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A M2mafi Exp02

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  • DOWNLOAD THAT BOOKS INTO AVAILABLE FORMAT (2019 Update) ......................................................................................................................... ......................................................................................................................... Download Full PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download Full doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download PDF EBOOK here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download EPUB Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... Download doc Ebook here { http://bit.ly/2m6jJ5M } ......................................................................................................................... ......................................................................................................................... ................................................................................................................................... eBook is an electronic version of a traditional print book that can be read by using a personal computer or by using an eBook reader. (An eBook reader can be a software application for use on a computer such as Microsoft's free Reader application, or a book-sized computer that is used solely as a reading device such as Nuvomedia's Rocket eBook.) Users can purchase an eBook on diskette or CD, but the most popular method of getting an eBook is to purchase a downloadable file of the eBook (or other reading material) from a Web site (such as Barnes and Noble) to be read from the user's computer or reading device. Generally, an eBook can be downloaded in five minutes or less ......................................................................................................................... .............. Browse by Genre Available eBooks .............................................................................................................................. Art, Biography, Business, Chick Lit, Children's, Christian, Classics, Comics, Contemporary, Cookbooks, Manga, Memoir, Music, Mystery, Non Fiction, Paranormal, Philosophy, Poetry, Psychology, Religion, Romance, Science, Science Fiction, Self Help, Suspense, Spirituality, Sports, Thriller, Travel, Young Adult, Crime, Ebooks, Fantasy, Fiction, Graphic Novels, Historical Fiction, History, Horror, Humor And Comedy, ......................................................................................................................... ......................................................................................................................... .....BEST SELLER FOR EBOOK RECOMMEND............................................................. ......................................................................................................................... Blowout: Corrupted Democracy, Rogue State Russia, and the Richest, Most Destructive Industry on Earth,-- The Ride of a Lifetime: Lessons Learned from 15 Years as CEO of the Walt Disney Company,-- Call Sign Chaos: Learning to Lead,-- StrengthsFinder 2.0,-- Stillness Is the Key,-- She Said: Breaking the Sexual Harassment Story That Helped Ignite a Movement,-- Atomic Habits: An Easy & Proven Way to Build Good Habits & Break Bad Ones,-- Everything Is Figureoutable,-- What It Takes: Lessons in the Pursuit of Excellence,-- Rich Dad Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not!,-- The Total Money Makeover: Classic Edition: A Proven Plan for Financial Fitness,-- Shut Up and Listen!: Hard Business Truths that Will Help You Succeed, ......................................................................................................................... .........................................................................................................................
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A M2mafi Exp02

  1. 1. Thème 2 : Les produits financiers et leur fonction économique Daniel GOYEAU, Amine TARAZI, 2006, «  La bourse  », collection repères, éd. la Découverte.
  2. 2. Des titres de propriété: les actions <ul><li>Titre de participation ( assemblées générales) </li></ul><ul><li>Titre de propriété ( capital de l’entreprise) </li></ul><ul><li>Une action = une voix ( sauf cas du droit de vote double) </li></ul>
  3. 3. Les assemblées générales <ul><li>Constater l’exercice d’une année </li></ul><ul><li>Décider du partage du profit </li></ul><ul><li>Décider de la politique future </li></ul>
  4. 4. Les différents types d’actions en France <ul><li>Les actions ordinaires </li></ul><ul><li>Les actions à dividende prioritaire </li></ul><ul><li>Les certificats d’investissement (CI) </li></ul><ul><li>Les certificats d’investissement privilégiés (CIP) </li></ul><ul><li>Les actions de préférence (AP) </li></ul><ul><li>Les actions à bons de souscription </li></ul>
  5. 5. Les actions ordinaires <ul><li>«  Les actions ordinaires donnent tous les droits » Tout savoir sur la bourse, Didier Vitrac, 2004, collection city&york </li></ul><ul><ul><li>Participations aux bénéfices </li></ul></ul><ul><ul><li>Droit de vote aux assemblées </li></ul></ul><ul><ul><li>Droit aux boni de liquidations </li></ul></ul><ul><ul><li>Droits patrimoniaux </li></ul></ul>
  6. 6. Les actions à dividendes prioritaires <ul><li>Abandon du droit de vote </li></ul><ul><li>Dividendes prioritaires et supérieurs </li></ul><ul><li>Dividendes = 7.5% du nominal sinon reporté sur les exercices suivants </li></ul>
  7. 7. Les certificats d’investissement (CI) <ul><li>Actions ordinaires démembrées. </li></ul><ul><li>Nombre limités comme les ADP </li></ul><ul><li>Possibilités d’une reconstitution en action ordinaire. </li></ul>
  8. 8. Certificats d’investissement privilégiés <ul><li>Absence de droit de vote </li></ul><ul><li>Dividendes plus attrayants </li></ul>
  9. 9. Les actions de préférences <ul><li>Remplacement des ADP, CI et CIP depuis 2005. </li></ul><ul><li>L.228-11 du Code de commerce « lors de sa constitution ou au cours de son existence, il peut être créé des actions de préférence, avec ou sans droit de vote, assorties de droits particuliers de toute nature, à titre temporaire ou permanent.» </li></ul>
  10. 10. Les actions à bons de souscriptions <ul><li>Action assortie d’un bon dès leurs émissions. </li></ul><ul><li>Bon de souscription négociable séparément à l’action. </li></ul><ul><li>ABSA et ABSO </li></ul><ul><li>Une alternative aux droits préférentiels de souscriptions </li></ul>
  11. 11. Les indicateurs boursiers construits à partir du cours des actions. <ul><li>Décote/surcote = comparer la valeur boursière de l’entreprise (son prix en bourse) à sa valeur liquidative (revente de tous ses actifs moins ses dettes). </li></ul><ul><li>PER = cours de bourse de l’action/ le bénéfice net par action. </li></ul><ul><li>Délai de recouvrement = mesure le nombre d’années nécessaires pour retrouver sa mise. </li></ul><ul><li>Rendement = montant du dividende/ cours de bourse de l’action. </li></ul>
  12. 12. Des titres de créance : les obligations <ul><li>Obligation : titres de créances représentatifs de dettes. </li></ul><ul><li>Donnent droit au paiement d’un intérêt et au remboursement du capital. </li></ul><ul><li>Propriétaires d’obligations sont prioritaires sur les détenteurs d’actions. </li></ul>
  13. 13. Vocabulaire du monde des obligations. <ul><li>Valeur nominale : valeur de l’obligation en bourse, invariable </li></ul><ul><li>Prix d’émission : montant du versement demandé au souscripteur </li></ul><ul><li>Valeur de remboursement : montant perçu par l’obligataire en remboursement du prêt </li></ul><ul><li>Date de souscription : date de paiement de l’obligation </li></ul>
  14. 14. Vocabulaire du monde des obligations. <ul><li>Durée de l’obligation : temps qui sépare la date du 1 er versement de l’intérêt à la date de remboursement final. </li></ul><ul><li>Remboursement in fine : paiement des intérêts tous les ans et remboursement du capital à la fin. </li></ul><ul><li>Remboursement par séries : même nombre de titres tirés au sort et remboursés chaque année. </li></ul><ul><li>Remboursement par annuités constantes: annuités de remboursement constantes </li></ul>
  15. 15. Les obligations ordinaires <ul><li>Obligations à taux fixe représentées par un coupon </li></ul><ul><li>Vulnérables en cours de période d’inflation ou de changement de taux d’intérêt. </li></ul><ul><li>Prix de revente d é pend de l ’é volution des taux d ’ int é rêt </li></ul>
  16. 16. Obligations à taux flottant <ul><li>Obligations à taux variables et obligations à taux révisables </li></ul><ul><li>Particularité : rémunération (taux d’intérêt) variable en fonction de la moyenne des taux constatés sur le marché </li></ul>
  17. 17. Obligations indexées <ul><li>Valeur de remboursement et/ou des intérêts liés à l’évolution d’un indice de référence. </li></ul><ul><li>Emprunt Giscard en 73 indexés sur l’or </li></ul>
  18. 18. Cotation des obligations <ul><li>Cotation au pied du coupon : pour les obligations a taux fixe ou flottant, prix de l’action exprimé en pourcentage de la valeur nominale sans tenir compte de la valeur du coupon couru </li></ul><ul><li>Cotation en euros : emprunts dont le prix est difficile à calculer (ex : obligation convertible en action) </li></ul>
  19. 19. Déterminants du cours d’une obligation <ul><li>Taux d’intérêt : toute baisse des taux d’intérêt entraine une hausse des prix des obligations et inversement. </li></ul><ul><li>Concept de duration : renseigne sur la sensibilité du prix d’une obligation face à une variation du taux d’intérêt. </li></ul><ul><li>Qualité de l’émetteur, liquidité, fiscalité… </li></ul>
  20. 20. Titres hybrides <ul><li>Titres participatifs : composés d’une partie fixe et garantie plus une partie variable. </li></ul><ul><li>Obligations à bon de souscription (OBSA et OBSO): taux fixe ou variable et bon de souscription d’action ou d’obligation. Période et prix déterminés à la souscription. </li></ul><ul><li>Les obligations convertibles : généralement taux fixe et possibilité d’échange, pour une période donné, en action. </li></ul><ul><li>Les titres subordonnés à durée indéterminée (TSDI) ou remboursable (TSR) : remboursement après tous les autres créanciers en cas de faillite </li></ul>
  21. 21. Les titres hybrides <ul><li>réduisent les coûts de transaction et augmentent la diversification. (exemple des titres participatifs). </li></ul><ul><li>Comme indicateurs de solvabilité. </li></ul><ul><li>Permettent de gérer les conflits d’intérêts entre actionnaires et créanciers. </li></ul>
  22. 22. Les produits dérivés <ul><li>Fonction: </li></ul><ul><li>Couvertures économiques grâce à des options. </li></ul><ul><li>Contrat négocié aujourd'hui pour une réalisation future: contrat à terme et contrat conditionnel </li></ul>
  23. 23. Les produits dérivés: <ul><li>Ils sont utilisés pour lutter contre: </li></ul><ul><ul><li>Le risque de défaut : défaillance de l’emprunteur émetteur. </li></ul></ul><ul><ul><li>Le risque de taux d’intérêt : associé au plus ou moins value lors de la revente d’une obligation à taux fixe. </li></ul></ul><ul><ul><li>Le risque de plus ou moins value sur les actions </li></ul></ul><ul><ul><li>Le risque de change : plus ou moins value liée au fluctuation des cours des devises. </li></ul></ul>
  24. 24. Montée des risques et émergences des marchés dérivés: <ul><li>Flottement des monnaies depuis 1973 et l’abandon du système de BRETTON WOODS </li></ul><ul><li>Généralisations des politiques monétaires par régulation des taux d’intérêts </li></ul><ul><li>Mouvement de déréglementation </li></ul>
  25. 25. Marché de gré à gré <ul><li>Terme fixé par les cocontractants. </li></ul><ul><li>Répond parfaitement à leurs besoins. </li></ul><ul><li>Problème de liquidité et de contrepartie. </li></ul>
  26. 26. Marché organisé <ul><li>Contrat avec un organisme gérant le marché. </li></ul><ul><li>très liquide et pas de risque de contrepartie mais ne répond pas aux besoins précis des agents. </li></ul><ul><li>MATIF (marché à terme international de France) </li></ul><ul><li>MONEP (marché des options négociables de Paris) </li></ul>

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