제Ⅰ부 투자와 증권시장
제1장 투자의 기초
1.1 투자의 의의 ················································································19
1.2 투자의 주요개념 ·········································································20
1. 투자의 개념 ·············································································20
2. 투자에 따른 부담 ····································································22
1.3 저축, 도박 그리고 투기 ····························································23
1.4 투자의사결정 ···············································································24
1. 위험과 기대수익의 상반관계 ···················································24
2. 투자대상의 선택 ······································································ 26

제2장 증권금융과 발행시장
2.1 금융시장의 구분 ·········································································29
1. 직접금융시장과 간접금융시장 ·················································30
2. 자본시장과 단기금융시장 ························································31
3. 증권시장 ··················································································32
2.2 금융수단 ······················································································33
1. 금융자산의 특성 ······································································34
2. 단기금융상품 ··········································································· 35
3. 주식과 채권 ·············································································36
2.3 금융투자회사와 관계기관 ··························································37
1. 투자매매업과 중개업 ·······························································37
2. 집합투자업 ···············································································38
3. 투자자문업 및 일임업 ·····························································40
4. 신탁업 ·····················································································40
5. 증권관계기관 ···········································································40
2.4 발행시장 ······················································································42
1. 발행시장의 의의 ······································································42
2. 발행시장의 구조 ······································································43
3. 증권발행의 방법 ······································································45
2.5 기업공개와 주식발행 ·································································47
1. 기업공개 ··················································································47
2. 증자와 기타 주식발행 ·····························································49

제3장 유통시장과 거래제도
3.1 유통시장의 개요 ·········································································55
1. 유통시장의 의의 ······································································55
2. 유통시장의 기능 ······································································56
3.2 한국거래소 ··················································································58
3.3 상장제도 ······················································································60
1. 상장의 의의 ·············································································60
2. 상장효과 ··················································································60
3. 상장의 종류 ·············································································61
4. 상장요건과 상장폐지 ······························································· 62
3.4 매매거래제도 ···············································································64
1. 매매거래절차 ···········································································64
2. 호가단위와 유형 ······································································65
3. 매매계약의 체결 ······································································67
4. 매매체결의 특례 ······································································69
5. 결제제도 ··················································································71
6. 신용거래 ··················································································73
3.5 시장관리제도 ···············································································74
1. 가격폭제한 ···············································································74
2. 관리종목과 시장경보종목의 지정 ············································74
3. 매매거래중단 ···········································································76
4. 배당락과 권리락 ······································································77
3.6 공시제도와 불공정거래의 제한 ················································78
1. 공시제도 ··················································································78
2. 불공정거래행위의 제한 ···························································79
3.7 장외시장 ······················································································80
1. 장외시장의 특징 ······································································81
2. 장외시장의 기능 ······································································82
3. K-OTC시장 ············································································82

제 Ⅱ 부 주가정보와 증권분석
제4장 주가정보의 이해
4.1 주식의 개념 ················································································87
1. 보통주와 우선주 ······································································ 88
2. 기타 주식의 종류 ····································································90
4.2 주가지수 ······················································································91
1. 주가지수의 의미 ······································································91
2. 주가지수의 작성방법 ·······························································92
3. 주가지수의 종류 ······································································94
4.3 주식시세표 ··················································································98
4.4 주식(시장)지표 ··········································································101
1. 증시주변 자금동향 ································································101
2. 장세지표 및 거래현황 ···························································104
4.5 주식의 가격결정과정 ······························································· 110

제5장 기본적 분석
5.1 증권분석과 기본적 분석의 체계 ············································116
1. 증권분석의 의의 ····································································116
2. 기본적 분석의 체계 ·······························································117
5.2 경제분석 ····················································································118
1. 경기전망과 주가 ····································································119
2. 금리와 주가 ···········································································121
3. 통화량과 주가 ·······································································122
4. 물가와 주가 ···········································································123
5. 환율과 주가 ···········································································124
6. 원자재가격과 주가 ································································125
5.3 산업분석 ····················································································126
1. 산업분석방법 ·········································································127
2. 시장규모와 산업정책분석 ······················································128
3. 주력제품의 수명주기 ·····························································128
4. 산업의 경쟁강도 ···································································· 130
5.4 기업분석 ····················································································133
1. 질적 분석 ··············································································133
2. 재무제표분석 ·········································································135
3. 재무비율분석 ·········································································139
4. 시장가치비율분석 ··································································145
5. 레버리지분석 ·········································································147
6. 경제적 부가가치(EVA)분석 ···················································149
5.5 기본적 분석의 한계점 ····························································· 150

제6장 기술적 분석
6.1 기술적 분석의 의의와 가정 ····················································154
6.2 추세분석 ····················································································155
1. 도표의 종류 ···········································································156
2. 추세분석의 기초 ····································································158
3. 다우이론 ················································································160
4. 엘리어트 파동이론 ································································162
5. 주가이동평균선 ······································································164
6.3 패턴분석 ····················································································170
1. 서양식 패턴분석 ····································································170
2. 일본식 캔들차트분석 ·····························································173
6.4 지표분석 ····················································································176
1. OBV ······················································································176
2. 등락주선 ················································································179
3. 투자심리선 ·············································································181
4. 상대적 강도지표 ····································································181
5. 역시계곡선 ·············································································182
6.5 기술적 분석의 한계점 ·····························································184

제Ⅲ부 가치평가와 포트폴리오
제7장 주식의 가치평가
7.1 화폐의 시간적 가치 ·································································189
1. 미래가치 ················································································190
2. 현재가치 ················································································191
3. 연금의 미래가치 ····································································192
4. 연금의 현재가치 ····································································194
5. 단위기간의 변경 ····································································195
7.2 주식의 가격결정 ·······································································197
7.3 현금흐름할인모형 ·····································································198
1. 배당평가모형 ·········································································199
2. 이익평가모형 ·········································································203
7.4 상대가치평가모형 ·····································································207
1. PER평가모형 ··········································································207
2. PBR평가모형 ·········································································210
3. PSR평가모형 ··········································································212
4. EV/EBITDA평가모형 ·····························································213
7.5 주식평가모형과 할인율 ····························································214
1. 가치평가와 할인율 ································································214
2. 할인율의 추정방법 ································································ 216

제8장 포트폴리오이론
8.1 기대수익률과 위험 ···································································220
1. 확실성하의 투자수익 ····························································· 221
2. 불확실성하의 기대수익과 위험 ·············································222
8.2 효용이론과 위험에 대한 태도 ················································225
1. 기대효용의 극대화 ································································225
2. 위험에 대한 태도 ··································································228
8.3 포트폴리오이론 ·········································································231
1. 포트폴리오의 기대수익률과 위험 ··········································232
2. 체계적 위험과 비체계적 위험 ···············································237
3. 상관계수에 따른 포트폴리오의 기대수익률과 위험 ··············240
4. 투자기회집합 ·········································································243
5. 최적포트폴리오의 선택 ·························································· 244

제9장 CAPM과 시장효율성
9.1 CAPM의 의의와 가정 ·····························································252
1. CAPM의 의의 ········································································252
2. CAPM의 가정 ········································································253
9.2 자본배분선(CAL) ·····································································254
9.3 자본시장선(CML) ·····································································256
1. 자본시장선의 의의 ································································256
2. 대출포트폴리오와 차입포트폴리오 ········································258
3. 최적포트폴리오의 선택 ··························································259
9.4 증권특성선(SCL) ······································································260
9.5 증권시장선(SML) ·····································································262
1. 체계적 위험과 베타 ·······························································262
2. 증권시장선 ·············································································264
3. 자본시장선과 증권시장선의 비교 ·········································· 265
9.6 CAPM의 활용 ···········································································266
1. 과대?과소평가 여부의 판단과 가격결정 ·····························267
2. 자기자본비용의 추정 ·····························································268
3. 투자성과의 평가 ····································································269
9.7 증권시장의 효율성 ···································································271
1. 시장효율성 ·············································································271
2. 효율적 시장의 유형 ·······························································273
3. 효율적 시장에서의 증권가격 ·················································274
4. 전문투자분석과 증권시장의 효율성 ·······································275
5. 시장의 이상현상 ····································································276

제 Ⅳ 부 채권과 파생상품
제10장 채권시장과 운용전략
10.1 채권의 의의와 종류 ·······························································283
1. 채권의 개념 ·········································································283
2. 채권의 종류 ·········································································286
10.2 채권시장 ··················································································291
1. 발행시장 ··············································································291
2. 유통시장 ··············································································293
10.3 채권의 가격결정 ·····································································294
1. 채권의 가격 ·········································································294
2. 채권의 가치평가 ··································································296
3. 듀레이션 ··············································································299
10.4 채권의 수익률 ········································································· 302
1. 채권수익률의 종류 ······························································302
2. 채권수익률의 결정요인 ·······················································305
3. 채무불이행위험과 채권등급평가 ··········································306
10.5 채권수익률의 기간구조 ··························································308
10.6 채권운용전략 ···········································································311
1. 적극적 투자전략 ··································································311
2. 소극적 투자전략 ··································································312
3. 면역전략 ·············································································· 313

제11장 선물시장과 거래전략
11.1 파생상품의 도입배경 ·····························································316
11.2 선물의 기본개념 ·····································································317
1. 선도거래와 선물거래 ···························································317
2. 선물시장의 구조 ··································································320
3. 선물거래의 경제적 기능 ·····················································326
4. 선물거래의 손익 ··································································327
11.3 선물거래의 종류 ·····································································329
1. 거래대상상품에 의한 분류 ··················································329
2. 매매거래 목적에 의한 분류 ················································332
11.4 선물의 가격결정 ·····································································335
1. 기대가격모형 ·······································································335
2. 보유비용모형 ·······································································335
3. 선물가격과 기대현물가격의 관계 ········································337
11.5 주가지수선물거래의 실제 ······················································340
1. 헷지거래 ·············································································· 340
2. 투기거래 ··············································································341
3. 차익거래 ·············································································· 342

제12장 옵션시장과 투자전략
12.1 옵션의 기본개념 ·····································································346
1. 옵션의 의의 ·········································································346
2. 옵션의 기능 ·········································································348
3. 옵션의 종류 ·········································································350
12.2 옵션의 가치 ············································································353
1. 내재가치와 시간가치 ···························································353
2. 옵션가격의 범위 ··································································356
3. 풋-콜 패리티 ······································································358
4. 옵션의 가격결정요인 ···························································359
12.3 옵션가격결정모형 ···································································360
12.4 옵션투자전략 ···········································································363
1. 단순투자전략 ·······································································363
2. 헷지전략 ··············································································364
3. 스프레드전략 ·······································································366
4. 컴비네이션전략 ····································································368

참고문헌 ··························································································373
부 록 ··························································································375
찾아보기 ·························································································· 387