米什金货币金融学(商学院版)第2章ppt课件.ppt

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1、Copyright 2010 Pearson Addison-Wesley. All rights reserved.Chapter 2An Overview of the Financial SystemCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-22.1 Function of Financial Markets Perform the essential function of channeling funds from economic players that have saved surplus fund

2、s to those that have a shortage of funds Direct finance: borrowers borrow funds directly from lenders in financial markets by selling them securities. Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-3FIGURE 1 Flows of Funds Through the Financial SystemCopyright 2010 Pearson Addison-Wesl

3、ey. All rights reserved.2-4Function of Financial Markets Promotes economic efficiency by producing an efficient allocation of capital, which increases production Directly improve the well-being of consumers by allowing them to time purchases betterCopyright 2010 Pearson Addison-Wesley. All rights re

4、served.2-52.2 Structure of Financial Markets 2.2.1 Debt and Equity Markets Debt instrumentsA bond or a mortgage, which is a contractual agreement by the borrower to pay the holder of the instrument fixed dollar amounts at regular intervals until a specified date (maturity date).Maturity: number of y

5、ears (term) until that instruments expiration date. short-term: less than a year. long-term: ten years of longer intermediate-term: between one and ten yearsCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-6 Equities Claims to share in the net income and the assets of a business. Equitie

6、s often make periodic payments (dividends) to their holders and have no maturity date. Owing stock means you own a portion of the firm and thus have the right to vote on issues important to the firm and to elect its directors.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-7 The main di

7、sadvantage of owning a corporations equities rather than its debt is that an equity holder is a residual claimant; that is ,the corporation must pay all its debt holders before it pays its equity holders The advantage of holding equities is that equity holders benefit directly from any increases in

8、the corporations profitability or asset value. In US, the size of the debt market is often larger than the size of the equities market.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-82.2.2 Primary and Secondary Markets A primary market is a financial market in which new issues of a sec

9、urity are sold to initial buyers by the corporation or government agency borrowing the funds. A secondary market is a financial market in which securities that have been previously issued can be resold.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-9 Investment Banks underwrite securit

10、ies in primary market.It guarantees an price for a corporations securities and then sells them to the public. Brokers and dealers work in secondary markets funds.The New York and American stock exchanges and NASDAQ are the best-known examples of secondary markets.Copyright 2010 Pearson Addison-Wesle

11、y. All rights reserved.2-10 Two important functions of secondary markets: They make the financial instruments more liquid. They determine the price of the security that issuing firm sells in the primary market.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-11 2.2.3 Exchanges and Over-t

12、he-Counter (OTC) Markets Exchanges: buyers and sellers of securities meet in one central location to conduct trades. NYSE, Chicago Board of Trade OTC Markets: dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who co

13、mes to them and is willing to accept their prices.A majority of the largest corporations have their shares traded at organized stock exchanges in the U.S.The U.S. government bond market , foreign exchange market are OTC markets.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-12Shanghai

14、Stock ExchangeCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-13Chicago Board of TradeCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-14 2.2.4 Money and Capital Markets Money markets deal in short-term debt instruments Capital markets deal in longer-term debt and equity ins

15、truments. Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-152.3 Financial Market Instruments 2.3.1 Money Market Instruments Least price fluctuations and the least risky.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-16 (1) US Treasury Bills Short-term debt instruments of t

16、he U.S. government One-, three-, and six-month maturities. Have no interest payments and are sold at a discount. The most liquid and the safest.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-17 (2) Negotiable Bank Certificates of Deposit CD is a debt instrument sold by a bank to deposi

17、tors that pays annual interest of a given amount and at maturity pays back the original purchase price. Negotiable CDs are CDs sold in secondary markets. An extremely important source of funds for commercial banks.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-18 (3)Commercial Paper A

18、short-term debt instrument issued by large banks and well-known corporations. Growth is substantial. (4) Bankers Acceptances A bank draft issued by a firm, payable at some future date, and guaranteed for a fee by the bank that stamps it “accepted”. Often resold in a secondary market at a discount an

19、d the amount outstanding declined.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-19 (5) Repurchase Agreements Repos are effectively short-term loans for which Treasury bills serve as collateral. An important source of bank funds and the most important lenders in this market are large c

20、orporations.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-20 (6) Federal funds Overnight loans between banks of their deposits at the Federal Reserve. These loans are not made by the Federal Reserve but rather by banks to other banks The interest rate, called federal funds rate, is a

21、closely watched barometer.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-21What about China?n我国银行间拆借市场于我国银行间拆借市场于1996年联网试运行，其交易方式有信用拆借和年联网试运行，其交易方式有信用拆借和回购两种，回购两种， 以回购为主。以回购为主。2007年年1月月1日，日，SHIBOR开始对外发布。全称是开始对外发布。全称是“上海银行间同业拆上海银行间同业拆借利借利”(Shanghai Interbank Offered Rate，SHIBOR)，被称，被称为中

22、国的为中国的LIBOR ，是中国人民银行希望培养的基准利率体系。，是中国人民银行希望培养的基准利率体系。Shibor报价银行团现由报价银行团现由16家商业银行组成。报价银行是公开市场一级家商业银行组成。报价银行是公开市场一级交易商或外汇市场做市商，在中国货币市场上人民币交易相对活跃、信交易商或外汇市场做市商，在中国货币市场上人民币交易相对活跃、信息披露比较充分的银行。目前，对社会公布的息披露比较充分的银行。目前，对社会公布的Shibor品种包括隔夜、品种包括隔夜、1周、周、2周、周、1个月、个月、3个月、个月、6个月、个月、9个月及个月及1年。年。 Copyright 2010 Pearson

23、 Addison-Wesley. All rights reserved.2-22Table 1 Principal Money Market InstrumentsCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-232.3.2 Capital Market Instruments(1) Stock 我国：我国： 1990年，上海证券交易所成立年，上海证券交易所成立 1991年，深圳证券交易所成立。年，深圳证券交易所成立。 1990年底，只有年底，只有13家上市公司家上市公司. Copyright 2010 Pearso

24、n Addison-Wesley. All rights reserved.2-2420102010年（年（底）底）20112011年（年（底）底）比比20102010年（底年（底）境内上市公司数境内上市公司数(A(A、B B股股) ) ( (家家) ) 2063 2342 13.52%境内上市外资股境内上市外资股(B(B股股) () (家家) )108 108 0.00%境外上市公司数境外上市公司数(H(H股股) () (家家) )165 171 3.64%股票总发行股本股票总发行股本( (亿股亿股) )（含在境内上市公司发（含在境内上市公司发的的H H股）股） 33184.35 36095

25、.52 8.77%股票市价总值股票市价总值( (亿元亿元) ) 265422.59 214758.10 -19.09%股票成交金额股票成交金额( (亿元亿元) ) 545633.54 421646.74 -22.72%日均股票成交金额日均股票成交金额( (亿元亿元) )2254.68 1728.06 -23.36%股票有效帐户数股票有效帐户数( (万户万户) ) 13391.04 14050.37 4.92%证券投资基金只数证券投资基金只数( (只只) ) 704 915 29.97%Copyright 2010 Pearson Addison-Wesley. All rights reser

26、ved.2-25 (2)Mortgages Loans to households or firms to purchase housing, land, or other real structures, where the structure or land itself serves as collateral for the loans. Largest debt market in the US. Three government agencies: FNMA, GNMA, FHLMCCopyright 2010 Pearson Addison-Wesley. All rights

27、reserved.2-26 (3) Corporate Bonds Issued by corporations with very strong credit ratings. The typical corporate bond sends the holder an interest payment twice a year and pays off the face value when the bond matures. Convertible bond: have the additional feature of allowing the holder to convert th

28、em into a specified number of shares of stock at any time up to the maturity date.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-27 (4)Government Securities Issued by the Treasury to finance the deficits of the federal government. The most liquid security. (5) Government Agency Securit

29、ies Issued by government agencies.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-28 (6)State and Local Government Bonds (Municipal bonds) Issued by state and local governments. (7)Consumer and Bank Commercial LoansCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-29Table 2 P

30、rincipal Capital Market InstrumentsCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-302.4 Internationalization of Financial Markets (Glossary) Foreign Bonds: sold in a foreign country and denominated in that countrys currency Eurobond: bond denominated in a currency other than that of th

31、e country in which it is sold Eurocurrencies: foreign currencies deposited in banks outside the home country Eurodollars: U.S. dollars deposited in foreign banks outside the U.S. or in foreign branches of U.S. banks World Stock Markets Help finance federal government alsoCopyright 2010 Pearson Addis

32、on-Wesley. All rights reserved.2-312.5 Function of Financial Intermediaries: Indirect Finance Financial intermediation is the primary route for moving funds from lenders to borrowers. 2.5.1 Lower transaction costs (time and money spent in carrying out financial transactions). Economies of scale Liqu

33、idity services 2.5.2 Reduce the exposure of investors to risk Risk Sharing (Asset Transformation) DiversificationCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-322.5 Function of Financial Intermediaries: Indirect Finance 2.5.3 Deal with asymmetric information problems (before the trans

34、action) Adverse Selection: try to avoid selecting the risky borrower. Gather information about potential borrower. (after the transaction) Moral Hazard: ensure borrower will not engage in activities that will prevent him/her to repay the loan. Sign a contract with restrictive covenants. Copyright 20

35、10 Pearson Addison-Wesley. All rights reserved.2-332.5 Function of Financial Intermediaries: Indirect Finance Conclusion: Financial intermediaries allow “small” savers and borrowers to benefit from the existence of financial markets. Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-34Tab

36、le 3 Primary Assets and Liabilities of Financial IntermediariesCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-352.6 Types of Financial Intermediaries 2.6.1 Depository Institutions Financial intermediaries that accept deposits from individuals and institutions and make loans. (1)Commerc

37、ial banks largest in US (2)Savings and Loan Associations and Mutual Savings Banks Become more alike (3)Credit Unions Very small cooperative lending institutions.Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-36 2.6.2 Contractual Savings Institutions Acquire funds at periodic intervals

38、on a contractual basis and tend to invest their funds primarily in long-term securities. (1) Life Insurance Companies (2) Fire and Casualty Insurance Companies (3) Pension Funds and Government Retirement FundsCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-37 2.6.3 Investment Intermedia

39、ries (1) Finance Companies Raise fund by selling commercial paper and by issuing stocks and bonds. They lend these funds to consumers and small businesses. (2) Mutual Funds Acquire funds by selling shares to many individuals and use the proceeds to diversified portfolios of stocks and bonds.Copyrigh

40、t 2010 Pearson Addison-Wesley. All rights reserved.2-38 (3) Money Market Mutual Funds Uses funds to buy money market instruments. It is like checking account deposits that pay interest. Shareholders can write checks. (4)Investment Banks Helps a corporation issue securities.Copyright 2010 Pearson Add

41、ison-Wesley. All rights reserved.2-39Table 4 Principal Financial Intermediaries and Value of Their AssetsCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-40Types of Financial Intermediaries in China以中国人民银行为领导，国有商业银行为主体，多种金融机构并存，分工协作的以中国人民银行为领导，国有商业银行为主体，多种金融机构并存，分工协作的金融中介机构体系：金融中介机构体系： 截

42、至截至2011年底，我国银行业金融机构包括年底，我国银行业金融机构包括2家政策性银行及国家家政策性银行及国家开发银行，开发银行，5家大型商业银行，家大型商业银行，12家股份制商业银行，家股份制商业银行，144家城家城市商业银行，市商业银行，212家农村商业银行，家农村商业银行，190家农村合作银行，家农村合作银行，2,265家农村信用社，家农村信用社，1家邮政储蓄银行，家邮政储蓄银行，4家金融资产管理公司，家金融资产管理公司，40家外资法人金融机构，家外资法人金融机构，66家信托公司，家信托公司，127家企业集团财务家企业集团财务公司，公司，18家金融租赁公司，家金融租赁公司，4家货币经纪公司

43、，家货币经纪公司，14家汽车金融公家汽车金融公司，司，4家消费金融公司，家消费金融公司，635家村镇银行，家村镇银行，10家贷款公司以及家贷款公司以及46家农村资金互助社。我国银行业金融机构共有法人机构家农村资金互助社。我国银行业金融机构共有法人机构3,800家，家，从业人员从业人员319.8万人。万人。Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-412.7 Regulation of the Financial System 2.7.1 To increase the information available t

44、o investors: Reduce adverse selection and moral hazard problems Reduce insider trading (SEC).Copyright 2010 Pearson Addison-Wesley. All rights reserved.2-42Regulation of the Financial System 2.7.2 To ensure the soundness of financial intermediaries: Restrictions on entry (chartering process). Disclo

45、sure of information. Restrictions on Assets and Activities (control holding of risky assets). Deposit Insurance (avoid bank runs). Limits on Competition (mostly in the past): Branching Restrictions on Interest RatesCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-43Table 5 Principal Regu

46、latory Agencies of the U.S. Financial SystemCopyright 2010 Pearson Addison-Wesley. All rights reserved.2-44Financial Regulation in China 我国现行金融监管体制的基本特征是分业监管，形我国现行金融监管体制的基本特征是分业监管，形成了由中国人民银行、银监会、证监会和保监会三成了由中国人民银行、银监会、证监会和保监会三家分业监管的格局家分业监管的格局 。 按照金融监管的分工，银监会主要负责商业银行、按照金融监管的分工，银监会主要负责商业银行、政策性银行、外资银行、农村合作银行（信用社）、政策性银行、外资银行、农村合作银行（信用社）、信托投资公司、财务公司、租赁公司、金融资产管信托投资公司、财务公司、租赁公司、金融资产管理公司的监管。理公司的监管。 而证监会和保监会则分别负责证券、期货、基金和而证监会和保监会则分别负责证券、期货、基金和保险业的监管。保险业的监管。