be really really

這些資訊可能會讓人覺得對公司來說有點過多，但他們會推出一些對投資者來說真的非常

3:01:29

helpful for the investors to you know attract them to to buy it in their ipo so this is their

有幫助的內容，以吸引他們在 IPO 中購買，所以這就是他們

3:01:35

major purpose with this document all right getting back to what we were discussing

這份文件的主要目的，好的，回到我們剛才討論的內容

3:01:42

so what happens is the ipo is listed how do we know so in your defense account whatever uh in your defense account

那麼情況是這樣的，IPO 上市了，我們怎麼知道呢？在你的證券帳戶中，無論呃，在你的證券帳戶

3:01:49

there will be a portal to invest in ipos to apply for ipo so what happens is first is their open date

中會有一個投資 IPO 的入口，用來申購 IPO，那麼情況是這樣的，首先是他們的開放日期

3:01:57

which is called the first date in which you can buy shares by a lot okay i have

也就是你可以在某一天透過申購購買股票的第一天，好的，我之前

3:02:03

mentioned it before as well you buy shares in lot so if the issue price is in a band let's say from 75 to 79 right

也有提過，你是以「張」為單位購買股票，所以如果發行價格在一個區間內，比如說從 75 到 79，對吧

3:02:12

this is a band now you can select any price in between this so

這是一個區間，現在你可以選擇中間的任何價格，所以

3:02:17

let's say if you buy 75 and they will mention it in their particular document how many lot how many what is the size

比如說如果你選擇 75，他們會在他們的特定文件中說明一張是多少股，如果一張是 25 股，那麼如果你買兩張，那就會是 50 股，所以這就是你必須支付的金額

3:02:24

of one lot if the one lot is of 25 so if you buy two lots then it will be into 50 so this is the amount you have to pay

在申購期間，請記住，如果你在 IPO 中投入資金，這並不真的意味著

3:02:32

during the issue remember that if you are giving the your money in ipos it does not really mean

你將會分配到該 IPO，這完全取決於公司是否

3:02:40

you will be allocated that ipo it depends on totally on the company if they are

你是否會分配到該 IPO，完全取決於公司是否

3:02:44

willing to give that ipo to you or not right so you would have first the open date

他們是否願意將該 IPO 分配給您，對吧？因此您首先會有的是開放日

3:02:52

then you would have a close date in which the amount they want to receive if they have

那麼您會有一個交割日期，屆時他們想收到的金額

3:02:57

received or not then that would be an open date then comes then comes the allocation date so

不論他們是否已收到，那將是一個未平倉日期，然後接著是分配日期

3:03:04

allocation date will be much later than the open day and the close date in which they will allocate it if

分配日期會比未平倉日和交割日期晚很多，屆時他們將進行分配

3:03:10

you have received if you have received the allocation you will receive the shares in your debut account later if

如果您已收到，如果您已收到分配，您稍後將在您的新股認購帳戶中收到股票

3:03:16

you haven't then the next phase comes refund the refund on the refund if you are not allocated any ipo so then comes

如果您沒有收到，那麼下一階段是退款，如果您未獲分配任何IPO，則進行退款

3:03:24

the credit credit to debt account to your account if you you have been given the shares the shares will come to your

退款至您的債務帳戶，如果您已獲配售股票，股票將進入您的

3:03:32

debut account then finally it is called the ipo listing date listing date is the day in which the company gets first

新股認購帳戶，最後是IPO上市日期，上市日期是公司首次

3:03:39

functionally traded on the stock market that is called the listing date now why do people should invest in ipos now the

在股票市場上實質交易的日子，這稱為上市日期，現在人們為什麼應該投資IPO呢

3:03:46

major purpose is that if it is a very high trending company right then everyone wants to put their money in now

主要目的是，如果這是一家非常熱門的趨勢公司，那麼每個人都想把錢投入

3:03:52

what would happen let's just say that i'll give you an example of this only there if the matter was cut off price is

現在會發生什麼事，讓我們舉個例子，如果發行價是

3:03:57

79 let's say and you're buying 50 shares out of it now 50 shares when it gets listed let's say it goes to a price of

79，假設您購買了其中的50股，現在這50股在上市時，假設第一天價格上漲到

3:04:05

131 on their first day now you would earn approximately how much let's say for 50 rupees per share

131，那麼您大約能賺多少，假設每股賺50盧比

3:04:13

on their opening day so your time duration of investing is reduced to just two days

在上市首日，所以您的投資時間縮短到僅兩天

3:04:18

right you will be earning 50 rupees that's more than 20 percent of what you would be investing in so you'll get a

對吧，您將賺取50盧比，這比您投資金額的20%還多，所以您將在幾天內獲得

3:04:25

returns of that massive amount within days which is why the accounting the

如此豐厚的回報，這就是為什麼會計上的

3:04:30

compounding period is decreased with so much earnings that is why you should apply to good companies for ibus in

複利週期因如此高的收益而縮短，這就是為什麼您應該向您相信您的資金

3:04:37

which you believe your money will be grown to a higher levels in those in that ipo so that is why you should

會在該IPO中增長到更高水準的優質公司申請IPO

3:04:44

invest in ipo of good companies now if you are someone who is very new to the markets and who does not know

這就是為什麼您應該投資優質公司的IPO，如果您是市場新手

3:04:50

much of the jargons that roll around in this particular domain so this particular module is for you now you

且不太了解這個特定領域中流傳的術語，那麼這個特定模組就是為您準備的

3:04:56

need to understand what type of investor are you are you a trader are you a base calper are you a growth investor or are

您需要了解您是哪種類型的投資者，您是交易者嗎，您是波段交易者嗎，您是成長型投資者嗎，還是您

3:05:03

you a value investor so all these things will be told to you in this module let's clear all the conceptions and move

你是一位價值投資者，所有這些內容都將在本模組中向你說明。讓我們釐清所有概念並繼續前進。

3:05:09

forward so now let's look at what are the different types of investors that are in

那麼現在讓我們來看看股票市場中有哪幾種不同類型的投資者。

3:05:14

the stock market so it can be a day trader a scalper a value investor a growth investor or a swing trader now

可能是當日沖銷交易者、 scalp交易者、價值投資者、成長投資者或波段交易者。現在讓我們更深入地了解每一種。

3:05:21

let's see what each one of them are in greater depth so a day leader is someone who opens and

當日沖銷交易者（Day Trader）是指當天開盤並收盤其交易的人。

3:05:27

closes his trades on the same day so it he does not carry forward his positions to the next day right which is which

他不會將部位留倉到第二天，對吧？這也被稱為當日沖銷交易。

3:05:34

which is also known as intra day trades okay which is also called as intra day

這也被稱為當日沖銷交易（Intra-day trades）。

3:05:42

trades so market as i already mentioned before at opens at 9 15 a.m

正如我之前提到的，市場從週一到週五的早上 9:15 開盤，到下午 3:30 收盤（針對股票）。

3:05:48

to 3 30 p.m for equity stocks from monday to friday so this particular type of trader would start his investing

這種類型的交易者會在 9:15 左右開始投資，或者在一天中的特定時間進行交易。

3:05:58

around 9 15 or throughout the day he will take his trades for few hours or when the market opens till the market

他可能只交易幾個小時，或者從開盤到收盤都在交易。

3:06:05

closes but he need to close all his position okay he need to close all his position by the end of this period he

但他必須在這個時間段結束前平倉，他必須在這個時間點之前平掉所有部位。

3:06:14

can't carry it forward to the next state so that type of trader is called a day trader the next type of trader is called

他不能留倉到第二天。這種類型的交易者被稱為當日沖銷交易者。下一種類型的交易者被稱為 Scalp 交易者。

3:06:20

a scalper now this type of investor is basically who buys a lot of chunks but sells it within seconds what

這種類型的投資者基本上會買進大量股票，但在幾秒鐘內就賣出。

3:06:28

does this mean so let's just take an example so if a person is buying let's say 10 000 shares of a particular xyz

這是什麼意思呢？讓我們舉個例子。假設某人正在買進，比如說，某家 XYZ 公司的 10,000 張股票，不論價格多少。

3:06:38

company at any price right let's just not get into it let's talk about the quantity

我們先不討論價格，只討論數量。

3:06:45

so quantity is 10 000 shares now if the price increases by one rupee in

數量是 10,000 張股票。現在，如果價格在兩分鐘內上漲了一盧比。

3:06:53

let's say two minutes in two minutes the price increased by one rupee do you know how much amount of money he

在兩分鐘內，價格上漲了一盧比。你知道他能賺多少錢嗎？

3:07:01

will make he'll make ten thousand rupees straight on that trade he'd make ten thousand rupees straight

他在那筆交易中直接賺了一萬盧比。他在兩分鐘內直接賺了一萬盧比。

3:07:07

in two minutes it's all because of the quantity so he's dealing in the quantity rather than the time there are two

這全是因為數量。所以他交易的是數量，而不是時間。交易中有兩個重要因素。

3:07:13

important factors in trading one is called the quantity the second one is the time either you

一個叫數量，第二個叫時間。你要嘛投入大量資本並只投資幾秒鐘來賺錢。

3:07:19

can make money by having loss lots and lots of amount of capital and just invested for seconds if the price moves

如果價格波動...

3:07:27

50 cents or like a 50 peso or it moves one rupee you should sell the stock so that is what a scalper does he does not

0.5美元或大約50披索，或當它波動1盧比時，你就應該賣出股票，這就是黃牛客（scalper）在做的事，他不會

3:07:35

take trades more than let's say five minutes or ten days that's the maximum thing so scalper makes quick money with

持有部位超過，比方說五分鐘或十天，那是最大值，所以黃牛客利用

3:07:42

large amount of capital next come value investors now the the goal of this type of investor is to find

大筆資金快速賺錢。接下來是價值投資者，現在這類投資者的目標是尋找

3:07:50

good firms that have been in correction when i talk about the term correction it means when the markets are down okay so

處於回檔修正中的好公司，當我提到「修正」這個詞時，是指市場下跌的時候，好的，所以

3:07:57

when the market sentiment is down this value investor will buy it and regardless if they are

當市場情緒低落時，這位價值投資者會買進，不管該公司

3:08:03

the company is there in its peak of the time or whether it is anywhere so now this type of investors would value

是否處於巔峰時期，或處於任何位置，所以現在這類投資者會更看重

3:08:10

the company fundamentals more so what does this mean this would be more of like hindustan unilever or let's say

公司的基本面，這是什麼意思呢？這更像是像印度聯合利華（Hindustan Unilever）或

3:08:18

info says or let's say tcs so these companies are a very good buy they are fundamentally strong companies so he

Infosys，或是TCS，這些公司是非常好的買進標的，它們是基本面強勁的公司，所以他

3:08:26

will take a bit on that companies when the market corrects so there's always a term called

會在市場修正時對這些公司下注，所以這裡總有一個詞叫做

3:08:33

buy low sell high

低買高賣（buy low sell high），

3:08:38

so if the market is going down he'll buy it if the market is going high he'll sell

所以如果市場下跌他就買進，如果市場上漲他就賣出

3:08:43

it right so he'll make money out of it so this is called as a value investors next

對吧？所以他從中賺錢，這就叫做價值投資者。接下來

3:08:50

is called growth investor now the aim of this particular investor is to hold on to that stocks for at least 10 years or

是成長投資者，現在這位特定投資者的目標是持有這些股票至少10年或

3:08:57

15 years because he knows that this particular stock if it is trading at let's say 100 rupees it will become 1000

15年，因為他知道這支特定的股票，如果現在交易價是100盧比，它將在不久的將來變成1000

3:09:05

or 5000 rupees in near future in around 10 years time or 15 years time

或5000盧比，在大約10年或1716. 15年的時間裡。現在請想一想，這位特定的投資者會鎖定什麼類型的產業？

3:09:12

what now just give it a thought what type of sector this particular investor will target

那麼現在，不妨思考一下，這位特定的投資者會鎖定什麼樣的產業？

3:09:18

right so what would be the future of the world in general if i have to guess i would say the green

那麼，如果要我猜測，未來的世界整體走向會是什麼？我會說是綠色。

3:09:26

energy sector because the fossil fuels are limited the coal is limited you can't have you can't run on fuel for

能源產業，因為化石燃料是有限的，煤炭是有限的，你無法

3:09:33

longer so you will take your bed you will invest in companies that are into green sector what would that be that

長久依賴燃料運作，所以你會下注，你會投資那些從事綠色產業的公司，那會是什麼？那

3:09:40

would be tesla let's say that would be adani any company that deals in solar energy

會是特斯拉（Tesla），比方說，會是阿達尼（Adani），任何處理太陽能的公司。

3:09:45

wind energy so that would be a growth investors perspective of investing in those companies

風能，這就是成長型投資者投資這些公司的觀點

3:09:52

right so this is the goal is to find the businesses that are likely to grow considerably as a result of rising

沒錯，所以目標是找出那些可能因產業上升

3:09:58

industry and macro trends what does macro trends means similarly you know layman term what sector would improve in

和宏觀趨勢而大幅成長的企業，宏觀趨勢是什麼意思？同樣地，用通俗的話說，哪些產業在

3:10:05

the coming future that's the question that comes into the mind of a growth investor

未來會有所改善？這是成長型投資者會思考的問題

3:10:09

next we talk about a swing trader now this is a very interesting type of investor that keeps his street trade for

接下來我們談談波段交易者，這是一種非常有趣的投資者類型，他持有部位的時間可能是

3:10:16

maybe a week maybe three days maybe four days ranging range depends on the type of

一週，可能是三天，也可能是四天，時間長短取決於他所做的

3:10:22

trade he's doing so what is his target to achieve i'll just show it with a simple graph

交易類型，那麼他的目標是什麼？我用一張簡單的圖表來說明

3:10:27

so let's say this is a market graph this is the price and this is the time frame okay so let's

假設這是一張市場圖表，這是價格，這是時間框架，好的，我們來

3:10:36

say this is first day second day third day four days okay so

假設這是第一天、第二天、第三天、第四天，好的，所以

3:10:43

she'll be targeting companies that have the potential of swing trades

他會鎖定那些有波段交易潛力的公司

3:10:49

what does this mean he look for if a company is making higher highs

這是什麼意思？他尋找的是，如果一家公司正在創下更高的高點

3:10:54

which means that i'll not get into much depth of technical analysis but i'll say that

這意味著——我不會深入探討技術分析，但我會說

3:11:01

this is a rejection point of this stock this is a rejection point of this stock this is a rejection point at this point

這是這檔股票的拒斥點，這是這檔股票的拒斥點，這是這個點位的拒斥點

3:11:07

and this point so if you see if i make a straight line so this is something that happens which is called as a

和這個點位，所以如果你看到，如果我畫一條直線，這就是所謂的

3:11:15

trend line right so if he's a swing trader he'll probably

趨勢線，對吧？所以如果他是波段交易者，他可能會

3:11:22

buy the stock at this point and sell it here right buy it here again sell it here buy it again sell it here so he

在這個點位買進股票，然後在這裡賣出，對吧？在這裡再次買進，在這裡賣出，再次買進，在這裡賣出，所以他

3:11:30

knows that this is how the company is making it is making higher lows higher eyes so

知道這家公司就是這樣在創下更高的低點和更高的高點，所以

3:11:35

this type of investor would just look at the graphs which is called charts we we call it and look at the charting

這種投資者只會看圖表，我們稱之為圖表，他們會看圖表的

3:11:41

patterns in order to be a swing trader you need to know something called as charting charts

型態，要成為波段交易者，你需要知道所謂的圖表技術

3:11:49

right your chart patterns that are there so you need to know all about that how uh different types of patterns are there

對吧？你需要知道所有的圖表型態，以及有哪幾種不同的型態

3:11:56

head and shoulder pattern slide raising where wedge pattern flag pattern so all these patterns are

頭肩型形態、楔形形態、旗形形態，這些形態都存在，因此如果你想真正學習，你需要了解這些形態，我也可以為此製作一部影片。

3:12:03

there so you need to learn about that if you really want to learn i can make a video on that as well just let me know

只要在下方的留言區告訴我一聲就好。那麼，現在讓我們假設你是一位股票市場的新手投資人。

3:12:09

in the comment section below so now let's just assume that you are a very new investor to the stock market

你對市場的運作方式沒有太多了解，那麼你決定投入資金的標準是什麼？

3:12:16

you don't have much knowledge about how the market works so what is what would be the criteria that you would decide to

你會用什麼方式來判斷，好吧，就是這檔股票或這家公司值得你投入資金？

3:12:22

put your money in right what is the way that you would know that okay this is the particular stock or this is the

要回答這些問題，可能有幾種方法。其中一種非常簡單的方式是打開新聞頻道。

3:12:28

particular company that you want to put your money in to answer all these questions there can

收看商業新聞，聽聽他們提供的股票建議，這可以是你決定投資哪家公司的一種方式。

3:12:32

be multiple ways one could be a very easy way in which you turn on the news channel that gives

但這種方法的缺點是。

3:12:38

you business news and listen to the stock tips that they are giving you right so that can be one of the ways in

許多人會看到相同的股票建議。

3:12:44

which you can put your money to know which company you want to invest in so the drawback of that particular thing is

沒錯，頻道提供給你的相同股票建議。接下來會發生什麼事，正如我之前在之前的章節提到的。

3:12:49

that a lot of people would be watching the same stock tip

股票市場的價格是由供需平衡決定的。

3:12:54

right same same stock suggestion that the channel is providing you now what would happen is that as i already

在這種情況下，如果許多人看到買進特定股票的建議，那麼供需就會失衡。

3:13:00

mentioned before in the previous modules that stock market the price of stock moves

這將導致像你我這樣的投資人損失大量資金。那麼，有什麼其他方法可以反制這一點呢？

3:13:05

by the balance of supply and demand now in this case if a lot of people are looking at the suggestion to buy a

另一種方式是充分了解股票市場的運作方式，去了解投資人在分析特定公司時所重視的深入觀點。

3:13:12

particular stock then there will be in balance in that thing and that would lead to the investors like you and me

這需要兩種不同的分析：一種稱為基本面分析，第二種稱為技術面分析。

3:13:18

losing out a lot of money so what can be the other way around to counter this now the other way is to

在技術面分析中，顧名思義，它純粹處理數學和演算法，這些是由投資人或分析股票的人制定的。

3:13:25

fully understand how the stock market operates to know what are the in-depth views that the car that they repeat that

這包括了解許多複雜的數學方程式、了解。

3:13:32

the investor look at when they are analyzing a particular company now this calls for two different

這包括了解許多複雜的數學方程式、了解投資者在分析特定公司時所關注的深入觀點。這需要兩種不同的

3:13:38

analysis one is called the fundamental analysis second is called technical analysis now what happens in a technical

分析：一種稱為基本面分析，第二種稱為技術分析。現在技術分析會發生什麼？

3:13:45

analysis is that as the name suggests it would deal purely on mathematics and algorithms that the investors make or

所謂的技術分析，顧名思義，它純粹處理投資者所運用的數學和演算法，或者說

3:13:53

people who analyze these talks made now this includes knowing a lot of mathematical complex equations knowing

分析這些走勢的人現在所做的事情，這包括了解許多複雜的數學方程式，了解

3:14:00

different charting patterns different technical elements and indicators like the moving average macd lines gantt

不同的圖表形態、不同的技術元素和指標，如移動平均線、MACD線、甘氏圖等

3:14:06

charts etc different indicators like you would have moving average you would have mecd lines you have different types of

不同的指標，例如你會有移動平均線、你會有MACD線、你有不同類型的

3:14:14

exponential moving average so all these things are considered by looking at the technical analysis on the other hand is

指數移動平均線，所以所有這些東西都可以透過查看技術分析來考量。另一方面是

3:14:20

fundamental analysis now fundamental analysis is basically knowing how fundamentally strong a company is what

基本面分析。現在，基本面分析基本上是了解一家公司在基本面有多強健，其

3:14:28

are their valuations what are the proper cash flows that the company has how strong is the foundation of the

評價如何、公司擁有哪些適當的現金流，以及公司的管理基礎有多穩固，

3:14:34

company in terms of the management so all these things are looked upon in the fundamental analysis point now

所有這些事情都會在基本面分析的觀點中被審視。

3:14:41

it is a way of determining the intrinsic value of securities by looking at the linked economic and financial elements

這是一種透過查看相關的經濟和金融元素來決定證券內在價值的方法。

3:14:49

so what is this economic and financial elements that has been talked about so it's basically certain financial

那麼，所謂的經濟和金融元素是什麼呢？基本上是某些我們需要查看的

3:14:55

statements that we need to look at certain financial ratios that we need to look at and also look at the sector in

財務報表、某些我們需要查看的財務比率，以及查看公司

3:15:01

which the company is operating is it the steel sector is it the food business is it the e-commerce or is it a financial

所處的產業。是鋼鐵業、食品業、電子商務，還是金融

3:15:09

company so what are the different elements repeat so what are the different sector in which that company

公司？那麼，有哪些不同的元素呢？重複一次，公司

3:15:15

is operating that is a must to know then is it a monopoly in that particular sector or do it

所處的產業是什麼？這是必須要知道的。接著，它在該特定產業中是壟斷者，還是

3:15:22

and does it have good competitors so all these things have to be looked upon when you are analyzing company to

它有強勁的競爭對手？所以，當你在分析一家公司以進行

3:15:29

invest now fundamental analysts look at everything that can influence the value

投資時，所有這些事情都必須被審視。現在，基本面分析師會審視一切可能影響

3:15:33

of that security of that stock micro economics macro economics both are important macro would include how the

該證券或該股票價值的因素。微觀經濟學和宏觀經濟學都很重要。宏觀經濟學包括

3:15:41

state of economies how does the indian markets are growing in general what is the gdp growing in general so all these

經濟狀況如何、印度市場整體如何增長、GDP整體增長多少，所以所有這些

3:15:48

things matter when it comes to macroeconomic values second is the micro economic elements that would involve the

事情在考量宏觀經濟價值時都很重要。第二是微觀經濟元素，這會涉及

3:15:55

company's management does the ceo of the company or does the chairman of the company believes in the way they are

公司的管理層。公司的CEO或董事長是否相信他們

3:16:01

doing things are they constantly improving constantly analyzing the way they are operating so

的做事方式？他們是否在不斷改進、不斷分析他們的營運方式？所以

3:16:07

all these things have to be looked upon when you are analyzing a company to invest

當你在分析一家公司以進行投資時，所有這些事情都必須被審視。

3:16:13

now there are certain key elements of fundamental analysis number one is that fundamental analysts

基本面分析有幾個關鍵要素，第一點是基本面分析師

3:16:19

generally look for long-term investment so if you are fundamentally an analyzing a company that would mean that you are

通常尋求長期投資，所以如果你正在對一家公司進行基本面分析，這意味著你正在

3:16:25

analyzing a company for the next five years or next 10 years or so because in technical analysis is mostly if you

分析這家公司未來五年或十年左右的情況，因為在技術分析中，如果你

3:16:33

are doing a swing trade as we mentioned or if you are a trade trader that would make more sense because the value of the

像我們提到的那樣進行波段交易，或者如果你是當日沖銷交易員，那樣會更有意義，因為一檔股票

3:16:38

stock that is increasing and decreasing in a day would matter to them but for the fundamental analyst person for a

在一天內的漲跌對他們來說很重要，但對於基本面分析者，對於

3:16:44

person who would not know more about the stock markets or much about the stock markets then for him long-term

一個不太了解股市或對股市了解不多的人來說，對他而言，長期

3:16:50

investments would be a better option right he can't afford to lose money on a day-to-day basis he wants to put a money

投資會是更好的選擇，對吧？他無法承擔每天虧損的風險，他希望把錢

3:16:56

in a fundamentally strong company so that it can grow exponentially moving forward right second is knowing about

投入一家基本面強勁的公司，這樣它未來才能呈指數級增長，對吧？第二點是了解

3:17:02

the basic financial statement so basic financial statements are typically three types first is called the balance sheet

基本的財務報表，基本的財務報表通常有三種類型，第一種叫做資產負債表

3:17:09

second is the income statement third is the cash flow statement now balance sheet involves knowing what are the

第二種是損益表，第三種是現金流量表。資產負債表涉及了解該公司

3:17:15

assets and the liabilities of that particular company right you have a entire sheet that

的資產和負債分別是什麼，對吧？你有一整張表

3:17:21

describes what are the total assets of the company what are the total liabilities of the companies

描述了公司的總資產是多少，公司的總負債是多少。

3:17:27

then comes profit and loss statement or the income statement now this tells you about the revenue and expenses of a

接著是損益表或稱收入報表，這告訴你一家

3:17:32

particular company what is the revenue coming from what is the expense that the company is doing all that stuff is in p

特定公司的營收和支出，營收來自哪裡，公司正在進行的支出是什麼，所有這些內容都在損益表中。

3:17:39

l statement then comes the cash flow statement which says what is the actual cash in hand in the company

接著是現金流量表，它說明了公司手頭實際的現金

3:17:45

what are the different elements to it now if you want to know more about these financial statements we do have a course

以及其不同的組成要素。如果你想更深入了解這些財務報表，我們確實有一門

3:17:50

on basic accounting and financial accounting so you can look at that to get a greater depth of these financial

關於基礎會計和財務會計的課程，所以你可以參考那門課程以更深入地了解這些財務

3:17:56

statements then comes recognizing firms in relation to the industry in which they operate so exactly how you have to

報表。接著是認識公司與其所處產業的關係，具體來說你必須如何

3:18:03

do the market research is the company a particular monopoly i let me give an example

進行市場研究，這家公司是否處於某種壟斷地位？讓我舉個例子

3:18:09

irc dc is a stock of indian railways right so that is a monopoly because it does not have any competitors so it may

IRC DC 是印度鐵路的股票，對吧？所以那是一種壟斷，因為它沒有任何競爭對手，所以它可能

3:18:16

be a good outstanding stock but again you have to look at different fundamentals where they are getting

是一支很好的優秀股票，但你還必須觀察不同的基本面，例如他們的收入來源等等，對吧？所以你有某些壟斷性股票，也有某些

3:18:21

their money from revenue from and all that stuff right so you have certain monopoly stocks and you have certain

競爭對手非常多的股票，對吧？像是金融公司，銀行業就有非常多的競爭，

3:18:27

stock that have so many competitors right so like financial companies you have a lot of competition in that banks

有許多銀行參與其中。所以有些是壟斷或獨佔性的公司，有些則是非壟斷性的

3:18:35

you have a lot of banks involved so there are certain monopoly monopolistic companies and certain non-monopolistic

公司，或是那些你知道有很多競爭對手的公司。因此，當你需要對一家公司進行基本的

3:18:42

companies or the companies which have a lot of you know competitors so you need to look

市場調查，以了解該公司長期表現如何時，你需要把這一點納入考量。

3:18:47

at that as when you need to do your basic market research on how the company would perform in the

接著是學習了解公司的管理層。如果一家公司基本面強勁，

3:18:53

long run then comes learning about the management of the company now if the company is fundamentally strong the

你需要觀察的第二點是，該公司的管理層或董事會是否與公司

3:19:00

second point that you need to look at is if the management or the board of directors of that company stand by the

站在一起，是否與員工站在一起？他們是否為員工提供良好的福利？公司的發起人

3:19:06

company stand by its employees are they providing good facilities to their employees are the promoters of the

是否過於自私，只優先考慮自己領錢？或者他們對公司的未來有

3:19:12

company not too much selfish about getting money first to themselves so all these things have to be taken or do they

很好的願景？當你從長期投資的角度審視一家公司時，這些因素都必須納入考量。

3:19:19

have a good vision for the company in the future so these elements are involved when you look at company for a

接下來，我們將討論一些關於股票市場的常見問題，

3:19:25

long-term investment perspective so next we'll talk about some frequently asked questions on what about the stock market

我們將更深入地了解這些問題。人們每天最常問我的問題是，

3:19:31

so we'll know about that in a greater depth so what the most important question that

你知道嗎，有人會問我，影響股票市場的關鍵事件是什麼？

3:19:37

people keep asking me on a day-to-day basis is you know what mother would tell me what are the key events that impact

其中一些我已經在這個影片中提過了，但為了更詳細地說明，我會

3:19:42

the stock market now some of that i've already mentioned in this video but to know that in a more detailed way i'll

給你一些重點提示。第一點是供給與需求。我一直告訴你，多頭與空頭之間

3:19:48

give you certain pointers on that so number one is supply and demand i've always told you there is a constant

存在著永恆的爭鬥，也就是那些希望價格上漲的人和那些想要賣出

3:19:53

fight between the bulls and the beers that means the ones who want the price to go up and the ones who want to sell

特定股票、希望價格下跌的人。因此，供給端與需求端之間

3:20:00

that particular stock and want the price to go down so the constant the constant rivalry between the supply side and the

持續的對抗導致了價格波動。這是第一點。第二點可能是公司相關事務。如果

3:20:08

demand side leads to fluctuation in prices that's number one second could be the company related affairs if the

需求面會導致價格波動，這是第一點；第二點可能是公司相關事務，如果

3:20:14

management of of the particular company resigned all of a sudden right there will be a huge decline in the price of

某特定公司的管理層突然集體辭職，股價將會因此重挫

3:20:20

the stock so that would be one of the reasons if the management is not strong enough if

股票，所以如果管理層不夠強，這會是原因之一

3:20:25

the management is good and visionary the price of the stock may go even higher right so you can see that in case of

如果管理層優秀且有遠見，股價甚至可能上漲，對吧？你可以看到在特斯拉的例子中

3:20:32

tesla let's say right so that depends on the company related affairs if they are very progressive very visionary towards

就是這樣，對吧？所以這取決於公司相關事務，如果他們非常進步、對未來非常有遠見

3:20:40

the future then yes that would be a good stock that would be considered as a good stock

那麼是的，這會是一檔好股票，會被視為好股票

3:20:45

but then you have to look at the fundamentals the technicals and all that stuff third comes the investor sentiment

但接著你必須看基本面、技術面以及所有這些東西，第三個是投資者情緒

3:20:51

now market is a very sentimental place what does that mean it means that it would depend purely on the basis of

現在市場是一個非常情緒化的地方，這是什麼意思？這意味著它將完全取決於

3:20:59

how people react to situations if people are too nervous then they'll want to sell that particular stock right if

人們對情況的反應，如果人們太緊張，他們就會想賣掉那檔股票，對吧？如果

3:21:06

people are too fearless they would buy that particular stock more so the fear and the greed of

人們太無畏，他們就會買更多那檔股票，所以對賺更多錢的恐懼與貪婪

3:21:14

to get more money could also lead to the fluctuation in prices which is called as a sentiment of the investor

也可能導致價格波動，這被稱為投資者情緒

3:21:21

then comes the interest rate by central and federal banks now we know that you have to maintain a balance between low

接著是中央銀行和聯邦銀行的利率，現在我們知道你必須在低利率

3:21:28

interest rates and then inflation rates so you know if whenever these things change right whenever these

和通膨率之間維持平衡，所以你知道，當這些東西改變時，對吧？當這些

3:21:35

things have an impact by the rbi when they have certain regulations that come into picture the market reacts to it

東西受到印度儲備銀行（RBI）影響時，當他們實施某些法規時，市場會對此做出反應

3:21:42

market reacts in a way to know if that is a positive news or a negative use we have heard repo rates you have heard

市場會以某種方式反應，以判斷這是正面消息還是負面消息，我們聽過回購利率，你聽過

3:21:49

interest rates being changed by the central banks india as rbi as its central bank so

中央銀行改變利率，印度的中央銀行是印度儲備銀行（RBI），所以

3:21:54

the things that impacted so such news also impact the way stock market prices go up or down then comes political news

造成影響的事情，這類新聞也會影響股市價格的漲跌，接著是政治新聞

3:22:03

now india is very politically strong country right india is a democratic country it

現在印度是一個政治非常強大的國家，對吧？印度是一個民主國家，它

3:22:07

has a lot of political parties so the way india is growing forward would depend on the central leadership of the

有很多政黨，所以印度前進的方式將取決於中央的領導層

3:22:14

company right so various political events that take place let me give an example if companies government is you

對吧？所以發生的各種政治事件，讓我舉個例子，如果印度政府

3:22:20

know open to cryptocurrencies or are they banning cryptocurrencies so such political news such political

對加密貨幣持開放態度，或者他們正在禁止加密貨幣，這類政治新聞、這類政治

3:22:28

governance news can lead to a lot of impact in the market right in the sentiments of the investors

治理新聞可能會對市場造成很大影響，對吧？對投資者的情緒造成影響

3:22:34

so political news play a lot of big role in the wave there is an election that is happening if particular political

因此，政治新聞在股市波動中扮演著重要角色。如果發生選舉，或是特定政黨發生變動，這些都會成為影響股價走勢的關鍵因素。

3:22:41

parties have changed so that things also play a huge part in knowing whether the stock the price of the stock is moving

各黨派的更迭，對於判斷股價是上漲還是下跌，也起著巨大的作用。接下來是自然災害。

3:22:49

upwards or downwards then comes natural disaster now this is the most recent one and we would know about it that

這是最新的例子，我們都知道，在 COVID-19 疫情期間，新聞報導導致市場下跌了將近 10% 甚至更多。

3:22:56

during covered the news of overstock and the market went down by almost 10 percent or more than that so

因此，像 COVID-19 這樣的自然災害，可能會對國家經濟以及股市產生巨大的衝擊。

3:23:04

such natural disasters like covert 19 could lead a huge impact on the country's economy as well as stock

如果你查看當時的走勢圖，你就會明白當時的情況有多糟糕，市場為何崩盤，因為當時還沒有疫苗。

3:23:12

market so if you would actually see the charts on what happened in during that time you would know that

在 2020 年 3 月，當時還沒有疫苗研發成功的希望，情況看起來非常災難性，彷彿一切都會失控，人們會不斷死亡。

3:23:19

okay this thing was not good enough and my market crashed because there was no vaccine still then in march 2020 right

所以當時市場非常疲弱，損失了大量價值，人們也損失了很多錢。

3:23:27

there was no hope of a vaccine and it would seem a catastrophic affair that everything would just go on people would

因此，自然災害確實會對股票市場造成影響。在透過單元學習完股市知識後，現在是時候檢視一下你學到了什麼。

3:23:33

continue dying so the market was very weak at that time and it lost a lot of value people lost a lot of money so

我們一開始先了解什麼是股市，以及公開發行的公司是如何被買賣的。

3:23:40

natural disasters can also lead to impacting the share market right so after learning about stock market

接著我們探討了什麼是股票，公司如何將資本分割成較小的持股單位，並在股市中發行。

3:23:47

through the modules now it is the time to know what you have learned so far so we started by knowing what is a stock

然後我們談到了印度股市的兩大主要交易所：第一是國家證券交易所，第二是孟買證券交易所。

3:23:53

market how are publicly traded companies bought and sold then we found out what is a stock how are companies divide

我們討論了這些內容，接著談到了股市的基礎知識，以及在股市交易時常用的術語。

3:23:59

their capital into smaller chunks of ownership that they roll out in the stock market then we talked about what

無論是熊市、牛市、漲停板還是跌停板。我們還討論了私營公司如何公開上市。

3:24:05

are the two major exchanges in india stock exchanges number one is the national stock exchange number two is

這個過程稱為 IPO（首次公開募股），它是如何運作的，背後的故事又是什麼，我們都已經討論過了。

3:24:10

the bombay stock exchange we discussed about that then we talked about what are the basics of stock markets what are the

接著我們討論了你是哪種類型的投資者：你是交易員嗎？你是黃牛（Scalper）嗎？

3:24:16

commonly used jargons that are used when it comes to trading in the stock market whether it is the beer market the bull

你是波段交易員（Swing Trader）嗎？還是成長型投資者？這些內容我們都在「交易與投資」這個單元中討論過了。

3:24:22

market the upper circuit and the lower circuit then we discussed about how privately owned companies get public

市場的漲跌停限制，接著我們討論了私營公司如何公開上市

3:24:27

what is the process called that is called the ipo how it is done what is the storyline behind it we discussed all

這個過程叫什麼？稱為IPO（首次公開募股）。它是如何進行的？背後的故事是什麼？我們都討論過了

3:24:33

about that then we discuss what type of investor are you are you a trader are you a trader are you a scalper are you a

關於這些，接著我們討論你是哪種類型的投資者？你是交易員嗎？你是交易員嗎？你是黃牛（Scalper）嗎？你是

3:24:39

swing trader or are you a growth investor so all these things we discussed in the module trading versus

波段交易員（Swing Trader）嗎？還是成長型投資者？這些內容我們都在「交易與投資」這個單元中討論過了。

3:24:45

investing finally we learned about what are what is fundamental analysis how do we do fundamental analysis what are the

投資，我們最終學習了什麼是基本面分析，如何進行基本面分析，以及基本面分析涉及哪些關鍵要素

3:24:52

key high elements that are involved in the fundamental analysis finally we also discussed what are the key events that

最後我們還討論了哪些關鍵事件會影響不同公司的股價，對吧？所以我們在這門課中討論了所有這些內容

3:24:59

impact the share the stock prices of different companies right so all these things we discussed in this particular

希望您有一段愉快的學習時光，若想觀看更多此類影片，請持續關注 Great Learning

3:25:06

course hope you had a fun session and for more such videos stay tuned to great learning hello friends welcome to this

哈囉朋友們，歡迎來到這門資產管理課程，那麼我們在這門課中究竟要涵蓋什麼內容呢？顧名思義，就是如何管理資產

3:25:13

course on asset management so what exactly we'll be covering in this course is nothing but as the name suggests how

那麼究竟什麼是資產？我們知道資產是某些人所擁有或投資的東西

3:25:20

to manage assets so what exactly is asset so we know assets are something which are being owned or invested by

這些投資或我們投入資金的資產，將幫助我們創造財富，這正是我們需要擁有資產的原因

3:25:28

certain persons so that these kind of investments or these kind of assets to which we have made the investment would

這也正是資產將如何幫助您的方式，所以僅僅擁有資產是不夠的，您需要進行投資來購買或取得資產

3:25:35

be helping us to create wealth that is exactly why we need to be having assets right so that's exactly how assets are

在取得資產後，您不能只是聲稱您擁有資產，然後資產就會自動為您賺錢或累積財富，事情並非如此

3:25:42

going to help you as well so simply by having an asset would not be enough you need to be making the

您應該知道如何妥善管理您的資產，這樣您才能進行管理，並透過妥善管理資產獲得更高的回報

3:25:49

investments to buy the assets or to own the assets and after owning the assets you can't simply you know say that you

因此，您需要知道如何管理您的資產，在管理資產時需要遵循哪些方法，以及在擁有和管理任何資產時需要注意或意識到哪些事項

3:25:56

own the asset and the asset will be making money or will be building well for you on its own so it is not like

這正是我們將在這門資產管理課程中涵蓋的內容，那麼讓我們現在了解一下我們將在這門資產管理課程中涵蓋哪些主題

3:26:03

that you should be knowing how to manage your assets well so that only then you will be able to manage and only then you

以便您對資產管理有一個全面的了解，那麼讓我們繼續看議程，看看我們在這門資產管理課程中究竟涵蓋了什麼

3:26:10

will be able to get returns higher returns by earning or by managing your assets well so you need to be knowing

談到議程，我們將在這門課中涵蓋的主題是：什麼是資產管理

3:26:17

how to manage your assets what are the various methodologies need to be following while managing your assets and

這是我們將在這門資產管理課程中開始的第一個主題，所以我們需要知道什麼是

3:26:22

what are the things that you need to be keeping in mind or to be aware of by owning and managing any assets so that's

在持有及管理任何資產時，有哪些事項是你必須謹記或留意的，所以這

3:26:30

exactly what we are going to be covering in this particular course on asset management so let's understand now what

這正是我們在這門資產管理課程中將要涵蓋的內容，所以現在讓我們來了解

3:26:38

are the topics that we will be covering in this course on asset management so that you will have a clear idea on the

這就是我們在這門資產管理課程中將涵蓋的主題，好讓您對此有清楚的概念。

3:26:44

holistic view of asset management so let's move on to the agenda and see what exactly are we covering in this course

為了對資產管理有全盤的了解，那麼我們就接著進入議程，看看這門課究竟會涵蓋哪些內容。

3:26:51

on asset management coming to agenda so the topics which we will be covering in this course are what is asset management

那麼接下來進入資產管理的議程，我們在這門課中將涵蓋的主題首先是：什麼是資產管理？

3:26:58

that is the first topic that we'll be starting off in this course on asset management so we need to be knowing what

這就是我們在資產管理這門課中，首先要探討的主題，因此我們需要先了解什麼是資產。

3:27:05

asset is and then only we'll be able to understand how to manage assets right so in order to manage assets you need to be

資產是，然後只有我們才能了解如何管理資產，對吧？所以為了管理資產，你需要

3:27:11

first understanding the clear clarity or clear idea on what exactly an asset is so after that only you will be able to

首先清楚理解或明確知道資產究竟是什麼。只有在那之後，你才能

3:27:18

understand how to manage or how to create wealth by owning or by managing an asset so that is exactly what we'll

了解如何透過擁有或管理資產來管理或創造財富。這正是我們

3:27:26

be covering in this particular course in the beginning and after understanding what is asset management we will be

在這門課程開始時將要涵蓋的內容。在了解什麼是資產管理之後，我們將

3:27:32

moving on to understand need for asset management so what exactly is the need for asset management won't asset be

繼續了解資產管理的需求。那麼資產管理的確切需求是什麼？資產難道不會

3:27:39

building wealth for us or should we be doing something to manage assets and what exactly is the need or requirement

為我們建立財富嗎？還是我們應該做些什麼來管理資產？管理資產的確切需求或要求是

3:27:45

for managing the assets so assets are actually supposed to be making wealth or building wealth for us so what is the

什麼？資產實際上應該是為我們創造或建立財富的。那麼

3:27:52

need for massive management how can we manage the asset properly and what are the benefits of having asset management

大規模管理的需求是什麼？我們如何妥善管理資產？以及擁有資產管理的好處是什麼？

3:27:58

so that is actually what we'll be covering in the second topic that is nothing but on the need for asset

這實際上是我們將在第二個主題中涵蓋的內容，也就是關於資產管理的需求。

3:28:03

management after understanding on this we'll be moving on to understand what are the several tasks involved in

了解這點之後，我們將繼續了解在

3:28:10

managing an asset so what are several tasks you need to be doing your research you need to be doing your investments

管理資產時涉及的幾項任務。那麼你需要做的幾項任務是什麼？你需要做研究，你需要進行投資

3:28:16

you need to be managing your assets you need to be making sure that the asset is actually building wealth for you and not

你需要管理你的資產，你需要確保資產確實在為你創造財富，而不是

3:28:22

a liability so you need to be doing all these things while managing an asset you need to be taking an informed decision

負債。所以在管理資產時，你需要做所有這些事情。你需要做出明智的決定

3:28:29

whether to make the purchase or whether to make the investment so to getting all these things you will be doing right so

關於是否進行購買或是否進行投資。所以你將會做所有這些事情，對吧？

3:28:35

in order to do that you need to be having an idea what are the tasks required how is it actually good to make

為了做到這一點，你需要了解需要哪些任務、如何實際有效地進行

3:28:40

the investment who will be making the investment what are the rules and regulations required and will it be

投資、誰將進行投資、需要哪些規則和法規，以及在這樣的情況下

3:28:45

possible or will it be feasible for me to make the investment in such scenarios so all the tasks associated with asset

我進行投資是否可能或可行。所以所有與資產管理相關的任務

3:28:52

management will be dealt with in this particular topic on tasks involved in asset management right after this we'll

都將在這個關於資產管理涉及任務的特定主題中討論。在這之後，我們將

3:28:59

be moving on to the next topic that is nothing but types of asset management what are the main is types of asset

繼續下一個主題，也就是資產管理的類型。資產管理的主要類型有哪些？

3:29:04

management there are several ways or several types of assets as well so apart from this we were also having types of

資產本身也有幾種方式或類型。除此之外，我們也有類型的

3:29:12

assets management as well so depending upon various types of assets we'll be having different types of asset

資產管理也是如此，因此根據不同類型的資產，我們將會有不同類型的資產管理，

3:29:17

management as well because the kind of management that we'll be able to implement to each type of assets would

因為我們能夠對每種資產實施的管理方式會

3:29:24

be differing so based on that we'll be able to manage the assets and that's exactly what we'll be talking about in

有所不同，基於此，我們將能夠管理資產，而這正是我們在

3:29:31

the types of asset management then we'll be moving on to our last topic in this particular course that is nothing but

資產管理類型中將要討論的內容。然後我們將進入本課程的最後一個主題，那就是

3:29:38

the challenges associated with asset management what are the several challenges which we will be facing while

與資產管理相關的挑戰。在管理資產時，我們將面臨哪些挑戰？

3:29:44

managing an asset so each and every task will not be easy right so in here when we are managing assets it's a huge

所以每一項任務都不會輕鬆，對吧？在這裡，當我們管理資產時，這是一項巨大的

3:29:51

investment and huge capital has to be raised while managing or while buying or by owning an asset so it is of huge

投資，在管理、購買或擁有一項資產時，必須籌集大量資金，因此涉及的金額非常

3:29:59

amount right so while managing an asset it is coming to a higher picture so the kind of amount and the kind of money and

龐大，對吧？所以在管理資產時，這涉及的層面更廣，因此在管理資產時涉及的金額、資金

3:30:05

the kind of risks involved in managing an asset would be high therefore the kind of challenges that

以及風險種類都會很高，因此你在管理資產時

3:30:11

you need to be facing while managing an asset will also be high so that's exactly what we'll be covering in the

需要面對的挑戰也會很高，這正是我們將在

3:30:17

last topic on this particular course on asset management so by understanding the topics let us now dive deeper into each

本資產管理課程的最後一個主題中要涵蓋的內容。在理解了這些主題之後，讓我們現在逐一深入探討

3:30:24

of these topics one by one to understand what are are these and how we can be able to manage assets in the best way

這些主題，以了解它們是什麼，以及我們如何能夠以最佳方式管理資產。

3:30:32

possible coming to our first topic on this course on asset management that is nothing but

來到我們本資產管理課程的第一個主題，那就是

3:30:38

what is asset management as i said before before completely going to understand what is asset management

什麼是資產管理。正如我之前所說，在完全理解什麼是資產管理之前，

3:30:45

we should be knowing what is asset what is an asset for example an asset can be classified and several categories based

我們應該先知道什麼是資產，什麼是資產。例如，資產可以根據

3:30:53

on person to person or on the business you are actually trying to organize or the business you're actually running so

不同的人，或者根據你實際試圖組織或經營的業務來分為幾類，

3:30:59

based on that the assets would be differing so for example an asset can be something which is of high value which

因此，根據這種情況，資產會有所不同。例如，資產可以是具有高價值的東西，

3:31:06

is useful for you to bring up something or for your business to be running so it can also be something which can help you

對你來說有用於創造某物或讓你的業務運行，它也可以是能幫助你

3:31:13

build your wealth so all these things which fulfill these criterias can be classified as assets which is of high

建立財富的東西。所以所有符合這些標準的東西都可以被歸類為資產，它們具有

3:31:20

value high potential and something which is of useful and also which will help you build wealth so after understanding

高價值、高潛力，並且是有用的，也能幫助你建立財富。所以在理解了這些之後，

3:31:28

on asset we should be knowing how to get wealth how to manage your assets and only then you will be able to make use

關於資產，我們應該要知道如何獲取財富、如何管理您的資產，唯有如此，您才能妥善運用

3:31:34

of the asset properly right so that's exactly what we'll be seeing in this module asset management is the practice

該資產，對吧？這正是我們將在本模組中探討的內容。資產管理是透過

3:31:42

followed to increase the wealth over time by acquiring maintaining managing and selling investments

買入、持有、管理及賣出投資來隨時間增加財富的實踐。

3:31:50

so actually by understanding this we know that asset management is a practice it is not a task it is not a procedure

因此，透過理解這一點，我們知道資產管理是一種實踐，它不是一項任務，也不是一個程序，

3:31:57

it is actually a practice of following to increase your wealth it actually aims to build your wealth get more returns

它實際上是一種為了增加財富而遵循的實踐。它的目標在於累積財富、獲取更多報酬，

3:32:04

and also bring value to you as a person or to your organization which you're actually working for or for your

並為您個人、您任職的組織，或是您經營的

3:32:10

business which you are running so all these things which are helping you to build all those things can be classified

事業帶來價值。所有這些有助於您累積的事物，都可以歸類為

3:32:17

as asset and the procedure or the practice of managing that can be called as asset management and in asset

資產，而管理這些資產的程序或實踐，就稱為資產管理。在資產

3:32:24

management we look on after acquiring maintaining managing and selling investments so in order to have an asset

管理中，我們關注的是買入、持有、管理及賣出投資。因此，為了擁有一項資產，

3:32:31

we need to be acquiring the asset we need to be owning data we need to be making the investment to on the property

我們需要買入該資產、需要持有它、需要進行投資，無論是投資在房地產

3:32:37

on the asset or own something which is going to build your wealth so that is actually nothing but the first thing you

或是任何能為您累積財富的東西上。這其實就是您首先需要

3:32:43

need to be acquiring asset then comes maintaining the asset simply by acquiring the asset you won't be able to

買入資產。接著才是持有資產。單純買入資產，您無法

3:32:50

get in more value or return on your investment so in order to get that you need to be maintaining the assets in the

獲得更多價值或投資報酬。為了達到這個目的，您必須以

3:32:56

proper manner so if you are actually not maintaining your asset the value of your asset which you are possessing would be

適當的方式持有資產。因此，如果您實際上沒有持有好您的資產，您所擁有的資產價值就會

3:33:04

going down so you need to be making sure whatever investment you actually made you need to be making sure you are

下跌。所以您必須確保，無論您做了什麼投資，您都要確保

3:33:10

maintaining it in the proper way so that you are not losing out on the value on your investments then you need to be

以正確的方式持有它，這樣才不會損及您投資的價值。接著您需要

3:33:16

managing how can it be managed how can the asset being used in order to create the wealth so you need to be knowing on

管理。該如何管理？該如何運用資產來創造財富？因此您需要了解

3:33:23

that so what are the things or what are the precautions or what are the steps that has to be followed to convert or to

這一點。那麼，需要遵循哪些事項、預防措施或步驟，才能轉化或

3:33:29

use this particular asset in order to bring in wealth or value to your creation so that's exactly nothing but

運用這項特定資產，為您的創造帶來財富或價值？這其實就是

3:33:35

how to manage your asset then comes on selling so just by having an investment would not be always bringing you any

如何管理您的資產。接著來到賣出。單純持有投資，並非總能為您帶來任何

3:33:44

money or any wealth so in order to get that you need to be knowing on when to sell an investment for example if you

金錢或任何財富，因此為了獲得財富，你需要知道何時賣出一項投資，例如如果你

3:33:51

are making an investment on stock market you need to be knowing when to sell the stock so if you are not selling the

正在股票市場進行投資，你需要知道何時賣出股票，所以如果你沒有在

3:33:56

stock in the right moment the market can be crashing and you may not be getting anything out of the wealth you're

正確的時機賣出股票，市場可能會崩盤，你可能無法從你實際

3:34:03

actually investing so maybe if you have sold at some time before you might have got a profit but now the market has

投資的財富中獲得任何東西，所以也許如果你在之前的某個時間點賣出，你可能已經獲利，但現在市場已經

3:34:10

crashed and the wealth you are actually processing were lost so it is also important for you to understand when to

崩盤，你實際持有的財富損失了，所以對你來說，理解何時賣出

3:34:16

sell your investment as well asset management is a service offered by financial institutions to make your

你的投資也很重要，資產管理是金融機構提供的一項服務，目的是為你管理

3:34:23

wealth considering the risk factors in the market so financial institutions also help you

考慮到市場風險因素的財富，因此金融機構也協助你

3:34:29

to manage your asset they are actually a group of people or a team which is being employed to make sure the asset which

管理你的資產，他們實際上是一群人或一個團隊，受僱來確保你

3:34:35

you possess or which you own are going to build you well and is going to add value to your investments so that is

擁有或持有的資產能為你帶來良好回報，並為你的投資增加價值，這正是

3:34:42

exactly what these financial institutions are trying to help you out with the financial institutions will be

這些金融機構試圖協助你的地方，金融機構將

3:34:48

doing a thorough market research so that they'll be knowing what is to be done what is the investment to be made in

進行徹底的市場研究，以便他們知道該做什麼，該在

3:34:54

which sector is the investment to be made and by how long will you be getting this particular return on this

哪個 sector 進行投資，以及你將在多長時間內從這項

3:35:00

particular investment so all these things would be done by financial institutions to help you manage your

特定投資中獲得回報，所有這些事情都將由金融機構完成，以協助你更有效地

3:35:06

asset in a more effective manner and human resources capital property goodwill data are all assets to any

管理你的資產，而人力資源、資本、財產、商譽、數據，對任何

3:35:15

organizations so for example the human resources can actually be classified as an asset because the human resources

組織來說都是資產，例如，人力資源實際上可以歸類為一項資產，因為為你的企業或

3:35:22

team who are actually working for your business or to your organization are actually trying to build your wealth and

組織工作的人力資源團隊，實際上正在努力建立你的財富，並

3:35:28

also trying to bring in more business to your company thereby employing human resources or by having human resources

試圖為你的公司帶來更多業務，從而運用人力資源或透過擁有人力資源，

3:35:34

you are actually getting more benefited it is actually helping you to run your business and thus human resources can be

你實際上獲得了更多益處，它實際上幫助你運營你的業務，因此人力資源可以

3:35:40

classified as an asset coming to the capital capital which you invest in any property is actually having the motive

歸類為一項資產，談到資本，你在任何財產中投資的資本，其動機實際上是

3:35:47

to bring in more money so capital is always an asset you do not need me to explain much on capital to convince you

為了賺取更多錢，所以資本始終是一項資產，你不需要我多做解釋來說服你

3:35:54

that what exactly or how exactly capital is going to be an asset for you now i'm coming to property property

資本究竟如何成為你的資產，我現在要談論的是房地產

3:36:01

in real estate business you would be knowing much on this so if you're owning a building earning a plot of land and

在房地產行業中，你可能對此非常了解，如果你擁有一棟建築、一塊土地

3:36:06

you know you will be able to get more return as the time passes so the investment which you have made on any

你知道隨著時間推移，你將能夠獲得更多回報，所以你現在對任何房地產所做的投資

3:36:12

property right now would be bringing in more value in few years so that is exactly how property can be an asset

將在幾年後帶來更多價值，這正是房地產如何成為資產的方式

3:36:17

then comes goodwill the kind of brand value you're creating through your business the kind of potential people

接著是商譽，你透過業務建立的品牌價值，你實際僱用的潛在人才

3:36:24

you're actually employing to bring in loyal business and loyalty in the market it will be helping you to bring in that

能為你帶來忠誠的業務和市場忠誠度，這將幫助你獲得

3:36:30

particular goodwill to you for example if you're taking the example of tata group tata group is actually run by

特定的商譽，例如，以塔塔集團為例，塔塔集團實際上由

3:36:36

rajan data and it's actually having huge potential so the kind of good will tata has created over the period of time is

拉詹·塔塔經營，具有巨大潛力，因此塔塔長期以來建立的商譽

3:36:43

immense and this good bill can also be classified as an asset then comes data whatever data you're processing may be a

是巨大的，而這項商譽也可以被歸類為資產。接著是數據，你處理的任何數據，可能是

3:36:50

patent material maybe an information may be or something of that sort which is going to be helping you to run your

專利材料、資訊或類似的東西，這些將有助於你經營

3:36:56

business can always be considered as an asset in asset management knowing which investment to make and avoid are gained

業務，始終可以被視為資產管理中的一項資產，要知道該進行和避免哪些投資，唯有透過

3:37:04

only by having thorough market research so if you're not a person who are actually not into market and if you're

進行徹底的市場研究才能獲得，所以如果你不是一個真正接觸市場的人，如果你是

3:37:10

actually a person who doesn't know how the market works then you're not the right person to be doing your asset

一個不了解市場運作方式的人，那麼你就不適合進行你的

3:37:16

management you need to be seeking the help or advice or else you should be actually processing or you should be

資產管理，你需要尋求幫助或建議，否則你應該真正處理或你應該

3:37:22

actually having that willpower or a particular need for you to know more about asset management you need to be

真正具備那種意志力或特定需求去了解更多關於資產管理的知識，你需要

3:37:27

spending more time on the market analyzing how market works analyzing market trends and also knowing what is

花更多時間在市場上，分析市場如何運作，分析市場趨勢，並了解

3:37:33

the kind of actions that are being taking place in the market in order to create wealth so the thorough research

市場上正在發生哪些類型的行動以創造財富，因此徹底的研究

3:37:39

and having a complete understanding on the market will help you to gain wealth by managing your asset and only by

並對市場有完整的了解，將幫助你透過管理資產來獲得財富，唯有透過

3:37:46

having this particular research you will be able to manage your wealth in the proper way possible

這項特定研究，你才能以最恰當的方式管理你的財富

3:37:51

asset management is essential because if you don't manage your assets well you can end up losing your wealth so it is

資產管理至關重要，因為如果你沒有妥善管理資產，最終可能會失去財富，所以

3:37:58

actually simple as that if you manage your asset wealth it is going to be building your wealth but in case if you

其實很簡單，只要你管理好你的資產財富，它就能助你累積財富。但萬若你

3:38:03

are not managing your asset well you know you will actually be losing all the assets which you have created over the

沒有妥善管理資產，最終你將會失去過去

3:38:08

period of time so it is important for you to know how to manage so for example you're taking the case of stock market

這段時間所累積的一切。因此，懂得如何管理至關重要。舉例來說，以股票市場為例

3:38:15

if you know that the stock market will be crashing soon it is always better for you to exit the market having a proper

如果你知道股市即將崩盤，對你而言，最好的做法永遠是離場。妥善的

3:38:20

exit would be bringing you more profit but if you're actually delaying your exit in the market the market crashes

退場策略能為你帶來更多利潤。但如果你在市場中拖延退場，市場一旦崩盤

3:38:27

and you know the value of the stocks are going to be going down and the wealth you're actually processing till then

你明白股價將會下跌，那麼你直到那一刻所持有的

3:38:33

would be lost so that is the kind of knowledge which you need to be knowing so it's always important for you to

財富將會化為烏有。這就是你必須具備的知識，所以管理好你的資產

3:38:39

manage your assets so no matter what maybe right now maybe you are processing a lot of wealth but if you are actually

永遠都很重要。無論現在你持有多少財富，如果你

3:38:45

not having that particular knowledge on how the market will be going then all the wealth you have built till now would

真的不具備關於市場走向的特定知識，那麼你至今累積的所有財富都將

3:38:51

be going in vain there are four types of assets that help you gain wealth which are tangible

付諸東流。有四種能助你獲取財富的資產，分別是有形

3:38:57

assets intangible assets current assets and fixed assets tangible assets are something which is a physical it can be

資產、無形資產、流動資產和固定資產。有形資產是指具實體的東西，它可以是

3:39:05

a vehicle it can be a property it can be a building it can be something of that sort which is actually an investment for

車輛、房地產、建築物，或是類似的東西，這些是你為了

3:39:10

you or you have done in order to get more wealth for you coming to intangible assets intangible assets can be

獲取更多財富而進行的投資。至於無形資產，無形資產可以是

3:39:16

trademark copyrights patents and the investments which you are actually getting or the returns you are actually

商標、版權、專利，以及你實際上獲得的投資，或是你在一段時間內

3:39:22

getting in a period of time so tangible assets are those assets now coming to current assets current assets are

實際獲得的回報。以上是關於有形資產。接著談談流動資產，流動資產是

3:39:29

something which are actually employed for you in order to get wealth for a shorter period of time this current

為了在短期內為你獲取財富而運用的資產。這些流動

3:39:34

asset may be replenished or exploited within one year itself so the assets which you will be purchasing for short

資產可能會在一年內被消耗或轉化。因此，購買持有期限短於

3:39:41

period of time like less than one year can be classified as current assets now coming to fixed assets fixed assets are

一年的資產，可歸類為流動資產。現在談談固定資產，固定資產是

3:39:47

actually fixed they're actually installed or employed for longer term for example the building which you own

真正固定的，它們是為了長期而安裝或運用的。例如你擁有的建築物

3:39:52

the building which have built the land which you've actually invested so all these things will be prolonging for a

你建造的建築物、你實際投資的土地。所有這些東西的效期都會延續到

3:39:58

longer period of time and the investment which you actually make on fixed assets would be more and hence the time period

更長的時間段，您在固定資產上的實際投資將會更多，因此固定資產為您工作的時間也會更長。

3:40:04

in which the fixed assets will be working for you will also be longer now let's look at the need for asset

現在讓我們來看看資產管理的需求，我們在哪裡需要管理資產？確切的需求是什麼？或者為什麼我們實際上需要遵循資產管理？

3:40:10

management where do we need to manage asset what exactly is the need or why do we actually need to follow asset

這正是我們將在本模組中涵蓋的關於資產管理需求的內容，所以這些是我想與您分享的關於資產管理各種需求的各個步驟或關鍵要點。

3:40:17

management that's exactly what we'll be covering in this module on the need for asset management so these are the

從跨部門的輕鬆協調開始，我們知道有好幾個部門在進行資產管理。

3:40:24

various steps or various key points which i would like to share with you on the various needs for asset management

因此在金融機構中，為了建立一個穩固的體系，您需要做很多事情。

3:40:31

starting off with easy coordination across departments we know that there are several departments that is working

您需要有收購部門，需要有特定的團隊進行市場研究。

3:40:38

on asset management so in financial or institutions or in in order to have a belt build you need to be doing a lot of

您需要有人來分配您實際擁有的資源，以便進行必要的投資。

3:40:45

things you need to be having the acquisition you need to be having the particular team to do the market

關於所有這些事情，這些是我提出的幾個例子。

3:40:50

research you need to be having some persons in order to allocate the resources which you are actually having

所以基於所有這些事情，有好幾個類別和部門需要協同工作。

3:40:56

to make the necessary investments so regarding all these things these are the various few examples which i have put

因此，通過妥善管理我們的資產，我們將能夠輕鬆地在收購的各個部門之間進行協調。

3:41:02

forward so based on all these things there are several categories and several departments that need to be working so

您需要與收購部門溝通以便進行收購，您需要與資源分配部門溝通，以便他們給您資金，讓您有實際的預算來進行投資購買房地產等事宜。

3:41:08

by managing our asset well we'll be able to coordinate very easily across different departments for acquisition

因此，為了維護、管理以及所有這些事情，有好幾個部門將與您協同工作，以便妥善管理您的資產。

3:41:14

you need to be talking to the acquisition department in order to acquire you need to be talking to that

所以通過擁有適當的資產管理系統，對您來說，管理或與所有幾個部門進行協調將會非常容易。

3:41:18

resource allocation department to give you the money to you know have the actual budget for you to make the

這樣一來，管理或資產管理就能得到妥善的維護和管理。

3:41:24

investment to buy the property and all such things so in order to maintain and manage and all these things you know

遵循這一點後，接下來是節省時間和資源。

3:41:30

there are various several departments that is going to be working with you in order to manage your asset well so by

您需要在大型投資上花費的時間和資源將會更多，因為這裡涉及的投資金額相當龐大。

3:41:36

having a proper asset management system it is going to be very easy for you to manage or to coordinate along with all

擁有一套完善的資產管理系統，將會讓您更容易管理或協調所有

3:41:43

the several departments so that the management or the asset management can be maintained and managed properly by

各個部門，以便資產管理能夠被妥善維持和管理，只要

3:41:48

following this and next comes saves time and resource the kind of time and resource that you need to be spending on

遵循這一點，接下來是節省時間和資源，您需要在

3:41:56

huge investments would be more because the amount of money that is coming into picture on here on investments and

大型投資上花費的時間和資源將會更多，因為這裡涉及的投資金額以及

3:42:03

managing your assets would be really high right so in order to buy a property in order to buy a car in order to buy

管理您的資產將變得非常重要，因此為了購買房產、購買汽車或購買

3:42:08

something of that sort which is going to be building well would be really expensive even if you're simply

這類具有發展潛力的東西，將會非常昂貴，即使您只是

3:42:13

investing on stock you need to be doing the market research so by having this necessary actions done by the asset

投資股票，也需要進行市場研究。因此，透過資產管理部門執行這些必要行動

3:42:20

management department it is going to be helping you to save your time and resources so they will be helping you

將有助於您節省時間和資源。他們將協助您

3:42:26

guiding giving you the advice and also providing you the necessary steps that is to be followed for making sure that

指導、提供建議，並為您提供必要的執行步驟，以確保

3:42:33

you're properly maintaining and managing your assets so that you can save your time and resources which you will be

您能妥善維護和管理資產，從而節省時間和資源，讓您能

3:42:39

able to spend those on several various other categories or investments that you can do on your own next comes better

將這些資源投入到其他您可以自行操作的類別或投資中。接下來是獲得更好的

3:42:46

results and gain wealth by implementing the right modes so you will be knowing what are the right moves to be taken

結果並透過實施正確的模式來獲取財富。因此，您將知道應該採取哪些正確的行動

3:42:53

analyzing the market you would be knowing where the market would be going what is the trend like and which would

來分析市場，您將預見市場走向、趨勢如何，以及哪些

3:42:59

be the correct investments for you to make in order to bring your wealth rather than becoming a liability so when

是您為了增加財富而非成為負債而應進行的正確投資。因此，當

3:43:06

you're making the investments you should be making sure that the investment would be giving you better rentals in the

您進行投資時，應確保該投資能在

3:43:12

coming period of time so if you're not doing the right decisions or if you're investing in the wrong property or wrong

未來一段時間內提供更好的收益。因此，如果您沒有做出正確決策，或投資了錯誤的房產或錯誤的

3:43:17

asset you would be going loss so in order to avoid that liability you need to be making sure that you are doing the

資產，您將面臨損失。為了避免這種負擔，您必須確保自己採取了

3:43:24

right most and that is exactly being made possible by having a proper asset management system then comes better risk

最正確的行動，而這正是透過擁有完善的資產管理系統來實現的。接著是更好的風險

3:43:32

management exactly as i told you right now by knowing the market the trend the analysis and the sectors in which would

管理。正如我剛才所說，透過了解市場、趨勢、分析以及能為您帶來

3:43:39

be giving you more returns you would be actually making the investments on the right platform on the right area and the

更多回報的產業，您將能在正確的平台、正確的領域以及

3:43:45

right teams as well so by understanding that you would be managing the risk the kind of opportunity that you are getting

正確的團隊上進行投資。因此，透過這種理解，您將能管理風險，而您在此獲得的

3:43:52

here would be high and there will be only very minimal chances for you to go on loss so that is the kind of strategy

機會將會很高，出現損失的可能性將非常低。這就是您

3:43:58

which you will be able to accommodate by following asset management then comes eliminate legal risks and associated

透過遵循資產管理所能採納的策略。接下來是消除法律風險及相關

3:44:06

issues so since you're making investments and you know this kind of investments need to be regulated by the

問題。由於您進行投資，且您知道這類投資需要受到法規監管，而

3:44:11

government officials you need to be making sure that you're following the rules and regulations and the legalities

政府官員，你需要確保自己遵守規則、法規以及法律

3:44:17

which are included by taking part in these investments would also be high so you need to be making sure on all these

參與這些投資所涉及的法律風險也很高，因此你需要確保在所有這些方面

3:44:22

things that you're not legally obliged to anyone and you are not guilty for doing anything so that is the kind of

你沒有法律上的義務，也沒有因任何行為而構成罪責，這就是

3:44:29

steps and that is the kind of procedure and that is the kind of severity which are being associated with these kind of

這些投資所伴隨的步驟、程序以及嚴重性

3:44:34

investments as well if not done properly you will be ending up in severe penalty so in order to avoid that you can have a

如果沒有妥善處理，你最終將面臨嚴厲的處罰，因此為了避免這種情況，你可以建立

3:44:41

better asset management system and team to make sure that you are being eliminated or such situations can are

更完善的資產管理系統和團隊，以確保你在管理庫存或資產時

3:44:48

being avoided with you while managing your inventory or by managing your asset and then comes improved regulatory

能夠排除或避免這類情況的發生，接著是提升法規遵循表現

3:44:55

performance the lot of government bodies authorities from which you should be getting the approvals you should be

你需要從許多政府機構和主管機關取得許可

3:45:01

getting the sanctions approvals and all the necessary documents for you to proceed with your acquisition to

取得制裁許可以及所有必要文件，以便進行收購

3:45:07

maintenance and also for selling your asset so by getting all these done only you will be able to acquire or manage or

維護以及出售你的資產，唯有完成這些，你才能收購、管理

3:45:13

maintain or sell the investment which you're actually made so in order to get that done you should be following all

維護或出售你實際進行的投資，為了完成這些，你需要遵守所有

3:45:19

the necessary actions all the legalities all the formal procedures all the legal documents should be clear from your end

必要的行動、所有法律、所有正式程序，所有法律文件都必須從你這端釐清

3:45:24

so you should be having all the sanctions and approvals from the bodies so that is exactly nothing but you

因此你應該從各機構取得所有制裁和許可，這正是意味著你

3:45:29

should be following all such things and that is also made possible by having asset management team within you then

必須遵守所有這些事項，而這也可以透過在內部設立資產管理團隊來實現

3:45:36

comes provides safety on your investments since you're actually playing well informed you're actually

接著是為你的投資提供安全保障，因為你實際上資訊充分

3:45:42

managing your rules and you know how the market will be moving because you have done the research you are managing the

你在管理自己的規則，並且知道市場將如何波動，因為你已經做了研究，你在管理

3:45:48

risks you know how much you will be losing because you know you're actually aware you're actually taking an informed

風險，你知道會損失多少，因為你實際上很清楚，你實際上是在做一個知情的

3:45:53

decision so that the kind of safety on your investments which you're actually making is high so thereby you make sure

決定，因此你實際進行的投資安全性很高，從而確保

3:46:00

that the kind of losses which you can incur by making the investments are very low and the chances of getting profit

你因投資可能產生的損失非常低，而獲得利潤的機會

3:46:06

would be very high as well so these are the various advantages that you will be getting by following asset management

也非常高，這些就是遵循資產管理所能獲得的各種優勢

3:46:13

and having an asset management system for your organization or your business or in order to create your personal

為您的組織或企業建立資產管理系統，或者為了創造個人財富，這些都是我想為您提出的資產管理需求重點。

3:46:18

wealth as well so these are the things which i would like to put forward for you on the needs for asset management

現在談到任務，管理您的資產涉及哪些任務？這是本資產管理課程的下一個主題，也就是資產管理中涉及的各項任務。

3:46:25

now coming to tasks what are the tasks associated with managing your assets so that is a next

讓我們看看在管理資產時應該遵循哪些不同的任務。首先是收集關於各種資產管理系統的資訊，並持續研究市場趨勢。

3:46:31

topic for this course on asset management that is nothing but tasks involved in asset management let's see

因此，我們應該掌握這些特定資訊，以便在進行任何投資時做出明智的決策。並且在投資之後，

3:46:38

what are the various tasks which we are to be follow while managing an asset so first one will be gathering information

您也應該徹底了解並收集關於您所做特定投資的資訊，無論它是否真的獲利、是否表現良好，以及是否為您帶來物超所值的回報。

3:46:45

on the various asset management system and continuous research on market trends so we should be having that particular

所有這些事情都應該被了解，而這只能透過掌握特定資訊、做出明智的決策和採用明智的標準來完成，您才能管理並建立財富。

3:46:52

information so you should be taking informed decision while making any investment and after making investment

您要如何獲得這些資訊？如何獲得即時、清晰的資訊？這只能透過徹底的市場研究來實現。

3:46:58

also you should be thoroughly understanding and gathering information on those particular investments which

您應該了解市場狀況、有哪些趨勢、哪些領域目前正蓬勃發展，以及該產業未來的走向是上升、下降，還是將在一段時間內保持穩定。

3:47:04

you have made whether it is actually on profit it is actually making well for you and is it bringing you value of

因此，您應該針對所有這些情境進行研究，並收集與您投資相關的所有活動資訊。基於您的投資，您應該進行相關研究，

3:47:10

money so all these things should be known so it can be done only by having the particular information

並且只有透過了解這些資訊，您才能做出決策。接下來是觀察資產價值隨市場變化的波動，我們應該觀察這些變化。

3:47:17

having an informed decision and informed criteria you will be able to manage and you will be able to build wealth and how

因為市場不會長期保持穩定，可以說市場根本不穩定。也許它處於高點、正在上漲；也許它穩定了一陣子，然後就崩盤了。因此基於所有...

3:47:23

will you be able to get this information get the real-time clear information that can only be achieved by having thorough

您將如何獲得這些資訊？獲得即時、清晰的資訊？這只能通過進行徹底的

3:47:30

market research you should be knowing how market is what are the trends what is the area which is on the boom right

市場研究才能實現。您應該了解市場狀況、趨勢是什麼、哪些領域目前正蓬勃發展，對吧

3:47:36

now and how can the industry be going in the future will be going up will be going down or will it be stable for some

現在，以及該產業未來會如何發展？將會上漲、下跌，還是會在一段時間內保持穩定？

3:47:43

period of time so you should be actually working on all such scenarios doing market research and gathering

一段時間。因此，您應該針對所有這些情境進行操作，進行市場研究並收集

3:47:49

information on all such activities which are related to your investments so based on your investment you should be doing

資訊，這些資訊與您的投資相關。因此，您應該根據您的投資，進行

3:47:55

relevant research and also by understanding on such informations only you should be taking your decisions then

相關研究，並且唯有透過理解這些資訊，您才應該做出決策，接著

3:48:02

comes observing variation in the value of assets depending upon the market so we should be observing the variations so

就是觀察資產價值隨市場變動的情況，因此我們應該觀察這些變動，所以

3:48:09

market will not be stable for a longer period of time and it can be said that the market is not stable at all maybe it

市場長期來看不會穩定，可以說市場根本不穩定，也許它

3:48:15

is on the high it is on the rise maybe it is actually stable for a while and then it is crashing so based on all

處於高點、正在上漲，也許它穩定了一陣子，然後就崩盤了。因此基於所有

3:48:20

these things you should be actually analyzing the potential of the market so is the market going to be high is the

這些事情你其實應該分析市場的潛力，所以市場會走高嗎？市場會崩盤嗎？

3:48:26

market going to crash so if it's going to crash you need to be knowing that there is no point in buying or there is

如果市場會崩盤，你需要知道根本沒有買進的必要，或者

3:48:31

no point in holding that particular stock so by gathering these many informations and knowing the variations

沒有必要繼續持有那檔特定的股票。所以，透過收集這麼多資訊並了解其變化，

3:48:37

so where is it going what is the trend like so by understanding that we'll be able to get an informed decision and

它會去哪裡？趨勢是什麼樣子？透過理解這些，我們將能夠做出明智的決定，

3:48:43

we'll be able to analyze and understand and implement the right decision at the right time itself then comes planning

並能夠分析、理解並在正確的時機本身實施正確的決定。接下來是規劃

3:48:49

the asset management strategies based on investors goal so basically you are making the investment you're actually

基於投資者目標的資產管理策略。基本上，你進行了投資，你實際上是

3:48:55

spending some time and money and effort to make sure that you're making the right investment so basically why are

花了一些時間、金錢和精力來確保你進行了正確的投資。所以基本上，你為什麼要

3:49:01

you investing obviously you are actually investing you know to create your wealth bring in more money and bring in more

投資？顯然，你投資是為了創造你的財富，引進更多資金，並為你的投資帶來更多

3:49:07

returns to your investment which you've actually done so what was the goal so maybe for some people or some

回報，這是你實際做過的。所以，目標是什麼？也許對某些人、某些

3:49:13

personalities or some organizations the investment would be done based on several factors maybe it's on a goal

人格特質或某些組織來說，投資會基於幾個因素進行，也許是基於一個目標，

3:49:19

maybe it's on the objective maybe it's on a future project which the company is going to take up so based on that the

也許是基於一個目的，也許是基於公司將要進行的未來專案。因此，基於這點，投資

3:49:25

investment should be planned accordingly maybe if you are a person who would like to buy a car or buy a house in the

應該相應地規劃。也許如果你是一個想在未來買車或買房的人，

3:49:30

future you will be making some savings and the savings would be invested so that you would be thinking that you will

你會做一些儲蓄，而這些儲蓄會被投資，所以你會想你將

3:49:36

be getting more return on investment and from this return which you were getting you would be able to buy a car or a bike

獲得更高的投資回報，而從你獲得的這笔回報中，你將能夠買一輛車或一台摩托車，

3:49:43

or a house which is of your concern so you should be understanding what your goal is you should be planning your

或一棟你關心的房子。所以，你應該了解你的目標是什麼，你應該規劃你的

3:49:48

strategy in such a manner that all the actions which you're doing right now is actually associated with the goal which

策略，以這樣的方式進行：你現在所做的一切行動，實際上都與你

3:49:55

you're actually planning to achieve by the end of this investment and that's exactly how you should be having or you

計劃在這次投資結束時要達成的目標相關聯。這正是你應該擁有或你

3:50:00

should be having the approach to the market and approach the investment which you are making as well next comes

應該擁有的市場方法，以及你進行投資的方法。接下來是

3:50:06

knowing the life cycle of assets and timing the entry and accept so we know that every product in the market will be

了解資產的生命週期以及進場和出場的時機。我們知道市場上的每個產品都會

3:50:14

going through several phases so in the life cycle of a product we would be going through several phases as human

經歷幾個階段。所以在產品的生命週期中，我們作為人類也會經歷幾個階段。

3:50:19

does right so for the product the various faces would be introduction growth maturity and decline in the

說得沒錯。對於一項產品，其生命週期通常會經歷幾個階段：導入期、成長期、成熟期和衰退期。

3:50:25

introduction part the product is just introduced and it is actually trying to grasp the market and also getting to

在導入期，產品剛被推出，實際上正在嘗試搶佔市場，同時更深入地了解市場，

3:50:30

know more about the market and trying to implement more sales to that particular product and then comes growth phase

並試圖為該特定產品創造更多銷量。接著會進入成長期，

3:50:36

where the product is actually hit there are more number of sales coming in people are actually liking the product

此時產品真正開始爆發，銷量大幅增加，人們真正喜歡這項產品，

3:50:41

and all such things are happening in the growth phase and the decline phase the actual market is actually not for the

這些現象都會在成長期發生。而在衰退期，實際的市場已不再屬於

3:50:46

actual customers or the actual product has actually taken all the benefits from the market itself and then comes decline

真正的客戶，或者說該產品已從市場中獲取了所有利益，接著衰退期來臨，

3:50:53

where the product has actually old-fashioned or outdated so you should be knowing what is the face of the

產品變得過時或落伍。因此，你應該要知道市場目前處於哪個階段。

3:50:58

market and all these investments which you are making you should be knowing in which phase is this investment which you

對於你所做的所有投資，你應該要了解你所投入的資金目前處於哪個階段。

3:51:05

have made is lying is it in the growth phase then well and good it is actually going to be continuously growing so you

如果它處於成長期，那很好，它將持續成長，

3:51:11

will be continuously building wealth as well so you should be understanding which is the face the investment which

你也會持續累積財富。因此，你應該要理解你的投資目前正處於哪個階段，

3:51:17

you have made is lying so you should be understanding which face it is and you should be rightly interpreting you

並對此有正確的解讀。

3:51:22

should not be misconceptionalized or misunderstood that the product is growing and it is actually continuously

你不應該有錯誤的觀念或誤解，認為產品正在成長，就代表它持續處於成長期。

3:51:27

in the growth phase so it might be a false growth and it might be in the actual potential where the complete

這可能是假性成長，它可能已經達到潛力的極限，完全成熟，

3:51:33

maturity is done the complete gain or the complete return on the particular investment is actually achieved and now

該項投資的完整收益或回報已經實現，

3:51:39

it is actually going to be slightly declining so regarding on all those respective you should be having a

現在正開始微微下滑。因此，針對以上所有情況，你應該要有

3:51:44

complete understanding and only then you will be able to time the market timely entry and timely exit if the market is

完整的理解，如此一來你才能掌握市場時機，適時進場與出場。如果市場

3:51:50

going to crash you would know that and then you would be having a safe exit as well so that is the kind of knowledge

即將崩盤，你將能預知，並安全出場。這就是你應該具備的

3:51:56

which you should be processing so you should be knowing what is the life cycle of an asset and what is the face which

知識，你應該要了解一項資產的生命週期是什麼，以及該資產

3:52:02

the asset is lying in and what would be the entry and what would be the exit point as well

處於哪個階段，進場點和出場點又分別在哪裡。

3:52:07

and then comes making purchase decisions based on the market and your research so the research which you are going to

接著是根據市場和你的研究來做出購買決策。關於你將要進行的研究...

3:52:14

put in should be really enough to make sure that the investment which you are

投入的資金應該足夠確保您實際要進行的投資，能夠賺到您打算投入的那筆錢，而這筆錢是您經過許多奮鬥、大量辛勤工作和努力後才賺來的，對吧？所以您實際上是在投資這筆錢，因此要謹慎投資。

3:52:19

actually going to make the kind of money which you are going to invest which you actually made after a few lot of

因為如果您所做的市場調查不夠徹底或不夠完善，那麼您將要進行的投資就會是錯誤的。

3:52:25

struggle locked up work a lot of hard work and also efforts right so you're actually investing that so be careful

所以請確保，只有在獲取市場結果、了解其波動、理解變化以及掌握市場趨勢，並預測您實際要進行的投資（無論是股票、債券、黃金、股市還是房地產等任何領域）的走向之後，才能進行正確的投資。

3:52:31

while investing because the kind of market research you have done if it's not thorough or it's not well and good

因此，無論您想投資哪個類別，都要先對其進行市場調查，接下來就是維持您的資產，不讓其價值流失。

3:52:37

then the kind of investments that you are going to be making would be a wrong one so make sure that the right

如我之前所說，維護也是管理資產時最重要的任務之一。

3:52:43

investments are being done only by getting the market results and the variations and understanding the

您已經在資產上投入了大量資金以擁有它，對吧？所以您是在試圖建立您的財富。

3:52:47

variation and also understanding the market trends and where the market would be going for the investment which you're

只有通過正確的維護，您才能維持並達到您所投資的財富或資產的特定價值。

3:52:53

actually going to make it can be on equity bond gold or a stock market or real estate property and some anything

所以在往後的日子裡，如果您沒有維護好您的資產，那麼幾年後您的資產狀況將會非常糟糕。

3:52:59

of that sort so wherever on which category are you trying to invest do the market research on that and then comes

而您在後期所能獲得的投資回報也會下降。

3:53:06

maintaining your asset without losing the value of the asset so as i said before maintenance is also

所以維護您的資產始終是重要的，也是您基本的必要任務。

3:53:12

one of the most important tasks which you should be doing while managing your asset so you have done a lot of

您可能在想，您需要對特定房產或特定投資進行的維護成本也在不斷增加。

3:53:18

investment on your asset to own your asset right so you are trying to build your wealth so only by actually

但如果您實際沒有這樣做，您在該資產上所擁有的財富或價值將會下降，並且在後期會讓您付出更高的代價。

3:53:24

maintaining it in the right way you would be able to maintain you will be able to achieve that particular value to

以正確的方式維護它，您將能夠維持並實現該特定價值，以

3:53:30

your wealth or to your asset which you have invested so in the down the time if you are mean not maintaining your asset

達到您對該項投資的財富或資產價值。因此，如果在未來時日，您沒有好好維護您的資產

3:53:36

then the condition in which your asset would be like after this few years would be very poor

那麼在未來幾年，您的資產狀況將會非常糟糕

3:53:42

and the kind of investment or the kind of returns that you would be getting in the later stage would also be going down

並且在後期您所能獲得的投資或回報類型也會下降

3:53:47

so it's always important and it's always a basic necessity for you to maintain your asset you might be thinking that

因此，始終保持您的資產在最佳狀態，對您來說不僅重要，更是基本需求。您可能在想

3:53:53

the kind of investment that you need to be doing on the particular property or particular investment but is also

您需要對特定房產或特定投資進行的投資類型，但其實

3:53:59

keeping on increasing but if you're actually not doing that the kind of wealth or the kind of value you are

一直在增加，但如果您實際上沒有這樣做，您在該資產上所擁有的財富或價值將會下降，並且在後期會讓您付出更高的代價。所以

3:54:05

actually having on that asset would be going down and it would be costing much higher for you in the later stage so it

在該資產上實際擁有的價值將會下降，並且在後期會讓您付出更高的代價。所以

3:54:11

is always better for you to maintain your asset whichever you are processing now coming to types of asset management

無論您目前處理什麼，始終保持您的資產在最佳狀態，現在來談資產管理的類型

3:54:18

here we'll be seeing all the various types of asset managements which are available to us to follow to manage our

這裡我們將看到所有可用於管理資產的各種資產管理類型

3:54:26

assets so depending upon the types of asset we are owning so we will be able to showcase or we will be able to follow

根據我們擁有的資產類型，我們將能夠展示或遵循

3:54:32

or strategize our management strategies depending upon the types of assets which we own as well in this module that's

或根據我們擁有的資產類型來制定管理策略

3:54:39

exactly we'll be seeing that is nothing but types of asset management let us see what are the types of asset management

這正是我們將探討的內容，即資產管理的類型，讓我們看看有哪些類型的資產管理

3:54:46

which are available for us to follow to manage our asset so the six types of asset management which i have put

可供我們遵循以管理我們的資產，所以我為您提出的六種資產管理類型包括

3:54:52

forward for you are these including digital asset management fixed asset management iit asset management

數位資產管理、固定資產管理、IT 資產管理

3:54:59

enterprise asset management financial asset management and coming to infrastructural asset management so

企業資產管理、金融資產管理以及基礎設施資產管理

3:55:06

digital asset management all the social media platforms your software's all those can be classified or all those can

數位資產管理，所有社交媒體平台、您的軟體，所有這些都可以歸類為數位資產管理

3:55:13

be classed under digital asset management it is actually an asset which you process in a digital platform to run

這實際上是您在數位平台上處理以運營業務的資產，為了個人成長或業務增長

3:55:20

your business for your personal growth or for your business growth right so all such things can be classified or can be

所有這些東西都可以歸類為數位資產

3:55:26

grouped on digital asset as a digital asset and the management of digital asset can be classified as digital asset

並將數位資產的管理歸類為數位資產管理

3:55:33

management coming to the next which is nothing but fixed asset management whichever asset which you purchase for a

接下來是固定資產管理，您為長期購買的任何資產

3:55:40

long term it can be a building it can be a property it can be a missionary or heavy equipment which you process to run

它可以是建築物、房地產、機器或重型設備，您用來運營業務或個人企業

3:55:46

your business or for your personal enterprise so all these things which you purchase can be classified as fixed

您購買的所有這些東西都可以歸類為固定資產

3:55:53

assets and managing such assets can be called as fixed asset management next comes it asset management i.t so in this

管理此類資產可稱為固定資產管理，接下來是 IT 資產管理

3:56:03

scenario most of the people are working from home and the kind of network and the kind of data and the kind of

在這種情況下，大多數人都在家工作，為了有效實施居家辦公

3:56:09

research which you need to process to have or to implement work from home in an efficient way would be under the

您需要處理的網絡、數據和研究類型將在

3:56:16

responsibility of iot department making sure the server is available the server is up there is no delay the server is

IT 部門的責任範圍內，確保伺服器可用、伺服器正常運行、沒有延遲、伺服器

3:56:21

maintained the security is maintained all such activities later so all the such things which you process to run

得到維護、安全性得到維護，所有這些活動等等，所有這些您為了運營而處理的事情

3:56:27

your business for your personal finance or for your personal purposes can be classified as id asset management all

您的業務用於個人理財或個人目的，可歸類為 IT 資產管理

3:56:34

such activities for the server security and for maintaining the access to those particular people who are actually

所有這些用於伺服器安全以及維護特定人員存取權限的活動

3:56:40

having the credentials are maintained and actually be managed by the i.t asset management team next comes enterprise

由 IT 資產管理團隊維護和管理。接下來是企業

3:56:47

asset management whatever enterprise are you running all the asset which you actually own on part of that can be

資產管理。無論您經營何種企業，您實際擁有的所有資產

3:56:53

grouped as enterprise asset management all the wealth which you purchase all the property all the equipment whichever

都可歸納為企業資產管理。您購買的所有財富、所有房產、所有設備

3:56:59

which you process on behalf of the enterprise can be classified as enterprise asset management next would

以及您代表企業處理的資產，均可歸類為企業資產管理。接下來是

3:57:05

be financial asset management it would be completely regarding your finance whatever money or the whatever currency

金融資產管理。這完全與您的財務相關，無論您擁有多少金錢或貨幣

3:57:11

or whatever amount which you possess how much interest are you paying for your launch how much loans are you having how

或任何金額，您為貸款支付多少利息，您有多少貸款，

3:57:18

much is your credit how much is your debit how much is your credit score for the company for your personal account

您的信貸額度是多少，您的借貸額度是多少，您的信用評分是多少，無論是公司還是個人帳戶

3:57:23

and such activities are being managed by financial asset management companies or financial asset management strategies so

這些活動均由金融資產管理公司或金融資產管理策略管理。因此

3:57:30

these are the various types and finally we'll be looking at infrastructural asset management as well so what are the

這些是各種類型，最後我們還將探討基礎設施資產管理。那麼我們處理的

3:57:35

various infrastructure which we process may be in public sector maybe employment setup and all that's right so all these

各種基礎設施有哪些呢？可能是在公共部門，也可能是就業設施等。沒錯，所有這些

3:57:41

things bridges dams roads and all these things are coming under infrastructural assets and managing those assets on a

橋樑、水壩、道路以及所有這些事物都屬於基礎設施資產，而在大規模

3:57:47

larger scale would be classified or would be managed by infrastructural asset management teams so these are the

上管理這些資產，將由基礎設施資產管理團隊分類或管理。因此，這些是

3:57:53

various types of assets management systems which we are having which we will be able to follow regarding

我們擁有的各種資產管理系統，我們將能夠根據

3:58:00

whatever types of assets which we are posting so that we'll be able to manage we'll be able to maintain and also we'll

我們持有的資產類型來遵循，以便我們能夠管理、維護，並且

3:58:05

be able to bring in more wealth more written on our investment in all these categories of assets which we possess

能夠為我們所擁有的所有這些類別的資產帶來更多財富和更多回報。

3:58:12

coming to the first type of asset management system that we will be seeing in this course on asset management which

談到我們將在這門資產管理課程中看到的第一種資產管理系統類型，

3:58:20

is nothing but digital asset management so what exactly are we managing in digital asset management

也就是數位資產管理。那麼在數位資產管理中，我們究竟管理什麼？

3:58:28

so as the name suggests everything that we process in the digital platforms or digitally

顧名思義，我們在數位平台或以數位方式處理的一切事物

3:58:34

that all items we will be taking care of in digital asset management so in digital asset management almost

在數位資產管理中我們將處理的所有項目，所以在數位資產管理中，目前幾乎

3:58:43

every business right now in this present scenario almost every business is having its presence in the digital platform

每一家企業在當前的情境下，幾乎每一家企業都在數位平台上有其存在感

3:58:51

and hence there is a boost in the digital media usage and the content in digital media platforms so that's

因此，數位媒體的使用量以及數位媒體平台上的內容都有所增長，這就是

3:58:58

exactly why digital asset management is has come to a necessity right now because most of the business which is

為什麼數位資產管理現在已成為一種必要，因為大多數正在運營的

3:59:06

running that being e-commerce let it be any kind of business which is running actually

企業，不管是電子商務，還是任何一種正在運營的企業

3:59:12

right now in the right scenario and right now due to the pandemic as well everything has gone on the digital mode

在當前的情境下，而且目前由於疫情的關係，一切都轉向了數位模式

3:59:18

right on the digital platforms every business and every opportunity that you are needing as possible is made possible

在數位平台上，每一家企業以及你所需的每一個機會都成為可能

3:59:26

in the digital platforms and that's exactly why the kind of usage which has been going on in the digital platforms

在數位平台上，這就是為什麼在數位平台上的

3:59:33

are very high hence it is always important to manage your assets the digital platforms let it be a social

使用量非常高的原因，因此管理你在數位平台上的資產始終很重要，不管是社交

3:59:39

media account let it be the software which you process let it be any kind of marketing strategies that you can be

媒體帳號，還是你使用的軟體，或者是你可以在

3:59:45

following in the kind of platforms which is nothing but digital platforms so all these things can be classified as your

這些平台上遵循的任何行銷策略，這些都不過是數位平台，所以所有這些都可以歸類為你的

3:59:53

digital asset which are in turn bringing your business wealth and also more connections as well you will be able to

數位資產，這些資產反過來為你的企業帶來財富以及更多的人脈，你將能夠

4:00:00

connect with not only number of people respecting the location where they are from right so all these things are being

不僅僅是連結來自不同地點的人們，對吧？所以所有這些都是透過

4:00:07

made possible through digital assets so that's exactly what we'll be managing in digital asset management

數位資產實現的，這正是我們在數位資產管理中要管理的內容

4:00:14

the most important aspect to be looked into in digital asset management is regarding the security

在數位資產管理中，最重要的方面是關於安全性

4:00:21

so we know that the hackers are there there are a lot of issues threats and you know violence is going on in the

我們知道駭客存在，有很多問題、威脅，而且你知道在

4:00:27

digital platforms as well and that is the most concerning factor regarding digital asset whatever your asset you

數位平台上也正在發生暴力行為，這是關於數位資產最令人擔憂的因素，無論你處理的是什麼資產，你

4:00:34

are processing you should be maintaining or you should be making sure that the assets which you process are used on the

都應該維護，或者你應該確保你處理的資產是在正確的條款下使用的

4:00:41

right terms and it is not misused or it is not used in such a manner that the people who are actually getting affected

而沒有被濫用，或者沒有以一種會對人們造成

4:00:48

in the harmful way so you people should be affected by in a good way by taking advantage of the digital assets which we

有害影響的方式使用，所以人們應該透過利用我們的數位資產而受到好的影響

4:00:55

are processing by providing the service or products which we are supposed to be providing apart from that no security

透過提供我們本應提供的服務或產品來進行處理，除此之外，不應存在安全

4:01:01

threats no damages or no harmless should be processed or should be attained by using our digital assets so that's

威脅、損害或危害，也不應透過使用我們的數位資產來處理或達成，這就是

4:01:09

exactly the most major concern is so we should be concerned about the security who is having access to our security and

最主要的關注點。因此，我們應該關注安全性，誰擁有我們安全的存取權限，以及

4:01:16

who is able to threat or who is able to give viruses threats you know malware can be all installed in the digital

誰能夠進行威脅，或誰能夠植入病毒威脅，你知道惡意軟體可能全部安裝在數位

4:01:22

platforms line so that is exactly what we need to be taking care of while managing the digital assets

平台線路中，這正是我們在管理數位資產時需要留意的事項。

4:01:28

digital asset management is responsible for providing access to the digital assets to the right persons with the

數位資產管理負責向擁有適當憑證的正確人員提供數位資產的存取權限，因此這本身就是安全性的一部分。為了登入任何您

4:01:35

right credentials so this comes as part of security itself so in order to login to any digital platform which you

購買的數位平台，可能是您在 LinkedIn 平台上的數位帳戶，或是在 Instagram、Facebook、WhatsApp 上，或任何

4:01:43

purchase may be your digital account in linkedin platform maybe on instagram facebook whatsapp or let it be any on

任何平台都行。因此，基於您為了經營業務或個人

4:01:50

any basis right so based on all the things which you purchase for your business to run or for your personal

活動而購買的所有東西，您會獲得您的使用者名稱和密碼，而擁有這類數位

4:01:55

activities you would be given your username and password and the main advantage of having this kind of digital

平台的主要優勢是，您將能夠從任何地方存取所有這些項目、所有這些數位資產，您

4:02:02

platform is that you will be able to access all these items all these digital assets from wherever you are you need

不需要隨時攜帶筆記型電腦或任何設備，即使您使用的是不同的筆記型電腦或不同的來源

4:02:10

not be carrying a laptop or any item with you always even if you're using a different laptop or different source of

設備來存取，您也能夠做到。您唯一需要提供的就是您的存取

4:02:16

origin in order to access that you will be able to do that the only thing that you need to be providing is your access

憑證，也就是您購買的使用者 ID、您的密碼，如果您實際上啟用了兩步驟驗證，

4:02:23

the credentials which you purchase your user id your password and if you are actually taking two-step verification

可能是會發送到您手機號碼的 OTP（一次性密碼），這正是為了確保

4:02:29

maybe the otp which will be sent to your phone number so that is exactly what is being enabled to make sure that the

安全性得以維護而啟用的機制，讓除了必要的人員或實際擁有該特定數位資產的官方人員外，沒有人能夠實際存取您購買的特定數位資產。因此，這是

4:02:36

security is maintained no one is actually able to access the particular digital assets which you purchase other

為了確保沒有危害或威脅發生，且只有擁有數位資產的官方人員才能存取數位

4:02:44

than the required or the other than the officials which is actually owning that particular digital asset so this is one

資產，而主要實施的一項措施。現在談到最後一點，

4:02:51

thing which is majorly implemented to make sure that no harmless or no threat are being done and only the digital

數位資產管理為您提供了一個選項，可以追蹤數位平台上發生的所有事情，即

4:02:58

assets are being accessed by the officials which own the digital assets now coming to the last point

官方存取數位資產，現在談最後一點

4:03:05

digital asset management provides you the option to track everything which is happening on the digital platforms that

數位資產管理為您提供了一個選項，可以追蹤數位平台上發生的所有事情，這也是數位媒體、數位平台或數位資產能提供給您的最重要因素之一，您將能夠追蹤周遭發生的任何事

4:03:12

is also one of the most important factor which digital media or digital platforms or digital assets provides to you you

也是數位媒體、數位平台或數位資產能提供給您的最重要因素之一，您將能夠追蹤周遭發生的任何事

4:03:20

would be able to track whatever is happening around you you will be able to know who signed it with which credential

您將能夠知道是誰使用了哪些憑證簽署

4:03:27

and what was the time which he used to do that and what is the activity that he was doing by logging in with the

以及他用來執行該操作的時間，還有他透過登入該憑證正在進行的活動是什麼

4:03:33

credential so using all these details we'll be able to track what is the item going on what are the things which is

因此，利用所有這些詳細資訊，我們將能夠追蹤正在進行的項目、正在處理的事項

4:03:40

being taken care of and what are the tasks which was done by this particular person by using this particular

以及這位特定人士在這個時間點使用這個特定憑證完成的任務

4:03:46

credential during this point of time so regarding all those things we'll be able to track and we'll be able to know where

關於所有這些事情，我們將能夠追蹤，並能夠知道事情是在哪裡出錯的，如果事情確實出錯，以及如果事情真的有了轉機，您將會知道

4:03:53

the things were gone wrong if things were going wrong and if things actually had a turnaround you would be knowing

您將能夠檢查問題發生在哪裡，是誰真的犯了錯，關於

4:03:58

you would be able in a position to check where the issue had happened who actually made the mistake and regarding

所有這些事情我們都能夠知曉，例如，我們不僅能在出錯時進行追蹤，我們還能

4:04:05

all those things we'll be able to know for example we'll not only be able to track if anything goes wrong we'll also

追蹤我們的績效，例如在 Instagram 上，您獲得了多少追蹤者，獲得了多少按讚

4:04:11

be able to track our performance for example in instagram how many followers are you getting how many likes are you

您在 Instagram 上發布的貼文獲得了多少觸及率，所有這些事情都可以

4:04:18

getting how many reaches are you getting to your post which you are posting on instagram so all those things can be

透過各個平台提供的洞察數據來查看或取得，因此我們將能夠了解我們所能達成的

4:04:25

seen or can be viewed or can be attained by the insights which each platform are giving so we'll be able to know the kind

績效類型，例如如果是 LinkedIn，您將能夠知道是誰

4:04:32

of performance we are able to do for example if it's linkedin you will be able to know who

實際上查看了您的個人檔案，您的個人檔案在人們實際搜尋

4:04:38

actually viewed your profile how many times your profile got appeared when the people were actually searching for

與您領域相關的人時出現了多少次，您也可以查看您最近發布的貼文

4:04:44

someone related to your field and you can also see how many reach have you got to your post which you have posted

獲得了多少觸及率，這些都是我們可用來評估我們績效的各種分析工具

4:04:51

recently so these are all the various analytic tools which are accessible to us to evaluate our performance as well

即使事情出錯，我們也能透過檢查答案、檢查時間

4:04:59

as even if things are going wrong we'll be able to know who did that by checking the answers by checking the

以及檢查該特定人士在該時間點完成的任務，來知道是誰做的

4:05:06

time by checking the tasks which were done by that particular person during that point of time so these are the

這些都是您可以透過遵循數位資產管理來實施的各種管理策略，以管理您的

4:05:11

various management strategies which you'll be able to follow by following digital asset management to manage your

您可以透過遵循數位資產管理來實施，用以管理您的

4:05:18

digital assets coming to the second type of asset management which is nothing but fixed

數位資產邁向第二種資產管理類型，也就是固定資產管理。

4:05:25

asset management here also as the name suggests we'll be managing fixed assets

資產管理，顧名思義，我們將管理固定資產

4:05:31

how are we managing our fixed assets is what we are concerned about in fixed asset management which is the second

我們如何管理固定資產，正是固定資產管理所關心的，這是第二種

4:05:39

type of asset management we are looking at and what are fixed assets visual assets

我們正在探討的資產管理類型，而什麼是固定資產？視覺資產

4:05:45

will be coming under or will be classified as fixed assets so those are nothing but the various properties which

將歸類於或被歸類為固定資產，這些不過是您擁有的各種

4:05:52

you own the various buildings which you process to run your business or to create your wealth the kind of

財產，您為了經營業務或創造財富而擁有的各種建築物，您為了

4:05:58

infrastructure which you are providing to run your business for your warehouse for your inventory and all such

經营业務而提供的基礎設施，例如您的倉庫、您的庫存以及所有類似的

4:06:04

missionary activities all this production process you will be having infrastructures so all these things and

業務活動，所有這些生產過程您都會擁有基礎設施，所以所有這些東西以及

4:06:10

also various equipments which you process to run your production process and also the heavy machineries which

還有您為了運行生產過程而擁有的各種設備，以及您為了

4:06:16

you're having to get all the processes and actions done to get the item manufactured or produced to the later

完成所有工序和操作以將物品製造或生產到後期

4:06:22

stage right so all these things which are being processed by you or by your organization or by your business which

階段而擁有的重型機械，對吧？所以所有這些由您、您的組織或您正在

4:06:30

you are running can be classified as future assets so these are the assets which we'll be managing in fixed asset

經營的業務所處理的東西，都可以被歸類為固定資產，這些就是我們在固定資產管理中

4:06:38

management since all these things or all these assets are considered as fixed assets

將要管理的資產，因為所有這些東西或資產都被視為固定資產

4:06:44

all the items which an organization has installed and employed to generate income can be generalized into fixed

一個組織為了產生收入而安裝和使用的所有項目，都可以概括為固定

4:06:52

assets so it is actually simple as that whatever item the company the organization or the business you are

資產，所以這其實很簡單，無論公司、組織或您正在經營的

4:06:59

running are actually employing can be considered as assets because it is actually bringing in your wealth or

业务實際上使用的任何項目，都可以被視為資產，因為它實際上為您帶來財富或

4:07:07

bringing in you more services or being able to produce a item and it is of high value or high importance or high wealth

為您帶來更多服務，或者能夠生產一個物品，並且具有高價值、高重要性或高

4:07:15

creation potential so only then we will be able to classify anything as assets and hence we are

財富創造潛力，只有這樣我們才能將任何東西歸類為資產，因此我們

4:07:22

actually talking about the kind of assets are fixed we are talking about fixed asset

實際上談論的是哪種資產是固定的，我們正在談論固定資產

4:07:27

management and whatever you employ whatever you install in your machinery in your equipment or in your facility

管理，無論您在您的機械、設備或設施中使用或安裝了什麼

4:07:34

all these things are coming under as fixed assets and managing those are coming under the management of fixed

所有這些東西都屬於固定資產，而管理這些就屬於固定資產管理的範疇

4:07:42

asset management so all these things which you are employing or installing are able to bring in you more wealth

資產管理，因此您所使用或安裝的這些東西，都能為您帶來更多財富

4:07:49

more value creation and also which is helping you to run your business whatever requirement you're processing

更多的價值創造，並且協助您運營您的業務，無論您正在處理什麼需求

4:07:56

or whatever requirement you're having all these items or all these assets are being able to address to all those

或者您有什麼需求，所有這些項目或所有這些資產都能解決

4:08:02

concerns which you're having and next comes these assets would be serving the organization for a longer

您所擔憂的所有問題，此外，這些資產將為組織服務更長

4:08:09

period of time and it's not used for short-term benefits therefore they would be expensive as well

的時間，而非用於短期利益，因此它們也會很昂貴

4:08:16

so as fixed assets the name suggests it is fixed it is not a temporary asset which you would be posting for a short

所以，正如固定資產這個名稱所暗示的，它是固定的，它不是您會短期

4:08:24

period of time it is fixed and hence it would be there with you for a longer period of time it will be employed it

入帳的暫時性資產，它是固定的，因此它將在您身邊存在更長的時間，它將被使用

4:08:31

will be used or it will be utilized by you by your organization or by your business to getting more revenue more

或將被您、您的組織或您的企業用來獲得更多收入、更多

4:08:38

wealth and more revenue generation as well so these are the kinds of applications a

財富以及更多的營收產生，所以這些就是固定資產

4:08:43

fixed asset would be giving and it is coming under that category itself since it is going to be benefiting you

所提供的應用類型，它本身就屬於這一類別，既然它將在更長的時間內

4:08:50

for a longer period of time it is very obvious that the kind of investments that you would need to be making on

為您帶來利益，很明顯，您需要在

4:08:57

these fixed assets would be huge for example if you're looking to buy a property

這些固定資產上進行的投資將是巨大的，例如，如果您想購買房地產

4:09:03

do you think that buying a property is cheap never

您認為購買房地產便宜嗎？絕對不

4:09:07

even based on the locality the prices may be changing here and there based on the demand and the kind of access you

即使根據地點，價格可能會因需求和您

4:09:13

are having to that particular location it is absolutely sure but even then the kind of investment that you need to be

對該特定地點的通達性而在各地有所不同，這絕對是肯定的，但即便如此，為了

4:09:20

making in order to purchase a property would be high since it's the fixed asset and would be serving you for a longer

購買房地產所需進行的投資也會很高，因為它是固定資產，並且將在更長時間內

4:09:26

period of time and the kind of return that this property can be giving you after few years would also be increasing

為您服務，而且這項房地產在幾年後能給您的回報種類也會增加

4:09:33

and coming to building do you think that buying a house is something small buying at home or something small

而談到建築物，您認為買房子是小事嗎？買個家或什麼小事

4:09:39

so all these things all these infrastructural facilities your home youtube process any commercial building

所以所有這些東西，所有這些基礎設施設施，您的家，無論是什麼過程，任何商業大樓

4:09:46

all these are expensive because it is going to be relevant but it is going to be important or it is going to

所有這些都很昂貴，因為它將具有關聯性，但它將是重要的，或者它將是

4:09:51

be staying with you for a longer period of time it can be staying with you for 10 to 20 years minimum right that is the

會在你身邊停留更長的時間，至少會停留 10 到 20 年，對吧？這就是

4:09:58

kind of service period which those property which those buildings which those infrastructures will be providing

那些建築物、那些基礎設施所能提供的服務年限。

4:10:05

and the same for the missionaries and heavy equipments that you're actually employing

你所僱用的機器和重型設備也是如此。

4:10:11

so it would also be expensive it would also be installed in once in a while and it is not something which needs to be

所以它們也會很昂貴，而且也是偶爾才安裝一次，並不是那種需要

4:10:16

replenished or which needs to be restored each and every time it is not like changing the oil you can't change

每次都補充或每次都修復的東西，這不像換機油，你不能像

4:10:22

any machinery or any heavy equipment like changing an oil right so a changing oil can be part of servicing or

換機油那樣更換任何機械或重型設備，對吧？換機油可以是維修或

4:10:28

maintaining but that is not it every equipment's missionaries properties buildings infrastructures

保養的一部分，但不僅僅是這樣。每一台設備、機器、資產、建築物、基礎設施，

4:10:35

these are the way this fixed assets you are employing for longer term and therefore it will be expensive and you

這些都是你長期僱用的固定資產，因此它們會很昂貴，而你

4:10:41

are getting benefit out of this investment for a longer period of time since fixed assets are employed for

會從這項投資中長期獲益。既然固定資產是長期

4:10:48

longer period of time fixed asset management focuses into the maintenance of these assets so that they are serving

僱用的，固定資產管理就專注於這些資產的維護，以便在它們的

4:10:55

them well in the duration of their lifetime so we are employing or we are actually

使用壽命期間能很好地為我們服務。所以我們正在僱用，或者說我們實際上

4:11:02

making a huge investment on these properties right on these fixed assets the kind of investment is huge

對這些資產、這些固定資產進行了巨大的投資，投資金額非常龐大。

4:11:09

so we know the kind of investment is huge and the kind of return or the kind of

我們知道投資金額龐大，而我們從這些投資中獲得的回報或

4:11:14

benefits that we are having on these investments are also going to be high so it is always necessary to make sure

利益也將會很高。因此，務必確保

4:11:21

that you're maintaining these assets if you're actually not maintaining your asset the value creation which you have

你有在維護這些資產。如果你實際上沒有維護你的資產，你為那些特定資產

4:11:27

added to those particular assets would be going down and the kind of any benefits or the kind of service or the

所增加的價值創造將會下降，而從該特定資產獲得的任何利益、服務或

4:11:34

kind of utilization of that particular asset would be going down as well if you're not maintaining your property

利用價值也將會下降。如果你沒有維護你的資產，

4:11:42

maybe some people around can be attacking your property can be actually acquiring your property without you even

也許周圍有些人會攻擊你的資產，甚至可能在你不知情的情況下

4:11:47

knowing the same goes with building if you're actually not cleaning if you're actually not maintaining or if you're

收購你的資產。建築物也是如此，如果你實際上沒有清潔、沒有維護，或者

4:11:53

actually not having a proper security system to the building things can be going wrong right

沒有為建築物設置適當的安保系統，事情就可能會出錯，對吧？

4:11:59

so for maintaining your fixed assets also you should be making certain investment and you should not be feeling

因此，為了維護您的固定資產，您也應該進行某些投資，並且不應對此感到

4:12:05

anything for doing that because you've already created or already made a huge investment on these fixed assets and if

猶豫，因為您已經在這些固定資產上創造或投入了大量投資，如果

4:12:13

you're not maintaining these assets in the right manner whatever you have invested will be going

您沒有以正確的方式維護這些資產，您所投資的一切都將付諸

4:12:18

in vain because you will not be getting the actual return you should be getting on these particular assets which you

東流，因為您將無法從您所擁有的這些特定資產中獲得應有的實際回報，

4:12:25

process because you have not done the maintenance you need to be doing the maintenance so that it is running or it

因為您沒有進行保養，您需要進行保養，以便它能運行或

4:12:32

is performing in the perfect condition and it is being able to get you the maximum benefit out of by processing or

處於完美狀態，並能夠通過處理或

4:12:38

by utilizing these particular assets in the right manner coming to our third type of asset

以正確方式利用這些特定資產來為您帶來最大效益。談到我們的第三類資產

4:12:44

management which is nothing but id asset management and here as the name suggests we'll be

管理，也就是 IT 資產管理，正如其名所示，我們將

4:12:51

managing the id assets which we process in order to get all the work done so

管理我們為了完成所有工作而處理的 IT 資產，因此

4:12:57

these are the medius tasks which are employed for the management of idea assets

這些是用於管理 IT 資產的手段和任務

4:13:03

and iit asset management focuses on the management of the software and the hardware which we are processing maybe

且 IT 資產管理專注於管理我們正在處理的軟體和硬體，也許是

4:13:11

an individual maybe as an organization maybe for your business which you're running right so all these things the

個人，也許是作為組織，也許是為了您正在經營的業務，所以所有這些東西，

4:13:17

software's the hard ways and all these things are coming into the picture in high tea asset management

軟體、硬體以及所有這些東西都包含在 IT 資產管理中

4:13:24

and it assets comprises of electronic devices such as computers routers i.t equipments and also intangible assets

且 IT 資產包含電子設備，如電腦、路由器、IT 設備，以及無形資產

4:13:33

like software subscriptions licenses patents trademarks and even copyrights so these are the various

如軟體訂閱、許可證、專利、商標，甚至版權，這些都是

4:13:42

assets which we are having which can be classified as asset of id or id assets so the trademarks which you have taken

我們所擁有的各種資產，可歸類為 IT 或 IT 資產，因此您已申請的商標

4:13:52

the copyrights which you have processed the patents you have applied for so all these are of high value it is of high

您已處理的版權、您已申請的專利，所有這些都具有高價值，它具有高

4:13:58

value and it is going to be creating a wealth or you know name or a brand name for your company for or for your

價值，並將為您的公司或您的

4:14:04

organizations as well so that is the kind of importance these are having at the same time the

組織創造財富或名聲或品牌名稱，因此這就是它們所具備的重要性，同時，

4:14:09

computers the hardwares the systems the equipments which you process are also coming under id department they should

您所處理的電腦、硬體、系統、設備也屬於 IT 部門，它們應該

4:14:17

be having a complete account on how many equipments are there how many computers are how many laptops how many routers

完整記錄有多少設備、多少台電腦、多少台筆記型電腦、多少台路由器

4:14:24

which brand routers all these complete details should be taken care of by iit asset management

以及路由器的品牌等所有完整細節，都應由 IIT 資產管理團隊負責

4:14:31

team they should be having complete account and they should be accountable for all these things especially during

他們應該擁有完整的帳目，並應對所有這些事項負責，尤其是在

4:14:36

the time of pandemic people are working remotely and all the equipments which the employees should be posting are sent

疫情期間，人們遠端工作，所有員工應領取的設備都已寄送

4:14:43

to their location especially during this period of time we should be having complete note complete account on what

到他們的地點。尤其是在這段時間，我們應該完整記錄、完整掌握

4:14:50

are the items which are being shipped what are the items which we are having in the inventory and what is the kind of

正在運送的物品有哪些、庫存中有哪些物品，以及我們的維護團隊

4:14:55

response that we are getting to our maintenance team so all the iit team all the people working in the particular

收到的回應類型。因此，所有 IIT 團隊、在該特定

4:15:03

team will be getting tickets will be raising calls and reducing concerns regarding the performance of this

團隊工作的所有人都會收到工單、會提出問題，並減少對此

4:15:08

particular occupants as well they need to be providing the answers as well so it is always important for the

特定使用者效能的擔憂，同時他們也需要提供解答。因此，該

4:15:14

department to maintain the account maintain the data of the items which they are having which the employees are

部門始終重要的是要維護帳目、維護他們所擁有、員工在

4:15:21

having at their space and related stuff as well idea assets are the core assets that

其工作空間所擁有以及相關物品的資料。Idea 資產是核心資產，

4:15:28

help you to carry out your works and any interruption to id assets would be affecting the business

能協助您執行工作，任何對 Idea 資產的干擾都會影響業務。

4:15:35

for example especially as i told you before we are given the equipment from our

例如，正如我之前告訴您的，我們會收到公司提供的設備，

4:15:41

company in order to get work done from our remote space so respectively of which location we are part of

以便在我們的遠端空間完成工作。因此，無論我們身處哪個地點、

4:15:48

from where we are working we are able to do so if we are having a system on the necessary occupants and also having

從哪裡工作，我們都能夠這樣做。如果我們擁有必要的使用者系統，並且

4:15:54

access to the internet that's exactly how we are working remotely even though we are not going to the office due to

能連接網路，這正是我們即使因疫情

4:16:00

the pandemic and if you are not able to work remotely how will it affect the business will not be able to get the

沒有前往辦公室，也能遠端工作的方式。而如果您無法遠端工作，將如何影響業務？將無法完成

4:16:07

work done and the work will be delayed work will be pending and the work will be starting to pile up

工作，工作會延遲、工作會延宕，

4:16:13

so that is the kind of a condition that can be arising if the system is not working properly if the kind of response

工作會開始堆積。因此，如果系統無法正常運作，如果我們從 IIT 團隊

4:16:19

we are getting from the iit team is not proper and the kind of efficiency with which they are working is not

收到的回應不恰當，以及他們工作的效率不佳，就可能出現這種情況。

4:16:25

proper all these kind of events will be happening and the kind of business will be going down the kind of service which

適當地，所有這些類型的事件都將發生，而這類業務將會下滑，我們能夠提供給客戶的服務品質也將下降，

4:16:32

we are able to provide to our customers will be going down and it will be directly affecting the business of the

這將直接影響公司的業務。因此，建立一個清晰的結構化 IT 資產管理團隊非常重要，以便在短期內解決任何問題，

4:16:37

company so it is very much important to have a clear structural iit asset management team so that any issues any

任何疑慮。IT 管理確保沒有外部攻擊以及其他可能對組織構成威脅的惡意軟體或病毒。

4:16:45

concerns can be addressed to in the short period of time itself it management ensures that there are no

作為數位資產，我們也容易受到 IT 攻擊，可能是網路釣魚攻擊、

4:16:52

external attacks and other malwares or a virus which can be a threat to the organization

網路攻擊、網路安全問題，或是被傳輸或安裝到我們系統或網路中的惡意軟體或病毒。

4:16:58

as digital assets as well we are also prone i.t attacks it can be a phishing attack it can be a

所有這些都應被視為嚴重問題並加以處理，因為所有這些都可能對組織構成威脅。

4:17:06

cyber attack it can be cyber security issue or it can be malware or viruses which are being transferred or installed

你正在處理的數據可能會被傳輸，你正在處理的數據可能會被完全銷毀，無法供未來參考。

4:17:12

to our systems or to our network aspirin all these things should be taken care by serious issue as a serious issue because

因此，所有這些都是重大問題，IT 部門也應妥善處理這些問題，

4:17:21

all these things can be a threat to the organization the data which you are processing may be transferred the data

確保這些事情永不發生，同時員工的工作環境也不會受到破壞。

4:17:27

which you are processing may be destroyed completely which cannot be used for the future references

所有這些都是 IT 部門需要維護的各種責任和任務，以便讓遠端工作的員工，尤其是在疫情期間，

4:17:32

so all these things will be of high issue and all these things should be taken care well by the iit department as

能夠完成工作，並且確保沒有來自外部世界的攻擊侵入我們的組織網路或我們正在處理的任何資產。

4:17:40

well so making sure that these things never taking place and also the working environment of the employees are also

談到企業資產管理，這將是我們要探討的第四種資產管理類型。在企業資產管理中，企業擁有的所有資產都應受到管理，

4:17:49

not being taken apart so all these things are the various responsibilities tasks which the i.t department is to

如何進行協調、如何實施、管理如何透過遵循企業資產管理來實施，這就是我們這裡要談論的內容。

4:17:55

maintain so that the employees which are working remotely especially during the time of pandemic are being able to get

企業資產管理旨在整合和組織一個組織的實體資產以執行其業務。我們已經知道企業將會...

4:18:02

their work done and also there are no any attacks coming from the outside world to our organizational network or

他們的工作得以完成，並且沒有任何來自外部世界的攻擊侵入我們的組織網路或

4:18:09

any assets which we are processing coming to enterprise asset management this would be the fourth type of asset

我們正在處理的資產，談到企業資產管理，這將是我們要探討的第四種資產類型

4:18:16

management that we'll be looking into in enterprise asset management all of the assets which the enterprise would be

管理，我們將在企業資產管理中探討，企業所擁有的所有資產

4:18:23

owning should be managed how the coordination how the implementation how how the management can be implemented by

都應該被管理，如何進行協調、如何實施、管理如何透過 following enterprise asset management 來實施，這就是我們將在此討論的內容。企業資產管理旨在

4:18:30

following enterprise asset management is what we'll be talking here enterprise asset management aims to

透過遵循企業資產管理來實施，這就是我們將在此討論的內容。企業資產管理旨在

4:18:37

integrate and organize an organization's physical asset to carry out its business we already know that enterprise would be

整合並組織一個組織的實體資產以執行其業務。我們已經知道企業將會

4:18:46

regarding carrying out its business right so it would be carrying out this

關於執行其業務，也就是企業將執行這項業務，而為了做到這點，企業需要擁有特定資產來執行其

4:18:50

business and in order to do so the answer price would be having certain assets in order to carry out its

業務，那麼該如何管理、如何整合、組織並協調所有項目或所有

4:18:56

business so how to manage that how to integrate and organize and coordinate between all the items or all the assets

資產之間的關係，也就是企業將擁有或使用的資產，這正是企業資產管理（EAM）的核心所在。

4:19:03

which the enterprise would be owning or processing so that's exactly what enterprise asset management is all about

企業資產管理是對組織所持有的資產採取全面性的

4:19:11

enterprise asset management is having an holistic approach to the assets which the organization holds

管理方法。正如我之前所說，這是一種全面性的方法，企業本身擁有數個部門，而

4:19:18

so as i said before it is having an holistic approach the enterprise itself are having several departments and the

這些部門會購買多項資產，因此這被視為一個整體，所有

4:19:25

several departments will be purchasing several assets so it is completely considered as a holistic one the whole

資產會被視為一個單一單位，並且最好能統一管理

4:19:32

thing of the whole assets would be considered as a single unit and also would be preferred to manage all of that

所有資產，透過組織、整合，並確保協調與合作以正確的

4:19:38

and by organizing integrating and also making sure that the coordination and cooperation are being implemented in the

方式執行，以維持或確保企業為了完成業務而擁有或

4:19:44

right way to maintain or to make sure that the management of such assets which the enterprise would be owning or would

持有的資產能得到妥善管理，而遵循企業資產管理

4:19:51

be possessing in order to get it business done is managed properly well and good by following enterprise asset

標準即可做到這點。文件記錄與報告是企業資產管理中

4:19:58

management documentation and reporting is one major task to be followed in enterprise asset

必須遵循的一項主要任務，應對所有文件記錄負責，了解購買了多少資產，企業中

4:20:04

management it should be accountable for all documentation knowing how many assets they are purchasing how many

每個部門使用了多少資產，有多少正在被使用、僱用，又有多少

4:20:11

assets are each of the departments in the enterprise processing and how many are being engaged employed and how many

處於閒置狀態。關於所有這些細節，我們都應該做筆記，並且

4:20:18

are being sitting idle so regarding all such details we should be making a note and you know

我們也應該了解所有這些方面。因此，如果某個項目處於閒置狀態，它可以被

4:20:24

we should be aware on all such aspects as well so if an item is being sitting idle it can be implemented it can be

實施，可以被投入到其他需要實施的部門中，對吧？這樣我們就能對此進行核算，

4:20:31

engaged in several other departments where it is to be implemented right so we'll be able to have an account on that

並將其記錄下來，同時確保當我們需要任何項目時，我們能夠實施，或者我們

4:20:36

and document that and also make sure that whenever we require any item we will be able to implement or we will be

能夠將該特定資產投入到我們實際需要該特定

4:20:42

able to engage that particular asset to any other department where we actually need the requirement of that particular

項目的其他部門中。因此，透過文件記錄與報告，我們將能非常輕鬆地做到這點，我們將能夠管理，我們將能夠

4:20:49

item so by documentation and reporting will be able to do that very easily we'll be able to manage we'll be able to

物品，因此透過文件記錄與報告，我們將能夠非常輕鬆地做到這點，我們將能夠管理，我們將能夠

4:20:56

integrate we'll be able to organize coordinate and cooperate within the several departments within the

整合後，我們將能夠在企業內的多個部門之間進行組織、協調與合作

4:21:00

enterprise data visualization charts data interpretation are all carried out in

數據視覺化圖表與數據解讀都是為了評估功能生產力而執行

4:21:07

order to evaluate the functional productivity so how able are you functioning how well

因此，你的運作能力如何？企業內的營運執行得有多好

4:21:13

are the operations being carried out within the enterprise so all those things will be validated using the

所以所有這些事項都將透過企業資產管理進行驗證，無論是圖表或其他數據，都顯示該特定企業的功能性

4:21:18

enterprise asset management are the charts or other data showing that the functionality of the particular

或其運作的效率與效能是否處於高水準。因此，我們將尋求對此的完整概念

4:21:24

enterprise is high or the efficiency or effectiveness in which they are working on high so complete idea on that will be

並由企業資產管理進行完整研究，以確保資產是否

4:21:31

sought and the complete study will be done by the enterprise asset management to make sure whether the assets are

以全面的方式進行管理，從而能夠從目前正在處理的資產中獲得最大效益

4:21:38

being managed in full fledged manner so that they are able to get maximum out of those assets which they are processing

以實現最大效益，獲得更多營收、更多交易以及更多利潤，這就是我們將如何

4:21:45

right now to the maximum benefit to getting more revenue more transaction and also more profit that's how we'll be

妥善管理我們的資產，以便從我們在資產上的投資中獲得最大回報的方式

4:21:51

able to manage our assets properly so that we are able to get maximum return out of the investments we have made on

EAM 企業資產管理也關注保固與客訴

4:21:59

our assets eam enterprise asset management also focuses on the warranty and complaints

法規，以確保組織內營運的順利運作

4:22:05

regulation to ensure the smooth functioning of the operations within the organization

因此，為了確保企業內的運作、營運以及所有正在執行的

4:22:11

so in order to make sure that the functioning and the operations and all the items which is being carried out

項目，我們應該確保所有必要的項目或所有必要的行動都應該

4:22:17

within the enterprise we should be making sure that all the necessary items or all the necessary actions should be

被實現。為了完成這一點，我們必須申請 MOD（維護作業部），如果出現任何

4:22:22

made possible right so in order to get that done we should be having to claim the modern d and if there is any

客訴法規需要落實，企業資產管理將會介入處理，並

4:22:28

complaints regulation to be made possible the enterprise asset management would be looking into it and would be

投入資源以確保所有活動都能執行，並確保組織內或

4:22:33

pitching in to make sure that all the activities are being carried out and ensuring that the working and the

企業內各個部門的運作、營運及功能性

4:22:39

operation and the functionality of the particular department of each of the department within the organization or

都以最有效的方式執行。接下來談談財務資產管理

4:22:44

within the enterprise are being carried out in the most effective way possible moving on to financial asset management

企業內各項作業正以最高效的方式執行，接下來將進入財務資產管理的探討。

4:22:50

here we'll be looking how to manage the financial assets which we possess in this type of asset management which is

在這種資產管理類型中，我們將探討如何管理我們所擁有的財務資產，也就是

4:22:58

nothing but financial asset management financial asset management encompasses on the investments which we are making

財務資產管理。財務資產管理涵蓋了我們所做的投資

4:23:05

on our holdings brokerage services equity bonds and other portfolios which we are holding so based on all these

關於我們的持股、經紀服務、股票、債券以及我們持有的其他投資組合，因此基於所有這些

4:23:12

things financial asset management helps us to manage our portfolio our investments which are made on the stocks

事項，財務資產管理幫助我們管理我們的投資組合，我們在股票上所做的投資

4:23:19

bond and equity so these are the kind of services which financial asset management would be offering

債券和股票，這些就是財務資產管理將提供的服務類型

4:23:25

so we would be making entry into the market and we need to be knowing when to make the entrance and when to leave or

因此我們將進入市場，我們需要知道何時進場以及何時離場或

4:23:31

when to exit the market so regarding a stock right so we will be giving guidance advice and also will be given

何時退出市場，關於股票，我們將提供指導建議，並且也會提供

4:23:38

all the necessary requirements that is to be made known of made aware of by following these so by making investments

透過遵循這些指導並進行投資，我們將清楚說明所有必要條件與須知事項。

4:23:45

we will be holding portfolio what are the stocks which we will be holding and when is the time that we to be buying

我們將持有投資組合，包括我們將持有的股票以及何時是買進時機。

4:23:52

when is the time that we need to be selling all these stocks related to all these investments we'll be giving a

何時是我們需要賣出與這些投資相關的所有股票的時機？我們將提供...

4:23:58

clear clarity by following financial asset management market trend analysis tax filings

透過遵循財務資產管理、市場趨勢分析及稅務申報，提供清晰明確的資訊。

4:24:04

valuation interest rates are all managed here in financial asset management we need to be knowing what is the market

評估值與利率均由財務資產管理部門在此管理，我們需要了解市場...

4:24:11

trend like only then we will be able to take the informed decision on how to make the investments and where to make

趨勢如何，只有這樣我們才能就如何投資及在哪裡投資做出明智的決策。

4:24:17

the investments and which category we need to be making the investments so regarding that we need to be having a

以及我們需要在哪個類別進行投資，因此為此我們需要具備...

4:24:23

complete awareness on the market trends and tax filings we'll be having to file taxes right so we'll be paying taxes for

對市場趨勢與稅務申報的完整認知，我們將需要申報稅務，對吧？因此我們將為...

4:24:30

income tax luxury tax and all other taxes are coming so in order to do that we need to be having some inputs we need

所得稅、奢侈品稅及所有其他稅種繳稅，因此為此我們需要一些資訊，我們需要...

4:24:37

to be aware how to file taxes how we'll be able to eliminate taxes and how we'll be able to pay tax-free scenarios all

了解如何申報稅務、如何能夠免稅，以及如何能夠在免稅情境下繳稅，所有...

4:24:44

right so these are the kinds of services and these are the kind of activities we'll be able to follow by following

這些都是我們透過遵循財務資產管理所能提供的服務與活動。

4:24:50

financial asset management we'll also be able to evaluate our stocks our holdings or our portfolio which we process right

財務資產管理，我們也能夠評估我們的股票、持有部位或我們目前正在處理的投資組合。

4:24:56

now and we'll also be knowing what would be the value of our portfolio in the coming future valuation interest rates

目前的情況，並且我們也將了解我們的投資組合在未來的價值。評估值、利率...

4:25:04

and all those things are being made possible to us and we'll be having a clear clarity and we'll be having a

以及所有這些事項對我們而言都將成為可能，我們將擁有清晰的明確性，我們將擁有...

4:25:09

clear screen in front of us by having right financial asset management financial asset management focuses to

透過正確的財務資產管理，在我們面前呈現清晰的畫面。財務資產管理致力於...

4:25:17

build wealth over time by making informed investments that would bring in exponential wealth creation so that is

透過明智的投資來隨時間累積財富，從而帶來指數級的財富創造，這正是

4:25:24

exactly what we need to be having in financial asset management right we need to be making the investment and we need

我們在財務資產管理中所需要具備的。沒錯，我們需要進行投資，並且需要

4:25:30

to be having exponential growth to our investment we will not be making any investments so that we will be making

為我們的投資帶來指數級增長。我們不會進行任何可能導致虧損或價格下跌的投資，因此我們只會針對

4:25:37

loss or the prices would be going down so we will also be investing or making investments on such items only where the

那些特定股票或投資標的未來價值會上漲的項目進行投資。這就是我們

4:25:44

value of that particular stock or that particular investment would be going high in the future so that is the kind

會想要進行且需要進行的投資類型。為了達成這一點，我們需要

4:25:50

of investments that we would like to make and we will need to make so in order to get that done we need to be

進行全面的市場研究，了解需要遵循哪些投資策略，以及哪些股票

4:25:55

having thorough market research what are the investment strategies that you need to be following and which stocks would

未來會上漲，以及我將在何時或何時能夠達到我的目標價位。因此

4:26:01

be going high in the future and where will i be able to achieve or when will i be able to achieve my target price so

這正是我們能夠透過遵循財務資產管理來管理和解決的問題。

4:26:07

that is exactly what we'll be able to manage and we will be able to sort out by following financial asset management

在管理財務資產時，風險因素始終存在，而這可以透過對市場進行全面的研究來處理

4:26:13

the risk factor is always present in managing financial assets and can be done by wholly having thorough research

因此，在進行任何投資時，只要有資金或金額存在

4:26:20

on the market so while making any investments regarding anything whenever the presence of money or the amount is

我們所進行的這類投資將會上漲，但也可能需要下跌

4:26:27

there we'll be having this the kind of investments which we are making will be going up will need to be going down

市場中風險因素始終存在。因此，基於需求、市場趨勢以及任何

4:26:33

always the risk factor is there in the market so based on the demands based on the market trends and based on any

特定活動或特定預防措施，我們將會有完整的理解或至少有基本的

4:26:39

certain activities or any certain precautions we will be having a complete understanding or at least a basic

了解市場將如何走勢，只有這樣我們才會進行投資，並預期價格

4:26:45

understanding on how the market would be going only then we are making the investments thinking that the prices

會上漲，未來我們將能透過現在進行這些投資來獲利。沒錯，即便如此

4:26:51

would be going high and in the future we will be able to make profit by making these investments right now so even then

價格將會上漲，而我們現在就進行這些投資，未來就能獲利，對吧？即使如此

4:26:58

we are having the risk factor but here we are trying to eliminate the risk factor by reducing the probability of

我們仍面臨風險因素，但在此我們試圖透過降低機率來消除風險因素

4:27:04

the value going down for the investments which we are making so that we are trying not trying to eliminate this

我們所做投資的價值下跌機率，因此我們試圖不嘗試完全消除這一點

4:27:10

completely but we are actually taking high probable trades high probable investments where in which the value

完全消除，而是實際進行高機率的交易與高機率的投資，在這些投資中，價值

4:27:16

would be going high in the future coming to the last type of fashion management which we will be discussing in this

將在未來上漲。接下來討論我們在資產管理課程中將探討的最後一種資產管理類型，即

4:27:23

course on asset management which is nothing but infrastructural asset management

基礎設施資產管理。基礎設施資產管理是關於在您指定的

4:27:28

infrastructure asset management is all about developing and maintaining the infrastructure in your specified

地區開發和維護基礎設施。因此，在您的地區，您將擁有許多基礎設施設施，這些設施尤其

4:27:34

locality so in your locality you'll be having a lot of infrastructure facility which is being made possible especially

是由政府實現的，對吧？因此您將擁有許多基礎設施，無論是道路運輸設施、

4:27:41

by the governments right so you will be having lot many infrastructures let it be road transportation facility

供水、供電，以及建好的建築物，對吧？您將擁有港口、

4:27:48

water supply electricity and also the buildings which is being enabled right you'll be having ports you'll be having

貨櫃碼頭，並且根據您的地區，您將擁有基於地貌、

4:27:54

content terminals and based on your locality you'll be having various infrastructures based on the landscape

地理、人口視覺和特殊性的各種基礎設施。取決於所有這些因素，您將

4:28:00

based on the geography based on the demographic visual and speciality depending upon all these things you'll

擁有某些基礎設施，而政府和私營組織也正致力於

4:28:06

be having certain infrastructures and governments and private organizations are also working towards in order to

讓這些設施在您的地區也能為您提供，並且實際上正在進行管理，以確保

4:28:12

make such in facilities available to you in your locality as well and it's actually being managed to make sure that

您在該地區享有的生活品質或生活水平得以維持

4:28:19

the quality of life which you are having or the standard of living which you are having in your locality is maintained

您在該地區享有的生活品質或生活水平得以維持

4:28:25

and is kept high because in order to make a transportation happening you need to be having a road and how are you

並且維持在高檔，因為要讓運輸得以發生，你需要有道路，而你該如何是好

4:28:31

having road and it is the responsibility of the government to do so and if you are having road you need to be having

擁有道路，這是政府的責任，而如果您擁有道路，您就需要擁有

4:28:37

the vehicles you need to be getting all the necessary items or necessary equipment or necessary transportation

車輛，您需要取得所有必要的物品、設備或運輸

4:28:42

facilities made available for you that would be in terms of private transport in terms of public transport and also on

設施，這些設施會以私人運輸、公共運輸的形式提供，並且也涵蓋

4:28:48

various other aspects as well so you can be having railways you can be having metros you can be having bus terminals

其他各個層面，因此您可以擁有鐵路、地鐵、巴士總站

4:28:54

as well so these other things which are coming in the transport sectors and you know where there's other

同樣地，這些其他進入運輸領域的事物，您也知道還有其他

4:29:00

facilities like water supply you need to be having water supply throughout 24 7 water supply is required whenever you

設施，例如供水，您需要全天候 24 小時供水，無論何時您

4:29:06

need to be sufficient or whenever you need to be having that particular requirement and coming to electricity

需要足夠的供水，或無論何時您有特定需求，談到電力

4:29:11

electricity is also a basic necessity for any human being irrespective of the location which they are living in so you

電力也是每個人類的基本需求，無論他們居住在哪裡，因此您

4:29:17

need to be having basic facilities being made available for you right so that is exactly what we are focusing on

需要讓基本設施為您提供，對吧，這正是我們所關注的

4:29:24

infrastructural asset management what are the infrastructure asset which is being enabled in your locality are we

基礎設施資產管理，您所在區域有哪些基礎設施資產，我們是否

4:29:30

managing that are we maintaining that and if it is actually in good shape so that is exactly the main task and

在管理它，我們是否在維護它，如果它狀況良好，這正是主要任務和

4:29:35

responsibility of any infrastructural asset management strategy infrastructure asset management ensure

任何基礎設施資產管理策略的責任，基礎設施資產管理確保

4:29:42

the facilities are being made available to the public in the best way possible as i said before you need to be having a

這些設施以最佳方式提供給公眾，如我之前所說，您需要擁有

4:29:48

basic standard of living the quality of life and the need or necessity for you to have these facilities are actually

基本的生活水準、生活品質，以及您擁有這些設施的需求或必要性，實際上是

4:29:55

the basic facilities so in order to get a life going in order to have the standard of living in order to make a

基本設施。因此，為了讓生活運作、為了維持一定的生活水準、為了創造

4:30:01

quality of life and in order to have that quality within your life you need to be having basic facilities for

生活品質，並且為了在您的生活中擁有這種品質，您需要具備基本設施，例如

4:30:06

transportation let it be water supply let it be electricity let it be the basic buildings your home your

交通、供水、電力，以及基本建築物，例如您的家、您的

4:30:11

facilities your all the necessary security systems as well so these are the basic necessities right all these

設施，以及所有必要的安保系統。所以，這些都是基本必需品，對吧？所有這些

4:30:17

infrastructural assets which you possess based on your locality maybe in your private sector maybe in the public

基礎設施資產，您根據所在地區所擁有，也許在私人領域，也許在公共

4:30:24

sector but especially for all those things so how to manage that how to implement that and how to maintain that

領域，但特別是針對所有這些事物。那麼，該如何管理、如何實施以及如何維護

4:30:29

that is exactly how that is exactly what infrastructural asset management is all about

這正是基礎設施資產管理的全部內容。

4:30:34

resource allocation planning process optimization decision making and maintenance of the infrastructure items

資源分配、規劃流程優化、決策制定以及基礎設施項目

4:30:42

or infrastructural assets are the main tasks held with infrastructure asset management resource allocation the

或基礎設施資產的維護，是基礎設施資產管理的主要任務。資源分配方面，

4:30:48

government or the organization behind that would be having certain budget and based on the budget you should be

政府或背後的組織會有特定的預算，基於該預算，您應該

4:30:55

allocating the resources to various departments to ensure that the basic facilities like all the ones which i

將資源分配給各個部門，以確保基本設施，例如我之前提到的所有設施，

4:31:01

mentioned before should be ensured right so resource allocation should be done resort maintenance should be done and

都能得到保障。因此，應進行資源分配，應進行養護維護，

4:31:06

also complete planning should be done how to implement what are the basic necessity to manage that how to build

並且也應進行完整的規劃：如何實施、管理需要哪些基本要件、如何建設

4:31:11

that and what is the kind of response that we will be getting from our public people who are actually making

這些設施，以及我們將從實際使用這些設施的公眾那裡獲得何種反應，

4:31:17

utilization of these particular facilities so we should be having thorough plan on that as well and we

我們也應該對此制定周全的計劃，並且我們應該優化所有這些流程，以便能以最有效率的方式完成，而不造成

4:31:22

should be optimizing all this process so that it can be done in the best efficient way possible without making

我們也應該優化所有這個流程，以便能以最有效率的方式完成，而不造成

4:31:28

huge investment and without making any loss as well with minimalist investment with high quality how are we able to do

巨額投資，並且同樣不造成任何損失，以最少的投資達到高品質，我們要如何做到

4:31:34

it that's exactly what it is all about in process optimization and the decision making skills is also resting with the

這一點？這正是流程優化的全部意義所在，而決策技能也掌握在

4:31:40

organization where in which you know there's actually a whole task it's actually a completely huge task where in

組織手中，這實際上是一項完整的任務，也是一項非常龐大的任務，其中

4:31:45

which money is there people's reactions are there people's you know opinions are mattering and also that you need to be

涉及資金、人們的反應、人們的意見也很重要，而且你還需要獲得

4:31:51

having governments approval so a lot many things are being coming into picture while managing an infrastructure

政府的批准，所以在管理基礎設施時，會有許多因素介入

4:31:56

in any locality which you are managing coming to the last topic that we are having in this course in asset

你所管理的任何地區，來談談我們在這門課程中的最後一個主題，關於資產

4:32:02

management which is nothing but challenges in asset management it is obvious that you would be facing lot

管理，也就是資產管理中的挑戰，很明顯你將面臨許多

4:32:08

many challenges and hurdles that you need to be overcoming while managing your assets it is directly involved with

挑戰和障礙，需要在管理資產時克服，這直接涉及

4:32:14

lot of money and hence you would be going through a lot of risks and you should be maintaining or you should be

大量資金，因此你將經歷許多風險，你應該維持或應該

4:32:19

managing all these challenges in the best possible way so that you are able to manage all these challenges that you

以最佳方式管理所有這些挑戰，以便你能夠管理你在

4:32:25

are facing while managing your assets so the five points which i have put forward for you in order to

管理資產時面臨的所有這些挑戰，所以我為你們提出的五點是為了

4:32:32

overcome the challenges you are facing would be maintaining your asset uptime cost effective asset maintenance and

克服你們面臨的挑戰，包括維持資產可用率、具成本效益的資產維護和

4:32:38

replacement total cost of ownership poor asset visibility and also making asset purchase decision so these are the

更換、總擁有成本、資產可見度不佳以及做出資產購買決策，這些都是

4:32:46

various challenges that you would be coming across while managing your asset coming to the first one that is

你在管理資產時會遇到的各種挑戰，首先談談第一點，即

4:32:51

maintaining asset uptime maintaining asset uptime is actually nothing but you would be owning a lot of machinery

維護資產正常運行時間，其實就是您將擁有大量機械設備

4:32:57

equipments and also necessary items that you need to be done or you need to be having in order to get the production

設備以及必要的物品，您需要完成或擁有這些才能進行生產

4:33:03

process done so if you are actually not making sure that the equipment or the production line is running throughout

流程。因此，如果您實際上沒有確保設備或生產線持續運行

4:33:09

you would be losing out on your money because the production is being affected the complete full-fledged running of the

您將會損失金錢，因為生產受到影響。如果無法維持正常運行時間，特定的完整生產流程將無法進行

4:33:15

particular production process would not be happening if the uptime is not happening so you should be answering

您應該確保機器持續運行，設備不應出現延誤或閒置時間

4:33:21

that that machines would be running throughout and there should be no delay or idle time for the equipment so that

以便在短時間內獲得最大效益。為了達成這一點，您需要

4:33:27

you will be able to get maximum within the short period of time as well so in order to get that done you need to be

確保您獲得正確的物品、高品質的正確設備，並且您也應該確保

4:33:32

making sure that you are getting the right items right equipment of high quality and you should also be making

設備的自動化部分得到妥善維護。因此，您需要確認何時該進行維護

4:33:37

sure that the equipments automationly are being serviced properly so you need to be making sure when is to be serviced

以及該如何進行維護。所有這些都引出了下一個要點，即具成本效益的資產

4:33:43

and how it is to be serviced right so all these things are coming to the next point that is cost effective asset

維護與更換。您應該知道保養週期是何時、設備應該多久

4:33:49

maintenance and replacement you should be knowing when is the service period how often should an equipment be

進行一次保養，以及保養應如何進行。關於所有這些事項，您應該有所了解，並且您應該

4:33:54

serviced and how the service should be done regarding all these things you should be aware of and you should be

擁有獨立的維護團隊來負責此事，並且您應該在更換這些物品的時機到來時採取行動

4:33:59

having a separate maintenance team to look after that and you should be moving when is the time to replace these items

當這些設備、機械以及所有重型生產物品需要更換時，就應該進行更換，否則

4:34:06

where these equipments missionaries and all these heavy production items should be replaced when it needs to be or else

如果您沒有準時更換，您將面臨巨大損失，因為這會影響

4:34:12

if you're not replacing it on time you would be going through huge losses because it would be affecting the

如果您沒有準時更換，您將面臨巨大損失，因為這會影響

4:34:17

production process because if you're not replacing the items on time it would be damaged and it would be having to stop

生產流程會因此受到影響，因為若未準時更換相關物品，不僅會導致損壞，更會造成生產線被迫停擺。

4:34:24

the production process for a while and by incurring that you would be incurring lot of loss on your investments and on

生產流程會因此中斷一段時間，而承受這些損失將會對你的投資造成重大虧損，同時也對

4:34:30

your business because the production process is completely affected therefore it is most important for you to maintain

你的業務造成影響，因為生產流程已完全受損，因此對你而言，最重要的是維持

4:34:36

service and also replace the items which is to be replaced at the right point of time itself next comes total cost of

服務水準，並在正確的時間點更換需要更換的物品，接下來是總持有成本

4:34:43

ownership total cost of ownership is talking about all the cost associated with the assets so you would be thinking

（Total Cost of Ownership）。總持有成本指的是與資產相關的所有成本，所以你可能會認為

4:34:49

the cost associated with buying the asset would be the total cost that is not the case you should be running on

購買資產的成本就是總成本，但事實並非如此。你應該考量的是

4:34:55

the investments you should be running on the insurance policies which you're taking care of you should be taking care

你的投資，以及你所投保的保險政策，你還必須留意

4:35:00

of the labor cost which you are paying for your labors to run the assets and also on the power supply which you are

你為了運行資產而支付給勞工的勞力成本，以及你為了

4:35:06

utilizing in order to get the asset front name so it's not just on the investments you are making in order to

讓資產發揮作用所使用的電力供應，所以這不僅僅是你為了

4:35:11

acquire that particular property or particular assets apart from that you need to be having the labor charges

取得該項特定財產或資產所做的投資，除此之外，你還需要負擔勞工費用

4:35:16

power supply space maintenance and also on other related subs as well so it is actually the accumulation of all these

電力供應、場地維護，以及其他相關的附屬費用，所以這實際上是所有這些

4:35:23

things which would be costing you for that particular asset and you should be having this complete total cost of

用於該特定資產的成本總和，你應該在腦海中規劃好完整的總持有成本

4:35:29

ownership planned within your mind so that then only you will be able to know what is the value of the product and are

，如此一來，你才能清楚了解該產品的價值，以及你是否

4:35:34

you investing more on this particular item and is this the kind of investment that you need to be making on this

在這個特定項目上投入過多，以及這是否是你針對這項

4:35:39

particular equipment so you will be having a clear clarity on the investments on the maintenance and on

特定設備所需要做的投資，這樣你就能清楚掌握投資、維護以及

4:35:44

the service charges as well next comes poor asset visibility since the production process is a huge

服務費用的狀況。接下來是資產可見性不佳，因為生產流程規模龐大

4:35:50

process and watch process which is being carried out by different departments it is always hard to keep a track on number

流程與監控流程由不同部門執行，要追蹤數量

4:35:56

of equipments and the number of assets which you process where is it being done and how many are you having in each of

的設備數量以及您處理的資產數量、在哪裡執行、每個部門各有多少

4:36:01

the departments maybe one product is actually being enabled in one department and it is actually in ideal condition

部門，也許某項產品實際上在某個部門啟用且處於理想狀態

4:36:07

which is not being used maybe the same item is to be enabled in a completely different department where they are

但未被使用，也許同一個項目需要在完全不同的部門啟用，而該部門正

4:36:13

having emergency or urgency in using that particular equipment by having product visibility you will be able to

有緊急或急需使用該特定設備的需求，透過具備產品可見性，您將能夠

4:36:19

accommodate the shipment from one department of to another department by having these many steps you should be

將貨運從一個部門調配到另一個部門，透過執行這麼多步驟，您應該要

4:36:24

having clear product visibility so that this can be implemented even though you are having the product within you you

具備清晰的產品可見性，以便落實此作法，即使您內部擁有該產品，您

4:36:30

are not knowing that and you are not utilizing on on your investments which you had made right so that can be made

卻不知情，也沒有善用您已投入的資金，這可以透過

4:36:36

possible by having clear visibility on your product then comes making asset purchase decisions you need to be

清楚掌握產品可見性來實現，接著是制定資產採購決策，您需要

4:36:43

knowing when to replace your items right so is it the right item that you're buying instead of high quality this is

知道何時該更換您的物品，對吧？所以您買的是正確的項目，而非高品質但

4:36:49

actually suitable for your budget for your resource allocated for that particular investment so you're going to

實際上符合您預算、符合您為該特定投資配置資源的項目，因此您將

4:36:53

be knowing when it's time to replace finish the time to service and when is the time to make sure that the product

知道何時該更換、何時該完成維護，以及何時該確保產品

4:36:59

is actually being made possible right so all these things all these necessary activities need to be maintained or need

能夠實際實現，對吧？所以所有這些必要的活動都需要維持或需要

4:37:04

to be carried out so in order to get that done you need to be knowing how much are you having in your pocket to

執行，為了完成這些，您需要知道口袋裡有多少資金可用於

4:37:10

make the investments how much are you having to making the service possible and how much are you having to maintain

進行投資、需要多少資金來實現服務，以及需要多少資金來維護

4:37:15

how to make proper actions on the particular equipment when needed so all these things need to be known and you

如何在需要時對特定設備採取適當措施，因此所有這些事項都需要被了解，而您

4:37:21

need to be having clear clarity on making the purchase distance whether you need to be purchasing the cuban or you

需要明確釐清採購範圍，無論是您需要購買古巴（Cuban）還是您

4:37:27

need to be outsourcing this particular task to any outside vendor so that is all the biggest challenges that you will

需要將此特定任務外包給任何外部供應商，這就是您在管理資產時將面臨的最大挑戰

4:37:33

be facing while managing your asset which i have put forward for you in this course on asset management by now we

在管理您的資產時將面臨，這是我在此資產管理課程中為您提出的內容。到目前為止，我們

4:37:39

have come to the end of this course on asset management so why don't we learn by now in this course on asset

已經來到此資產管理課程的尾聲，那麼我們何不在此資產管理課程中學習

4:37:45

management we started off by understanding what is an asset what is an asset assets is something what you

我們首先了解什麼是資產、什麼是資產。資產是您

4:37:51

possess which has the opportunity or which has the potential to create wealth for you so by owning the product or by

所擁有的東西，它具有機會或潛力為您創造財富，因此透過擁有該產品或

4:37:58

owning the asset you'll be able to create your wealth so all such items can be classified as an asset and next we

擁有該資產，您將能夠創造您的財富，因此所有此類項目均可歸類為資產，接下來我們

4:38:05

understood about asset management and its importance so why do we need to have an asset management and how what is

了解了資產管理及其重要性，那麼我們為什麼需要資產管理以及什麼是

4:38:11

asset management nothing but managing the asset in the proper way so that wealth is being added to you by owning

資產管理，無非是以適當的方式管理資產，以便透過擁有它來為您增加財富

4:38:17

that if you're not managing it you won't be able to add value to the product right so how to manage and how to

如果您不管理它，您將無法為產品增加價值，對吧？那麼如何管理以及如何

4:38:23

maintain that particular asset that is what we actually saw regarding that and next we went on to understand what is

維護該特定資產，這就是我們實際上看到的相關內容，接下來我們繼續了解什麼是

4:38:28

the need for asset management we will be able to manage this will be able to play safely we will be able to inform

資產管理的需求，我們將能夠管理、將能夠安全運作、我們將能夠提供

4:38:33

decision and these are the various needs for you know for you to follow asset management then we went on to understand

決策資訊，這些就是您需要遵循資產管理的各種需求，然後我們繼續了解

4:38:40

what are tasks involved in order to follow asset management what are the tasks involved you need to be doing the

需要執行哪些任務才能遵循資產管理？您需要執行哪些任務？

4:38:45

research you need to be doing the legalities you should be following the approvals you should be following what

您需要進行研究、處理法規遵循事項，並應辦理相關的審批程序，以及

4:38:50

the authorities are seeing you need to be filing taxes and you know many more taxes are associated with asset

了解監管機關的要求、您需要申報稅務，以及許多與資產相關的稅務事宜

4:38:56

management that is also something that you need to be knowing on asset management then we went on to understand

管理也是您在資產管理方面需要了解的內容。接著我們繼續了解

4:39:01

what are the various types of asset management which are present we saw about six types of asset management

現有的各種資產管理類型。我們介紹了約六種資產管理類型

4:39:07

which are digital asset management iot asset management infrastructural asset management enterprise asset management

包括數位資產管理、物聯網資產管理、基礎設施資產管理、企業資產管理

4:39:12

financial asset management and many more so these are the six various asset managements or types of asset management

金融資產管理等等。這六種就是不同的資產管理類型

4:39:18

which we so regarding or respective to the type of assets which we are owning so with respect to the type of asset

取決於我們擁有的資產類型。因此，根據您正在經營的

4:39:24

you're running you'll be able to follow which type of asset management which you want to follow right next we went on to

資產類型，您將能夠選擇想要遵循的資產管理類型。接下來我們

4:39:31

understand what are the biggest challenges but you will be facing by following asset manager so anyways asset

了解遵循資產管理將面臨的最大挑戰是什麼。總之，資產

4:39:37

management or to own an asset you need to be making investments and since money is playing a huge role in asset you

管理或擁有一項資產，您都需要進行投資，既然金錢在資產中扮演著重要角色，您

4:39:43

would be facing a lot of challenges you should be managing the risk you should be overcoming the hurdles you should be

將面臨許多挑戰。您應該管理風險、克服障礙，您應該

4:39:48

following the legalities and uh getting the approvals sanctioned and all those things right so you are facing a lot of

遵循法規程序、取得批准及核可等事宜，對吧？因此您面臨許多

4:39:53

challenges as well and we saw regarding that as well so these are the various topics that we covered in this

挑戰，我們也探討了這一點。這些就是我們在這門

4:39:58

particular course in asset management and hope you had a fun session with me on asset management hi

資產管理課程中涵蓋的各種主題，希望您和我一起度過了一段愉快的課程。嗨

4:40:04

welcome to this video on working capital management i think so you have heard this word so

歡迎觀看這部關於營運資金管理的影片。我想您一定聽過這個詞很多次了，無論是在學術背景中還是在公司裡，您都聽過

4:40:10

many times okay while your academic backgrounds or in the companies you have heard this

很多次。是的，當您的學術背景或在公司裡，您都聽過

4:40:16

term called working capital this working capital is like a blood for the organization or to the business

這個詞叫做營運資金。營運資金就像是組織或企業的血液

4:40:25

the blood how it is important for the human being like that the working capital is very very important for the

血液對人類有多重要，營運資金對企業也就非常非常重要

4:40:32

business for their day-to-day expenses and how the companies are going to managing this

企業的日常開銷，以及公司將如何管理

4:40:38

working capital effectively and efficiently okay that we are going to discuss in this session so first we will

這筆營運資金，使其既有效率又有成效。好的，這將是我們在本環節討論的內容。那麼首先我們將

4:40:45

look at the agenda introduction to working capital we will discuss the meaning and

看一下議程。營運資金簡介，我們將討論營運資金的含義和

4:40:51

definition of working capital and the working capital management we will discuss objectives of working capital so

定義，以及營運資金管理。我們將討論營運資金的目標，那麼

4:40:59

what are the main objectives or major objective of this working capital in an organization

在組織中，營運資金的主要目標或重大目標是什麼？

4:41:04

next importance of working capital management so what is the importance or scope of

接下來是營運資金管理的重要性。那麼營運資金管理的

4:41:12

working capital management in an organization that we will discuss next aspects of working capital

重要性或範疇是什麼？我們接下來將討論營運資金管理的

4:41:20

management what are the different aspects of working capital management or working capitals are there that we will

面向。營運資金管理或營運資金有哪些不同的面向？我們將

4:41:25

discuss types of working capital so in this type working capital also we

討論營運資金的類型。在營運資金的類型方面，我們

4:41:31

have different types so we will discuss what are the different types of working capital

也有不同的類型，所以我們將討論營運資金有哪些不同的類型

4:41:37

factors determining or influencing for working capital so what are the internal factor external factor

決定或影響營運資金的因素。那麼有哪些內部因素和外部因素

4:41:45

which affects or it influence for the organization to get the working capital that we will discuss

這會影響或左右組織取得營運資金的能力，我們將會討論

4:41:53

next operating cycle so this working capital is depending on the operating cycle

接下來的營運週期，因此營運資金取決於營運週期

4:42:00

so what are the different stages are there in that operating cycle all those things we will discuss

因此，營運週期中有哪些不同的階段，這些我們都將討論

4:42:06

formula for calculation of this working capital management or working capital so what is the formula to calculate the

營運資金管理或營運資金的計算公式，那麼計算的公式是什麼

4:42:14

working capital that we will discuss sources of working capital so for the companies what are the varieties or what

營運資金，我們將討論營運資金的來源，那麼對於公司來說，有哪些種類或什麼

4:42:21

are the various sources are available for the working capital requirements that we can see

是可用於營運資金需求的各種來源，我們可以看見

4:42:28

next and the last is how to manage working capital so how the companies will manage the

接下來，最後是如何管理營運資金，那麼公司將如何管理

4:42:35

working capital in the organization or in their day-to-day operations that we will see

組織中的營運資金或其日常營運，我們將會看到

4:42:41

okay let's begin with the introduction to working capital so in simple words

好的，我們從營運資金的簡介開始，簡單來說

4:42:49

the working capital is nothing but in general terms what are the money required for day-to-day expenses or for

營運資金基本上就是一般來說，日常開支或

4:42:57

the operating activities the company required that we call it as working capital correct

公司營運活動所需的資金，我們稱之為營運資金，沒錯

4:43:03

so working capital is described as the capital which is not fixed but

因此，營運資金被描述為非固定但

4:43:09

the more common uses of the working capital is to consider it as the difference between the book value and

營運資金更常見的用途是將其視為

4:43:16

book value of current assets and current liability so

流動資產與流動負債的帳面價值差額，因此

4:43:22

this working capital it is not a fixed capital if you look at the whatever the other capitals that is share capital or

此營運資金並非固定資本，如果你看看其他資本，如股本或

4:43:29

whatever the own capital is there or borrowed fund that will be fixed correct but this working capital is not fixed in

這些 Own Capital 或 Borrowed Fund 都是固定的，沒錯；但營運資金並非固定不變

4:43:36

nature according to the company's requirement or day-to-day activities requirement they are going to take this

性質上，根據公司或日常活動的需求，他們將會運用這筆

4:43:43

working capital it is not fixed it is fluctuation in nature okay it will not remain same for all the 30 days in a

營運資金，它並非固定，而是具有波動的性質，好的，它不會在一個月的 30 天內都保持相同

4:43:51

month or it is not same for all the 12 months in a year so it is fluctuating depending on the activities of the

或是在一年中的 12 個月都保持相同，因此它會隨著組織的活動而波動

4:43:58

organization and it is very easy to calculate what is the working capital that is the book value of the current

組織的活動而波動，而且計算營運資金非常容易，也就是流動資產的帳面價值

4:44:06

assets minus current liabilities whatever the current assets are there we need to deduct with the current

減去流動負債，無論有多少流動資產，我們都需要扣除流動

4:44:11

liability then we will get the working capital working capital is another part of the

負債，然後我們就會得到營運資金。營運資金是資本的另一部分

4:44:17

capital which is needed for meeting day-to-day requirements of the business concern i have already told you the

，是因應營業機構日常需求所必需的。我已經告訴過您

4:44:25

day-to-day activities or operational activities or for day-to-day expenses the company requires some money that we

日常活動或營運活動，或是為了日常開銷，公司需要一些我們

4:44:33

call it as working capital for example payment to creditors

稱之為營運資金的錢。例如支付給債權人

4:44:39

so the suppliers they are going to give goods on the credit basis correct

所以供應商會以賒帳方式提供貨物，沒錯

4:44:45

so after 35 days or after 40 days or after 45 days we need to repay the money for the suppliers

所以在 35 天、40 天或 45 天後，我們需要償還供應商的款項

4:44:51

or vendors correct so we need to repay that money for that we required working capital

或供應商的款項，沒錯，所以我們需要償還那筆款項，為此我們需要營運資金

4:44:58

salary paid to the workers so some companies what they are going to do they are going to have the

支付給工人的薪資。所以有些公司會這樣做，他們會有

4:45:04

weekly ways weekly wise they are going to pay the wages or some companies what they are

週薪制，每週支付工資；或者有些公司會這樣做，按月支付，他們會按月支付薪資，沒錯，所以根據

4:45:10

going to do per month they are going to pay the salary monthly wise they are going to pay correct so according to

他們將按月支付，他們會按月支付薪水，沒錯。所以根據

4:45:16

that they require this working capital and some creditors they are not going to

他們需要這筆營運資金，而有些債權人不會

4:45:22

allow credit period they need to pay cash and they need to purchase the raw material for example the ancillary

給予信用期間，他們需要支付現金，而且他們需要購買原材料，例如輔助

4:45:28

service products not the main raw material only for ancillary service products or service

服務產品，不是主要原材料，僅針對輔助服務產品或服務

4:45:34

raw materials what they are going to do they are going to purchase in a small quantities so what they are going to do

原材料，他們打算怎麼做？他們打算少量購買，所以他們打算怎麼做

4:45:39

they are going to pay cash and they are going to purchase that raw material so for that also they require this working

他們將支付現金並購買該原材料，因此為此他們也需要這筆營運

4:45:45

capital and etc it's like for printing and stationery or for any petty cash or for any

資金等等，像是印刷和文具，或任何零用金，或任何

4:45:52

refreshments okay for that they require this working capital normally it consists of recurring in

茶點。為此他們需要這筆營運資金，通常它包含經常性

4:46:00

nature in the organization it is day-to-day it is required only in one or the other way

性質的項目，在組織中是日常的，它只是以某種方式被需要

4:46:06

for example every 30th or every month end we require money for paying the salary

例如，每30號或每個月底我們都需要錢來支付薪水

4:46:13

and we need to pay the rent and if it is purchased any assets on the basis of higher purchase so we need to

我們需要支付租金，如果我們以分期付款方式購買任何資產，我們就需要

4:46:20

pay the emi electricity bill water charges printing and stationery for other so many other expenses will be

支付分期付款、電費、水費、印刷和文具以及其他，許多其他費用將會

4:46:28

there in the organization so to make that expenses they require this working capital and it is recurring in nature

在組織中發生，因此為了支付這些費用，他們需要這筆營運資金，而且它是經常性質的

4:46:37

it can be easily converted into cash hence it is also known as short-term capital

它可以很容易地轉換成現金，因此它也被稱為短期資本

4:46:43

so they can easily convert into cash that is all your current assets easily and quickly we can convert into cash

所以他們可以輕易地轉換成現金，也就是你所有的流動資產，我們可以輕易且快速地轉換成現金

4:46:50

that is the near to cash correct so that is the introduction to your working capital or

也就是接近現金的部分，對吧？以上就是對營運資金的介紹，或者說

4:46:57

brief introduction about your working capital so next we'll see what is the meaning and

對營運資金的簡要介紹。那麼接下來我們將探討營運資金的含義與

4:47:03

definition of working capital so working capital management is an act of planning

定義。營運資金管理是一種規劃的行為

4:47:11

organizing and controlling the components of working capital like

以及控制營運資金組成要素的行為，例如

4:47:17

cash bank balance inventory receivables payables overdraft and short term loans

現金、銀行存款、存貨、應收帳款、應付帳款、透支及短期貸款

4:47:26

so it is a act of recording that is first we need to plan

這是一種記錄的行為，也就是首先我們需要規劃

4:47:32

the working capital how much we required per month

營運資金，我們每個月需要多少

4:47:37

based on the previous year or based on the previous months how much working capital the company taken

基於前一年或前幾個月，公司耗用了多少營運資金

4:47:44

or they are consumed correct based on that they need to take the estimation or they need to forecast and

或是消耗了多少。基於此，他們需要進行估算或預測，並

4:47:50

then they need to plan for this month or for this quarter how much working capital is required that is the first

接著為本月或本季規劃需要多少營運資金，這是第一點

4:47:56

one we need to plan second one we need to organize the money so once we done the planning next we

我們需要規劃，第二點我們需要籌措資金。所以一旦完成規劃，接下來我們

4:48:06

need to organizing so we need to organize the funds

需要進行組織，也就是我們需要籌集資金

4:48:11

so how much is required that is we have already planned correct so how much is required that we have one estimation

所以需要多少，我們已經規劃好了，對吧？所以我們有一個估算的

4:48:16

amount so that amount whichever the sources are available so from that source the company needs to organize or

金額。針對這個金額，無論有哪些可用的資金來源，公司都需要從該來源進行籌措或

4:48:23

they need to pull the money for this working capital requirement and controlling

他們需要為此營運資金需求籌集資金，並進行控管

4:48:30

so once they planned and organize the money after that they have to control that money otherwise it will be under

所以一旦他們規劃並籌措好資金，之後就必須加以控管，否則資金可能未被充分利用，或者可能被過度使用。

4:48:37

utilized or it may be over utilized so they need to control over the funds so components of working capital like

未被充分利用，或者可能被過度使用，因此他們需要對資金進行管控。營運資金的組成要素包括像是

4:48:44

cash bank balance and inventory receivables so these are the current assets and payables overdraft and

現金、銀行存款餘額、存貨及應收帳款，這些都是流動資產；而應付帳款、透支額度及

4:48:51

short-term loans are the current liability so

短期借款則屬於流動負債。

4:48:55

current assets minus current liability you are going to get the working capital correct so we need to

流動資產減去流動負債，得出的就是營運資金，沒錯。因此我們需要

4:49:02

maintain or we need to manage these current assets and current liability that is the working capital

維持，或者說我們需要管理這些流動資產與流動負債，這就是營運資金。

4:49:09

next according to the western end brigam working capital

接著，根據 Western & Brigham 的說法，營運資金

4:49:15

refers to affirm investment in short-term assets cash short-term securities accounts

指的是企業在短期資產上的投資，包括現金、短期證券、應收

4:49:22

receivables and inventories so in a simple manner they are given that all about your working capital is your

帳款及存貨。簡單來說，他們指出營運資金的全部內涵就是

4:49:29

current assets and the current liability managing effectively and efficiently in the organization whatever the current

在組織內有效率且高效地管理流動資產與流動負債。無論流動

4:49:36

assets are their current liabilities are there that is the working capital if we manage in a proper way means we can

資產有多少、流動負債有多少，那就是營運資金。如果我們以適當的方式管理，意即我們可以

4:49:43

easily or smoothly they can go with this working capital next we will see what is the meaning and

輕鬆或順利地運用這筆營運資金運作。接下來我們將探討營運資金管理的意義與

4:49:51

definition of working capital management so first we have discussed about what is the working capital and what is the

定義。首先，我們已討論過什麼是營運資金，以及營運資金的

4:49:57

meaning and definition of working capital next we will see how to manage this working capital in an

意義與定義。接下來我們將探討如何在

4:50:03

organization so if we use or if effectively or efficiently use the working capital in an organization then

組織中管理這筆營運資金。如果我們在組織中使用營運資金，或者有效率地運用營運資金，那麼

4:50:11

only the all the activities will go smoothly correct so we'll see what is the

所有活動將順利進行，對吧？那麼我們來看看營運資金管理的定義與涵義。

4:50:18

definition and meaning of this working capital management working capital management is concerned

營運資金管理關注的是在試圖管理流動資產、流動負債時所出現的問題。

4:50:24

with the problems that arises in attempting to manage the current assets current

以及它們之間存在的相互關係。是的，這非常非常困難。

4:50:30

liabilities and the interrelations that exist between them yes it is very very difficult

流動負債及其之間存在的相互關係。是的，這非常非常困難。

4:50:40

so with our notice or without our notice also some time the current assets and

因此，無論我們是否注意到，有時流動資產和流動負債的需求都會因生產過剩而產生。

4:50:45

current liabilities the requirement will arises due to over production okay

流動負債的需求會因生產過剩而產生。好的。

4:50:52

we have get this working capital requirement or due to some other reasons due to this pandemic or whatever the

我們會產生這種營運資金需求，或者由於其他原因，例如疫情或其他任何原因。

4:50:58

reasons okay the current assets and current liabilities will be arises so on that time working capital is also

原因。好的，流動資產和流動負債將會增加，那時營運資金也會減少。

4:51:05

decreases because the difference between the current assets and current liability that is called as working capital

減少，因為流動資產與流動負債之間的差額即稱為營運資金。

4:51:12

correct if we get the positive difference yes we have the fund if it is negative

正確。如果我們得到正差，是的，我們就有資金；如果是負差。

4:51:18

then it is deficient correct so on that time the managing these assets that is current assets and current liabilities

那就是不足，正確。所以在那個時候，管理這些資產，即流動資產和流動負債。

4:51:26

that is very very difficult and challenging job in the organization working capital management is a business

這在組織中是非常非常困難且具挑戰性的工作。營運資金管理是一種商業。

4:51:34

strategy designed to ensure that a company operates efficiently by monitoring and using its current assets

策略，旨在透過監控和使用其流動資產與流動負債至最有效的用途，來確保公司高效運營。

4:51:42

and current liabilities to their most effect use so using the current assets and current

以及流動負債至最有效的用途。所以使用流動資產和流動負債。

4:51:47

liability sometime seasonable products will be there or seasonable raw materials will be

有時會有季節性產品或季節性原材料。所以在那個時候，是的，公司需要在原材料上投入更多資金。

4:51:53

available so on that time yes the company needs to invest more money on the raw material because in that season

因為在該季節，原料只有在那季之後才會到貨。

4:51:59

only they are going to get the raw material after that season okay once it is off season they are not going to get

所以在那個時候，他們需要在原料上投入大量資金，採購原料。

4:52:05

the raw material so on that time they need to invest huge money on the raw material purchasing the raw material

運輸以及承擔包含在內的任何其他費用。

4:52:12

transportation and bearing the whatever the other expenses included in

這點沒錯。營運資金管理是一種商業策略，旨在確保一家公司。

4:52:18

that okay so working capital management is a business strategy designed to ensure that a company

透過監控並最有效地運用其流動資產與流動負債來高效運營，這樣才能。

4:52:25

operates efficiently by monitoring and using its current assets and liabilities to their most effective use so that is

有效且高效地運用。如果他們能善用這些流動資產與負債，才能輕鬆管理營運。

4:52:34

effectively and efficiently if they use this current assets and liabilities then only they can easily manage the working

資金於組織內，否則將非常困難。因此他們需要監控每一個階段或每一項。

4:52:41

capital in the organization otherwise it is very very difficult so they need to monitor each and every stage or each and

活動都需要遵循，唯有如此他們才能掌握營運資金的控制權，並且。

4:52:49

every activity they need to follow and then only they need to get this control over this working capital and they can

在組織內輕鬆管理。這就是營運資金管理的含義與定義。

4:52:57

easily manage in the organization so that is the meaning and definition of working capital management

接下來的主題：營運資金管理的目標。那麼其主要或核心。

4:53:05

next topic objectives of working capital management so what are the major or main

目標是什麼呢？我們將逐一探討。首先是。

4:53:12

objectives of this working capital management we'll see one by one so first one

營運資金的平衡。也就是以穩定的方式管理或平衡流動資產與流動負債。

4:53:18

balance of working capital so managing or balancing the current assets and current liability in a stable

的方式。舉例來說，在會計年度的第一個月，如果是流動。

4:53:26

manner okay so for example first month in a financial year so if it is the current

資產與流動負債的比例為一比一。那麼接下來我們需要維持在。

4:53:33

assets and current liability it is one is to one okay so next we need to maintain at a

流動資產與流動負債的比例是一比一，接下來我們需要維持在一個。

4:53:38

two is to one so in that balancing of that working capital or balancing of current assets and current liabilities

二比一，也就是在營運資金的平衡，或者說流動資產與流動負債的平衡上。

4:53:46

that is the most important objective of this working capital so if the

這就是營運資金管理最重要的目標，所以如果

4:53:54

manage that current assets and connect liability are balanced the assets and liabilities means that

能讓流動資產與流動負債（原文 connect liability 應為 current liability）取得平衡，這意味著資產與負債

4:54:00

will be the clear for the working capital management so that is the first objective of this working capital

對於營運資金管理來說將會很明確，這就是營運資金的第一個目標。

4:54:07

management so as per the current ratio the standard ratio is two is to one if the current assets is two means the

管理，因此根據流動比率，標準比率是二比一，如果流動資產是二，意味著

4:54:15

current liabilities should be one then only the ideal ratio or standard ratio or

流動負債應該是一，只有這樣理想比率或標準比率，或者

4:54:21

soundness of the company is good okay so they need to balance this working capital

公司的健全度才會良好。好的，因此他們需要平衡這筆營運資金

4:54:28

throughout the year next that is second point expansion of companies investment

全年無休，接下來第二點是公司的投資擴張。

4:54:36

so if they maintain in a very good manner or in a systematic manner in the working

所以，如果他們以非常良好或有系統的方式維持營運

4:54:43

capital means that whatever the surplus fund will be there for example they are maintaining 10 000 rupees

資金，這意味著將會有多少盈餘資金，例如他們每天維持

4:54:50

every day for the working capital so if they manage properly then whatever the other

一萬盧比作為營運資金，如果他們管理得當，那麼無論其他

4:54:56

investments or other extra funds will be there that they can expansion of their business

投資或其他額外資金有多少，他們都可以擴展其業務。

4:55:03

so addition to that they can start a new product line or they can expand or they can start a new branch or they can start

此外，他們可以開始新的產品線，或者他們可以擴張，或者他們可以開設新的分店，或者他們可以開始

4:55:10

a new plant and machinery or they can install new equipments to the organization like that they need to

新的工廠和機械，或者他們可以為組織安裝新設備，像這樣他們需要

4:55:16

do some expansion activities okay that is the objective of this working capital management

進行一些擴張活動，好的，這就是營運資金管理的目標。

4:55:24

next third point healthy relation with supplier what do you mean by this healthy

健康的供應商關係是什麼意思？

4:55:31

relation healthy relation is nothing but they have some good relationship or good

關係？健康的關係不過就是他們與供應商之間有著良好或不錯的關係

4:55:39

wrapper with the suppliers for example the company is going to purchase goods on the credit basis means

例如，公司打算以賒帳方式購買商品，這意味著

4:55:46

the supplier is going to allow at least minimum of 15 to 30 days of credit repayment period so within that

供應商將至少給予 15 到 30 天的信用還款期，因此在這段期間內

4:55:54

period only they need to repay or on that day only 15 days if they allow means on that 15th only we need to repay

他們需要還款，或者如果是 15 天的期限，就在第 15 天當天還款

4:56:01

the money if you are not going to repay then next time if you are going to purchase the

這筆款項。如果你不付款，那麼下次如果你打算向同一家供應商購買

4:56:06

same raw material from the same supplier they are not going to allow 15 days they are going to decrease or

同樣的原材料，他們將不再給予 15 天的期限，他們會減少或

4:56:12

they are going to increase the whatever the discount rates they are going to give that they are going to increase or

增加他們原本提供的折扣率，他們會提高，或者

4:56:17

in the raw material price they are going to change why because you are not going to pay

在原材料價格上進行變動，為什麼呢？因為你沒有

4:56:22

on time if you are paying on time regularly means they are also going to give some

準時付款。如果你一直準時付款，意味著他們也會提供一些

4:56:28

discounts cash discounts or trade discount other things will be there so they are going to allow for the

折扣，現金折扣或商業折扣等其他優惠，所以他們會對該

4:56:34

organization so if we manage the working capital properly means then we can easily

組織給予通融。因此，如果我們妥善管理營運資金，意味著我們就能輕易地

4:56:40

maintain this healthy relation with the suppliers also the suppliers also called as a creditors one who given

維持與供應商的這種健康關係。供應商也稱為債權人，即向

4:56:48

goods on the basis of credit to the organization we call it as creditors okay so we can maintain very good

組織提供賒帳商品的人，我們稱之為債權人，好的，因此我們可以與債權人或供應商維持非常良好的

4:56:56

rapport with the creditors or with the suppliers next point

關係。下一個要點是營運資金管理的優化，所謂優化就是我們

4:57:02

optimization of working capital management so optimization is nothing but so we

優化營運資金管理，所謂優化就是我們

4:57:08

need to minimize the working capital whatever the required money for the organizational day-to-day expenses as

必須盡可能降低營運資金，也就是組織日常開支所需的金額

4:57:16

much as possible we need to minimize the expenses either it may be on printing and stationary or towards the purchase

必須盡可能降低各項開支，無論是印刷文具費用、原材料採購費用

4:57:24

of raw material or towards the transportation any other thing okay as much as possible we need to optimize and

或是運輸費等其他支出。我們必須盡可能進行優化，然後

4:57:31

then we need to manage the working capital in a organization next point that is fifth one

在組織中管理營運資金。第五個要點是

4:57:39

minimize the cost of capital you know the meaning of cost of capital i think so okay cost of capital is

降低資金成本。您知道資金成本的含義吧？資金成本就是

4:57:47

nothing but what is the return on their capital if for example equity share how much is

投資回報率。舉例來說，對於普通股，資金成本是多少？

4:57:53

the cost of capital for the equity share how much is the cost of capital on the debts preference share

對於普通股的資金成本是多少？債務和優先股的資金成本又是多少？

4:58:00

retained earnings okay so what is the return on the investment that is the cost of capital so how to

保留盈餘。那麼，投資回報率就是資金成本。因此，如何

4:58:08

minimize this cost of capital so with the proper manage in the working capital in our organization so we can minimize

降低這個資金成本？透過妥善管理組織內的營運資金，我們就能降低

4:58:16

the cost of capital also so if you minimize the cost of capital so whatever the money you are going to

資金成本。如果降低資金成本，那麼您原本要支付給股東

4:58:23

pay for the shareholders or for the dementia holders that money you can save and you can use it for the expansion of

或債權人的款項就能省下來，並用於擴展

4:58:30

your business correct so minimizing the cost of capital is

業務。沒錯。因此，降低資金成本也是

4:58:35

also a one of the objective of this working capital management next assist the business to avoid over

營運資金管理的目標之一。下一個目標是協助企業避免過度

4:58:44

borrowing so if company they have the very less current assets

借貸。如果公司的流動資產非常少，而流動負債很多，就需要營運資金。在這種情況下，他們會怎麼做？

4:58:49

and they have more current liabilities so they require working capital so on that time what they are going to do they

所以他們需要向其他來源借錢，無論是什麼來源，無論是...

4:58:56

need to go and borrow the money from the other whatever the sources are there whether

可能來自銀行或金融機構，或任何其他來源。他們需要借錢，沒錯。所以如果...

4:59:01

it may be from bank or financial institution or from any other okay they need to borrow the money correct so if

如果他們沒有妥善管理營運資金，那麼他們就得去借貸。所以如果...

4:59:08

they're not managing properly the working capital means then they have to go for this borrowing so if they

他們能妥善管理，就可以減少借貸，他們可以避免在...

4:59:14

maintain properly then they can over borrowing they can avoid in the

組織中過度借貸。最後一點是流動資產的最佳報酬率。無論流動資產是什麼...

4:59:21

organization so and the last point optimal return on current assets so whatever the current assets are there

你打算投入多少，你將獲得最佳回報，也就是你將獲得的最大回報...

4:59:30

how much you are going to invest on that you are going to get the optimal return that is maximum return you are going to

來自流動資產。所以無論是銀行存款、存貨還是...

4:59:38

get from the current assets also so whether it may be on bank balance or inventory or

應收帳款或應收票據，以及其他所有項目，無論流動資產是什麼，你都可以...

4:59:44

accounts receivable or bills receivable all the other things whatever the current assets are there on that you can

期望從你的流動資產獲得良好的回報。這些是營運資金管理的幾個目標...

4:59:51

expect a good return on your current assets so these are the few objectives of

營運資金管理。接下來是營運資金管理的重要性...

4:59:58

working capital management next importance of working capital management

營運資金管理。組織中營運資金管理有任何重要性嗎？

5:00:07

so is there any importance the working capital management in the organization

是的，在組織中管理這個...

5:00:13

yes it is very very important in the organization to manage this

營運資金非常重要。我們將逐一探討這個營運資金...

5:00:18

working capital so we'll see one by one what are the major importance of this working capital

管理的主要重要性。首先是資本的更高回報。如果我們在組織中有效利用營運...

5:00:24

management so first one higher return on capital so if we effectively utilize the working

資金，我們就能從中獲得更多回報。

5:00:34

capital in the organization means in return we can get the more return on our

資本在組織中有效運用，意味著我們能獲得更高的投資報酬率。

5:00:40

investment so all the business or all the activities they are going to do for the

投資，因此所有為了賺錢或獲利的商業活動或行為都是正確的。因此，同樣地，如果你能妥善管理營運資金，

5:00:45

purpose of making money or earn a profit correct so here also if you manage the working

賺錢或獲利的目的。因此，同樣地，如果你能以良好或有系統的方式管理營運資金，意味著我們確實能獲得更多利潤。

5:00:52

capital in a good manner or in a systematic manner means yes we can get the more profit also

以良好或有系統的方式管理營運資金，意味著我們確實能獲得更多利潤。因此，毛利、淨利、盈餘等所有項目，我們只能透過管理良好的營運資金來提升，

5:00:58

so grass profit net profit surplus all those things we can increase only with the managing the good working

毛利、淨利、盈餘等所有項目，我們只能透過管理良好的營運資金來提升，或在組織中妥善管理營運資金。

5:01:05

capital in the organization or managing properly the working capital in an organization

或在組織中妥善管理營運資金。這樣我們才能獲得更多利潤，或在下一項——更高的投資報酬率中獲得更多回報。

5:01:12

so that we can get the more profit or we can get the more return on our investment next

這樣我們才能獲得更多利潤，或在下一項——更高的投資報酬率中獲得更多回報。改善信用與償債能力。你說的信用與償債能力狀況是什麼意思？

5:01:20

improved credit and solvency what do you mean by this credit and solvency position

改善信用與償債能力。你說的信用與償債能力狀況是什麼意思？信用無非是我們打算借貸的款項，以及我們是否有能力償還那筆款項。

5:01:26

credit is nothing but the whatever the money we are going to borrow and we have the capable or we are able to repay that

信用無非是我們打算借貸的款項，以及我們是否有能力償還那筆款項。當涉及個人時，我們可以提升這種償還能力。

5:01:35

money that is credit repayment capacity we can increase when it comes to individual

當涉及個人時，我們可以提升這種償還能力。我們該如何衡量個人的信用償還能力？

5:01:43

how we are going to measure the credit repayment capacity of an

我們該如何衡量個人的信用償還能力？個人的信用評等。那麼個人的信用評等是什麼？例如我的 Sybil 評等。好的，

5:01:48

individual means the civil rating so what is the individual civil rating for example my sybil rating okay how

個人的信用評等。那麼個人的信用評等是什麼？例如我的 Sybil 評等。好的，我能借多少以及我能償還多少，Sybil 會給出一個數字。好的，

5:01:56

much i can borrow and how much i can repay that sybil will give the number okay

我能借多少以及我能償還多少，Sybil 會給出一個數字。好的，根據 Sybil 評等或我過往的信用記錄，

5:02:02

according to that we have the sybil ratings or whatever my pass records are there

根據 Sybil 評等或我過往的信用記錄，Sybil 會根據該計算給出信用評等。

5:02:08

on that calculation the sybil is going to give the civil rating like that

Sybil 會根據該計算給出信用評等。公司則會從信用評級機構獲得信用評級。

5:02:14

companies they will get the credit rating from the credit rating agencies

公司會從信用評級機構獲得信用評級。

5:02:22

on the particular instruments on the shares debenture or any other things okay so how much they have the

針對特定工具，例如股票、債券或任何其他項目，好的，那麼他們有多少

5:02:29

credit repayment capacity okay that we can improve next solvency position

信用償還能力，好的，接下來我們可以改善的是償債能力。

5:02:38

solvency is nothing but the company can easily convert that money into cash

償債能力指的是公司能輕易將該資產轉換為現金。

5:02:46

okay that is also we can improve next third point higher profitability so

好的，這點我們也能改善，接下來第三點是更高的盈利能力。

5:02:54

we already discussed higher return on capital correct so how we are going to get the higher return on capital with

我們已經討論過較高的資本回報率，對吧？那麼我們要如何透過

5:03:01

the improvement in the profitability correct so if you manage good

盈利能力的提升來獲得較高的資本回報率？對吧？如果你能妥善

5:03:06

or effective managing working capital in an organization in return we can get the good profit in the organization

或有效地管理組織中的營運資金，我們就能在組織中獲得良好的利潤。

5:03:15

next better liquidity liquidity is nothing but easily we can convert into cash

接下來是更好的流動性，流動性指的是能輕易轉換為現金。

5:03:23

for example inventory or stock that we can easily sold and we can get

舉例來說，存貨或庫存，我們能輕易出售並取得

5:03:29

the money next accounts receivable or bills receivable we also call it as a bills

資金。接下來是應收帳款或應收票據，我們也稱之為應收票據。

5:03:35

receivable correct so how much the debtors they need to repay the money that we can

對吧？那麼債務人需要償還多少款項，我們就能

5:03:41

give it to the financial institution and then also we can get the money correct like that for the managing this

將其交給金融機構，然後我們也能取得資金，對吧？就像這樣，透過管理這項

5:03:48

working capital so that we can get the better liquidity also so uninterrupted production

營運資金，我們也能獲得更好的流動性，從而確保生產不中斷。

5:03:57

so if you don't have the working capital or if it is negative working capital is there then

所以，如果你沒有營運資金，或者出現負營運資金，那麼

5:04:02

it leads to the interrupt the production process also because for each and every production stage we require this working

也會中斷生產流程，因為在每個生產階段我們都需要這筆營運資金

5:04:10

capital because we need to pay wages we need to pay rent electricity water coal fuel gas ancillary service products

因為我們需要支付工資、租金、電力、水、煤炭、燃料、天然氣及輔助服務產品等費用

5:04:20

so many okay so for that we require this working capital if you are not properly managed

因此我們需要營運資金，若未在組織內妥善管理

5:04:26

in the organization yes it may leads to the inter of the production process also so this is also very very important so

的話，確實可能導致生產流程中斷，這點也極其重要，所以

5:04:34

if something happens to the working capital means then it will affect our production activities also

若營運資金出現問題，同樣會影響我們的生產活動

5:04:42

so we need to manage properly in the organization next six one

因此我們必須在組織內妥善管理，接下來第六點

5:04:48

competitive advantage so how we can get the competitive advantage for example

競爭優勢，那麼我們如何獲得競爭優勢呢？舉例來說

5:04:55

if we have the good or proper utilization of working capital means we can go ahead with the good

若我們能妥善有效運用營運資金，就能順利進行良好

5:05:03

number of units production or we can increase the production capacity also correct so if you get the more

的產品數量生產，或也能提升產能，沒錯。因此若能獲得更多

5:05:09

production so what we are going to get we can easily sell our goods in the market or we can supply our goods to the

產量，我們將能獲得什麼？我們能輕易在市場上銷售產品，或將產品供應給

5:05:17

customers or wherever the demand is there on that particular segment we can send the goods so on that time the

客戶，或在任何有需求的特定區塊送貨，如此我們便能獲得

5:05:24

competitive advantage we will get and more number of goods you are going to produce at a

競爭優勢，且以

5:05:31

same fixed cost then your cost of production will be lesser so that we can reduce the mrp

同樣的固定成本生產更多產品，生產成本就會降低，因此我們能降低建議售價

5:05:38

price also okay so last one that is seventh point

價格，沒錯。最後第七點是

5:05:43

appreciation of business value so with all these six points the company can achieve this appreciation in the

企業價值提升，透過這六點，公司能實現企業價值的提升

5:05:52

business value or they can increase the net worth of the organization

企業價值或提升組織的淨值

5:05:57

okay higher return on capital so that all the shareholders are all the public also they have interested to invest in

確保更高的資本回報，讓所有股東及大眾都有興趣投資

5:06:06

our company why because we are going to pay higher return on capital so they are ready to invest their money

我們的公司，為什麼？因為我們將提供更高的資本回報，所以他們願意投入資金

5:06:12

improved credit and solvency if you have very good credit and solvency position means we can easily get the raw

改善信用與償債能力，若擁有非常良好的信用與償債能力，意味著我們能輕易取得原料

5:06:17

materials on the basis of credit or all the financial institution they are ready to lend the money to our organization

原料，基於信用，或所有金融機構都願意借錢給我們的組織

5:06:24

higher profitability it leads to good increment hike to the employees or other activities also

更高的獲利能力，能為員工或其他活動帶來良好的加薪或提升

5:06:31

better liquidity uninterrupted production so competitive advantage so all these six points will

更佳的流動性、不中斷的生產，從而獲得競爭優勢，因此這六點將

5:06:39

gives very good return on our business value or that is net worth of our organization that is also can be

為我們的企業價值帶來非常良好的回報，也就是我們組織的淨值，這也能

5:06:47

increased next topic aspects of working capital management so these are the three very very important

提升。下一個主題：營運資金管理的面向，這是非常非常重要的三個

5:06:55

aspects of this working capital management this is also called as main elements of working capital management

營運資金管理的面向，這也被稱為營運資金管理的主要要素

5:07:03

so if we manage these three properly or in a systematic manner in the organization so we can easily achieve

因此，若我們在組織內妥善或有系統地管理這三項，我們就能輕易達成

5:07:13

all the other things so first one your accounts receivable it is also called as bills receivable

所有其他目標。首先是應收帳款，也被稱為應收票據

5:07:22

accounts payable is also known as bills payable and inventory management

應付帳款也被稱為應付票據，以及存貨管理

5:07:30

so accounts receivable so one who purchase goods from us on the credit basis and they need to pay the money to

關於應收帳款，也就是那些向我們以信用方式購買商品，且需要向

5:07:37

our organization the debtors okay they need to repay the money so that we need to manage properly

我們組織付款的人（債務人），他們需要償還款項，因此我們需要妥善管理

5:07:44

and second one accounts payable that is what we need to repay for the others that is for our creditors or suppliers

第二個是應付帳款，也就是我們需要償還給他人的款項，即針對我們的債權人或供應商

5:07:52

or to the loan okay we need to repay correct so that we need to manage and the last one inventory management

或是償還貸款，對，我們需要正確地償還，因此我們需要管理，最後一個是存貨管理

5:08:01

so all the production activities or sales or marketing everything will be depending on this inventory management

因此所有的生產活動、銷售或行銷，一切都將取決於這項存貨管理

5:08:08

so how good the company is managing the inventory in the organization so easily they can reach all the other

因此公司在組織內管理存貨的好壞程度，將決定他們能否輕易地達成其他所有

5:08:14

activities in an organization so these three are the aspects or elements of this working

組織中的活動，因此這三者就是營運資金管理的面向或要素

5:08:22

capital management so next one types of working capital so here we have only three types or

營運資金管理，接下來是營運資金的類型，這裡我們只有三種類型或

5:08:31

three categories of working capital are there so we'll see one by one so working capital in that we have

營運資金有三個類別，我們會逐一探討，關於營運資金，我們有

5:08:40

permanent working capital second one temporary working capital and third one is

永久性營運資金，第二個是暫時性營運資金，第三個是

5:08:46

semi-variable working capital so these are the three types of working capital are there so we'll see one by one what

半變動營運資金，這些就是營運資金的三種類型，我們會逐一探討，所謂

5:08:54

do you mean by this permanent capital or permanent working capital what do you mean by this temporary working capital

永久性資本或永久性營運資金是什麼意思？暫時性營運資金又是什麼意思？

5:09:00

and when it is required and semi-variable working capital okay so first one permanent working capital

以及在何時需要，而半變動營運資金，好的，首先是永久性營運資金

5:09:06

it is also known as fixed working capital so the word only indicates permanent

它也被称为固定營運資金，這個詞本身就代表永久性

5:09:14

so that working capital or whatever the fixed money is maintained for the working capital requirement that will be

因此，為因應營運資金需求而維持的固定金額，將會是

5:09:20

the permanent so for one year if the company wants to spend one lakh rupees on this working

永久性的，例如為期一年，如果公司希望在這項營運

5:09:28

capital means that will be permanent they are going to manage the same one lakh rupees all over the year or

資金上花費十萬盧比，這將是永久性的，他們將全年都管理同樣的十萬盧比，或

5:09:35

throughout the year that is permanent working capital or it is called as fixed working capital

全年持續使用的資金，就是永久性營運資金，或稱為固定營運資金

5:09:42

so it is the capital the business concern must maintain certain amount of capital at minimum level at all the

因此，企業必須在所有時間點都維持一定最低水準的資金

5:09:50

times so given the example right so one lakh rupees the company minimum they need to

以該範例來說，公司至少需要全年都維持這十萬盧比的營運資金，會計年度從四月一日開始

5:09:55

maintain this working capital throughout the year so financial year start from first april

正確，從四月一日到隔年三月三十一日，他們需要維持這十萬盧比不變

5:10:01

correct so from first april to next year 31st march they need to maintain this one lakh rupees as it is

因此，他們需要多少資金就會借入，並為該特定用途準備這筆款項

5:10:08

so how much is required they are going to take and they are going to load that money for that particular

十萬盧比，他們需要維持作為營運資金，這就是

5:10:14

thing one lakh rupees they need to maintain as a working capital so that is the

永久性營運資金，在所有層級都是如此，好的，永久性資金的水準

5:10:19

permanent working capital at all the levels okay the level of permanent capital

取決於企業的性質，因此永久性或固定營運資金不會因時間或

5:10:26

depends upon the nature of the business so permanent or fixed working capital will not change irrespective of time or

銷售規模而改變，如果舉例來說，針對這點我們也有一些標準

5:10:34

volume of sales if for example for that also we have some criteria

好的，公司每月要生產一萬個單位，所以全年都是如此，所以全年

5:10:39

okay so per month the company is going to produce 10 000 number of units so all the throughout the year so throughout

十二個月他們只需要生產一萬個單位，所以如果他們增加

5:10:46

the 12 months they need to produce 10 10 000 only so if they increase the number of

生產數量或單位產量，那麼可能會有所不同，正確，所以同樣數量的

5:10:52

production or number of units production then it may be vary correct so the same amount of

產品他們需要持續生產，只有這樣才適用，或是銷售規模，或是

5:11:00

products they need to produce continuously then only it will be applicable or volume of sales or

不受時間影響，因此因為時間固定，所以因為這個疫情狀況，所有公司，好的，他們

5:11:06

irrespective of the time so due to the time constant so due to this pandemic situation all the companies okay they

不受時間限制，因此基於時間常數，也因為這個疫情狀況，所有公司，好的，他們

5:11:14

are under loss why because they will not do any operational activity score correct so discovery also affects

他們處於虧損狀態，為什麼？因為他們不會執行任何營運活動來修正分數，所以發現（discovery）也會造成影響。

5:11:21

organizational working capital second one temporary working capital

組織營運資金第二個是暫時性營運資金

5:11:28

so the word only indicates temporary so whenever they require this temporary working capital or working capital

所以這個詞僅指暫時性的，因此無論何時他們需要這筆暫時性營運資金或營運資金

5:11:36

requirement arises then they are going to use this temporary working capital so it is also known as variable working

需求出現時，他們就會使用這筆暫時性營運資金，因此它也被稱為變動性營運

5:11:43

capital okay it is going to vary from the month to month or quarter to quarter or for

資金，沒錯，它會隨著月份、季度或

5:11:49

year to year depending on the whatever the number of products they are going to produce or whatever the activities they

年份而變化，取決於他們打算生產的產品數量或他們打算進行的

5:11:55

are going to do depending on that it is going to vary it is the amount of capital which is

活動，根據這些情況它會變動，它是用來

5:12:01

required to meet the seasonal demands so some companies will be there or some manufacturing units will be there only

滿足季節性需求的資金，因此會有一些公司或一些製造單位只在

5:12:09

in the season okay if the raw material is available only in that particular season means in

當季運作，如果原材料只在特定季節可用，也就是說在

5:12:16

that season only they are going to run the organization for example only in a year six months the production activity

那個季節他們才會運營組織，例如一年中只有六個月進行生產活動

5:12:23

will be is going to run so other six months they are not going to do any operational

會運行，所以另外六個月他們不會進行任何營運

5:12:28

activity so on that time they require this temporary working capital okay

活動，因此在那段時間他們需要這筆暫時性營運資金，沒錯

5:12:35

seasonal demands and some special purposes okay only seasonal demand is there or any some other purpose will be

季節性需求和一些特殊用途，沒錯，只有季節性需求，或者是否有其他目的

5:12:42

there on that time only they are going to take this temporary working capital so it can be further classified into

也只在那個時候他們才會取得這筆暫時性營運資金，因此它可以進一步分類為

5:12:48

seasonal working capital and special working capital so seasonal i've already explained you

季節性營運資金和特殊營運資金，關於季節性我已經解釋過了

5:12:55

so only in the season wherever the or whenever the raw material is available for the organization so on that time

所以只有在季節期間，或者無論何時原材料對組織來說是可取得的，就在那個時候

5:13:02

they are going to do this or they are going to use this temporary working capital or for special working capital

醫療公司將會使用這個臨時營運資金或特殊營運資金

5:13:08

special due to this pandemic situation all the medical companies they are going to use

特別是由於這種疫情情況，所有醫療公司將會使用

5:13:16

this special working capital why because they have to produce more number of mask sanitization or sanitizer or any

這個特殊營運資金，為什麼呢？因為他們必須生產更多的口罩、消毒水或任何

5:13:25

other medicines correct so for that purpose they can use this temporary working

其他藥品，沒錯。所以為了這個目的，他們可以使用這個臨時營運

5:13:30

capital okay under temporary capital we have two categories that is seasonal working

資金。好的，在臨時資金之下，我們有兩個類別，那就是季節性營運

5:13:35

capital and special working capital and the last one semi-variable working capital

資金和特殊營運資金，最後一個是半變動營運資金

5:13:42

so in this semi-variable certain amount of working capital is in the field level up to a certain stage

所以在這種半變動的情況下，一定數量的營運資金在現場層級維持在某個階段

5:13:51

and after that it will increase depending upon the change of sales or time

之後，它將根據銷售或時間的變化而增加

5:13:58

so semi variable working capital is it is not going to

所以半變動營運資金，它不會是

5:14:02

fix it okay so depending on the quarterly wise or depending on the monthly wise okay

固定的。好的，所以根據季度或根據月份來決定

5:14:08

they are going to change this working capital so that is called semi variable depending on the time or sales or

他們將會改變這個營運資金，所以這被稱為半變動，取決於時間或銷售或

5:14:15

whatever the other activities are going to do in the organization so it is going to depend on the time so

組織中將要進行的任何其他活動，所以它將取決於時間，那麼

5:14:22

next topic factors determining or influencing for working capital requirement so what are the factors or

下一個主題是決定或影響營運資金需求的因素，那麼有哪些因素或

5:14:30

whatever the determining factors or influencing factor for this working capital we'll see

決定或影響這個營運資金的因素，我們將看到

5:14:36

first one nature of business so the nature of business is nothing but whatever the

第一個因素是營運性質，所謂營運性質，指的就是組織內的各項活動

5:14:44

activities in the organization or what kind of raw material they are going to use and what is the process they are

或他們將使用何種原材料，以及他們採用的製程是什麼

5:14:51

adopted okay all those will be comes under the nature of business so

採用了什麼製程，好的，這些都屬於營運性質的範疇，因此

5:14:58

depending on the nature of the organization okay so if they required huge number of raw material

取決於組織的性質，好的，如果他們需要大量原材料

5:15:05

okay take the example of producing the cloth okay textile industry so they required

好的，以生產布料為例，紡織業需要

5:15:12

jute or cotton for that then required coloring or whatever the machinery they require and other

黃麻或棉花，接著需要染色或他們所需的機械以及其他

5:15:19

ancillary products they required for producing the cloth correct so the textile industry they

生產布料所需的輔助產品，沒錯，所以紡織業

5:15:26

required huge raw material so if they want to purchase this huge raw material yes they require

需要大量原材料，如果他們想採購這大量原材料，是的，他們需要

5:15:34

the working capital also so it will affect or it will influence for the working capital for the organization

營運資金，這將影響或左右組織的營運資金需求

5:15:42

second one production cycle in this production cycle what is the turnaround time

第二個因素是生產週期，關於生產週期，其週轉時間是什麼

5:15:49

or how much is required for one cycle okay starting from raw materials to finish it into finished goods or we are

或完成一個週期需要多少時間，好的，從原材料到製成品，或者我們

5:15:58

going to get the output so for that how much the cycle or how much the time is required or duration is required

將獲得產出，為此需要多少週期或多少時間或所需期間

5:16:06

depending on that also it will affect the working capital requirement so the processing stage

根據這點也會影響營運資金需求，所以關於加工階段

5:16:14

okay they need to pay electricity charges water fuel coal gas wages okay and other required

好的，他們需要支付水電費、燃料、煤炭、瓦斯、薪資，好的，以及其他所需

5:16:24

goods are required services also they need to take correct so on that time this production cycle will also affect

需要的貨物，服務方面他們也需要取得，沒錯，所以此時這個生產週期也會影響

5:16:32

the working capital and after that cycle again they need to repurchase the raw material correct so if they want to

營運資金，而在那個週期之後，他們又需要再次採購原材料，沒錯，所以如果他們想要

5:16:39

purchase the raw material they need to clear all the other whatever the debts are there okay they need to repay for

採購原材料，他們需要清償所有其他無論是什麼債務，好的，他們需要為此償還

5:16:45

that they require working capital so next business cycle

因此他們需要營運資金，所以接下來的營業週期

5:16:51

so business cycle is nothing but the company it's in an introduction stage or it is

所以營業週期無非是指公司是處於導入期，或是

5:16:57

in a growth maturity decline in which stage the company business cycle is there okay that is

處於成長、成熟、衰退期，公司營業週期處於哪個階段，好的，這

5:17:05

also affects the or that is also influence the working capital requirement

也會影響營運資金需求

5:17:11

so if it is in the introduction or in the growth stage so on that time they require huge working capital

所以如果處於導入期或成長期，此時他們需要大量的營運資金

5:17:17

for example they need to purchase raw material and they need to first they need to produce the goods and services

舉例來說，他們需要採購原材料，首先他們需要生產商品和服務

5:17:24

and they need to distribute as a free sample and they need to collect the feedback on the goods and services that

並且他們需要將其作為免費樣品分發，他們需要收集關於商品和服務的回饋，也就是

5:17:29

is they need to do the survey and they need to spend so much of money on the promotional activities so all

他們需要進行市場調查，並且需要在促銷活動上花費大量資金，所以所有

5:17:36

those things they required this working capital so depending on the business cycle also it will influence the working

這些事情他們都需要這筆營運資金，因此取決於營業週期，它也會影響營運

5:17:42

capital requirement for example it is in the maturity stage so in the maturity stage we have huge demand for our

資金需求，例如若處於成熟期，在成熟期我們對我們的

5:17:49

products and services so for that huge products and services we need to produce we need to meet the demand means we have

商品和服務有巨大的需求，為了應對這巨大的商品和服務需求，我們需要生產，我們需要滿足需求，這意味著我們

5:17:56

to supply correct so for that supply we need to produce the goods and services so that required working capital

需要供應，沒錯，為了這個供應，我們需要生產商品和服務，因此需要營運資金

5:18:04

okay next production policy so the company production policy is also

好的，接下來是生產政策，所以公司的生產政策也會

5:18:11

affects or it is also influence the working capital requirement so what is the production policies are there

因此，生產政策是什麼呢？

5:18:18

so they have this much of goods we need to produce per day

所以他們每天需要生產這麼多的貨物

5:18:24

or whatever the cycle is there depending on that also they need to decide this working capital requirements

或者無論循環週期為何，他們也需要根據此來決定營運資金需求

5:18:32

credit policy so you already know credit policy is nothing but how much the credit is

信用政策，所以你已經知道信用政策就是供應商允許我們多少信用額度

5:18:37

allowed by the creditors or our suppliers so and how much we are allowing for our customers

也就是我們允許客戶多少信用額度

5:18:45

that is our debtors because we need to sell goods on the credit then only the customer will purchase no one or all who

也就是我們的應收帳款，因為我們需要以信用方式銷售貨物，客戶才會購買

5:18:54

are going to purchase they are not going to purchase for cash some people or few customers will purchase on the credit

有些客戶會以信用方式購買，因此我們也需要允許信用期間

5:19:00

also so we need to allow credit period also next growth and expansion so if they

接下來是成長與擴張，所以如果他們

5:19:08

want to growth or if they want to expand the business means is the required huge working capital because they need to

想要成長或擴張業務，這意味著需要龐大的營運資金，因為他們需要

5:19:14

start new product line or they need to start a new plant or new branches okay for all those

開設新的產品線或新的工廠或新的分支機構，對於所有這些

5:19:21

things is they require this working capital requirements next seventh point availability of raw material depending

事項，他們都需要營運資金。第七點是原物料的供應狀況，取決於

5:19:30

on the availability of the raw materials is also influence the working capital so for example the raw material hugely

原物料的供應狀況也會影響營運資金。例如，如果原物料

5:19:38

available okay are these supplies heavily is there in the market so on that time yes we can

在市場上供應非常充足，那麼在那個時候，是的，我們可以

5:19:45

easily get the raw materials with a cheaper price with a good quality correct but

輕易地以便宜的價格買到高品質的原物料，沒錯，但是

5:19:51

if the demand is there for that raw material yes then they need to spend huge money on the raw material only why

如果對該原物料有需求，是的，那麼他們就需要在原物料上花費大筆資金，為什麼呢？

5:19:57

because the huge demand is there and supply of the raw material is very less so on that time they need to pay more

因為需求非常大，而原物料的供應又非常少，所以在那段時間他們需要支付更多

5:20:04

money so they required working capital and the last one earning capacity

所以他們需要營運資金，最後是獲利能力

5:20:10

so the company's total earning capacity it is also influence the working capital because if they want to increase the

所以公司的總獲利能力也會影響營運資金，因為如果他們想要增加

5:20:19

more profit or if they want to earn more money means they need to spend more working capital

更多利潤或想賺更多錢，就意味著他們需要投入更多營運資金

5:20:25

on the day-to-day activities then only they can get the more profit so these are the eight factors are

在日常營運活動上，這樣才能獲得更多利潤，所以這就是影響營運資金需求的八個因素

5:20:33

influencing for the working capital requirement operating cycle

營運週期

5:20:38

so this is very very important for all the business okay or all the organization for the

所以這對所有企業或所有組織來說都非常非常重要

5:20:46

managing the working capital or working capital balancing in their organization it is

在其組織內管理營運資金或平衡營運資金

5:20:52

very very important so these are the few process are there in the operating cycle

非常非常重要，所以營運週期中有幾個流程

5:20:58

so this one turn we call it as one cycle okay so first raw material so raw material is nothing

這一次的循環我們稱為一個週期，好的，首先是原物料，所謂原物料就是

5:21:06

but we have going to purchase the raw material from our suppliers on the basis of cash or on the

我們要向供應商購買原物料，基於現金或基於

5:21:13

basis of credit we are going to purchase and if you purchase for cash yes definitely on that time only we are

授信來購買，如果你用現金購買，是的，那當下我們就會

5:21:18

going to repay if it is credit period yes whatever the creditors or suppliers allow for us to repay the money on that

償還，如果是信用期間，是的，無論債權人或供應商允許我們在那段

5:21:26

particular time we need to repay the raw material cost that is the first process our first step

特定時間內償還款項，我們就需要支付原物料成本，這是第一個流程，我們的第一步

5:21:34

so second one once we purchase the raw material what we are going to do we are going to start

第二點是，一旦我們購買了原物料，我們要做什麼？我們要開始

5:21:41

processing that raw material okay so once it is in the process we call it as work in progress

處理這些原物料。好的，所以一旦它進入生產過程，我們稱之為在製品。

5:21:50

the raw materials are converted into finished goods so in that particular stage we call it as work in progress

原物料會轉換為成品，因此在那個特定階段，我們稱之為在製品。

5:21:58

after this work in progress we will get the finished goods okay

在這個在製品階段之後，我們將會得到成品，好的。

5:22:05

in the finished goods stage also the working capital is required why because once we get the finished goods again we

在成品階段同樣需要營運資金，為什麼呢？因為一旦我們再次拿到成品，我們

5:22:12

need to sell it to our customer and we need to give some promotional activities or we need to give the advertisement

需要將其賣給客戶，並且我們需要進行一些促銷活動，或者我們需要提供廣告

5:22:19

free samples for all those things yes we require working capital and we are going to give

免費樣品等等。是的，我們需要營運資金，我們將會提供

5:22:25

it to the debtors so if it is sold to the customer yes we are going to get the on spot cash if given for debtors means

給應收帳款戶。所以如果賣給客戶，是的，我們將會獲得即時現金；如果給應收帳款戶，意味著

5:22:33

we are going to sell goods on the basis of credit so we are going to allow some number of

我們將以信用方式銷售商品，因此我們將允許一些

5:22:40

days for this debtors to repay the money for the organization the debtors is going to repay the cash

天數讓這些應收帳款戶為組織償還款項，應收帳款戶將償還現金

5:22:47

on that particular day okay whatever the due date is there after the due date is going to pay the

在那個特定日期。好的，無論到期日是什麼，在到期日之後將支付

5:22:52

cash again we are going to purchase raw material same cycle will be repeated for example

現金。我們將再次購買原物料，相同的循環將會重複。例如

5:22:59

first today we are going to purchase the raw material correct so once we send the raw materials for the work in progress

首先今天我們將購買原物料，正確嗎？所以一旦我們將原物料送往在製品

5:23:06

stage it is required two days okay so from this work in progress to finish the goods we are going to get in

階段，需要兩天。好的，所以從這個在製品到完成商品，我們將在

5:23:13

the one day so total three days correct so after getting the finished goods we need to sell it to our customers so for

一天內完成。所以總共三天，正確嗎？所以在拿到成品後，我們需要將其賣給我們的客戶，所以為了

5:23:20

selling that goods we required 10 days so 3 plus 10 13 days so this debtors they are going to

銷售這些商品，我們需要 10 天，所以 3 加 10 是 13 天。所以這些應收帳款戶將會

5:23:26

purchase goods on the basis of credit so company allowing 15 days of credit repayment period so 15 plus 13

以信用方式購買商品，因此公司允許 15 天的信用還款期，所以 15 加 13

5:23:36

28 days after 28 days we are going to get the cash whatever we have invested here we are going to get after 28 days

28 天。28 天後，我們將收回現金，無論我們在這裡投資了多少，都將在 28 天後收回

5:23:46

correct so this is the operating cycle based on this the companies will maintain the working capital formula for

正確。這就是營運週期，基於此，各公司將維持營運資金公式以利

5:23:53

calculation of working capital management so for calculating this working capital management

營運資金管理的計算，因此為了計算這項營運資金管理

5:24:01

formula is equal to r plus w plus f plus

公式等於 r 加 w 加 f 加

5:24:06

d minus c so we'll see one by one r is equal to that is raw material is equal to average

d 減 c，我們會逐一檢視。r 等於，即原物料等於平均

5:24:15

stock of raw material divided by average raw material consumption per day okay per day information we are going to

原物料庫存除以平均每日原物料消耗量，好的，我們將利用每日資訊來

5:24:22

calculate r so we are going to get one number plus

計算 r，因此我們將得出一個數字，加上

5:24:27

w is nothing but work in progress so average work in process or progress inventory divided by average cost of

w 即在製品，因此平均在製品或在製品庫存除以平均每日

5:24:34

production per day so we will get one number for work in progress plus for finished

生產成本，因此我們將得出一個在製品的數字，加上成品

5:24:42

goods average finished stock inventory divided by average cost of goods sold per day so

的平均成品庫存除以平均每日銷貨成本，因此

5:24:50

per day how much sales they are going to sell or how much goods they are going to sold

每日他們將銷售多少銷售額或將售出多少商品

5:24:55

per day that information so we are going to get the finished goods so next debtors so average book dates divided by

的每日資訊，因此我們將得出成品的數字，接下來是應收帳款，因此平均帳款天數除以

5:25:04

average credit sales per day so per day how much credit sales they are going to make and what is the total date so in

平均每日信用銷售額，因此每日他們將進行多少信用銷售以及總天數是多少，因此在

5:25:11

that we are going to get d that is letters and the last one we are going to deduct c that is average trade

其中我們將得出 d，即天數，最後我們將扣除 c，即平均應付帳款天數除以平均每日信用採購額，因此公司將向供應商以信用方式採購

5:25:19

creditors divided by average credit purchase per day so the company is going to purchase on the basis of credit from

債權人除以平均每日信用採購額，因此公司將向供應商以信用方式採購

5:25:26

the supplier correct so that they need to repay that we need to deduct okay in the operating cycle also i've

供應商是正確的，因此他們需要償還，我們需要扣除，好的，在營運週期中我也

5:25:33

given the example for raw material one day we work in progress for two days finished goods it is three

舉了例子：原料一天，在製品兩天，成品三天

5:25:40

and data set is 15 and whatever the credit repayment period is there that we need to deduct this is the formula for

以及資料集是15天，無論信用償還期是多少，我們都需要扣除，這是計算的公式

5:25:47

calculation of working capital management okay next topic sources of working

營運資金管理，好的，下一個主題，營運資金的來源

5:25:54

capital so sources of working capital we are going to broadly classified into two categories that is internal sources and

所以營運資金的來源，我們將大致分為兩類，即內部來源和

5:26:02

external sources so we require money for the day-to-day activity that we can get through the internal source or to the

外部來源，因此我們日常活動需要資金，我們可以透過內部來源或外部來源取得

5:26:10

external source so we'll see which are all comes under the internal source and which are all the available for external

外部來源，所以我們將看看哪些屬於內部來源，以及哪些是可用的外部

5:26:16

sources so in the internal first one retained earnings

來源，所以在內部來源中，第一個是保留盈餘

5:26:22

so retained earnings is nothing but the company is going to retain some amount of profit for every

所以保留盈餘就是公司將為每一年保留一定比例的利潤

5:26:30

year for example the company from the last 10 years they are making good profit so

例如，公司在過去10年都賺取了良好的利潤，所以

5:26:35

what they are going to do in that last 10 years they are going to keep some percentage of amount as a retained

他們在過去10年要做的是，保留一定比例的金額作為保留

5:26:42

earning so that can be used as a working capital without going for a borrowing money from

盈餘，這樣就可以用作營運資金，而無需向其他

5:26:49

the other financial institution or from the bankers okay they can go with this retained earnings that is the one

金融機構或銀行借款，好的，他們可以使用這個保留盈餘，這是其中一個

5:26:57

internal sources of the working capital second one resource and surplus

營運資金的內部來源，第二個是準備金和盈餘

5:27:05

so the companies will maintain resource for the future okay whatever the

所以公司將為未來維持準備金，好的，無論

5:27:11

uncertainty will be there or uncertain activities will be there for that they are going to maintain some resource in

會有什麼不確定性或不確定的活動，為此他們將在

5:27:18

the organization that results they can utilize or

組織中維持一些準備金，結果他們可以利用或

5:27:22

the last year profit that we call it as surplus so if the surplus is there that surplus money they can utilize as a

去年的利潤，我們稱之為盈餘，所以如果有盈餘，這筆盈餘資金他們可以利用作為

5:27:30

working capital and the depreciation fund so the companies what they are going to

營運資金和折舊基金，所以公司將

5:27:37

do they are going to deduct the fund from the balance sheet from the concerned assets depreciation but they

從資產負債表中扣除相關資產的折舊基金，但他們

5:27:44

are going to keep that money as a depreciation fund and that amount will be utilized to purchase the new assets

將把這筆錢作為折舊基金保留，這筆金額將用於買新的資產

5:27:52

to the organization so what they are going to do that money also they are going to keep it as a resource correct

給組織，所以他們打算怎麼做，這筆錢他們也會將其作為準備金保留，對吧

5:27:58

so that depreciation fund also can be utilized as the working capital so these are the three internal sources are there

所以那筆折舊基金也可以被用作營運資金，這些就是存在的三個內部來源

5:28:07

next external sources so in the external sources first one

接下來是外部來源，所以在外部來源中，第一個是

5:28:12

debentures and public deposits if they require the money so they can go with the issuing the debentures or they can

債券和公眾存款，如果他們需要資金，他們可以發行債券或

5:28:20

go with the public deposits and they can collect the money for the working capital requirements

進行公眾存款，他們可以為營運資金需求籌集資金

5:28:27

next loans from banks and financial institution

接下來是銀行和金融機構的貸款

5:28:33

so if they required money they are going for this loan or they are going to borrow the money from the banks or

所以如果他們需要資金，他們會申請這筆貸款，或者他們會向銀行或

5:28:40

commercial banks or with the financial institution they are going to get the working capital requirements

商業銀行或金融機構借款，以滿足他們的營運資金需求

5:28:47

money advances and credit so advances they are going to take the

貨幣預付款與信貸，也就是預付款，他們將從客戶或其他利害關係人那裡取得

5:28:54

advances from the customers or from the other okay stakeholders they are going to

預付款，他們將向客戶或其他利害關係人收取，或將向其他像是家人、朋友或任何其他人取得信貸

5:29:00

collect the advances or they are going to collect the credit or they are going to take the

收取預付款或收取信貸，或將向其他像是家人、朋友或任何其他人取得信貸

5:29:05

credit from the other people like family members or friends or any other person okay they are going to take the credit

信貸，他們將向其他像是家人、朋友或任何其他人取得信貸，最後一項是財務安排，像是應收帳款融資 (factoring)

5:29:13

and the last one financial arrangements like factory okay

最後一項財務安排像是應收帳款融資 (factoring)，應收帳款融資代理 (factoring) 其實就是扮演公司與銀行之間的代理角色

5:29:18

so factoring is nothing but it is an agent or it is a act as a agent between the company and the banker

應收帳款融資代理 (factoring) 其實就是扮演公司與銀行之間的代理角色，無論是任何憑證或應收票據，我們都可以提交並從金融機構取得資金

5:29:26

okay whatever the vouchers or bills receivables are there we are going to submit and we can get the money from the

無論是任何憑證或應收票據，我們都可以提交並從金融機構取得資金，他們將會扣除或

5:29:34

organization or from the financial institution okay they are going to cut or they are

從金融機構取得資金，他們將會扣除或，將扣除一定比例的佣金並償還款項

5:29:39

going to deduct some percentage of commission and they are going to repay the money

將扣除一定比例的佣金並償還款項，這就是應收帳款融資 (factoring)，這些是營運資金的幾個來源，接下來是如何管理營運資金，我們有

5:29:44

that is the factory so these are the few sources of working capital so next how to manage working capital we have so

這就是應收帳款融資 (factoring)，這些是營運資金的幾個來源，接下來是如何管理營運資金，我們有許多要點，但這非常重要，有這五個要點來管理營運資金

5:29:54

many points are there but it is very important these five points are there how to manage this working capital so

我們有許多要點，但這非常重要，有這五個要點來管理營運資金，第一點是積極主動，所以第一階段是我們需要正確規劃

5:30:01

first one being proactive so if first stage is we need to plan correct

第一點是積極主動，所以第一階段是我們需要正確規劃，一旦我們取得計畫或預估，是的，我們需要積極主動地取得資金或我們需要

5:30:08

once we get the plan or once we get the estimation yes we need to proactive with the getting the money or we need to

一旦我們取得計畫或預估，是的，我們需要積極主動地取得資金或我們需要，籌措資金，這就是積極主動，接下來是不要混淆

5:30:15

arranging the money that is the being the proactive next not mixing

籌措資金，這就是積極主動，接下來是不要混淆，個人與營運支出，根據會計準則與慣例，是的，我們不應該

5:30:21

personal and business expenses okay so as per the accounting concepts and conventions yes we are not going to

個人與營運支出，根據會計準則與慣例，是的，我們不應該，或我們不應將個人支出與營運支出混淆，個人支出指的是

5:30:29

or we are not eligible to mix the personal expenses and the business expenses personal expenses is nothing

或者我們不應將個人支出與營運支出混為一談，個人支出其實就是

5:30:36

but the proprietor's personal expenses it cannot merge with the business the personal that is proprietor personal

但業主的個人支出不能與營運合併，所謂的個人是指業主個人

5:30:44

is different proprietor organization is different so we need to maintain separate expenses

業主與組織是不同的，因此我們需要維持獨立的支出

5:30:51

next making payments on time okay for a credit hours or for any bankers okay if we repay on the

接下來是準時付款，針對信用額度或任何銀行，如果我們在

5:30:59

particular whatever the due date is there okay if we pay regularly then they are going to allow number of days extra

特定的到期日之前還款，如果我們按時支付，他們通常會給予額外的寬限期

5:31:07

number of days or they are going to give discounts okay so for that purpose is we need to make sure that all the payments

額外天數或提供折扣，為此我們需要確保所有款項

5:31:14

will be done on time next proper invoicing so we need to maintain all the proper invoicing for

都能準時支付，接下來是正確開立發票，因此我們需要為日常交易

5:31:23

the day-to-day wise okay

維持所有正確的發票

5:31:27

and the last point choosing the appropriate source of funding so we have internal and external funds

以及最後一點，選擇適當的資金來源，我們有內部與外部資金

5:31:34

are there okay we need to select which is better or which is optimization or which

我們需要選擇哪個較好、哪個最優化或哪個

5:31:41

will be the optimum or it is suitable for our organization we need to select that one

對我們組織最適合，我們需要選擇最合適的方案

5:31:47

only so in this session we have discussed about introduction to working capital

僅此而已，在本節中我們討論了營運資金簡介

5:31:52

that is like working capital is a blood for all the business activities how the

也就是營運資金如同所有商業活動的血液，血液

5:31:58

blood will work for human bodies like that the working capital will work in the organizations also

如何在人體中運作，營運資金在組織中也是如此運作

5:32:05

okay in a simple all your current assets minus current liabilities that is your working capital

簡單來說，流動資產減去流動負債就是你的營運資金

5:32:14

definition yes that is also the working capital refers to firms investment in short-term assets cash

定義，是的，營運資金也指企業在短期資產（如現金）上的投資

5:32:21

short-term securities accounts receivables and inventories so all about your current assets and current

短期證券、應收帳款和存貨，所以這些都與你的流動資產和流動

5:32:27

liabilities next the meaning and definition of working capital management so attempting

負債有關。接下來是營運資金管理的意義和定義，即試圖

5:32:34

to manage the current assets and current liabilities and the

管理流動資產和流動負債，以及

5:32:39

interrelations that exist between them so the managing the current assets and

它們之間存在的相互關係，因此管理組織中的流動資產和

5:32:45

current liabilities in the organization that is called as working capital management

流動負債，這就稱為營運資金管理

5:32:51

next objectives of working capital management that is balance of working capital expansion healthy relation with

接下來是營運資金管理的目標，即維持營運資金擴張的平衡、與供應商保持良好關係

5:32:59

the suppliers optimization of working capital management minimization of cost of

優化營運資金管理、最小化資本成本

5:33:05

capital assist the business to avoid over borrowing optimal return on current assets

協助企業避免過度借貸、在流動資產上獲得最佳回報

5:33:13

importance of working capital management higher return on capital improved credit and solvency position higher

營運資金管理的重要性：更高的資本回報率、改善的信用和償債能力、更高的

5:33:20

profitability better liquidity uninterrupted production activities or production process competitive advantage

獲利能力、更好的流動性、不間斷的生產活動或生產流程、競爭優勢

5:33:28

appreciation of business value aspects of working capital the three elements of working capital that is

企業價值的提升。營運資金的面向，營運資金的三個要素即

5:33:35

accounts receivable accounts payable and inventory management so types of working capital

應收帳款、應付帳款和存貨管理。營運資金的類型

5:33:41

permanent working capital temporary in this temporary we have two categories that is seasonal and special working

永久性營運資金、臨時性營運資金。在臨時性營運資金中，我們有兩個類別，即季節性和特殊性營運

5:33:48

capital and these semi-variable working capital factors

資金，以及這些半變動營運資金因素

5:33:54

determining or influencing for working capital requirement that we have discussed

決定或影響我們所討論的營運資金需求

5:34:00

operating cycle that is raw material work in progress finished goods debtors and cash so these are the

營運週期，即原物料、在製品、成品、應收帳款與現金，因此這些是

5:34:08

operation cycle or turnover cycle is there formula for calculating the working

營運週期或週轉週期，是否有計算營運資金的公式

5:34:14

capital management that is raw material press work in progress plus finished goods plus debtors collection period

管理，即原物料成本、在製品、成品加上應收帳款收現期

5:34:21

minus creditors repayment period okay that is your working capital

減去應付帳款償付期，這就是您的營運資金

5:34:27

management formula sources of working capital that is internal sources and external sources

管理公式，營運資金來源分為內部來源與外部來源

5:34:32

are there how to manage the working capital in an effective and efficient manner

嗎？如何以有效率的方式管理營運資金

5:34:40

thank you capital budgeting techniques used by the corporates

感謝，企業所使用的資本預算技術

5:34:47

but these capital budgeting techniques are not limited to these four but these four are traditional and most popular

但這些資本預算技術並不僅限於這四種，不過這四種是傳統且最普遍的

5:34:54

methods used by the corporates payback period method okay

企業使用的方法，回收期法，好的

5:35:01

net present value npv internal rate of return irr

淨現值（NPV）、內部報酬率（IRR）

5:35:09

break even analysis okay so break even analysis this is also called as bep analysis break even point analysis so

損益兩平分析，好的，所以損益兩平分析，這也稱為BEP分析、損益兩平點分析，因此

5:35:18

these are the four important methods used by corporates and these are the traditional yet the most

這些是企業使用的四種重要方法，這些是傳統但最

5:35:24

you know demanded most popular capital budgeting techniques used by the

受需求、最普遍的資本預算技術，由

5:35:29

corporates so let's have a look at each one of this let's understand how these methods work payback

企業使用，因此讓我們逐一檢視，了解這些方法如何運作，回收期

5:35:36

period okay so what is the payback

期間好的，那麼什麼是回收期

5:35:41

period payback method this capital budgeting largely discusses

期間回收期法這個資本預算主要在討論

5:35:48

about how quickly the business is able to recover the initial investment is all

企業能夠多快收回初始投資這完全是

5:35:54

simple so how quickly the business is able to generate the cash flows and how quickly the business is able to recover

簡單的企業能夠多快產生現金流以及企業能夠多快收回

5:36:02

the initial investment okay so to calculate the payback period

初始投資好的那麼要計算回收期

5:36:10

we use this equation okay so payback period is equal to

我們使用這個公式好的那麼回收期等於

5:36:18

initial investment divided by net annual cash inflow let's have a look at some of the

初始投資除以每年淨現金流入讓我們來看一些

5:36:25

examples so that it is very clear to you yeah

範例這樣會讓你非常清楚是的

5:36:35

so a business has got four projects okay so there are four projects

所以一家企業有四個專案好的那麼有四個專案

5:36:41

available for a business each project requires an initial investment of one lakh

可供企業選擇每個專案需要十萬盧比的初始投資

5:36:51

okay so one lakh minus means this is the initial investment cash

好的那麼十萬盧比減號代表這是初始投資現金

5:36:56

outflow okay so cash outflow cash outflow

流出好的那麼現金流出現金流出

5:37:09

project a yields thirty thousand

專案A在第一年產生三萬

5:37:16

in year one forty thousand in year two for ten thousand in year three

第一年四萬，第二年一萬，第三年？

5:37:22

twenty thousand in year four okay project b forty thousand year one yeah forty

第二年兩萬好的專案B第一年四萬是的第一年四萬

5:37:29

thousand year one thirty thousand year two thirty thousand year three forty

第一年三千，第二年三千，第三年四千

5:37:37

thousand year four project c yields one lakh in year one fifty thousand near to thirty thousand

第四年四萬專案C第一年收益十萬第二年五萬接近三萬

5:37:44

in year three fifty thousand in year four okay so

第三年五萬第四年四萬好的那麼

5:37:50

just focus on the cash flows project deals fifty thousand in year one

我們就專注在現金流專案D第一年五萬

5:37:59

fifty thousand in year two twenty thousand in year three ten thousand in year four okay so now let us look at

第二年五萬第三年兩萬第四年一萬好的現在讓我們來看看

5:38:06

this part the payback period okay so this part this part

這部分回收期好的這部分這部分

5:38:17

now if you see project a the initial investment was one lakh okay

現在如果你看專案A 初始投資是十萬好的

5:38:23

so how much time you know the project took to recover the

那麼這個專案花了多少時間你知道來回收

5:38:28

initial investment thirty thousand plus forty thousand plus ten thousand plus twenty thousand

初始投資三萬加四萬加一萬加兩萬

5:38:34

okay so 30 40 70 plus 10 80 80 plus 20 one lakh so it took

好的那麼30 40 70 加10 80 80 加20 十萬所以它花了

5:38:42

four years okay so this requires four years to recover the initial investment that

四年好的這需要四年來回收初始投資這

5:38:48

means how quickly the business is recovering the initial investment project is requiring four years to

意味著企業回收初始投資的速度有多快專案需要四年來

5:38:53

recover the initial investment now let's see project b project b is recovering forty thousand thirty

回收初始投資現在讓我們看看專案B 專案B回收四萬三萬

5:39:00

thousand thirty thousand forty thousand so forty thousand plus thirty thousand plus thirty thousand

三萬四萬所以四萬加三萬加三萬

5:39:05

so third year okay forty thousand plus thirty to

所以第三年好的四萬加三十到

5:39:10

seventy thousand seventy thousand plus thirty thousand one lakh so in third year project b is

在第三年收回七十萬、七十萬加三十萬，也就是十一萬，所以第三年專案B正在

5:39:16

recovering the initial investment okay now

收回初始投資，好的，現在

5:39:24

project c initial investment was one lakh and the first year itself the project c is

專案C的初始投資為十一萬，而專案C在第一年就

5:39:31

recovering one lakh second year fifty thousand third year thirty thousand and the fifth fourth year fifty thousand so

收回十一萬，第二年五萬，第三年三萬，以及第五（第四）年五萬，所以

5:39:38

first year itself it is recording the initial investment so the payback period was one lakh

僅在第一年就收回了初始投資，因此回收期為十一萬

5:39:43

sorry one year now project d project d

抱歉，一年，現在是專案D，專案D

5:39:50

initial investment was one lakh year one fifty thousand fifty thousand twenty thousand ten thousand so

初始投資為十一萬，第一年五萬、五萬、兩萬、一萬，所以

5:39:57

in two years the project is recovering one lakh

在兩年內，專案收回了十一萬

5:40:02

okay so it requires two years now what we need to understand is

好的，所以需要兩年，現在我們需要了解的是

5:40:10

how quickly the business the project is you know the business is able to recover the initial cost

企業或專案能多快收回初始成本

5:40:17

is you know is what we need to understand from payback period if you look at this example carefully

這正是我們需要從回收期中了解的，如果你仔細看這個例子

5:40:25

project c has taken a least time that is one year to recover the initial

專案C花費最少時間，也就是一年，收回初始

5:40:34

investment okay and if you see project a it has taken four years to recover the initial investment

投資，好的，如果你看專案A，它花了四年才收回初始投資

5:40:39

in this case which project is more safer and which project is more riskier

在這種情況下，哪個專案更安全，哪個專案風險更高

5:40:46

right project c is

對，專案C更安全，而專案

5:40:50

more safer and project

更安全，而專案

5:40:56

a is more riskier okay so project c yields recovers initial cost initial investment in one

A 風險較高，所以專案 C 只需一年就能回收

5:41:04

year project a recovers in four years so when it comes to the priority

年，專案 A 則需四年，因此就優先順序而言

5:41:11

you know business should invest in project c and should ignore project a

，企業應投資專案 C 並忽略專案 A

5:41:18

okay so that is called payback period that's a payback calculation

，這稱為回收期，也就是回收期的計算

5:41:26

now let's understand the advantages of using payback period

現在讓我們了解使用回收期的優點

5:41:32

method it is simple to understand okay so it is straightforward because

方法很簡單易懂，因為

5:41:38

payback period calculation does not involve any complicated you know mathematics it is just simple how

回收期計算不涉及任何複雜的數學，只是簡單地看

5:41:45

quickly the business is able to recover the initial investment so simple to understand

企業多快能回收初始投資，所以簡單易懂

5:41:51

easy to calculate it is just addition of cash flows until the complete you know initial

易於計算，只需將現金流累加直到完全

5:41:59

investment is recovered payback period method allows for the ranking of business project so based on

回收初始投資，回收期法允許對企業專案進行排序，因此根據

5:42:06

the payback period where not the time taken to recover the initial cost so we can rank the business

回收期，而非回收初始成本所需的時間，因此我們可以對企業

5:42:12

projects and we can prioritize payback period stresses more on

專案進行排序並設定優先順序，回收期更強調

5:42:19

the cash flows not on the accounting aspect of the profit okay so what is important how much cash is

現金流，而非會計層面的利潤，因此重要的是需要多少現金

5:42:29

required right how much of cash is recovered is calculated and accounting profit is not

，回收了多少現金，而不將會計利潤

5:42:36

taken into account so cash flows are given the importance

因此重視的是現金流，而非會計利潤

5:42:43

less time consuming calculation of payback period is very quicker because there is no

回收期的計算更省時、更快，因為在計算現金流時

5:42:50

complications involved in the calculation of cash flows just keep adding cash flows until you recover the

沒有複雜的計算，只需持續累加現金流，直到回收

5:42:57

initial investment is all we do in project payback period that's why it is less time consuming

初始投資為止，這就是專案回收期的全部計算，因此更省時

5:43:06

let's quickly have a look at a simple example in payback calculation so that it will

讓我們快速看一個回收期計算的簡單範例，以便

5:43:12

be more clear to you raghav limited is interested in a project requiring an initial investment of 50

您能更清楚了解。Raghav Limited 對一個需要初始投資 50

5:43:20

lakhs and is anticipating generating of rupees 5 lakhs in year 1 7

萬盧比的專案感興趣，預期第 1 年產生 5 萬盧比，第 2 年 7

5:43:27

lakhs in year 2 10 lakhs in year 3 and 14 lakhs in year 4 and 25 lakhs in year 5.

萬盧比、第 3 年 10 萬盧比、第 4 年 14 萬盧比，以及第 5 年 25 萬盧比。

5:43:35

from the details given above calculate the payback period for the project and recommend which project is more feasible

根據以上資料，計算該專案的回收期，並建議哪個專案從投資角度來看

5:43:42

for from investment point of view so we will first in when we need to calculate the payback

更具可行性。因此，當我們需要計算回收期時，首先

5:43:50

period we first first need to list the cash flows received for the business okay so let's say for

需要列出企業收到的現金流。好的，假設為期

5:43:57

how many years this is for five years for five years the business is going to generate the cash flow so first year

幾年？這是五年，企業將在五年內產生現金流。因此第一年

5:44:04

zero one two three four five y zero this is here this is the starting of the business so that is why it is 50 lakhs

是零、一、二、三、四、五。Y 零，這裡是企業的起點，因此是 50 萬盧比

5:44:13

is minus it is in the bracket okay so 50 lakhs is mean bracket because this is the initial investment

是負數，放在括號內。好的，50 萬盧比放在括號內，因為這是初始投資

5:44:19

okay so now so initial investment is 50 lakhs and year one onwards

。好的，那麼初始投資是 50 萬盧比，從第 1 年開始

5:44:28

year one there is no cash flow because this is only cash outflow okay so cash outflow on initial investment so cash

第一年沒有現金流，因為這只有現金流出，所以初始投資的現金流出，所以現金

5:44:34

inflow starts from year one so five lakhs seven lakhs ten lakhs and fourteen lakhs and 25 lakhs

流入從第一年開始，分別是 50 萬、70 萬、100 萬、140 萬和 250 萬

5:44:41

so now to calculate payback period what we have to do we have to calculate cumulative cash flows

那麼現在要計算回收期，我們需要做的是計算累計現金流

5:44:49

okay so we just keep adding the cash flows okay so we we need to add cash flows so initial investment was 50

好的，我們只需持續累加現金流，我們需要累加現金流，初始投資是 50

5:44:58

lakhs it was initial investment to minus now year one

萬盧比，初始投資是減去，現在第一年

5:45:04

how much is recovered what is the amount we have you know cash flow it was five lakhs right

回收了多少，我們有多少現金流，是 50 萬，對吧

5:45:12

it was five lakhs so five lakh five lakhs received recovered so 50 lakhs was initial investment 5 lakh

是 50 萬，所以 50 萬已收到、已回收，初始投資是 500 萬盧比，50 萬

5:45:19

recovered first year so what is the remaining amount 45 lakhs so 45 lakhs to be recovered in

在第一年回收，那麼剩餘金額是多少，450 萬盧比，所以還有 450 萬盧比待回收

5:45:25

the remaining cash flows now second year how much is the cash flow 7 lakhs

從剩餘的現金流中，現在第二年，現金流是多少，70 萬

5:45:31

so 45 lakhs minus 7 lakhs it is going to be 38 lakhs so 38 lakhs to be recovered from the

所以 450 萬減去 70 萬，剩下 380 萬盧比，所以 380 萬盧比待從

5:45:40

remaining cash flows now third year there is another cash flow 10 lakhs so 38 lakhs minus 10 lakhs 28 lakhs so 28

剩餘的現金流中回收，現在第三年有另一筆現金流 100 萬，所以 380 萬減去 100 萬，剩下 280 萬，所以 280

5:45:48

lakhs to be recovered from the very mini cash flows so from 28 lakhs fourth year there is a cash flow of 14

萬盧比待從非常微薄的現金流中回收，從 280 萬盧比開始，第四年有一筆 140 萬的現金流

5:45:56

lakhs okay so 14 lakhs to be you know recovered and from 28 lakhs if you

萬盧比，好的，所以 140 萬盧比待回收，從 280 萬盧比中，如果

5:46:04

recover 14 lakhs what is remaining 14 lakhs so 14 lakhs

回收 140 萬，剩下多少，140 萬盧比，所以 140 萬

5:46:10

to be recovered from the remaining cash flow now

盧比待從剩餘的現金流中回收，現在

5:46:17

what is the amount to be recovered what is a you know balance to be recovered 14 lakhs

需要回收的金額是多少？也就是說，待回收的餘額是多少？140萬盧比

5:46:25

what is the cash flow on fifth year it is

第五年的現金流是多少？

5:46:30

25 lakhs okay so we need just 14 lakhs to completely recover the initial investment of 50 lakhs

250萬盧比。好的，我們只需要140萬盧比，就能完全收回500萬盧比的初始投資

5:46:38

okay so we need few 14 lakhs but we have the cash flow of 25 lakhs so here is here is the calculation which we need to

好的，我們只需要大約140萬盧比，但我們有250萬盧比的現金流，所以這裡是我們需要的計算

5:46:46

you know be very careful we have to calculate this using the equation which i showed you just now

我們必須非常小心，要使用我剛才展示的公式來計算

5:46:54

what is the equation so payback period okay is equal to initial investment

這個公式是什麼？所以回收期等於初始投資

5:47:01

divided by net annual cash inflow okay so

除以每年淨現金流入，好的，所以

5:47:08

what we do first four years we have taken because it is already recovered four years plus so what is the

我們計算前四年，因為這部分已經回收了，四年加上，所以是什麼

5:47:15

initial investment to be recovered now it is just 14 lakhs okay so the 14 lakhs divided by

現在待回收的初始投資只有140萬盧比，好的，所以140萬盧比除以

5:47:22

net annual cash inflow what is the cash inflow on fifth year 25 lakhs so 25 lakhs

每年淨現金流入。第五年的現金流入是多少？250萬盧比，所以250萬盧比

5:47:30

okay yeah so 25 lakhs so if you just divide 14 lakhs by 25 lakhs

好的，對，所以是250萬盧比，如果你只是將140萬盧比除以250萬盧比

5:47:37

it is going to be 0.56 okay so 4 years plus zero point five six is four point five

結果將是0.56。好的，所以4年加上0.56等於4.5

5:47:43

six years this is the [Music]

6年。這是[音樂]

5:47:47

payback period okay so this project requires this project has a payback period of 4.5

回收期。好的，所以這個專案需要，這個專案的回收期是4.5

5:47:55

years considering these cash flows the project will recover the initial investment in 4.5

年。考慮到這些現金流，專案將在4.5年內收回初始投資

5:48:04

years i hope it is clear to you now let us see the limitations of

年，我希望現在對各位來說已經很清楚了，讓我們看看回收期的

5:48:11

payback period okay so no capital budgeting technique is free from the limitation

限制。所以，沒有任何資本預算技術是沒有

5:48:18

neither you know any technique nor any method is

限制的。你知道，沒有任何技術或方法是

5:48:23

you know free from the limitations right so every system will have its own benefits or plus and minus

你知道沒有任何限制的，對吧？所以每個系統都會有自己的優點或利弊

5:48:32

one of the most important limitation of payback period is you know this ignores

回收期最重要的限制之一是，你知道它忽略了

5:48:39

the time value of money right so time value of money one of the most important topic in financial management is time

貨幣的時間價值，對吧？所以貨幣的時間價值是財務管理中最重要的主題之一，就是時間

5:48:46

value of money and payback period eliminates time value of money okay

的價值，而回收期消除了貨幣的時間價值，好的

5:48:53

because it stresses more on the cash flows not on the opportunity cost okay so opportunity cost is one of the

因為它更強調現金流，而不是機會成本，好的？所以機會成本是

5:49:01

most important topic discussed in corporate finance okay so time value of money the rupee on today

公司財務中討論的最重要主題之一。好的，所以貨幣的時間價值，今天的盧比

5:49:08

is worth more than the rupee that would be on tomorrow right the rupee invested today the rupee

比明天的盧比更有價值，對吧？今天投資的盧比，今天投資的盧比

5:49:14

invested today is worth more than the rupee that we would be invested tomorrow right so

比我們明天投資的盧比更有價值，對吧？所以

5:49:19

that aspect payback period ignores or

這方面，回收期忽略了或

5:49:24

eliminates that consideration

消除了這個考量

5:49:30

the second limitation of payback period is it ignores cash flows after the payback

回收期的第二個限制是它忽略了回收期之後的現金流

5:49:37

period okay so

好的，所以

5:49:40

just to quickly show you this it actually ignores the cash flows after

只是快速展示一下，它其實忽略了回收期之後的現金流

5:49:47

the payback period if you see the previous example we have taken only up to when it was you know it was just

回收期如果你看之前的例子，我們只計算到，你知道，就只到

5:49:54

like you know it was four years plus what was the amount to be recovered from 25 lakhs right so after that the cash

像是，你知道，是四年多，從250萬中要回收的金額是多少，對吧？所以在那之後的現金

5:50:00

flows are ignored only 4.56 years is what we wanted actually nothing beyond that

流被忽略了，我們真正想要的只是4.56年，除此之外的都不算

5:50:06

okay so if you see the another example which i showed you just now

好的，所以如果你看我剛才展示的另一個例子

5:50:12

here so if you see project c project c recovers initial investment in year one itself

這裡，如果你看專案C，專案C在第一年就收回了初始投資

5:50:20

but what happens after year two year three year four this is completely right it's completely ignored

但第二年、第三年、第四年之後發生了什麼，這完全，對，這完全被忽略了

5:50:31

okay this part is completely ignored

好的，這部分完全被忽略了

5:50:45

okay so that is the limitation of payback period but you know we need to understand the cash flow every cash flow

好的，所以這就是回收期的局限性，但你知道，我們需要理解現金流，每一筆現金流

5:50:53

is important because whether it is now or tomorrow it is yielding cash flows okay just

都很重要，因為無論是現在還是未來，它都會產生現金流，好的，只

5:50:58

considering one lakh and forgetting the project is not a

考慮到10萬而忘記整個專案，這不是一個

5:51:04

viable or a feasible thought okay it is not a practical thought in the investment management so that is the

可行或切實的想法，好的，這在投資管理中不是一個實際的想法，所以這就是

5:51:10

serious limitation of payback period okay and no risk consideration there is no discussion of risk in this okay so

回收期的嚴重局限性，好的，還有沒有風險考量，這裡沒有討論風險，好的，所以

5:51:19

there is no risk discussed there is no risk element discussed in this payback period it is just the cash flow we

沒有討論風險，在這個回收期中沒有討論風險元素，它只是我們

5:51:25

discussed there is no discount rate discussed there is no interest rate discussed there is no opportunity cost

討論的現金流，沒有討論貼現率，沒有討論利率，沒有討論機會成本

5:51:31

discussed there is no you know the percentage of loss or the compound effect of cash

討論了損失百分比或現金的複利效應嗎？

5:51:38

flows is discussed so no risk consideration so scope for personal bias okay so when

流量已被討論，因此沒有風險考量，所以存在個人偏見的空間。好的，那麼當

5:51:45

two projects yield the same cash flows for example in the previous case you can see project a

兩個專案產生相同的現金流時，例如在先前的案例中，你可以看到專案 A

5:51:52

and b both yield the same cash flows okay so three lakh one lakh three lakh one lakh year one year two

和 B 都產生相同的現金流。好的，所以是 30 萬、10 萬、30 萬、10 萬，第一年、第二年

5:51:59

right so the person who is actually calculating the payback period can

對，所以實際計算回收期的人可以

5:52:04

they they may be biased okay he can exhibit his bias he may choose one among these two projects though both are you

們可能會有偏見。好的，他可以展現他的偏見，他可能會從這兩個專案中選擇一個，儘管兩者都

5:52:11

know similar you may choose project a against project b or project b against project a so there is a scope for

相似，你可能會選擇專案 A 而非專案 B，或選擇專案 B 而非專案 A，所以存在

5:52:18

personal bias which one to choose the person who is actually deciding the project manager can you know choose this

個人偏見的空間，該選擇哪一個？實際做決定的專案經理可以選擇這個

5:52:25

against this on project b against project a so that is the limitation of payback period method

而非那個，選擇專案 B 而非專案 A，這就是回收期法的局限性

5:52:33

now let's understand the second important capital budgeting technique that is net present value

現在讓我們了解第二個重要的資本預算技術，也就是淨現值

5:52:42

net present value is the difference between the present value of cash outflow and the present value of

淨現值是現金流出的現值與現金流入的現值之間的差額

5:52:49

cash inflow during the period and the npv is the present value of an initial initial investment expected the net

期間，而淨現值是預期現金流入減去

5:52:56

present value is the present value of an investment expected cash inflow minus the

現值是指預期現金流入的現值減去取得投資的成本。

5:53:01

cost of acquiring an investment one of the beauty of net present value

取得投資的成本，正是淨現值方法的優點之一

5:53:07

method is it considers the time vary of money and it gives due weightage for the cash flows the discounted cash flows the

它考量了資金的時間價值，並給予現金流、折現現金流、折現現金流入以及折現現金流出應有的權重，特定情況下的淨現值

5:53:15

discounted cash inflows and the discounted cash outflows the net present value for a given

折現現金流入與折現現金流出，特定專案的淨現值

5:53:22

project is you know calculated by using the equation npv is equal to summation t t is equal to 0

專案是利用這個公式來計算：NPV 等於從 t=0 開始的加總

5:53:29

cash flow t divided by 1 plus r power t so here

現金流 t 除以 1 加上 r 的 t 次方，所以這裡

5:53:36

this is t is equal to 0 this is t t is time so this is discount rate okay this is the duration

這裡 t=0，t 代表時間，這是折現率，好的，這是期間

5:53:44

and npv is equal to cash flow plus cash flow 1 divided by 1 plus r power 1

而 NPV 等於現金流加上現金流 1 除以 1 加上 r 的 1 次方

5:53:51

plus cash flow divided by 1 plus r power 2 plus cash flow t divided by 1 plus r power t

加上現金流 2 除以 1 加上 r 的 2 次方，加上現金流 t 除以 1 加上 r 的 t 次方

5:53:59

right so this is minus because remember initial investment will always be shown

對，所以這是減號，因為請記住，初始投資永遠會以

5:54:04

in minus or in bracket right so initial investment this is the cash going out and this is

負數或括號表示，對，所以初始投資是現金流出，而這是

5:54:10

coming in okay this cash is coming in so these are the discounted cash flows

流入，好的，這些現金是流入，所以這些是折現現金流

5:54:17

okay so this is the one this is discounted cash flow for first year and this is the discounted cash flow for

好的，這是第一年的折現現金流，這是第二年的折現現金流

5:54:26

second year okay so these are the cash coming in and this cash is going out okay

第二年，好的，這些是流入的現金，而這筆現金是流出，好的

5:54:34

this is cash is going out so this is the equation we use to calculate the net present value

這筆現金是流出，所以這是我們用來計算淨現值的公式

5:54:44

so there is a decision criteria based on npv how to decide projects based on npv if

所以有一個基於 NPV 的決策標準，如何根據 NPV 決定專案，如果

5:54:52

npv is greater than 0 except the project

NPV 大於 0，接受專案

5:54:59

the net present value is greater than 0 except the project if the npv is less than 0

淨現值大於 0 接受專案，如果 NPV 小於 0

5:55:04

reject the project if the npv is equal to 0 except the project

如果 NPV 等於 0，則拒絕該專案

5:55:10

okay so when the present value of cash inflow is greater than present value of cash outflow npv is positive and hence

好的，當現金流入的現值大於現金流出的現值時，NPV 為正，因此

5:55:18

the project is acceptable the present value of cash flow e cash inflow is equal to the present value of

該專案是可以接受的；現金流（即現金流入）的現值等於

5:55:26

cash outflow in that case npv is zero that is the reason project is still acceptable though

現金流出的現值；在這種情況下，NPV 為零，這就是為什麼該專案仍然可以接受，儘管

5:55:34

this you know this is a decision to be taken based on the circumstances because the

這是一個需要根據具體情況做出的決定，因為

5:55:39

the present value of cash inflow is equal to the present percent value of cash outflow

現金流入的現值等於現金流出的現值

5:55:44

so still the project is accepted because the project is yielding the npv 0 right

因此該專案仍然被接受，因為該專案的 NPV 為 0，對吧？

5:55:49

so npv is 0 so still it can be accepted the third category the third criteria

所以 NPV 為 0，因此仍然可以接受。第三類別，第三個標準

5:55:57

the present value of cash inflow is less than the present value of cash outflow right if the present value

現金流入的現值小於現金流出的現值，對吧？如果現金流入的現值

5:56:03

if the npv is less than zero right so if the present value of cash inflow is equal less than present value of cash

如果 NPV 小於零，對吧？所以如果現金流入的現值等於或小於現金流出的現值

5:56:08

outflow that means the cash coming in is you know lesser than the cash is actually going out

這意味著實際流入的現金少於實際流出的現金

5:56:15

generally npv is negative and you know the criteria to you know

一般來說 NPV 為負，而標準是

5:56:21

consider this project is to be rejected because the cash outflow is more than the cash inflow the discounted value of

考慮拒絕該專案，因為現金流出大於現金流入，折現後的

5:56:29

cash outflow is more than the value of discounted cash inflow

現金流出大於折現後現金流入的價值

5:56:36

so let's understand that and advantages of net present value

因此讓我們了解這一點以及淨現值的優點

5:56:42

it is easy to understand simple and it considers the time value of money considers all cash cash flows

它易於理解、簡單明瞭，並且考慮了貨幣的時間價值，涵蓋了所有現金流

5:56:50

unlike payback period in payback period you have seen we consider only those cash flows which

與回收期不同，在回收期中，您已見過我們只考慮那些

5:56:57

are required to recover the initial investment but in this case in time value of money the consideration for

用於收回初始投資的現金流；但在這種情況下，考慮貨幣時間價值時，對於

5:57:04

time value of money and we consider all the cash flows during the entire length of the

貨幣時間價值的考量，我們會在專案的整個存續期間內考慮所有現金流

5:57:09

project and there is a consideration for the risk factor now let's have a look at an example how

專案，並且考慮了風險因素。現在讓我們看一個例子，了解如何

5:57:20

to calculate npv so that it will give you a clear picture of how to calculate npv and how it is useful

計算淨現值（NPV），以便讓您清楚了解如何計算淨現值及其用途

5:57:29

hercules limited is planning to acquire an asset that expects to yield positive cash flows for the next five years

Hercules Limited 計劃收購一項資產，預計在未來五年產生正向現金流

5:57:38

its cost of capital is 10 percent which it uses as the discount rate to construct the net present value of the

其資本成本為 10%，將其用作折現率來建構該

5:57:45

project the following table shows the cash flows for the period okay so initial investment 0 is

專案的淨現值。下表顯示了該期間的現金流。好的，那麼初始投資 0 是

5:57:55

60 lakhs the project requires an initial investment of 60 lakhs

600萬盧比。該專案需要 600萬盧比的初始投資

5:58:00

year one onwards the project start yielding the cash flows 15 lakhs every year for the next

從第一年開始，專案開始產生現金流，每年 150萬盧比，持續接下來的

5:58:06

five years okay so every year it is yielding 15 lakhs for the next five years

五年。好的，因此在接下來的五年裡，每年產生 150萬盧比

5:58:12

let's calculate npv the net present value so

讓我們計算 NPV，也就是淨現值

5:58:19

here these are the years year one two three four five four this is for five years the project is going to be

這裡是年份：第一年、第二年、第三年、第四年、第五年，這是為期五年的專案，將會

5:58:26

receiving cash flow for the five years and the initial investment is 60 lakhs every year there is an in cash flow of

在五年內接收現金流，初始投資為 600萬盧比，每年有一筆 150萬盧比的現金流入。好的，這只是現金流，不是折現現金流，請記住這一點

5:58:31

15 lakhs okay this is just the cash flow not a discounted cash flow remember this okay

15 萬，好的，這只是現金流，不是折現現金流，請記住這一點。

5:58:39

so these are just the cash flows so 15 lakhs these are just the cash flows now

所以這些只是現金流，15 萬，這些只是現金流。

5:58:45

what is the discount rate it is 10 percent there is an equation to calculate the

貼現率是多少？是 10%，有一個計算公式可以計算

5:58:50

present value of money okay so in this case we are going to use the table to calculate the

貨幣的現值，好的，在這種情況下，我們將使用表格來計算

5:58:56

[Music] discounted cash flows you can use either method you can either go for timer

折現現金流，你可以使用任一種方法，你可以選擇使用

5:59:01

present value equation or you can go to the table values okay

現值公式，或者你可以查表值，好的。

5:59:05

so table values are readily available you can just directly calculate discount discount

所以表值是現成的，你可以直接計算貼現率，

5:59:13

values you know these these values by using the table okay so we can directly take these values from the table

這些值，你知道的，這些值可以透過查表來取得，好的，所以我們可以直接從表中取這些值。

5:59:19

so one for 10 first year table value is zero point nine zero nine eight two six seven five

所以 10% 的第一年表值是 0.909，第二年是 0.82675，

5:59:24

one six eight three i'll show you this zero point six two zero okay these are the table values

第三年是 0.751，我會給你看這個，0.620，好的，這些就是表值。

5:59:30

i'll show you this okay so this is the table okay this is called time value of money the present value table the

我會給你看這個，好的，這就是表格，好的，這叫做貨幣的時間價值，現值表，

5:59:38

present value and future value table since we are discounting remember this there are two concepts

現值和未來值表，因為我們正在進行折現，請記住，有兩個概念，

5:59:44

okay one is compounding and discounting okay the one

好的，一個是複利和折現，好的，其中一個

5:59:49

is compounding and discounting in discounting we are trying to convert the future value of cash flows into present

是複利和折現，在折現中，我們試圖將現金流的未來值轉換為現值。

5:59:55

value in compounding what we do we calculate the we try to convert the present value

在複利中，我們所做的，我們計算，我們試圖將現金流的現值轉換為未來值，那就是複利，所以折現和

6:00:00

of cash flows into the future values so that is compounding so discounting and

將現金流的未來值轉換為現值，那就是折現和

6:00:06

compounding so in this case in net present value when we are calculating net present value we apply the

複利。所以在淨現值的情況下，當我們計算淨現值時，我們應用

6:00:12

discounting principle discounting is nothing but the present value we are calculating the present

折現原則。折現就是計算現值，我們正在計算所有

6:00:17

value of all future cash flows so that's the reason we have to see the present value table

未來現金流的現值，所以這就是我們必須查閱現值表的

6:00:23

here it is okay so this is for present value for 10

原因。好的，這是10%的現值表

6:00:29

discount rate for first year what is the table value zero point nine zero nine okay so nine

第一年的折現率，表中的數值是多少？零點九零九，好的，所以是九

6:00:37

zero nine eight two six seven five one six eight three and six two zero so all these values are taken okay

零九、八二六、七五二、六八三和六二零，所有這些數值都已取用，好的

6:00:45

so 10 and this is for five years for each year we have to take so we have taken those

所以是10%，這是五年的表，每年我們都必須取用，所以我們已經取用了那些

6:00:52

values i hope it is clear so we have taken table values

數值。我希望這很清楚，所以我們已經取用了表中的數值

6:00:58

and next what we will do we will simply multiply the cash flows with the discount factors

接下來我們要做的是，我們將簡單地將現金流乘以折現係數

6:01:06

for example 60 lakhs into one why it is one because this is an initial investment it will be

舉例來說，600萬乘以一，為什麼是一？因為這是初始投資，它將是

6:01:13

default one okay so it's minus 60 lakhs

預設為一。好的，所以是負600萬

6:01:18

15 lakhs into 0.909 13.63650 826 15 lakhs so 15 lakhs 0.751 11 26 to

150萬乘以0.909，13.63650、826，150萬，所以150萬乘以0.751，11.26至

6:01:30

500 okay 15 lakhs into six five six eight three ten lakhs twenty four thousand five hundred and fifteen lakhs

500。好的，150萬乘以六、五、六、八、三，100萬、二十四萬四千五百，以及150萬

6:01:36

into six point zero point six to zero nine lakhs thirty thousand so nine lakh thirty thousand now

乘以六點零、零點六二零，九十三萬，所以九十三萬，現在

6:01:44

now what we have to do we have to add all these cash flows okay so all these cash flows have to be

現在我們要做的是將所有這些現金流加總，好，所以所有這些現金流都必須

6:01:51

added just add this okay so you will get three lakh sixteen

加起來，只要加這個，好，那麼你會得到三十一萬六

6:01:56

thousand three fifty why it is three like sixteen thousand three fifty that means

千三百五十，為什麼是三十一萬六千三百五十呢？這意味著

6:02:00

from sixty lakhs if you reduce all these cash flows you are going to

從六百萬盧比中，如果你扣除所有這些現金流，你將會

6:02:06

get three lakh sixteen thousand three fifty minus value okay so first what you have to do first you have to

得到三十一萬六千三百五十的負值，好，所以首先你必須做的是，首先你必須

6:02:12

add all these cash flows okay once you add

加總所有這些現金流，好，一旦你加總

6:02:18

you have to you know compare these cash flows with the initial investment what was the initial

你就必須，你知道，將這些現金流與初始投資做比較，初始投資是

6:02:23

investment 60 lakhs so 60 lakhs was initially investment what was the the amount recovered these are the

六百萬盧比，所以六百萬盧比是最初的投資，回收的金額是多少，這些是

6:02:29

amount and then you know the difference was three minus three lakh sixteen thousand three fifty that means

金額，然後你知道差額是三減去三十一萬六千三百五十，這意味著

6:02:35

the present value of all the cash inflows is lesser than the present value of all the cash outflows okay

所有現金流入的現值小於所有現金流出的現值，好

6:02:45

this is the present value of cash outflow and these are the present value of cash

這是現金流出的現值，而這些是現金

6:02:50

inflow so the present value of cash inflow is lesser than the present value of cash outflow

流入的現值，所以現金流入的現值小於現金流出的現值

6:02:55

what what is the npv decision criteria if npv is greater than zero accept it if npv is less than zero reject it so in

淨現值的決策標準是什麼？如果淨現值大於零就接受，如果淨現值小於零就拒絕，所以在此

6:03:04

this case npv is less than zero straight away we reject this project because the npv the net present value of all the

情況下，淨現值小於零，我們直接拒絕這個專案，因為所有

6:03:12

cash inflows is negative so we reject it this project will be okay

拒絕，拒絕，我希望你清楚了解為什麼

6:03:21

rejected rejected i hope you are clear about you know why

拒絕了拒絕了，我希望你清楚明白為什麼

6:03:32

this project is rejected now let's have a look at the limitations of

這個專案被拒絕了，現在讓我們來看看淨現值的限制

6:03:40

net present value in fact we have chosen net present value since

淨現值，事實上我們選擇淨現值是因為

6:03:45

it has some of the advantages against a big prepayback period but now

它相比於較長的預付回收期具備一些優勢，但現在

6:03:50

npv method itself has got limitations so what are the limitations discount rates are not stable

淨現值法本身有其限制，那麼限制是什麼呢？折現率是不穩定的

6:03:59

okay so these discount rates are not stable if you see this example we have taken 10

好的，所以這些折現率是不穩定的，如果你看這個例子，我們取了10%

6:04:05

okay this is one of the most complicated decisions in corporate finance because on what basis we have chosen

好的，這是企業財務中最複雜的決策之一，因為基於什麼依據我們選擇了

6:04:12

you know 10 on what basis generally these discount rate discount rates will be based on the

你知道10%，基於什麼依據？一般來說，這些折現率是基於

6:04:18

risk-free rates okay so there is something called risk-free rate

無風險利率。好的，所以有一個東西叫做無風險利率

6:04:25

okay so this is a risk-free rate this is the rate at which you know

好的，這就是無風險利率，這是你知道

6:04:30

we generally wish to you know invest our money for example let us say i have 10 000 rupees

我們通常希望投資金錢的利率。例如，假設我有10,000盧比

6:04:36

i expect minimum of seven thousand seven percent or six percent of return every year let us say if i need to invest that

我期望每年至少有百分之七或百分之六的回報。假設如果我需要投資那筆

6:04:42

money in a bank if i need to deposit that money in a bank i expect six to seven percent seven percent of freedom

錢在銀行，如果我需要把錢存入銀行，我期望百分之六到七，百分之七的自由度

6:04:48

that means every year i i need to get six percent or seven

這意味著每年我需要獲得百分之六或七

6:04:53

percent of return so that i can protect the value of my money because technically

的回報，這樣我才能保護我的貨幣價值，因為從技術上來說

6:04:59

you know it it what it indicates every year your your money will lose value okay how much

你知道，這顯示每年你的錢會貶值，對吧？會貶值多少？

6:05:07

six to seven percent for example okay so that part that much of you know value has been depreciated in your money

例如六到七 percent，對吧？所以這部分，你知道，你的錢的價值已經貶損了。

6:05:14

so you have to protect the value of your money how by investing your money at minimum

所以你必須保護你錢的價值，怎麼做？透過以最低風險來投資你的錢。

6:05:21

of risk-free rate so that's why we keep our money in banks to you know we keep our money in banks we

的無風險利率，所以這就是為什麼我們把錢存在銀行，你知道，我們把錢存在銀行，我們

6:05:26

keep our money in cheats we keep our money in investments we keep our money in shares so we do all that so based on

把錢存在支票（cheats，應指 checking），我們把錢投資在投資工具裡，我們把錢投資在股票裡，我們做所有這些事，所以基於

6:05:32

our risk appetite we invest our money in financial instruments so the risk-free rate so this 10 percent how

我們的風險承受度，我們將錢投資在金融商品裡，所以是無風險利率，所以這 10% 怎麼

6:05:40

this 10 percent is chosen is the complicated decision and that is a multifaceted problem to be solved in

選出這 10% 是一個複雜的決定，這是一個多面向的問題，需要在

6:05:47

corporate finance so so consideration of 10 is a question

公司理財中解決，所以考慮 10% 是一個問題

6:05:52

questionable item okay so on what basis 10 percent is taken into account

的質疑項目，好吧，那麼是基於什麼基礎將 10% 納入考量？

6:05:57

assumptions of future interest rate may be subject to personal bias okay and subject to personal bias means

對未來利率的假設可能會有個人偏見，對吧，所謂有個人偏見是指

6:06:04

this discount rate is dependent on who is valuing the project okay the person who is valuing the

這個折現率取決於是誰在評估這個專案，對吧，評估這個專案的人

6:06:11

project may assign eight percent okay eight percent or ten percent or nine percent or seven percent or whatever so

可能會指定 8%，對吧？8% 或 10% 或 9% 或 7% 或任何數字，所以

6:06:17

that is based on is personal bias suitable only ideal capital market okay so this

這是基於個人偏見，只適合完美的資本市場，對吧，所以這個

6:06:26

method is suitable only in ideal capital markets where the discount rates are standard okay which will keep

方法只適合在完美的資本市場中，那裡的折現率是標準的，對吧，它將維持

6:06:32

which will remains the same for at least for a definite period of time but in reality it is it is very difficult to

至少在一段確定的時間內保持不變，但在現實中，很難

6:06:39

you know imagine that the discount rates will remain stable irr of project is ignored the internal rate of return of

你知道，想像一下折現率將保持穩定，專案的內部報酬率（IRR）被忽略了，專案的內部報酬率

6:06:46

project is ignored which we are going to discuss now internal rate of return is the rate at which the present value of

專案的內部報酬率被忽略了，我們將要討論這個，內部報酬率是現值

6:06:52

cash is equal to the present value of cash inflow okay so this is a simple

現金等於現金流入的現值，好的，這是一個簡單的

6:06:59

definition of internal rate of return the rate of the

內部報酬率的定義，這個比率是

6:07:04

rate at which the present value of cash inflow is equal to the present value of cash outflow you need to be careful when

現金流入的現值等於現金流出的現值的比率，當你在

6:07:11

you are calculating irr because most of the time you know we see this confusion between

計算內部報酬率時需要小心，因為大部分時候，你知道我們常看到這種混淆

6:07:16

irr and npv most of the time it though they look little similar okay so in npv what we do we calculate the cash

內部報酬率與淨現值，大部分時候它們看起來有些相似，好的，那麼在淨現值中，我們做的是計算現金

6:07:25

flows the discounted cash flows the present value of all the discounted cash flows and the present value of all the

流，折現現金流，所有折現現金流入的現值以及所有

6:07:32

discounted cash outflows the cash inflows and the cash outflows so we calculate the cash flows we see

折現現金流出的現值，現金流入和現金流出，所以我們計算現金流，我們看

6:07:38

the difference if the npv is zero if the mpp is more than zero except if npv is less than zero

差異，如果淨現值是零，如果淨現值大於零，接受；如果淨現值小於零

6:07:45

reject but here in internal rate of return what we are doing we are trying to calculate the discount

拒絕；但在內部報酬率中，我們正在做的是試圖計算折現

6:07:52

rate okay so we are not calculating the cash flow we are calculating the discount rate at which the present value

率，好的，所以我們不是在計算現金流，我們是在計算使現值

6:07:58

of cash inflow and the present value of cash outflow is equal so that is the reason we call this is

現金流入與現金流出的現值相等的折現率，這就是為什麼我們稱之為

6:08:06

most of the time this is also called as a hurdle rate okay so the discount rate is also called as hurdle rate or

大部分時候這也被称为門檻率，好的，所以折現率也被称为門檻率或

6:08:11

discount rate or whatever so we generally call these two terms so huddle rate or discount rates

折現率或隨便啦，我們通常稱呼這兩個術語，門檻率或折現率

6:08:17

so this rate so we are calculating the rate here

所以這個比率，我們正在這裡計算這個比率

6:08:22

okay so we are calculating the the discount rate okay

好的，所以我們正在計算這個折現率

6:08:38

we're calculating the discount rate so generally in internal rate of return in this

我們正在計算折現率，所以一般來說在內部報酬率中，針對這個

6:08:46

method we use trial and error method okay so when it comes to the manual process we

方法我們使用試誤法，好的，當涉及到手動過程時我們

6:08:53

use trial and

使用試誤法

6:08:58

error method trial and error method to calculate

試誤法來計算

6:09:06

internal rate of return so these are the steps you can see on the screen

內部報酬率，所以這些是您可以在螢幕上看到的步驟

6:09:11

select two discount rates of calculation of npv calculate net present value using

選擇兩個折現率來計算 NPV，使用

6:09:17

discount rates chosen determine irr and interpret i'll show you one example how trial and

所選的折現率計算淨現值，決定 IRR 並解釋，我將展示一個關於如何使用兩個折現率進行試誤的範例

6:09:24

error is done using two discount rates let's take an example let us assume that your friend

讓我們舉個例子，假設您的朋友

6:09:30

suggest you to invest on project alpha in which you can deploy 10 lakhs today and from next year

建議您投資 Alpha 專案，您今天可以投入 100 萬，從明年開始

6:09:37

onwards the project would start yielding rewards without additional investments

起，該專案將開始產生回報，無需額外投資

6:09:43

below is the summary of investments made and cash flows expected in future so this project you can see

以下是預期投資摘要和未來現金流，所以這個專案您可以看到

6:09:52

the initial investment is 10 lakhs year one onwards there is a cash flows

初始投資為 100 萬，從第一年開始有現金流

6:10:00

right there is a cash flow year one two lakhs year two three lakhs year three three lakhs year four three point five

對，第一年有 20 萬現金流，第二年 30 萬，第三年 30 萬，第四年 35 萬

6:10:07

lakhs year five three point five lakhs total cash flows are 15 lakhs so it is given in a matter of five years the

第五年 35 萬，總現金流為 150 萬，也就是說在五年內，這

6:10:15

business is generating 15 lakhs cash flows and the initial investment is 10 lakhs okay so

企業產生 150 萬現金流，而初始投資為 100 萬，好的，那麼

6:10:22

it is already given so there is no need to calculate npv okay so npv is already there okay so discounted the cash flows

這已經給定了，所以不需要計算 NPV，好的，NPV 已經在那裡，好的，所以折現後的現金流

6:10:28

are already given now what we are going to calculate is very simple

已經給定了，現在我們要計算的非常簡單

6:10:34

so this is 10 lakhs okay this is

所以這是 100 萬，好的，這是

6:10:38

the initial investment right initial investment and

初始投資，對吧？初始投資，以及

6:10:43

this is the total of cash flows

這是現金流的總和

6:10:49

at what rate okay at what rate the present value of cash inflow is

以什麼利率？好的，以什麼利率，現金流入的現值是

6:10:58

equal to the present value of cash outflow okay so we are trying to calculate the rate at which this is

等於現金流出的現值，好的，所以我們正試圖計算這個等式成立的利率

6:11:05

going to be equal okay so 10 lakhs in investment initial investment 15 lakh cash flows okay at

成立的利率，好的，所以 100 萬的投資，初始投資，150 萬的現金流，好的，以

6:11:12

what rate this will become equal so that is what we are going to calculate so generally we

什麼利率它會變得相等，這就是我們要計算的，所以一般來說我們

6:11:20

assume two discount rates to arrive at internal rate of return because you know we don't

會假設兩個折現率來得出內部報酬率，因為你知道我們並

6:11:27

know what is the discount rate that is what we are actually trying to calculate now so when we don't know the discount

知道折現率是多少，這正是我們現在試圖計算的，所以當我們不知道折現

6:11:32

rate at which these cash flows the cash flow the today's initial investment and the total cash flows of the project are

率，不知道這些現金流、現金流、今天的初始投資以及專案總現金流將在

6:11:38

going to be equal we don't know that discount rate so what we do based on the average discount rate we take two

何時相等，我們不知道那個折現率，所以我們做的是基於平均折現率，我們取兩個

6:11:45

discount rates okay so we try two discount rates we take two discount rates

折現率，好的，所以我們嘗試兩個折現率，我們取兩個折現率

6:11:52

which are on average okay so which will come on average so generally that are used in

這些是平均值，好的，所以平均而言，通常用於

6:11:57

the industry so let's say we will first try at 10 and then we will try for 12 or we will try for first at 8 percent and

產業中，所以比方說我們先嘗試 10，然後再嘗試 12，或者我們先嘗試 8%，然後

6:12:05

then we will try 12 so we do that in this method

我們再嘗試 12，所以我們在這個方法中這樣做

6:12:10

okay so you can see first we will try at eight percent okay so first we try at

好的，所以你可以看到我們先嘗試 8%，好的，所以我們先嘗試

6:12:18

eight percent discount rate okay so what we do we apply the same principle okay initial

8% 的折現率，好的，所以我們做的是應用相同的原則，好的，初始

6:12:23

investment ten lakhs okay year one onwards there is a cash flow right two lakh three lakhs three

投資 10 萬（lakhs），好的，從第 1 年開始有現金流，對吧，2 萬、3 萬、3

6:12:30

lakhs three point five three point five lakhs so every year we apply eight percent discount rate you can do one

萬、3.5、3.5 萬，所以每年我們都應用 8% 的折現率，你可以做一件事

6:12:36

thing you can apply this equation present value is equal to future value

，你可以應用這個公式，現值等於未來值

6:12:43

divided by 1 plus r power n or you can straight away go to the table values and you can

除以 1 加上 r 的 n 次方，或者你可以直接查表值，然後

6:12:50

find out okay so the table values you can just take it and you can just populate it here

找到，好的，所以表值你可以直接拿來用，然後直接填入這裡

6:12:56

and simply multiply these discount rates with the cash flows that's all okay you will get

，然後直接將這些折現率乘以現金流，就這樣，好的，你會得到

6:13:05

this these results okay so 10 lakhs so

這些結果，好的，所以 10 萬，所以

6:13:11

for first year if you apply eight percent discount rate if you bring the table value it will be one like eighty

第 1 年，如果你應用 8% 的折現率，如果你帶入表值，它會是 0.9259（聽譯：one like eighty five thousand one eighty five，應為 0.9259）

6:13:17

five thousand one eighty five second year it will be two life two fifty seven thousand 000 202 and third year onwards

，第 2 年會是 0.8573（聽譯：two life two fifty seven thousand 000 202，應為 0.8573），第 3 年以此類推，好的，所以就計算這個，總現金流將會是

6:13:23

so on so forth okay so just calculate this and the total cash flows will be

所以以此類推，好的，我們就來計算這個，總現金流將會是

6:13:30

11 lakhs 76 000 1.

117 萬 6001

6:13:37

now we need to question ourselves is this equal to the initial investment

現在我們需要問自己，這等於初始投資嗎？

6:13:44

what was the initial investment it was 10 lakhs what is that we have got

初始投資是多少？是 100 萬，我們得到了什麼？

6:13:51

the total cash flow is at eight percent okay it is 11 lakh 76 000 1 rupee right so

在 8% 的情況下，總現金流是 117 萬 6001 盧比，對吧？所以

6:13:59

now the total cash flows are not equal to the initial investment now you see this

現在總現金流並不等於初始投資，現在你看到了這個

6:14:05

is very important when you have eight percent you are

這點非常重要，當你有 8% 時，你

6:14:10

when you are eight percent you are taking eight percent your npv is eleven lakh seventy six

當你是 8% 時，你取 8%，你的淨現值是 117 萬

6:14:16

thousand one rupee now you you need to be very careful if you increase this discount rate

6001 盧比，現在如果你提高這個折現率，你需要非常小心

6:14:23

remember this will come down okay so if you increase eight percent to ten percent to twelve percent or

記住，這個數字會下降，好的，所以如果你把 8% 提高到 10%、12% 或

6:14:30

thirteen this will come down technically we need to bring this down because our

13%，這個數字會下降，技術上我們需要讓它下降，因為我們的

6:14:36

initial investment was 10 lakhs now we are getting npv of seven eleven lakh seventy six thousand one rupee so it has

初始投資是 100 萬，現在我們得到的淨現值是 711 萬 76001 盧比，所以它

6:14:41

to be ten lakhs so if i need to make it ten lakh what i can do i can simply increase the discount rate that's a

必須是 100 萬，所以如果我需要讓它變成 100 萬，我能做什麼？我可以直接提高折現率，這就是

6:14:48

logic okay that's a logic we need to apply so

邏輯，好的，這就是我們需要應用的邏輯，所以

6:14:52

if you increase the discount rate let's say if you will try with 12 or 13 this will come down how much it should

如果你提高折現率，比如說你嘗試用 12 或 13，這個數字會下降，它應該下降多少？

6:14:59

come down only when you calculate you will be able to understand this part okay

只有在計算後才會下降，這樣你才能理解這部分，懂嗎？

6:15:06

so let's see let's try this with thirteen point nine two percent or if you want to refer table so we can try

那我們來看看，試著用 13.92% 或者如果你想查表，我們也可以試試看

6:15:15

14 okay so if you try 14 what will you know you can just just populate this 14

14，好的，如果你試著用 14，你會知道什麼？你只需要把這個 14 帶入

6:15:21

discount rates for 5 years then multiply then you will get 10 lakhs okay if you try with precise 14

5 年的折現率，然後相乘，你就會得到 100 萬，好的，如果你用精確的 14 來試

6:15:30

this would go up okay little more maybe 10 lakh 20 000 or 30 000 we don't want that amount we want exact amount right

這個數字會上升，好的，多一點點，也許 100 萬 2 萬或 3 萬，我們不想要那個金額，我們想要精確的金額，對吧？

6:15:38

so that's why 10 lakhs so we will try with 13.92

所以這就是為什麼是 100 萬，所以我們會試著用 13.92

6:15:44

so this is what you need to understand 13.

所以這就是你需要理解的 13。

6:15:54

13.9 percent is the rate at which

13.9% 是一個比率，在這個比率下

6:15:59

the present value of cash inflow is equal to the

現金流入的現值等於

6:16:05

present value of cash outflow this is what

現金流出的現值，這就是

6:16:13

we wanted okay so the present value of cash outflow the cash inflow

我們想要的，好的，所以現金流出的現值，現金流入

6:16:19

is equal to 10 lakhs now you see this ok so now what is the

等於 100 萬，現在你看到了吧？好的，那麼現在折現率是

6:16:28

discount rate this is the discount rate at which the present value of cash inflow is

什麼？這就是折現率，在這個折現率下，現金流入的現值是

6:16:36

equal to the present value of cash outflow so this looks very you know hard method

等於現金流出的現值，所以這看起來是個非常，你知道，困難的方法

6:16:42

because this is a manual method thankfully there are a lot of online calculators available you can just try

因為這是手動的方法，幸好有很多線上計算器可用，你可以試試看

6:16:48

internal rate of return calculator even for mpv even for payback period so you can use online calculators if you really

內部報酬率計算機，甚至是MPV（應為NPV，淨現值），甚至是回收期計算機，所以如果你真的想了解這個方法，你必須嘗試這個手動方法，如果你不想經歷這個冗長的過程

6:16:55

want to understand the method you have to try this manual method if you don't want to go through this lengthy process

你可以直接使用線上計算機

6:17:00

you can straight away go to the online calculators

用於NPV（淨現值）和IRR（內部報酬率），以及回收期，你同樣可以直接得出這些數值

6:17:04

for npv and irr and for payback period again you can just derive these values

好的，這就是內部報酬率，現在讓我們了解最後一個

6:17:10

okay so that is internal rate of return now let's understand the last

資本預算技術，在本節中是損益兩平分析

6:17:18

method in capital budgeting technique in this session is break even analysis

好的，這是資本預算技術中最受歡迎的方法之一

6:17:26

okay so one of the most popular popular method in capital budgeting technique

就是損益兩平分析，所以大多數商業公司將會

6:17:33

is break even analysis so most of the business firms will be

對計算損益兩平點感興趣，因為這是企業既不賺錢也不

6:17:39

interested in calculating break-even point because this is the point at which the business neither makes profit nor

虧損的點，通常當企業剛起步時，損益兩平點你知道

6:17:46

the loss generally when the business is started the break-even point you know

達到損益兩平點將是企業的夢想之一，因為只有當他們達到

6:17:52

calculating the reaching break-even point will be one of the dreams of a business because only when they reach

損益兩平點時，他們才能你知道享受

6:17:58

break-even point they can you know enjoy

下一個階段，也就是賺錢。好的，這就是為什麼你知道企業通常對

6:18:03

the next zone that is making profits okay so that is the reason you know businesses generally are interested in

計算損益兩平點感興趣。所以有一些在損益兩平分析中使用的重要術語：固定

6:18:12

calculating breakeven point so there are some of the important terminologies that are used in break-even analysis fixed

成本、變動成本、營收、邊際貢獻，對吧？這些是損益兩平分析中常用的

6:18:19

cost variable cost revenue contribution margin right so these are the terms commonly used in

術語。固定成本是指不隨產出水準變動而改變的成本或費用，所以

6:18:26

break-even analysis so fix-it cost is a cost or an expense that does not change with change in the level of output so

損益兩平分析，所以固定成本是指不隨產出水準變動而改變的成本或費用，所以

6:18:34

this fixed cost will reminds the same for the business irrespective of the level of output or

這個固定成本對企業而言將保持不變，無論產出水準或

6:18:40

the quantity produced variable cost is nothing but the costs that are you know incurred

生產數量如何。變動成本無非就是那些，你知道的，依據

6:18:47

in proportion to the volume of output okay this will keep changing this cost would vary it would go up or it will go

產出量成比例發生的成本。好的，這會持續變動，這項成本會波動，它會上升或

6:18:54

down the revenue the revenue is the total amount

下降。營收是企業在該期間內所產生的總

6:18:58

of business that a business generates during the period the contribution margin is nothing but it is the sales

業務收入。貢獻毛利無非就是銷售額

6:19:04

and sales minus variable cost so this is a very important diagram so

減去變動成本。所以這是一個非常重要的圖表，

6:19:13

you need to understand this diagram because this is this is how you know the break even point is calculated

你需要理解這個圖表，因為損益兩平點就是這樣計算的。

6:19:20

okay so this is o x axis this is o y axis o x axis

好的，這是 O X 軸，這是 O Y 軸。O X 軸

6:19:29

exhibits the units sold during a period and o y is representing cost the cost incurred by the business

顯示該期間售出的單位數，而 O Y 代表成本，即企業所發生的成本。

6:19:38

okay so oh yes this is the fixed cost okay

好的，哦是的，這是固定成本線。

6:19:44

yes f is the fixed cost line so this cost will reminds the same irrespective of the level of output okay

是的，F 是固定成本線，所以這項成本將保持不變，無論產出水準如何。

6:19:52

so this business will have this cost in respect of the level of output whether the

所以這家企業將會有這項成本，無論產出水準如何，無論

6:19:57

you know the company is performing or not performing or whatever so this cost will remains the same for the business

公司營運狀況好壞或任何情況，這項成本對企業而言將保持不變。

6:20:04

so s and f will be the same now you see there is a line going from o

所以 S 和 F 將是相同的。現在你看到有一條線從 O 點出發

6:20:14

onwards right so o v this o v is nothing but this is the

向前，對，O V 這個 O V 其實就是

6:20:22

variable cost line okay so the variable cost line is beginning from zero because the variable cost will change based on

變動成本線。好的，變動成本線從零開始，因為變動成本會根據

6:20:29

the number of you know quantity the quantity produced so that will keep changing so this will

產量數量而變化，所以它會持續變動，因此這條線也會

6:20:35

keep raising because this will since the units sold will be raising so variable cost will

持續上升，因為隨著銷量增加，變動成本將

6:20:41

keep raising but fixed cost remains the same irrespective of the level of output

持續上升，但固定成本不論產出水準如何都保持不變

6:20:49

now you can see there is one more red line which starts from s

現在你看到還有一條紅線從 S 點開始

6:20:54

okay so s t this is the total cost line how this is arrived

好的，S T 這是總成本線，它是如何計算出來的？

6:21:02

total fixed cost okay and total variable cost okay if you put together this will be

總固定成本，以及總變動成本。如果把兩者加總，就會是

6:21:09

the total cost line okay sorry this is the red line is total cost line

總成本線。好的，抱歉，這條紅線就是總成本線

6:21:16

so s and t is the total cost line now you see is an important line which is starting from

所以 S 和 T 是總成本線，現在你看到這是一條從

6:21:22

zero o s

零 O S 開始的重要線條

6:21:27

right os this is the

對，OS 這是

6:21:32

sales line why it is starting from zero because the sales will begin from the day one so from the day one the sales

銷售線。為什麼從零開始？因為銷售從第一天就開始，所以從第一天起銷售

6:21:39

has been started so it has started and it is raising now

就已經開始，它已經開始並且正在上升

6:21:45

you see there is a point at which the total cost line is intersecting with

你看到有一個點是總成本線與

6:21:51

the total sales line okay so this is the point at which the total revenue of the business is

總銷售額線，好，所以這就是企業總收入等於

6:22:01

equal to the total cost incurred by the business so this is the point at which there will be no profit

企業所產生的總成本的點，所以這就是將不會有利潤的點

6:22:07

no loss for business okay up to this point whatever the

業務不會有盈虧的點，好，在此之前 whatever the

6:22:14

business incurs will be the loss this will be the last zone you can see this is the loss zone

業務所產生的都將是虧損，這將是最後的區域，你可以看到這是虧損區

6:22:22

and beyond this point is the profit okay so the profit and you can carefully observe

而超過這一點就是獲利，好，所以是獲利，你可以仔細觀察

6:22:28

this the profit proportion will keep increasing okay this will be go increasing to certain levels okay

這個，獲利比例將持續增加，好，它將增加到 certain levels，好

6:22:36

this will be the profit zone so this is the point that every company dream for because this is the point at which they

這將是獲利區，所以這是每家公司夢寐以求的點，因為這是

6:22:42

break the lost zone and they enter the profit levels so this is

它們打破虧損區並進入獲利水平的點，所以這是

6:22:49

the calculation of break even point no profit no loss zone

損益兩平點的計算，無盈虧區

6:22:56

now let's have a look at an example to understand this topic better vj limited is a producer of

現在讓我們看一個例子來更好地理解這個主題，VJ Limited 是一家

6:23:06

electronic chips for laptops the cost of the company includes the cost of rent for building salaries

筆記型電腦電子晶片的製造商，該公司的成本包括大樓租金成本、薪資

6:23:13

taxes which adds up to 12 lakhs the variable cost associated with the production of each electronic chip is 10

稅款，加總為 120 萬（Lakhs），與生產每個電子晶片相關的變動成本是 10

6:23:21

per unit the chips are sold with the premium price of 60 determine the break even

每單位，這些晶片以 60 的溢價出售，請找出損益

6:23:27

point or the no profit no loss zone for the company simple

兩平點或該公司的無盈虧區，很簡單

6:23:32

yet straightforward so now

但很直接，所以現在

6:23:37

we have fixed cost given 12 lakhs variable cost per unit is 10

固定成本為120萬，每單位變動成本為10

6:23:44

selling price is 60 so now how we calculate the break even point we calculate break even quantity now in

售價為60，那麼我們該如何計算損益兩平點呢？我們來計算損益兩平數量，現在

6:23:50

this case because this is the quantity that we need to identify for bro you know no profit no loss zone in this

在這個情況下，因為這是我們需要找出的數量，以達到你知道的，無損益的區間

6:23:57

example so break even quantity is equal to fixed cost divided by sales price per unit

舉例來說，損益兩平數量等於固定成本除以每單位售價

6:24:04

minus variable cost per unit this is the equation we use this so this is the equation so 12 lakhs is the fixed cost

減去每單位變動成本，這是我們使用的公式，所以公式是這樣，120萬是固定成本

6:24:11

and sales price per unit is 60 and variable cost per unit is 10 so break even quantity is 24 000

每單位售價為60，每單位變動成本為10，所以損益兩平數量是24,000

6:24:20

units okay what it means 24 000 units to be produced to reach break even

單位，好的，這意味著需要生產24,000個單位才能達到損益兩平

6:24:28

quantity that is a quantity at which there will be no profit no loss now let us very quickly summarize

數量，也就是達到無損益的數量，現在讓我們快速總結一下

6:24:35

today's video in today's video we started by learning about the basics terminologies used in financial world

今天的影片，在今天的影片中，我們從學習金融世界中使用的基本術語開始

6:24:41

then we moved on to knowing about the various financial markets furthermore we discussed about asset management and its

接著我們繼續了解各種金融市場，此外我們討論了資產管理及其

6:24:49

different types and in the end we learned about working capital management and capital bursting technique in detail

不同類型，最後我們詳細學習了營運資金管理和資本預算技巧

6:24:57

if you haven't subscribed to our channel yet i want to request you to hit the subscribe button and turn on the

如果您尚未訂閱我們的頻道，我想請您點擊訂閱按鈕並開啟

6:25:02

notification bell so that you don't miss out on any new update or video releases from great learning if you enjoyed this

通知鈴鐺，這樣您就不會錯過 Great Learning 的任何新更新或影片發布，如果您喜歡這支

6:25:09

video show us some love and like this video knowledge increases by sharing so make sure you share this video with your

影片，請給我們一些愛並按讚，分享會增加知識，所以請務必將這支影片分享給您的

6:25:16

friends and colleagues make sure to comment on the video for any query or suggestions and i will respond to your

朋友和同事，請務必在影片下方留言提出任何疑問或建議，我會回覆您的

6:25:22

comments you

留言

Finance Basics Tutorial | Introduction to Financial Markets | Great Learning

📝 影片摘要

📌 重點整理

🔍 自訂查詢

單字打字練習

練習完成！